Canton, Massachusetts · Saved source text
Enterprise Funds 2014 Year End Reports (PDF)
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Source page 1
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DEPARTMENT OF FINANCE
KATHLEEN D. BUTTERS
MEMORIAL HALL TOWN ACCOUNTANT
801 WASHINGTON STREET kbutters@town.canton.ma.us
CANTON, MA 02021 (781) 575-6605
JAMES R. MURGIA PHONE: 781-575-6610
FINANCE DIRECTOR FAX: 781-575-6608 SUSAN E. DESJARDINS
jmurgia@town.canton.ma.us town.canton.ma.us ASST. TREASURER/COLLECTOR
(781) 575-6612 sdesjardins@town.canton.ma.us
(781) 821-5006
LOUIS M. JUTRAS
INFORMATION
SYSTEMS MANAGER
MEMORANDUM ljutras@town.canton.ma.us
(781) 821-5069
TO: Board of Selectmen
FROM: James Murgia, Finance Director
DATE: August 14, 2014
SUBJECT: Enterprise Funds' Fiscal 2014 Operating Results
The attached report shows the enterprise funds' operating results for fiscal 2014. Also attached
is a balance sheet report showing all the enterprise funds which was prepared for the
Department of Revenue to certify the enterprise funds' "free cash reserve" balances as of June
30, 2014.
Water enterprise's operating surplus was $795,573 which is more than budget primarily due to
additional revenue received in fiscal 2014 from collecting prior year water bills, connection fees
from the Avalon development and receipt of bond premiums when debt was issued in March.
After considering the fiscal 2014 surplus, the water enterprise fund ended the year with a
contingency reserve of close to $2 million which is a healthy 31.0% of expenses.
The sewer enterprise finished fiscal 2014 operating at a surplus of $206,058 due to less than
expected sewer revenues. Sewer's end of year contingency reserve is $800,665 which is an
adequate 14.3% of expenses. For fiscal 2015 the sewer rates have been increased 15% while
the water rates were reduced approximately 7%.
The rink enterprise experienced an operating surplus of $48,850 during fiscal 2014 primarily due
to increased revenues. The rink's end of year contingency reserve amounted to $74,919 or an
adequate 19.8% of expenses.
Please let me know if you have any questions or comments concerning this information.
JRM/ej
Attachment
cc: Kathy Butters, Town Accountant
William T. Friel, Town Administrator
Janet Maguire, Director of Recreation
Mark Porter, Chairman, Finance Committee
Mike Trotta, DPW SuperintendentSource page 2
ENTERPRISE FUNDS' OPERATING RESULTS FOR FISCAL 2014
FISCAL FISCAL
2014 2014 ACTUALS
DESCRIPTION BUDGET ACTUALS t VS. BUDGET
WATER REVENUE 6,633,538 7,092,091 458,553
SALARIES & WAGES 786,456 821,945 (35,489)
MWRA ASSESSMENT 1,416,652 1,426,900 (10,248)
CHARGES FROM GENERAL FUND 756,170 756,170 (0)
DEBT SERVICE 2,140,372 2,090,328 50,044
OTHER EXPENSES 1,250,005 1,201,175 48,830
TOTAL WATER OPERATING EXPENSES 6,349,655 6,296,518 53,137
WATER SURPLUS/(DEFICIT) 283,883 795,573 511,690
END OF YEAR CONTINGENCY RESERVE 1,955,013
RESERVE AS % OF EXPENSES 31.0%
SEWER REVENUE 6,018,389 5,814,387 (204,002)
SALARIES & WAGES 474,552 389,682 84,870
MWRA ASSESSMENT 3,481,903 3,485,020 (3,117)
CHARGES FROM GENERAL FUND 394,399 394,399 0
DEBT SERVICE 934,258 937,830 (3,572)
OTHER EXPENSES 332,999 401,397 (68,398)
TOTAL SEWER OPERATING EXPENSES 5,618,111 5,608,329 9,782
SEWER SURPLUS/(DEFICIT) 400,278 206,058 (194,220)
END OF YEAR CONTINGENCY RESERVE 800,665
RESERVE AS % OF EXPENSES 14.3%
RINK REVENUE 380,907 427,027 46,120
SALARIES & WAGES 134,382 131,111 3,271
CHARGES FROM GENERAL FUND 82,015 82,015
DEBT SERVICE 9,160 9,160 ,
OTHER EXPENSES 155,350 155,891 (541)
TOTAL RINK OPERATING EXPENSES 380,907 378,177 2,730
RINK SURPLUS/(DEFICIT) 0 48,850 48,850
END OF YEAR CONTINGENCY RESERVE 74,919
RESERVE AS % OF EXPENSES 19.8%
ATMDATA.xlsx enterprises 8/8/2014Source page 3
TOWN OF CANTON - ENTERPRISE FUNDS
COMBINED BALANCE SHEET AS OF JUNE 30, 2014
SEWER SEWER TOTAL WATER WATER TOTAL SKATING
OPERATIONS CAP PROJ SEWER OPERATIONS CAP PROJ/GRANTS WATER RINK TOTALS
ASSETS
CASH AND SHORT TERM INVESTMENTS 2,124,893.71 1,203,657.20 3,328,550.91 1,417,761.27 652,058.78 2,069,820.05 77,278.24 5,475,649.20
OTHER RECEIVABLES 0.00 0.00 0.00 0.00 0.00 0.00 3,196.80 3 96.80
TAX LIENS 24,410.09 0.00 24,410.09 21,026.12 0.00 21,026.12 0.00 45,436.21
USER CHARGES RECEIVABLE 161,540.62 0.00 161,540.62 187,067.21 0.00 187,067.21 0.00 348,607.83
UTILITY LIENS ADDED TO TAXES 212,461.91 0.00 212,461.91 241,385.46 0.00 241,385.46 0.00 453,847.37
AMOUNT PROVIDED FOR BONDS PAYABLE 8,643,555.00 0.00 8,643,555.00 21,971,300.00 0.00 21,971,300.00 34,000.00 30,648,855.00
CONSTRUCTION IN PROGRESS 0.00 0.00 0.00 0.00 93,158.01 93 158.01 0.00 93,158.01
TOTAL ASSETS 11,166,861.33 1,203,657.20 2,370,518.53 23,838,540.06 745,216.79 24,583,756.85 114,475.04 37,068,750.42
LIABILITIES
ACCOUNTS PAYABLE 1,008.16 80,843.00 81,851.16 29,997.04 66,562.81 96,559.85 2,167.51 180 578 52
ACCRUED PAYROLL 8,126.10 1 0.00 8,126.10 18,173.63 0.00 18,173,63 191.54 26,491.27
INTERFUND PAYABLES 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
BONDS PAYABLE 9,908,010.00 0.00 9,908,010.00 20,706,845.00 0.00 20,706,845.00 34,000.00 30,648,855.00
DEFERRED REVENUES 398,412.62 0.00 398,4 2.62 449,478.79 0.00 449,478.79 3,196.80 851,088.21
NOTES PAYABLE 0.00 400,000.00 400,000.00 0.00 530,000.00 530,000.00 0.00 930,000.00
OTHER LIABILITIES 0.00 0.00 0.00 10,000.00 0.00 10,000.00 0.00 1 10,000.00
TOTAL LIABILITIES -I
10,315,556.88 1 480,843.00 10,796,399.88 21,214,494.46 596,562.81 21,811,057.27 39,555.85 32,647,013.00
FUND EQUITY
RESERVE FOR ENCUMBRANCES 4,614.49 412,976.71 417,591.20 37,007.94 11,181 00 48,188.94 0.00 465,780.14
RESERVE FOR EXPENDITURES 46,000.00 0.00 46,000.00 632,000.00 0.00 632,000.00 0.00 678,000.00
RESERVE FOR PETTY CASH 25.00 0.00 25.00 25.00 0.00 25.00 0.00
-,-- 50.00
l'
RESERVE FOR UNSPENT CONSTRUCTION PROCEEDS 0.00 309,837.49 309 837 49 0.00 I 75,014.99 75,014.99 0.00 384,852.48
UNRESERVED FUND BALANCE 800,664.96 0.00 800,664.96 1,955,012.66 62,457.99 2,017,470.65 74,919.19 2,893,054.80
TOTAL FUND EQUITY 851,304.45 722,814.20 1,574,118.65 2,624,045.60 148,653.98 2,772,699.58 74,919.19 4,421,737.42
TOTAL LIABILITIES AND FUND EQUITY 11 166,861.33 1,203,657.20 12,370,518.53 I 23 838,540.06 745 2 6 79 24,583,756.85 114,475.04 37,068,750.42
Fy 14 Balance Sheets.xlsx Enterprise Funds-Balance Sheets 8/13/2014