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<br />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 31,1995 and 1994
<br />-94-
<br />1995 1994
<br />Sales and cost of sales
<br />Sales $ 17,728 $ 16,158
<br />Cost of sales 10,467 7,809
<br />Gross profit 7,261 8,349
<br />Operating revenue
<br />Greens fees 136,809 136,532
<br />Equipment rental 29,084 31,594
<br />Other 780 1,808
<br />Total operating revenue 166,673 169,934
<br />Total gross profit and operating revenue 173,934 178,283
<br />Operating expenses
<br />Salaries and wages 62,033 54,270
<br />Retirement contributions 4,843 4,401
<br />Health and life insurance contributions 3,621 3.642
<br />Professional services 2,053 1,600
<br />Operating and maintenance supplies 8,267 7,414
<br />Heat, light, and power 2,930 3,122
<br />Depreciation 13,021 9,258
<br />Rent and equipment 5,456 7,336
<br />Maintenance and repairs 7,238 5,264
<br />Administrative charges from General Fund 10,120 9,825
<br />Communications 1,590 2,912
<br />Office supplies 216 701
<br />Printing, publishing, and advertising 4,522 2,763
<br />Insurance 14,717 14,105
<br />Other expenses 1,543 3,848
<br />Total operating expenses 142,170 130,461
<br />Operating income 31,764 47,822
<br />Nonoperating revenue (expense)
<br />Interest earned on investments 8,150 5,582
<br />Loss on sale of assets —(8.774)
<br />Total nonoperating revenue (expense)8,150 (3.192)
<br />Net income 39,914 44.630
<br />Credit for depreciation on contributed equity 709 254
<br />Increase in retained earnings 40,623 44,884
<br />Retained earnings
<br />Beginning of year 228,221 183,337
<br />End of year $ 268,844 $ 228,221
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