08-22-11 Fiscal Affairs Committee Meeting

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} t IF f' August 3, 2011 The Honorable Mayor and Members of the City Council City* of La Porte, Texas 604 W. Fairmont PlcNw - NT La Porte, Texas 77571 We are pleased to confirm our understanding of the nature and limitations of the services we are to provide for La Porte Economic Development Corporation (the "EDC "). We will apply* the agreed -upon procedures which the City of La Poi te's City* Council has specified, listed in the attached schedule, to the expenditures of La Porte Economic Development Corporation for the two year period ended September 30, 2011. This engagement is solely* to assist the City Council in reviewing the EDC's compliance with laws, regulations and policies of the City of La Porte. Our engagement to apply* agreed -upon procedures will be conducted in accordance with the attestation standards established by the American Institute of Certified Public Accountants. The sufficiency* of the procedures is solely* the responsibility* of those parties specified in the report. Consequently*, we make no representations regarding the sufficiency* of the procedures described in the attached schedule either for the purpose for which this report has been requested or for any other purpose. If, for any reason, we are unable to complete the procedures, we will describe any restrictions on the performance of the procedures in our report, or will not issue a report as a result of this engagement. Because the agreed -upon procedures listed in the attached schedule do not constitute an examination, we will not express an opinion on expenditures of LaPorte Economic Development Corporation. In addition we have no obligation to perform any procedures beyond those listed in the attached schedule. We will submit a report listing the procedures performed and our findings. This report is intended solely* for the use of the City of La Porte, and should not be used by anyone other than these specified parties. Our report will contain a paragraph indicating that we had we performed additional procedures, other matters might have come to our attention that would have been reported to you. You are responsible for EDC's compliance with laws, regulations and policies of the City of La Porte; and for selecting the criteria and determining that such criteria are appropriate for your purposes. You are also responsible for making all management decisions and performing all management functions; for designating an individual with suitable skill, knowledge, and/or experience to oversee this review of expenditures that we provide; and for evaluating the adequacy* and results of those services and accepting responsibility* for them. Tom Pedersen is the engagement partner and is responsible for supervising the engagement and signing the report or authorizing another individual to sign it. We plan to begin our procedures on approximately* September 15, 2011 and, unless unforeseen problems are encountered, the engagement should be completed by December 31, 2011. At the conclusion of our engagement, we will require a representation letter from management that, among other things, will confirm management's responsibility* for the EDC's compliance with laws, regulations, and policies of the City of La Porte.