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4R- <br /># };r3 CllhonLarsonAllen LLP <br />INDEPENDENT AUDITORS' REPORT <br />Honorable Mayor <br />Members of the City Council and Citizens <br />City of Gem Lake <br />Gem Lake, Minnesota <br />Report on the Financiai Statements <br />We have audited the accompanying financial statements. of the governmental activities, the business <br />type activities and each major fund of the City of Gem Lake (the City); Minnesota as of and for the year <br />ended December 31, 2019, and the related notes to the financial statements, which collectively <br />comprise the City's basic financial statements as listed in the table of contents. <br />Management's Responsibility for the. Financial Statements <br />Management is responsible for the preparation and fair presentation of these. financial statements in. <br />accordance with accounting principles generally accepted in the United States of America; this includes <br />the design; implementation, and maintenance of internal control relevant to the preparation and fair <br />presentation of financial statements that are free frorim material misstatement, whether due to fraud or <br />error. <br />Auditors' Responsibility <br />Our responsibility is to express opinions on these financial statements based on our audit. We <br />conducted our audit in accordance with auditing standards generally accepted in the. United States of <br />America and the standards applicable to financial audits contained in Government Auditing.Standards,. <br />issued by the Comptroller General of the United States: Those standards require that we. plan and <br />perform the audit to obtain reasonable assurance .about whether the financial. statements are free from. <br />material misstatement. <br />.An audit involves performing procedures to obtain audit>evidence about the amounts and disclosures in <br />the financial statements. The procedures selected depend on the auditors' judgment, including the <br />assessment of the risks of material misstatement of the financial statements, whether due to fraud or <br />error:. In making those risk. assessments, the auditor considers internal control relevant to the City's <br />preparation and flair presentation of the fnancial statements in order to design audit procedures that are <br />appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness <br />of the City's internal control. Accordingly,. we express no such opinion.. An audit also includes <br />evaluating `the appropriateness of accounting 'policies used and the reasonableness of significant <br />accounting estimates made by management,. as well as evaluating the overall presentation of the <br />financial statements. <br />We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for <br />our audit opinions. <br />A member of <br />�Vexia. <br />International <br />