Canton, Massachusetts · Saved source text
Latest Bond Issuance Report February 2018
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Source page 163
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2017
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Revenues:
Taxes:
Real estate and personal property taxes $ 69,460,204 $ 69,460,204 $ 70,207,984 70,207,984 747,780
Tax title - - 172,988 172,988 172,988
Payments in lieu of taxes 231,040 231,040 231,040 231,040 -
Motor vehicle excise 3,600,000 3,600,000 4,505,384 4,505,384 905,384
Meals taxes 350,000 350,000 361,770 361,770 11,770
Room occupancy excise 250,000 250,000 231,306 231,306 (18,694)
73,891,244 73,891,244 75,710,472 - 75,710,472 1,819,228
Intergovernmental:
State aid - chapter 70 5,320,092 5,320,092 5,320,092 5,320,092 -
State aid - charter school 49,046 49,046 53,918 53,918 4,872
State aid - unrestricted 2,061,875 2,061,875 2,061,875 2,061,875 -
State aid - veterans 152,714 152,714 150,820 150,820 (1,894)
State aid - exemptions 146,973 146,973 142,601 142,601 (4,372)
State aid - state owned land 37,870 37,870 37,870 37,870 -
State aid - other 100,000 100,000 201,142 201,142 101,142
MSBA school construction reimbursement 456,305 456,305 456,305 456,305 -
8,324,875 8,324,875 8,424,623 - 8,424,623 99,748
Departmental fees, charges, and other:
Municipal lien fees 40,000 40,000 46,600 - 46,600 6,600
Town clerk fees 30,000 30,000 32,987 - 32,987 2,987
Public safety detail fees 30,000 30,000 35,140 - 35,140 5,140
Other departmental fees 50,000 50,000 44,732 - 44,732 (5,268)
Rental of municipal property 200,000 200,000 185,417 - 185,417 (14,583)
Conservation department revenues 77,000 77,000 105,876 - 105,876 28,876
Solar revenues 323,067 323,067 461,428 - 461,428 138,361
Other departmental revenues 25,000 25,000 60,895 - 60,895 35,895
775,067 775,067 973,075 - 973,075 198,008
Licenses and permits:
Alcohol licenses 70,000 70,000 81,300 - 81,300 11,300
Other licenses 80,000 80,000 76,439 - 76,439 (3,561)
Building permits 515,000 515,000 768,041 - 768,041 253,041
Other permits 185,000 185,000 216,336 - 216,336 31,336
850,000 850,000 1,142,116 - 1,142,116 292,116
Fines and forfeitures:
Motor vehicle fines 85,000 85,000 84,105 - 84,105 (895)
Other fines 15,000 15,000 8,716 - 8,716 (6,284)
100,000 100,000 92,821 - 92,821 (7,179)
Penalties and interest on taxes 250,000 250,000 314,625 - 314,625 64,625
Interest and investment income 80,000 80,000 127,091 - 127,091 47,091
Total Revenues 84,271,186 84,271,186 86,784,823 - 86,784,823 2,513,637
Town of Canton, Massachusetts Page 85 of 125 Comprehensive Annual Financial ReportSource page 164
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2017
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Expenditures:
Current:
General Government:
Executive Branch 1,184,211 1,020,067 992,619 27,426 1,020,045 22
Executive Branch Articles - 152,000 - 152,000 152,000 -
Commitees and Commissions 34,268 34,268 21,124 1,500 22,624 11,644
Reserve Fund 500,000 219,950 - - - 219,950
Finance Department 1,065,042 1,074,380 980,865 89,345 1,070,210 4,170
Finance Department Articles 130,516 130,516 119,567 10,948 130,515 1
Assessors 320,704 324,584 322,125 2,151 324,276 308
Town Clerk & Elections 232,405 253,202 252,027 742 252,769 433
Town Clerk & Elections Articles 37,956 37,956 - 37,956 37,956 -
Conservation Commission 138,408 138,831 128,731 - 128,731 10,100
Conservation Commission Articles 100,000 100,000 62,521 37,479 100,000 -
Planning Board 66,163 66,163 62,433 3,687 66,120 43
Town Insurance 1,084,985 1,084,985 1,058,297 10,000 1,068,297 16,688
Total General Government 4,894,658 4,636,902 4,000,309 373,234 4,373,543 263,359
Public Safety
Fire Department 5,514,012 5,514,012 5,428,525 79,828 5,508,353 5,659
Fire Department Articles 45,000 45,000 45,000 - 45,000 -
Police Department 4,755,660 4,888,300 4,822,329 43,827 4,866,156 22,144
Police Department Articles 247,475 247,475 173,910 70,621 244,531 2,944
Building & Zoning 364,544 366,368 328,904 18,346 347,250 19,118
Building & Zoning Articles - - - - - -
Total Public Safety 10,926,691 11,061,155 10,798,668 212,622 11,011,290 49,865
Education:
School 40,733,312 40,670,326 38,013,364 2,645,880 40,659,244 11,082
School Articles 862,648 862,648 721,359 138,524 859,883 2,765
Blue Hill Regional 1,195,356 1,191,629 1,180,767 - 1,180,767 10,862
Norfolk County Agricultural HS 10,000 13,727 13,727 - 13,727 -
Total Education 42,801,316 42,738,330 39,929,217 2,784,404 42,713,621 24,709
Public Works:
Public Works 2,826,413 2,833,091 2,709,226 67,250 2,776,476 56,615
Public Works Articles 1,071,279 1,071,279 676,840 391,815 1,068,655 2,624
Street Lighting 120,570 130,620 122,712 6,401 129,113 1,507
Snow & Ice 569,532 765,267 764,864 - 764,864 403
Trash Collection 1,840,240 1,860,240 1,858,338 - 1,858,338 1,902
Total Public Works 6,428,034 6,660,497 6,131,980 465,466 6,597,446 63,051
Health and Human Services:
Health Department 365,030 366,297 355,448 - 355,448 10,849
Council on Aging 366,848 372,431 370,590 1,791 372,381 50
Council on Aging Articles 151,000 151,000 146,412 - 146,412 4,588
Veteran's Services 279,730 283,703 265,584 - 265,584 18,119
Total Health and Human Services 1,162,608 1,173,431 1,138,034 1,791 1,139,825 33,606
(continued)
Town of Canton, Massachusetts Page 86 of 125 Comprehensive Annual Financial ReportSource page 165
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2017
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Culture and Recreation:
Recreation & Playground 677,362 678,103 662,743 7,075 669,818 8,285
Recreation & Playground Articles 100,454 135,454 59,517 75,635 135,152 302
Public Library 1,240,897 1,240,897 1,206,797 25,866 1,232,663 8,234
Public Library Articles 67,394 67,394 57,839 8,174 66,013 1,381
Total Culture and Recreation 2,086,107 2,121,848 1,986,896 116,750 2,103,646 18,202
Pension Benefits: 4,397,322 4,397,322 4,397,289 - 4,397,289 33
Employee Benefits:
Unemployment Compensation 100,000 100,000 100,000 - 100,000 -
Employer Share- Health 11,280,778 11,418,764 11,409,681 8,350 11,418,031 733
Employer Share- Life 60,000 60,000 59,640 - 59,640 360
Employer Share- OPEB 770,000 770,000 770,000 - 770,000 -
Total Employee Benefits 12,210,778 12,348,764 12,339,321 8,350 12,347,671 1,093
State and County Charges: 1,002,359 1,002,359 995,573 - 995,573 6,786
Debt Service: 4,807,386 4,807,386 4,792,087 - 4,792,087 15,299
Total Expenditures 90,717,259 90,947,994 86,509,374 3,962,617 90,471,991 476,003
Other Financing Sources (Uses)
Transfers in 1,924,936 1,924,936 1,943,958 1,943,958 19,022
Transfers out (465,000) (1,444,265) (1,444,265) (1,444,265) -
Total Other Financing Sources (Uses) 1,459,936 480,671 499,693 $ 499,693 19,022
Excess (Deficiency) of Revenues and Other
Financing Sources Over Expenditures/Uses
Of Prior Year Budgetary Fund Balance (4,986,137) (6,196,137) $ 775,142 $ 3,008,662
Other Budgetary Items
Use of unassigned fund balance $ 1,332,000 $ 2,542,000
Prior year encumbrances 3,654,137 3,654,137
Total Other Budgetary Items 4,986,137 6,196,137
Net budget and actual $ - $ -
(Concluded)
The notes to the financial statements are an integral part of this statement.
The notes to the required supplementary information are and integral part of this statement.
Town of Canton, Massachusetts Page 87 of 125 Comprehensive Annual Financial ReportSource page 166
TOWN OF CANTON, MASSACHUSETTS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED JUNE 30, 2017
I. Budgetary Basis of Accounting
Budgetary Information – An annual budget is legally adopted for the General Fund and the Enterprise
Fund. The budget is recommended by the Finance Committee and approved by Town Meeting at the
Town’s annual meeting in May. Changes subsequent to the approved Town Meeting budget require
majority Town Meeting approval at a Special Town Meeting. Expenditures may not legally exceed
appropriations at the department level. Department heads may transfer, without Town Meeting
approval, appropriation balances from one account to another within their department or budget, and
within the categories of salaries and expenses. At the close of each fiscal year, unencumbered
appropriation balances lapse and revert to unassigned fund balance.
The Town adopts an annual budget for the general fund in conformity with the guidelines described
above. During fiscal year 2017, Town Meeting approved various supplemental budgetary
appropriations which resulted in a net increase of approximately $1,200,000 from the original voted
budget. These appropriations were primarily utilized for snow and ice removal ($200,000), capital
funding ($475,000) and increased stabilization reserves ($500,000).
The Town Accountant has the responsibility to ensure that budgetary control is maintained in the
manner in which the appropriations were voted by Town Meeting. Budgetary control is exercised
through the Town’s accounting system.
Budgetary-to-GAAP Reconciliation – The Town’s general fund is prepared on a basis of accounting
other than GAAP. A reconciliation of the budgetary-basis to GAAP-basis results for the General Fund
for the fiscal year ended June 30, 2017, is as follows:
Basis of
Accounting Fund Perspective
Differences Differences Total
Revenues on a budgetary basis $ 86,784,823
Stabilization revenue $ - $ 141,189 141,189
Change in accruing tax revenues (191,179) - (191,179)
Change in recording tax refunds payable 1,380,000 - 1,380,000
On behalf payments 8,278,668 - 8,278,668
Revenues on a GAAP basis $ 9,467,489 $ 141,189 $ 96,393,501
Expenditures on a budgetary basis $ 86,509,374
Reclass of enterprise indirects cost to expenditures $ (866,981) $ - (866,981)
Change in accruing payroll expenditures 365,130 - 365,130
Refunding transactions 21,404 - 21,404
On behalf payments 8,278,668 - 8,278,668
Expenditures on a GAAP basis $ 7,798,221 $ - $ 94,307,595
Other financing sources (uses) on a budgetary basis $ 499,693
Reclass of enterprise indirects cost to expenditures $ (866,981) $ - (866,981)
Refunding transactions 21,404 - 21,404
Stabilization transfers - 500,000 500,000
Other financing sources (uses) on a GAAP basis $ (845,577) $ 500,000 $ 154,116
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Combining Statements Town of Canton, Massachusetts Page 89 of 125 Comprehensive Annual Financial Report
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Nonmajor Governmental Funds
Narrative
Special Revenue Funds –
Special revenue funds are used to account for certain revenue generating activities that are legally and/or
programmatically restricted to expenditures for a specific purpose. From the Town’s financial ledgers,
these activities can be distinctly categorized into the following groupings:
School Lunch – This segregated revolving fund accounts for the activities of the child nutrition programs;
amounts collected from services include federal and state meal reimbursements and meal charges.
Private Grants – This fund accounts for grant funds received from private organizations that are to be
used to fund various governmental programs.
Town Revolving – This fund accounts for the non-school related activity within revolving funds
established in accordance with MGL Chapter 44, Section 53E ½ and other applicable statutes.
School Revolving – This fund accounts for educational-based activities within revolving funds established
in accordance with MGL Chapter 44, Section 53E ½ and Chapter 71.
Recreation – This fund accounts for self-supporting recreation programs and activities.
Ambulance – This fund accounts for the fees generated by the operations of the fire department’s
ambulance service that are used to fund specific operating costs of the department.
Community Preservation – This fund accounts for assets that are restricted by state law for the purposes
of acquiring or developing open space and recreational facilities, historic resources and affordable
housing.
Town Grants – This fund accounts for non-school grant programs received either directly from federal
and state agencies or indirectly through pass-through entities.
School Grants – This fund accounts for educational-based grant programs received either directly from
federal and state agencies or indirectly through pass-through entities.
Roadway Improvements – This fund accounts for certain roadway improvement projects which are fully
reimbursed by the Commonwealth of Massachusetts.
Other Departmental – This fund accounts for activity of donated funds, public safety details, and other
restricted funds used to support governmental programs.
Town of Canton, Massachusetts Page 91 of 125 Comprehensive Annual Financial ReportSource page 170
Permanent Funds –
Permanent funds are used to report resources that are legally restricted to the extent that only earnings, not
principal, may be used for purposes that support governmental programs.
Cemetery Trust Funds – This fund accounts for contributions earmarked for the perpetual care and
maintenance of cemetery facilities and property.
Library Trust Funds – This fund accounts for contributions earmarked for the support of the Town’s
library.
Other Municipal Trust Funds – This fund accounts for all contributions including: gifts, donations and
bequests for which only earnings on the original trust corpus may be expended to benefit government
approved programs, other than those associated with cemetery and library activities.
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NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2017
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Assets:
Cash and cash equivalents $ 325,660 $ 739,809 $ 724,231 $ 1,641,943 $ 295,398
Investments - - - - -
Receivables, net of allowance for uncollectibles:
Property taxes - - - - -
Tax liens and foreclosures - - - - -
Departmental and other - - - - -
Intergovernmental 30,595 - - - -
Total Assets $ 356,255 $ 739,809 $ 724,231 $ 1,641,943 $ 295,398
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ 3,062 $ 3,375 $ 153,010 $ 10,188 $ 36,800
Accrued payroll and withholdings 43,454 - 48 4,454 16,047
Other liabilities - - 4,031 - -
Due to other funds - - - - -
Bond anticipation notes payable - - - - -
Total Liabilities 46,516 3,375 157,089 14,642 52,847
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - -
Unavailable revenues - other - - - - -
Total Deferred Inflows of Resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted 309,739 736,434 567,142 1,627,301 242,551
Unassigned - - - - -
Total Fund Balances 309,739 736,434 567,142 1,627,301 242,551
Total Liabilities, Deferred Inflow of
Resources, and Fund Balances $ 356,255 $ 739,809 $ 724,231 $ 1,641,943 $ 295,398
Town of Canton, Massachusetts Page 94 of 125 Comprehensive Annual Financial ReportSource page 173
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ 1,629,701 $ 1,921,209 $ 111,415 $ 705,818 $ 2,120 $ 2,611,234 $ 10,708,538
- - 545,351 - - - 545,351
- 7,329 - - - - 7,329
- 2,731 - - - - 2,731
164,656 - - - - 91,327 255,983
- - 72,277 16,020 - - 118,892
$ 1,794,357 $ 1,931,269 $ 729,043 $ 721,838 $ 2,120 $ 2,702,561 $ 11,638,824
$ - $ 1,360 $ 15,498 $ 14,514 $ - $ 44,961 $ 282,768
- - 4,945 14,053 - 19,663 102,664
- - - - - - 4,031
- - - - - - -
- - - - - - -
- 1,360 20,443 28,567 - 64,624 389,463
- 10,060 - - - - 10,060
164,656 - - - - 91,327 255,983
164,656 10,060 - - - 91,327 266,043
- - - - - - -
1,629,701 1,919,849 749,266 693,271 2,120 2,662,067 11,139,441
- - (40,666) - - (115,457) (156,123)
1,629,701 1,919,849 708,600 693,271 2,120 2,546,610 10,983,318
$ 1,794,357 $ 1,931,269 $ 729,043 $ 721,838 $ 2,120 $ 2,702,561 $ 11,638,824
Town of Canton, Massachusetts Page 95 of 125 Comprehensive Annual Financial ReportSource page 174
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2017
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
Assets:
Cash and cash equivalents $ 60,377 $ 568,254 $ 23,825 $ 652,456 $ 11,360,994
Investments 419,863 - 146,952 566,815 1,112,166
Receivables, net of allowance for uncollectibles:
Property taxes - - - - 7,329
Tax liens and foreclosures - - - - 2,731
Departmental and other - - - - 255,983
Intergovernmental - - - - 118,892
Total Assets $ 480,240 $ 568,254 $ 170,777 $ 1,219,271 $ 12,858,095
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ - $ - $ - $ - $ 282,768
Accrued payroll and withholdings - - - - 102,664
Other liabilities - - - - 4,031
Due to other funds - - - - -
Bond anticipation notes payable - - - - -
Total Liabilities - - - - 389,463
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - 10,060
Unavailable revenues - other - - - - 255,983
Total Deferred Inflows of Resources - - - - 266,043
Fund Balances:
Nonspendable 455,397 21,553 12,235 489,185 489,185
Restricted 24,843 546,701 158,542 730,086 11,869,527
Unassigned - - - - (156,123)
Total Fund Balances 480,240 568,254 170,777 1,219,271 12,202,589
Total Liabilities and Fund Balances $ 480,240 $ 568,254 $ 170,777 $ 1,219,271 $ 12,858,095
(Concluded)
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NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2017
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Revenues:
Property taxes $ - $ - $ - $ - $ -
Intergovernmental 364,958 - 22,329 - -
Charges for services 772,015 - - - -
Departmental and other - - 211,310 1,356,136 362,497
Investment income 1,542 - - - -
Contributions and donations - 10,000 36,448 - 5,701
Total Revenues 1,138,515 10,000 270,087 1,356,136 368,198
Expenditures:
Current:
General government - - 14,570 - -
Public safety - - 5,944 - -
Education 1,001,194 - - 1,286,058 -
Public works - 33,614 - - -
Health and human services - - 97,784 - -
Culture and recreation - - 46,362 - 326,091
Employee benefits - - - - -
Total Expenditures 1,001,194 33,614 164,660 1,286,058 326,091
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 137,321 (23,614) 105,427 70,078 42,107
Other Financing Sources (Uses):
Premium from bonds and notes - - - - -
Transfers in - - - - -
Transfers out (146,805) - (69,300) - -
Total Other Financing Sources (Uses) (146,805) - (69,300) - -
Net Change in Fund Balances (9,484) (23,614) 36,127 70,078 42,107
Fund Balances - Beginning of Year 319,223 760,048 531,015 1,557,223 200,444
Fund Balances - End of Year $ 309,739 $ 736,434 $ 567,142 $ 1,627,301 $ 242,551
Town of Canton, Massachusetts Page 98 of 125 Comprehensive Annual Financial ReportSource page 177
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ - $ 546,766 $ - $ - $ - $ - $ 546,766
- 108,001 317,163 2,623,782 646,421 - 4,082,654
1,256,739 - - - - - 2,028,754
- 1,457 - - - 616,778 2,548,178
- 9,413 11,441 - - 825 23,221
- - - - - 399,106 451,255
1,256,739 665,637 328,604 2,623,782 646,421 1,016,709 9,680,828
- - 7,139 - - 163,027 184,736
- - 279,949 - - 581,319 867,212
- - - 2,432,405 - 316,871 5,036,528
- - - - 646,421 5,520 685,555
- - 49,370 - - - 147,154
- 133,966 11,303 - - 12,191 529,913
- - - - - 65,846 65,846
- 133,966 347,761 2,432,405 646,421 1,144,774 7,516,944
1,256,739 531,671 (19,157) 191,377 - (128,065) 2,163,884
- - - - - 261,586 261,586
- - 4,265 - - 80,000 84,265
(761,150) - - - - (394,980) (1,372,235)
(761,150) - 4,265 - - (53,394) (1,026,384)
495,589 531,671 (14,892) 191,377 - (181,459) 1,137,500
1,134,112 1,388,178 723,492 501,894 2,120 2,728,069 9,845,818
$ 1,629,701 $ 1,919,849 $ 708,600 $ 693,271 $ 2,120 $ 2,546,610 $ 10,983,318
(Continued)
Town of Canton, Massachusetts Page 99 of 125 Comprehensive Annual Financial ReportSource page 178
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2017
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
Revenues:
Property taxes $ - $ - $ - $ - $ 546,766
Intergovernmental - - - - 4,082,654
Charges for services - - - - 2,028,754
Departmental and other - - - - 2,548,178
Investment income 5,867 1,747 2,241 9,855 33,076
Contributions and donations 17,600 388,415 - 406,015 857,270
Total Revenues 23,467 390,162 2,241 415,870 10,096,698
Expenditures:
Current:
General government - - - - 184,736
Public safety - - - - 867,212
Education - - - - 5,036,528
Public works - - - - 685,555
Health and human services - - - - 147,154
Culture and recreation - 4,937 - 4,937 534,850
Employee benefits - - - - 65,846
Total Expenditures - 4,937 - 4,937 7,521,881
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 23,467 385,225 2,241 410,933 2,574,817
Other Financing Sources (Uses):
Premium from bonds and notes - - - - 261,586
Transfers in - - - - 84,265
Transfers out (5,000) - - (5,000) (1,377,235)
Total Other Financing Sources (Uses) (5,000) - - (5,000) (1,031,384)
Net Change in Fund Balances 18,467 385,225 2,241 405,933 1,543,433
Fund Balances - Beginning of Year 461,773 183,029 168,536 813,338 10,659,156
Fund Balances - End of Year $ 480,240 $ 568,254 $ 170,777 $ 1,219,271 $ 12,202,589
(Concluded)
Town of Canton, Massachusetts Page 100 of 125 Comprehensive Annual Financial ReportSource page 179
Internal Service Funds
Narrative
Internal service funds are used to account for the financing of services provided by one department to
other departments or governmental units. The Town’s risk financing activities accounts for in the internal
service funds can be distinctly categorized into the following groupings:
Health Claims – This fund accounts for the group health and dental insurance activity for active Town
employees and retirees.
Workers’ Compensation Claims – This fund accounts for workers’ compensation benefits, replacement
wages and medical claims expenses of employees that qualify for such benefits.
Unemployment Claims – This fund accounts for unemployment benefits for eligible employees.
Building Insurance – This fund accounts for resource accumulated to pay for damage to Town property
that is not covered by liability insurance.
Town of Canton, Massachusetts Page 101 of 125 Comprehensive Annual Financial ReportSource page 180
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2017
Total
Health Workers' Unemployment Building Internal
Claims Compensation Claims Insurance Service Funds
Assets:
Current assets:
Cash and cash equivalents $ 1,811,400 $ 23,681 $ 235,018 $ 1,994 $ 2,072,093
Investments 3,644,406 - - 457,628 4,102,034
Receivables, net of allowance for uncollectibles:
Departmental and other 62,426 - - - 62,426
Deposit held by third party 61,800 - - - 61,800
Total Current Assets 5,580,032 23,681 235,018 459,622 6,298,353
Liabilities:
Current liabilities:
Warrants and accounts payable 306,055 - - - 306,055
Health claims incurred but not reported 878,641 - - - 878,641
Total Current Liabilities 1,184,696 - - - 1,184,696
Net Position:
Unrestricted 4,395,336 23,681 235,018 459,622 5,113,657
TOTAL NET POSITION $ 4,395,336 $ 23,681 $ 235,018 $ 459,622 $ 5,113,657
Town of Canton, Massachusetts Page 102 of 125 Comprehensive Annual Financial ReportSource page 181
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FISCAL YEAR ENDED JUNE 30, 2017
Total
Health Workers' Unemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Operating Revenues:
Employee contributions $ 3,584,560 $ - $ - $ - $ 3,584,560
Employer contributions 10,612,761 - 100,000 - 10,712,761
Stop loss reimbursements 632,353 - - - 632,353
Total Operating Revenues 14,829,674 - 100,000 - 14,929,674
Operating Expenditures:
Employee benefits 15,208,033 4,447 64,310 - 15,276,790
Total Operating Expenditures 15,208,033 4,447 64,310 - 15,276,790
Operating Income (Loss) (378,359) (4,447) 35,690 - (347,116)
Nonoperating Revenues (Expenses):
Investment Income 49,262 254 2,240 6,532 58,288
Income (Loss) Before Transfers (329,097) (4,193) 37,930 6,532 (288,828)
Change in Net Position (329,097) (4,193) 37,930 6,532 (288,828)
Fund Balances - Beginning of Year 4,724,433 27,874 197,088 453,090 5,402,485
Fund Balances - End of Year $ 4,395,336 $ 23,681 $ 235,018 $ 459,622 $ 5,113,657
Town of Canton, Massachusetts Page 103 of 125 Comprehensive Annual Financial ReportSource page 182
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2017
Total
Health Workers' Umemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Cash Flows From Operating Activities:
Receipts from interfund services provided $ 14,958,623 $ - $ 100,000 $ - $ 15,058,623
Payments for interfund services used (14,870,771) (4,447) (64,310) - (14,939,528)
Net Cash Provided by (Used in) Operating Activities 87,852 (4,447) 35,690 - 119,095
Cash Flows From Investing Activities:
Investment income 49,262 254 2,240 6,532 58,288
Investment of operating cash (550,726) - - (4,538) (555,264)
Net Cash Provided By Investing Activities (501,464) 254 2,240 1,994 (496,976)
Net Change in Cash and Cash Equivalents (413,612) (4,193) 37,930 1,994 (377,881)
Cash and Cash Equivalents:
Beginning of the Year 2,225,012 27,874 197,088 - 2,449,974
End of the Year $ 1,811,400 $ 23,681 $ 235,018 $ 1,994 $ 2,072,093
Reconciliation of Operating Income (Loss) to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss) (378,359) (4,447) 35,690 - (347,116)
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Changes in assets and liablities:
Receivables 128,949 - - - 128,949
Deposits held by third party 61,121 - - - 61,121
Accounts payable and accrued expenses 138,488 - - - 138,488
Health claims incurred but not reported 137,653 - - - 137,653
Net Cash Provided by (Used in) Operating Activities $ 87,852 $ (4,447) $ 35,690 $ - $ 119,095
Town of Canton, Massachusetts Page 104 of 125 Comprehensive Annual Financial ReportSource page 183
Fiduciary Funds
Agency Funds –
Agency funds are used to account for assets maintained in a custodial capacity. Such activities primarily
consist of performance bonds, other escrow deposits, school student activity deposits.
Town of Canton, Massachusetts Page 105 of 125 Comprehensive Annual Financial ReportSource page 184
AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED JUNE 30, 2017
Beginning End
of Year Additions Deletions of Year
Assets
Current assets:
Cash and cash equivalents $ 1,373,818 $ 511,772 $ (575,805) $ 1,309,785
Liabilities
Current liabilities:
Warrants payable $ 13,269 $ 574,204 $ (560,296) $ 27,177
Agency liabilities 1,360,549 434,625 (512,566) 1,282,608
Total Liabilities $ 1,373,818 $ 1,008,829 $ (1,072,862) $ 1,309,785
Town of Canton, Massachusetts Page 106 of 125 Comprehensive Annual Financial ReportSource page 185
Statistical Section Statistical tables differ from financial statements since they usually cover more than one fiscal year and present non-accounting data. The following tables reflect social and economic data, financials trends, and fiscal capacity. Michelle Stark photo courtesy of the Canton Citizen The Ice House, a privately owned facility which features two regulation-sized ice skating rinks and a large concession area, plans to be remain open seven days a week throughout the year to help meet the increasing demand for available ice time.
Source page 186
Statistical Section
This part of the comprehensive annual financial report presents information as a context for understanding
what the information in the financial statements, note disclosures, and required supplementary
information says about the Town’s overall financial health.
Financial Trends
These schedules contain trend information to help the reader understand how the Town’s financial
performance and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the Town’s most significant local revenue
source, the property tax.
Debt Capacity
These schedules present information to help the reader assess the affordability of the Town’s current
levels of outstanding debt, and the Town’s ability to issue additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the Town’s financial activities take place.
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information
in the Town’s financial report relates to the services the Town provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the financial
statements for the relevant year.
Town of Canton, Massachusetts Page 107 of 125 Comprehensive Annual Financial ReportSource page 187
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Source page 189
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2008 2009 2010 2011 2012 (1) 2013 2014 2015 (2) 2016 2017
Governmental activities:
Net investment in capital assets…………………………….
$ 51,291,396 $ $ 54,948,512 $ $ 57,942,064 $ $ 62,056,797 $ 63,962,326 $ 61,957,511 $ 70,116,230 $ 76,109,604 $ 78,591,436 $ 78,738,423
Restricted………………………………………………………………………….. 4,432,975 8,844,047 7,781,249 7,457,544 6,774,650 10,768,853 8,912,488 9,193,516 9,006,548 10,642,548
Unrestricted……………………………………………………………… 25,253,777 14,125,826 6,141,042 (3,861,890) (8,796,940) (14,921,000) (23,682,247) (57,308,073) (55,970,281) (57,041,754)
Total governmental activities net position………………………………………..
$ 80,978,148 $ 77,918,385 $ 71,864,355 $ 65,652,451 $ 61,940,036 $ 57,805,364 $ 55,346,471 $ 27,995,047 $ 31,627,703 $ 32,339,217
Business-type activities:
Net investment in capital assets…………………………….
$ 13,948,369 $ 14,483,253 $ 15,188,472 $ 17,195,414 $ 16,033,950 $ 16,381,614 $ 15,743,697 $ 16,386,618 $ 17,457,708 $ 18,785,822
Unrestricted………………………………………………………………. 5,093,607 3,934,247 3,836,227 2,796,789 4,362,212 4,030,576 6,399,642 6,342,679 9,040,938 8,905,131
Total business-type activities net position…………………………….
$ 19,041,976 $ 18,417,500 $ 19,024,699 $ 19,992,203 $ 20,396,162 $ 20,412,190 $ 22,143,339 $ 22,729,297 $ 26,498,646 $ 27,690,953
Primary government:
Net investment in capital assets…………………………….
$ 65,239,765 $ 69,431,765 $ 73,130,536 $ 79,252,211 $ 79,996,276 $ 78,339,125 $ 85,859,927 $ 92,496,222 $ 96,049,144 $ 97,524,245
Restricted………………………………………………………………………. 4,432,975 8,844,047 7,781,249 7,457,544 6,774,650 10,768,853 8,912,488 9,193,516 9,006,548 10,642,548
Unrestricted…………………………………………………………… 30,347,384 18,060,073 9,977,269 (1,065,101) (4,434,728) (10,890,424) (17,282,605) (50,965,394) (46,929,343) (48,136,623)
Total primary government net position………………………………………………….
$ 100,020,124 $ 96,335,885 $ 90,889,054 $ 85,644,654 $ 82,336,198 $ 78,217,554 $ 77,489,810 $ 50,724,344 $ 58,126,349 $ 60,030,170
(1) In fiscal year 2012, the Town restated its liability for other post employment benefits. This resulted in a prior period restatement decreasing governmental activities beginning balance and increasing business-type
activities beginning balance by $161,000 and $262,000, respectively, as of July 1, 2011.
(2) In fiscal year 2015, the Town restated its liability for pension benefits. This resulted in a prior period restatement decreasing governmental activities and business-type activities beginning balance by
$34,589,481 and $2,341,420, respectively, as of July 1, 2014.
Town of Canton, Massachusetts Page 109 of 125 Comprehensive Annual Financial ReportSource page 190
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2008 2009 2010 2011 2012 2013 2014 2015 2016 (1) 2017 (1)
Expenses -
Governmental activities:
General government…...…………………………………………………… $ 5,142,280 $ $ 6,440,728 $ $ 5,856,721 $ $ 6,012,221 $ 5,898,196 $ 5,809,111 $ 6,231,894 $ 5,683,805 $ 5,764,062 $ 5,965,196
Public safety…..……………………………………………………………… 12,501,298 14,102,861 14,815,007 14,845,911 15,490,670 16,060,024 16,660,306 15,312,760 16,584,359 17,532,705
Education……..…………………………………………………………………. 45,669,483 52,111,533 56,105,191 57,174,814 58,649,480 61,782,205 64,153,101 54,772,830 60,963,021 68,325,037
Public works……...………………………………………………………………. 5,002,096 5,035,008 5,725,429 5,964,437 5,703,015 6,286,770 6,419,350 7,227,459 7,581,355 7,658,668
Health and human services……………...…………………………………………………………….
810,319 983,217 1,094,171 1,133,985 1,221,862 1,314,086 1,346,871 1,609,060 1,536,513 1,684,833
Culture and recreation………...…………………………………………………………..
2,498,364 2,715,016 2,762,453 2,882,803 2,944,861 2,985,722 3,123,867 3,006,143 3,698,331 3,683,115
Interest…………………………………………………………………… 2,105,670 1,996,528 1,919,708 1,797,797 1,664,859 1,668,538 1,557,660 722,667 672,768 636,035
Total government activities expenses…………………………………….. 73,729,510 83,384,891 88,278,680 89,811,968 91,572,943 95,906,456 99,493,049 88,334,724 96,800,409 105,485,589
Business-type activities:
Water…………………………………………………………………… 3,769,301 4,562,904 4,644,182 4,968,675 5,456,431 5,853,408 5,225,383 5,253,139 5,692,320 6,141,278
Sewer…………………………………………………………………… 4,643,878 4,462,173 4,575,414 4,819,406 5,084,191 5,173,053 5,366,166 5,416,303 5,925,780 6,191,663
Rink…………………………………………………………………… 357,203 458,269 486,775 504,265 496,394 390,072 353,666 405,752 79,670 61,792
Total business-type activities expenses…………………………………….. 8,770,382 9,483,346 9,706,371 10,292,346 11,037,016 11,416,533 10,945,215 11,075,194 11,697,770 12,394,733
Total primary government expenses………………………………………. $ 82,499,892 $ 92,868,237 $ 97,985,051 $ 100,104,314 $ 102,609,959 $ 107,322,989 $ 110,438,264 $ 99,409,918 $ 108,498,179 $ 117,880,322
Program Revenues -
Governmental activities:
Charges for services:
General government………………………………………………… $ 368,111 $ $ 400,721 $ $ 919,070 $ $ 385,778 $ 325,814 $ 554,773 $ 978,216 $ 881,979 $ 776,450 $ 563,303
Public safety……………………………………………………………….. 2,253,015 1,867,319 2,076,797 2,036,855 2,292,477 2,790,608 2,595,617 2,908,421 3,123,869 2,778,390
Education………………………………………………………………. 2,202,573 1,975,650 2,105,396 2,143,729 2,155,031 2,253,878 2,632,798 2,640,969 2,788,752 2,328,949
Public works………………………………………………………………. 71,911 69,082 129,056 92,920 125,694 210,642 227,108 281,025 316,164 267,218
Human services………………………………………………………………. 50,162 42,354 41,527 46,661 66,462 85,978 91,484 151,953 97,633 101,977
Culture and recreation……………………………………………………… 376,991 377,306 379,669 346,254 528,937 396,771 359,497 399,396 468,374 460,175
Operating grants and contributions…………………………………… 13,251,876 14,389,625 14,937,773 15,381,360 16,776,734 16,961,153 18,811,622 13,609,976 15,841,950 18,253,254
Capital grants and contributions………………………………………….. 2,251,419 3,291,089 1,170,098 162,497 1,659,561 550,999 611,930 2,832,069 1,562,827 922,822
Total government activities program revenues...…………………………….. 20,826,058 22,413,146 21,759,386 20,596,054 23,930,710 23,804,802 26,308,272 23,705,788 24,976,019 25,676,088
Business-type activities:
Charges for services - Water…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
5,148,323 4,727,025 5,693,293 6,965,364 6,672,927 6,702,942 6,943,731 7,011,223 7,084,917 6,929,539
Charges for services - Sewer…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
5,159,490 4,747,421 4,772,693 4,965,133 5,227,905 5,344,425 6,045,829 6,559,894 6,517,066 6,560,287
Charges for services - Rink…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
356,953 391,991 404,449 430,878 446,111 431,671 429,555 367,098 - -
Capital grant and contributions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
39,941 2,362 497,305 - - - 463,500 - - -
Operating grants and contributions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- - - - - - 6,250 37,338 2,093 80,960
Total business-type activities program revenues……………………………………..
10,704,707 9,868,799 11,367,740 12,361,375 12,346,943 12,479,038 13,888,865 13,975,553 13,604,076 13,570,786
Total primary government program revenues……………………………………….
$ 31,530,765 $ 32,281,945 $ 33,127,126 $ 32,957,429 $ 36,277,653 $ 36,283,840 $ 40,197,137 $ 37,681,341 $ 38,580,095 $ 39,246,874
Net (Expense)/Program Revenue
Governmental activities……………………....……………………………..
$ (52,903,452) $ (60,971,745) $ (66,519,294) $ (69,215,914) $ (67,642,233) $ (72,101,654) $ (73,184,777) $ (64,628,936) $ (71,824,390) $ (79,809,501)
Business-type activities……………………....…………………………….. 1,934,325 385,453 1,661,369 2,069,029 1,309,927 1,062,505 2,943,650 2,900,359 1,906,306 1,176,053
Total primary government net (expense)/program revenue……………………………………….
$ (50,969,127) $ (60,586,292) $ (64,857,925) $ (67,146,885) $ (66,332,306) $ (71,039,149) $ (70,241,127) $ (61,728,577) $ (69,918,084) $ (78,633,448)
(1) The roof of the Rink partially collapsed due to storm damage which has temporarily suspended operations and has led to a decrease in activity in the Rink Enterprise fund. (continued)
Town of Canton, Massachusetts Page 110 of 125 Comprehensive Annual Financial ReportSource page 191
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General Revenues and other Changes in Net Position -
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable…………………………………………………. $ 46,074,751 $ $ 49,643,467 $ $ 52,922,668 $ $ 54,892,887 $ 56,128,582 $ 58,966,309 $ 61,423,003 $ 63,720,607 $ 67,168,983 $ 72,087,049
Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
204,174 186,291 210,666 349,982 597,670 421,708 591,950 213,952 204,512 220,189
Motor vehicle excise taxes…………………………………………………… 3,622,335 3,170,275 3,082,341 3,286,609 3,101,266 3,914,171 3,380,408 4,385,878 4,376,168 4,581,480
Penalties and interest on taxes…………………………………………….. 188,163 246,950 317,161 305,814 263,511 323,695 344,012 310,740 254,164 314,625
Payments in lieu of taxes……………………………………………………………… 191,827 194,559 199,299 199,225 219,205 224,311 214,543 222,149 225,405 231,040
Hotel and meals taxes……………………………………………………………… - - - - 38,309 460,905 568,317 581,621 601,227 593,076
Grants and contributions not restricted to specific programs………………………………………………………………
2,974,443 2,727,082 2,165,199 2,201,430 2,026,227 2,202,728 2,776,692 2,213,169 2,013,767 2,099,870
Unrestricted investment income……………………………………………. 909,900 488,112 212,187 195,037 166,466 201,635 194,375 218,877 246,862 359,644
Insurance recoveries……………………………………………………………… - - - - - - - - 2,190,705 -
Miscellaneous……………………………………………………………… 189,784 245,317 312,573 471,501 382,614 188,275 - - - -
Transfers……………………………………………………………… 969,101 1,009,929 1,054,170 1,101,525 1,166,968 1,063,245 1,232,584 - (1,824,747) 34,042
Total governmental activities…………………………………………………………………
55,324,478 57,911,982 60,476,264 63,004,010 64,090,818 67,966,982 70,725,884 71,866,993 75,457,046 80,521,015
Business-type activities:
Unrestricted investment income……………………………………………. - - - - - 16,768 20,083 27,019 38,296 50,296
Transfers……………………………………………………………… (969,101) (1,009,929) (1,054,170) (1,101,525) (1,166,968) (1,063,245) (1,232,584) - 1,824,747 (34,042)
Total business-type activities….………..………………………………….. (969,101) (1,009,929) (1,054,170) (1,101,525) (1,166,968) (1,046,477) (1,212,501) 27,019 1,863,043 16,254
Total primary government general revenues and other
changes in net position…………………………………………………. $ 54,355,377 $ 56,902,053 $ 59,422,094 $ 61,902,485 $ 62,923,850 $ 66,920,505 $ 69,513,383 $ 71,894,012 $ 77,320,089 $ 80,537,269
Changes in Net Position
Governmental activities……………………....…………………………….. $ 2,421,026 $ (3,059,763) $ (6,043,030) $ (6,211,904) $ (3,551,415) $ (4,134,672) $ (2,458,893) $ 7,238,057 $ 3,632,656 $ 711,514
Business-type activities……………………....…………………………….. 965,224 (624,476) 607,199 967,504 142,959 16,028 1,731,149 2,927,378 3,769,349 1,192,307
Total primary government changes in net position……………………………………….
$ 3,386,250 $ (3,684,239) $ (5,435,831) $ (5,244,400) $ (3,408,456) $ (4,118,644) $ (727,744) $ 10,165,435 $ 7,402,005 $ 1,903,821
(concluded)
Town of Canton, Massachusetts Page 111 of 125 Comprehensive Annual Financial ReportSource page 192
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General Fund:
Nonspendable……………………………….$ - $ - $ - $ - $ - $ - $ - $ - $ - $ 7,252
Restricted………………………………. - 7,167,329 6,595,314 6,033,902 5,483,092 5,160,240 - - - -
Committed…………………………….. 279,918 166,540 240,545 202,643 328,343 470,608 358,148 364,246 886,722 923,152
Assigned…………………………….. 1,309,512 1,233,461 1,363,064 1,165,952 456,548 361,035 893,993 793,408 1,846,942 876,862
Unassigned…………………………… 6,585,875 5,784,251 5,193,760 5,825,529 7,118,096 8,276,920 9,815,657 11,430,875 12,961,775 16,128,195
Total general fund……………………………..$ 8,175,305 $ 14,351,581 $ 13,392,683 $ 13,228,026 $ 13,386,079 $ 14,268,803 $ 11,067,798 $ 12,588,529 $ 15,695,439 $ 17,935,461
All Other Governmental Funds:
Nonspendable……………………………….$ 325,985 $ 338,785 $ 356,385 $ 394,385 $ 404,785 $ 419,585 $ 432,785 $ 445,985 $ 471,585 $ 489,185
Restricted………………………………. 9,080,027 7,628,322 7,744,716 6,504,706 7,000,533 8,707,938 11,544,545 10,939,315 10,584,773 13,206,318
Unassigned…………………………… (2,275,117) (1,077,197) (1,116,827) (1,301,454) (1,735,507) (468,758) (1,187,828) (632,310) (2,674,755) (156,123)
Total all other governmental funds……………..
$ 7,130,895 $ 6,889,910 $ 6,984,274 $ 5,597,637 $ 5,669,811 $ 8,658,765 $ 10,789,502 $ 10,752,990 $ 8,381,603 $ 13,539,380
Note: The Town implemented GASB 54 in fiscal year 2011. All previous years (2008 - 2010) data presented were restated to conform to the GASB 54 presentation.
Town of Canton, Massachusetts Page 112 of 125 Comprehensive Annual Financial ReportSource page 193
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Revenues:
Property taxes, net of tax refunds…………………………………………………….
$ 46,128,837 $ $ 49,516,225 $ $ 52,217,093 $ $ 55,345,629 $ 56,246,748 $ 59,063,932 $ 61,544,401 $ 63,767,588 $ 67,223,724 $ 71,943,571
Tax title……………………………………………………………………………. 62,100 187,083 193,859 224,631 371,909 219,962 782,539 351,721 147,456 172,988
Motor vehicle and other excise taxes………………………………………… 3,426,512 3,515,812 3,080,023 3,289,549 3,165,288 3,473,978 3,714,753 4,119,643 4,555,904 4,505,384
Hotel and meals taxes…………………………………………………… - - - - 38,309 460,905 568,317 581,621 601,227 593,076
Charges for services……………………………………………………… 1,488,941 1,552,111 1,611,311 1,704,553 1,598,646 1,474,669 1,580,929 1,627,494 1,747,854 2,028,754
Penalties and interest on taxes………………………………………188,163 246,950 317,161 305,814 263,511 323,695 344,012 310,740 254,164 314,625
Payments in lieu of taxes…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
191,827 194,559 199,299 199,225 219,205 224,311 214,543 222,149 225,405 231,040
Fines and forfeitures…………………………………………… 189,562 165,991 139,458 165,051 134,626 109,411 141,311 113,467 119,540 92,821
Intergovernmental…………………………………………………….. 17,973,491 20,586,005 18,613,887 17,825,334 20,571,148 19,712,460 20,403,915 16,564,548 19,102,008 20,785,945
Intergovernmental - school construction grants…………………………………….. - 7,167,329 - - - - - 1,206,545 - -
Departmental and other………………………………………………. 2,836,910 2,827,470 3,394,781 2,768,345 2,971,011 3,456,976 4,073,470 4,119,749 4,506,265 3,539,653
Licenses and permits……………………………………….. 669,240 452,758 658,905 646,450 912,233 1,043,909 817,829 1,282,441 1,035,070 1,142,116
Contributions……………………………………………………………. 624,919 256,730 416,991 362,965 349,244 398,308 2,146,011 1,245,410 488,456 857,270
Investment income……………………………………………………….. 794,586 429,449 187,717 167,170 141,807 142,946 163,941 171,180 198,226 301,356
Total Revenue…………………………………………………
74,575,088 87,098,472 81,030,485 83,004,716 86,983,685 90,105,462 96,495,971 95,684,296 100,205,299 106,508,599
Expenditures:
General government…………………………………………………………….
3,728,731 4,706,731 4,187,558 4,062,501 3,811,225 3,905,506 4,255,876 3,980,026 3,936,471 3,938,757
Public safety……………………………………………………………… 8,907,119 9,285,602 9,364,149 9,427,684 9,579,726 10,087,953 10,630,184 10,724,190 11,138,061 11,386,263
Education………………………………………………………………… 30,142,662 33,314,956 34,967,636 36,008,019 35,975,887 37,524,669 39,417,729 40,479,930 42,896,291 44,863,583
Public works…………………………………………………………….. 4,048,452 3,548,575 4,125,380 4,353,404 3,845,990 4,449,435 4,503,498 5,515,513 5,592,699 5,494,358
Health and human services…………………………………………………………..
626,827 697,221 767,077 805,351 861,386 853,534 892,603 1,182,773 1,106,152 1,152,349
Culture and recreation…………………………………………………1,742,977 1,784,546 1,771,572 1,830,239 1,818,050 1,793,002 1,880,085 2,062,646 2,647,844 2,493,339
Pension benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
9,252,069 9,901,744 10,482,808 11,104,953 11,325,041 11,733,329 11,915,349 7,321,245 9,802,225 12,480,279
Employee benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
8,293,944 8,482,345 9,107,798 9,973,437 10,403,739 10,327,387 11,152,708 11,675,327 11,482,452 12,083,049
State and county charges………………………………………… 894,634 924,550 932,878 849,149 874,821 959,538 959,868 944,583 927,338 995,573
Capital outlay and other……………………………………………………………….
4,039,135 7,296,078 2,495,021 3,771,064 6,577,524 2,369,095 2,930,119 8,445,932 6,844,641 5,203,195
Debt service:
Principal……………………………………………………………… 3,827,020 3,929,020 3,947,750 4,029,141 4,306,220 4,385,178 4,520,404 3,819,900 3,931,624 3,821,850
Interest……………………………………………………………………. 2,111,050 2,010,966 1,955,945 1,838,977 1,661,391 1,677,804 1,619,994 1,166,454 1,061,042 970,237
Total Expenditures………………………………………………………..
77,614,620 85,882,334 84,105,572 88,053,919 91,041,000 90,066,430 94,678,417 97,318,519 101,366,840 104,882,832
Excess of revenues over (under) expenditures…………………………………………………
(3,039,532) 1,216,138 (3,075,087) (5,049,203) (4,057,315) 39,032 1,817,554 (1,634,223) (1,161,541) 1,625,767
Other Financing Sources (Uses):
Issuance of refunding bonds…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
1,084,000 - - 5,398,612 - - 15,185,400 - 515,000 1,596,000
Payments of refunded bonds…………………………………………………………….. - - - (5,540,000) - - (21,739,649) - (526,148) (1,619,000)
Payments to refunded bond escrow agent……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
(1,070,000) - - - - - - - - -
Issuance of bonds and notes………………...…………………………………………
1,907,000 3,541,000 1,087,261 1,964,388 2,932,908 2,603,159 175,000 2,861,150 1,367,000 5,455,000
Premium from bonds and notes………………...…………………………………………
81,480 85,862 69,122 261,192 136,455 166,242 2,258,843 153,042 11,148 305,990
Capital lease financing…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- 82,362 - 62,192 51,211 - - 104,250 - -
Insurance recoveries……………………………………………………………………………… - - - - - - - - 2,354,811 -
Transfers in……………………………………………………………………………… 2,827,203 2,728,433 2,445,096 2,865,322 2,854,525 3,835,589 3,988,699 1,856,376 2,294,746 2,421,242
Transfers out…………………………………………………………………………… (1,858,102) (1,718,504) (1,390,926) (1,513,797) (1,687,557) (2,772,344) (2,756,115) (1,856,376) (4,119,493) (2,387,200)
Total other financing sources (uses)…………………………………………………………………..
2,971,581 4,719,153 2,210,553 3,497,909 4,287,542 3,832,646 (2,887,822) 3,118,442 1,897,064 5,772,032
Net change in fund balance………………………………………………………………….
$ (67,951) $ 5,935,291 $ (864,534) $ (1,551,294) $ 230,227 $ 3,871,678 $ (1,070,268) $ 1,484,219 $ 735,523 $ 7,397,799
Debt service as a percentage of noncapital expenditures……………………………………………….
8.07% 7.56% 7.23% 6.96% 7.07% 6.91% 6.69% 5.61% 5.28% 4.81%
Town of Canton, Massachusetts Page 113 of 125 Comprehensive Annual Financial ReportSource page 194
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY BY CLASSIFICATION AND TAX RATES
LAST TEN FISCAL YEARS
Assessed Value Tax Rates
Ratio of
Total Total State Assessed to
Fiscal Residential Commercial Industrial Personal Commercial Town Equalized Equalized Residential Commercial Average
Year Value Value Value Property Value Value Value Value Tax Rate Tax Rate Tax Rate
2008 $ 3,203,773,709 $ 435,216,821 $ 399,643,400 $ 91,515,750 $ 926,375,971 $ 4,130,149,680 $ 4,384,334,700 94.20% $ 9.34 $ 18.40 $ 11.37
2009 3,234,696,626 429,321,664 389,319,700 120,258,560 938,899,924 4,173,596,550 4,487,449,500 93.01% 9.98 19.68 12.16
2010 3,032,221,732 455,712,638 378,970,320 122,726,290 957,409,248 3,989,630,980 4,487,449,500 88.91% 10.83 21.77 13.46
2011 3,044,468,807 442,405,763 360,889,000 126,905,510 930,200,273 3,974,669,080 4,386,215,300 90.62% 11.55 23.04 14.24
2012 3,063,743,888 432,654,082 333,946,500 124,249,390 890,849,972 3,954,593,860 4,386,215,300 90.16% 11.91 24.23 14.69
2013 3,080,898,534 433,793,536 330,412,500 126,558,890 890,764,926 3,971,663,460 4,131,231,300 96.14% 12.30 24.99 15.15
2014 2,971,728,949 427,533,191 343,409,000 141,947,970 912,890,161 3,884,619,110 4,131,231,300 94.03% 12.87 26.53 16.08
2015 3,150,088,016 421,047,184 345,967,900 152,768,400 919,783,484 4,069,871,500 4,083,657,900 99.66% 12.82 26.36 15.88
2016 3,367,549,515 443,366,255 349,329,400 160,467,160 953,162,815 4,320,712,330 4,083,657,900 105.80% 12.79 26.36 15.78
2017 3,508,576,688 459,186,222 358,855,200 171,786,770 989,828,192 4,498,404,880 4,615,563,300 97.46% 12.79 26.34 15.77
Commercial Value as % of Total Value
26.0%
24.0%
22.0%
20.0%
18.0%
16.0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Source: Official Statements, State Division of Local Services
Note: All property in the Commonwealth of Massachusetts is assessed at 100% of full and fair cash value. The State estimates this "equalized valuation" for all municipalities every two years.
Chapter 59, Section 21C of the Massachusetts General Laws, known as "Proposition 2 1/2", imposes 2 separate limits on the annual tax levy of the Town. The primary limitation is
that the tax levy cannot exceed 2 1/2% of the full and fair cash value. The secondary limitation is that the tax levy cannot exceed the maximum levy limit for the preceding fiscal year
as determined by the State Commissioner of Revenue by more than 2 1/2%, subject to an exception for property added to the tax rolls and for certain valuation increases. This
secondary limit may be exceeded in any fiscal year by majority approval of the voters, however, it cannot exceed the primary limitation.
Town of Canton, Massachusetts Page 114 of 125 Comprehensive Annual Financial ReportSource page 195
PRINCIPAL TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
2017 2008
Percentage of Percentage of
Total Taxable Total Taxable
Nature of Assessed Assessed Assessed Assessed
Taxpayer Business Valuation Rank Value Valuation Rank Value
Eversource (formerly NSTAR) Utility $ 65,805,370 1 1.46% $ 34,609,600 4 0.84%
Randolph Properties Housing 44,370,900 2 0.99%
Reebok Offices 43,993,700 3 0.98% 45,120,978 1 1.09%
BAC Canton Holdings LLC (formerly
One Beacon Insurance) Offices 42,106,900 4 0.94% 38,956,800 2 0.94%
Medical Information Tech., Inc. Offices 35,277,500 5 0.78% 37,191,600 3 0.90%
Canton Village Shoppes Retail 28,579,300 6 0.64% 30,435,300 5 0.74%
Boston Mutual Offices 28,025,100 7 0.62% 16,739,900 9 0.41%
Hines Global 250 Royall (formerly
Computershare) Offices 23,064,000 8 0.51% 24,829,900 7 0.60%
Spirit Canton LLC (formerly Casual Male) Offices 18,563,800 9 0.41% 16,075,500 10 0.39%
Columbia Gas Utility 17,632,570 10 0.39%
Chestnut Hill Realty Apartments 28,083,900 6 0.68%
Dan Road Building LLC Offices 19,581,200 8 0.47%
Totals $ 347,419,140 7.72% $ 291,624,678 7.06%
Source: Official Statements
Town of Canton, Massachusetts Page 115 of 125 Comprehensive Annual Financial ReportSource page 196
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Tax Levy Collections
Percent of
Less First Year Percent of Delinquent Total Total Tax
Fiscal Total Abatements & Net Current Net Levy Tax Tax Collections to
Year Tax Levy Exemptions Tax Levy Tax Collections Collected Collections Collections Net Tax Levy
2008 $ 46,968,564 $ 447,162 $ 46,521,402 $ 46,095,704 99.08% $ 347,730 $ 46,443,347 99.83%
2009 50,759,823 280,732 50,479,091 49,631,932 98.32% 441,490 50,073,422 99.20%
2010 53,681,761 568,052 53,113,709 52,019,666 97.94% 371,521 52,391,187 98.64%
2011 56,595,429 944,646 55,650,783 54,980,240 98.80% 636,552 55,616,792 99.94%
2012 58,074,485 544,552 57,529,933 56,783,097 98.70% 424,995 57,208,092 99.44%
2013 60,155,267 637,338 59,517,929 58,747,142 98.70% 338,628 59,085,770 99.27%
2014 62,465,167 867,042 61,598,125 61,056,268 99.12% 255,387 61,311,655 99.53%
2015 64,629,621 747,291 63,882,330 63,380,847 99.21% 343,663 63,724,510 99.75%
2016 68,196,330 657,044 67,539,286 66,960,492 99.14% 419,878 67,380,370 99.76%
2017 70,946,770 451,549 70,495,221 69,940,713 99.21% - 69,940,713 99.21%
Source: Accounting Records
Town of Canton, Massachusetts Page 116 of 125 Comprehensive Annual Financial ReportSource page 197
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Business-type
Governmental Activities Activities
General General Total Percentage Debt
Fiscal Obligation Capital Obligation Outstanding Personal of Personal U.S Census Per
Year Bonds (1) Leases Bonds (1) Debt Income Income Population Capita
2008 $ 48,857,465 $ - $ 9,554,055 $ 58,411,520 $ 1,022,343,000 5.71% 21,916 $ 2,665
2009 48,417,350 59,764 11,623,368 60,100,482 942,403,000 6.38% 22,048 2,726
2010 45,506,780 41,097 18,914,008 64,461,885 1,050,979,000 6.13% 21,732 2,966
2011 43,253,178 61,227 23,101,280 66,415,685 968,993,208 6.85% 20,097 3,305
2012 41,835,011 58,547 27,692,649 69,586,207 969,066,640 7.18% 20,159 3,452
2013 40,010,850 25,634 29,160,760 69,197,244 993,466,795 6.97% 20,708 3,342
2014 31,039,890 13,022 31,180,694 62,233,606 1,049,031,660 5.93% 21,932 2,838
2015 29,666,327 104,250 29,775,432 59,546,009 1,084,774,372 5.49% 22,276 2,673
2016 26,748,006 84,246 27,631,734 54,463,986 1,107,131,165 4.92% 22,510 2,420
2017 28,307,653 63,827 27,644,494 56,015,974 1,125,784,923 4.98% 22,551 2,484
Source: U. S. Census, State Division of Local Services
(1) Presented net of original issuance discounts and premiums.
Town of Canton, Massachusetts Page 117 of 125 Comprehensive Annual Financial ReportSource page 198
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
General Less: Percentage Debt
Fiscal Obligation Amounts Assessed of Assessed U.S Census Per
Year Bonds (1) Available (2) Total Value Value Population Capita
2008 $ 58,411,520 $ (5,186,347) $ 53,225,173 $ 4,130,149,680 1.29% 21,916 $ 2,429
2009 60,040,718 (11,241,837) 48,798,881 4,173,596,550 1.17% 22,048 2,213
2010 64,420,788 (10,331,918) 54,088,870 3,989,630,980 1.36% 21,732 2,489
2011 66,354,458 (9,431,541) 56,922,917 3,974,669,080 1.43% 20,097 2,832
2012 69,527,660 (8,540,706) 60,986,954 3,954,593,860 1.54% 20,159 3,025
2013 69,171,610 (7,260,823) 61,910,787 3,971,663,460 1.56% 20,708 2,990
2014 62,220,584 (2,860,353) 59,360,231 3,884,619,110 1.53% 21,932 2,707
2015 59,441,759 (2,499,064) 56,942,695 4,069,871,500 1.40% 22,276 2,556
2016 54,379,740 (2,125,785) 52,253,955 4,320,712,330 1.21% 22,510 2,321
2017 55,952,147 (1,740,116) 54,212,031 4,498,404,880 1.21% 22,551 2,404
Source: U. S. Census, State Division of Local Services
(1) General obligation bonds consist of debt of both governmental and business-type activities, net of original issuance discounts and premiums.
(2) These are restricted resources from the Massachusetts School Building Authority for debt principal on school construction.
Town of Canton, Massachusetts Page 118 of 125 Comprehensive Annual Financial ReportSource page 199
COMPUTATION OF LEGAL DEBT MARGIN
LAST TEN FISCAL YEARS
(Amounts in Thousands)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Equalized Valuation…………………………………..
$ 4,384,335 $ 4,487,450 $ 4,487,450 $ 4,386,215 $ 4,386,215 $ 4,131,231 $ 4,131,231 $ 4,083,658 $ 4,083,658 $ 4,615,563
Debt Limit…………………………..…………………. 219,217 224,372 224,372 219,311 219,311 206,562 206,562 204,183 204,183 230,778
Outstanding general obligation bonds………………. 58,412 60,041 64,421 66,354 69,528 69,172 62,221 59,442 54,380 55,952
Authorized and unissued debt…………………………. 26,237 26,434 18,071 18,405 9,305 10,144 6,547 22,881 16,695 15,992
Debt not applicable to debt limit………………………….(11,810) (12,780) (15,481) (22,111) (28,735) (30,364) (31,263) (30,212) (28,533) (28,457)
Legal debt margin…………………………………………..
$ 146,378 $ 150,677 $ 157,361 $ 156,663 $ 169,213 $ 157,610 $ 169,057 $ 152,072 $ 161,641 $ 187,291
Total debt applicable to the limit
as a percentage of debt limit…………………………………..
33.23% 32.84% 29.87% 28.57% 22.84% 23.70% 18.16% 25.52% 20.84% 18.84%
Source: State Division of Local Services, Accounting Records
Town of Canton, Massachusetts Page 119 of 125 Comprehensive Annual Financial ReportSource page 200
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF JUNE 30, 2017
Estimated
Estimated Share of
Debt Percentage Overlapping
Outstanding Applicable Debt
Debt repaid with property taxes:
Norfolk County…………………………………………………….. 14,204,000 (a) 3.68% (c) $ 522,707
Subtotal, overlapping debt………………………………………………………………………….. 522,707
Town direct debt……………………………………………………………. 28,371,480
Total direct and overlapping debt…………………………………………… $ 29,416,894
(a) Outstanding debt as of March 16, 2017.
(c) Based on the Town's weighted percentage of total equalized valuation.
Source: Official Statements, Accounting Records
Town of Canton, Massachusetts Page 120 of 125 Comprehensive Annual Financial ReportSource page 201
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
Per
Capita
Fiscal Population Personal Personal Median School Unemployment
Year Estimates Income Income Age Enrollment Rate
2008 21,916 $ 1,022,343,000 $ 46,648 39.8 3,103 5.60%
2009 22,048 942,403,000 42,743 39.8 3,137 7.20%
2010 21,732 1,050,979,000 48,361 42.3 3,172 6.60%
2011 20,097 968,993,208 48,216 42.3 3,267 6.70%
2012 20,159 969,066,640 48,071 42.3 3,298 5.80%
2013 20,708 993,466,795 47,975 42.3 3,312 5.50%
2014 21,932 1,049,031,660 47,831 42.3 3,321 4.70%
2015 22,276 1,084,774,372 48,697 42.3 3,385 3.80%
2016 22,510 1,107,131,165 49,184 42.3 3,375 3.80%
2017 22,551 1,125,784,923 49,922 42.3 3,379 2.40%
Source: U. S. Census, Division of Local Services, Massachusetts
Department of Elementary and Secondary Education
Median age is based on most recent census data
Town of Canton, Massachusetts Page 121 of 125 Comprehensive Annual Financial ReportSource page 202
PRINCIPAL EMPLOYERS (EXCLUDING TOWN)
CURRENT YEAR AND NINE YEARS AGO
2017 2008
Nature Percentage Percentage
of of Total Town of Total Town
Employer Business Employees Rank Employment Employees Rank Employment
Reebok International Footwear 881 1 4.01% 1,200 1 5.46%
Computershare (Equiserve) Operations Center 661 2 3.01% 900 3 4.10%
Dunkin Brands, Inc. Food and Beverages 658 3 2.99% 555 5 2.53%
Meditech Hospital Software 516 4 2.35% 698 4 3.18%
Destination XL Group (Casual Male) Retail/Wholesale 457 5 2.08% 475 6 2.16%
Stoneridge Control Devices (Pollak) Automotive Engineering 318 6 1.45% 450 7 2.05%
FIS Global Financial Services 298 7 1.36%
Boston Mutual Inurance Insurance Sales and Service 242 8 1.10% 271 9 1.23%
CB&I (Shaw Group) Engineering 140 9 0.64%
Gray, Gray and Gray LLP Accounting 122 10 0.56%
One Beacon Insurance Insurance Sales and Service 1,000 2 4.55%
Cumberland Farms Milk and Dairy Products, Gasoline 350 8 1.59%
Tweeter, Etc. Retail Audio and Video Equipment 230 10 1.05%
Totals 2,093 9.52% 3,474 15.82%
Source: Official Statements
Town of Canton, Massachusetts Page 122 of 125 Comprehensive Annual Financial ReportSource page 203
FULL-TIME EQUIVALENT TOWN EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
Function 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General government…………………………………………………………….
27 28 28 27 27 27 26 26 24 27
Public safety…………………………………………….. 100 104 104 103 104 104 103 99 101 103
Education…………………………………………………… 391 427 427 429 416 423 440 426 443 474
Public works……………………………………………………………..
43 43 43 43 43 43 46 43 43 42
Health and human services…………………………………………………………..
9 9 10 9 9 9 9 9 10 9
Culture and recreation…………………………………………………
22 22 22 22 22 22 23 24 22 24
Total Town employees…………….…………………...……..
592 633 634 633 621 628 647 627 643 679
Source: Town personnel records
Town of Canton, Massachusetts Page 123 of 125 Comprehensive Annual Financial Report