Discuss, consider and take appropriate action on approving the Service Contract# 2026-023 for Consulting Actuary Services - GASB Review between Williamson County and Milliman, Inc. to provide consulting actuary services in the not-to-exceed amount of $23,000.00 for "On-Cycle” year FY26 and the not-to-exceed amount of $5,000.00 for “Off-Cycle”, exempting the purchase from the competitive bidding requirements for the service established by Section 262.024 (a)(4) [a personal service] of the Texas Local Government Code Discretionary Exemptions and authorizing execution of the agreement.

This agreement is for the continuation of service for the consulting actuary.  Milliman, Inc. is an outside auditing company that provides consulting for Government Accounting Standards Board (GASB) 75 which provides standards for accounting and financial reporting for Other Post Employment Benefits other than pensions (OPEB) that state and local governments provide to their retired employees.  These benefits primarily involve health care benefits, but may include life insurance, disability. The Auditor’s office is required to provide this GASB 75 Report for the separate external auditors that review their financials.  Milliman, Inc. is utilized by the Texas County & District Retirement System (TCDRS) to prepare a similar report regarding the liability for the County regarding the retirement payouts. Hence, they have all the demographics of our retirees and employee group, which creates efficiency in hiring this firm.  This Contract shall continue through September 30, 2026, and will automatically renew for two (2) additional one-year terms for FY27 and FY28.  Both Contract Audit and General Counsel have approved Origination# 3579.  The funding source is 01.0885.0886.004181 for FY26 and the department point of contact is Shelley Loughrey.