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III. The 1988 Annual Financial Report of the City shall be prepared in accordance with generally accepted accounting principles and the "Minimum Reporting Requirements - City Financial Re}X)rting" prepared and issued by the Office of the Minnesota State Auditor. Should the City require assistance in preparing and compiling its financial data and records to meet these requirements, the Auditors agree to assist the City as required and as detennined jointly by the Auditors and City Administration. Fees for such services (if required) shall be billed on the basis of the hourly rates contained herein, and shall be billed separate from audit fees. IV. The City herewith engages the Auditors for the work hereinbefore specified and agrees to pay the Auditors on the basis of: Partner $74.00 per hour Audit Supervisor/Manager $55.00 per hour Staff Auditors: Senior $46.00 per hour Semi-Senior $37.00 per hour Junior $30.00 per hour Statistical Typists and Report Processors $19.00 per hour Charge per Copy of Financial Statements $15.00 per copy v. The Auditors shall provide the City with detailed statements as to the classifications and hours worked. Payments of the Auditor's fees shall be made by the City within thirty days after submittal of an itemized claim correctly showing the amount due the Auditors. Claims for payment will be submitted for payment upon completion of the interim audit; upon completion of the final field work; and, upon completion of the entire audit and submittal of the Annual Financial Report and the Auditor's Management Comments and Recommendations thereon.