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                                                                                                        City of Muskegon
                                                                                                 Pension Trust Funds

                                                                     COMBINING STATEMENT OF PLAN NET ASSETS

                                                                                                   December 31, 2002



                                              General Employees Retirement System                                         Policemen and Firemen Retirement System
                                                                                                                                                                                                                Retiree                   Combined 
                                             Pension                  Healthcare                        Total                Pension                  Healthcare                       Total                 Healthcare                          Total

ASSETS
   Cash and cash equivalents             $                    -     $                   -      $                   -     $                    -      $                 -      $                   -      $             13,591
                                                                                                                                                                                                                                        $          13,591
                                                                                                                                                                                                                                                    
   Investments                                26,895,854
                                                                          3,289,136
                                                                                                   30,184,990
                                                                                                                              38,438,350
                                                                                                                                                          2,653,770
                                                                                                                                                                                  41,092,120
                                                                                                                                                                                                                   2,107,598
                                                                                                                                                                                                                                             73,384,708
                                                                                                                                                                                                                                             
   Accounts receivable                                    400
                                                                                         -                     400
                                                                                                                                               -                        -                          -                              -                      400
                                                                                                                                                                                                                                                           

TOTAL ASSETS                             $   26,896,254
                                                                    $    3,289,136             $  30,185,390                  38,438,350
                                                                                                                         $                           $   2,653,770                41,092,120
                                                                                                                                                                              $                          $        2,121,189             $   73,398,699

LIABILITIES AND NET ASSETS 
Liabilities
   Accounts payable                      $                    -     $                   -      $                   -     $               114
                                                                                                                                                     $                 -      $              114
                                                                                                                                                                                                         $                       -      $               114
                                                                                                                                                                                                                                                           
   Due to other funds                                  6,335
                                                                                         -                  6,335
                                                                                                                                     13,595
                                                                                                                                                                        -                13,595
                                                                                                                                                                                                                                  -                 19,930
                                                                                                                                                                                                                                                    
Total liabilities                                      6,335
                                                                                         -                  6,335
                                                                                                                                     13,709
                                                                                                                                                                        -                13,709
                                                                                                                                                                                                                                  -                 20,044
                                                                                                                                                                                                                                                    

Net assets held in trust for benefits         26,889,919
                                                                          3,289,136
                                                                                                   30,179,055
                                                                                                                              38,424,641
                                                                                                                                                          2,653,770
                                                                                                                                                                                  41,078,411
                                                                                                                                                                                                                   2,121,189
                                                                                                                                                                                                                                             73,378,655
                                                                                                                                                                                                                                             

TOTAL LIABILITIES AND NET ASSETS         $   26,896,254
                                                                    $    3,289,136             $  30,185,390                  38,438,350
                                                                                                                         $                           $   2,653,770                41,092,120
                                                                                                                                                                              $                          $        2,121,189             $   73,398,699