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7 <br />Alan L. Schafer, CPA <br />Kim A. Mahanna, CPA <br />Thomas H. Wente, CPA <br />Jean L. Guyse, CPA <br />SMITH SCHAFER William Frudden, CPA <br />Mark G. Paczosa, CPA ♦ <br />& A S S O C I A T E S, L T D Dean L. Richards, CPA <br />Jason P. Boynton, CPA <br />Certified Public Accountants and Consultants Jason C. Miller, CPA <br />Kimberly A. Cada, CPA <br />Members of American Institute of CPA's, Michelle L. Decker, CPA <br />Private Companies Practice Section, Minnesota Society of CPA's Steve E. Erchul, CPA <br />James D. Heydon, CPA <br />Michael J. Molugani, CPA <br />Kerry T. Orton, CPA <br />Kelly A. Schwede, CPA <br />Retired, <br />Richard J. Smith, CPA <br />E <br />INDEPENDENT ACCOUNTANT'S COMPILATION REPORT <br />Honorable Mayor and Members of the City Council <br />City of Gem Lake, Minnesota <br />We have compiled the accompanying financial reports - modified cash basis for the City of Gem <br />Lake, Minnesota as of and for the years ended December 31, 2003 and 2002, and the <br />accompanying supplementary information contained in Exhibits D-1 and E1, which are presented <br />only for supplementary analysis purposes in accordance with Statements on Standards for <br />Accounting and Review Services issued by the American Institute of Certified Public Accountants. <br />1 These modified cash basis financial reports were prepared in conformity with the accounting <br />practices permitted by the Office of the State Auditor of the State of Minnesota. The financial <br />- reports have been prepared on the modified cash basis of accounting, which is a comprehensive <br />basis of accounting other than generally accepted accounting principles. <br />A compilation is limited to presenting in the form of financial statements information that is the <br />representation of management. We have not audited or reviewed the accompanying financial <br />reports for the years ended December 31, 2003 and 2002, and accordingly, do not express an <br />opinion or any other form of assurance on them. <br />Management has elected to omit substantially all of the disclosures ordinarily included in financial <br />statements prepared on the modified cash basis of accounting. If the omitted disclosures were <br />included in the financial statements, they might influence the user's conclusions about the City's <br />assets, liabilities, fund equity, revenues and expenses. Accordingly, these financial statements <br />are not designed for those who are not informed about such matters. <br />a,�f Z50(. <br />Maplewood, Minnesota <br />March 22, 2004 <br />2035 E. County Road D • Suite A • Maplewood, MN 55109 • PH (651) 770-8414 • FAX (651) 770-5175 <br />Rochester Office: 220 South Broadway • Suite 102 • Rochester, MN 55904 • PH (507) 288-3277 • FAX (507) 288-4571 <br />do <br />The CPA. <br />Never Underestimate The Value <br />