24-Proposal from McClanahan & Holmes LLP to perform an independent outside audit

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dll`S3WlOH UNtl NtlHtlNtll:)3W City of Paris August 4, 2009 Page 6 McClanahan and Holmes, LLP originated from the public accounting practice opened in Paris in 1952 by Mr. F. I. McClanahan. The firm has grown to a six partner limited liability partnership with operating offices in Paris; Bonham, and Denison. Our firm consists of twelve certified public accountants, tlu-ee professional personnel, and several para- professionals and clerical personnel who have extensive experience. Attachments list cuiTent clients for which we provide similar audit services and provide the education and experience of professional audit personnel most likely to be assigned to the audit. Based on our understauding of the audit work required and our evaluation of your books and records, we would estimate that the fee for the engagement would not exceed $52,500 plus out-of-pocket expenses (such as report reproduction costs, postage, etc). As competitive bidding by licensed certified public accountants is not pernlitted by state law, this is considered a fee eshmate and as such, we will not be bound to provide the proposed services for the estimated amount. Our estimated fee for these services is based on the following rates and estimated hours of professional time. It should be noted that this fee is an estimate and the actual fee billed will be based on our standard billing rates and the number of hours necessary to complete the required scope of work. Position Rate Hours Parmer $ 160 24 In-Charge $ 100 250 Staff $76 -100 480 Clerical $ 40 100 Total 854 If the City requests additional work or seivices not within the general scope of this proposal, that work would be billed at our normal rates. Requests for additional work or services beyond the general scope of this proposai must be made in ,ATiting before flie beginning of field work, and appropriate rates would be negotiated. If engaged, we expect our prelinunary work to begin prior to year end and our final field work to begin shortly after your records are closed out for the year. We will make every effort to deliver our report in time to comply with bond and other reporting requirements, and will bill for the entire eizgagement after the report is delivered. We will provide as many copies of the report as needed. Goverrunent Auditiniz Standards require that we provide you with a copy of our most recent external peer review report and any letter of comment, and any subsequent peer review reports and letters of comment received during the period of the connact. Our 2006 peer review repart accompanies this letter. Should you want additional infoimation or should you want us to appear before the City Council, please let us know. If you agree with the terms of the engageinent as described in this proposal, please sign the second copy and return it to us. -jN,c ua.. o-Q'._ j TQa 6" -1 L" C--~ McClanahan and Holmes, LLP Certified Public Accountants - --205