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TRANSMITTAL <br />CITY FINANCIAL STATEMENT <br />CITY OF GEM LAKE <br />RAMSEY COUNTY <br />STATE OF MINNESOTA <br />March 26, 2007 <br />Members of the City Council: <br />l hereby submit to you the City of Gem Lake's Financial Statements for the year ended. December <br />31, 2006. This financial report. contains a statement of receipts and disbursements; a balance <br />sheet, an operating statement and a statement of financial position for the enterprise fund; a <br />statement of outstanding indebtedness and a statement. of investment activity for all funds of Ahe <br />city. This report was prepared pursuant to Minnesota Statutes Section 471.698. <br />Respectfully submitted, <br />Paul Emeott <br />Mayor <br />