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KR <br />CERTIFIED PUBLIC <br />ACCOUNTANTS <br />August 10, 2016 <br />Ms. Diana Lund <br />City of Ramsey <br />7550 Sunwood Drive <br />Ramsey, MN 55303 <br />Dear Ms. Lund: <br />PRINCIPALS <br />Thomas M. Montague, CPA <br />Thomas A. Karnowski, CPA <br />Paul A. Radosevich, CPA <br />William J. Lauer, CPA <br />James H. Eichten, CPA <br />Aaron J. Nielsen, CPA <br />Victoria L. Holinka, CPA <br />In response to your request of our estimate of audit fees for the City of Ramsey (the City) for the next <br />three years, I provide you with the following: <br />Audit for the year ending December 31, 2016 $29,175 <br />Audit for the year ending December 31, 2017 $30,050 <br />Audit for the year ending December 31, 2018 $30,950 <br />In addition to audit fees, we will bill you for direct expenses incurred for your audit, including third party <br />confirmation charges, printing costs, supplies, and mileage charges. Because the City has produced its <br />own financial statements for several years, those direct expenses have been minimal. Please keep in mind <br />that if the audit takes less time than our estimate, we will only bill the City for the fees incurred. <br />Occasionally, additional audit or accounting work is requested or required due to the need for a federal <br />single audit or unusual circumstances, such as major development projects, new debt or refunding debt <br />issues, accounting issues, or indications of potential fraud. Also, new accounting and auditing <br />requirements may impact costs to city audits. If it should become necessary for the City to request the <br />auditor to render any additional service to 1) supplement the services requested or perform additional <br />work as a result of the specific recommendations included in any report issued on this engagement, or <br />2) as a result of new accounting and auditing standards, then such additional work shall be performed <br />only if set forth in an addendum to the contract between the City and the firm. <br />Enclosed are two copies of an engagement letter, which explains and confirms the basic services we <br />expect to perform in conjunction with your upcoming audit. <br />Also enclosed is a copy of our most recent peer review report. <br />Assuming the letter adequately describes those services you desire, please sign both copies, return one <br />copy to our office, and keep the other copy for your files. <br />Malloy, Montague, Karnowski, Radosevich & Co., P.A. <br />5353 Wayzata Boulevard • Suite 410 • Minneapolis, MN 55416 • Telephone: 952-545-0424 • Telefax: 952-545-0569 • www.mmkr,com <br />