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                                                      City of Muskegon
                                                   Governmental Funds

                RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET ASSETS 
                                              OF GOVERNMENTAL ACTIVITIES

                                                     December 31, 2003


Total governmental fund balances                                                                                      $                  10,913,149
                                                                                                                                       

Amounts reported for governmental activities in the 
 statement of net assets are different because:

   Capital assets used in governmental activities are not 
    financial resources and therefore are not reported as 
    assets in the governmental funds. 
      Governmental capital assets                                         $    49,899,984
                                                                                    
      Less accumulated depreciation                                            (13,567,337)
                                                                                                                                          36,332,647
                                                                                                                                       

   Other assets used in governmental activities are not
    financial resources and therefore are not reported
    in the governmental funds.
      Bond issuance costs                                                              76,433
                                                                                                             
      Additional income taxes receivable                                             975,000
                                                                                                                                            1,051,433
                                                                                                                                                 

   Long-term liabilities, including bonds payable, are not due
    and payable in the current period and therefore are not
    reported as liabilities in the governmental funds.  
      Governmental bonds payable                                                 (7,151,900)
                                                                                         
      Bond premium                                                                      (7,119)
                                                                                                                  
      Accrued interest on the bonds                                                   (26,700)
                                                                                                        
      Compensated absences (sick pay and vacations)                              (1,362,097)
                                                                                                                                           (8,547,816)
                                                                                                                                            

   Special assessment revenue is not recognized until it is
    receivable in the current period and therefore is shown as
    deferred revenue in the governmental funds.                                                                                             3,896,039
                                                                                                                                                 

   Internal service funds are used by management to 
    charge the costs of certain activities to individual funds.
    The assets and liabilities of the internal service funds are 
    reported with governmental activities.
      Net assets of the internal service funds                                    4,656,017
                                                                                              
      Amounts due to business-type funds from internal service
       funds                                                                     (1,219,997)
                                                                                                                                            3,436,020
                                                                                                                                                 


Net assets of governmental activities                                                                                 $                  47,081,472
                                                                                                                                       












The accompanying notes are an integral part of this statement.