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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, 1999 and 1998 <br />1999 1998 <br />Operating revenue <br />Charges for services $ 113,315 $ 87,427 <br />Other 33,614 39,478 <br />Total operating revenue 146,929 126,905 <br />Operating expenses <br />Personal services 2,753 3,277 <br />Supplies 2,991 2,736 <br />Services and charges <br />Disposal charges 121.,981 109,683 <br />Other 3,500 1,805 <br />Total operating expenses 131,225 117,501 <br />Operating income 15,704 9,404 <br />Nonoperating revenue <br />Investment earnings 875 814 <br />Income before operating transfers 16,579 10,218 <br />Operating transfers (out) (2,000) 1,500 <br />Net income 14,579 8,718 <br />Retained earnings <br />Beginning of year 65,660 56,942 <br />End of year $ 80,239: $ 65,660 <br />-73- <br />