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                                               City of Muskegon
                                         Non-Major Debt Service Funds 

                     COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
                                      CHANGES IN FUND BALANCES 

                                         Year Ended December 31, 2003


                                                                                             Special
                                                                         TIFA           Assessment
                                                                         Debt                 Debt                   Combined
                                                                    Service                  Service                  Totals

Revenues 
   Property taxes                                                             60,054
                                                               $                                           -
                                                                                        $                                       60,054
                                                                                                                $        
   Special assessments                                                             -
                                                                                                    28,384
                                                                                                                                28,384
                                                                                                                          
   Interest income                                                             1,038
                                                                                                      4,013
                                                                                                                                 5,051
                                                                                                                            
Total revenues                                                                61,092
                                                                                                    32,397
                                                                                                                                93,489
                                                                                                                          

Expenditures 
   Current 
      Other governmental functions                                                 -
                                                                                                        671
                                                                                                                                  671
                                                                                                                               
   Debt service                                                                                                  
      Principal                                                                    -
                                                                                                    57,987
                                                                                                                                57,987
                                                                                                                          
      Interest                                                                     -
                                                                                                    11,674
                                                                                                                                11,674
                                                                                                                          
Total expenditures                                                                 -
                                                                                                    70,332
                                                                                                                                70,332
                                                                                                                          

   Excess (deficiency) of revenues over expenditures                          61,092
                                                                                                (37,935)
                                                                                                                                23,157
                                                                                                                          

Other financing (uses)
   Transfers out                                                     (120,000)
                                                                                                           -
                                                                                                                      (120,000)
                                                                                                                       

   Deficiency of revenues 
    under expenditures and other uses                                  (58,908)
                                                                                                (37,935)
                                                                                                                        (96,843)
                                                                                                                            

Fund balances at beginning of year                                            59,757
                                                                                              191,041
                                                                                                                           250,798
                                                                                                                        

Fund balances at end of year                                                    849
                                                               $                              153,106
                                                                                        $                                  153,955
                                                                                                                $