C.L. Coonrod & Company - CRC - Fiscal ProjectionC.L. COONROD & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
PATRIOTS PLACE
5664 CAITO DRIVE 1 20
INDIANAPOLIS, INDIANA 46226
(317) 562 -4920 • FAX: (317) 562 -4930
WWW.COONRODCPA.COM
CURTIS L. COONROD, CPA
(317) 562 -4921
COONROD @COONRODCPA.COM
STEVEN W. DYSON, MPA, MBA
(317) 562 -4924
DYSON@COONRODCPA.COM
November 27, 2007
City of Carmel Redevelopment Commission
Carmel, Indiana
This letter is to document our agreement as to our services to the City of Carmel
Redevelopment Commission (Commission).
STEPHANIE L. LILLY
(31 7) 562 -4929
LILLY @COONRODCPA.COM
JENNIFER R. WILLIAMS
(317) 562 -4922
WILLIAMS@COONRODCPA.COM
We are a CPA firm and we work exclusively with counties, cities, towns, townships and
other units of local government in Indiana. Our mission is to assist local officials in
planning and controlling their fiscal affairs.
1. Fiscal Projection
We will assist the Commission in developing a fiscal projection based on discussions
with your staff regarding plans and policies the Commission has adopted and expects to
adopt. The fiscal plans will include projections of revenues, expenditures, and fund
balances for the Redevelopment Fund. In developing these projections, we will review
certain calculations by the State Board of Tax Commissioners, the Department of
Revenue, and others, to help assure that revenue calculations are being made correctly.
The projection will include the years 2007 through 2014 and will be accompanied by
comparative history for 2006.
Fund history and projections will be presented in the format of receipt and disbursement
statements.
Projected cash flow for each major fund and for all major funds combined.
We will be available in person at mutually agreeable times to present the projections and
respond to questions.
The Terms stated below for preparing and presenting this projection are predicated on the
assumption that Commission staff have maintained all records in the manner prescribed
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November 27, 2007
City of Carmel Redevelopment Commission
by the Board of Accounts or required by statute and that we will receive a reasonable
degree of cooperation when we request access to documents, including faxes and copies
in reasonable volume at no charge.
2. Maintenance of the Fiscal Projection
We believe any fiscal projection is subject to change and needs to be updated continually
to reflect new circumstances, new policies, and the simple passage of time into new
budget years. We believe the full value of the projection will only be realized if the
projection is continually maintained and updated. We are available to perform this
function, as we do for practically all of our clients. See Terms below.
3. Debt Or Lease Financing
The fiscal projections will include the projected impact of any present or planned debt or
lease financing, and we are available to assist with such financing. However, it is
understood we do not serve as underwriters or financial advisors in connection with debt
or lease financing, and our name will not be associated with any debt issuance, published
financial statements, published projections, or other documents related to bond or lease
transactions. See Terms below.
4. Internal Controls
We have not been engaged to comment on internal accounting and administrative
controls. However, we may from time to time provide the Commission written reports on
matters that come to our attention which we believe the Commission should consider,
along with our recommendations for improvement or further study.
5. Other Matters
We will undertake other matters from time to time as directed by the Commission or its
staff.
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November 27, 2007
City of Carmel Redevelopment Commission
6. Terms, Disclosures, And Disclaimers
We will invoice monthly at the same hourly rates that are, or will be, accepted by the City
of Carmel Mayor's Office, plus actual out -of- pocket expenses, and payment is expected
within 30 days. Late payments are subject to an interest charge at two points above the
prime rate of National City Bank or its successor, not to exceed any statutory limit.
We are a professional corporation organized under the laws of the State of Indiana. The
services described herein are not "professional services" as defined at I.C. 23- 1.5 -1 -11 in
that they can legally be performed by a person who is not an accounting professional.
Our liability is limited accordingly.
Notwithstanding any representation we may make herein, we expressly disclaim any
monetary liability for any failure, regardless of our degree of involvement, to give timely
and proper public notice, to file timely and proper documents, to attend hearings and
provide proper representation, and to make you aware of such failures. Regardless of any
future verbal or written representations, we will accept responsibility for such liability
only if we do so explicitly and in writing. We are not attorneys and are not qualified to
practice law.
To ensure compliance with requirements imposed by the IRS, we inform you that any
U.S. federal tax advice contained in any communication from us is not intended or
written to be used, and cannot be used, for the purpose of avoiding penalties under the
Internal Revenue code or promoting, marketing, or recommending to another party any
transaction or matter addressed herein.
Professional standards require that we advise you that the firm may from time to time,
and depending on the circumstances, use third -party service providers in serving your
account. We may share confidential information with these service providers but remain
committed to maintaining the confidentiality and security of your information.
Accordingly, we maintain internal policies, procedures and safeguards to protect the
confidentiality of your information. In addition, we will secure confidentiality agreements
with all service providers to maintain the confidentiality of your information, and we will
take reasonable precautions to determine that they have appropriate procedures in place
to prevent the unauthorized release of your confidential information to others. In the
event that we are unable to secure and appropriate confidentiality agreements, you will be
asked to provide your consent prior to the sharing of your confidential information with
the third -party service provide. Furthermore, the firm will remain responsible for the
work provided by any such third -party service providers. We accept no liability for
disclosure of information to which an appropriate official or a member of the public is
entitled by law or custom.
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November 27, 2007
City of Carmel Redevelopment Commission
The projections will be for use by the Commission in the conduct of its official duties and
will not be intended for the use of anyone else for any purpose. Nevertheless, we
understand the projections may become public records. Actual results may vary from the
projections, and the differences may be material.
We hope the Commission finds this letter helpful. We would be proud to be associated
with the City of Carmel Redevelopment Commission.
Very truly yours,
CC)901—A"..../
C. L. Coonrod & Company
The City of Carmel Redevelopment Commission is in agreement with arrangements
described in this letter:
Executive Director or Other Authorized Official ate