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City of Mounds View Page 5 October 20, 2005 The workpapers for this engagement will be retained for a minimum of three years after the date the auditors' report is issued. Our fees for these services will be based on the actual time spent at our standard hourly rates. We will also bill you for travel and other out-of-pocket costs such as report production, typing, postage, etc. Our standard hourly rates vary according to the degree of responsibility involved and the experience level of the personnel assigned to your audit. Our invoices for these fees will be rendered each month as work progresses and are payable upon presentation. Unless additional work is requested, or circumstances require additional work, we estimate that the basic audit fees (including the preparation of a management report) will be as follows: Annual audit of the City $ 26,300 plus direct expenses Optional -Auditor draft, type, proof, print, and bind the financial statements $ 5,000 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 we find that additional audit procedures are required, or if additional services are requested by the City, those services will be billed at our standard hourly rates. Additional audit procedures might be required for certain accounting issues or events such as new contractual agreements, transactions and legal requirements of new bond issues, new funds, major capital projects, new tax increment districts, or if there is an indication of misappropriation or misuse of public funds. 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. With regard to the electronic dissemination of audited financial statements, including financial statements published electronically on your Internet website, you understand that electronic sites are a means to distribute information and, therefore, we are not required to read the information contained in these sites or to consider the consistency of other information in the electronic -site with the original document. If you intend to publish or otherwise reproduce the frnancial statements, such as in a bond statement, and make reference to our firm name, you agree to provide us with printers' proofs or masters for our review and approval before printing. You also agree to provide us with a copy of the final reproduced material for our approval before it is distributed. Government Auditing Staruiar-ds require that we provide you with a copy of our most recent external peer review report and any letter of comment, and any subsequent peer review reports and letters of continent received during the period of the contract. Our most recent peer review report accompanies this letter. 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. Sincerely, MALLOY, MONTAGUE, KARNOWSKI, RADOSEVICH & CO., P.A. ~' -' ~'",j '~, ~~ ~~-- Kenneth W. Malloy, CCPA Principal