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Enterprise Funds FYE23 Operating Results memo pdf file
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Source page 1
TOWN OF CANTON, MASSACHUSETTS
DEPARTMENT OF FINANCE
SUSAN E. DESJARDINS
MEMORIAL HALL ASST. TREASURER/COLLECTOR
801 WASHINGTON STREET sdesjardins@town.canton.ma.us
(781) 821-5006
WILLIAM R. SCOLLINS III CANTON, MA 02021
PHONE: 781-575-6610
FINANCE DIRECTOR LOUIS M. JUTRAS
FAX: 781-575-6608 INFORMATION
rscollins@town.canton.ma.us
town.canton.ma.us SYSTEMS MANAGER
(781) 575-6612
ljutras@town.canton.ma.us
(781) 821-5069
KATHLEEN D. BUTTERS
TOWN ACCOUNTANT
ALLYSON M. PODGURSKI
kbutters@town.canton.ma.us
ASSISTANT TOWN ACCOUNTANT
(781) 575-6605
apodgurski@town.canton.ma.us
(781) 821-5011
MEMORANDUM
TO: Select Board
FROM: Randy Scollins, Finance Director
DATE: September 5, 2023
SUBJECT: Enterprise Funds’ Fiscal 2023 Operating Results
The attached report contains the enterprise funds’ operating results for fiscal 2023 compared to
fiscal 2022. Also attached is a balance sheet report which was prepared for the Department of
Revenue to certify the enterprise funds’ “free cash reserve / retained earnings” balances as of
June 30, 2023.
The water enterprise’s budgeted deficit of $80,000 was due to retained earnings appropriated
for capital projects. The actual fiscal 2023 operating deficit was $37,559. Revenue came in
$358.7K more than budget and total expenses came in $316.4K more than budget, yielding the
result of beating budget by $42.4K.
Water revenues were up 26.5%, or $1.88MM, from prior year with increases in every category.
This was due to a combination of the 6% increase in rates, the impact of new residential and
commercial development, and a dryer Summer in 2022 resulting in increased irrigation usage.
Fiscal 2023’s results have the water enterprise fund ending the year with an estimated cash
reserve of $1.2 million which is 13% of expenses. The current target is 50% of expenses.
The sewer enterprise’s budgeted deficit of $415,000 was due to retained earnings earmarked
for cash capital. The actual fiscal 2023 operating surplus was $614,957, therefore beating plan
by $1.03MM. This was a result of revenue coming in higher than budget by $941K, and $911K
higher than the prior year, and expenses coming in slightly less than budget by $89K. Sewer’s
end of year cash reserve is estimated to be $3.9 million which is 58% of expenses. The current
target is 50% of expenses.
The rink enterprise had a balanced budget with no planned use of retained earnings. Despite
revenue coming in $40.7K more than budget, the rink enterprise ended with a $63.3K deficit,
due primarily to electricity and heating fuel costs coming in $58.9K more than budget. The
rink’s end of year cash reserve amounted to an estimated $72.9K.
Please advise if you have any questions or comments concerning this information.
Attachments
cc: Kathy Butters, Town AccountantSource page 2
Charles Doody, Town Administrator Tyler Radicioni, Parks & Recreation Director Cindy Thomas, Chair, Finance Committee Mike Trotta, DPW Superintendent
Source page 3
ENTERPRISE FUNDS' OPERATING BUDGET
CURRENT FISCAL YEAR PRIOR FISCAL YEAR
FISCAL FISCAL Actuals FISCAL FISCAL Actuals
2023 2023 VS. 2022 2022 VS.
DESCRIPTION BUDGET ACTUALS Budget BUDGET ACTUALS Budget
WATER REVENUE 8,639,021 8,997,709 358,688 7,886,905 7,114,979 (771,926)
SALARIES & WAGES 1,072,796 1,186,071 (113,275) 981,429 1,058,378 (76,949)
MWRA ASSESSMENT 2,022,211 2,033,521 (11,310) 2,137,222 1,518,359 618,863
DEBT SERVICE 3,329,299 3,429,358 (100,059) 2,734,995 2,582,297 152,698
CHARGES FROM GENERAL FUND 742,455 742,455 0 660,999 660,999 0
OTHER EXPENSES 1,472,260 1,564,063 (91,803) 1,372,260 1,049,610 322,650
TOTAL WATER OPERATING EXPENSES 8,639,021 8,955,467 (316,446) 7,886,905 6,869,644 1,017,261
CASH CAPITAL 80,000 79,800 200 72,000 72,000 0
TOTAL WATER ENTERPRISE EXPENSES 8,719,021 9,035,267 (316,246) 7,958,905 6,941,644 1,017,261
WATER SURPLUS/(DEFICIT) (80,000) (37,559) 42,441 (72,000) 173,336 245,336
SEWER REVENUE 6,825,939 7,766,973 941,034 6,651,873 6,855,278 203,405
SALARIES & WAGES 515,502 526,199 (10,697) 558,881 483,078 75,803
MWRA ASSESSMENT 4,901,007 4,905,331 (4,324) 4,661,549 4,804,153 (142,604)
DEBT SERVICE 559,590 563,636 (4,046) 599,131 598,150 981
CHARGES FROM GENERAL FUND 429,495 429,495 0 402,613 402,613 0
OTHER EXPENSES 420,345 312,355 107,990 429,699 365,669 64,030
TOTAL SEWER OPERATING EXPENSES 6,825,939 6,737,016 88,923 6,651,873 6,653,663 (1,790)
CASH CAPITAL 415,000 415,000 0 382,000 382,000 0
TOTAL SEWER ENTERPRISE EXPENSES 7,240,939 7,152,016 88,923 7,033,873 7,035,663 (1,790)
SEWER SURPLUS/(DEFICIT) (415,000) 614,957 1,029,957 (382,000) (180,385) 201,615
-
RINK REVENUE 404,462 445,225 40,763 390,620 366,359 (24,261)
SALARIES & WAGES 121,400 162,216 (40,816) 121,400 35,947 85,453
DEBT SERVICE 109,351 109,351 (0) 108,851 108,851 0
CHARGES FROM GENERAL FUND 28,171 28,171 0 14,829 14,829 0
OTHER EXPENSES 145,540 208,797 (63,257) 145,540 174,724 (29,185)
TOTAL RINK OPERATING EXPENSES 404,462 508,535 (104,073) 390,620 334,351 56,269
CASH CAPITAL 0 0 0 0 0 0
TOTAL RINK ENTERPRISE EXPENSES 404,462 508,535 (104,073) 390,620 334,351 56,269
RINK SURPLUS/(DEFICIT) 0 (63,310) (63,310) 0 32,008 32,008
ATMDATA - 3-28-23.xlsx FYE 23 Entpr's Summary 8/31/2023Source page 4
CANTON
Combining Balance Sheet - Enterprise Funds
as of June 30, 2023
(Unaudited)
Totals
SEWER WATER ICE RINK (Memorandum
Enterprise Fund Enterprise Fund Enterprise Fund Only)
640-642 600-602 700
ASSETS
Cash and cash equivalents 4,572,726.81 2,024,189.69 81,926.34 6,678,842.84
Receivables:
User Fees 393,110.09 400,166.01 793,276.10
Special assessments 275,334.79 334,212.39 609,547.18
Utility liens added to taxes 48,641.58 46,814.23 95,455.81
Departmental 0.00
Due from other governments 0.00
Due to/from other funds 0.00
Prepaids 0.00
Amounts to be provided - payment of bonds 2,939,437.75 25,548,700.00 1,754,000.00 30,242,137.75
Total Assets 8,229,251.02 28,354,082.32 1,835,926.34 38,419,259.68
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable 8,246.43 49,635.21 1,580.49 59,462.13
Warrants payable 0.00
Accrued payroll and withholdings 11,144.71 22,461.08 4,398.05 38,003.84
Other liabilities 10,596.82 (10.64) 10,586.18
Deferred revenue:
User Charges 393,110.09 400,147.01 793,257.10
Special assessments 275,334.79 334,231.39 609,566.18
Utility liens added to taxes 48,641.58 46,814.23 95,455.81
Tax foreclosures 0.00
Departmental 0.00
Due from other governments 0.00
Bonds payable 2,939,437.75 25,548,700.00 1,754,000.00 30,242,137.75
Vacation and sick leave liability 0.00
Total Liabilities 3,675,915.35 26,412,585.74 1,759,967.90 31,848,468.99
Fund Equity:
Reserved for encumbrances 0.00
Reserved for expenditures 83,000.00 83,000.00
Reserved for continuing appropriations 633,190.78 654,102.37 3,058.00 1,290,351.15
Reserved for petty cash 25.00 25.00 50.00
Reserved for appropriation deficit 0.00
Unreserved retained earnings 3,920,119.89 1,204,369.21 72,900.44 5,197,389.54
Total Fund Equity 4,553,335.67 1,941,496.58 75,958.44 6,570,790.69
Total Liabilities and Fund Equity 8,229,251.02 28,354,082.32 1,835,926.34 38,419,259.68