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Mr. Dave Miller Interim Fiscal Officer Village of Mayfield June 23, 2009 Page 2 of 4 To demonstrate that the Village of Mayfield is fulfilling these responsibilities, the following safeguards will be observed. The Village will designate a management level individual to be the primary contact accountable for overseeing this engagement and who will take responsibility for the appropriateness of the results of this engagement. If the Village has determined that someone other than the individual with whom we worked last year will fulfill this role, the Village must submit documentation to support the new designee's knowledge and capability to perform this function. We will meet with the Village's management level designee on a bi-weekly basis to update our progress and to allow the individual to monitor engagement performance to ensure it meets management's objectives. This individual will make any decisions that involve management functions related to this compilation and will accept full responsibility for such decisions. Accordingly, this individual will review and approve all proposed adjustments. Finally, this individual will evaluate the adequacy of the services performed under this engagement by the Local Government Services Section of the Office of the Auditor of State. It is understood and agreed that the perforxnance of this engagement by LGS will not lessen the scope and extent of the audit work to be performed by the Financial Audit Group of the Office of the Auditor of State. The hours of service offered in this letter are based upon the following information being provided by the Village: 1. Information required to confirm appropriate fund classification and major fund status; 2. Information regarding estimated revenues and appropriations for use in the preparation of budgetary statements, including original budget amounts for all"funds required to be presented in the fmancial statements and documentation to ensure that financial records are in agreement with amended certificates requested and appropriations passed by the Village Board during 2008; 3. A current, complete, and appropriately classified record of all cash receipts and disbursements made during the fiscal year, along with a bank reconciliation of all Village funds and bank accounts as of December 31, 2008; 4. The balances for all governmental capital assets by type and proprietary capital assets by fund and iype as of the beginning and end of 2007 and 2008, as well as current year additions and deletions; 5. Information regarding severance policies and retirement as of December 31, 2008; 6. Information regarding short-term debt (notes) including a schedule of changes in short-term debt that details balances at the beginning and end of 2008, increases and decreases, and the purpose for which the short-term debt was issued; 7. Information regarding long-term debt balances as of the beginning and end of the year and information regarding additions and payments that occurred during the year. Copies of amortization schedules that distinguish between principal and interest for each outstanding issue must also be provided; 8. Information regarding transfers by fund including the amount and purpose for each transfer; and 9. Management's Discussion and Analysis. It is important that you provide financial records that balance and documentation that is adequate to support the necessary journal entries. If we discover inadequacies in the records or documentation you provide, we will return the information to you for correction.