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City of Muskegon
Discretely Presented Component Units
STATEMENT OF NET ASSETS
December 31, 2002
Local Local Local Downtown
Development Development Development Development
Finance Finance Finance Authority Combined
Authority I Authority II Authority III Debt Retirement Totals
ASSETS
Cash and cash equivalents (note A and B) $ 299
$ 519,173
$ 277,963
$ 240,063
$ 1,037,498
Property taxes receivable - 911,346
- 701,019
1,612,365
Restricted cash and cash
equivalents (note A and B) - - 4,255,055
- 4,255,055
Deferred debt expense (note A) - - 141,966
- 141,966
299
1,430,519
4,674,984
941,082
7,046,884
Capital assets
Land and construction in progress - - 718,803
- 718,803
TOTAL ASSETS $ 299
$ 1,430,519
$ 5,393,787
$ 941,082
$ 7,765,687
LIABILITIES AND NET ASSETS
Liabilities
Accounts payable $ - $ - $ 250,427
$ 300,000
$ 550,427
Accrued interest - 4,000
34,200
14,200
52,400
Due to other government units - 81,703
- - 81,703
Due to primary government - 155,672
- - 155,672
Deferred revenue (note A) - 911,197
- 698,180
1,609,377
- 1,152,572
284,627
1,012,380
2,449,579
Long-term liabilities (note A and D)
Due within one year
Bonds payable - 100,000
- 170,000
270,000
Due in more than one year
Bonds payable (net of unamortized
discount of $9,176) - 725,000
4,715,824
4,670,000
10,110,824
Total long-term liabilities - 825,000
4,715,824
4,840,000
10,380,824
Total liabilities - 1,977,572
5,000,451
5,852,380
12,830,403
Net assets (note A)
Restricted for capital projects - - 4,255,055
- 4,255,055
Unrestricted 299
(547,053)
(3,861,719)
(4,911,298)
(9,319,771)
Total net assets 299
(547,053)
393,336
(4,911,298)
(5,064,716)
TOTAL LIABILITIES AND NET ASSETS $ 299
$ 1,430,519
$ 5,393,787
$ 941,082
$ 7,765,687
The accompanying notes are an integral part of this statement.