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July 14, 2005 <br /> City of Pequot Lakes <br /> Page 6 <br /> FEES <br /> We estimate that our fees for the audit will be $17,500. (This fee is $3,500 less than last year's fee as <br /> our 2004 fee included GASB 34 implementation issues and other "first year' audit procedures.) You <br /> will also be billed for travel and other out-of-pocket costs such as report production, word processing, <br /> postage, copies, telephone, etc. The fee estimate is based on anticipated cooperation from your <br /> personnel and the assumption that unexpected circumstances will not be encountered during the audit. <br /> Our estimate is based upon 175 hours at an average hourly rate of $100. This represents a 20% <br /> reduction from our standard average hourly rates. If significant additional time is necessary, we will <br /> provide detailed billing information and explanation of the additional charges. In addition, you will be <br /> billed for any "non-audit" services or consultations at 80% of our standard hourly rates. Our invoices <br /> will be rendered each month as work progresses and are payable on presentation. In accordance with <br /> our firm policies, work may be suspended if your account becomes 60 days or more overdue and will <br /> not be resumed until your account is paid in full. If we elect to terminate our services for nonpayment, <br /> our engagement will be deemed to have been completed upon written notification of termination, even <br /> if we have not completed our report(s). You will be obligated to compensate us for all time expended <br /> and to reimburse us for all out-of-pocket expenditures through the date of termination. <br /> AGREEMENT <br /> We appreciate the opportunity to be of service to the City of Pequot Lakes and believe this letter <br /> accurately summarizes the significant terms of our engagement. If you have any questions, please let <br /> us know. If you agree with the terms of our engagement as described in this letter, please sign the <br /> enclosed copy and return it to us. <br /> Very truly yours, <br /> LARSON, ALLEN, WEISHAIR & CO., LLP <br /> Thomas P. Koop, CPA <br /> Principal <br /> (218) 825-2903 <br /> RESPONSE: <br /> This letter correctly sets forth the understanding of the City of Pequot Lakes. <br /> By: <br /> Title: <br /> Date: <br /> Larson.Allen.Wcishair&Co..L1.P I An Indencndent Member of Bakcr'f illy International <br />