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HomeMy WebLinkAboutAgreement_General_07/12/2018_GRS G �� Rftinrrkal7� �:9sa.s27.t618 ! F:45�t.s2s.oQ83 �www�xn.itb^e.oam Conw{ting May 16,2018 Mr.Christopher Quirk Finance Direttor Village of Tequesta 345 Tequesta Dr. Tequesta,FL 33469-0273 Re: Villaae of Tequesta GASB 75 OPEB EngagemeM Letter Dear Mr.Quirk: We are writing to provide an engagement letter for actuarial services relatir�g to GASB 75 Other Post- Employment Benefits (OPEBf. By signing and datlng this engagement letter, Gabriel, Rceder,Smith & Comparry(GRS)and the Village of Tequesra(the�Ilage")agree to the scope,worOc product and terms described herein. This engagement letter(s fashioned after those for auditing services,for consistency with other professionals. We will perfarm the "Alternative Measurement Method" calculat�s necessary for the vllage to comply with GASB Statement No. 75 for the fiscal year ending September 30, 2018. As wch, the cakulations will be performed as of October 1, 2017. We will provide aduarial advice concerning assumptions and a final Report�riewed and signed by an actuary. Thts service includes full telephone access to our actuaries and analysts durtng and after the process. ft should be understood that this is not an actua�ial valuatlon because the calculations will fail varlous actuarial standards of practice on account of following the GASB's ARemative Measurement Method. We will then perform the "Alternative Meawrement Method"calculations necessary for the Viilage to comply with GASB Statement No.75 for the fiscal year ending September 30,2019 using a rolF�forward method permitted under GA58 rules based on calculations perfortned as of October 1,2017.The results will be presented in a letter report. The Reports will provide flgures necessary for compliance wtth GASB Statement No. 75 for alI OPEBs, presented in total, without any breakouts by union or employee groupings and no breakouts by enterprise fund or funcdon.The Vlilage will be responsible for determining any such breakouts and for the narrative material re�uired for tt�e Notes. The work papers for this engagement a�e the property of Gabriel, Roeder, Smith & Company (GRS). While we may be requested to make certain work papers available to auditors or to regulators pursuant to authonty given by law or regulation, access to the requested work papers wfll be provided under supervision of GRS personnel. Furthermore, upon request, we may provide photocop�s of selected work papers to regulatory agencies. These regulatory agencies may intend or decide to d'istribute the photocopies or informatlon contained therein to others,including othergovemmental agencies. :�;: ..:�•,�;..:�°'�-� ,th"�... "i k. �'" �i. Mr.Christopher Quirk May 16,2018 Page 2 The Village management has responsibility for the flnanciai statements and all representations contained therein. Management also has responsibility for preventing and deteding fraud,for adopting sound accourrting pollcies and establishing and maintaining effective intemal conhol to maintain the reliability of the flnancial statements and to provide reasonable assurances against the possibility of misstatements that are material to the flnancial statements. This responsibility extends to the use or misuse of the results of our OPEB Report, presentatbns at on-site meetings and during telephane conferences. The Report and presentation materials may be prcrvided to parties other than the Village only in their entirety and only with the permission of the Village. Upan execution of this letter of engagement, we wtU prepare a data request letter. The Vllage will compiie and transmit all employee and retiree census data as requested in electronic form and in the format requested. The ViRage will collect and transmit all documer�tation and other information requested regarding the other post-employmerrt beneflts provided. The Village agrees that all i�rformation,documents and data we request in connectfon with ou�Report will be made available to us, that all such i�ormation, documents and data prwided to us will be complete and aaurete,that we will have the fult cooperation of the Village's personnet and vendon, that the Village will issue a representation lettec from management oonceming these matters,and that GRS may rely upon such information,docume�ts and data with no duty to inquire or audit such. Because of the importance of managemenYs representadons as to the wmpleteness and accuracy of the informatlon,documents and data which it provides to GRS,the�Ilage agrees to reiease GRS a�d its personnel from any claims, liabilities, costs and expenses relating to our services under this letter attributabie tu any misrepresentations in the representation letter referenced above. Furthermore,GRS agrees to maintaln the employee data secure and confidentlal. Any dispute a►ncerning this engagement will be resolved i�ternally and,if not,wfth waiver of any jury trial and with venue at the place where the services are rendered. Except for gross negligence or wllfful misconduct,GRS liabifity hereunder will be limited to our fees. The vllage is a public agency subject to Chapter 119, FlorMa Statutes. As required by law,and onhr to the extent required by law, GRS shall comply with Fb�ida's Public Records law. GRS is not acting on behaff of the Viliage in providing actuarial and consuRing services, as defined by statutes and interpreted by the Florida Attorney General Advisory Legal Opinions. GRS shall allow public access to all documents,papers,ietters,or other mater�al subject to the provtsions of Chapter 119,Flortda Statutes, and made or received by GRS in conjundio�with this Agreement. Specificatly,as required by law,and only to the exteM required by law,GRS shall: (a� Keep and maintain public reoords that ordinarily and necessarily would be required by the Village in order to perform the service. (b)Upon request of the�Ilage's custodian of public records,provide the Village with a copy of the requested recards or allow the records to be inspected or copied within a reaso�able time at a cost that does not exceed the cost provided in state law or as otherwise provided by law. GRS � Mr.Christopher Quirlc May 16,2018 Page 3 (c) Ensure that public records that are exempt or confidential and exempt from public records disclosure requlrements are not disclosed except as authorized by law for the duratbn of the contract term and following completion of the contract if GRS does not transfer the records to the Viilage. (d)Meet ali requirements for retai�ing public records and transfer,at no cast,to the Viltage al! pubHc �ecords in possesslon of the GRS upon termination of the Agreement and destroy and duplicate public records that are eacempt or confidenNal and exempt from the public records dlsdosure requireme�rts. All records sto�ed electronkaily must be provided to the Village in a format that is compatib�e with the informatton technology system of the Village. If THE CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE CONTRACTOR'S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRA[T, CONTACT THE CUSTODIAN OF PUBUC RECORDS AT(561} 768-0444, Imcwilliams�teguesta.or�. 345 TEQUESTA DRIVE,TEQUESTA,FL 33469. The base fees for the services are described in the following chart: FYApplicable Wlwlatlon Dabe Fee September 30,2018 October 1,2017 $3,500 September 30,2019' Octaber 1,2017 $750 •The oj�year of thts enyapement prewmes a proD-/orward",whereby ihe prevtous years cakukrtions would be adJus�ed so as to opply to the proJected year. G/iS8 SYatemeni No. 75 pamlis wkuMtlons every other year unless slgnlrlwnt ti►anges occur,!n whlch case new oalwlarNons must be performeaf. If rokulatbns were requlred or requested by the 1/lNoge Jn the intennediate yeor(s), ihe cost would be devebped by adJustlnp the iNtfol report jee for InJ�adon. Payment is due upon completion of the Report.There is no separate fee for telephone conferences or o�ther expenses. No other surveys, impact studies or other projects are contemplated in the stope of this engagement Additional studies, comparisons with other vfllages, or other services will be performed upon request with,whenever possibte,fixed fee quotes provided in advance. We stand behtnd these resutts and are available to assist management In other strategic areas for controlling the OPEB IiabilRies. Please return this signed agreement and retain a copy for your records. We thank you and other Vllage afflcfals for your co�idence In our flrm and Ivok forward to woricing with you in the years ahead.Should you have any questions regarding these matters,please do not hesitate to contact us. GRS � Mr.Chrisbopher Quirk May 16,2018 Page 4 Slnaerely, For the Village of Tequesta, Florida ����� �R� lames 1. Rizzo,ASA,MAAA Print Name Authorized Party) Senlor Consultant and Actuary Gabr(el,Roeder,Smith&Company JJR/nl Signat r GRS � PUBLIC RECORDS. In accordance with Sec. 119.0701, Florida Stotutes, CONTRACTOR must keep and maintain this Agreement and any other records assoclated therewith and that are associated with the performante of the work described in the Proposal or Bid. Upon request from the Village's custadian of public records,CONTRACTOR rnust provide the Village with copies of requested records, or allow such records to be inspected or copied, within a reasonable time in accordance with access and cost requirements of Chapter 119, Florida Statutes. A CONTRACTOR who fails to provide the public records to the Village,or fails to make them available for inspection or copying, within a reasonable time may be subject to attorne�/s fees and costs pu�suant to Sec. 119.0701, Florida Stotutes,and other penalties under Sec. 119.10, Florida Statures. Further, CONTRACTOR shall ensure that any exempt or confidential records associated with this Agreement or associated with the perFormance of the work described in the Proposal or Bid are not disclosed except as authorized by law for the duration of the Agreement term, and following completion of the Agreement if the CONTRACTOR dces not transfer the records to the Village. Finally, upon completion of the Agreement, CONTRACTOR shall transfer, at no cost to the vllage,all public records in possession of the CONTRACTOR, or keep and maintain public records required by the Village. If the CONTRACTOR transfers all public records to the Village upon completion of the Agreement, the CONTRACTOR shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. If the CONTRACTOR keeps and maintai�s public records upon completion of the Agreement, the CONTRACTOR shall meet all applicable requirements for �etaining public reco�ds. Records that are stored electronica�ly must be provided to the VILLAGE, upon request from the Village's custodian of public records, in a format that is compatible with the Village's information technology systems. IF CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STAMES, TO CONTRACTOR'S DUTY TO PROVIDE PUBUC RECORDS RELATING TO THIS AGREEMENT, PLEASE CONTACT THE VILIAGE CLERK, RECORDS CUSTODIAN FOR THE VILLAGE, AT (561� 768-0685, OR AT Imcwilliams@teauesta.or�, OR AT 345 TEQUESTA DRIVE,TEQUESTA, FLORIDA 33469.