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