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Exhibit F-11
<br />CfiY OF ORONO, MINNESOTA
<br />Golf Course Operating Fund
<br />Cemparative Statement of Revenue, Expenses, and Changes in Retained Earnings
<br />Years Ended December 31, 1994 and 1993
<br />-96-
<br />1994 1993
<br />Sales and cost of sales
<br />Sales $ 16,158 S 14,351
<br />Cost of sales 7.80U 8.601
<br />Gross profit 8,349 5,750
<br />operating revenue
<br />Greens fees 136,532 112.308
<br />Equipment rental 31,594 23,751
<br />oier 1,808 561
<br />Total operating revenue 169.Q34 136.620
<br />Total gross profit and operating revenue 178,283 142,370
<br />Operating expenses
<br />Salaries and wages 54,270 56,123
<br />Retirement contributions 4.401 4,807
<br />Health and life insurance contributions 3,642 3,265
<br />Professional services 1.600 1,550
<br />Operating and maintenance supplies 7.414 3.462
<br />Heat, light, and power 3,122 3,434
<br />Depreciation 9,258 7.665
<br />Rent and equipment 7,336 7.194
<br />Maintenance and rc-pairs 5,264 8,848
<br />Administrative charges Irom General I'und 9,825 4,530
<br />Communications 2.912 1.568
<br />Office supplies 701 245
<br />Printing, publishing, and advertising 2,763 4,803
<br />Insurance 14.105 14,280
<br />Other expenses 3,848 1.842
<br />Ti>tal operating expenses 130,460 —123,616
<br />Operating income 47,822 18.754
<br />Nonoperating revenue (expense)
<br />Interest earned on investments 5,582 —
<br />Loss on sale of assets (8.774)4,581
<br />Total nonoperating revenue (expense)(3.192)4,581
<br />Net income 44.630 23.335
<br />Credit for depreciation on contributed equity 254 254
<br />Increase in retained earnings 44,884 23,58^^
<br />Retained earnings
<br />Beginning of year 170,373 146,784
<br />End of year $ 21.^257 170,373
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