2010 FINANCIAL STATEMENTS - Laserfiche WebLink

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LarsenAlleno LLP CPAs, Consulmars & Advisors wwwlarsonallenxom INDEPENDENT AUDITORS' REPORT Honorable Mayor Members of the City Council and Citizens City of Gem Lake Gem Lake,. Minnesota We have audited the accompanying financial statements of the. governmental activities, the.:bus.iness- type activities; each major fund, and the aggregate remaining fund information of the City of Gem Lake, Minnesota as of and for the year ended December 31, 20M. which collectively comprise the City's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the City's management'. Our responsibility is to express opinions on these financial statements based on our audit. The prior year partial. comparative information has been derived from the City's 2009 financial statements and, in our report dated April 19, 2010, we expressed unqualified ❑pinions on the respective financial statements of the governmental activities, the business -type activities, each major fund,. and the aggregate remaining fund information. We conducted our audit in accordance with U.S. generally accepted auditing standards and the standards applicable tp financial audits contained in Government 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 of material misstatement. 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 management, as well as evaluating the overall financial statement presentation. We believe that: our audit provides a reasonable basis for our opinions. In our opinion, the .financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the City of Gem Lake, Minnesota as of December 31,.201'0, and the respective changes in -financial position and cash flows, where applicable, thereof for the year then ended in conformity with U.S. generally accepted accounting principles.. In accordance with Government Auditing Standards, we have also issued our report dated June 13,. 2011 on our consideration of the City of Gem Lake, Minnesota's internal control over financial reporting and on our tests of its compliance with .certain provisions of laws, regulations, contracts, grant agreements, and other matters. The purpose of that report..is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing and not to provide an opinion on. the internal control over financial reporting or on compliance. That report is an integral part of an. audit performed in accordance with Government Auditing Standards and should be considered in assessing the results.of our audit. ( An independentmember of Nexia International INTERNATIDN 14