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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,df 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 yar and the previous 2 years; <br /> d. Description of fire services provided; <br /> e. Description of present vehicles and facilities and potential needs; <br /> f. Fire calls by type; <br /> g. Response times; <br /> h. Organization chart; <br /> i. List of employees 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 teemed necessary or relevant to District operations. <br /> Subdivision 8.' Fiscal Agent. The Board shall appoint the City of Pequot Lakes as the <br /> "Fiscal Agent" to provide budgeting, recordkeeping, and accounting services necessary or <br /> convenient for the operations of the Department, which may be by Department employees or <br /> contractual arrangement with a Party or private consultant. The Fiscal Agent shall be compensated <br /> by the Department at a rate of$5,000 for the first year, with evaluation of hours needed to be <br /> tracked the first year to determine the amount moving forward. The Board may change the Fiscal <br /> Agent as it deems necessary from time to time. The Fiscal Agent shall provide services including, <br /> but not be limited to,the following: <br /> a. Management of all Department funds, 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 /> Joint Powers Agreement to Provide Fire Services Page 10 of 26 <br />