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Mr. Christopher Russo, City Manager City of Sunny Isles Beach March 15,2004 Page 6 Our fees for these services are estimated to be as follows: September 30, 2004 September 30, 2005 September 30,2006 $34,000 $35,700 $37,500 If applicable, and in accordance with the Single Audit Act Amendments of 1996 and OMB Circular A- 133, Audits of States, Local Governments, and Non-Profit Organizations, and Rules of the Auditor General, Chapter 10.550 and the Florida Single Audit Act, Section 215.97, Florida Statutes, if the City is required to have an audit of federal award programs or state financial assistance projects, we will discuss the fees for the additional services before providing those services. Generally, those services would be $5,500 for each major federal or Florida single audit act testing and reporting. Over the next several years, the City will be required to implement new GASB statements, including the recording of infrastructure assets as well as other post employment benefits. The fees for those additional procedures will be billed at mutually agreed amounts. The above fee is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate before we incur the additional costs. Our hourly billing rates for this service and any other services required or requested by the City are as follows and vary according to the degree of responsibility involved and the experience level of the personnel assigned: Partner $325 Supervisor $150 Senior $120 Staff $100 Our invoices for these fees will be rendered as the work progresses, and are payable on presentation. In accordance with our firm policies, should any invoices remain unpaid for more than thirty days, we reserve the right to defer providing any additional services until all outstanding invoices are paid. A late payment charge of 1 % per month will be added to all unpaid balances after thirty days. You agree that we are not responsible for the impact on the City of any delay that results from such non-payment by you. We acknowledge your right to terminate our services at any time, and you acknowledge our right to resign at any time (including instances where in our judgment, our independence has been impaired or we can no longer rely on the integrity' of management), subject in either case to our right to payment for charges incurred to the date of termination or resignation. r1{C';<" Cbhen f~t;;~ ic1&Holtz Accountants Advisors SIB