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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, 2003 and 2002
<br />Exhibit F -7
<br />2003 2002
<br />Operating revenue
<br />Charges for services $ 734,519 $ 605,741
<br />Sewer access surcharge 6,289 2,027
<br />Other 4,051 2,022
<br />Total operating revenue 744,859 609,790
<br />Operating expenses
<br />Personal services 20,094 15,995
<br />Supplies 330 824
<br />Service charges
<br />Disposal charges 265,707 295,507
<br />Other 22,310 18,203
<br />Depreciation 232,287 215,657
<br />Total operating expenses 540,728 546,186
<br />Operating income 204,131 63,604
<br />Nonoperating revenue
<br />Capital contributions 1,051,998 1,718,071
<br />Investment earnings 63,683 105,283
<br />Total nonoperating revenue 1,115,681 1,823,354
<br />Income before operating transfers 1,319,812 1,886,958
<br />Operating transfers (out) (9,000) (8,500)
<br />Net income 1,310,812 1,878,458
<br />Retained earnings
<br />Beginning of year 2,305,495 427,037
<br />End of year $ 3,616,307 $ 2,305,495
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