July August 2012 Gem Lake Newsletter

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Gem Lake News Page 3 of 6 2011 City Audit Results Are In: Like Watching Paint Dry... According to Koop, an audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used, and significant estimates made by the management or leadership of an organization, in this case, the City of Gem Lake, as well as evaluating the overall financial statement presentation. "We believe our audit process provides a reasonable basis for our conclusions," said Koop. "In our opinion, the financial statements presented to us present fairly, in all material respects, the financial position of the governmental activities, the business-type activities of each major fund, and the aggregate remaining fund information of the City of Gem Lake, Minnesota as of December 31, 2011. and the respective changes in financial position and cash flows, where applicable, thereof for the year in conformity with accounting principles generally accepted in the United States of America" In one of the more exciting aspects of the presentation to City Council members on June 19, it was revealed that the Comptroller General of the United States has adopted new fund type definitions for various kinds of restricted funds a city might have on the books. Now they are categorized as non-spendable, restricted, assigned and unassigned governmental fund types. You may review the audit report by stopping by Heritage Hall to obtain a copy. Historical Photos of Hoffman's Corner Area of Gem Lake At left is the home of business man Henry Hoffman, of Hoffman's Corner fame. He was also the first mayor of Gem Lake. The home was located on what was then Highway 61, but what is now Scheuneman Road. We are looking west at the home, which was built in the 1930's. Highway 61 is now be located behind the site where the house once was. At the time, Highway 61 ran in front of it. Ten Below Motors is now on roughly the same site today. The photo at right was taken behind and to the right of the Hoffman House. It shows Rick Arcand, son of Dick and Shirley Arcand at left; Cindy Birkeland, daughter of Lorraine and Art Birkeland in the center; and Larry Arcand at right. Larry, who was Rick's little brother, was tragically killed in an accident during the realignment of Highway 61 in the early '50's. The photo was taken around the same timeframe. Over Cindy's shoulder is the rear of the Honeymoon House, which was profiled last month. The house opened onto County Road E, which is pictured in the far background.