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CITY OF RAMSEY <br />Recycling Utility Fund <br />Comparative Statement of Revenue, Expenses, and Changes in Retained Earnings <br />Years Ended December 31, 2002 and 2001 <br />Exhibit F -11 <br />2002 2001 <br />Operating revenue <br />Charges for services $ 128,184 $ 126,105 <br />Other — primarily recycling grant 43,202 44,560 <br />Total operating revenue 171,386 170,665 <br />Operating expenses <br />Personal services 4,121 4,140 <br />Supplies 26,827 25,152 <br />Services and charges <br />Disposal charges 136,150 133,378 <br />Other 286 3,438 <br />Total operating expenses 167,384 166,108 <br />Operating income 4,002 4,557 <br />Nonoperating revenue <br />Investment earnings 1,336 1,550 <br />Income before operating transfers 5,338 6,107 <br />Operating transfers (out) (4,500) (4,000) <br />Net income 838 2,107 <br />Retained earnings <br />Beginning of year 82,761 80,654 <br />End of year $ 83,599 $ 82,761 <br />