Canton, Massachusetts · Saved source text
Enterprise Funds 2016 Year End Reports (PDF)
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Source page 1
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DEPARTMENT OF FINANCE
KATHLEEN D. BUTTERS
Cr~1 MEMORIAL HALL TOWN ACCOUNTANT
801 WASHINGTON STREET kbutters@to~~~n.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 to«~n.canton.ma.us ASST. TREASURER/COLLECTOR
(781) 575-6612 sdesjardins@to~vn.canton.ma.us
(781)821-5006
MEMORANDUM LOUIS M.JUTRAS
INFORMATION
SYSTEMS MANAGER
1jutras C~ town.canton.ma.us
TO: Board of Selectmen (781)821-5069
a~~
FROM: James Murgia, Finance Director `, °a~
DATE: August 15, 2016 ~
SUBJECT: Enterprise Funds' Fiscal 2016 Operating Results
The attached report shows the enterprise funds' operating results for fiscal 2016. 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, 2016.
Water enterprise's fiscal 2016's operating surplus was $47,217 which is more than budget
primarily due to higher usage amounts from residential customers, additional revenue received
from collecting prior year water bills and higher connection fees. After considering the fiscal
2016 surplus, the water enterprise fund ended the year with an estimated cash reserve of $2.5
million which is a healthy 35% of expenses.
The sewer enterprise finished fiscal 2016 operating at a surplus of $209,785 primarily due to
better than expected sewer revenues. Sewer's end of year estimated cash reserve is $1.6
million which is a healthy 25% of expenses.
The rink enterprise experienced an operating deficit of $8,390 during fiscal 2016 primarily due to
the roof collapse in February 2015 causing the facility to remain closed for all of fiscal 2016.
The rink's end of year estimated cash reserve amounted to $23,856.
During fiscal 2016 the rink enterprise received approximately $1.8 million from the Town's
insurance company due to the 2015 roof collapse. Since the Town leases the rink from the
state, these insurance funds have been set aside while discussions continue to take place with
the state.
Please let me know if you have any questions or comments concerning this information.
JRM/ej
Attachment
cc: Charles Aspinwall, Town Administrator
Kathy Butters, Town Accountant
Janet Maguire, Parks &Recreation Director
Barbara Saint Andre, Chair, Finance Committee
Mike Trotta, DPW SuperintendentSource page 2
ENTERPRISE FUNDS'OPERATING RESULTS FOIE F/SC~4L 2016
FISCAL FISCAL
2016 2016 ACTUALS
DESCRIPTION Revised Budget ACTUALS VS. BUDGET
WATER REVENUE 6,606,671 7,372,884 766,213
SALARIES &WAGES 886,268 859,516 26,752
MWRA ASSESSMENT 1,286,728 1,299,628 (12,900)
CHARGES FROM GENERAL FUND 978,960 978,960 0
DEBT SERVICE 2,375,260 2,380,554 (5,294)
CASH CAPITAL 722,000 721,510 490
OTHER EXPENSES 1,079,455 1,085,499 (6,044)
TOTAL WATER OPERATING EXPENSES 7,328,671 7,325,667 3,004
WATER SURPLUS/(DEFICIT) (722,000) 47,217 769,217
END OF YEAR CASH RESERVE 2,533,762
RESERVE AS % OF EXPENSES 34.6%'
SEWER REVENUE 6,277,059 6,483,588 206,529
SALARIES &WAGES 428,839 320,836 108,003
MWRA ASSESSMENT 3,974,315 3,979,956 (5,641)
CHARGES FROM GENERAL FUND 384,876 384,876 0
DEBT SERVICE 1,123,030 1,122,909 121
CASH CAPITAL 0 0 0
OTHER EXPENSES 365,999 465,226 (99,227)
TOTAL SEWER OPERATING EXPENSES 6,277,059 6,273,803 3,256
SEWER SURPLUS/(DEFICIT) 0 209,785 209,785
END OF YEAR CASH RESERVE 1,594,141
RESERVE AS % OF EXPENSES 25.4%
RINK REVENUE 187,458 21,827 (165,631)
SALARIES &WAGES 101,898 9,641 92,257
CHARGES FROM GENERAL FUND 0 0 0
DEBT SERVICE 8,780 8,780 0
CASH CAPITAL 0 0 0
OTHER EXPENSES 76,780 11,796 64,984
TOTAL RINK OPERATING EXPENSES 187,458 30,217 157,241
RINK SURPLUS/(DEFICIT) 0 (8,390) (8,390)
END OF YEAR CASH RESERVE 23,856
RESERVE AS % OF EXPENSES 78.9%
ATMDATA.xlsx enterprises 8/5/2016Source page 3
TOWN OF CANTON -ENTERPRISE FUNDS
COMBINED BALANCE SHEET AS OF JUNE 30, 2016
SEWER SEWER TOTAL WATER WATER TOTAL SKATING SKATING RINK TOTAL
OPERATIONS CAP PROJ SEWER OPERATIONS CAP PROD/GRNTS
ASSETS
WATER RINK CAP PROJ RINK TOTALS
- -- - ~ ____ - --- -- -
CASH AND SHORT TERM INVESTMENTS 1,936,888.56 1,243,080.88 3,179,969.44 3,493,691.71 1,138,970.38 4,632,662.09 24,360.38 1,787,051.52 1,811,411.90 9,624,043.43
OTHER RECEIVABLES 0.00 0.00 0.00 0.00 0.00 0.00 19,710.00 0.00 19,710.00 19,710.00
TAX LIENS 16,329.94 0.00 16,329.94 13,820.22 0.00 13,820.22 0.00 0.00 0.00 30,150.16
USER CHARGES RECEIVABLE 245,959.65 0.00 245,959.65 230,465.88 0.00 230,465.88 0.00 0.00 0.00 476,425.53
UTILITY LIENS ADDED TO TAXES 292,099.51 0.00 292,099.51 309,765.70 0.00 309,765.70 0.00 0.00 0.00 601,865.21
AMOUNT PROVIDED FOR BONDS PAYABLE 8,020,525.00 0.00 8,020,525.00 19,251,300.00 0.00 19,251,300.00 0.00 18,000.00 18,000.00 27,289,825.00
TOTAL ASSETS 10,511,802.66 1,243,080.88 11,754,883.54 23,299,043.51 1,138,970.38 24,438,013.89 44,070.38 1,805,051.52 1,849,121.90 38,042,019.33
LIABILITIES
ACCOUNTS PAYABLE 613.49 0.00 613.49 76,732.44 428,070.09 504,802.53 377.00 0.00 377.00 505,793.02
ACCRUED PAYROLL 4,822.52 0.00 4,822.52 14,054.04 4,973.63 19,027.67 127.70 0.00 127.70 23,977.89
BONDS PAYABLE 8,020,525.00 0.00 8,020,525.00 19,251,300.00 0.00 19,251,300.00 0.00 18,000.00 18,000.00 27,289,825.00
DEFERRED REVENUES 554,389.10 0.00 554,389.10 554,052.15 0.00 554,052.15 19,710.00 0.00 19,710.00 1,128,151.25
OTHER LIABILITIES 0.00 0.00 0.00 10,000.00 0.00 10,000.00 0.00 0.00 0.00 10,000.00
TOTAL LIABILITIES 8,580,350.11 0.00 8,580,350.11 19,906,138.63 1,733,043.72 21,639,182.35 20,214.70 18,000.00 38,214.70 30,257,747.16
FUND EQUITY
RESERVE FOR ENCUMBRANCES 129,786.46 360,184.46 489,970.92 454,618.11 1,451,430.10 1,906,048.21 0.00 0.00 0.00 2,396,019.13
RESERVE FOR EXPENDITURES 207,500.00 0.00 207,500.00 404,500.00 0.00 404,500.00 0.00 0.00 0.00 612,000.00
RESERVE FOR PETTY CASH 25.00 0.00 25.00 25.00 0.00 25.00 0.00 0.00 0.00 50.00
RESERVE FOR UNSPENT CONSTRUCTION PROCEEDS 0.00 882,896.42 882,896.42 0.00 19,247.42 19,247.42 0.00 0.00 0.00 902,143.84
UNRESERVED FUND BALANCE ~ 1,594,141.09 0.00 1,594,141.09 2,533,761.77 (2,064,750.86) 469,010.91 23,855.68 1,787,051.52 1,810,907.20 3,874,059.20
TOTAL FUND EQUITY 1,931,452.55 1,243,080.88 3,174,533.43j 3,392,904.88 (594,073.34) 2,798,831.54 23,855.68 1,787,051.52 1,810,907.20 7,784,272.17
TOTAL LIABILITIES AND FUND EQUITY 10,511,802.66 1,243,080.88 11,754,883.54 23,299,043.51 1,138,970.38 24,438,013.89 44,070.38 1,805,051.52 1,849,121.90 38,042,019.33
Fy 16 Balance Sheets.xls Enterprise Funds-Balance Sheets