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Honorable Mayor Members of the City Council and Citizens City of Gem Lake Auditors' Responsibility (Continued) We believe that the audit evidence we have obtained is sufficient.and appropriate to provide a basis for our audit opinions. opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities, the business -type activities,. each major fund, and the aggregate remaining fund information of the City of Gem Lake, Minnesota as of December 3.1, 2012; and the respective changesin financial position and cash flows, where applicable, thereof for the year then. ended in conformity with. accounting principles: generally accepted .in the United States of America. Other Matters Required .Supplementary Information Accounting principles generally accepted in the United States. of America required that the budgetary comparison .information as listed in the table. of contents, be presented to supplement the basic financial statements. Such information, although not.a.part of the basic financial statements, is required by the Governmental Accounting Standards Board who.considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the. required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information. because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance, Management has omitted the management's discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing. information, although not a part of the basic financial statements, is required by the Governmental Accounting`:Standards Board who considers it to be an essential part of financial reporting for placing the t3asc financial statements in an appropriate operations,. economic, or historical context. Our opinion on the basic financial statements is not affected. by this missing information. Supplementary Information Our audit was conducted for the purpose. of forming opinions on the financial statements that collectively comprise the City's basic financial statements. The accompanying combining non -major fund financial statements, as listed in the table of contents, are presented for purposes of additiona€ d analysis an.are: not. a.. required part of the basic financial statements. (2a