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CITY OF RAMSEY
<br />Water Utility Fund
<br />Comparative Statement of Revenue, Expenses, and Changes in Retained Earnings
<br />Years Ended December 31, 2003 and 2002
<br />Exhibit F -5
<br />2003 2002
<br />Operating revenue
<br />Charges for services $ 804,368 $ 547,844
<br />Other 74,956 25,944
<br />Total operating revenue 879,324 573,788
<br />Operating expenses
<br />Personal services 106,328 81,673
<br />Supplies 119,061 82,821
<br />Service charges
<br />Other 114,387 108,619
<br />Depreciation 303,523 281,013
<br />Total operating expenses 643,299 554,126
<br />Operating income 236,025 19,662
<br />Nonoperating revenue
<br />Capital contributions 1,939,641 2,025,467
<br />Investment earnings 116,619 199,130
<br />Total nonoperating revenue 2,056,260 2,224,597
<br />Income before operating transfers 2,292,285 2,244,259
<br />Operating transfers (out) (14,000) (13,000)
<br />Net income 2,278,285 2,231,259
<br />Retained earnings
<br />Beginning of year 3,250,941 1,019,682
<br />End of year $ 5,529,226 $ 3,250,941
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