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III. <br />The 1989 Annual Financial Report of the City shall be prepared in accordance with generally <br />accepted accounting principles and the "Minimum Reporting Requirements - City Financial <br />Reporting" prepared and issued by the Office of the Minnesota State Auditor. Should the City <br />require assistance in preparing and compiling its financial data and records to meet these <br />requirements, the Auditors agree to assist the City as required and as determined jointly by the <br />Auditors and City Administration. Fees for such services (if required) shall be billed on the basis <br />of the hourly rates contained herein, and shall be billed separate from audit fees. <br />IV. <br />The City herewith engages the Auditors for the work hereinbefore specified and agrees to pay <br />the Auditors on the basis of: <br />Partner $77.00 per hour <br />Audit Supervisor/Manager $58.00 per hour <br />Staff Auditors: <br />Senior $48.00 per hour <br />Semi- Senior $39.00 per hour <br />Junior $32.00 per hour <br />Statistical Typists and <br />Report Processors $20.00 per hour <br />Charge per Copy of Financial Statements $15.00 per copy <br />V. <br />The Auditors shall provide the City with detailed statements as to the classifications and hours <br />worked. Payments of the Auditors fees shall be made by the City within thirty days after <br />submittal of an itemized claim correctly showing the amount due the Auditors. <br />Claims for payment will be submitted for payment upon completion of the interim audit; upon <br />completion of the final field work; and, upon completion of the entire audit and submittal of the <br />Annual Financial Report and the Auditor's Management Comments and Recommendations <br />thereon. <br />Page 24 <br />