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F. Working Paper Retention and Access to Working Papers <br />All working papers and reports must be retained, at the auditor's expense, for a minimum of <br />six (6) years following the issuance of an opinion, unless the firm is notified in writing by the <br />City of Orono of the need to extend the retention period. The auditor will be required to <br />make working papers available, upon request, to the following parties or their designees: <br />1. City of Orono <br />2. Office of the State Auditor <br />3. U.S. General Accounting Office (GAO) <br />4. Parties designated by the federal or state governments or by the City of Orono as part of an audit <br />quality review process <br />5. Auditors of entities of which the City of Orono is a sub -recipient of grant funds <br />In addition, the firm shall respond to the reasonable inquiries of successor auditors and <br />allow successor auditors to review working papers relating to matters of continuing <br />accounting significance. <br />G. Contract Termination <br />Either party may cancel the contract for an audit year by giving notice in writing to the <br />other party at least ninety (90) days prior to January first of the audit year. <br />III. DESCRIPTION OF THE GOVERNMENT <br />A. Principal Contact <br />The auditor's principal contact with the City of Orono will be the Finance Director, Maggie <br />Jin, who will coordinate the assistance to be provided by the City to the auditor. <br />B. City Background Information <br />The City of Orono is located in Hennepin County approximately 15 miles west of <br />downtown Minneapolis on the North Shore of Lake Minnetonka. The City encompasses a <br />total area of approximately 25 square miles, with 16 square miles of land and 9 square miles <br />of lake. The Metropolitan Council has estimated the City of Orono to have population of <br />8,382. Moody's Investors Service has assigned an AAA rating for the City's general <br />obligation bond rating. Copies of the most recent Comprehensive Annual Financial Report <br />are available on the website www.oronomn.gov or upon request. <br />The City has approximately 66 full time equivalent employees. City enterprise funds include <br />water utility, sewer utility, storm water utility, recycling program, golf and cable franchise. <br />The City of Orono's fiscal year begins on January 1" and ends on December 3 Pt <br />The City's governing body consists of a Mayor and four Council members, all elected at <br />large. Council members serve overlapping terms of office. <br />8 1 P a g e <br />175 <br />