Title
Pension Actuarial Software - EXC 20-098 (Ordinance S-47616)
Description
Request to authorize the City Manager, or his designee, to allow additional expenditures under Contract 153021 with GovInvest, Inc., for the purchase of Pension Actuarial Calculation Software for the Finance Department. Further request authorization for the City Controller to disburse all funds related to this item. The additional expenditures will not exceed $150,000.
Report
Summary
This contract provides the Finance Department with a cloud-based pension actuarial calculator that is used to perform real-time analysis related to proposed changes and their potential impacts to the City’s pension obligations, including the Public Safety Personnel Retirement System and the City of Phoenix Employees’ Retirement System. The additional expenditures are for two years of services allowing the Finance Department to utilize the calculator to analyze options related to the City’s pension obligations.
Contract Term
The contract term is July 1, 2020 through June 30, 2023.
Financial Impact
Upon approval of $150,000 in additional funds, the aggregate value of the contract will not exceed $225,000. Funds are available in the Finance Department’s budget.
Concurrence/Previous Council Action
This contract was originally approved by City Council on May 20, 2020.
Department
Responsible Department
This item is submitted by City Manager Ed Zuercher and the Finance Department.