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City of Muskegon
Discretely Presented Component Units
STATEMENT OF ACTIVITIES
December 31, 2003
Net (Expenses) Revenue and Change in Net Assets
Local Local Local
Development Development Development Downtown
Finance Finance Finance Development Combining
Expenses Authority I Authority II Authority III Authority Totals
Local Development Finance Authority I
Economic development -
$ -
$ -
$ -
$ $ - $ -
Local Development Finance Authority II
Economic development 499,273
-
(499,273)
-
-
(499,273)
Interest on long-term debt 44,875
-
(44,875)
-
-
(44,875)
Total Local Development Finance
Authority II 544,148
-
(544,148)
-
-
(544,148)
Local Development Finance Authority III
Economic development 26,060
-
-
(26,060)
-
(26,060)
Interest on long-term debt 205,726
-
-
(205,726)
-
(205,726)
Total Local Development Finance
Authority III 231,786
-
-
(231,786)
-
(231,786)
Downtown Development Authority
Economic development 108,820
-
-
-
(108,820)
(108,820)
Interest on long-term debt 167,492
-
-
-
(167,492)
(167,492)
Total Downtown Development Authority 276,312
-
-
-
(276,312)
(276,312)
Total discretely presented component
units 1,052,246
$ -
(544,148)
(231,786)
(276,312)
(1,052,246)
General revenues
Property taxes -
1,097,989
-
698,180
1,796,169
Interest income 2
14,025
51,385
4,879
70,291
Total general revenues 2
1,112,014
51,385
703,059
1,866,460
Change in net assets 2
567,866
(180,401)
426,747
814,214
Net assets at beginning of year 299
(547,053)
393,336
(4,911,298)
(5,064,716)
Net assets at end of year 301
$ $ 20,813
212,935
$ $ (4,484,551)
(4,250,502)
$
The accompanying notes are an integral part of this statement.