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PROCESS 0 Part 1 assumptions and methods . To that end, we will conduct conferences with key Staff regarding these actuarial assumptions and methods to be used in the valuation . All future years ' benefit costs are projected and taken back to today' s dollars in a present value. These actuarial present values of expected benefits payable form the basis for the accounting entries and disclosures required under GASB Statement No . 45 . We will advise officials (particularly those in finance and treasury) concerning how they would be setting the discount rate. Ultimately, all actuarial assumptions and methods are chosen or adopted by the County. Part of our role is to advise the officials on such matters . Step 6 — Calculate Expense and Liabilities GASB Statement No. 45 permits the use of several actuarial cost methods to apply in deriving the final expense and disclosure numbers . We will calculate these expense and liability disclosures under a few relevant cost methods and discuss client objectives for final selection of the actuarial cost method to use. Step 7 — Prepare Draft Report for Review GRS will prepare a draft version of our Actuarial Valuation Report and submit it to the client for initial review and comments . The results will be aggregated with totals . The draft report will include an Executive Summary, tables or charts presenting the development of the results , a description of all primary actuarial assumptions and methods , and a summary of the plan benefits . Our report will include the issuance of a Public Statement of Actuarial Opinion (PSAO) in accordance with the Qualification Standards of the American Academy of Actuaries . In addition, GRS will be available to meet with County officials as necessary for education, presentation of results, planning and other purposes . Step 8 — Finalize Report After discussion regarding the draft report, we will make changes and issue our formal bound Report to the client. (Please refer to Appendix B "Sample OPEB Report, " for a sample report. ) Various telephone conferences may be required or advisable as the project proceeds, for the purposes of clarification, education ( of GRS and County personnel), and decisions by the County as to certain assumptions and methods to use. Finally, we will present the results to Staff and/or Committees and/or Board by telephone conference to explain the GASB requirements and implications and to review our Report and any recommendations or options there may be. GiC Gabriel Roeder Smith & Company 32