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LB CARLSON <br />I To the City Council and Management <br />City of Gem Lake, Minnesota <br />We have prepared this management report in conjunction with our audit of the City of Gem Lake, <br />Minnesota's (the City) financial statements for the year ended December 31, 2025. We have organized <br />j this report into the following sections: <br />J• Audit Summary <br />• Governmental Funds Overview <br />• General Fund Overview <br />• Enterprise Funds Overview <br />• Government -Wide Financial Statements <br />• Accounting and Auditing Updates <br />We would be pleased to further discuss any of the information contained in this report or any other <br />concerns that you would like us to address. We would also like to express our thanks for the courtesy and <br />assistance extended to us during the course of our audit. <br />The purpose of this report is solely to provide those charged with governance of the City, management, <br />and those who have responsibility for oversight of the financial reporting process comments resulting <br />from our audit process and information relevant to city finances in Minnesota. Accordingly, this report is <br />not suitable for any other purpose. <br />Respectfully submitted, <br />Z_X �� I P <br />j LB CARLSON, LLP <br />JMinneapolis, Minnesota <br />I I <br />June 23, 2026 <br />11 <br />I J. <br />Ii <br />IJ <br />