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MMKR EMMMUMMUSEM C..ERTIF 1 :1 PUBLIC ACCOUNTANTS INDEPENDENT A.U.DTTOR' S REPORT To th&City Council. and Management City of Gem Like, Minnesota REPORT ON THE FINANCIAL STATENIEITS PRINCIPALS Thomas A. Karnowski, CPA Nut A. Radosevich. CPA William J. Lauer. CPA James H. Eich.ten. CPA Azron J. Nielson. CPA Nruxoria L. Holinka, CPA/CMA Jacipt M. Huegel, CPA. Kalen T. Karnowski, CPA We have audited the accompanying .financial statements of the governmental activities, the business -type activities, and each major fund ofthe City of Gem Lake., Minnesota (the City) as of and for the year ended December .31., 2020, 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 F.-. the design, implementation, and maintenance of internal control relevant to the preparation and fair resentation. of financial statements that are free from material misstatement , t; Whether due to fraud or error. AUDITOR'S RESPONSIBILITY Our responsibility is to express opinions on these financial :statements based on our audit. We conducted Dur audit in accordance .with auditing standards generally accepted in the United States of America and the vandards applicable 'to 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 assuranceabout whether the financial statements are free from .material °misstaten1pat. An audit involves performing procedures to obtain .audiVevidenee abiout~the:arnounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment; including the assessment of the risks: of rrlatenal 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 inorder to design audit procedures that are appropriate in the. circumstances, bp:fpurpose of expressingagpinion othe effectiveness of the Citr y':s internal. control. Accordingly, we. express no such *opinion. An audit also. includes evaluating the appropriateness.d*06counting poliicies*used -and the reasonableni±ss of significant accounting estimates made by managonient,.as well as. evaluating the:oveWl presentation of the financial statements. We believe that the audit evidence.we:.have-obtaiped is. sufficient and appropriato to provide a basis for Our audit opinions. (continued) -2.- Ma-Ildy, Montague, K.a ilowskii R-ados-evich & Co., P.A. 5353*Vayzata Boulevard • Suite 410 0 Minncapoili * SIN 554.16 - Phone; 952-=543-042-4 • Fax:..a52--54. -0d9 s •www.rdpYr.ebm