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issued by the Comptroller General of the United States; the Single Audit Act of 1984; and the provision of OMB Circular A-128, Audits of State and Local Governments. ACCOUNTANTS' audit shall include all funds of CITY and CITY'S REDEVELOPMENT AGENCY. (b) ACCOUNTANTS' shall submit a report of their examination of these entities financial statements for each such fiscal year, which shall include such component unit, general purpose and supplementary financial statements, notes to the financial statements and an opinion as to the fairness of their presentation in conformity with generally accepted accounting principles, applicable to the various funds or state the reasons for any exceptions to said principles. ACCOUNTANTS' shall submit twenty (20) copies of their report. Where possible, the report for the CITY will contain two sections; however, due to timing of the engagements, these may be issued separately. Sections I of the report will contain both combined and combining financial statements, with appropriate notes to the financial statements. Section 11 will contain all the reports required by the Single Audit Act of 1984. (c) In addition to submitting a report on the examination of the financial statements of CITY, ACCOUNTANTS' shall submit twenty (20) copies of a management letter setting forth their findings and/or recommendations on those matters noted and observed during the conduct of the examination of the financial records and developed within the scope usually associated with such an examination relating to, but not limited to, the following: (i) Improvement in systems of internal control. (ii) Improvement in accounting system. (iii) Apparent noncompliance with laws and rules and regulations. (iv) Any other material matter coming to the attention of the firm during the conduct of the examination. 3. Compensation All fees for the CITY and related entities shall be based on rates as specified in a written proposal to CITY which incorporated herein. The fees due hereunder shall be paid in installments during each fiscal year, as ACCOUNTANTS' do work with the remaining balance due upon submission of the fiscal year-end audit report(s). Should operation of the CITY or reporting requirements change from those present at June 30, 1999, it is agreed that such additional work shall be billed at the rates contained in ACCOUNTANTS' proposal. Such extra work will not commence without the approval of the CITY. 4. Additional City Operations Added Should the CITY acquire or bring into its operations additional facilities, which are presently leased (if any); establishment of or modify a Redevelopment Agency of the CITY; provide grant funds to a Sub -grantee, or acquire accounting control of special districts, which are not now a part of its accounting activities, the audit fees related to such additional work is subject to further negotiation. Also should the State of California, in the future, require a Single Audit of State grant this special compliance audit would be subject to further arrangements. Page 2 of 6