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CITY OF GEM LAKE, MINNESOTA <br />STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS <br />PROPRIETARY FUNDS <br />YEAR ENDED DECEMBER 31., 2007 <br />OPERATING REVENUES <br />Public Charges for Services <br />OPERATING EXPENSES <br />Operating Expenses <br />Depreciation <br />Total Operating Expenses <br />OPERATING LOSS <br />NONOPERATING REVENUES <br />Interest Revenue <br />LOSS BEFORE CONTRIBUTIONS AND TRANSFERS <br />CAPITAL CONTRIBUTIONS AND TRANSFERS <br />Transfers In <br />CHANGE IN NET ASSETS <br />Net Assets - Beginning of Year <br />NET ASSETS - END OF YEAR: <br />Sewer <br />Utility <br />52,172 <br />52; 288 <br />11,416 <br />63,704 <br />(11,532) <br />7, 264. <br />(4;268.) <br />5 000 <br />.732 <br />680,422 <br />681,154 <br />See acc6 mpanying Notes to Basic Financial Statements: <br />(1 z) <br />