28 Ontario Clean W ater Agency 2012 Annual Report Statement of Operations and Changes in Net Assets For the year ended December 31 2012 December 31 December 31 2012 2011 Utility Operations Revenues Utility operations 147217 137416 Fees 2828 2371 T otal Operating Revenues 150045 139787 Operating Expenses Salaries and benefts note 8a and note 8b 67544 62976 Other operating expenses 81410 76195 Amortization of tangible capital assets 2878 2278 T otal Operating Expenses 151832 141449 Defciency of r evenue over expenses Utility Operations 1787 1662 Inter est fr om investments and loans r eceivable 2845 2777 Excess of r evenue over expenses 1058 1115 Net Assets opening balance 185755 184318 Adjustments to Net Assets note 6 322 Net Assets ending balance 186813 185755 See accompanying notes to fnancial statements in thousands of dollars