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Exhibit F-11
<br />CITY OF ORONO, MINNESOTA
<br />Golf Course Operating Fund
<br />Comparative Statement of Revenue, Expenses, and Changes in Retained Earnings
<br />Years Ended December 31, 1998 and 1997
<br />1998 1997
<br />Sales and cost of sales
<br />Sales $ 21,059 S 21,539
<br />Cost of sales 12,178 11,762
<br />Gross profit 8,881 9,777
<br />Operating revenue
<br />Greens fees 166,031 165,139
<br />Equipment rental 36,232 31,241
<br />Other 22 307
<br />Total operating rc'-enue 202,285 196,687
<br />Total gross profit and operating revenue 211,166 206,464
<br />Operating expenses
<br />Salaries and wages 68,343 65,478
<br />Retirement contributions 5,095 4,666
<br />Health and life insurance contributions 3,952 3,772
<br />Professional services 2,240 2,207
<br />Operating and maintenance supplies 8,935 8,758
<br />Heat, light, and power 3,625 2,542
<br />Depreciation 15,408 11,931
<br />Rent and equipment 9,083 7,304
<br />Maintenance and repairs 16,925 11,149
<br />Administrative charges from General Fund 10,950 10,610
<br />Communications 2,181 1,643
<br />Office supplies 1,320 230
<br />Printing, publishing, and advertising 4,185 5,600
<br />Insurance 14,484 14,760
<br />Other expenses 1,585 1,786
<br />Total operating expenses 168,311 152,436
<br />Operating income 42.855 54,028
<br />Nonoperating revenue
<br />Interest earned on investments 14,976 15,687
<br />Net income 57,831 69,715
<br />Credit for depreciation on contributed equity 653 653
<br />Increase in retained earnings 58,484 70,368
<br />Retained earnings
<br />Beginning of year 397,02'326,653
<br />End of year $ 455.505 S 397.021
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