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Our main purpose with this proposed study, then, is to provide rational, focused considerations <br /> and suggestions to assist implementation that is effective in utilization of existing information <br /> and resources at the City. An added benefit of this considerarion is that implementation can be <br /> more reasonable in terms of time, effort, and funds expended. This approach may also set the <br /> stage for the on-going compliance and prospective reporting in future years. <br /> Our report will comprise discussion of our activities, findings, and recommendations. Further, <br /> we will discuss the City's existing information, information that is lacking and a list of tasks to <br /> be conducted in order to comply with the fina.ncial reporting and fixed asset accounting <br /> requirements of GASB Statement No. 34. <br /> In order to accomplish this assessment we have added Mr. Mike Nielson of Government Fixed <br /> Asset Services, Inc. to the engagement team. Mr. Nieison has extensive experience with fixed <br /> asset accounting and reporting issues related to governments. We have included a brief <br /> description of Mr. Nielson's experience as an attachment to this letter. <br /> As discussed in this letter, we will seek to determine the extent of existing information, the <br /> extent of missing data elements as to age, historical cost and asset lives and provide, in <br /> general, indication of what needs to be done to meet the new financial reporting requirements <br /> regarding capital assets. <br /> Our fees for these services will be based on the actual time spent at our standard hourly rates, <br /> plus travei and other out-of-pocket costs such as report production, typing, postage, etc. Our <br /> standard hourly rates vary according to the degree of responsibility involved and the <br /> experience level of the personnel assigned to your audit. Based on our preliminary estimates, <br /> the fee should be between $45,000-$50,000. This estimate is based on anticipated cooperation <br /> from your personnel and the assumption that unexpected circurn�stances will not be encountered <br /> during the projects. If significant additional time is necessary, we will discuss it with you and <br /> arrive at a new fee estimate before we incur the additional costs. <br /> In light of the dates for the City's implementation, we would like to begin this assignment in <br /> the near future. Our report will be provided as soon as possible following our on-site activities. <br /> 5 <br />