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City of Muskegon
Discretely Presented Component Units
STATEMENT OF NET ASSETS
December 31, 2003
Local Local Local
Development Development Development Downtown
Finance Finance Finance Development Combined
Authority I Authority II Authority III Authority Totals
ASSETS
Cash and cash equivalents (note A and B) $ 301
$ 11,176
$ 643,874
$ 270,648
$ 925,999
Property taxes receivable - 186,941
10,585
510,125
707,651
Deferred debt expense (note A) - - 135,793
- 135,793
301
198,117
790,252
780,773
1,769,443
Capital assets
Land - - 400,000
- 400,000
Other capital assets, net of depreciation - - 3,783,871
- 3,783,871
Total capital assets - - 4,183,871
- 4,183,871
TOTAL ASSETS $ 301
$ 198,117
$ 4,974,123
$ 780,773
$ 5,953,314
LIABILITIES AND NET ASSETS
Liabilities
Accrued interest $ - $ - $ 34,200
$ 14,200
$ 48,400
Due to primary government (note E) - 177,304
- - 177,304
Deferred revenue (note A) - - 10,585
581,124
591,709
- 177,304
44,785
595,324
817,413
Long-term liabilities (note A and D)
Due within one year
Bonds payable - - - 180,000
180,000
Due in more than one year
Bonds payable (net of unamortized
discount of $8,597) - - 4,716,403
4,490,000
9,206,403
Total long-term liabilities - - 4,716,403
4,670,000
9,386,403
Total liabilities - 177,304
4,761,188
5,265,324
10,203,816
Net assets (note A)
Unrestricted 301
20,813
212,935
(4,484,551)
(4,250,502)
TOTAL LIABILITIES AND NET ASSETS $ 301
$ 198,117
$ 4,974,123
$ 780,773
$ 5,953,314
The accompanying notes are an integral part of this statement.