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('ity of Arden Hills Page 5 t October 24. 2006 . The fl:c dcscribed above is based on anticipated cooperation from your personnel and the assumption that ullcxpected circumstances will not be encountered during the audit. If we find that additional audit PWCCdllfl:S are required, or if aqditional services are requested by the City, those services will be billed at om standard hourly rates. Additional audit procedures might be required for certain accounting issues or events such as new contractual agreements, transactions and legal requirements of new bond issues, new funds, major capital projects, new tax increment districts, or if there is an indication of misappropriation or misllse tlf public funds. If significant additional time is necessary, we will discuss it with you and arrive at a new fcc estimate he1()re we incur the additional costs. With regard to the electronic dissemination of audited tinancial statements, including financial statemcnts Jlublished elcctronically tIn your websitc, you understand that elcctronic sites are a mcans to distribute inl('nnation and, thcref()re, we arc not required to read the information contained in these sites or to ('''ilsidn the consistency of other informatit\ll in the electronic site with the original document. If YOll intend to publish or otherwise reproduce the tinancial statements, such as in a bond statement, and I!l;;k,' r...:ti.:rence to our firm name, you agree to provide us with printers' proofs or masters tor our review :Ind apflfl)val before printing. You also agree to provide us with Cl copy of the final reproduced material Ell UUI ;lppWV,l] hcl(Jre it is distributed. (;(J\'('ntnl' 'III ..II/dding Slllwlarrls require that we provide you with a copy of our most recent external peer It'vi",\' l'l'pOJ1 and allY lettcr of comment, and any subsequent peer review reports and letters of comment f"'l.Tin'd during the period of the contract. (hlr most recent peer review report and letter of comment accompanics this ktter. . We appreciate the opportunity to be of service to the City and believl: this letter accurately summarizes the signiticant tenns of our engagement. If you have allY questions, please let us know. If you agree with the terms of l.\lIr engagement as ekscribcd in this letter, please sign the enclosed copy and return it to us. Sincerc!y~ MALLOY. MONTAC;UE. KARNOWSKI, RADOSEVICH & CO., P.i\. Aawn J. Nielsen. C'PA Principal AJN:kch Response: This letter cmrcctly sets fOl1h the understanding of the City of Arden Hills. By: -.. -. --.. - - -- - ___ __ u_ _ _ __ __________ .._ ___________. By: ."._ _.__.__ - ._____._ 0- -- ---------. Title: --.---.--- .. ___. - ._._ - .____._.___n_ Title: -. ------ ---- - . --- ,- -.. -- -- I)atc: .. ____________n___._____ _..___... _____ Date: - .. - - - - - .." ------.- .