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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, 1998 and 1997 <br />Exhibit F-5 <br />1998 1997 <br />Operating revenue <br />Charges for services $ 393,749 $ 298,170 <br />-Other 96,783 50,161 <br />Total operating revenue 490,532 348,331 <br />Operating expenses <br />Personal services 43,137 42,232 <br />Supplies 63,068 46,172 <br />Service charges <br />Other 101,271 69,034 <br />Depreciation 168,678 150,800 <br />Total operating expenses 376,154 308,238 <br />Operating income 114,378 40,093 <br />Nonoperating revenue <br />Interest income 174,027 117,933 <br />Income before operating transfers 288,405 158,026 <br />Operating transfers (out) (560,210) 7,000 <br />Net income (loss) (271,805) 151,026 <br />Retained earnings <br />Beginning of year 481,449 264,259 <br />Residual equity transfer in - .66,164 <br />End of year $ 209,644 $ 481,449 <br />-76- <br />