HomeMy WebLinkAboutContract 63908CSC No. 63908
GRS
May 15, 2025
Mr. Reginald Zeno
Chief Financial Officer
City of Fort Worth, Texas
200 Texas Street
Fort Worth, Texas 76102
Reginald.Zeno@fortworthtexas.gov
Re: GASB 68 Engagement Letter for the City of Fort Worth
Dear Mr. Zeno:
P: 469.524.0000 1 www.grsconsulting.com
We are writing to provide an engagement letter for actuarial services relating to GASB 68 financial
reporting for the City of Fort Worth. By acknowledging and dating this engagement letter, we and the
City of Fort Worth ("the City") agree to the scope, work product and terms described herein.
We will perform the actuarial calculations necessary for the City to comply with GASB Statement No. 68
for the fiscal year ending September 30, 2025. As such, the actuarial valuation will be performed as of
December 31, 2023 and rolled -forward to the measurement date of September 30, 2024. For the fully
compliant valuation, we will prepare a formal report including all of the actuarial information necessary
for the City to comply with GASB Statement No. 68. Specifically, the report will include the following
information:
• Summary of Population Statistics
• Description of the Measurement of the Net Pension Liability
• Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption
• Schedule of Changes in the Employers' Net Pension Liability and Related Ratios
• Schedule of Employer Contributions
• Notes to Schedule of Contributions
• Pension Expense
• Statement of Outflows and Inflows Arising from Current and Prior Reporting Periods
• Recognition of Deferred Outflows and Inflows of Resources
The City's GASB Statement No. 68 Actuarial Valuation Report will be prepared using the same
assumptions, methods and procedures use to prepare the GASB Statement No. 67 Actuarial Valuation
Report prepared for the Employees' Retirement Fund of the City of Fort Worth.
The work papers for this engagement are 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 authority given by law or regulation, access to the requested work papers will be provided under
OFFICIAL RECORD
supervision of GRS personnel. Furthermore, upon request, we may provide photocopies of selected
CITY SECRETARY
work papers to regulatory agencies. These regulatory agencies may intend or decide to distribute the
FT. WORTH, TX
Mr. Reginald Zeno
May 15, 2025
Page 2
photocopies or information contained therein to others, including other governmental agencies. The
costs of responding to such requests are not included in our engagement fee quoted below; if GRS is
required to comply with such a request City will be responsible for our associated fees in an amount not
to exceed $10,000.
The City's management has responsibility for the financial statements and all representations contained
therein. Management also has responsibility for preventing and detecting fraud, for adopting sound
accounting policies and establishing and maintaining effective internal control to maintain the reliability
of the financial statements and to provide reasonable assurances against the possibility of
misstatements that are material to the financial statements. This responsibility extends to the use or
misuse of the results of our GASB Statement No. 68 Actuarial Valuation Report, presentations at on -site
meetings (if applicable) and during telephone conferences. The report and presentation materials (if
applicable) may be provided to parties other than the City only in their entirety and only with the
permission of the City.
Because of the importance of management's representations as to the completeness and accuracy of
the information, documents and data it provides to GRS, the City agrees to release GRS and its
personnel from any claims, liabilities, costs and expenses relating to our services under this letter
attributable to any misrepresentations in the representation letter referenced above. Furthermore, GRS
agrees to maintain the applicable employee data secure and confidential. Any dispute concerning this
engagement will be resolved internally and, if not, then by mediation and with waiver of any jury trial
and with venue at the place where the services are rendered. Except for gross negligence or willful
misconduct, GRS liability hereunder will be limited to our fees.
In the event that GRS is requested pursuant to subpoena or other legal process to produce its
documents relating to this engagement in judicial or administrative proceedings to which GRS is not a
party, the City shall reimburse GRS at standard billing rates for its professional time and expenses,
including reasonable attorney's fees, incurred in responding to such request at a total amount not to
exceed $50,000.
The fee for the City's GASB Statement No. 68 Actuarial Valuation Report for the fiscal year ending
September 30, 2025 will be $5,800. Further, the report will be delivered within two weeks of GRS
receiving acknowledgement copy of this agreement.
GRS
Mr. Reginald Zeno
May 15, 2025
Page 3
Should you have any questions regarding these matters, please do not hesitate to contact us. We thank
you and the other City officials for your confidence in our firm and look forward to continuing to work
with you in the years ahead.
Sincerely,
Joseph Newton, FSA, EA, MAAA
Pension Market Lead and Actuary
Agreed to by the City of Fort Worth, Tx
4-
(Signature)
Reginald Zeno
(Name, Printed)
CG RS
Chief Financial Services Officer
(Title)
05/15/2025
(Date)
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
CITY OF FORT WORTH:
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Name: Jesus "Jay" Chapa
City Manager
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By:
Name: Jannette Goodall
City Secretary
CONTRACT COMPLIANCE MANAGER:
By signing, I acknowledge that I am the person responsible for monitoring and administration of
this contract, including all performance and reporting requirements.
By; Christian McCoy (Sep 4, 2025 15:23:18 CDT)
Name: Christian McCoy
Financial Services Manager
APPROVE AS TO FORM AND LEGALITY:
By: (A'�
Name: Denis C. McElroy, Assistant City Attorney
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX