2003 & 2004 Special Purpose Report

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SMITH• S CHAFER & ASSOCIATES, L T D. Certified Public Accountants and Consultants Members of American Institute of CPA's. Private Companies Practice Section, Minnesota Society of CPA's INDEPENDENT ACCOUNTANTS COMPILATION REPORT Honorable Mayor and Members of the City Council City of Gem Lake, Minnesota We have compiled the accompanying special purpose financial reports for the City of Gem Lake, Minnesota as of December 31, 2004 and 2003 and for the years ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial reports is the representation of management of the City of Gem Lake, Minnesota. A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying special purpose financial reports, and accordingly, do not express an opinion or any other form of assurance on them. The accompanying special purpose financial reports were prepared for the purpose of complying with `Minimum Reporting Requirements for Cities Under 2,500 in Population" as prescribed by the Minnesota Office of the State Auditor, and are not intended to be a presentation in conformity with generally accepted accounting principles. This financial report is intended solely for the information and use of the City Council of Gem Lake and the Office of the Minnesota State Auditor, and should not be used for any other purpose. Sz 5 "/#,t Maplewood, Minnesota March 25, 2005 2035 E. County Road D • Suite A • Maplewood, MN 55109 • PH (651) 770-8414 • FAX (651) 770-5175 Rochester Office: • 220 South Broadway • Suite 102 • Rochester, MN 55904 • PH (507) 288-3277 • FAX (507) 288-4571