19.a.
Commissioners Court Meeting
- Meeting Date:
- 10/15/2024
- Title:
- Actuarial and IBNR Services
- Submitted for:
- Monica Flores
- Submitted By:
- Maria Chavez
- Department:
- Risk Management
Subject:
Discussion and possible action to approve the Terms of Engagement and Addendum for Actuarial Services between Webb County and Lewis and Ellis at a cost of Nine Thousand and Eight Hundred Dollars ($9,800.00) for the fiscal year ending on September 30, 2024, and Six Thousand and Eight Hundred Dollars ($6,800.00) for the fiscal year ending on September 30, 2025. The actuarial analysis will encompass the post employment health plan and Incurred But Not Reported (IBNR) reserves for Webb County's medical, prescription and dental plans. [Account #6300-1090-001-432001]
Issue: Governmental accounting reporting is needed by the Auditor's office on a yearly basis.
Solution: Approval by the Court to accept Lewis & Ellis as actuaries to provide report will enable Risk Management to turn in report on a timely basis.
Result: Report will be submitted to the court and the Auditor's office by the end of this year.
Issue: Governmental accounting reporting is needed by the Auditor's office on a yearly basis.
Solution: Approval by the Court to accept Lewis & Ellis as actuaries to provide report will enable Risk Management to turn in report on a timely basis.
Result: Report will be submitted to the court and the Auditor's office by the end of this year.
Background:
Every year, Risk Management has always solicited actuary companies to work on the GASB 75 and IBNR reporting to supply to our Auditor's office.
Previous Court Action:
N/A
Fiscal Impact
- Budget Account Number:
- N/A
- Funding Source:
- N/A
- Balance:
- N/A
Financial Impact:
N/A