MORELAND AND ASSOCIATES, INC. 3 - 2006

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Ii. Treasury/Investment of Funds Investment of funds is administered through the Finance and Management Services Department pursuant [o the Charter. As of December 31, 2005, the City's portfolio consisted of $46.7 million in the State of California Local Agency Investment Fund (LAIF) and $138 million in all other bank accounts and securities. The City directly manages its investment portfolio. Department of Finance and Management Services The Department of Finance and Management Services encompasses the general accounting, treasury, utility billing, building maintenance, fleet maintenance, information technology, payroll and purchasing functions. It consists of a staff of 136. Investment of funds is administered through the Finance and Management Services Department pursuant to the Charter. J. Availability of Prior Reports and Working Papers The audits of the City for the past seven fiscal years were performed by Conrad and Associates LLP now known as Mayer Hoffman McCann P.C. It is anticipated that their work papers will be available for review Ill. TIME RL,QUIREMENTS It is anticipated that the audit work will be performed in hvo phases: A. Interim Audit Work Interim work should take place in late May or early June and would consist of planning and interim audit procedures (such as gaining an understanding of relevant systems, procedures and internal controls, selected compliance and transaction testing, etc.) Q. Year-End Audit Work The second phase would involve updating and completing the examination of the General Purpose Financial Statements, and preparing opinion letters and other relevant tu~ancial reports. The year-end audit field work is to begin no earlier than October I, and is to be completed no laser than November I. This schedule may be altered only by mutual agreement between the City and the auditor. Any proposed audit adjustments must be identified no later than the conclusion of audit field work. C. Draft Reports I;