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City of Muskegon
Proprietary Funds
STATEMENT OF FUND NET ASSETS
December 31, 2003
Business-Type Activities Governmental
Enterprise Funds Activities
Marina and Internal
Sewer Water Launch Ramp Total Service
ASSETS
Current assets
Cash and cash equivalents (note A and B) $ 1,046,328
$ 2,599,705
$ - $ 3,646,033
$ 2,050,882
Accounts receivable 1,169,868
1,078,545
601
2,249,014
127,233
Due from other governmental units - 540,535
- 540,535
-
Inventories (note A) 23,092
70,272
- 93,364
10,404
Prepaid items (note A) 10,258
11,770
739
22,767
27,831
Total current assets 2,249,546
4,300,827
1,340
6,551,713
2,216,350
Noncurrent assets
Restricted cash and cash equivalents (note A and B) - 822,559
- 822,559
-
Deferred debt expense (note A) - 143,455
- 143,455
-
Contract receivable (note A) 3,422,522
- - 3,422,522
-
Wastewater facility rights (net of
accumulated amortization of
$2,012,722) (note A) 1,451,372
- - 1,451,372
-
Capital assets (note A and C)
Land, construction in progress and other
assets not being depreciated 1,881,659
7,101,769
521,301
9,504,729
108,410
Other capital assets, net of depreciation 10,726,244
20,157,107
964,154
31,847,505
2,761,663
Total capital assets 12,607,903
27,258,876
1,485,455
41,352,234
2,870,073
Total noncurrent assets 17,481,797
28,224,890
1,485,455
47,192,142
2,870,073
TOTAL ASSETS $ 19,731,343
$ 32,525,717
$ 1,486,795
$ 53,743,855
$ 5,086,423
LIABILITIES AND NET ASSETS
Liabilities
Current liabilities
Current maturities of long-term debt $ 1,107,267
$ 420,000
$ - $ 1,527,267
$ -
Accounts payable 34,154
151,119
5,014
190,287
312,930
Accrued payroll 13,571
38,576
1,160
53,307
23,621
Accrued interest - 72,000
- 72,000
-
Due to other funds (note E) - - 72,012
72,012
-
Due to other governmental units 128,647
- - 128,647
-
Compensated absences payable (note A) 44,955
140,885
4,117
189,957
93,855
Total current liabilities 1,328,594
822,580
82,303
2,233,477
430,406
Noncurrent liabilities (note A and D)
Contracts payable-Muskegon County 5,886,923
- - 5,886,923
-
Bonds payable (net of
unamortized discount of $93,654) - 9,251,346
- 9,251,346
-
Less current maturities (1,107,267)
(420,000)
- (1,527,267)
-
Total noncurrent liabilities 4,779,656
8,831,346
- 13,611,002
-
Total liabilities 6,108,250
9,653,926
82,303
15,844,479
430,406
Net assets (note A)
Invested in capital assets, net of related debt 8,172,352
18,150,985
1,485,455
27,808,792
2,870,073
Restricted for
Debt service - 822,559
- 822,559
-
Unrestricted 5,450,741
3,898,247
(80,963)
9,268,025
1,785,944
Total net assets 13,623,093
22,871,791
1,404,492
37,899,376
4,656,017
TOTAL LIABILITIES AND NET ASSETS $ 19,731,343
$ 32,525,717
$ 1,486,795
$ 53,743,855
$ 5,086,423
Reconciliation to the statement of net assets
Total net assets of enterprise funds $ 37,899,376
Some amounts reported for business-type
activities in the statement of net assets are
different because certain internal service fund
assets and liabilities are included with business- 1,219,997
type activities
Net assets of business-type activities $ 39,119,373
The accompanying notes are an integral part of this statement.