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ChatGPTClaudePerplexity· Related development
City-paid actuarial audit finds the 2021 valuation reasonable
In April 2023 the board took up a contract for an actuarial audit; no board approval was needed because the City of Amarillo covered the $25,000 cost. Gallagher Benefit Services reported in August that it could reasonably replicate the principal results and that the December 31, 2021 valuation results were reasonable, with recommendations to strengthen documentation of assumptions and methods. The board approved the audit unanimously.[1][2]
Arthur J. Gallagher & Co. (Gallagher Benefit Services)
What the sources say
- ✓ Verified
The April 19, 2023 minutes record that no board approval was needed for the actuarial audit contract because the City of Amarillo would cover its $25,000 cost. [1]
- Audit cost
- $25,000
- ✓ Verified
Gallagher Benefit Services (actuarial auditor): Gallagher said its actuarial audit "was able to reasonably replicate the principal results" and that it believes the December 31, 2021 valuation results "are reasonable," and made recommendations to strengthen documentation of the actuarial assumptions and methods. [2]
