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City of St. Anthony, Minnesota Engagement Letter November 3, 2005 Page 6 Audit Administration, Fees and Other �We. understand that your employees will prepare all cash or other confnntatons we request and willlocate any documents selected by us for testing. The audit documentation for this engagement is the property of 111,13 Tautges Redpath, Ltd, and constitutes confidential information. However, pursuant to authority given by law or r :gulation, we may be regncsted to mace certain audit documentation available to certain regulators or grantor agencies for purposes of a quality review of the audit, to resolve audit. findings, or to carry out oversight. responsibilities. We will notify you of any such request. If requested access to such audit documentation will be provided under the supervision of 11LB Tautges Redpath, Ltd. personnel. Furthermore, upon request, we may provide copies of selected audit docs mentation to regulators or grantor agencies. The regulator or grantor agencies may intend, or decide, to distrihute the copies of information contained thcrein to others, including oilier governmental agencies. Our fee for these services will be at: our standard government audit horsily rates plus o'ut- of -pocket costs (such as report reproduction, word processing, postage, gravel, copies, telephone, etc.) except that we agree that our gross 'fee, including expenses, will not: exceed $40,200, $37,000 and $38,900. Our standard hourly raises 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 tendered each month as work progresses and are payable on presentation. ff we elect: to terminate our services for nonpayment, our engagennerrt will be deemed to have been completed upon written notification of termination, even if we have not completed our report. You will be obligated to compensate its for all time expended and to reimburse us for all out-of-pocket costs through the date of termination. The above fee is based on anticipated cooperation from your personnel, completion of workpapers per the City to prepare list by your personnel, and the assumption that unexpected circumstances will not be encountered during the audit, including significant changes in accounting or auditing standards. If significant additional thrre is necessary, we will discuss it with you and arrive at. a new fee estimate before we incur Che additional costs. Government Auditing Standards requires that we provide you with a copy of our most recent external peer review report and any letter of comment, and subsequent peer review reports and letters of comment received during the period of contract. Our 2004 peer review report accompanies this letter as Appendix A. 693090.1