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<br />City of Sunny Isles Beach, Florida <br /> <br />-7- <br /> <br />September 7,2010 <br /> <br />We agree to the terms outlined in the City's Request for Proposal number 10-06-01. We <br />further agree to all representations included in our firm's proposal submission dated <br />July 13,2010. <br /> <br />Our fee for these services will be as stated in the accompanying Schedule of Audit <br />Fees. Our invoices for these fees will be rendered each month as work progresses and <br />are payable on presentation. The above fee contemplates the timely preparation of <br />various workpapers, financial statement schedules and other data by your personnel <br />and the assumption that unexpected circumstances will not be encountered during <br />the audit. If significant additional time is necessary we will discuss it with you and arrive <br />at a new fee estimate before we incur the additional costs. This agreement may be <br />renewed based on the mutual agreement to all terms, including fees, of both parties. <br /> <br />Government Auditing Standards require that we provide you with a copy of our most <br />recent external peer review report and any letter of comment, and any subsequent <br />peer review reports and letters of comment received during the period of the <br />contract. Our 2008 peer review report accompanies this letter. <br /> <br />We appreciate the opportunity to be of service to the City and believe this letter <br />accurately summarizes the significant terms of our engagement. If you have any <br />questions, please let us know. If you agree with the terms of our engagement as <br />described in this letter, please sign the enclosed copy and return it to us. <br /> <br /> <br />CULLOUGH & CO., LLP <br /> <br />RESPONSE: <br /> <br />This letter correctly sets forth the understanding of the City of Sunny Isles Beach, Florida. <br /> <br />By: <br /> <br />Title: <br /> <br />Date: <br />