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Exhibit C-2 <br />CITY OF GEM LAKE, MINNESOTA <br />SEINER ENTERPRISE FUND <br />STATEMENT OF REVENUES, EXPENSES AND <br />CHANGES IN RETAINED EARNINGS <br />For the.Year Ended December 31, 2002 <br />With Comparative Totals for the Year Ended December 31, 2001 <br />2002 <br />Operating Revenues <br />Charges for services <br />Operating Expenses <br />Depreciation <br />Power and pumping - Utilities <br />Total Operating Expenses <br />Distribution and Disposal <br />Repairs and maintenance <br />Administration <br />Treasurer <br />Payroll taxes <br />Office supplies and expense <br />Total Administration <br />Total Operating Expenses <br />Operating Income <br />Other Income <br />I nterest income <br />NET INCOME <br />RETAINED EARNINGS, JANUARY 1 <br />RETAINED EARNINGS, DECEMBER 31 <br />Variance <br />Favorable <br />Budget Actual (Unfavorable) 2001 <br />$ 363148 $ 32,200 $. (3,948) $ 28,039. <br />327 (327) - <br />9;300 9,483 .(183) 81B1.5 <br />9,300 9,810 (510) 8,815 <br />2,868 2,868 - <br />- <br />- <br />- <br />.650 <br />- <br />- <br />- <br />50 <br />700 <br />184 <br />5.16 <br />872 <br />700 <br />184 <br />516 <br />1,572 <br />12,868 <br />9,994 <br />3,201 <br />10,387 <br />239280 <br />22,206 <br />(747) <br />17,652 <br />6,620 <br />6,485 <br />(135). <br />8,692 <br />$ 29,900 $ <br />28,691 $ <br />(882) <br />$ 26,344 <br />222,303 <br />195,959 <br />See Independent Accountant's Compilation Report <br />8 <br />$ 250,994 $ 222,303 <br />