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                                                      City of Muskegon
                                         Discretely Presented Component Units

        RECONCILIATION OF TOTAL DISCRETELY PRESENTED COMPONENT UNIT FUND BALANCES  
                  TO NET ASSETS OF DISCRETELY PRESENTED COMPONENT UNIT ACTIVITIES

                                                     December 31, 2003


Total discretely presented component unit fund balances                                                 $                       864,637
                                                                                                                                    

Amounts reported for discretely presented component unit 
 activities in the statement of net assets are different because:

   Capital assets used in discretely presented component unit
    activities are not financial resources and therefore are not reported  
    as assets in the discretely presented component unit funds. 
      Discretely presented component unit capital assets                       $      4,198,258
                                                                                          
      Less accumulated depreciation                                                        (14,387)
                                                                                                                              4,183,871
                                                                                                                               

   Other assets used in discretely presented component unit
    activities are not financial resources and therefore are not reported
    in the discretely presented component unit funds.
      Bond issuance costs                                                                                                        135,793
                                                                                                                                    

   Long-term liabilities, including bonds payable, are not due
    and payable in the current period and therefore are not reported
    as liabilities in the discretely presented component unit funds.  
      Bonds payable                                                                   (9,395,000)
                                                                                     
      Bond discount                                                                           8,597
                                                                                                    
      Accrued interest on the bonds                                                        (48,400)
                                                                                                                             (9,434,803)
                                                                                                                          


Net assets of discretely presented component unit activities                                            $                   (4,250,502)
                                                                                                                          
























The accompanying notes are an integral part of this statement.