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Honorable Mayor Members of the CityCouncil 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 acfivities, the business -type activities, each major fund; :and .the aggregate remaining fund information. :of the City of Gem ]wake, Minnesota as of-December-31, 2014, 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 2013 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 May 1, 2014. In our opinion, the summarized. comparative information. -presented herein as of and for the year ended December 31, 20 3 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 Govemmental:Accounting Standards Board who considers it to. be an essential part of -financial reporting for placing the basic financial statements in an appropriate operational,.ecdnomic, or historical context. We have applied certafn limited procedures to the required supplementary information in accordance. with auditing standards generally accepted in the United States of America, V40ich consisted of inquiries. of management about the methods of preparing the information and comparing. the information for consistency with management's responses to our inquiries, the basic financial statements, and other kndwledge 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 supplemprit the basic: financial statements. Such tiiissing 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 bas pfiinancial.statements in an appropriate operations, -economic, dr* historical context. Our opinion on the basic. financial statements is not affected by this Mlssiog 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 the table of contents, are presented for purposes. of additional analysis.and are not a required part of the basic financial statements. (2)