2008 FINANCIAL STATEMENTS - Laserfiche WebLink

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f,arsonAllen" Consultants & Advisors wwwAsrsonallemeom INDEPENDENT AUDITORS' REPORT Honorable Mayor .Members of the City Council -and Citizens City of Gera Lake.. Gem Lake, Minnesota We have audited the accompanying financial statements of the governmental activities, the business type activities; each major fund, and the aggregate remaltting fund information of the City of Gem Lake, Minnesota as of and for the year ended December 31., 2008, which collectively comprise the City's basie.financial statements as fisteld in the table •of. contents. These financial statements are the responsibility of the City's management. Our responsibility is to express opinions -on these financial -statements based on our audit. The prior year partial comparative information has been derived from ( •the City's 2007 financial statements and, in our report dated August 29, 2008, we expressed ! unqualified: opinions on the respective financial statements of the governmental activities,. the business - type activities, each major fund, and the aggregate remaining fund information. We conducted -our audit in accordance with U.S. generally accepted auditing standards and the. standards applicable to financial audits contained in Government Auditing Standards, issued by•the. Comptroller General. of the United States. Those standards require that we plan and perform the apdft- to obtain reasonable assurance about whether the financial statements are. free of material misstatement. An audit includes examining, on a test basis; evidence suppd 1i..ng the amounts and disclosures in the. financial statements. An audit also includes :assessing the accounting principles used. and. significant ostimates made by management; as Well as evaluating the overall financial statement presentation. We believe that our audit provides`a reasonable basis.for'our 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 remainirig fund information of the C:fty ,6f -Gem Lake, Minnesota as. of December 31, 2008, and the respective changes .irr financial position and cash flows, where applicable, thereof. for the year then ended in conformity with U.S. -generally accepted accounting principles. In accordance with Govemfi-lent Auditing. Standards,. we. have also issued.a report dated April 24, 2009 on our consideration of the.City.of Gem Lake, Minnesota',s internal control -over financial reporting and on our tests of fts compliance with certain provisions of laws; regulations, contracts, grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial. reporting and compliance and`the.results of.that testing and not to provide an opinion on the internal .control over financial reporting or on compliance: That report is an integral part of an audit performed in accordance with. Govemmeht Auditing Standards and. should be considered in assessing the results of -our audit. i.arwnAilrn LI.P ti member qr Kcaip Isflcritwibnut; a �.tiufdwiale urr�tcuk ear irHtrpenderrt accarriting aril conWiliing: irons.