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CITY OF GEM LAKE, MINNESOTA <br />TABLE OF CONTENTS (CONTINUED) <br />YEAR ENDED DECEMBER 31, 2015 <br /> <br /> <br />I. FINANCIAL SECTION  <br />INDEPENDENT AUDITORS' REPORT 1  <br />BASIC FINANCIAL STATEMENTS  <br />STATEMENT OF NET POSITION 4  <br />STATEMENT OF ACTIVITIES 5  <br />BALANCE SHEET – GOVERNMENTAL FUNDS 6  <br />RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO <br />THE STATEMENT OF NET POSITION – GOVERNMENTAL ACTIVITIES 7  <br />STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND <br />BALANCES – GOVERNMENTAL FUNDS 8  <br />RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF <br />REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE TO THE <br />STATEMENT OF ACTIVITIES – GOVERNMENTAL ACTIVITIES 9  <br />STATEMENT OF NET POSITION – PROPRIETARY FUND 10  <br />STATEMENT OF REVENUES, EXPENSES AND CHANGE IN NET POSITION – <br />PROPRIETARY FUND 11  <br />STATEMENT OF CASH FLOWS – PROPRIETARY FUND 12  <br />NOTES TO BASIC FINANCIAL STATEMENTS 13  <br />REQUIRED SUPPLEMENTARY INFORMATION  <br />BUDGETARY COMPARISON INFORMATION  <br />SCHEDULE OF REVENUES, EXPENDITURES AND CHANGE IN FUND <br />BALANCE – BUDGET AND ACTUAL – GENERAL FUND 28  <br />NOTE TO REQUIRED SUPPLEMENTARY INFORMATION 29  <br />SUPPLEMENTARY INFORMATION  <br />NONMAJOR GOVERNMENTAL FUNDS  <br />COMBINING BALANCE SHEET 30  <br />COMBINING STATEMENT OF REVENUES, EXPENDITURES AND <br />CHANGE IN FUND BALANCES 31  <br />II. OTHER REQUIRED REPORTS  <br />INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER <br />FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS <br />BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN <br />ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 32  <br />INDEPENDENT AUDITOR’S REPORT ON MINNESOTA LEGAL COMPLIANCE 34  <br />SCHEDULE OF FINDINGS AND RESPONSES 35