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�f City of Centerville August 17, 2010 t� Page 4 Steven R. McDonald, CPA is the engagement partner and is responsible for supervising the engagement and signing the report. We expect to begin our audit on approximately March 31, 2011 and to issue our reports no later than June 30, 2011. Our fee for these services will be as follows: Audit $ 25,000 Our invoices for these fees will be rendered each month as work progresses and are payable on presentation. In accordance with our firm policies, work may be suspended if your account becomes 90 days or more overdue and may not be resumed until your account is paid in full. Amounts not paid within 30 days from the invoice date will be subject to a finance charge of 1 percent per month (12 percent per year). If we elect to terminate our services for nonpayment, our engagement will be deemed to have been completed upon written notification of termination, even if we have not completed our report. You will be obligated to compensate us for all time expended and to reimburse us for all out -of- pocket costs through the date of termination. The above fee is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate before we incur the additional costs. We appreciate the opportunity to be of service to the City and believe this letter accurately summarizes the significant terms of our engagement. If you have any questions, please let us know. If you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and return it to us. Very truly yours, ABDO, EICK & MEYERS, LLP Certified Public Accountants & Consultants Steven R. McDonald, CPA Managing Partner RESPONSE: This letter correctly sets forth the understanding of the City of Centerville. By: Title: 952.835.9090 • Fax 952.835.3261 www.aemepas.com 2010 GAAS Audit Engagement Letter 12