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<br />. <br />.... <br /> <br />'J <br /> <br /> <br />November 20, 2003 <br />Page Three <br /> <br />Audit Administration, Fees, and Other <br /> <br />We unders1a.nd that your employees will prepare all cash or other confirmations we request and will locate any invoices selected <br />by us for testing. <br /> <br />Om fee for these services will be at our standard hourly rates plus out-of-pocket costs (such as report reproduction, typing, <br />postage, travel, copies, telephone, etc.). We estimate that our gross fee, including expenses will be approximately $17,100. This <br />estimate is based on the anticipated time plus implementation ofSAS 99 and GASB Statement No. 34. Om estimates are as <br />follows: <br /> <br />Audit and Accounting <br />SAS 99 <br />GASB Statement No. 34 <br /> <br />$ <br /> <br />11 ,000 <br />1,500 <br />3.200. <br /> <br />Total <br /> <br />~ <br /> <br />15.700 <br /> <br />· Fee has been discounted 10 percent for early implementation. <br /> <br />Om standard hourly rates vary according to the degree of responsibility involved and the experience level of the personnel <br />assigned to your audit Om invoices for these fees will be rendered each month as work progresses and are payable on <br />presentation. In accordance with our firm policies, work may be suspended if your account becomes 90 days or more overdue <br />and may not be resumed until your account is paid in full. If we elect to terminate our services for nonpayment, our engagement <br />will be deemed to have been completed upon written notification of termination, even if.we have not completed our report You <br />will be obligated to compensate us for all time expended and to reimburse us for all out-of-pocket costs through the date of <br />termination. The above fee is based on anticipated cooperation from your personnel and the assumption that unexpected <br />circumstances will not be encountered during the audit. If s~gnificant additional time is necessary, we will discuss it with you and <br />arrive at a new fee estimate before we incur the additional costs. <br /> <br />We appreciate the opporbmity to be of service to the City and believe this letter accurately summarizes the significant terms of <br />our engagement If you have any questions, please iet us know. If you agree with the terms of our engagement as descnoed in <br />this letter, please sign the enclosed copy and return it to us. <br /> <br />Sincerely, <br /> <br />ABDO, EICK & MEYERS, LLP <br /> <br /> <br />IMM <br /> <br />Steven R. McDonald, CPA <br /> <br />