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<br />
<br />THE GREELEY AND LOVELAND IRRIGATION COMPANY
<br />Greeley, Colorado
<br />Statements of Operations and Chanaes in Retained Earnings
<br />For The Years Ended October 31, 2002 and 2001
<br />
<br />2002
<br />
<br />Operatina Income
<br />Stock Assessments
<br />Running Charges and Storage
<br />Rental Income
<br />Crossing Fees
<br />Houts Lake Farm - Rental Income
<br />Reservoir and Canal Assessments
<br />Other Income
<br />Leases and Recreation Rights
<br />
<br />328,000
<br />52,870
<br />38,150
<br />17,500
<br />8,000
<br />3,050
<br />1,780
<br />
<br />Total Operating Income
<br />
<br />449,350
<br />
<br />Operatina Expenses
<br />Salaries
<br />Engineering Services
<br />Depreciation
<br />Insurance
<br />System Maintenance
<br />Operating Electricity
<br />Utilities
<br />Other Professional Services
<br />Payroll and Other Taxes
<br />Equipment Repairs and Fuel
<br />Mileage
<br />Directors' Fees
<br />Communications
<br />Supplies
<br />Memberships
<br />Meals/Annual Meeting
<br />Other Expenses
<br />
<br />158,038
<br />113,408
<br />80,687
<br />48, 964
<br />30,635
<br />23,698
<br />21,237
<br />15,973
<br />14,997
<br />12,892
<br />10,263
<br />8,025
<br />5,609
<br />4,974
<br />3,264
<br />2,081
<br />1,988
<br />
<br />Total Operatina Expenses
<br />
<br />556,733
<br />
<br />Loss From Operations
<br />
<br />(107,383)
<br />
<br />Other Income (Expenses)
<br />Gain on Sale of Fixed Assets
<br />Miscellaneous Nonoperating Income
<br />Interest Income
<br />Oil and Gas Royalty Income
<br />Extension Fees
<br />Interest Expense
<br />
<br />47,461
<br />44,975
<br />5,315
<br />232
<br />
<br />(12,525)
<br />
<br />Total Other Income (Expenses)
<br />
<br />85,458
<br />
<br />Exhibit 2 (Continued)
<br />
<br />4
<br />
<br />2001
<br />
<br />278,460
<br />53,227
<br />15,000
<br />43,848
<br />8,000
<br />3,040
<br />1,920
<br />15,000
<br />
<br />418,495
<br />
<br />161,341
<br />47,785
<br />76,649
<br />48,385
<br />29,712
<br />19,635
<br />9,891
<br />6,966
<br />15,543
<br />14,449
<br />12,675
<br />6,075
<br />6,496
<br />4,203
<br />3,583
<br />1,747
<br />10,945
<br />
<br />476,080
<br />
<br />(57,585)
<br />
<br />411
<br />16,902
<br />550
<br />26,500
<br />(12,985)
<br />
<br />31,378
<br />
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