Total compensation to be paid the Accountants by the Auditees under this Agreement, including out-of-pocket costs, shall not exceed the following amounts:

AUDIT SERVICES Amounts Totals

CITY OF PORTLAND

Comprehensive annual financial report      

and related management letter (not

including additional time and cost that

may be required by GASB 34 and/or incorp-

orating the Portland Development Commission’s

separately issued CAFR as a component unit

of the City)                178,200      

Report on the Single Audit for the City's    

grant programs                 69,000  

Water Bureau – Additional audit work related

to the Open Vision, Customer Information &    

Billing System (estimated 525 hours)       63,000      

Report on the Hydroelectric Power Fund of

the City (excluding special audit services

to review certain information regarding

costs and expenses generated by Portland    

General Electric Co., as performed in 1986)     8,400

      $318,600

Subtotal - City of Portland        

FIRE AND POLICE DISABILITY AND RETIREMENT FUNDS      

Reports on the Funds' financial statements       14,400

Total Compensation               $333,000*

* =  Maximum compensation (assuming the City is not designated a “high risk” auditee, requiring an expansion of audit scope and cost for the Single Audit, by the City’s cognizant federal agency).