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Our engagement costs reflect and include the audit objectives and scope of services outlined in the RFP. M&P's
policy is to estimate fees at amounts that are highly competitive but that will enable us to respond to your needs and
provide the quality of service that an organization the size and complexity of the City requires. In general, our fees
are based on the level of experience of the individuals assigned. Our proposed all inclusive fees for the fiscal year
2007 through 2009 audits are as follows:
Price for fiscal year 2007:
Start -Up Costs $ 20,000
Additional Costs Associated with New ERP System 0
Audit Engagement Fees 380,000
400,000
Less Courtesy Discount (20,000) *
Total Net Price for Fiscal Year 2007 $380,000
Price for Fiscal Year 2008 $400.000
Price for Fiscal Year 2009 $420,000
* Start up costs will be our investment in gaining an understanding of the City's operation so we can better serve you,
and therefore have been deducted in arriving at our all-inclusive fee for fiscal year 2007.
Rates for Additional Professional Services
We will provide additional services, as requested by the City, at a blended hourly rate of $180 per hour. The hourly
rate will increase proportionately with that of the audit fees for each respective year.
The actual fees billed in each year above will not exceed the amounts noted above unless unanticipated changes in
the scope of our work are required due to (i) a change in the operating size of the City, (ii) a change in applicable
laws, regulations or generally accepted auditing standards as applied in the United States, (iii) new accounting
standards are issued that have a significant effect on the City and/or (iv) the incomplete or untimely receipt by us of
the information on the client participation list which significantly affects our ability to perform our audit procedures on
a timely and efficient basis.