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We innovate to cut costs, <br />but NEVER at the expense of quality. <br />Value fox Fees. <br />Our fee philosophy is to foster long -term client relationships by offering fair and competitive pricing. Over the years, we <br />have gained an in -depth understanding of the resources required to perform the City's audit. Based on this experience, <br />we have developed a pricing model which will allow us to provide the requisite experience, commitment and quality for <br />your engagement. <br />The City requires a high level of expertise and specialized skills that cross multiple disciplines. Our professionals have a proven <br />reputation for demonstrating an uncompromising dedication to responsive, value -added service. We believe our proposed fees <br />reflect the MGO Team's experience along with our sensitivity to the budgetary concerns you are facing. Below is a summary of <br />assumptions utilized in our fee analysis based on the information noted in the Request for Proposal. Should any of the assumptions <br />noted change based on the City's request or the uncertainty surrounding the financial reporting requirements of the former <br />redevelopment agency, we will work closely with City Management to determine the impact on our fee analysis. <br />Our proposed all- inclusive fees summarized below for completion of audit services assume the following: <br />1. The Orange County Fire Authority agreed upon procedures begins FY 2013 and is assumed to be performed <br />annually thereafter for the remainder of the contract period. <br />2. Internal Audit Operational Audits only occur FY 2012, 2013 and 2014. No Internal Audit Operational Audits will <br />occur in FY 2015. <br />3, The Single Audit includes 8 major programs. Any additional major programs will be billed at the discounted hourly <br />rates commensurate with level of effort, not to exceed $5,000 for each additional major program identified. <br />4. The State Controller Reports for the former Agency will be performed for the entire duration of the contract. <br />5. Stand -alone audits of the Successor Agency and Successor Housing Agency will be required for the entire duration <br />of the contract. The cost assigned to these audits represent the level of effort to compile stand alone financial <br />reports. The cost and level of effort related to performing test of controls, compliance and substantive testwork of <br />the Successor Agencies is part of the City Audit fees as the Successor Agencies will be reported in the City's CAFR. <br />The former Agency represents more than 40% of the City's governmental fund assets in the FY 2011 CAFR . <br />b. All out -of- pocket expenses, including parking, telephone, fee, copying and reproduction are included in the all - <br />inclusive maximum price. You will not be billed separately for these costs. <br />EXHIBIT C <br />' rmoaa�oseioo 43 <br />