GASB 75 VALUATION SERVICES

The City of Sierra Vista has awarded a contract to GRS Consulting for GASB 75 valuation services. The contract is for a three-year term, with two one-year extension options. The scope of work includes preparing annual accounting reports and re-measuring liabilities every two years. The contract value is estimated to be around $63,000 over the three-year term. The vendor will provide actuarial and consulting services to the City, including calculating the Single Discount Rate, preparing statements of changes in the Net OPEB Liability, and providing sensitivity analyses. The City will provide necessary data and information to the vendor, including member census information, plan provisions, and asset information.