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City of Muskegon
Proprietary Funds
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
Year Ended December 31, 2002
Business-Type Activities Governmental
Enterprise Funds Activities
Marina and
Sewer Water Launch Ramp Total Internal Service
Operating revenues
Charges for services $ 3,941,994
$ 3,645,582
$ 262,447
$ 7,850,023
$ -
Charges to other funds - - - - 5,569,027
Other revenues 75,191
320,966
14,864
411,021
277,053
Total operating revenues 4,017,185
3,966,548
277,311
8,261,044
5,846,080
Operating expenses
Operating and administrative 370,396
389,093
228,796
988,285
2,550,752
Insurance premiums and claims - - - - 3,683,992
Wastewater treatment 2,343,279
- - 2,343,279
-
Filtration plant operations - 987,923
- 987,923
-
Water distribution - 1,645,977
- 1,645,977
-
Bad debts 13,300
7,966
- 21,266
-
Depreciation and amortization 601,586
569,884
64,414
1,235,884
752,977
Total operating expenses 3,328,561
3,600,843
293,210
7,222,614
6,987,721
Operating income (loss) 688,624
365,705
(15,899)
1,038,430
(1,141,641)
Nonoperating revenues (expenses)
Investment income 22,263
84,467
600
107,330
27,589
Gain on sale of capital asset - - - - 93,170
State grants 462,131
- 37,352
499,483
-
Interest expense (137,622)
(453,666)
- (591,288)
-
Total nonoperating revenues (expenses) 346,772
(369,199)
37,952
15,525
120,759
Income (loss) before operating transfers 1,035,396
(3,494)
22,053
1,053,955
(1,020,882)
Operating transfers
Operating transfers in - - - - 1,206,722
Operating transfers out (1,845)
- - (1,845)
-
Total operating transfers (1,845)
- - (1,845)
1,206,722
Change in net assets 1,033,551
(3,494)
22,053
1,052,110
185,840
Net assets at beginning of year 11,961,559
23,372,757
1,178,662
36,512,978
4,035,917
Net assets at end of year $ 12,995,110
$ 23,369,263 1,200,715
$ $ 37,565,088 $ 4,221,757
Reconciliation to the statement of activities
Total change in net assets of enterprise funds $ 1,052,110
Some amounts reported for business-type activities
in the statements of activities are different because
the net revenue (expense) of certain internal service
funds is reported with business-type activities 41,644
Change in net assets of business-type activities $ 1,093,754
The accompanying notes are an integral part of this statement.