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ESTIMATED FEES This proposal covers the following services: • Preparation and drafting of year-end audited financial statements (including all aspects of financial statement preparation in your RFP) in accordance with auditing standards generally accepted in the United States of America and the provisions of the Minnesota Legal Compliance Audit Guide, • Number of printed and electronic copies requested by the City, • Preparation of internal control and management letter(s) as required or warranted based on observation of internal controls of the City, • Presentation of financial statements and related City Council materials to the City Council and management, and • Required Federal and State reporting as applicable. We absorb the first-year hours we incur to gather historical information, to build permanent files and to fully understand your accounting system and objectives. We consider these startup costs to be our investment in building a relationship with you. We consider the fees below to be "maximum fees". This means if the audit takes less time, we will bill you the lessor amount based on actual time at our standard rates. If the audit takes additional time and we have not come to an agreement before such work is completed, the fees below are the maximum cost to the City. We understand that any fee adjustments due to circumstances such as changes in standards, operations, City staffing, etc. will be addressed with the City Administrator immediately and before additional fees are incurred by the City. Our fees, including all incidental costs such as travel, lodging, per diem, telephone, etc., are based on hourly rates determined by each professional's level of experience and our time estimate of 180 hours to complete the audits. Such estimated fees are presented separately in our Schedule of Professional Fees for the Audit of the 2017, 2018, and 2019 Financial Statements at Appendix A. We do not bill for responses to client questions that require no significant investment of research time or other costs. However, we do bill for special request meetings, research, assistance with accounting issues, or other matters that involve significant investment of our time. In all cases, we will thoroughly discuss the scope of the services to be provided with you and achieve a mutually agreeable decision as to estimated services and fees to be rendered. Although fees are important, they should not, in our view, be the determining factor in the selection of an accounting firm for your City. The choice of independent accountants and business advisors should be made primarily on the basis of qualification, capabilities, and commitment. We will spare no effort - now or in the future - to find a common ground for providing the level of services your City requires, at a reasonable cost. 14