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City of Muskegon
Proprietary Funds
STATEMENT OF FUND NET ASSETS
December 31, 2002
Business-Type Activities Governmental
Enterprise Funds Activities
Marina and Internal
Sewer Water Launch Ramp Total Service
ASSETS
Current assets
Cash and cash equivalents (note A and B) $ 1,231,951
$ 3,366,901
$ - $ 4,598,852
$ 1,643,365
Accounts receivable 1,220,463
1,262,766
37,943
2,521,172
29,900
Inventories (note A) 13,014
56,369
- 69,383
6,419
Prepaid items (note A) 8,564
10,183
664
19,411
23,739
Total current assets 2,473,992
4,696,219
38,607
7,208,818
1,703,423
Restricted assets
Revenue bond reserve
Cash and cash equivalents (note A and B) - 822,559
- 822,559
-
Total restricted assets - 822,559
- 822,559
-
Noncurrent assets
Deferred debt expense (note A) - 170,228
- 170,228
-
Contract receivable (note A) 4,100,419
- - 4,100,419
-
Wastewater facility rights (net of
accumulated amortization of
$1,655,696) (note A) 1,808,398
- - 1,808,398
-
Capital assets (note A and C)
Land, construction in progress and other
assets not being depreciated 1,225,169
6,550,397
639,753
8,415,319
-
Other capital assets, net of depreciation 10,586,968
21,156,989
782,928
32,526,885
3,080,881
Total capital assets 11,812,137
27,707,386
1,422,681
40,942,204
3,080,881
Total noncurrent assets 17,720,954
27,877,614
1,422,681
47,021,249
3,080,881
TOTAL ASSETS $ 20,194,946
$ 33,396,392
$ 1,461,288
$ 55,052,626
$ 4,784,304
LIABILITIES AND NET ASSETS
Liabilities
Current liabilities
Current maturities of long-term debt $ 1,151,091
$ 405,000
$ - $ 1,556,091
$ -
Accounts payable 21,016
137,526
72,238
230,780
445,729
Accrued payroll 14,508
28,975
892
44,375
20,354
Accrued interest - 72,000
- 72,000
-
Due to other funds (note E) - - 183,560
183,560
1,018
Due to other governmental units 75,695
- - 75,695
-
Compensated absences payable (note A) 50,603
132,042
3,883
186,528
95,446
Total current liabilities 1,312,913
775,543
260,573
2,349,029
562,547
Noncurrent liabilities (note A and D)
Contracts payable-Muskegon County 7,038,014
- - 7,038,014
-
Bonds payable (net of
unamortized discount of $93,414) - 9,656,586
- 9,656,586
-
Less current maturities (1,151,091)
(405,000)
- (1,556,091)
-
Total noncurrent liabilities 5,886,923
9,251,586
- 15,138,509
-
Total liabilities 7,199,836
10,027,129
260,573
17,487,538
562,547
Net assets (note A)
Invested in capital assets, net of related debt 6,582,521
18,221,028
1,422,681
26,226,230
3,080,881
Restricted for
Debt service - 822,559
- 822,559
-
Unrestricted 6,412,589
4,325,676
(221,966)
10,516,299
1,140,876
Total net assets 12,995,110
23,369,263
1,200,715
37,565,088
4,221,757
TOTAL LIABILITIES AND NET ASSETS $ 20,194,946
$ 33,396,392
$ 1,461,288
$ 55,052,626
$ 4,784,304
Reconciliation to the statement of net assets
Total net assets of enterprise funds $ 37,565,088
Some amounts reported for business-type
activities in the statement of net assets are
different because certain internal service fund
assets and liabilities are included with business- 1,131,644
type activities
Net assets of business-type activities $ 38,696,732
The accompanying notes are an integral part of this statement.