2002 FINANCIAL STATEMENT - Laserfiche WebLink

Home

SMITH•SCHAFER & ASSOCIATES, LTD. Certified Public Accountants and Consultants Members of American Institute of CPA's, Private Companies Practice Section, Minnesota Society of CPA's INDEPENDENT ACCOUNTANTS COMPILATION REPORT Honorable Mayor and Members of the City Council City of Gem Lake, Minnesota Alan L. Schafer, CPA Kim A. Mahanno, CPA Thomas H. Wente, CPA Jean L. Guyse, CPA William D, Frudden, CPA Mark G. Paczosa, CPA Dean L. Richards, CPA Joson P. Boynton, CPA Jason C. Miller, CPA Steve E. Erchul, CPA James D. Heydon, CPA Michael J. Malugani, CPA Kerry T. Orton, CPA Anthony J. Pyko, CPA Jane M. Quaintance, CPA Kelly A. Schwede, CPA Refired: Richard J. Smith, CPA We have compiled the accompanying financial reports - modified cash basis for the City of Gem Lake, Minnesota as of and for the years ended December 31, 2002 and 2001, and the accompanying supplementary information contained in Exhibits D-1 and E1, which are presented only for supplementary analysis purposes in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. These modified cash basis financial reports were prepared in conformity with the accounting practices permitted by the Office of the State Auditor of the State of Minnesota. The financial reports have been prepared on the modified cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles. A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial reports for the years ended December 31, 2002 and 2001, and accordingly, do not express an opinion or any other form of assurance on them. Management has elected to omit substantially all of the disclosures ordinarily included in financial statements prepared on the modified cash basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the City's assets, liabilities, fund equity, revenues and expenses. Accordingly, these financial statements are not designed for those who are not informed about such matters. Maplewood, Minnesota April 10, 2003 2035 E. County Road D - Suite A - Maplewood, MN 55109 - PH (651) 770-8414 - FAX (651) 770-5175 Rochester Office: 220 South Broadway - Suite 102 - Rochester, MN 55904 - PH (507) 288-3277 - FAX (507) 288-4571 t ne GPA. Never Underestimate The Value