2024 Vol 18, Issue 4 August Gem Lake News

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Gem Lake News Page 2 of 8 Gem Lake 2023 Audit Completed (continued from page 1) MMKR concluded that there were no transactions entered into by the City of the year for which there was a lack of authoritative guidance or consensus. Financial statement disclosures were considered neutral, consistent and clear. MMKR concluded that there were no misstatements detected as a result of audit procedures that were material, either individually or in the aggregate, to each financial statement taken as a whole. Here are some findings regarding Gem Lake finances: • The City’s general fund accounts for the financial activity of the basic services provided to the community. It includes municipal operations, police and fire protection, building inspection, streets and highway maintenance, etc. • The City has generally been able to maintain healthy cash and fund balance levels, which allows the City to properly meet cash needs, maintain the City’s bond rating and navigate through fluctuations in state funding for cities in recent years. • The City’s General Fund expenditures for 2023 were $497,359, up $32,690 from 2022, but 24.3% under budget. • Public works expenditures were $57,492 under budget due to a year with very little sanding, salting and snow plowing expense. • General Government expenditures came in $50,898 under budget, due to lower-than-expected legal fees. • The City’s taxable market value of all properties increased 3.7% in 2023, versus an increase in 2.2% in 2022. • Gem Lake’s General Fund revenues for 2023 was $717,914, which was $78,355 more than budgeted. This represented a 28.7% increase in revenues over 2022. • The City’s General Fund case and investments balance at December 31, 2023 was $511,411, an increase of $158,870 over the previous year. A complete copy of the 2023 annual audit is available at Heritage Hall. Gem Lake Hills Golf Course Remodel (continued from page 1) With the remodeling and addition of the miniature golf course, the carts will be stored in a different area near the golf house. A new practice putting green is being installed using artificial turf for ease of use and maintenance. As part of the Gem Lake Hills Course commitment to quality, all the tee boxes are being completely redone. This fall, all the tee boxes will be excavated, contoured and enlarged. The result will be larger and flatter tee boxes, designed to give golfers a better tee shot experience. This project will begin in mid to late September. The new tee boxes will be ready for use by Spring of 2025. The other projects will be completed in the 2024-2025 timeframe. The Gem Lake Hills Golf Course is located on Schueneman Road and has been in existence for decades.