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M KR <br />CERTIFIED PUBLIC <br />ACCOUNTANTS <br />To the City Council and Management <br />City of Gem Lake, Minnesota <br />PRINCIPALS <br />Thomas A. Karnowski, CPA <br />Paul A. Radosevich, CPA <br />William J. Lauer, CPA <br />James H. Eichten, CPA <br />Aaron J. Nielsen, CPA <br />Victoria L. Holinka, CPA/CMA <br />Jaclyn M. Huegel, CPA <br />Kalen T. Kamowski, CPA <br />We have prepared this management report in conjunction with our audit of the City of Gem Lake, <br />Minnesota's (the City) financial statements for the year ended December 31, 2021. We have organized this <br />report into the following sections: <br />• Audit Summary <br />• Governmental Funds Overview <br />• Enterprise Funds Overview <br />• Government -Wide Financial Statements <br />• Legislative Updates <br />• Accounting and Auditing Updates <br />We would be pleased to further discuss any of the information contained in this report or any other concerns <br />that you would like us to address. We would also like to express our thanks for the courtesy and assistance <br />extended to us during the course of our audit. <br />The purpose of this report is solely to provide those charged with governance of the City, management, and <br />those who have responsibility for oversight of the financial reporting process comments resulting from our <br />audit process and information relevant to city finances in Minnesota. Accordingly, this report is not suitable <br />for any other purpose. <br />Minneapolis, Minnesota <br />July 27, 2022 <br />Malloy, Montague, Karnowski, Radosevich & Co., P.A. <br />5353 Wayzata Boulevard • Suite 410 • Minneapolis, MN 55416 • Phone: 952-545-0424 • Fax: 952-545-0569 • www.mmkr.com <br />