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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, 2003 and 2002 <br />Exhibit F -11 <br />2003 2002 <br />Operating revenue <br />Charges for services $ 131,271 $ 128,184 <br />Other — primarily recycling grant 21,876 43,202 <br />Total operating revenue 153,147 171,386 <br />Operating expenses <br />Personal services 3,423 4,121 <br />Supplies 7,101 26,827 <br />Service charges <br />Disposal charges 133,684 136,150 <br />Other 1,493 286 <br />Total operating expenses 145,701 167,384 <br />Operating income 7,446 4,002 <br />Nonoperating revenue <br />Investment earnings 811 1,336 <br />Income before operating transfers 8,257 5,338 <br />Operating transfers (out) (5,000) (4,500) <br />Net income 3,257 838 <br />Retained earnings <br />Beginning of year 83,599 82,761 <br />End of year $ 86,856 $ 83,599 <br />