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Fiscal Year 2021 Annual Comprehensive Financial Report pdf file
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Source page 81
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a) (b) (a) - (b)
Balances at June 30, 2020 $ 88,952,265 $ 6,380,381 $ 82,571,884
Changes for the year:
Service cost 2,115,184 - 2,115,184
Interest 5,342,271 - 5,342,271
Changes of assumptions 8,820,874 - 8,820,874
Difference between expected
and actual experience (5,176,153) - (5,176,153)
Net investment income - 1,771,991 (1,771,991)
Employer contributions - 5,033,198 (5,033,198)
Benefit payments withdrawn from trust - (4,119,198) 4,119,198
Benefit payments (4,119,198) - (4,119,198)
Net changes 6,982,978 2,685,991 4,296,987
Balances at June 30, 2021 $ 95,935,243 $ 9,066,372 $ 86,868,871
OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB – For the year
ended June 30, 2021, the Town recognized OPEB expense of $5,055,914. Deferred outflows of
resources and deferred inflows of resources related to OPEB as of June 30, 2021 were reported as
follows:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and actual earnings $ - $ 885,069
Changes of assumptions 7,333,375 3,602,459
Differences between expected and actual experience - 7,037,665
$ 7,333,375 $ 11,525,193
Amounts reported as deferred outflows of resources and deferred inflows of resources related to
OPEB will be recognized in OPEB expense (benefit) as follows:
June 30
2022 $ (1,956,895)
2023 (1,948,958)
2024 (960,891)
2025 103,325
2026 571,601
$ (4,191,818)
Town of Canton, Massachusetts Page 73 of 125 Annual Comprehensive Financial ReportSource page 82
GASB Statement No. 74
OPEB Plan disclosures that impact the Town’s net OPEB liability using a measurement date of
June 30, 2021 are summarized in this section except disclosures under GASB 74 that are identical
to GASB 75 are not repeated.
Investment Custody – In accordance with Massachusetts General Laws, the Town Treasurer is the
custodian of the OPEB Plan and since the Town has not designated a Board of Trustees, the
Town Treasurer is also the Trustee and as such is responsible for the general supervision of the
management, investment and reinvestment of the OPEB Plan assets. OPEB Plan assets may be
invested and reinvested by the custodian consistent with the prudent investor rule established in
Chapter 203C and may, with the approval of the State Retiree Benefits Trust Fund Board of
Trustees, be invested in the State Retiree Benefits Trust Fund established in Section 24 of Chapter
32A. OPEB Plan assets must be segregated from other funds and not be subject to the claims of
any general creditor of the Town.
Investment Policy – The OPEB Plan has a formal investment policy to invest in Domestic Equity,
Domestic Fixed Income, International Equity, International Fixed Income, Alternative
Investments and Cash Equivalents with target allocations highlighted previously under the
caption long-term expected rate of return.
Investment Rate of Return – For the year ended June 30, 2021 the annual money-weighted rate of
return on investments, net of investment expense, was 26.1%. The money-weighted rate of return
expresses investment performance, net of investment expense, adjusted for the changing amounts
actually invested.
D. Risk Financing
The Town is exposed to various risks of loss related to torts: theft of, damage to and destruction
of assets; errors and omissions; and natural disasters for which the Town carries commercial
insurance. The amount of claim settlements has not exceeded insurance coverage in any of the
previous three years.
Group Health Insurance Plan – The Town maintains a "reinsured cost reimbursement program"
which covers the group health and dental insurance requirements of the Town employees. The
Plan is essentially a self-insurance program and employee claims in excess of $150,000 are
reinsured by the Plan. The Plan allows employees to participate in a Health Maintenance
Organization (HMO) or Preferred Provider Organization (PPO). The Town reimburses the costs
of the HMO and PPO 75 percent. The Town accrues an amount representing claims incurred but
not reported (IBNR), which is based on historical claims paid averages for the twelve months
prior to fiscal year end. At June 30, 2021, the amount of the liability for incurred but not reported
(IBNR) health insurance claims totaled $1,127,863. This liability is the best estimate based on
available information. In the fund-wide financial statements, the Town reports the activities of
the Group Insurance Health Plan in the Internal Service Fund where revenues are recorded when
earned and expenses are recorded when the liability is incurred.
Town of Canton, Massachusetts Page 74 of 125 Annual Comprehensive Financial ReportSource page 83
Changes in the reported liability since July 1, 2019, are as follows:
Balance at Claims and
Beginning Changes in Claims Balance at Current
of Year Estimates Payments End of Year Portion
Fiscal Year 2021 $ 544,440 $ 14,474,431 $(13,891,008) $ 1,127,863 $ 1,127,863
Fiscal Year 2020 $ 884,633 $ 12,743,722 $(13,083,915) $ 544,440 $ 544,440
Workers’ Compensation – The Town is also self-insured for their workers’ compensation
activities which are accounted for in the Internal Service Fund. Workers’ compensation claims
are administered by a third-party and are funded on a pay-as-you-go basis from annual
appropriations. The Town is premium based for all claims after July 1, 2009. The Town
purchases individual stop loss insurance in excess of the coverage provided in the amount of
$300,000. The estimated future workers’ compensation liability is not material at June 30, 2021
and is therefore not reported.
E. Commitments
The Town has entered or is planning to enter into contracts for various projects for which it has
authorized approximately $25.0 million in debt.
F. Contingencies
The Town is party to other certain legal claims, which are subject to many uncertainties, and the
outcome of individual litigation matters in these situations cannot be reasonably estimated.
Although the amount of liability, if any, in these situations at June 30, 2021, cannot be
ascertained, management believes that the resulting liability, if any, should not materially affect
the basic financial statements of the Town at June 30, 2021. Other amounts received or
receivable from grantor agencies are subject to audit and adjustment by grantor agencies,
principally the federal and state governments. Any disallowed claims, including amounts already
collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures
which may be disallowed by the grantor cannot be determined at this time although the Town
expects such amounts, if any, to be immaterial.
The Town is subject to certain Federal arbitrage laws in accordance with long-term borrowing
agreements. Failure to comply with the rules could result in the payment of penalties. The Town
does not believe it has failed to comply with any of these agreements.
G. Implementation of GASB pronouncements
Current Year Implementations –
In January 2017, the GASB issued GASB Statement No. 84, Fiduciary Activities. The objective
of the Statement was to improve guidance regarding the identification of fiduciary activities for
accounting and financial reporting purposes and how these activities should be reported. The
provisions of this Statement became effective for the Town in fiscal year 2021. In connection
with the adoption of this accounting standard, certain previously reported agency balances are
now reported in the governmental funds and government-wide financial statements. Refer to
Note IV for the financial impact of the adoption of this accounting standard.
Town of Canton, Massachusetts Page 75 of 125 Annual Comprehensive Financial ReportSource page 84
In August 2018, the GASB issued GASB Statement No. 90, Majority Equity Interest – An
Amendment of GASB Statements No. 14 and No. 61. The objective of this Statement was to
improve the consistency and comparability of reporting a government’s majority equity interest in
a legally separate organization and to improve the relevance of financial statement information
for certain component units. The provisions of this Statement became effective for the Town in
fiscal year 2021. The adoption of this standard did not have an impact on the Town’s financial
statements.
In March 2020, the GASB issued GASB Statement No. 93, Replacement of Interbank Offered
Rates. In addition to accounting and financial reporting implications that result from the
replacement of an interbank offered rate (which become effective in fiscal year 2022), this
Statement eliminated the use of LIBOR as an appropriate benchmark interest rate for derivative
instruments that hedge interest rate risk of taxable debt for reporting periods effective fiscal year
2021. The adoption of this standard did not have an impact on the Town’s financial statements.
Future Implementations –
In June 2017, the GASB issued GASB Statement No. 87, Leases. This Statement redefines the
manner in which long-term leases are accounted and reported. As amended, the provisions of this
Statement are effective for financial reporting periods beginning after June 15, 2021 (fiscal year
2022). The Town is currently evaluating whether adoption will have a material impact on the
financial statements.
In June 2018, the GASB issued GASB Statement No. 89, Accounting for Interest Cost Incurred
Before the End of a Construction Period. This statement establishes accounting requirements for
interest costs incurred before the end of a construction period. As amended, the provisions of this
Statement are effective for financial reporting periods beginning after December 15, 2020 (fiscal
year 2022). The Town is currently evaluating whether adoption will have a material impact on
the financial statements.
In May 2019, the GASB issued GASB Statement No. 91, Conduit Debt Obligations. The
objective of this Statement is to standardize the reporting of conduit debt obligations by issuers
by clarifying the existing definition of conduit debt obligation, among other matters. As
amended, the provisions of this Statement are effective for financial reporting periods beginning
after December 15, 2021 (fiscal year 2023). The Town is currently evaluating whether adoption
will have a material impact on the financial statements.
In March 2020, the GASB issued GASB Statement No. 93, Replacement of Interbank Offered
Rates. The objective of this Statement is to address accounting and financial reporting
implications that result from the replacement of an interbank offered rate. The reporting
provisions of this Statement are effective for financial reporting periods beginning after June 15,
2020 (fiscal year 2022). The Town is currently evaluating whether adoption will have a material
impact on the financial statements.
In March 2020, the GASB issued GASB Statement No. 94, Public-Private and Public-Public
Partnerships and Availability Payment Arrangements. The objective of this Statement is to
improve financial reporting by addressing issues related to public-private and public-public
partnership arrangements. The provisions of this Statement are effective for financial reporting
periods beginning after June 15, 2022 (fiscal year 2023). The Town is currently evaluating
whether adoption will have a material impact on the financial statements.
Town of Canton, Massachusetts Page 76 of 125 Annual Comprehensive Financial ReportSource page 85
In May 2020, the GASB issued GASB Statement No. 96, Subscription-Based Information
Technology Arrangements. The objective of this Statement is to address accounting for
subscription-based information technology arrangements to government end users based on the
standards established in Statement No. 87, as amended. The provisions of this Statement are
effective for financial reporting periods beginning after June 15, 2022 (fiscal year 2023). The
Town is currently evaluating whether adoption will have a material impact on the financial
statements.
In June 2020, the GASB issued GASB Statement No. 97, Certain Component Unit Criteria, and
Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred
Compensation Plans – An Amendment of GASB Statements No. 14 and No. 84, and a
Supersession of GASB Statement No. 32. The objective of this Statement is to (1) increase
consistency and comparability related to the reporting of fiduciary component units in
circumstances in which a potential component unit does not have a governing board and the
primary government performs the duties that a governing board typically would perform; (2)
mitigate costs associated with the reporting of certain defined contribution pension plans, defined
contribution OPEB plans, and employee benefit plans other than pension plans or OPEB plans
(other employee benefit plans) as fiduciary component units in fiduciary fund financial
statements; and (3) enhance the relevance, consistency, and comparability of the accounting and
financial reporting for Internal Revenue Code Section 457 deferred compensation plans that meet
the definition of a pension plan and for benefits provided through those plans. The provisions of
this Statement are effective for financial reporting periods beginning after June 15, 2021 (fiscal
year 2022). The Town is currently evaluating whether adoption will have a material impact on
the financial statements.
IV. Prior Period Restatement
The adoption of GASB Statement No. 84 required certain accounts previously reported as agency
accounts in the Statement of Fiduciary Activities to be reclassified into nonmajor governmental
funds.
The impact is illustrated in the table below:
Governmental Nonmajor
Activities Governmental
Prior year as presented $ 5,038,592 $ 13,910,701
Reclass agency funds 110,453 110,453
As restated $ 5,149,045 $ 14,021,154
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Required Supplementary Information Town of Canton, Massachusetts Page 79 of 125 Annual Comprehensive Financial Report
Source page 88
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - PENSIONS
YEAR ENDED JUNE 30, 2021
SCHEDULE OF THE TOWN'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
(dollar amounts are in thousands)
Year Ended June 30,
2021 2020 2019 2018 2017 2016 2015
Town's proportion of the net pension
liability (asset) 7.53% 7.52% 7.50% 7.49% 7.65% 7.65% 7.56%
Town's proportionate share of the net
pension liability (asset) $ 38,466 $ 44,172 $ 48,811 $ 41,437 $ 39,940 $ 41,562 $ 39,227
Town's covered payroll $ 24,699 $ 23,863 $ 22,792 $ 22,021 $ 20,827 $ 20,288 $ 19,140
Town's proportionate share of the net
pension liability (asset) as a percentage
of its covered payroll 155.7% 185.1% 214.2% 188.2% 191.8% 204.9% 204.9%
Plan fiduciary net position as a percentage
of the total pension liability 70.2% 64.6% 58.3% 63.5% 61.6% 58.6% 60.1%
SCHEDULE OF THE TOWN'S CONTRIBUTIONS TO PENSION PLAN
(dollar amounts are in thousands)
Year Ended June 30,
2021 2020 2019 2018 2017 2016 2015
Actuarially determined contribution $ 6,032 $ 5,635 $ 5,246 $ 4,796 $ 4,394 $ 3,991 $ 3,571
Contributions in relation to the
actuarially determined contribution 6,032 5,635 5,246 4,796 4,394 3,991 3,571
Contribution deficiency (excess) $ - $ - $ - $ - $ - $ - $ -
Town's covered payroll $ 24,902 $ 24,413 $ 22,391 $ 21,439 $ 20,408 $ 19,831 $ 18,924
Contributions as a percentage of
covered payroll 24.2% 23.1% 23.4% 22.4% 21.5% 20.1% 18.9%
This schedule is presented to illustrate the requirement to show information for ten years.
However, until a full ten-year trend is compiled, information is presented for those years
in which information is available.
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 80 of 125 Annual Comprehensive Financial ReportSource page 89
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - PENSIONS
YEAR ENDED JUNE 30, 2021
SCHEDULE OF THE COMMONWEALTH'S COLLECTIVE SHARE OF THE NET PENSION LIABILITY
MASSACHUSETTS TEACHER'S RETIREMENT SYSTEM
(dollar amounts are in thousands)
Year Ended June 30,
2020 2019 2018 2017 2016 2015
Commonwealth's proportion of the
collective net pension liability (asset) 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Town's proportion of the collective
net pension liability (asset) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Commonwealth's proportionate share of
the net pension liability (asset) $28,544,844 $25,214,020 $23,711,289 $22,885,391 $22,357,928 $20,489,643
Commonwealth's actuarially
determined contribution $1,553,433 $1,443,710 $1,314,783 $1,235,515 $1,124,583 $1,021,930
Contributions to MTRS are the responsibility of the Commonwealth of Massachusetts.
This schedule is presented to illustrate the requirement to show information for ten years.
However, until a full ten-year trend is compiled, information is presented for those years
in which information is available.
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 81 of 125 Annual Comprehensive Financial ReportSource page 90
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - OPEB
YEAR ENDED JUNE 30, 2021
SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED RATIOS
Year Ended June 30,
2021 2020 2019 2018 2017
Total OPEB liability:
Service cost $ 2,115,184 $ 2,011,440 $ 2,040,579 $ 2,675,741 $ 2,515,860
Interest 5,342,271 5,105,363 5,463,438 4,809,630 4,590,666
Difference between actual and plan experience (5,176,153) (61,259) (5,996,352) - -
Changes of assumptions 8,820,874 (2,915,959) (3,907,488) - -
Benefit payments (4,119,198) (3,875,429) (3,723,578) (3,179,556) (3,013,880)
Net change in total OPEB liability 6,982,978 264,156 (6,123,401) 4,305,815 4,092,646
Total OPEB liability - beginning of year 88,952,265 88,688,109 94,811,510 90,505,695 86,413,049
Total OPEB liability - end of year (a) $ 95,935,243 $ 88,952,265 $ 88,688,109 $ 94,811,510 $ 90,505,695
Plan fiduciary net position:
Contributions - employer $ 5,033,198 $ 4,905,429 $ 4,523,578 $ 4,179,556 $ 3,783,880
Net investment income 1,771,991 130,887 263,700 175,423 221,830
Benefit payments (4,119,198) (3,875,429) (3,723,578) (3,179,556) (3,013,880)
Net change in Plan fiduciary net position 2,685,991 1,160,887 1,063,700 1,175,423 991,830
Plan fiduciary net position - beginning of year 6,380,381 5,219,494 4,155,794 2,980,371 1,988,541
Plan fiduciary net position - end of year (b) $ 9,066,372 $ 6,380,381 $ 5,219,494 $ 4,155,794 $ 2,980,371
Net OPEB liability - end of year (a) - (b) $ 86,868,871 $ 82,571,884 $ 83,468,615 $ 90,655,716 $ 87,525,324
Plan fiduciary net position as a percentage of the total
OPEB liability 9.45% 7.17% 5.89% 4.38% 3.29%
Covered-employee payroll $ 50,059,589 $ 47,989,715 $ 46,591,956 $ 45,486,461 $ 44,161,613
Net OPEB liability as a percentage of covered-
employee payroll 173.53% 172.06% 179.15% 199.30% 198.19%
Note: This schedule is presented to illustrate the requirement to show information for 10 years.
However, until a full 10-year trend is compiled, information is presented for those years
in which information is available.
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 82 of 125 Annual Comprehensive Financial ReportSource page 91
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - OPEB
YEAR ENDED JUNE 30, 2021
SCHEDULE OF CONTRIBUTIONS
Year Ended June 30,
2021 2020 2019 2018 2017
Actuarially-determined contribution $ 6,498,321 $ 7,670,645 $ 7,622,221 $ 8,240,517 $ 7,882,229
Contributions in relation to the actuarially-
determined contribution (5,033,198) (4,905,429) (4,523,578) (4,179,556) (3,783,880)
Contribution deficiency (excess) $ 1,465,123 $ 2,765,216 $ 3,098,643 $ 4,060,961 $ 4,098,349
Covered-employee payroll $ 50,059,589 $ 47,989,715 $ 46,591,956 $ 45,486,461 $ 44,161,613
Contribution as a percentage of covered-
employee payroll 10.05% 10.22% 9.71% 9.19% 8.57%
Valuation Date July 1, 2020 July 1, 2018 July 1, 2018 July 1, 2016 July 1, 2016
Amortization Period 30 years 30 years 30 years 30 years 30 years
Investment rate of return 6.51% 7.00% 7.05% 6.80% 6.97%
Municipal bond rate 2.18% 2.66% 2.79% 3.45% 3.13%
Single equivalent discount rate 6.25% 6.00% 5.75% 5.25% 5.25%
Inflation 2.50% 2.50% 2.75% 2.75% 2.75%
Healthcare cost trend rates 4.50% 4.50% 4.50% 5.00% 5.00%
Salary increases 3.00% 3.00% 3.00% 3.00% 3.00%
Actuarial Cost Method Individual Entry Age Normal (for all years presented)
Asset Valuation Method Market Value of Assets as of Reporting Date (for all years presented)
SCHEDULE OF INVESTMENT RETURNS
Year Ended June 30,
2021 2020 2019 2018 2017
Annual money-weighted rate of return, net
of investment expense 26.10% 2.35% 5.55% 5.05% 8.23%
Note: These schedules are presented to illustrate the requirement to show information for 10 years. However, until a
full 10-year trend is compiled, information is presented for those years in which information is available.
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 83 of 125 Annual Comprehensive Financial ReportSource page 92
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2021
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Revenues:
Taxes:
Real estate and personal property taxes $ 83,451,920 $ 83,451,920 $ 84,771,503 $ - 84,771,503 1,319,583
Tax title - - 221,451 - 221,451 221,451
Payments in lieu of taxes 276,469 276,469 281,830 - 281,830 5,361
Motor vehicle excise 4,198,531 4,198,531 5,057,570 - 5,057,570 859,039
Meals taxes 150,000 150,000 292,158 - 292,158 142,158
Room occupancy excise 200,000 200,000 129,655 - 129,655 (70,345)
88,276,920 88,276,920 90,754,167 - 90,754,167 2,477,247
Intergovernmental:
State aid - chapter 70 6,516,115 6,516,115 6,516,115 - 6,516,115 -
State aid - charter school 173,325 173,325 151,538 - 151,538 (21,787)
State aid - unrestricted 2,153,576 2,153,576 2,277,134 - 2,277,134 123,558
State aid - veterans 115,022 115,022 110,741 - 110,741 (4,281)
State aid - exemptions 144,423 144,423 40,160 - 40,160 (104,263)
State aid - state owned land 36,876 36,876 39,686 - 39,686 2,810
State aid - other 10,162 10,162 40 - 40 (10,122)
State aid - medicaid 100,000 100,000 109,487 109,487 9,487
MSBA school construction reimbursement 456,305 456,305 456,305 - 456,305 -
9,705,804 9,705,804 9,701,206 - 9,701,206 (4,598)
Departmental fees, charges, and other:
Municipal lien fees 25,000 25,000 71,100 - 71,100 46,100
Town clerk fees 25,000 25,000 36,438 - 36,438 11,438
Public safety detail fees 25,000 25,000 60,145 - 60,145 35,145
Other departmental fees 50,000 50,000 90,555 - 90,555 40,555
Rental of municipal property 200,000 200,000 241,102 - 241,102 41,102
Conservation department revenues 55,000 55,000 53,840 - 53,840 (1,160)
Solar revenues 465,521 465,521 401,124 - 401,124 (64,397)
Other departmental revenues 45,000 45,000 218,336 - 218,336 173,336
890,521 890,521 1,172,640 - 1,172,640 282,119
Licenses and permits:
Alcohol licenses 70,000 70,000 72,756 - 72,756 2,756
Other licenses 240,000 240,000 342,404 - 342,404 102,404
Building permits 590,000 590,000 1,529,362 - 1,529,362 939,362
900,000 900,000 1,944,522 - 1,944,522 1,044,522
Fines and forfeitures:
Motor vehicle fines 50,000 50,000 49,113 - 49,113 (887)
Other fines - - 3,905 - 3,905 3,905
50,000 50,000 53,018 - 53,018 3,018
Penalties and interest on taxes 200,000 200,000 382,088 - 382,088 182,088
-
Interest and investment income 200,000 200,000 164,548 - 164,548 (35,452)
Total Revenues 100,223,245 100,223,245 104,172,189 - 104,172,189 3,948,944
Town of Canton, Massachusetts Page 84 of 125 Annual Comprehensive Financial ReportSource page 93
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2021
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Expenditures:
Current:
General Government:
Executive Branch 1,230,971 1,230,607 1,038,219 133,797 1,172,016 58,591
Executive Branch Articles 30,280 30,280 1,478 28,802 30,280 -
Commitees and Commissions 35,203 35,203 15,800 - 15,800 19,403
Reserve Fund 600,000 162,829 - - - 162,829
Finance Department 1,391,453 1,391,453 1,258,015 113,135 1,371,150 20,303
Finance Department Articles 176,202 176,202 165,156 10,410 175,566 636
Assessors 540,013 540,013 307,987 8,000 315,987 224,026
Assessors Articles - - - - - -
Town Clerk & Elections 282,697 289,837 289,499 52 289,551 286
Town Clerk & Elections Articles - - - - - -
Conservation Commission 143,673 143,673 136,832 750 137,582 6,091
Conservation Commission Articles 8,410 8,410 - 8,410 8,410 -
Planning Board 70,734 70,734 63,638 - 63,638 7,096
Planning Board Articles 582 582 582 - 582 -
Unpaid Bills - 70,072 70,327 - 70,327 (255)
Town Insurance 1,327,368 1,262,203 1,218,901 35,866 1,254,767 7,436
Total General Government 5,837,586 5,412,098 4,566,434 339,222 4,905,656 506,442
Public Safety
Fire Department 6,837,100 6,836,877 6,509,876 126,396 6,636,272 200,605
Fire Department Articles 125,876 125,876 57,283 68,585 125,868 8
Police Department 5,621,838 5,621,838 5,293,924 91,148 5,385,072 236,766
Police Department Articles 157,891 157,891 129,056 28,683 157,739 152
Building & Zoning 387,264 387,264 373,474 - 373,474 13,790
Total Public Safety 13,129,969 13,129,746 12,363,613 314,812 12,678,425 451,321
Education:
School 48,986,205 49,356,205 44,980,187 4,214,865 49,195,052 161,153
School Articles 578,117 578,117 431,031 146,632 577,663 454
Blue Hill Regional 1,477,309 1,477,309 1,476,512 - 1,476,512 797
Norfolk County Agricultural HS 20,000 20,000 16,000 - 16,000 4,000
Total Education 51,061,631 51,431,631 46,903,730 4,361,497 51,265,227 166,404
Public Works:
Public Works 3,141,749 3,201,749 3,113,766 81,335 3,195,101 6,648
Public Works Articles 1,133,859 1,133,859 346,076 786,305 1,132,381 1,478
Street Lighting 91,000 91,000 79,317 - 79,317 11,683
Snow & Ice 650,500 850,500 835,317 - 835,317 15,183
Trash Collection 2,121,806 2,121,806 2,096,983 11,464 2,108,447 13,359
Total Public Works 7,138,914 7,398,914 6,471,459 879,104 7,350,563 48,351
Health and Human Services:
Health Department 397,864 397,249 353,901 14,500 368,401 28,848
Council on Aging 468,055 468,670 432,245 15,358 447,603 21,067
Veteran's Services 268,653 268,653 198,400 - 198,400 70,253
Total Health and Human Services 1,134,572 1,134,572 984,546 29,858 1,014,404 120,168
(continued)
Town of Canton, Massachusetts Page 85 of 125 Annual Comprehensive Financial ReportSource page 94
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2021
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Culture and Recreation:
Recreation & Playground 878,018 878,018 802,986 20,123 823,109 54,909
Recreation & Playground Articles 49,879 49,879 41,315 8,442 49,757 122
Paul Revere Heritage Comm 5,652 5,652 5,324 - 5,324 328
Public Library 1,387,095 1,387,095 1,391,853 - 1,391,853 (4,758)
Public Library Articles 22,715 22,715 - 22,715 22,715 -
Total Culture and Recreation 2,343,359 2,343,359 2,241,478 51,280 2,292,758 50,601
Pension Benefits: 6,035,616 6,035,616 6,035,583 - 6,035,583 33
Employee Benefits:
Unemployment Compensation 100,000 100,000 100,000 - 100,000 -
Employer Share- Health 12,898,607 12,894,318 12,898,486 - 12,898,486 (4,168)
Employer Share- Life 62,250 62,250 59,193 - 59,193 3,057
Employer Share- OPEB 914,000 914,000 914,000 - 914,000 -
Total Employee Benefits 13,974,857 13,970,568 13,971,679 - 13,971,679 (1,111)
State and County Charges: 1,228,673 1,228,673 1,424,853 - 1,424,853 (196,180)
Debt Service: 5,314,630 5,314,630 5,182,819 - 5,182,819 131,811
Total Expenditures 107,199,807 107,399,807 100,146,194 5,975,773 106,121,967 1,277,840
Other Financing Sources (Uses)
Transfers in 2,266,897 2,266,897 2,427,795 2,427,795 160,898
Transfers out (670,100) (670,100) (630,970) (630,970) (39,130)
Total Other Financing Sources (Uses) 1,596,797 1,596,797 1,796,825 $ 1,796,825 121,768
Excess (Deficiency) of Revenues and Other
Financing Sources Over Expenditures/Uses
Of Prior Year Budgetary Fund Balance (5,379,765) (5,579,765) $ 5,822,820 $ 5,348,552
Other Budgetary Items
Use of unassigned fund balance $ 724,130 $ 924,130
Use of overlay surplus 27,500 27,500
Prior year encumbrances 4,623,055 4,623,055
Other 5,080 5,080
Total Other Budgetary Items 5,379,765 5,579,765
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 86 of 125 Annual Comprehensive Financial ReportSource page 95
TOWN OF CANTON, MASSACHUSETTS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED JUNE 30, 2021
I. Pension Plan
Pension Contributions – The Town contributes to the Norfolk County Retirement System (the
System), a cost-sharing multiple-employer contributory defined benefit pension plan established
under Chapter 32 of Massachusetts General Law Chapter 32. Under provisions of this law,
participating employers are assessed their share of the total retirement cost based on the entry age,
normal actuarial cost method. The pension appropriations are established by the Public Employee
Retirement Administration Commission (PERAC) based on a funding schedule approved by the
System.
Changes in Assumptions – None.
II. Other Postemployment Benefit Plan
The Town administers a single employer defined benefit healthcare plan that provides health, dental
and life insurance benefits (other postemployment benefits) to retirees and their
dependents/beneficiaries in accordance with Section 20 of Massachusetts General Law Chapter 32B.
The Town is not required to fully fund the actuarially determined contribution.
Methods and assumptions used to determine contribution rates are as follows:
Investment rate of return 6.51%, net of OPEB plan investment expense,
including inflation.
Muncipal bond rate 2.18% as of June 30, 2021
Discount Rate 6.25%, net of OPEB plan investment expense
including inflation.
Inflation 2.50% annually as of June 30, 2021 and for future periods
Health Care Trend Rate 4.5%
Salary Increases 3.00% annually as of June 30, 2021 and for future periods
Cost of Living Adjustment Not applicable.
Pre-Retirement Mortality RP-2014 Mortality Table for Blue Collar Employees projected
generationally with scale MP-2016, set forward one year
for females
Post-Retirement Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2016, set forward one
year for females
Disabled Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2016, set forward one
year
Actuarial Cost Method Individual entry age normal
Town of Canton, Massachusetts Page 87 of 125 Annual Comprehensive Financial ReportSource page 96
Changes in Assumptions – The discount rate increased from 6.0% to 6.25%. Mortality tables
updated from the RP-2000 Employees Mortality Table projected generationally with scale BB and a
base year 2009 to the RP-2014 Mortality Table projected generationally with scale MP-2016 for
males and females.
III. 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 2021, Town Meeting approved various supplemental budgetary
appropriations which resulted in a $200,000 net increase from the original voted budget primarily
used for snow and ice removal. 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, 2021, is as follows:
Basis of
Accounting Fund Perspective
Differences Differences Total
Revenues on a budgetary basis $ 104,172,189
Stabilization revenue $ - $ 667,578 667,578
Change in accruing tax revenues 11,953 - 11,953
Change in recording tax refunds payable (649,634) - (649,634)
On behalf payments 13,098,409 - 13,098,409
Revenues on a GAAP basis $ 12,460,728 $ 667,578 $ 117,300,495
Expenditures on a budgetary basis $ 100,146,194
Reclass of enterprise indirects cost to expenditures $ (1,016,879) $ - (1,016,879)
Change in accruing payroll expenditures 97,850 - 97,850
Internal service fund transfer - (100,000) (100,000)
On behalf payments 13,098,409 - 13,098,409
Expenditures on a GAAP basis $ 12,179,380 $ (100,000) $ 112,225,574
Other financing sources (uses) on a budgetary basis $ 1,796,825
Reclass of enterprise indirects cost to expenditures $ (1,016,879) $ - (1,016,879)
Internal service fund transfer - (100,000) (100,000)
Other financing sources (uses) on a GAAP basis $ (1,016,879) $ (100,000) $ 679,946
Excess of Expenditures Over Appropriations – During fiscal year 2021, expenditures exceeded
appropriations for state and county charges by $196,180 in the General Fund which was funded
through available funds during the fiscal year.
Town of Canton, Massachusetts Page 88 of 125 Annual Comprehensive Financial ReportSource page 97
Combining Statements Town of Canton, Massachusetts Page 89 of 125 Annual Comprehensive Financial Report
Source page 98
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 90 of 125 Annual Comprehensive Financial ReportSource page 99
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.
Town of Canton, Massachusetts Page 91 of 125 Annual Comprehensive Financial ReportSource page 100
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2021
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Assets:
Cash and cash equivalents $ 136,722 $ 567,974 $ 779,504 $ 1,854,848 $ 338,665
Investments - - - - -
Receivables, net of allowance for uncollectibles:
Property taxes - - - - -
Tax liens and foreclosures - - - - -
Departmental and other - - - - -
Intergovernmental 77,243 - - - -
Total Assets $ 213,965 $ 567,974 $ 779,504 $ 1,854,848 $ 338,665
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ 2,869 $ 289 $ 6,434 $ 13,413 $ 6,176
Accrued payroll and withholdings 16,890 - - 24,292 4,651
Unearned revenue - - - - -
Other liabilities - - 325 - -
Due to other funds - - - - -
Total Liabilities 19,759 289 6,759 37,705 10,827
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - -
Unavailable revenues - other - - - - -
Total Deferred Inflows of Resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted 194,206 567,685 772,745 1,817,143 327,838
Unassigned - - - - -
Total Fund Balances 194,206 567,685 772,745 1,817,143 327,838
Total Liabilities, Deferred Inflow of
Resources, and Fund Balances $ 213,965 $ 567,974 $ 779,504 $ 1,854,848 $ 338,665
Town of Canton, Massachusetts Page 92 of 125 Annual Comprehensive Financial ReportSource page 101
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ 1,776,279 $ 2,248,649 $ 850,514 $ 1,987,759 $ - $ 3,154,367 $ 13,695,281
- - 258,467 - - - 258,467
- 7,099 - - - - 7,099
- 5,665 - - - - 5,665
497,035 - - - - 448,903 945,938
- - 376,705 14,915 810,990 - 1,279,853
$ 2,273,314 $ 2,261,413 $ 1,485,686 $ 2,002,674 $ 810,990 $ 3,603,270 $ 16,192,303
$ - $ - $ 117,628 $ 8,004 $ - $ 24,270 $ 179,083
- - 2,724 13,627 - 32,065 94,249
- - 1,245,817 - - - 1,245,817
- - - - - - 325
- - - - 751,282 - 751,282
- - 1,366,169 21,631 751,282 56,335 2,270,756
- 12,764 - - - - 12,764
497,035 - - - - 89,571 586,606
497,035 12,764 - - - 89,571 599,370
- - - - - - -
1,776,279 2,248,649 487,019 1,981,043 59,708 3,457,364 13,689,679
- - (367,502) - - - (367,502)
1,776,279 2,248,649 119,517 1,981,043 59,708 3,457,364 13,322,177
$ 2,273,314 $ 2,261,413 $ 1,485,686 $ 2,002,674 $ 810,990 $ 3,603,270 $ 16,192,303
Town of Canton, Massachusetts Page 93 of 125 Annual Comprehensive Financial ReportSource page 102
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2021
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 $ 52,677 $ 193,315 $ 19,339 $ 265,331 $ 13,960,612
Investments 566,632 440,277 167,873 1,174,782 1,433,249
Receivables, net of allowance for uncollectibles:
Property taxes - - - - 7,099
Tax liens and foreclosures - - - - 5,665
Departmental and other - - - - 945,938
Intergovernmental - - - - 1,279,853
Total Assets $ 619,309 $ 633,592 $ 187,212 $ 1,440,113 $ 17,632,416
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ - $ 440 $ - $ 440 $ 179,523
Accrued payroll and withholdings - - 158 158 94,407
Unearned revenue - - - - 1,245,817
Other liabilities - - - - 325
Due to other funds - - - - 751,282
Total Liabilities - 440 158 598 2,271,354
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - 12,764
Unavailable revenues - other - - - - 586,606
Total Deferred Inflows of Resources - - - - 599,370
Fund Balances:
Nonspendable 540,197 21,553 12,235 573,985 573,985
Restricted 79,112 611,599 174,819 865,530 14,555,209
Unassigned - - - - (367,502)
Total Fund Balances 619,309 633,152 187,054 1,439,515 14,761,692
Total Liabilities and Fund Balances $ 619,309 $ 633,592 $ 187,212 $ 1,440,113 $ 17,632,416
(Concluded)
Town of Canton, Massachusetts Page 94 of 125 Annual Comprehensive Financial ReportSource page 103
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NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2021
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Revenues:
Property taxes $ - $ - $ - $ - $ -
Intergovernmental 598,949 - 20,153 - -
Charges for services 7,243 - - - -
Departmental and other - - 55,943 712,340 183,169
Investment income 625 - 13 - -
Contributions and donations - - 88,373 - 7,020
Total Revenues 606,817 - 164,482 712,340 190,189
Expenditures:
Current:
General government - 4,200 6,711 - -
Public safety - - 5,236 - -
Education 629,686 - - 1,037,531 -
Public works - - - - -
Health and human services - - 27,114 - -
Culture and recreation - - 15,437 - 137,134
Employee benefits - - - - -
Debt service:
Principal - - - - -
Interest - - - - -
Total Expenditures 629,686 4,200 54,498 1,037,531 137,134
Excess (Deficiency) Of Revenues
Over (Under) Expenditures (22,869) (4,200) 109,984 (325,191) 53,055
Other Financing Sources (Uses):
Premium from bonds and notes - - - - -
Transfers in - - - 500,000 -
Transfers out - - (70,000) - -
Total Other Financing Sources (Uses) - - (70,000) 500,000 -
Net Change in Fund Balances (22,869) (4,200) 39,984 174,809 53,055
Fund Balances - Beginning of Year, as restated 217,075 571,885 732,761 1,642,334 274,783
Fund Balances - End of Year $ 194,206 $ 567,685 $ 772,745 $ 1,817,143 $ 327,838
Town of Canton, Massachusetts Page 96 of 125 Annual Comprehensive Financial ReportSource page 105
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ - $ 686,288 $ - $ - $ - $ - $ 686,288
101,008 181,402 3,496,244 4,886,677 844,972 - 10,129,405
1,121,681 - - - - - 1,128,924
- 5,211 - - - 1,782,579 2,739,242
- 9,499 13,597 - - 23 23,757
- - - - - 291,768 387,161
1,222,689 882,400 3,509,841 4,886,677 844,972 2,074,370 15,094,777
- 88,270 2,638,168 - - 207,715 2,945,064
- - 539,608 - - 1,104,285 1,649,129
- - - 5,003,547 - 144,563 6,815,327
- - 2,139 - 817,497 - 819,636
- - 48,780 - - - 75,894
- 270,228 30,927 - - - 453,726
- - - - - 73,332 73,332
- 186,000 - - - - 186,000
- 75,790 - - - - 75,790
- 620,288 3,259,622 5,003,547 817,497 1,529,895 13,093,898
1,222,689 262,112 250,219 (116,870) 27,475 544,475 2,000,879
- - - - - 32,697 32,697
- - - - 21,333 130,970 652,303
(1,060,740) - (147,639) (160,692) - (583,785) (2,022,856)
(1,060,740) - (147,639) (160,692) 21,333 (420,118) (1,337,856)
161,949 262,112 102,580 (277,562) 48,808 124,357 663,023
1,614,330 1,986,537 16,937 2,258,605 10,900 3,333,007 12,659,154
$ 1,776,279 $ 2,248,649 $ 119,517 $ 1,981,043 $ 59,708 $ 3,457,364 $ 13,322,177
(Continued)
Town of Canton, Massachusetts Page 97 of 125 Annual Comprehensive Financial ReportSource page 106
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2021
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
Revenues:
Property taxes $ - $ - $ - $ - $ 686,288
Intergovernmental - - - - 10,129,405
Charges for services - - - - 1,128,924
Departmental and other - - - - 2,739,242
Investment income 29,219 23,074 8,789 61,082 84,839
Contributions and donations 19,200 24 850 20,074 407,235
Total Revenues 48,419 23,098 9,639 81,156 15,175,933
Expenditures:
Current:
General government - - 3,201 3,201 2,948,265
Public safety - - - - 1,649,129
Education - - - - 6,815,327
Public works - - - - 819,636
Health and human services - - - - 75,894
Culture and recreation - 440 - 440 454,166
Employee benefits - - - - 73,332
Debt service:
Principal - - - - 186,000
Interest - - - - 75,790
Total Expenditures - 440 3,201 3,641 13,097,539
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 48,419 22,658 6,438 77,515 2,078,394
Other Financing Sources (Uses):
Premium from bonds and notes - - - - 32,697
Transfers in - - - - 652,303
Transfers out - - - - (2,022,856)
Total Other Financing Sources (Uses) - - - - (1,337,856)
Net Change in Fund Balances 48,419 22,658 6,438 77,515 740,538
Fund Balances - Beginning of Year, as restated 570,890 610,494 180,616 1,362,000 14,021,154
Fund Balances - End of Year $ 619,309 $ 633,152 $ 187,054 $ 1,439,515 $ 14,761,692
(Concluded)
Town of Canton, Massachusetts Page 98 of 125 Annual Comprehensive Financial ReportSource page 107
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 99 of 125 Annual Comprehensive Financial ReportSource page 108
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2021
Total
Health Workers' Unemployment Building Internal
Claims Compensation Claims Insurance Service Funds
Assets:
Current assets:
Cash and cash equivalents $ 4,842,507 $ 469 $ 250,174 $ 22,263 $ 5,115,413
Investments 4,789,901 - - - 4,789,901
Receivables, net of allowance for uncollectibles:
Departmental and other 192,947 - - - 192,947
Prepaid items 183,920 - - - 183,920
Deposit held by third party 61,800 - - - 61,800
Total Current Assets 10,071,075 469 250,174 22,263 10,343,981
Liabilities:
Current liabilities:
Warrants and accounts payable 128,376 860 - - 129,236
Health claims incurred but not reported 1,127,863 - - - 1,127,863
Total Current Liabilities 1,256,239 860 - - 1,257,099
Net Position:
Unrestricted 8,814,836 (391) 250,174 22,263 9,086,882
TOTAL NET POSITION $ 8,814,836 $ (391) $ 250,174 $ 22,263 $ 9,086,882
Town of Canton, Massachusetts Page 100 of 125 Annual Comprehensive Financial ReportSource page 109
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FISCAL YEAR ENDED JUNE 30, 2021
Total
Health Workers' Unemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Operating Revenues:
Employee contributions $ 4,253,126 $ - $ - $ - $ 4,253,126
Employer contributions 11,741,150 - 100,000 - 11,841,150
Stop loss reimbursements 1,217,864 - - - 1,217,864
Total Operating Revenues 17,212,140 - 100,000 - 17,312,140
Operating Expenditures:
Employee benefits 16,474,152 2,023 146,617 - 16,622,792
Total Operating Expenditures 16,474,152 2,023 146,617 - 16,622,792
Operating Income (Loss) 737,988 (2,023) (46,617) - 689,348
Nonoperating Revenues (Expenses):
Investment Income 248,530 134 435 1,045 250,144
Income (Loss) Before Transfers 986,518 (1,889) (46,182) 1,045 939,492
Change in Net Position 986,518 (1,889) (46,182) 1,045 939,492
Fund Balances - Beginning of Year 7,828,318 1,498 296,356 21,218 8,147,390
Fund Balances - End of Year $ 8,814,836 $ (391) $ 250,174 $ 22,263 $ 9,086,882
Town of Canton, Massachusetts Page 101 of 125 Annual Comprehensive Financial ReportSource page 110
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2021
Total
Health Workers' Umemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Cash Flows From Operating Activities:
Receipts from interfund services provided $ 17,106,693 $ - $ 100,000 $ - $ 17,206,693
Payments for interfund services used (15,283,245) (1,513) (146,617) - (15,431,375)
Net Cash Provided by (Used in) Operating Activities 1,823,448 (1,513) (46,617) - 1,775,318
Cash Flows From Investing Activities:
Investment income 248,530 134 435 1,045 250,144
Investment of operating cash (344,015) - - - (344,015)
Net Cash Provided By Investing Activities (95,485) 134 435 1,045 (93,871)
Net Change in Cash and Cash Equivalents 1,727,963 (1,379) (46,182) 1,045 1,681,447
Cash and Cash Equivalents:
Beginning of the Year 3,114,544 1,848 296,356 21,218 3,433,966
End of the Year $ 4,842,507 $ 469 $ 250,174 $ 22,263 $ 5,115,413
Reconciliation of Operating Income (Loss) to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss) 737,988 (2,023) (46,617) - 689,348
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Changes in assets and liablities:
Receivables (105,447) - - - (105,447)
Prepaid items 713,300 - - - 713,300
Accounts payable and accrued expenses (105,816) 510 - - (105,306)
Health claims incurred but not reported 583,423 - - - 583,423
Net Cash Provided by (Used in) Operating Activities $ 1,823,448 $ (1,513) $ (46,617) $ - $ 1,775,318
Town of Canton, Massachusetts Page 102 of 125 Annual Comprehensive Financial ReportSource page 111
STATISTICAL SECTION
Above: The Copper Rolling Mill, the largest remaining structure within the Paul Heritage Site Park, site
of the original Revere Copper Company. The building was recently renovated after decades of neglect.
The ground floor of the preserved structure houses a restaurant, and the upper floor is home to Copper
Mill Hall, a space used to preview exhibits of upcoming programs that will be housed in the Historic
Barn and also serves as a venue for public and private programs and events.
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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.
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NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2012 (1) 2013 2014 2015 (2) 2016 2017 2018 (3) 2019 2020 2021
Governmental activities:
Net investment in capital assets…………………………….
$ 63,962,326 $ 61,957,511 $ 70,116,230 $ 76,109,604 $ 78,591,436 $ 78,738,423 $ 81,317,923 $ 85,225,980 $ 85,368,370 $ 85,708,813
Restricted………………………………………………………………………….. 6,774,650 10,768,853 8,912,488 9,193,516 9,006,548 10,642,548 10,880,921 10,431,283 12,654,553 11,044,088
Unrestricted……………………………………………………………… (8,796,940) (14,921,000) (23,682,247) (57,308,073) (55,970,281) (57,041,754) (86,179,993) (97,227,078) (92,984,331) (83,683,692)
Total governmental activities net position………………………………………..
$ 61,940,036 $ 57,805,364 $ 55,346,471 $ 27,995,047 $ 31,627,703 $ 32,339,217 $ 6,018,851 $ (1,569,815) $ 5,038,592 $ 13,069,209
Business-type activities:
Net investment in capital assets…………………………….
$ 16,033,950 $ 16,381,614 $ 15,743,697 $ 16,386,618 $ 17,457,708 $ 18,785,822 $ 20,603,290 $ 23,248,847 $ 28,388,654 $ 31,437,878
Unrestricted………………………………………………………………. 4,362,212 4,030,576 6,399,642 6,342,679 9,040,938 8,905,131 7,446,856 7,149,422 5,660,684 5,450,585
Total business-type activities net position…………………………….
$ 20,396,162 $ 20,412,190 $ 22,143,339 $ 22,729,297 $ 26,498,646 $ 27,690,953 $ 28,050,146 $ 30,398,269 $ 34,049,338 $ 36,888,463
Primary government:
Net investment in capital assets…………………………….
$ 79,996,276 $ 78,339,125 $ 85,859,927 $ 92,496,222 $ 96,049,144 $ 97,524,245 $ 101,921,213 $ 108,474,827 $ 113,757,024 $ 117,146,691
Restricted………………………………………………………………………. 6,774,650 10,768,853 8,912,488 9,193,516 9,006,548 10,642,548 10,880,921 10,431,283 12,654,553 11,044,088
Unrestricted…………………………………………………………… (4,434,728) (10,890,424) (17,282,605) (50,965,394) (46,929,343) (48,136,623) (78,733,137) (90,077,656) (87,323,647) (78,233,107)
Total primary government net position………………………………………………….
$ 82,336,198 $ 78,217,554 $ 77,489,810 $ 50,724,344 $ 58,126,349 $ 60,030,170 $ 34,068,997 $ 28,828,454 $ 39,087,930 $ 49,957,672
(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 net pension liability. This resulted in a prior period restatement decreasing governmental activities and business-type activities beginning balances by
$34,589,481 and $2,341,420, respectively, as of July 1, 2014.
(3) In fiscal year 2018, the Town restated its net other postemployment liability. This resulted in a prior period restatement decreasing governmental activities and business-type beginning balances by
$28,907,860 and $1,180,102, respectively, as of July 1, 2017.
Town of Canton, Massachusetts Page 107 of 125 Annual Comprehensive Financial ReportSource page 116
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2012 2013 2014 2015 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1)
Expenses -
Governmental activities:
General government…...…………………………………………………… $ 5,898,196 $ 5,809,111 $ 6,231,894 $ 5,683,805 $ 5,764,062 $ 5,965,196 $ 5,578,489 $ 6,597,325 $ 6,967,692 $ 9,078,637
Public safety…..……………………………………………………………… 15,490,670 16,060,024 16,660,306 15,312,760 16,584,359 17,532,705 19,250,042 20,028,852 20,016,807 19,806,196
Education……..…………………………………………………………………. 58,649,480 61,782,205 64,153,101 54,772,830 60,963,021 68,325,037 70,396,176 72,945,712 74,489,136 79,983,691
Public works……...………………………………………………………………. 5,703,015 6,286,770 6,419,350 7,227,459 7,581,355 7,658,668 7,911,117 8,254,354 8,039,489 8,580,554
Health and human services……………...…………………………………………………………….
1,221,862 1,314,086 1,346,871 1,609,060 1,536,513 1,684,833 1,635,120 1,598,126 1,620,371 1,622,066
Culture and recreation………...…………………………………………………………..
2,944,861 2,985,722 3,123,867 3,006,143 3,698,331 3,683,115 3,768,025 4,763,997 3,868,895 3,503,774
Interest…………………………………………………………………… 1,664,859 1,668,538 1,557,660 722,667 672,768 636,035 659,834 595,390 638,638 660,193
Total government activities expenses…………………………………….. 91,572,943 95,906,456 99,493,049 88,334,724 96,800,409 105,485,589 109,198,803 114,783,756 115,641,028 123,235,111
Business-type activities:
Water…………………………………………………………………… 5,456,431 5,853,408 5,225,383 5,253,139 5,692,320 6,141,278 7,105,456 6,656,972 7,398,151 6,323,100
Sewer…………………………………………………………………… 5,084,191 5,173,053 5,366,166 5,416,303 5,925,780 6,191,663 6,275,549 6,415,007 6,473,346 6,652,823
Rink…………………………………………………………………… 496,394 390,072 353,666 405,752 79,670 61,792 13,498 15,301 47,458 301,885
Total business-type activities expenses…………………………………….. 11,037,016 11,416,533 10,945,215 11,075,194 11,697,770 12,394,733 13,394,503 13,087,280 13,918,955 13,277,808
Total primary government expenses………………………………………. $ 102,609,959 $ 107,322,989 $ 110,438,264 $ 99,409,918 $ 108,498,179 $ 117,880,322 $ 122,593,306 $ 127,871,036 $ 129,559,983 $ 136,512,919
Program Revenues -
Governmental activities:
Charges for services:
General government………………………………………………… $ 325,814 $ 554,773 $ 978,216 $ 881,979 $ 776,450 $ 563,303 $ 629,653 $ 1,072,993 $ 527,241 $ 689,037
Public safety……………………………………………………………….. 2,292,477 2,790,608 2,595,617 2,908,421 3,123,869 2,778,390 3,575,574 3,553,243 4,102,459 4,476,260
Education………………………………………………………………. 2,155,031 2,253,878 2,632,798 2,640,969 2,788,752 2,328,949 2,463,638 2,402,968 1,680,802 880,649
Public works………………………………………………………………. 125,694 210,642 227,108 281,025 316,164 267,218 308,449 293,344 251,233 325,153
Human services………………………………………………………………. 66,462 85,978 91,484 151,953 97,633 101,977 107,678 95,143 96,066 51,869
Culture and recreation……………………………………………………… 528,937 396,771 359,497 399,396 468,374 460,175 436,273 490,079 269,575 219,549
Operating grants and contributions…………………………………… 16,776,734 16,961,153 18,811,622 13,609,976 15,841,950 18,253,254 19,405,225 20,992,327 23,414,891 29,450,495
Capital grants and contributions………………………………………….. 1,659,561 550,999 611,930 2,832,069 1,562,827 922,822 2,293,126 795,169 2,963,184 1,694,958
Total government activities program revenues...…………………………….. 23,930,710 23,804,802 26,308,272 23,705,788 24,976,019 25,676,088 29,219,616 29,695,266 33,305,451 37,787,970
Business-type activities:
Charges for services - Water…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
6,672,927 6,702,942 6,943,731 7,011,223 7,084,917 6,929,539 7,186,664 6,631,764 7,007,031 7,533,763
Charges for services - Sewer…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
5,227,905 5,344,425 6,045,829 6,559,894 6,517,066 6,560,287 7,143,471 6,798,905 6,960,457 7,320,462
Charges for services - Rink…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
446,111 431,671 429,555 367,098 - - - - - 166,875
Capital grant and contributions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- - 463,500 - - - 5,625 450,000 2,515,469 204,450
Operating grants and contributions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- - 6,250 37,338 2,093 80,960 - - - 150,000
Total business-type activities program revenues……………………………………..
12,346,943 12,479,038 13,888,865 13,975,553 13,604,076 13,570,786 14,335,760 13,880,669 16,482,957 15,375,550
Total primary government program revenues……………………………………….
$ 36,277,653 $ 36,283,840 $ 40,197,137 $ 37,681,341 $ 38,580,095 $ 39,246,874 $ 43,555,376 $ 43,575,935 $ 49,788,408 $ 53,163,520
Net (Expense)/Program Revenue
Governmental activities……………………....……………………………..
$ (67,642,233) $ (72,101,654) $ (73,184,777) $ (64,628,936) $ (71,824,390) $ (79,809,501) $ (79,979,187) $ (85,088,490) $ (82,335,577) $ (85,447,141)
Business-type activities……………………....…………………………….. 1,309,927 1,062,505 2,943,650 2,900,359 1,906,306 1,176,053 941,257 793,389 2,564,002 2,097,742
Total primary government net (expense)/program revenue……………………………………….
$ (66,332,306) $ (71,039,149) $ (70,241,127) $ (61,728,577) $ (69,918,084) $ (78,633,448) $ (79,037,930) $ (84,295,101) $ (79,771,575) $ (83,349,399)
(1) The roof of the Rink partially collapsed due to storm damage which has temporarily suspended operations from 2015 to 2021 and has led to a decrease in activity in the Rink Enterprise fund. (continued)
Town of Canton, Massachusetts Page 108 of 125 Annual Comprehensive Financial ReportSource page 117
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
General Revenues and other Changes in Net Position -
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable…………………………………………………. $ 54,892,887 $ 56,128,582 $ 58,966,309 $ 61,423,003 $ 63,720,607 $ 67,168,983 $ 72,087,049 $ 74,151,256 $ 79,891,756 $ 83,971,060
Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
349,982 597,670 421,708 591,950 213,952 204,512 220,189 301,286 91,185 586,103
Motor vehicle excise taxes…………………………………………………… 3,286,609 3,101,266 3,914,171 3,380,408 4,385,878 4,376,168 4,581,480 4,707,385 4,906,443 4,931,089
Penalties and interest on taxes…………………………………………….. 305,814 263,511 323,695 344,012 310,740 254,164 314,625 364,795 240,078 382,088
Payments in lieu of taxes……………………………………………………………… 199,225 219,205 224,311 214,543 222,149 225,405 231,040 236,816 254,165 281,830
Hotel and meals taxes……………………………………………………………… - 38,309 460,905 568,317 581,621 601,227 593,076 603,821 568,692 421,813
Grants and contributions not restricted to specific programs………………………………………………………………
2,201,430 2,026,227 2,202,728 2,776,692 2,213,169 2,013,767 2,099,870 2,180,123 2,315,718 2,316,820
Unrestricted investment income……………………………………………. 195,037 166,466 201,635 194,375 218,877 246,862 359,644 521,199 1,641,176 1,167,109
Insurance recoveries……………………………………………………………… - - - - - 2,190,705 - - - -
Miscellaneous……………………………………………………………… 471,501 382,614 188,275 - - - - - - -
Transfers……………………………………………………………… 1,101,525 1,166,968 1,063,245 1,232,584 - (1,824,747) 34,042 (500,000) (965,229) (690,607)
Total governmental activities…………………………………………………………………
63,004,010 64,090,818 67,966,982 70,725,884 71,866,993 75,457,046 80,521,015 82,566,681 88,943,984 93,367,305
Business-type activities:
Unrestricted investment income……………………………………………. - - 16,768 20,083 27,019 38,296 50,296 98,038 121,838 50,776
Transfers……………………………………………………………… (1,101,525) (1,166,968) (1,063,245) (1,232,584) - 1,824,747 (34,042) 500,000 965,229 690,607
Total business-type activities….………..………………………………….. (1,101,525) (1,166,968) (1,046,477) (1,212,501) 27,019 1,863,043 16,254 598,038 1,087,067 741,383
Total primary government general revenues and other
changes in net position…………………………………………………. $ 61,902,485 $ 62,923,850 $ 66,920,505 $ 69,513,383 $ 71,894,012 $ 77,320,089 $ 80,537,269 $ 83,164,719 $ 90,031,051 $ 94,108,688
Changes in Net Position
Governmental activities……………………....…………………………….. $ (4,638,223) $ (8,010,836) $ (5,217,795) $ 6,096,948 $ 42,603 $ (4,352,455) $ 541,828 $ (2,521,809) $ 6,608,407 $ 7,920,164
Business-type activities……………………....…………………………….. 208,402 (104,463) 1,897,173 1,687,858 1,933,325 3,039,096 957,511 1,391,427 3,651,069 2,839,125
Total primary government changes in net position……………………………………….
$ (4,429,821) $ (8,115,299) $ (3,320,622) $ 7,784,806 $ 1,975,928 $ (1,313,359) $ 1,499,339 $ (1,130,382) $ 10,259,476 $ 10,759,289
(concluded)
Town of Canton, Massachusetts Page 109 of 125 Annual Comprehensive Financial ReportSource page 118
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
General Fund:
Nonspendable……………………………….$ - $ - $ - $ - $ - $ - $ 7,252 $ 15,376 $ 115,915 $ -
Restricted………………………………. 6,033,902 5,483,092 5,160,240 - - - - 15,918 - -
Committed…………………………….. 202,643 328,343 470,608 358,148 364,246 886,722 923,152 1,026,447 1,148,811 1,108,984
Assigned…………………………….. 1,165,952 456,548 361,035 893,993 793,408 1,846,942 876,862 1,599,273 1,354,167 4,872,726
Unassigned…………………………… 5,825,529 7,118,096 8,276,920 9,815,657 11,430,875 12,961,775 16,128,195 17,224,537 19,686,713 22,078,763
Total general fund……………………………..$ 13,228,026 $ 13,386,079 $ 14,268,803 $ 11,067,798 $ 12,588,529 $ 15,695,439 $ 17,935,461 $ 19,881,551 $ 22,305,606 $ 28,060,473
All Other Governmental Funds:
Nonspendable……………………………….$ 394,385 $ 404,785 $ 419,585 $ 432,785 $ 445,985 $ 471,585 $ 489,185 $ 511,185 $ 554,785 $ 573,985
Restricted………………………………. 6,504,706 7,000,533 8,707,938 11,544,545 10,939,315 10,584,773 11,869,527 14,510,055 16,302,552 15,653,910
Unassigned…………………………… (1,301,454) (1,735,507) (468,758) (1,187,828) (632,310) (2,674,755) (156,123) (117,756) (412,455) (367,502)
Total all other governmental funds……………..
$ 5,597,637 $ 5,669,811 $ 8,658,765 $ 10,789,502 $ 10,752,990 $ 8,381,603 $ 12,202,589 $ 14,903,484 $ 16,444,882 $ 15,860,393
Town of Canton, Massachusetts Page 110 of 125 Annual Comprehensive Financial ReportSource page 119
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Revenues:
Property taxes, net of tax refunds…………………………………………………….
$ 55,345,629 $ 56,246,748 $ 59,063,932 $ 61,544,401 $ 63,767,588 $ 67,223,724 $ 71,943,571 $ 74,255,762 $ 78,939,407 $ 84,820,110
Tax title……………………………………………………………………………. 224,631 371,909 219,962 782,539 351,721 147,456 172,988 297,266 235,221 221,451
Motor vehicle and other excise taxes………………………………………… 3,289,549 3,165,288 3,473,978 3,714,753 4,119,643 4,555,904 4,505,384 4,703,198 4,560,311 5,057,570
Hotel and meals taxes…………………………………………………… - 38,309 460,905 568,317 581,621 601,227 593,076 603,821 568,692 421,813
Charges for services……………………………………………………… 1,704,553 1,598,646 1,474,669 1,580,929 1,627,494 1,747,854 2,028,754 2,108,925 1,725,842 1,128,924
Penalties and interest on taxes………………………………………305,814 263,511 323,695 344,012 310,740 254,164 314,625 364,795 240,078 382,088
Payments in lieu of taxes…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
199,225 219,205 224,311 214,543 222,149 225,405 231,040 236,816 254,165 281,830
Fines and forfeitures…………………………………………… 165,051 134,626 109,411 141,311 113,467 119,540 92,821 114,905 54,683 53,018
Intergovernmental…………………………………………………….. 17,825,334 20,571,148 19,712,460 20,403,915 16,564,548 19,102,008 20,785,945 22,693,271 27,275,657 32,930,006
Intergovernmental - school construction grants……………………………………..- - - - 1,206,545 - - 600,762 - -
Departmental and other………………………………………………. 2,768,345 2,971,011 3,456,976 4,073,470 4,119,749 4,506,265 3,539,653 4,423,606 5,020,499 3,911,882
Licenses and permits……………………………………….. 646,450 912,233 1,043,909 817,829 1,282,441 1,035,070 1,142,116 1,235,156 1,422,462 1,944,522
Contributions……………………………………………………………. 362,965 349,244 398,308 2,146,011 1,245,410 488,456 857,270 482,910 422,661 407,235
Investment income……………………………………………………….. 167,170 141,807 142,946 163,941 171,180 198,226 301,356 456,202 1,406,002 916,965
Total Revenue…………………………………………………
83,004,716 86,983,685 90,105,462 96,495,971 95,684,296 100,205,299 106,508,599 112,577,395 122,125,680 132,477,414
Expenditures:
General government…………………………………………………………….
4,062,501 3,811,225 3,905,506 4,255,876 3,980,026 3,936,471 3,938,757 3,480,942 4,970,542 7,045,493
Public safety……………………………………………………………… 9,427,684 9,579,726 10,087,953 10,630,184 10,724,190 11,138,061 11,386,263 12,781,717 13,794,925 13,921,079
Education………………………………………………………………… 36,008,019 35,975,887 37,524,669 39,417,729 40,479,930 42,896,291 44,863,583 47,531,743 51,595,264 53,745,167
Public works…………………………………………………………….. 4,353,404 3,845,990 4,449,435 4,503,498 5,515,513 5,592,699 5,494,358 5,665,258 5,803,062 6,367,394
Health and human services…………………………………………………………..
805,351 861,386 853,534 892,603 1,182,773 1,106,152 1,152,349 1,105,044 1,093,693 1,060,440
Culture and recreation…………………………………………………1,830,239 1,818,050 1,793,002 1,880,085 2,062,646 2,647,844 2,493,339 2,587,654 2,700,234 2,350,181
Pension benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
11,104,953 11,325,041 11,733,329 11,915,349 7,321,245 9,802,225 12,480,279 13,538,094 16,800,589 18,871,543
Employee benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
9,973,437 10,403,739 10,327,387 11,152,708 11,675,327 11,482,452 12,083,049 13,061,838 13,448,532 13,699,142
State and county charges………………………………………… 849,149 874,821 959,538 959,868 944,583 927,338 995,573 1,015,303 1,186,662 1,424,853
Capital outlay and other……………………………………………………………….
3,771,064 6,577,524 2,369,095 2,930,119 8,445,932 6,844,641 5,203,195 5,138,643 8,496,602 3,650,678
Debt service:
Principal……………………………………………………………… 4,029,141 4,306,220 4,385,178 4,520,404 3,819,900 3,931,624 3,821,850 3,871,933 3,884,816 4,370,415
Interest……………………………………………………………………. 1,838,977 1,661,391 1,677,804 1,619,994 1,166,454 1,061,042 970,237 995,903 957,771 1,074,194
Total Expenditures………………………………………………………..
88,053,919 91,041,000 90,066,430 94,678,417 97,318,519 101,366,840 104,882,832 110,774,072 124,732,692 127,580,579
Excess of revenues over (under) expenditures…………………………………………………
(5,049,203) (4,057,315) 39,032 1,817,554 (1,634,223) (1,161,541) 1,625,767 1,803,323 (2,607,012) 4,896,835
Other Financing Sources (Uses):
Issuance of refunding bonds…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
5,398,612 - - 15,185,400 - 515,000 1,596,000 414,000 - 2,060,000
Payments of refunded bonds……………………………………………………………..
(5,540,000) - - (21,739,649) - (526,148) (1,619,000) (446,000) - (2,305,382)
Issuance of bonds and notes………………...…………………………………………
1,964,388 2,932,908 2,603,159 175,000 2,861,150 1,367,000 5,455,000 1,792,000 7,700,000 742,000
Premium from bonds and notes………………...…………………………………………
261,192 136,455 166,242 2,258,843 153,042 11,148 305,990 246,871 969,603 357,079
Capital lease financing…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
62,192 51,211 - - 104,250 - - - - -
Insurance recoveries……………………………………………………………………………… - - - - - 2,354,811 - - - -
Transfers in……………………………………………………………………………… 2,865,322 2,854,525 3,835,589 3,988,699 1,856,376 2,294,746 2,421,242 2,829,878 2,845,110 1,963,219
Transfers out…………………………………………………………………………… (1,513,797) (1,687,557) (2,772,344) (2,756,115) (1,856,376) (4,119,493) (2,387,200) (3,329,878) (3,810,339) (2,653,826)
Total other financing sources (uses)…………………………………………………………………..
3,497,909 4,287,542 3,832,646 (2,887,822) 3,118,442 1,897,064 5,772,032 1,506,871 7,704,374 163,090
Net change in fund balance………………………………………………………………….
$ (1,551,294) $ 230,227 $ 3,871,678 $ (1,070,268) $ 1,484,219 $ 735,523 $ 7,397,799 $ 3,310,194 $ 5,097,362 $ 5,059,925
Debt service as a percentage of noncapital expenditures……………………………………………….
6.96% 7.07% 6.91% 6.69% 5.61% 5.28% 4.81% 4.61% 4.17% 4.39%
Town of Canton, Massachusetts Page 111 of 125 Annual Comprehensive Financial ReportSource page 120
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 Direct
Year Value Value Value Property Value Value Value Value Tax Rate Tax Rate Tax Rate
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
2018 3,633,566,271 536,026,099 402,226,020 177,246,290 1,115,498,409 4,749,064,680 4,615,563,300 102.89% 12.42 25.86 15.58
2019 3,824,234,297 557,405,693 426,392,980 181,040,100 1,164,838,773 4,989,073,070 5,111,198,800 97.61% 12.40 25.77 15.52
2020 4,013,357,852 583,890,748 450,496,780 188,409,290 1,222,796,818 5,236,154,670 5,111,198,800 102.44% 12.23 25.42 15.31
2021 4,215,106,958 633,577,432 508,267,600 238,049,450 1,379,894,482 5,595,001,440 5,664,784,600 98.77% 12.20 24.29 15.18
Commercial Value as % of Total Value
26.0%
24.0%
22.0%
20.0%
18.0%
16.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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 112 of 125 Annual Comprehensive Financial Report