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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, 1998 and 1997 <br />Exhibit F-8 <br />1998 1997 <br />Operating revenue <br />Charges for services $ 410,231 $ 323,864 <br />Sewer access surcharge 3,450 2,841 <br />Other 1,385 - <br />Total operating revenue 412,296 326,705 <br />Operating expenses <br />Personal services 3,107 6,252 <br />Supplies 580 456 <br />Services and charges <br />Disposal charges 239,257 151,608 <br />Other 11,532 10,997 <br />Depreciation 164,762 155,600 <br />Total operating expenses 419,238 324,913 <br />Operating income (loss) (6,942) 1,792 <br />Nonoperating revenue <br />Interest income 54,088 33,058 <br />Income before <br />operating transfers 47,146 34,850 <br />Operating transfers (out) (5,000) 4,000 <br />Net income 42,146 30,850 <br />Retained earnings (deficit) <br />Beginning of year (138,844) (211,996) <br />Residual equity transfer in - 42,302 <br />End of year $ (96,698) $ (138,844) <br />-79- <br />