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rendered shall be estimated for the following budget year before the annual assessment for each <br /> governmental unit is computed. <br /> Subdivision 6. Annual Audit. The Board shall cause to be made an annual,independent, <br /> financial audit of the books and records of the District, consistent with the requirements of the <br /> State Auditor and in accordance with Generally Accepted Accounting Principles (GAAP), and <br /> shall submit such annual audit report to the Parties within four(4) months after the end of each <br /> fiscal year (January 1-December 31). The audit shall be conducted by a qualified, independent <br /> CPA firm and shall include a review of the District internal and financial control environment as <br /> required by current professional auditing standards. <br /> Subdivision 7. Annual Report. The Board will submit an annual fire department/fire <br /> services report by July 1 to the governing bodies of the Parties. The report shall include, at <br /> minimum,the following. <br /> a. Budget and actual for the current year;of all revenues and expenditures for all operations; <br /> b. Budget projections for the following 2 years; <br /> c. Income statement and balance sheet for the current year and the previous 2 years; <br /> d. Description of fire services provided; <br /> e. Description of present vehicles and facilities andpotential needs; <br /> £ Fire calls by type; <br /> g. Response times; <br /> h. Organization chart; <br /> i. List of employes and number of employees; <br /> j. Number of firefighters responding; <br /> k. Summary of Insurance Services Organization(ISO)scoring and rating;and <br /> 1.. Such other information as deemed necessary or relevant to District operations. <br /> Subdivision 8. Fiscal Agent. The Board shall appoint a Fiscal Agent(the"Fiscal Agent")) <br /> to pro'ide budgeting, rpcordkeeping, and accounting services necessary or convenient for the <br /> operations of the District,which may be by District employees or contractual arrangement with a <br /> Party or private consultant. The Fiscal Agent shall be compensated by the District at a rate <br /> mutually agreed upon by the Fiscal Agent and the Board. The Board may change the Fiscal Agent <br /> as it deems necessary from time to time. The Fiscal Agent shall provide services including,but <br /> not be limited to,the following:` <br /> a. Management of all District fluids,including Party contributions and grant monies; <br /> b. Assist in preparation of budgets and audits;and <br /> c. Keep and maintain all financial records. <br /> ARTICLE XI <br /> ORIGINAL PARTY INVENTORY OF EXISTING REAL PROPERTY,EQUIPMENT <br /> AND PERSONAL PROPERTY <br /> Subdivision 1. Any real property purchased or in the possession of a Party prior to the Fire <br /> Services Commencement Date shall remain the property of the respective Party. <br /> Joint Powers Agreement to Provide Fire Services Page 10 of 23 <br />