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                                                                         City of Muskegon
                                                        Discretely Presented Component Units

                                     STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 

                                                             Year Ended December 31, 2003


                                                                Local                         Local                        Local                                               Total Discretely 
                                                         Development                   Development                  Development                     Downtown                       Presented 
                                                              Finance                      Finance                       Finance                  Development                     Component 
                                                            Authority I                  Authority II                Authority III                    Authority                         Units
Revenues
   Property taxes                                       $                      -      $       1,097,989
                                                                                                                   $                      -                  698,180
                                                                                                                                                 $                             $         1,796,169
                                                                                                                                                                                          
   Interest                                                                      2
                                                                                                    14,025
                                                                                                                                 51,385
                                                                                                                                                                   4,879
                                                                                                                                                                                               70,291
                                                                                                                                                                                                    
Total revenues                                                                   2
                                                                                               1,112,014
                                                                                                                                 51,385
                                                                                                                                                             703,059
                                                                                                                                                                                          1,866,460
                                                                                                                                                                                          

Expenditures
   Current
      Economic development                                                      -                 499,273
                                                                                                                                   5,500
                                                                                                                                                             108,820
                                                                                                                                                                                             613,593
                                                                                                                                                                                               
   Capital outlay                                                               -                            -
                                                                                                                            3,479,455
                                                                                                                                                                         -                3,479,455
                                                                                                                                                                                          
   Debt services
      Principal                                                                 -                 825,000
                                                                                                                                           -                 170,000
                                                                                                                                                                                             995,000
                                                                                                                                                                                               
      Interest and fiscal charges                                               -                   48,875
                                                                                                                               205,147
                                                                                                                                                             167,492
                                                                                                                                                                                             421,514
                                                                                                                                                                                               
Total expenditures                                                              -              1,373,148
                                                                                                                            3,690,102
                                                                                                                                                             446,312
                                                                                                                                                                                          5,509,562
                                                                                                                                                                                          

   Excess (deficiency) of revenues over expenditures                             2
                                                                                                   (261,134)
                                                                                                                           (3,638,717)
                                                                                                                                                             256,747
                                                                                                                                                                                        (3,643,102)
                                                                                                                                                                                          

Fund balances (deficit) at beginning of year                               299
                                                                                                  281,947
                                                                                                                            4,282,591
                                                                                                                                                              (57,098)
                                                                                                                                                                                          4,507,739
                                                                                                                                                                                          
 Fund balances at end of year                                              301
                                                        $                             $            20,813
                                                                                                                   $          643,874
                                                                                                                                                             199,649
                                                                                                                                                 $                             $            864,637
                                                                                                                                                                                               












































The accompanying notes are an integral part of this statement.