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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 DECEMBER31, 2008 <br />(WITH COMPARATIVE DATA. FOR THE YEAR ENDED DECEMBER 31, 2007) <br />2008 <br />Sewer <br />2007 <br />Utility <br />Totals <br />OPERATING REVENUES <br />Public Qharges.for.5.ervice8 <br />$ 50,706 <br />$ 52,172 <br />ā¯‘PERATING EXPENSES <br />Operating Expenses <br />27,516 <br />521288 <br />Depreciation <br />11;41.6 <br />11,416. <br />Total Operating Expenses <br />38,932 <br />63,704 <br />OPERATING INCOME (LOSS) <br />11,774 <br />(11,532) <br />NONOPERATING REVENUES <br />Interest Revenue <br />3,331 <br />71264. <br />INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS <br />1.5J 05 <br />(4,268) <br />CAPITAL CONTRIBUTIONS AND TRANSFERS <br />Transfers In <br />250.00 <br />5,000 <br />CHANGE IN NET ASSETS <br />40,105 <br />732: <br />Net. Assets - Beginning of Year <br />681;154 <br />680,422 <br />NET ASSETS. - END OF YEAR <br />$ 7211259 <br />681 1.54 <br />See accompanying Notes to: Basic Financial Statements, <br />(12). <br />