AGREEMENT TO PROVIDE ACTUARIAL SERVICES (4)AGREEMENT
THIS AGREEMENT, made and entered into thiso3 t1 day of Qc t ry ,
2016, by and between the CITY OF CLEARWATER, FLORIDA, a municipal corporation,
hereinafter referred to as "City ", and AMI Risk Consultants, Inc., an actuarial consulting
Firm, located at 1336 SW 146th Court, Miami, Florida, 33184 hereinafter referred to as
"Contractor ";
WITNESSETH
WHEREAS, the City maintains a self - insurance program and is desirous of having
an actuarial analysis performed on all of its liability accruals, and
WHEREAS, the Contractor is in the business providing actuarial services, is fully
qualified to meet their requirements of applicable City, State, and Federal law, and desires to
perform the necessary services;
NOW, THEREFORE, the parties agree as follows:
1. This agreement relates specifically to the City's fiscal year ending September 30,
2016. This agreement may be terminated by the City with 30 days written notice.
2 The Contractor shall perform an actuarial analysis of the City's general,
automobile, property, and Workers Compensation liability accruals, currently accounted for
as a part of the City's self insurance fund, and provide the City with a written report of its
analysis on an annual basis. The analysis will include, but not necessarily be limited to, a
computation of the "IBNR" (incurred but not reported) liabilities as of the September 30
fiscal year -end. The Contractor will include in the annual report all disclosures necessary to
comply with GASB Statement Number 10.
3. Following the completion of the actuarial review, the Contractor shall issue a
report (six bound copies and one electronic) which summarizes the findings of the actuarial
analysis of the Central Insurance Fund.
4. The Contractor shall retain all working papers for a minimum of five (5)
years, unless notified in writing by the City of the need to extend the retention period. The
Contractor shall make working papers available, upon request, to the following parties or
their designees:
➢ City of Clearwater
➢ City's external auditors
5. The Contractor shall prepare and submit to the City no later than October 17,
2016, a detailed schedule of the list of documents needed from the City including the related
date required. The City will provide the requested information by the date required. The
Contractor shall complete performance under this contract by December 12, 2016.
6. The Contractor shall bill the City and the City shall pay the Contractor for the
performance of the services under this contract on the basis of the Contractor's normal and
customary charges for such services, plus travel and ordinary out-of-pocket expenses. The
total amount of this contract, including travel and other out-of-pocket expenses, shall riot
exceed $5,000 for fiscal year 2016. The City may, by amendment of this agreement, increase
these maximum fees and/or extend the completion date upon the Contractor's showing
evidence of conditions which require substantially more time than would generally be
required to perform the prescribed services. Progress payments will be made an a monthly
basis for work completed to-date based on invoices submitted by the Contractor. The sum of
such progress payments shall not exceed 90% of the nu:minium specified above. The final
payment will be made within 30 days of receipt of the final actuarial reports.
IN 'WITNESS WHEREOF, the parties hereto have caused this agreement to be
executed the day and year first above written.
CITY OF CL WATER, FLORIDA
By: lArdiLAA,Ii•
, William 13. B. Horne, IT
City Manager
Approved as to form:
Paul Richer Hul
Assistant City Attorney
Attest:
Wilt Ca
Rosemarie Call
City Clerk
AMI RISK CONSULTANTS, INC.
By:
Aguedo Inge°, President