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City of Muskegon
STATEMENT OF NET ASSETS
December 31, 2003
Primary Government
Governmental Business-Type Component Total Reporting
Activities Activities Total Units Entity
ASSETS
Cash and cash equivalents (note A and B) $ 8,721,894
$ 3,646,033
12,367,927
$ 925,999
$ $ 13,293,926
Investments (note A and B) 6,824,653
- 6,824,653
- 6,824,653
Receivables (net of allowance for
uncollectibles) (note A)
Accounts and loans 1,773,505
2,249,014
4,022,519
- 4,022,519
Special assessments
Current 571,721
- 571,721
- 571,721
Non-current 3,896,039
- 3,896,039
- 3,896,039
Taxes
Property 6,056,493
- 6,056,493
707,651
6,764,144
Income 2,533,649
- 2,533,649
- 2,533,649
Internal balances (1,147,985)
1,147,985
- - -
Due from components units (note E) 177,304
- 177,304
- 177,304
Due from other governmental units 3,009,112
540,535
3,549,647
- 3,549,647
Inventories (note A) 10,404
93,364
103,768
- 103,768
Prepaid items (note A) 151,055
22,767
173,822
- 173,822
Restricted cash and cash
equivalents (note A and B) - 822,559
822,559
- 822,559
Deferred debt expense (note A) 76,433
143,455
219,888
135,793
355,681
Contract receivable (note A) - 3,422,522
3,422,522
- 3,422,522
Wastewater facility rights (net of accumlated
amortization of $2,012,722) (note A) - 1,451,372
1,451,372
- 1,451,372
32,654,277
13,539,606
46,193,883
1,769,443
47,963,326
Capital assets (note A and C)
Land, construction in progress and other
assets not being depreciated 22,939,199
9,504,729
32,443,928
400,000
32,843,928
Other capital assets, net of depreciation 16,263,521
31,847,505
48,111,026
3,783,871
51,894,897
Total capital assets 39,202,720
41,352,234
80,554,954
4,183,871
84,738,825
TOTAL ASSETS $ 71,856,997
$ 54,891,840
126,748,837
$ 5,953,314
$ $ 132,702,151
LIABILITIES AND NET ASSETS
Liabilities
Accounts payable $ 1,059,956
$ 190,287
1,250,243
$ $ - $ 1,250,243
Accrued payroll 352,786
53,307
406,093
- 406,093
Accrued interest 26,700
72,000
98,700
48,400
147,100
Due to primary government (note E) - - - 177,304
177,304
Due to other governmental units - 128,647
128,647
- 128,647
Deferred revenue (note A) 14,721,112
- 14,721,112
591,709
15,312,821
16,160,554
444,241
16,604,795
817,413
17,422,208
Long-term liabilities (note A and D)
Due within one year
Bonds payable 1,335,000
1,527,267
2,862,267
180,000
3,042,267
Compensated absences 242,658
31,659
274,317
- 274,317
Due in more than one year
Bonds payable 5,824,019
13,611,002
19,435,021
9,206,403
28,641,424
Compensated absences 1,213,294
158,298
1,371,592
- 1,371,592
Total long-term liabilities 8,614,971
15,328,226
23,943,197
9,386,403
33,329,600
Total liabilities 24,775,525
15,772,467
40,547,992
10,203,816
50,751,808
Net assets (note A)
Invested in capital assets, net of related debt 32,120,134
27,808,792
59,928,926
- 59,928,926
Restricted for
Streets and highways 4,336,952
- 4,336,952
- 4,336,952
Debt service 127,255
822,559
949,814
- 949,814
Perpetual care
Expendable 63,798
- 63,798
- 63,798
Non-expendable 1,146,782
- 1,146,782
- 1,146,782
Unrestricted 9,286,551
10,488,022
19,774,573
(4,250,502)
15,524,071
Total net assets 47,081,472
39,119,373
86,200,845
(4,250,502)
81,950,343
TOTAL LIABILITIES AND NET ASSETS $ 71,856,997
$ 54,891,840
126,748,837
$ 5,953,314
$ $ 132,702,151
The accompanying notes are an integral part of this statement.