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CITY OF GEM LAKE, MINNESOTA <br />TABLE OF CONTENTS <br />YEAR ENDED DECEMBER 31, 2016 <br />I. FINANCIAL SECTION <br />INDEPENDENT AUDITORS' REPORT <br />1 <br />BASIC FINANCIAL STATEMENTS <br />STATEMENT OF NET POSITION <br />4 <br />STATEMENT OF ACTIVITIES <br />5 <br />BALANCE SHEET - GOVERNMENTAL FUNDS <br />6 <br />RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO <br />THE STATEMENT OF NET POSITION - GOVERNMENTAL ACTIVITIES <br />7 <br />STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND <br />BALANCES - GOVERNMENTAL FUNDS <br />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 <br />9 <br />STATEMENT OF NET POSITION -- PROPRIETARY FUND: <br />10 <br />STATE MENT 0F REVENUES, EXPENSES, AND CHANGE IN NET POSITION <br />-PROPRIETARY FUND <br />11 <br />STATEMENT OF CASH FLOWS - PROPRIETARY FUND <br />12 <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />1.3 <br />REQUIRED SUPPLEMENTARY INFORMATION <br />BUDGETARY COMPARISON INFORMATION <br />SCHEDULE OF REVENUES, EXPENDITURES; AND CHANGE.IN FUND <br />BALANCE - BUDGET AND ACTUAL -- GENERAL FUND <br />29 <br />NOTE TO REQUIRED SUPPLEMENTARY INFORMATION <br />30 <br />SUPPLEMENTARY INFORMATION <br />NONMAJOR GOVERNMENTAL FUNDS <br />COMBINING BALANCE.SHEET <br />31 <br />COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND <br />CHANGE IN FUND BALANCES <br />32 <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 <br />33 <br />INDEPENDENT AUDITOR'S REPORT ON MINNESOTA. LEGAL. COMPLIANCE <br />35 <br />SCHEDULE OF FINDINGS AND RESPONSES <br />36 <br />