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CITY OF RAMSEY
<br />Sewer Utility Fund
<br />Comparative Statement of Revenue, Expenses, and Changes in Retained Earnings
<br />Years Ended December 31, 2002 and 2001
<br />Exhibit F -7
<br />2002 2001
<br />Operating revenue
<br />Charges for services $ 605,741 $ 579,165
<br />Sewer access surcharge 2,027 2,943
<br />Other 2,022 13,490
<br />Total operating revenue 609,790 595,598
<br />Operating expenses
<br />Personal services 15,995 10,215
<br />Supplies 824 -
<br />Services and charges
<br />Disposal charges 295,507 237,569
<br />Other 18,203 16,500
<br />Depreciation 215,657 183,208
<br />Total operating expenses 546,186 447,492
<br />Operating income 63,604 148,106
<br />Nonoperating revenue
<br />Capital contributions 1,718,071 -
<br />Investment earnings 105,283 99,780
<br />Total nonoperating revenue 1,823,354 99,780
<br />Income before operating transfers 1,886,958 247,886
<br />Operating transfers (out) (8,500) (8,000)
<br />Net income 1,878,458 239,886
<br />Retained earnings
<br />Beginning of year, as previously stated 257,900 18,014
<br />Prior period adjustment 169,137 -
<br />Beginning of year, as restated 427,037 18,014
<br />End of year $ 2,305,495 $ 257,900
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