Asset Retirement Obligation (PSAB 3280) External Update Assessment

The City of Yellowknife is seeking proposals from experienced firms to conduct an external update assessment of its Asset Retirement Obligation (ARO) program. The primary objective is to ensure continued compliance with PSAB PS3280 standards, support annual financial reporting, and enhance audit readiness by reviewing whether obligations have changed since the previous 2022 assessment. The scope of work includes reviewing legal and regulatory obligations, assessing the completeness of the ARO inventory, validating assumptions such as discount rates and inflation factors, and estimating present-day remediation costs. Key deliverables include a comprehensive ARO registry in Excel, an annual review framework and checklist for City staff, financial reporting recommendations, a final report, and a prioritized management action plan. The anticipated contract value is between $75,000 and $100,000, awarded on a time fee basis. The project is expected to commence in October 2026, with a strict completion deadline of January 25, 2027. Proposals will be evaluated based on a weighted scoring system: Project Team and Experience (30%), Methodology (30%), Fees (20%), Schedule (15%), and Local Economy Benefit (5%). Submissions must be made electronically via the bids&tenders system by the deadline of September 22, 2026. Selected consultants must maintain specific insurance coverage, including a minimum of $2,000,000 in general commercial liability, and must comply with all applicable laws of the Northwest Territories.