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City of Muskegon
Proprietary Funds
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
Year Ended December 31, 2003
Business-Type Activities Governmental
Enterprise Funds Activities
Marina and
Sewer Water Launch Ramp Total Internal Service
Operating revenues
Charges for services $ 4,021,244
$ 4,045,086
$ 263,880
$ 8,330,210
$ -
Charges to other funds - - - - 5,878,071
Other revenues 36,499
86,040
10,378
132,917
228,961
Total operating revenues 4,057,743
4,131,126
274,258
8,463,127
6,107,032
Operating expenses
Operating and administrative 388,912
494,737
265,785
1,149,434
2,692,406
Insurance premiums and claims - - - - 3,497,569
Wastewater treatment 2,253,677
- - 2,253,677
-
Filtration plant operations - 1,086,457
- 1,086,457
-
Water distribution - 1,952,814
- 1,952,814
-
Bad debts 6,865
5,682
- 12,547
-
Depreciation and amortization 667,831
615,470
61,308
1,344,609
704,264
Total operating expenses 3,317,285
4,155,160
327,093
7,799,538
6,894,239
Operating income (loss) 740,458
(24,034)
(52,835)
663,589
(787,207)
Nonoperating revenues (expenses)
Investment income 19,739
51,889
- 71,628
26,476
Gain (loss) on sale of capital and other assets - (88,767)
- (88,767)
15,053
State grants - - 256,612
256,612
-
Interest expense (132,214)
(436,560)
- (568,774)
-
Total nonoperating revenues (expenses) (112,475)
(473,438)
256,612
(329,301)
41,529
Income (loss) before transfers 627,983
(497,472)
203,777
334,288
(745,678)
Transfers
Transfers in - - - - 1,179,938
Change in net assets 627,983
(497,472)
203,777
334,288
434,260
Net assets at beginning of year 12,995,110
23,369,263
1,200,715
37,565,088
4,221,757
Net assets at end of year $ 13,623,093 $ 22,871,791 1,404,492
$ $ 37,899,376
$ 4,656,017
Reconciliation to the statement of activities
Total change in net assets of enterprise funds $ 334,288
Some amounts reported for business-type activities
in the statements of activities are different because
the net revenue (expense) of certain internal service
funds is reported with business-type activities 88,353
Change in net assets of business-type activities $ 422,641
The accompanying notes are an integral part of this statement.