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CITY OF GEM LAKE, MINNESOTA <br />TABLE OF CONTENTS <br />YEAR ENDED ā¯‘ECEMBER 31, 2019 <br />1. FINANCIAL SECTION <br />INDEPENDENT AUDITORS' REPORT <br />'I <br />BASIC FINANCIAL STATEMENTS: <br />STATEMENT OF NET POSITION <br />4 <br />STATEMENT OF ACTIVITIES <br />5 <br />BALANCE SHEET - GOVERNMENTAL FUNDS <br />6 <br />RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO <br />THE STATEMENT OF NET POSITION -.GOVERNMENTAL ACTIVITIES <br />7 <br />STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND <br />BALANCES - GOVERNMENTAL FUNDS <br />8 <br />RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF <br />REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE TO THE <br />STATEMENT OF ACTIVITIES -- GOVERNMENTAL ACTIVITIES <br />9 <br />STATEMENT OF NET POSITION -- PROPRIETARY FUNDS <br />10 <br />STATEMENT OF REVENUES, EXPENSES, AND CHANGE 1N. NET POSITION <br />- PROPRIETARY FUNDS <br />11 <br />STATEMENT OF CASH FLOWS- PROPRIETARY FUNDS <br />12 <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />13 <br />REQUIRED SUPPLEMENTARY INFORMATION <br />BUDGETARY COMPARISON INFORMATION <br />SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGE IN FUND <br />BALANCE -- BUDGET AND ACTUAL - GENERAL FUND <br />29 <br />NOTE TO REQUIRED SUPPLEMENTARY INFORMATION <br />30 <br />11. OTHER REQUIRED REPORTS <br />INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER <br />FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS <br />BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN <br />ACCORDANCE WITH GO VERNMENT A UDITING. S TANDARDS 31 <br />INDEPENDENT AUDITORS' REPORT ON MINNESOTA LEGAL COMPLIANCE 33 <br />SCHEDULE OF FINDINGS AND RESPONSES 34 <br />