Item 12 Contract to Cherry Bekaert Advisory LLC for Governmental Accounting Standards Board

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Cherry `� Bekaert Proposal for City of Santa Ana the work, the skill required. time limits, the experience and abilities of our personnel. and the value of the services rendered. Within the table below you will see our hourly rates for these services. A key benefit of our engagements is that we can scale up or scale down the level of effort in certain areas based on client budget. We also provide a detailed WIP summary each week so our clients are completely aware of where they are within their budget and what areas the fees correspond to. Hourl Partner/Principal $295 Managing Director/Director $275 Senior Manager $250 Manager $210 Senior Associate $185 Associate $165 The fee below by fiscal year and task is based on the anticipated number of hours needed on the engagement. Should the engagement take fewer hours, you will only be billed for the hours incurred. Our total fiscal year 2025 fee is $42,550 and our total fiscal year 2026 fee is $19.500. This leaves an additional $37,950 for optional supplemental services if the City were to use the entire $100.000 budget identified. As stated in the RFP. the City is not obligated to spend the entire $100,000 and will only be billed for time incurred. Please note the reduction in fee in fiscal year 2026 is based on the fact that GASB 101 is largely an implementation year challenge and the tools and templates created in year one make this standard easier to manage in subsequent years. Service Hours Fee Fiscal Year 2025 • Total Year One i Fiscal Year 2026 Total Year Two p Iona supplemental services contingent upon availability of funds Total Fee for Initial of Agreement 11 200� 530 Additional Details Renewal - Cherry Bekaert agrees not to increase annual fees by more than five (5) percent per year, over the prior year. for the three (3) annual renewals. This five percent (5%) limit does not apply to any new services added during the term of this Agreement. A change in fees will apply should the scope of work change significantly. Should this occur. or there is a change in scope because of a change in your operations, we would meet with you to obtain your agreement on any increase in the fee ranges before proceeding. Out -of -Scope Services We encourage open lines of communication throughout the year as part of our services. Generally, we do not bill for routine telephone consultations. including calls received during the year regarding compliance questions. However. should a matter require major research or services not included above, we will bill for these services at established hourly rates as rendered. Before beginning any additional work outside the scope of this proposal, we will discuss anticipated fees with your management to obtain understanding and approval, as well as any anticipated discount based on the timing and complexity of the service. 20