2012 Financial Reports - Laserfiche WebLink

Home

6AW CliftonLarsonAtlen INDEPENDENT AUDITORS' REPORT Honorable Mayor Members of the City Council and Citizens City of Gem Lake Gem Lake, Minnesota ChftonLa rsonAllen .LLP www.d ifton larson al le n.Gam Report on the Financial. Statements We have audited the accompanying financial statements of the. governmental activities, the business - type activities, each major fund, .and the aggregate remaining fund information of the City of Gem Lake (the City),. Minnesota as of and. for the year ended December 3'1 2012, and. the related notes to.the financial statements, which collectively comprise the City's basic. financial statements as listed in the table of contents. The prior year partial comparative information has. Been derived from the City's 2011. financial statements, and in our report.dated June 14, 20[2, we expressed unqualified opinions on.the respective financial statements of the governmental activities, business -type activities, each major fund, and aggregate remaining fund information. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles genera Ily;accepted. in the .United States ofArrierica; this includes the design, .implementation, and maintenance of internal control relevant to the. preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, Auditors' Responsibility Our responsibility is to express opinions on these financial statements based on .our audit. We conducted. our audit in .accordance with auditing standards: generally accepted in the. United. States of .America and the standards applicable ,to financial audits contained in Government Auditing Standards, issued by the. Comptroller General of 'the. United. States. Those standards require that we plan and perform the.. audit to obtain reasonable. assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the. amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks. of material misstatement of the financial statements, whether due to fraud. or error. In making those risk assessments, the auditor considers internal control relevant to the entity's: preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness. of the -entity's internal control_ Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. ■ An lydcperclord m—bL of H-a lrlw=a M �,�.� I NT£R.v AT 1OVAL