2006 S Finance - Audit Contract for the June 30, 2006 Fiscal Year

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When and if for any reason the County is unable to provide such schedules, information and assistance, Cherry, Bekaert & Holland, L.L.P. and the County will mutually revise the fee to reflect additional services, if any, required of us to achieve these objectives. In providing our services, we will consult with the County with respect to matters of accounting, financial reporting, or other significant business issues. Accordingly, time necessary to effect a reasonable amount of such consultation is reflected in our fee. However, should a matter require research, consultation, or audit work beyond that amount, Cherry, Bekaert 8~ Holland, L.L.P. and the County will agree to an appropriate revision in services and fee. Except for any changes in fees, which may result from the circumstances described above, ourfees will be limited to those set forth below. FEE Financial Audit -Our fees for these services wiH be based upon our customary billing practices at the time of the engagement. Bills for services will be rendered as work progresses and are due within 15 days from invoice date. A service charge will be added to past due accounts equal to 1'/2% per month (18% annual rate) on the previous month's balance less payments received during the month, with a minimum charge of $2.00 per month. The fee for our audit as described in this letter will not exceed the amounts scheduled below. This fee is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a newfee estimate before we incur the additional costs. Any modification to the fee shall be in writing and signed by both parties. You agree to pay all costs of collection (including reasonable attorneys' fees) that we may incur in connection with the collection of unpaid invoices. Our fees for the above outlined services will not exceed the amounts as presented below. Service Fees Not to Exceed Financial and Compliance Audit $63,500 Preparation of the financial statements and note disclosures 10,000 Assistance in preparing the schedule of federal and State financial assistance 3,000 Total $7~9 The fees set forth are based on auditing standards effective as of the date of this engagement letter and do not contemplate research and/or implementation of FIN46R, Consolidation of Variable Interest Entities, if applicable. If new auditing standards are issued and are effective for the period under audit or it is determined the County must implement the provisions of FIN46R, either of which may require additional audit procedures that were not known at the date of this engagement letter, we will estimate the impact of any new such standard on the nature, timing and extent of our planned audit procedures and will communicate with you concerning the scope of the additional procedures and the estimated fees. Any additional accounting matters which maybe necessary to complete the accounting for the year ended June 30, 2006 will be performed in addition to the audit services and billed at our standard billing rates.