2013 FINANCIAL STATEMENT - Laserfiche WebLink

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Honorable Mayor Members of the City Council and Citizens City of Gem Lake Opinions In our opinion, the. financial statements referred to above present fairly, in all material respects; the financial position of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the City of Gem Lake, Minnesota as of December 31, 2013, and the respective changes in financial position and cash flows, where applicable, thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. Report on Summarized Comparative information. We have. previously audited the City of Gem Lake's 2012 financial statements of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information, and we expressed unmodified audit opinions on those financial statements in our report dated June 18, 2013. In our opinion, the summarized comparative information presented herein as of and for the year ended. December 31, 2012 is. consistent, in all material respects, with the audited financial statements from which it has been derived. other Matters Required Supplementary Information Accounting principles. generally accepted in the United .States of America required that the budgetary comparison information as listed in the table of contents, be presented to supplement the basic financial statements_ Such information, although not a part of the basic. financial statements; is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the. required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of .management about the..rnethods of preparing the information and comparing the information for consistency with management's: responses to our inquiries, the. basic financial statements, and other knowledge we. obtained during our audit of the basic financial statements. We do. not express an opinion or provide any assurance on the information .because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any:assurance.. Management has omitted the management's discussion and analysis that accounting principles generally accepted in the United States of.America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to. be an essential partof financial reporting for placing the basic financial statements in an.appropriate operations, economic, or historical context. Our opinion on the basic financial statements is not affected by this missing information. Supplementary Information Our audit was conducted for the purpose of forming opinions on the. financial statements that collectively comprise the City's basic financial statements.. The accompanying combining non -major fund financial statements., as listed in time table of contents, are presented for purposes of additional analysis and are not a required part of the basic financial statements. 0