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CITY OF GEM LAKE, MINNESOTA <br />STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS <br />PROPRIETARY FUND <br />YEAR ENDED DECEMBER 31, 2008 <br />(WITH COMPARATIVE DATA FOR. THE YEAR ENDED DECEMBER 31, 2007) <br />OPERATING REVENUES <br />Public Charges for Services <br />2008 <br />Sewer <br />Utility <br />2007 <br />Totals. <br />50,706 $ 52,172 <br />OPERATING EXPENSES <br />Operating Expenses 27,516 52,288 <br />Depreciation 11,416 11,416 <br />Total Operating Expenses 38,932: 63,704. <br />OPERATING INCOME (LOSS) <br />NONOPERATING REVENUES <br />Interest Revenue <br />INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS <br />CAPITAL CONTRIBUTIONS AND TRANSFERS <br />Transfers In <br />11,774 (11,532) <br />3,331 7,264 <br />15,105 (4,268) <br />25,000 5,000 <br />CHANGE IN NET ASSETS 40,105 732 <br />Net Assets - Beginning of Year 681,154 680,422 <br />NET ASSETS - END OF YEAR $ 721,259 $ 681,154 <br />See accompanying Notes to Basic Financial Statements. <br />(12) <br />