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<br />a <br /> <br />Mr. Christopher Russo, City Manager <br />City of Sunny Isles Beach <br />November 21, 200 I <br />Page 4 <br /> <br />We estimate the fees to be as follows: <br /> <br />. Year Ending September 30, 200 I <br />. Year Ending September 30, 2002 <br />. Year Ending September 30, 2003 <br /> <br />$24,500 <br />$26,000 <br />$27,500 <br /> <br />The City will be required to implement Governmental Accounting Standards Board Statement No. 34, <br />Basic Financial Statements - and Management's Discussion and Analysis - For State and Local <br />Governments, for the fiscal year ending September 30, 2004. Your auditors need to be involved in the <br />implementation process. As a result, there will be consultation and communication between the City and <br />Rachlin Cohen & Holtz LLP regarding implementation efforts. We estimate that fees for these services <br />will range from $4,000 to $65,M"(J" d~~ding on the degree and nature of the consultation requested by <br />the City. Our fees for this~n~hggr;en~wili be based on the number of hours at our standard billing rates <br />required to perform these services. <br /> <br />If the City is required to have a Single Audit performed in accordance with generally accepted auditing <br />standards; the standards for financial audits contained in Government Auditing Standards, issued by the <br />Comptroller General of the United States; the Single Audit Act Amendments of 1996; and the provisions <br />of OMB Circular A-B3, Audits of States, Local Governments, and Non-Profit Organizations, during the <br />periods covered by this letter, we will prepare an addendum to this letter indicating the additional services <br />and fees necessary to complete the engagement. If additional services are required or requested as a result <br />of the City receiving grant funds under the new Florida Single Audit Act, we will prepare an addendum to <br />this letter indicating the additional services and fees necessary to complete the engagement. <br /> <br />We appreciate the opportunity to be of continued service to you and believe this letter accurately <br />summarizes the significant terms of our engagement. If you have any questions, please let us know. If <br />you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and <br />return it to us. <br /> <br />Sincerely, <br /> <br />~occa, CPA <br />Director-Miami <br /> <br />Enclosure <br />