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                                                                               City of Muskegon
                                                                             Internal Service Funds

                                    COMBINING STATEMENT OF REVENUES, EXPENSES
                                               AND CHANGES IN FUND NET ASSETS

                                                         Year Ended December 31, 2003


                                                                                                                                                    Public
                                                 Engineering                                                          General                      Service                      Combined
                                                    Services                           Equipment                    Insurance                     Building                        Totals

Operating revenues
   Charges to other funds                       $        516,169
                                                                                    $       2,299,746
                                                                                                                 $      2,449,390
                                                                                                                                              $         612,766
                                                                                                                                                                              $     5,878,071
                                                                                                                                                                                    
   Other revenues                                             6,308
                                                                                                  95,004
                                                                                                                            127,635
                                                                                                                                                                  14
                                                                                                                                                                                        228,961
                                                                                                                                                                                              
Total operating revenues                                  522,477
                                                                                             2,394,750
                                                                                                                         2,577,025
                                                                                                                                                         612,780
                                                                                                                                                                                     6,107,032
                                                                                                                                                                                    

Operating expenses
   Operating and administrative                           548,673
                                                                                             1,637,285
                                                                                                                              36,828
                                                                                                                                                         469,620
                                                                                                                                                                                     2,692,406
                                                                                                                                                                                    
   Insurance premiums and claims                                      -                                    -             3,497,569
                                                                                                                                                                    -                3,497,569
                                                                                                                                                                                    
   Depreciation and amortization                              2,205
                                                                                                632,139
                                                                                                                                        -                  69,920
                                                                                                                                                                                        704,264
                                                                                                                                                                                              
Total operating expenses                                  550,878
                                                                                             2,269,424
                                                                                                                         3,534,397
                                                                                                                                                         539,540
                                                                                                                                                                                     6,894,239
                                                                                                                                                                                    

   Operating income (loss)                                 (28,401)
                                                                                                125,326
                                                                                                                              (957,372)
                                                                                                                                                           73,240
                                                                                                                                                                                       (787,207)
                                                                                                                                                                                         

Nonoperating revenues (expenses)
   Investment income                                          1,788
                                                                                                  12,813
                                                                                                                              11,560
                                                                                                                                                                315
                                                                                                                                                                                          26,476
                                                                                                                                                                                                   
   Gain on sale of fixed assets                                       -                           15,053
                                                                                                                                        -                           -                     15,053
                                                                                                                                                                                                   
Total nonoperating revenues (expenses)                        1,788
                                                                                                  27,866
                                                                                                                              11,560
                                                                                                                                                                315
                                                                                                                                                                                          41,529
                                                                                                                                                                                                   

   Income (loss) before operating transfers                (26,613)
                                                                                                153,192
                                                                                                                              (945,812)
                                                                                                                                                           73,555
                                                                                                                                                                                       (745,678)
                                                                                                                                                                                         

Transfers
   Transfers in                                                       -                                    -             1,179,938
                                                                                                                                                                    -                1,179,938
                                                                                                                                                                                    

   Change in net assets                                    (26,613)
                                                                                                153,192
                                                                                                                            234,126
                                                                                                                                                           73,555
                                                                                                                                                                                        434,260
                                                                                                                                                                                              

Net assets at beginning of year                             75,603
                                                                                             2,591,617
                                                                                                                            567,930
                                                                                                                                                         986,607
                                                                                                                                                                                     4,221,757
                                                                                                                                                                                    

Net assets at end of year                       $          48,990
                                                                                    $       2,744,809
                                                                                                                 $         802,056
                                                                                                                                              $      1,060,162
                                                                                                                                                                              $     4,656,017