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MMKR CE.RT.IFIED PUBLIC A G C O U N: T'A N. T S. INDEPENDENT AUDITOR'S REPORT To:the City.Council and Management City of.Gem. Lake, Minnesota OPINIONS. PItILVCIPALS A. K:unowski Ci'A :..: Radosevi6,`C:PA Wliham J, Law. C.P.A. James H. Eichten;.CPA Aaron J. Nielsen, CPA Victoria L. Hofinka,.CPA/CMA jadyn M.: Huegel, CPA Kalen T; KarnoWski, CPA We have audited: tht; accompanying.financial statements of the. governmental -activities; the'buimess-type activities, and eaehinajdt fund of the City of Gem Lakin; Mintiesota•(the City) as of and for the year ended December 3.1, 2021, and the; related notes to the financial statements, which collectively comprise the City's basic financial statements as listed in the table of contents. In our. opinion, .the financial statements referred. to above present fairly, in all: material respects, the respective financial. position of the governmental activities, the business -type activities, and each major fund of the- City as of December 31;..2021;-,aiid the respective changes n financial position, and, where applicable, cash flows .thereof; acid the budgetary cortiparison for the General Fund for the year then ended in. accordance with accqunting principles generally aecepted.in the United States of America. BAS.Is.FOR OPINIONS: We conducted our audit iri accordance with auditing standards generally accepted in the United States of America and She .standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of°the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report: We 4re--required. to: be independent of the City antljo:.meet our other ethical responsibilities in accordance with. the relevant. ethical requirements relating to -our audit. We .believe that the audit evidence we have obtained is..sufficient.and appropriate.to. provide a basis:for our audit opinions. RtgPONSIBII,ITIES OF MA\'ACEA1Et%'t fORTIIE FINANCIA>,j A..I)aNIG? TS. Management is responsible fpr the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design,. -implementation, and: maintenance of internal control relevant 16the. preparation :and fair presentation of*financial statements; that. are free from. material misstatement, whether due .16 fraud,or error. in. preparing the financial statements, management is required to evaluate .whether there arecond.itions.or events, considered in the- aggregate, that raise substantial doubt about the City's ability to. continue as a going concern montlwithin I2-is beyond the financial statements date, including any *currently known information :that may raise. substantial doubt shortly thereafter. (continued) -2- \421loy,. Mont.a'gwe, Karnowsk ,. l2ad,4se.vich :& Co..., P.A. 5.353 Wayzara .liodmLrd• i Suitc'4.I0 9 MiiinaapoIis, MN 55416 • Phone:•952-545-042.4.+ Fax. .952-5454509wvvw.mmkr:cum