CONTRACT 5997 Professional Services Agreement CLOSEDAgreement No. 5997
Agreement No. [City Clerk assigns]_
PROFESSIONAL SERVICES AGREEMENT
BETWEEN
THE CITY OF EL SEGUNDO AND
BARTEL ASSOCIATES, LLC
This AGREEMENT is made and entered into this 8th day of December, 2020, by
and between the CITY OF EL SEGUNDO, a municipal corporation and general law city
("CITY") and BARTEL ASSOCIATES, a Limited Liability Corporation,
("CONSULTANT"). The parties agree as follows:
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A. As partial consideration, CONSULTANT agrees to perform the work listed
in the SCOPE OF SERVICES, below;
B. As additional consideration, CONSULTANT and CITY agree to abide by
the terms and conditions contained in this Agreement;
C. As additional consideration, CITY agrees to pay CONSULTANT a sum not
to exceed Twenty thousand dollars ($25,000) for CONSULTANT's
CalPERS Review services. CITY may modify this amount as set forth
below. Unless otherwise specified by written amendment to this
Agreement, CITY will pay this sum as specified in the attached Exhibit "A,"
which is incorporated by reference.
A. CONSULTANT will perform services listed in the attached Exhibit "A"
which is incorporated by reference.
B. CONSULTANT will, in a professional manner, furnish all of the labor,
technical, administrative, professional and other personnel, all supplies
and materials, equipment, printing, vehicles, transportation, office space
and facilities, and all tests, testing and analyses, calculation, and all other
means whatsoever, except as herein otherwise expressly specified to be
furnished by CITY, necessary or proper to perform and complete the work
and provide the professional services required of CONSULTANT by this
Agreement.
3. PERFORMANCE STANDARDS. While performing this Agreement, CONSULTANT
will use the appropriate generally accepted professional standards of practice existing at
the time of performance utilized by persons engaged in providing similar services. CITY
will continuously monitor CONSULTANT's services. CITY will notify CONSULTANT of
any deficiencies and CONSULTANT will have fifteen (15) days after such notification to
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cure any shortcomings to CITY's satisfaction. Costs associated with curing the
deficiencies will be borne by CONSULTANT.
4. PAYMENTS. For CITY to pay CONSULTANT as specified by this Agreement,
CONSULTANT must submit a detailed invoice to CITY which lists the hours worked and
hourly rates for each personnel category and reimbursable costs (all as set forth in
Exhibit "A") the tasks performed, the percentage of the task completed during the billing
period, the cumulative percentage completed for each task, the total cost of that work
during the preceding billing month and a cumulative cash flow curve showing projected
and actual expenditures versus time to date.
5. NON -APPROPRIATION OF FUNDS. Payments due and payable to CONSULTANT
for current services are within the current budget and within an available, unexhausted
and unencumbered appropriation of the CITY. In the event the CITY has not
appropriated sufficient funds for payment of CONSULTANT services beyond the current
fiscal year, this Agreement will cover only those costs incurred up to the conclusion of
the current fiscal year.
6. FAMILIARITY WITH WORK.
A. By executing this Agreement, CONSULTANT agrees that it has:
Carefully investigated and considered the scope of services to be
performed;
ii. Carefully considered how the services should be performed; and
iii. Understands the facilities, difficulties, and restrictions attending
performance of the services under this Agreement.
B. If services involve work upon any site, CONSULTANT agrees that
CONSULTANT has or will investigate the site and is or will be fully
acquainted with the conditions there existing, before commencing the
services hereunder. Should CONSULTANT discover any latent or
unknown conditions that may materially affect the performance of the
services, CONSULTANT will immediately inform CITY of such fact and will
not proceed except at CONSULTANT's own risk until written instructions
are received from CITY.
7. TERM. The term of this Agreement will be from December 1, 2020, to June 30,
2021. Unless otherwise determined by written amendment between the parties, this
Agreement will terminate in the following instances:
A. Completion of the work specified in Exhibit "A";
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B. Termination as stated in Section 15.
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A. CONSULTANT will not perform any work under this Agreement until:
CONSULTANT furnishes proof of insurance as required under
Section 22 of this Agreement; and
ii. CITY gives CONSULTANT a written notice to proceed.
B. Should CONSULTANT begin work on any phase in advance of receiving
written authorization to proceed, any such professional services are at
CONSULTANT's own risk.
9. TIME EXTENSIONS. Should CONSULTANT be delayed by causes beyond
CONSULTANT's control, CITY may grant a time extension for the completion of the
contracted services. If delay occurs, CONSULTANT must notify the Manager within
forty-eight (48) hours, in writing, of the cause and the extent of the delay and how such
delay interferes with the Agreement's schedule. The Manager will extend the
completion time, when appropriate, for the completion of the contracted services.
10. CONSISTENCY. In interpreting this Agreement and resolving any ambiguities, the
main body of this Agreement takes precedence over the attached Exhibits; this
Agreement supersedes any conflicting provisions. Any inconsistency between the
Exhibits will be resolved in the order in which the Exhibits appear below:
A. Exhibit: A: Scope of Work.
11. CHANGES. CITY may order changes in the services within the general scope of
this Agreement, consisting of additions, deletions, or other revisions, and the contract
sum and the contract time will be adjusted accordingly. All such changes must be
authorized in writing, executed by CONSULTANT and CITY. The cost or credit to CITY
resulting from changes in the services will be determined in accordance with written
agreement between the parties.
12.TAXPAYER IDENTIFICATION NUMBER. CONSULTANT will provide CITY with a
Taxpayer Identification Number.
13. PERMITS AND LICENSES. CONSULTANT, at its sole expense, will obtain and
maintain during the term of this Agreement, all necessary permits, licenses, and
certificates that may be required in connection with the performance of services under
this Agreement.
14. WAIVER. CITY's review or acceptance of, or payment for, work product prepared
by CONSULTANT under this Agreement will not be construed to operate as a waiver of
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any rights CITY may have under this Agreement or of any cause of action arising from
CONSULTANT's performance. A waiver by CITY of any breach of any term, covenant,
or condition contained in this Agreement will not be deemed to be a waiver of any
subsequent breach of the same or any other term, covenant, or condition contained in
this Agreement, whether of the same or different character.
01TAf VI-Afrolriql
A. Except as otherwise provided, CITY may terminate this Agreement at any
time with or without cause.
B. CONSULTANT may terminate this Agreement at any time with CITY's
mutual consent. Notice will be in writing at least thirty (30) days before the
effective termination date.
C. Upon receiving a termination notice, CONSULTANT will immediately
cease performance under this Agreement unless otherwise provided in the
termination notice. Except as otherwise provided in the termination notice,
any additional work performed by CONSULTANT after receiving a
termination notice will be performed at CONSULTANT's own cost; CITY
will not be obligated to compensate CONSULTANT for such work.
D. Should termination occur, all finished or unfinished documents, data,
studies, surveys, drawings, maps, reports and other materials prepared by
CONSULTANT will, at CITY's option, become CITY's property, and
CONSULTANT will receive just and equitable compensation for any work
satisfactorily completed up to the effective date of notice of termination,
not to exceed the total costs under Section 1(C).
E. Should the Agreement be terminated pursuant to this Section, CITY may
procure on its own terms services similar to those terminated.
F. By executing this document, CONSULTANT waives any and all claims for
damages that might otherwise arise from CITY's termination under this
Section.
16.OWNERSHIP OF DOCUMENTS. All documents, data, studies, drawings, maps,
models, photographs and reports prepared by CONSULTANT under this Agreement are
CITY's property. CONSULTANT may retain copies of said documents and materials as
desired but will deliver all original materials to CITY upon CITY's written notice. CITY
agrees that use of CONSULTANT's completed work product, for purposes other than
identified in this Agreement, or use of incomplete work product, is at CITY's own risk.
17. PUBLICATION OF DOCUMENTS. Except as necessary for performance of service
under this Agreement, no copies, sketches, or graphs of materials, including graphic art
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work, prepared pursuant to this Agreement, will be released by CONSULTANT to any
other person or public CITY without CITY's prior written approval. All press releases,
including graphic display information to be published in newspapers or magazines, will
be approved and distributed solely by CITY, unless otherwise provided by written
agreement between the parties.
M-1111HII-114M
A. CONSULTANT agrees to the following:
L Indemnification for Professional Services. CONSULTANT will
save harmless and indemnify and at CITY's request reimburse
defense costs for CITY and all its officers, volunteers,
employees and representatives from and against any and all
suits, actions, or claims, of any character whatever, brought
for, or on account of, any injuries or damages sustained by
any person or property resulting or arising from any negligent
or wrongful act, error or omission by CONSULTANT or any of
CONSULTANT's officers, agents, employees, or
representatives, in the performance of this Agreement, except
for such loss or damage arising from CITY's sole negligence
or willful misconduct.
ii. Indemnification for other Damages. CONSULTANT indemnifies,
and holds CITY harmless from and against any claim, action,
damages, costs (including, without limitation, attorney's fees),
injuries, or liability, arising out of this Agreement, or its
performance, except for such loss or damage arising from
CITY's sole negligence or willful misconduct. Should CITY be
named in any suit, or should any claim be brought against it
by suit or otherwise, whether the same be groundless or not,
arising out of this Agreement, or its performance,
CONSULTANT will defend CITY (at CITY's request and with
counsel satisfactory to CITY) and will indemnify CITY for any
judgment rendered against it or any sums paid out in
settlement or otherwise.
B. For purposes of this section "CITY" includes CITY's officers, officials,
employees, agents, representatives, and certified volunteers.
C. It is expressly understood and agreed that the foregoing provisions will
survive termination of this Agreement.
D. The requirements as to the types and limits of insurance coverage to be
maintained by CONSULTANT as required by Section 22, and any
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approval of said insurance by CITY, are not intended to and will not in any
manner limit or qualify the liabilities and obligations otherwise assumed by
CONSULTANT pursuant to this Agreement, including, without limitation, to
the provisions concerning indemnification.
MASSIGNABILITY. This Agreement is for CONSULTANT's professional services.
CONSULTANT's attempts to assign the benefits or burdens of this Agreement without
CITY's written approval are prohibited and will be null and void.
20. INDEPENDENT CONTRACTOR. CITY and CONSULTANT agree that
CONSULTANT will act as an independent contractor and will have control of all work
and the manner in which it is performed. CONSULTANT will be free to contract for
similar service to be performed for other employers while under contract with CITY.
CONSULTANT is not an agent or employee of CITY and is not entitled to participate in
any pension plan, insurance, bonus or similar benefits CITY provides for its employees.
Any provision in this Agreement that may appear to give CITY the right to direct
CONSULTANT as to the details of doing the work or to exercise a measure of control
over the work means that CONSULTANT will follow the direction of the CITY as to end
results of the work only.
21.AUDIT OF RECORDS. CONSULTANT will maintain full and accurate records with
respect to all services and matters covered under this Agreement. CITY will have free
access at all reasonable times to such records, and the right to examine and audit the
same and to make transcript therefrom, and to inspect all program data, documents,
proceedings and activities. CONSULTANT will retain such financial and program
service records for at least three (3) years after termination or final payment under this
Agreement.
A. Before commencing performance under this Agreement, and at all other
times this Agreement is effective, CONSULTANT will procure and
maintain the following types of insurance with coverage limits complying,
at a minimum, with the limits set forth below:
Type of Insurance
Commercial general liability:
Professional Liability
A-MUT-Mly 0=11 6 $411541M Oil
Workers compensation
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Limits
$2,000,000
$1,000,000
$1,000,000
Statutory requirement
Agreement No. 5997
Agreement No. _[City Clerk assigns]_
B. Commercial general liability insurance will meet or exceed the
requirements of the most recent ISO -CGL Form. The amount of
insurance set forth above will be a combined single limit per occurrence
for bodily injury, personal injury, and property damage for the policy
coverage. Liability policies will be endorsed to name CITY, its officials,
and employees as "additional insureds" under said insurance coverage
and to state that such insurance will be deemed "primary" such that any
other insurance that may be carried by CITY will be excess thereto. Such
endorsement must be reflected on ISO Form No. CG 20 10 11 85 or 88, or
equivalent. Such insurance will be on an "occurrence," not a "claims
made," basis and will not be cancelable or subject to reduction except
upon thirty (30) days prior written notice to CITY.
C. Professional liability coverage will be on an "occurrence basis" if such
coverage is available, or on a "claims made" basis if not available. When
coverage is provided on a "claims made basis," CONSULTANT will
continue to renew the insurance for a period of three (3) years after this
Agreement expires or is terminated. Such insurance will have the same
coverage and limits as the policy that was in effect during the term of this
Agreement and will cover CONSULTANT for all claims made by CITY
arising out of any errors or omissions of CONSULTANT, or its officers,
employees or agents during the time this Agreement was in effect.
D. Automobile coverage will be written on ISO Business Auto Coverage Form
CA 00 01 06 92, including symbol 1 (Any Auto).
E. CONSULTANT will furnish to CITY duly authenticated Certificates of
Insurance evidencing maintenance of the insurance required under this
Agreement and such other evidence of insurance or copies of policies as
may be reasonably required by CITY from time to time. Insurance must
be placed with insurers with a current A.M. Best Company Rating
equivalent to at least a Rating of "A:Vll."
F. Should CONSULTANT, for any reason, fail to obtain and maintain the
insurance required by this Agreement, CITY may obtain such coverage at
CONSULTANT's expense and deduct the cost of such insurance from
payments due to CONSULTANT under this Agreement or terminate
pursuant to Section 155.
23. USE OF SUBCONTRACTORS. CONSULTANT must obtain CITY's prior written
approval to use any consultants while performing any portion of this Agreement. Such
approval must approve of the proposed consultant and the terms of compensation.
24.INCIDENTAL TASKS. CONSULTANT will meet with CITY monthly to provide the
status on the project, which will include a schedule update and a short narrative
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description of progress during the past month for each major task, a description of the
work remaining and a description of the work to be done before the next schedule
update.
25. NOTICES. All communications to either party by the other party will be deemed
made when received by such party at its respective name and address as follows:
If to CONSULTANT:
Bartel Associates, LLC
411 Borel Avenue, Suite 620
San Mateo, CA
Attention: Mary Beth Redding
Phone: (650) 377-1600
If to CITY:
City of El Segundo
350 Main Street
El Segundo, CA
Attention: Joseph Lillio
Phone: (310) 524-2318
Email: jlillio@elsegundo.org
Any such written communications by mail will be conclusively deemed to have been
received by the addressee upon deposit thereof in the United States Mail, postage
prepaid and properly addressed as noted above. In all other instances, notices will be
deemed given at the time of actual delivery. Changes may be made in the names or
addresses of persons to whom notices are to be given by giving notice in the manner
prescribed in this paragraph.
26. CONFLICT OF INTEREST. CONSULTANT will comply with all conflict of interest
laws and regulations including, without limitation, CITY's conflict of interest regulations.
27. SOLICITATION. CONSULTANT maintains and warrants that it has not employed
nor retained any company or person, other than CONSULTANT's bona fide employee,
to solicit or secure this Agreement. Further, CONSULTANT warrants that it has not
paid nor has it agreed to pay any company or person, other than CONSULTANT's bona
fide employee, any fee, commission, percentage, brokerage fee, gift or other
consideration contingent upon or resulting from the award or making of this Agreement.
Should CONSULTANT breach or violate this warranty, CITY may rescind this
Agreement without liability.
28. THIRD PARTY BENEFICIARIES. This Agreement and every provision herein is
generally for the exclusive benefit of CONSULTANT and CITY and not for the benefit of
any other party. There will be no incidental or other beneficiaries of any of
CONSULTANT's or CITY's obligations under this Agreement.
29. INTERPRETATION. This Agreement was drafted in and will be construed in
accordance with the laws of the State of California, and exclusive venue for any action
involving this agreement will be in Los Angeles County.
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30. COMPLIANCE WITH LAW. CONSULTANT agrees to comply with all federal, state,
and local laws applicable to this Agreement.
31. ENTIRE AGREEMENT. This Agreement, and its Exhibit(s), sets forth the entire
understanding of the parties. There are no other understandings, terms or other
agreements expressed or implied, oral or written. This Agreement will bind and inure to
the benefit of the parties to this Agreement and any subsequent successors and
assigns.
32. RULES OF CONSTRUCTION. Each Party had the opportunity to independently
review this Agreement with legal counsel. Accordingly, this Agreement will be
construed simply, as a whole, and in accordance with its fair meaning; it will not be
interpreted strictly for or against either Party.
33. SEVERABILITY. If any portion of this Agreement is declared by a court of
competent jurisdiction to be invalid or unenforceable, then such portion will be deemed
modified to the extent necessary in the opinion of the court to render such portion
enforceable and, as so modified, such portion and the balance of this Agreement will
continue in full force and effect.
34.AUTHORITY/MODIFICATION. The Parties represent and warrant that all necessary
action has been taken by the Parties to authorize the undersigned to execute this
Agreement and to engage in the actions described herein. This Agreement may be
modified by written amendment.
35.ACCEPTANCE OF ELECTRONIC SIGNATURES. The Parties agree that this
Agreement, agreements ancillary to this Agreement, and related documents to be
entered into in connection with this Agreement will be considered signed when the
signature of a party is delivered by electronic (.pdf) or facsimile transmission. Such
electronic or facsimile signature will be treated in all respects as having the same effect
as an original signature.
36. CAPTIONS. The captions of the paragraphs of this Agreement are for convenience
of reference only and will not affect the interpretation of this Agreement.
37JIME IS OF ESSENCE. Time is of the essence for each and every provision of this
Agreement.
38. FORCE MAJEURE. Should performance of this Agreement be prevented due to fire,
flood, explosion, acts of terrorism, war, embargo, government action, civil or military
authority, the natural elements, or other similar causes beyond the Parties' reasonable
control, then the Agreement will immediately terminate without obligation of either party
to the other.
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39. STATEMENT OF EXPERIENCE. By executing this Agreement, CONSULTANT
represents that it has demonstrated trustworthiness and possesses the quality, fitness
and capacity to perform the Agreement in a manner satisfactory to CITY.
CONSULTANT represents that its financial resources, surety and insurance experience,
service experience, completion ability, personnel, current workload, experience in
dealing with private consultants, and experience in dealing with public agencies all
suggest that CONSULTANT is capable of performing the proposed contract and has a
demonstrated capacity to deal fairly and effectively with and to satisfy a public CITY.
[Signatures on next page]
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Agreement No. 5997
Agreement No. _[City Clerk assigns]_
IN WITNESS WHEREOF the parties hereto have executed this Agreement the
day and year first hereinabove written.
CITY OF EL SEGUNDO
S)"n
Scott M'itn'ick',' 0
City Manager S' 2 1 ") 1 1,1
BARTEL ASSOCIATES, LLC
C"i o ' Vice
eth dding
C Vce Pres�id nt
ATTET:
7--� for
Tracy Weaver,
City Clerk
APPROVED AS TO FORM:
DL
Mark D. Hensleykj
City Attorney
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Agreement No. 5997
November 24, 2020
Joseph Lillio
Director of Finance
City of El Segundo
350 Main Street
El Segundo, CA 90245
Re: City of El Segundo— CaIPERS Review
Dear Mr. Lillio,
Bartel Associates would be happy to provide the City of El Segundo additional actuarial consulting
services.
As you know, CAPERS Board approved many changes which are still being phased into contribution
rates:
• Demographic assumption changes, mainly mortality improvement, phased -in over 5 -years from 2016/17.
• Risk mitigation strategy, expected to lower investment risk and discount rates, resulting in higher employer
contribution rates gradually over the next 20 years or so.
• In December 2016, CalPERS approved a reduction in the discount rate over the next 3 valuations and
suspended the risk mitigation implementation until the June 30, 2018 valuation. The decision was, in part,
based on outside investment advisors' belief that investment returns over the next 10 years will be 6.2%,
well below the then current 7.5% assumed return.
• New demographic and inflation assumptions beginning with the June 30, 2017 valuation.
• Amortization policy changes starting with June 30, 2019 actuarial valuations. These changes are expected
to result in increased contributions over the next 10-15 years and greater contribution volatility.
We last performed a CalPERS review for the City for the June 30, 2017 CalPERS actuarial valuations.
The City has asked us to update our review to include the June 30, 2019 CalPERS valuations.
In the last study, we included an analysis of how Section 115 supplemental pension trust would help the
City address its CalPERS unfunded liability and how additional contributions to a supplemental pension
trust would compare to contributing directly to CalPERS. We will update this analysis as well.
Pension Obligation Bond Analysis
We understand the City is interested in issuing Pension Obligation Bonds (POBs) to pay down its
CalPERS unfunded liability. POBs are essentially an arbitrage between the earnings of the POB proceeds
in the CalPERS Trust and the interest paid for debt service on the POBs. However, while CalPERS
currently expects a 7% net long-term rate of return for the CalPERS trust, the actual return may fall below
the POB borrowing rate. A stochastic analysis provides a probabilistic modeling of CalPERS investment
returns and can provide the City an estimate of the chance of "success and failure" in issuing POBs,
Project Scope and Fees
0 Bartel Associates will first project CalPERS contribution rates, including asset return sensitivity, for
30 fiscal years showing the combined impact of:
• PEPRA changes,
• CalPERS new contribution policy,
• Discount rate changes,
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Agreement No. 5997
Joseph Lillio
November 24, 2020
Page 2
• Lower expected investment returns over the next decade, and
• Investment return volatility.
■ We will include a CalPERS review:
• Summary of historical information for the Miscellaneous and Safety plans:
• Participant demographic information,
• Contribution rates,
• Investment returns, and
• Funded status
■ We will perform pension supplemental trust analysis
• Compare savings for contributing additional amounts to CalPERS vs. a Section 115
supplemental trust, including savings for paying off certain CalPERS bases.
• Help the City to determine the initial contribution and/or subsequent contributions,
■ We will then perform a POB analysis:
• The analysis will be based on a stochastic model with 1,000 trials for investment returns over
the next 30 years.
• Compare employer contribution rate projections for 30 years with and without using POB
proceeds to pay down the CalPERS unfunded liability. The POB debt service will be added to
the employer contributions for comparison.
• Analyze the likelihood of "success or failure" for using P013s to pay down CalPERS unfunded
liability where success is defined as lower payments with POBs than without P013s.
• We can also provide a "deterministic" illustration comparing the contribution rates with and
without the POB under a specific economic scenario — meaning a selection of assumed
investment returns for each future year. While providing only illustrative information, this
analysis can be easier for laypeople to understand.
■ We will have 2 meetings — one with City staff to discuss results and one council presentation.
The following table summarizes the projects and fee estimates:
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Project Options
Estimated Fees
Not To Exceed
■
CalPERS review and contribution projections
$6,000
$7,000
•
Pension supplemental trust analysis
3,000
3,000
m
Analysis of using POB to pay down City's
10,000
12,000
CalPERS unfunded liability (2 POB scenarios) plus
deterministic illustrations for I economic scenario
0
Staff meeting to discuss results
Included
Included
•
Council presentation I
1,000
1,500
■
General Discussion with Mayor on CalPERS Plan
1,000
1,500
Termination options
0
Total
21,000 I
25,000
"f x., ,o oweb,
Agreement No. 5997
Joseph Lillio
November 24, 2020
Page 3
Please note:
■ We will bill the City at the following 2020 hourly rates:
Position 2020 Hourly Rate
Partner & Vice President (Redding) $300
Assistant Vice President (Lin) 270
Associate Actuary 220
Senior Actuarial Analyst 200
Actuarial Analyst 160
■ The estimated fees for CalPERS review and contribution projection will be higher if it's not
performed in conjunction with the POB analysis.
■ Hourly rates include provision for miscellaneous expenses.
■ The above time is estimated and does not include time for:
Formal Report. The project includes a discussion outline with significant detail. This document
is not meant to be a stand-alone explanation of results that the City should give to the City
Council, Our fees to prepare a formal report will be approximately $2,000.
More than 2 meetings. Additional meetings (e.g. Council and/or bargaining group meetings)
will increase the above time by actual meeting and preparation time. If no additional work is
necessary, then fees will be $1,500 to $2,000 for an additional meeting.
Additional scenarios for pension obligation bond analysis
Data
To complete our review, please provide:
■ We have old reports from prior projects with the City and downloaded the June 30, 2019 CalPERS
actuarial reports from CalPERS website.
■ Detailed descriptions of any employee cost-sharing agreements, if any.
■ Detailed descriptions of any Employer Paid Member Contributions (EPMC), if any.
■ If the City issued a POB in the past, please provide us the debt service with breakdown of
Miscellaneous and Safety.
■ We understand the City has approximately $4.5 million set aside in a pension supplemental 115 trust.
Please provide us the most recent statement and its allocation between Miscellaneous and Safety
plans.
■ Proposed POB debt service breakdown for Miscellaneous and Safety plans.
■ Other CalPERS correspondence, if appropriate.
-
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Joseph Lillio
November 24, 2020
Page 4
Agreement No. 5997
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We are prepared to begin this project immediately and can set a meeting date as soon as we receive the
above information. Initial meetings are usually in about 6-8 weeks. We understand the City would like to
have the POB analysis completed for the January 5fl, 2021 Council meeting.
Please contact me at blin(&bartel-associates.cot-n if you have any questions. We look forward to
continuing to work with you and the City.
Sincerely,
Bianca Lin, FSA
Assistant Vice President and Actuary
c Mary Beth Redding, Bartel Associates, LLC
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