Canton, Massachusetts · Saved source text
Enterprise Funds FYE 20 Financial Results
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Source page 1
TOWN OF CANTON, MASSACHUSETTS
DEPARTMENT OF FINANCE
TOWN ACCOUNTANT
MEMORIAL HALL KATHLEEN D. BUTTERS
801 WASHINGTON STREET (781) 575-6605
CANTON MA 02021
WILLIAM R. SCOLLINS, III FAX (781) 575-6608 ASST. TREASURER/COLLECTOR
FINANCE DIRECTOR PHONE (781)575-6610 SUSAN DESJARDINS
TEL: (781) 575-6612 (781) 821-5006
INFORMATION
SYSTEMS MANAGER
LOUIS M. JUTRAS
(781) 821-5069
MEMORANDUM
TO: Board of Selectmen
FROM: Randy Scollins, Finance Director
DATE: September 20, 2020
SUBJECT: Enterprise Funds’ Fiscal 2020 Operating Results
The attached report shows the enterprise funds’ operating results for fiscal 2020 compared to
fiscal 2019. Also attached is a balance sheet report which was prepared for the Department of
Revenue to certify the enterprise funds’ “free cash reserve” balances as of June 30, 2020.
The water enterprise’s budgeted deficit of $235,000 was due to retained earnings appropriated
for capital projects. The actual fiscal 2020 operating deficit was $570,240 which is more than
budget primarily due to lower revenues received. Collections were negatively impacted
primarily by the decision to adopt the unique MGL statute allowed by the legislature and
adopted by the Select Board to provide rate payers until June 30 to pay their water bills received
during the 4th quarter of the fiscal year, as a form of relief.
Fiscal 2020’s results have the water enterprise fund ending the year with an estimated cash
reserve of $1.0 million which is 14% of expenses. The current target is 50% of expenses.
The sewer enterprise’s budgeted deficit of $200,000 was due to retained earnings earmarked
for cash capital. The actual fiscal 2020 operating surplus was $46,932 primarily due to
expenses less than budget. Sewer’s end of year cash reserve is estimated to be $2.8 million
which is 40% of expenses. The current target is 50% of expenses.
The rink enterprise’s budgeted deficit of $70,000 was due to cash reserves used to fund on-
going operating expenses while the rink remained closed from the February 2015 roof collapse.
The rink enterprise experienced an operating surplus of $31,545 during fiscal 2020 primarily due
to interest income earned on the insurance, grant and bond proceeds received. The rink’s end
of year cash reserve amounted to an estimated $101K.
Please advise if you have any questions or comments concerning this information.
WRS/ej
Attachments
cc: Charles Aspinwall, Town Administrator
Kathy Butters, Town Accountant
Liz Francis, Parks & Recreation Director
Tim McKenna, Chair, Finance Committee
Mike Trotta, DPW SuperintendentSource page 2
ENTERPRISE FUNDS' OPERATING BUDGET
CURRENT FISCAL YEAR PRIOR FISCAL YEAR
FISCAL FISCAL Actuals FISCAL FISCAL Actuals
2020 2020 VS. 2019 2019 VS.
DESCRIPTION BUDGET ACTUALS Budget BUDGET ACTUALS Budget
WATER REVENUE 7,058,470 6,601,546 (456,924) 6,667,549 7,013,139 345,590
SALARIES & WAGES 976,720 1,085,909 (109,189) 926,018 1,010,552 (84,534)
MWRA ASSESSMENT 2,137,222 2,147,100 (9,878) 1,887,795 1,884,292 3,503
DEBT SERVICE 2,265,970 2,198,295 67,675 2,281,132 2,238,918 42,214
CHARGES FROM GENERAL FUND 536,298 536,298 0 584,844 584,844 0
OTHER EXPENSES 1,142,260 1,093,694 48,566 1,487,760 1,317,761 169,999
TOTAL WATER OPERATING EXPENSES 7,058,470 7,061,296 (2,826) 7,167,549 7,036,368 131,181
CASH CAPITAL 235,000 110,490 124,510 364,000 363,688 312
TOTAL WATER ENTERPRISE EXPENSES 7,293,470 7,171,786 121,684 7,531,549 7,400,056 131,493
WATER SURPLUS/(DEFICIT) (235,000) (570,240) (335,240) (864,000) (386,917) 477,083
SEWER REVENUE 6,734,962 6,717,068 (17,894) 6,646,625 6,976,818 330,193
SALARIES & WAGES 480,694 459,275 21,419 454,159 435,301 18,858
MWRA ASSESSMENT 4,661,549 4,633,404 28,145 4,433,841 4,425,854 7,987
DEBT SERVICE 863,566 862,506 1,060 1,083,956 1,030,120 53,836
CHARGES FROM GENERAL FUND 329,454 329,454 0 326,670 326,670 0
OTHER EXPENSES 399,699 185,498 214,201 347,999 347,713 286
TOTAL SEWER OPERATING EXPENSES 6,734,962 6,470,137 264,826 6,646,625 6,565,658 80,967
CASH CAPITAL 200,000 200,000 0 200,000 199,350 650
TOTAL SEWER ENTERPRISE EXPENSES 6,934,962 6,670,137 264,826 6,846,625 6,765,008 81,617
SEWER SURPLUS/(DEFICIT) (200,000) 46,932 246,932 (200,000) 211,811 411,810
RINK REVENUE 0 40,331 40,331 0 64,871 64,871
SALARIES & WAGES 10,000 0 10,000 0 1,331 (1,331)
DEBT SERVICE 0 0 0 6,180 6,120 60
CHARGES FROM GENERAL FUND 0 0 0 0 0 0
OTHER EXPENSES 60,000 8,785 51,215 9,250 4,892 4,358
TOTAL RINK OPERATING EXPENSES 70,000 8,785 61,215 15,430 12,343 3,087
CASH CAPITAL 0 0 0 0
TOTAL RINK ENTERPRISE EXPENSES 70,000 8,785 61,215 15,430 12,343 3,087
RINK SURPLUS/(DEFICIT) (70,000) 31,545 101,545 (15,430) 52,528 67,958
ATMDATA - 9-18-20.xlsx enterprises 9/19/2020Source page 3
TOWN OF CANTON, MASSACHUSETTS
Combined Balance Sheet - All Fund Types and Account Groups
as of June 30, 2020 (Unaudited)
Fiduciary Account
Governmental Fund Types Proprietary Fund Types Fund Types Groups Totals
General Special Capital Enterprise Internal Trust and Long-term (Memorandum
Fund Revenue Projects Funds Services Agency Debt Only)
ASSETS
Cash and cash equivalents 17,814,163.95 10,437,071.81 4,637,269.16 4,851,629.02 7,888,476.96 18,649,927.89 - 64,278,538.79
Receivables:
Personal property taxes 73,483.00 - - - - - - 73,483.00
Real estate taxes 1,393,004.94 - - - - - - 1,393,004.94
Allowance for abatements and exemptions (3,362,982.34) - - - - - - (3,362,982.34)
Special assessments - - - 78,320.36 - - - 78,320.36
Tax liens 641,392.47 18,277.84 - 18,159.17 - - - 677,829.48
Tax foreclosures 523,968.40 - - - - - - 523,968.40
Motor vehicle excise 1,037,157.82 - - - - - - 1,037,157.82
Utility Charges - - - 833,852.27 - - - 833,852.27
Departmental - 1,169,305.54 - - - - - 1,169,305.54
Due from other governments 524,852.00 - 2,000,000.00 - - - - 2,524,852.00
Prepaids 115,914.93 - - - 959,019.57 - - 1,074,934.50
Amounts to be provided - payment of bonds - 1,663,000.00 1,907,000.00 21,032,709.00 - - 27,366,306.83 51,969,015.83
Total Assets 18,760,955.17 13,287,655.19 8,544,269.16 26,814,669.82 8,847,496.53 18,649,927.89 27,366,306.83 122,271,280.59
LIABILITIES AND FUND EQUITY
Liabilities:
Deferred revenue
Real and personal property taxes (1,896,494.40) - - - - - - (1,896,494.40)
Special assessments - - - 78,320.36 - - - 78,320.36
Tax liens 641,392.47 18,277.84 - 18,159.17 - - - 677,829.48
Tax foreclosures 523,968.40 - - - - - - 523,968.40
Motor vehicle excise 1,037,157.82 - - - - - - 1,037,157.82
Utility Charges - - - 833,852.27 - - - 833,852.27
Departmental - 1,169,305.54 - - - - - 1,169,305.54
Due from other governments 524,852.00 - 2,000,000.00 - - - - 2,524,852.00
Accounts payable 1,403,486.64 231,299.03 1,057,581.00 89,910.56 234,541.97 83,092.08 - 3,099,911.28
Accrued payroll and withholdings 782,551.57 68,879.29 - 46,913.01 21,881.51 3,701.70 - 923,927.08
Other liabilities 45,061.91 325.00 - 10,596.82 - 986,243.49 - 1,042,227.22
IBNR - - - - 544,440.00 - - 544,440.00
Bonds payable - 1,663,000.00 1,907,000.00 21,032,709.00 - - 27,366,306.83 51,969,015.83
Notes payable - - - - - - - -
Total Liabilities 3,061,976.41 3,151,086.70 4,964,581.00 22,110,461.19 800,863.48 1,073,037.27 27,366,306.83 62,528,312.88
Fund Equity:
Reserved for encumbrances 2,823,438.85 - - 699,335.15 - - - 3,522,774.00
Reserved for expenditures 751,630.00 - - 96,200.00 - - - 847,830.00
Reserved for continuing appropriations 1,751,347.97 - 3,579,688.16 - - - - 5,331,036.13
Reserved for petty cash 200.00 - - 50.00 - - - 250.00
Reserved fund balance - - - 61,800.00 - - 61,800.00
Undesignated fund balance 10,372,361.94 10,136,568.49 - - 7,984,833.05 17,576,890.62 - 46,070,654.10
Unreserved retained earnings - - - 3,908,623.48 - - - 3,908,623.48
Total Fund Equity 15,698,978.76 10,136,568.49 3,579,688.16 4,704,208.63 8,046,633.05 17,576,890.62 - 59,742,967.71
Total Liabilities and Fund Equity 18,760,955.17 13,287,655.19 8,544,269.16 26,814,669.82 8,847,496.53 18,649,927.89 27,366,306.83 122,271,280.59
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FY 20 balance sheets.xlsx Combined Balance Sheet 9/20/2020