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'"r"'DO t EIC #911 _ l�RS LIT Cert#W 1Whr Acmumaras & Gasvhwds 5201 Eden Avenue Suite 370 Edina, MN 5.5436 Management, Honorable Mayor and Council City of Centerville Centerville, Minnesota August 17, 2010 The following sets forth the engagement of our services for the certified audit of the accounts of the City of Centerville, Minnesota (the City). We appreciate the opportunity to work with you and the staff at the City over the past years to conduct your annual financial audits. This has been a successful working relationship because we have spent a great deal of time understanding how your City operates, and you getting to know how we conduct our audits. As a result, we have been able to achieve a process that is mutually beneficial to both parties through good working relationships, resulting in efficiencies in the process. We also understand that because of the very challenging economic conditions, cities are expected to do more with less. Our firm understands your specific challenges and situation. We also have noted improved audit preparation in the 2009 audit that we expect to be continued. As a result, we are prepared to decrease our fees for the next year, and offer the City a three year extension of our services, with modest 2 percent increases in 2011 and 2012. This will allow us to continue a relationship that through the past years has provided both parties with outstanding results. We will audit the financial statements of the City of Centerville for the years ending December 31, 2010, 2011 and 2012 in accordance with auditing standards generally accepted in the United States of America. Our audit will include tests of the accounting records and other procedures we consider necessary to enable us to express an opinion that the financial statements are fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested. We will plan and perform the audit to obtain reasonable rather than absolute assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. Because of the concept of reasonable assurance and because we will not perform a detailed examination of all transactions, there is a risk that a material misstatement may exist and not be detected by us. In addition, an audit is not designed to detect errors, fraud, or other illegal acts that are immaterial to the financial statements. However, we will inform you of any material errors and any fraud that comes to our attention. We will also inform you of any other illegal acts that come to our attention, unless clearly inconsequential. Our responsibility as auditors is limited to the period covered by our audit and does not extend to matters that might arise during any later periods of which we are not engaged as auditors. 952.835.9090 • Fax 952.835.3261 www.aetnepas.com 7