06-29-10 Special Called Regular Meeting of Fiscal Affairs Committee minutes

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We plan to begin our procedures when the City approves the start date and unless unforeseeable conditions are encountered, the engagement should be completed within 6 weeks. 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 presentation of the subject matter in accordance with the established criteria. Our fee for these services will be at our standard hourly rates plus out-of-pocket costs (such as report reproduction, travel, etc.) Our hourly rates vary according to the degree of responsibility involved and the experience level of the personnel assigned to the engagement which range from $125 to $245 per hour. We expect that a project of this nature will entail using one of our in-charge auditors ($125 per hour), with the exception of clerical support. We estimate 168 hours will be expended on this project. Fees for our services under this agreement will not exceed $24,600 without prior written approval. Our invoices for these fees will be rendered each month as work progresses and are payable within 30 days. In accordance with our fIrm policies, work will be suspended if your account becomes 30 days or more overdue and will not be resumed until your account is paid in full. If we elect to terminate our services for nonpayment, our engagement will be deemed to have been completed even if we have not completed our report. You will be obligated to compensate us for all time expended and to reimburse us for all out-of-pocket costs through the date of termination. Notwithstanding anything contained in this engagement to the contrary, in the event no funds or insufficient funds are appropriated and budgeted or are otherwise unavailable in any fiscal period for fees due under this engagement agreement, the City will immediately notify us in writing of such occurrence and this agreement shall terminate on the last day of the fIscal period for which appropriations have been received or made. Any client certifIed public accountant involved with assisting us shall not be prohibited from disclosure of information required to be made available by the standards of the public accounting profession in reporting on the examination of fInancial statements. Management understands and provides permissions to staff certifIcate or registration holders as required under the Rules of Professional Conduct, Texas Administrative Code, Title 22, Part 22, Chapter 501, Subchapter C, Section 501.75.