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Exhibit F-11 <br />CITY OF RAMSEY <br />Recycling Utility Fund <br />Comparative Statement of Revenue, Expenses, and Changes in Retained Earnings <br />Years Ended December 31, 2001 and 2000 <br />2001 2000 <br />Operating revenue <br />Charges for services $ 126,105 $ 124,583 <br />Other - primarily recycling grant 44,560 37,188 <br />Total operating revenue 170,665 161,771 <br />Operating expenses <br />Personal services 4,140 2,970 <br />Supplies 25,152 21,932 <br />Services and charges <br />Disposal charges 133,378 125,387 <br />Other 3,438 10,990 <br />Total operating expenses 166,108 161,279 <br />Operating income 4,557 492 <br />Nonoperating revenue <br />Investment earnings 1,550 2,423 <br />Income before operating transfers 6,107 2,915 <br />Operating transfers (out) (4,000) (2,500) <br />Net income 2,107 415 <br />Retained earnings <br />Beginning of year 80,654 80,239 <br />End of year $ 82,761 $ 80,654 <br />-74- <br />