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Mr. David M. Childs City of St. Anthony December 20, 1988 • Page Two I wish to assure you that the report on the audit of the City's financial statements will be submitted on a timely basis, sufficiently in advance -of required deadlines so that an opportunity for review, analysis and discussion will exist. Fees are based on the time required to complete the engagement, plus out-of- pocket expenses. Professional rates vary according to the degree of responsi- bility and the level of expertise and training of individuals assigned to the audit. The estimate of fees is based upon the assumption that circumstances which would cause a material extension of required audit procedures would not be encountered. If such were the case, the City would be consulted with before performing such additional procedures. Based upon discussions with City management and accounting personnel , certain accounting schedules and analyses previously prepared by the auditors, will be prepared by City personnel this year. This work and other assistance to be provided by City personnel will be discussed and coordinated with you. Assuming satisfactory completion of this work, I estimate that the fees for the audit would not exceed $8,850. If fees required to complete the audit are less than this amount, the City will be billed the lesser amount. The audit would include compliance testing to satisfy the requirements of the Minnesota Legal Compliance Audit Guide. However, this estimate does not include costs of performing an audit in accordance with the Single Audit Act • of 1984 concerning Federal financial assistance programs, if it is determined that the City is required to have such an audit. Additionally, if special work beyond the engagement is requested, I will discuss the fees and timing of such work with you before commencing the work. I am pleased to have this opportunity to serve you again. Sincerely, ,A, 9� I Stuart J. Bonniwell Accepted: City of St. Anthony By: