Questions and Answers.pdf
PDF 151 KB Posted
- Solicitation number
- 23-FIN23
- Issued by
- Wisconsin
About this file
This is a Questions and Answers document related to RFQ 23FIN23 for Actuarial Services for Other Post Employment Benefits Liability issued by an unnamed city. The document addresses inquiries from potential bidders regarding the city's GASB 75 (Governmental Accounting Standards Board) valuation requirements. Key questions addressed include the availability of the most recent GASB 75 valuation report, which will be made available on VendorNet and DemandStar for bidder review. The city clarified its rationale for not implementing GASB 75 in prior years, noting that auditors determined the liability was not significant at that time and no specific timeframe for the next actuarial valuation was established when the decision was made in 2019.
The previous service provider billed a total of $4,000 for the most recent GASB 75 valuation services. This historical pricing information provides a baseline for evaluating cost proposals from responding bidders. The document indicates that bidders will have access to prior valuation documentation and historical cost information to inform their proposals for ongoing actuarial services related to other post-employment benefits liability compliance.
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Text version
RFQ 23‐FIN23 Actuarial Services for Other Post Employment Benefits Liability
QuesƟons and Answers
1. Are you able to provide us with a copy of the most recent GASB 75 valuaƟon?
The report will be uploaded to VendorNet and DemandStar for review.
2. Please explain the reasons why it was determined that the City did not need to implement GASB
75 previously.
Our auditors were comfortable that the liability was not significant at the Ɵme and that we would not need to implement GASB 75. When we chose not to implement in 2019, our auditors didn’t have a set Ɵmeframe to determine when the next actuarial valuaƟon would be needed.
3. Are you able to provide us the total fees billed by the prior and/or current service providers for the most recent GASB 75 valuaƟon?
Total fee for this service was $4,000.
File details come from the government source that posted it. Updated .