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CITY OF GEM LAKE <br />$ghedule of Findings and Reponses (continued) <br />Year Ended :December 31, 2024 <br />B. FINDINGS — MINNE$QTA. LEGAL C. 0. PLIA14CK AUDIO' (CQNTINUED) <br />2¢20-804. UNCLAIMED:PROPERTY REPORT <br />-Criteria — Minnesota Statutes § 345.38-345..43: requires unclaimed property held: for more <br />than three years (or one year for unpaid compensation) to be repor(ed and.paid or delivered to <br />the state Commissioner of Commerce each year. <br />Condition — The City did not file the unoWniea property report to -the stare Commissioner of <br />Commerce -in the current year. <br />Context —This:is a:eurrentyear finding. <br />Cause— This was an- oversight by city personnel. <br />Effect - The City wa§ not in compliance with -state unclaimed property requirements. <br />Recommendation We reeoThmend the- CiAy report unclaimed property: to the state <br />Commissioner of Conm erga-Ninually to be in compliance with state statutes. <br />Management Response.— The .City agrees with the finding. The City will review its <br />procedures relating tounclaimed.property laws to ensure compliance in the future. <br />-�4- <br />