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Honorable Mayor <br />Members of the City Council and Citizens <br />City of Gem Lake, Minnesota <br />(2) <br />Opinions <br />In our opinion, the financial statements referred to above present fairly, in all material respects, the <br />financial position of the governmental activities, the business-type activities and each major fund of the <br />City of Gem Lake, Minnesota as of December 31, 2019, and the respective changes in financial <br />position and cash flows, where applicable, thereof for the year then ended in conformity with <br />accounting principles generally accepted in the United States of America. <br /> <br />Report on Summarized Comparative Information <br />We have previously audited the City of Gem Lake’s 2018 financial statements of the governmental <br />activities, the business-type activities, each major fund, and the aggregate remaining fund information, <br />and we expressed unmodified audit opinions on those financial statements in our report dated July 31, <br />2019. In our opinion, the summarized comparative information presented herein as of and for the year <br />ended December 31, 2018 is consistent, in all material respects, with the audited financial statements <br />from which it has been derived. <br /> <br />Other Matters <br />Required Supplementary Information <br />Accounting principles generally accepted in the United States of America required that the budgetary <br />comparison information as listed in the table of contents, be presented to supplement the basic <br />financial statements. Such information, although not a part of the basic financial statements, is required <br />by the Governmental Accounting Standards Board who considers it to be an essential part of financial <br />reporting for placing the basic financial statements in an appropriate operational, economic, or historical <br />context. We have applied certain limited procedures to the required supplementary information in <br />accordance with auditing standards generally accepted in the United States of America, which <br />consisted of inquiries of management about the methods of preparing the information and comparing <br />the information for consistency with management’s responses to our inquiries, the basic financial <br />statements, and other knowledge we obtained during our audit of the basic financial statements. We do <br />not express an opinion or provide any assurance on the information because the limited procedures do <br />not provide us with sufficient evidence to express an opinion or provide any assurance. <br /> <br />Management has omitted the management’s discussion and analysis that accounting principles <br />generally accepted in the United States of America require to be presented to supplement the basic <br />financial statements. Such missing information, although not a part of the basic financial statements, is <br />required by the Governmental Accounting Standards Board who considers it to be an essential part of <br />financial reporting for placing the basic financial statements in an appropriate operations, economic, or <br />historical context. Our opinion on the basic financial statements is not affected by this missing <br />information.