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A SMITH* SCHAFER <br />----- & A S S O C I ATE S, LTD. <br />Certified Public Accountants and Consultants <br />August 7, 2017 <br />Ron Otkin, Finance Director <br />City of Hugo <br />14669 Fitzgerald Avenue North <br />Hugo, Minnesota 55038 <br />Dear Ron: <br />Members of American Institute of CPAs, <br />Private Companies Practice Section, Minnesota Society of CPAs <br />Thank you for the opportunity to propose continuing professional services for the City of <br />Hugo for the years ended December 31, 2017-2021. <br />We propose the following fee structure for the five-year term of this proposal: <br />Description of Services 1 2017 2018 2019 <br />Audit of the City's financial <br />statements, including preparation <br />of the Comprehensive Annual <br />Financial Report f CAFRi <br />Additional audit procedures and <br />reporting work related to GASB <br />No. 34 <br />Totals <br />20.20, 2021 <br />$15,750 $16,225 $16,750 $17,250 $17,775 <br />I <br />$4,950 $5,100 $5,250 $5,400 $5,575 <br />$20,700 1 $21,325 1 $22,000 1 $22,650 <br />The quoted fees are all-inclusive unless unusual circumstances are encountered during <br />our examinations. If such circumstances occur, we would discuss any additional fees <br />with you prior to performing the services. <br />We understand that City staff may be providing assistance with meeting the <br />requirements of GASB No. 34, including the conversion of the fund -basis financial <br />statements to government -wide financial statements. Assistance we provide related to <br />the GASB No. 34 conversion and for consulting and continued implementation issues <br />will be at our regular hourly rates. <br />If you would like to retain the services of our firm in accordance with the above, please <br />sign where indicated on the next page and return this letter to us in the enclosed return <br />envelope. We will issue an engagement letter with the above quoted prices before we <br />begin fieldwork each year. <br />Twin Cities Office • 7500 Highway 55 • Suite 350 • Minneapolis, MN 55427 • PH (952) 920-1455 • FAX (952) 920-6603 <br />Offices in: Red Wing and Rochester • www,smithschafer.com <br />PrimeGlobal Member of PrimeGlobol, A Global Association of Independent Accounting Firms <br />