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City of Muskegon
Discretely Presented Component Units
STATEMENT OF ACTIVITIES
December 31, 2002
Progam Revenues Net (Expenses) Revenue and Change in Net Assets
Local Local Local
Operational Capital Grants Development Development Development Downtown
Grants and and Finance Finance Finance Development Combining
Expenses Contributions Contributions Authority I Authority II Authority III Authority Totals
Local Development Finance Authority I
Economic development $ - $ - $ - $ - $ - $ - $ - $ -
Local Development Finance Authority II
Economic development 802,385
- - - (802,385)
- - (802,385)
Interest on long-term debt 50,900
- - - (50,900)
- - (50,900)
Total Local Development Finance
Authority II 853,285
- - - (853,285)
- - (853,285)
Local Development Finance Authority III
Economic development 4,000
5,500
400,000
- - 401,500
- 401,500
Interest on long-term debt 34,200
- - - - (34,200)
- (34,200)
Total Local Development Finance
Authority III 38,200
5,500
400,000
- - 367,300
- 367,300
Downtown Development Authority
Economic development 358,264
- - - - - (358,264)
(358,264)
Interest on long-term debt 173,892
- - - - - (173,892)
(173,892)
Total Downtown Development Authority 532,156
- - - - - (532,156)
(532,156)
Total discretely presented component
units $ 1,423,641
$ 5,500
$ 400,000
- (853,285)
367,300
(532,156)
(1,018,141)
General revenues
Property taxes - 789,045
- 512,670
1,301,715
Interest income 11
19,945
26,036
5,016
51,008
Total general revenues 11
808,990
26,036
517,686
1,352,723
Change in net assets 11
(44,295)
393,336
(14,470)
334,582
Net assets at beginning of year 288
(502,758)
- (4,896,828)
(5,399,298)
Net assets at end of year $ 299
$ (547,053)
$ 393,336
(4,911,298)
$ $ (5,064,716)
The accompanying notes are an integral part of this statement.