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April 30, 2019, Finance Committee Meeting. Minutes
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Meeting of the Canton Finance Committee Minutes Voted on: 7/25/19
Meeting Minutes Vote: 5-0-2
Tuesday, April 30, 2019
Finance Committee Members Present:
Christos Arsondiadis, Rob Barker, Dan Cole, Emilio Mauro, Tim McKenna and Cindy Thomas.
Finance Committee Members Absent: Cynthia Holcombe, Barbara Saint Andre and Wai Wong.
Guests Present:
Charlie Doody, Fire Chief; Chair of Canton Alliance Against Substance Abuse (CAASA)
Paul Gargano - Roselli, Clark &Associates, CPA
Tony Roselli — Roselli, Clark &Associates, CPA
James Murgia, Finance Director
Ellen Jones, Finance Committee Secretary
Opening: A meeting of the Canton Finance Committee was called to order by Chairman Barker at 6:35 p.m. on
Tuesday, April 30, 2019, in the Community Meeting Room of the Canton Public Library.
A. Approval of Agenda
Chairman Barker reviewed the items on the agenda which included a discussion with the auditors, revised Town
Meeting articles, the General Fund's Operating Results and a Summary of Revenue of Expenditures.
Announcements
Chairman Barker stated that the meeting was the last meeting prior to Town Meeting on May 13.
M r. Murgia stated an informational meeting regarding the pool would take place on May 7 from 1-3 p.m. at the
Senior Center. Mr. McCarthy from the Buildings Renovation Committee would be in attendance at this
i nformational meeting to explain the high cost of replacing the pool.
A Special Election would take place on May 28 regarding the Bolivar Pool debt override.
C. New Business
Article 3 —Hear Reports of Committees Appointed at Prior Town Meetings - CAASA
Fire Chief Doody presented the following overview regarding the Canton Alliance Against Substance Abuse:
• As the CAASA Committee Chair Mr. Doody stated that he is required to submit a report to the Finance
Committee and to also give a report to Town Meeting.
• CAASA has been existence since 2013 and has expanded to a group of approximately 29 members.
• A steering committee is comprised of a member of the Fire Department, a member of the Police
Department, School Department, Parks &Recreation, Council on Aging and 2 at-large members from the
community.
• Some of the activities that CAASA have held or sponsored include: community education (weekly
submission in the Canton Citizen newspaper, information kiosks at various locations in town, Library
collaboration for speaker series, panel discussions with state officials, Senior Center collaboration and
collaboration with schools (speakers regarding vaping and addiction in the adolescent mind).
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• CAASA has held community events -Summer Safety Faire, Celebration of Life (annual event held in
August for individuals who have lost loved ones to substance abuse disorder) and International Overdose
Awareness Day to be held on August 31St of each year at the Canton Senior Center gazebo.
• CAASA is active in data collection to help the programs that they sponsor through the Youth Risk Behavior
Survey for middle and high school students (annual survey). CAASA also holds interviews with key public
officials to obtain a prospective from a certain point of view to help with community programs.
• CAASA offers a variety of support services —Drop-In Center at the Congregational Church, medical
professionals that run recovery centers as well as an interface referral service for all residents with an
800 number (available on CAASA.org) to link citizens with mental health services. Intervention kits
through the District Attorney's office are made available as well as drug take back days at the Police
Station.
• Youth Programming is also a focus of CAASA. Teen night was offered through Parks &Recreation during
school vacation as a healthy alternative to parties. The Police offer open gym nights.
• For the future CAASA's long range plan is to develop a virtual drop-in center so that all the resources
currently offered are available on-line.
• CAASA is applying for adrug-free community grant. This is a 10-year grant through the federal
government for $125,000 each year for 10 years. The grant could be used to fund a position for someone
to be in charge of substance abuse disorders and health and wellness in the community.
• CAASA will be sponsoring scholarships for students who actively participate in substance abuse
prevention and education.
• The committee will be developing a resource center at the Library with fiction and non-fiction material
regarding substance abuse.
• In May 2019 Police Chief Berkowitz will serve as the new Chair of CAASA. Dr. Fischer-Mueller will serve as
the Vice-Chair of CAASA.
• CAASA included a flyer in a recent mailing of the tax bills sent out to homeowners.
I n response to Chairman Barker's question about there being enough individuals in town trained in NARCAN
administration, Mr. Doody responded that there were not enough. There have been two NARCAN community
trainings as well as a faith-based training. There was unfortunately a low turnout for these trainings. Chief Doody
stated that it would be beneficial to have municipal departments, school departments and others trained in
NARCAN administration. One of CAASA's goals is to have NARCAN reversal kits in all public buildings next to
defibrillators.
M r. Cole inquired as to what age groups CAASA was targeting. Mr. Doody responded that when CAASA was
originally formed it was targeting middle and high school students. As the opioid crisis expanded CAASA had to
shift the target to include elementary up to end of life ages.
CAASA has not done anything in relation to assistance with public housing for substance abuse families. Mr. Doody
thanked Mr. Mauro for his suggestion.
M r. Mauro also inquired if responses to overdoses are mapped in order to aid with outreach. Chief Doody stated
that when an overdose or overdose reversal occurs the information is reported to the District Attorney's office
w ho is the clearinghouse for the statistics. CAASA also has a program whereby a team is sent out as follow up to
an overdose reversal to visit the home of where the overdose occurred to provide information to the family
members or the individual who overdosed.
The Canton Community Club is organizing a Serenity Garden where by bricks will be sold to make a brick patio at
Pequitside Farm. Bricks can be purchased in memory of someone or someone who is struggling with substance
a buse. The location will be a memorial and a peaceful place for families for reflection.
The Fire Chief's presentation ended at approximately 6:45 p.m.
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Auditor's Presentation — Roselli, Clark &Associates —Tony Roselli and Paul Gar~ano
M r. Roselli thanked the Finance Committee for having them. Mr. Roselli covered the purpose of an audit, the goals
of an audit, economic trends in Town and where they might be headed, the Town's bond rating and informational
items to be aware of going forward as well as the findings and recommendations of the audit
M r. Roselli referred to the slides he provided to the Finance Committee. Mr. Roselli explained the following
highlights of the audit:
• An audit is required anytime you exceed $750,000 in federal expenditures, which the Town of Canton far
exceeds this number. An audit is also required if the Town exceeds $10 million in bond issuance, which
the Town exceeds as well. The audit is not a forensic or fraud audit looking for irregular acts, unless the
auditors are made aware of irregular procedures at which time they would expand their procedures.
• The audit is performed in accordance to Generally Accepted Government Account Standards(GALAS or
Yellow Book)for the GAO (Government Accounting Office at the federal level).
• A review is done over the major transactions: cash receipts, cash disbursements and payroll.
• Risk assessment is required under the audit. The auditors look at areas that are vulnerable to risk such as
cash handling (to make sure controls are in place).
• The Single Audit governs items greater than $750,000 for federal assistance.
• At the end of the audit either a clean opinion is issued or a qualified opinion is issued. An example of the
auditors rendering a qualified opinion means that the Town did not follow standards (such as the Town
not conducting an OPEB study thereby making the auditors unable to include the liability in the financial
statements). For the FY18 audit the auditor issued a clean opinion.
• SAS #115 — If the auditor comes across a significant deficiency or material weakness the auditors would
have to issue a separate report. For the FY18 audit there were no deficiencies or material weaknesses.
• The Town has produced a CAFR for 13 years. The Comprehensive Annual Financial Report(CAFR) is
submitted to the GFOA (Government Finance Officers Association) for review and issued an award if it
meets the GFOA's standards. This award is the highest level of financial reporting that a government can
have. Mr. Roselli congratulated the financial staff of the Town.
• There is no Massachusetts Department of Revenue (DOR) requirement for towns to conduct an audit. It
would bean unfunded mandate. Because of Prop. 2% the cities and towns would have to incur an
expense and if it were required under the unfunded mandate, the state would have to provide the funds
for the audit.
M r. Arsondiadis inquired if a material weakness were identified would it automatically trigger a qualified opinion.
M r. Roselli stated that it would not and that it would trigger a different opinion on the internal control report. The
i nternal control report is a separate report that would be issued by the auditors. The Town could have a material
weakness but the auditors could still issue a clean opinion.
M r. Cole referred to the management letter and stated that it contained language that stated,"we do not express
an opinion on the effectiveness of the Town's internal control". Mr. Roselli explained that the management letter
under the guidelines is not required and is optional. The auditors test internal controls over federal grants.
M r. Gargano stated that they are only testing internal controls for the purpose of determining the extent of
procedures that they perform on the grant and they are not issuing an opinion on the internal controls.
M r. Roselli stated that if the Town wanted an audit done on internal controls it would involve a whole different
level of service. He further stated that by gaining an understanding it is allowing them to develop the audit
process and not issue an opinion on the internal controls. Mr. Roselli stated that based on their understanding of
the Town of Canton's finances he believes the internal controls are very strong and has not required them to do a
lot of extra review because of the processes in place.
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With regard to the economic trends, Mr. Roselli offered the following comments:
• Reserve balances are the General Accepted Accounting Principles(GAAP) undesignated general fund
balance plus the stabilization balances. The reserves and the free cash are two different balances.
• The Town's reserve balances had one dip between 2009 and 2010 but since then have increased steadily.
• Reserve balances are an indicator of how well the Finance Committee, the Finance Department, the Board
of Selectmen and the public have managed the Town's finances.
• In response to a Finance Committee member's question if the increase in reserve balances was normal,
M r. Roselli commented that the increase was more than normal.
• The $17.2 million in reserves represents an approximately 19-20% reserve ratio as of FY18.
• Canton's reserves are above average when compared to similarly-size communities.
• The reserve ratio is the undesignated balances plus stabilization balances divided by expenses. The bond
rating agencies use the reserve ratio to assess the bond rating. The reserve ratio is rated as 0-4% for bad,
4-8%better but still a low range, 8-15%(where many communities fall) and above 15%would be a Grade
1 out of grades 1-5. Canton has been at a Grade 1 for 5-6 years.
• 20% of the bond rating is based off of the reserves ratio.
• The Town's reserve ratio was approximately 17%last year.
• Mr. Murgia stated that the reserves for FY19 will most likely drop because the Town used $1.5 million of
cash reserves for the rink project, however, the Town will still be above the 15%ratio.
• Items that the bond rating considers are financial policies and procedures (capital forecast, revenue
forecast, budget forecast, reserve policy, debt policy), demographics of Town (metropolitan district),
equalized valuation (EQV) versus number of residents, cash levels, debt levels (pension, debt and OPEB).
• Mr. Murgia commented that he has recently seen with the bond rating agencies that they are looking for
proof from the Town that they are implementing things (such as year to date budget reports and
q uarterly budget reports).
• The Town received its first AAA bond rating in May 2008 when the Town had approved a $4.5 million
operating override. The Town has maintained the AAA bond rating since then. The Town's outlook by the
rating agency is also "stable" which is a positive rating.
• Mr. Roselli stated that the debt score is approximately 10% of the total rating. If there is no OPEB plan in
place the rating agency would subtract a point. If there is an OPEB plan in place but not being enforced
the rating agency could deduct for that as well. If the debt divided by EQV is less than 3%you could earn
a point back. If the total debt = EQV is less than 3%you could earn a point back. If debt maturing in less
than one year is less than 65%you could get a point back. Within the debt there are many factors that
can offset the total points.
• Mr. Murgia explained that the rating agencies do look at the OPEB and pension debt. Canton is part of
the Norfolk County Retirement System (NCRS). The Town does not have control over how NCRS is funded
(currently 65%funded). NCRS is expecting to be fully funded in approximately 10 years. Currently the
Town is paying $5-6 million annually to NCRS projected to increase to $8 million in 10 years. When NCRS
does become fully funded the Town's share will drop to $1 million, potentially leaving $7 million available
to increase OPEB funding.
• The Town has approximately $5 million in the OPEB Trust Fund which is invested more aggressively than
other funds.
M r. Roselli reviewed suggestions on maintaining the bond rating:
• Use of free cash for one-time items and not used to fund operating expenses.
• Continue to forecast revenues conservatively to replenish free cash.
• Continue to fund OPEB.
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Informational items from the audit included the following:
• SAS #115.
• OPEB GASB #74 and #75.
• New SEC Disclosures —This was not included in the Management Letter because the new disclosure had
just been implemented on February 27, 2019. If the Town enters into any sort of a financial arrangement
(such as a bond issuance, Bond Anticipation Note (BAN) issuance, a lease arrangement, State House note,
MCWT note) the Town is obligated to do a financial disclosure to the SEC within 10 days.
• Mr. Roselli advised the Town to consult with its fiscal advisor with regard to the lease arrangement being
proposed at Town Meeting 2019.
• If the Town had to issue anon-disclosure the bond rating agencies may not view this favorably.
• Mr. Murgia has reached out to the School Business Administrator, Barry Nectow, to make sure he is aware
of this new SEC requirement, since the School Department enters into many lease arrangements.
• Mr. Roselli stated that small, inexpensive items such as copier leases or police cruisers may not need to be
disclosed, but with some of the bigger items such as fire engines or expensive DPW vehicles, disclosures
should be done.
• Mr. Murgia stated that the SEC requirement includes items that the Town will lease to own versus renting
an item.
• Mr. Roselli stated that some legal settlements incurred by the Town may fall into the SEC requirement
which requires the settlement to be disclosed.
At approximately 7:30 p.m. Mr. Roselli turned the audit presentation over the Mr. Gargano. Mr. Gargano reviewed
the Findings and Recommendations of the audit as follows:
• Mr. Gargano commented that the Town has been aggressive in implementing the auditor's
recommendations over the years.
• There are only two findings and recommendations that have carried over from previous years.
• One of the findings of the audit is the Planning Board Escrow deposits(some of which have had deficit
balances). Mr. Murgia stated that if an escrow balance was in a deficit at the beginning of the fiscal year
with no activity within the fiscal year and ended the year with a deficit balance then the Finance
Department would look to the Planning to resolve the deficit through a transfer from their operating
budget.
• The other finding has to do with capital asset maintenance. There are some fully depreciated assets still
on the books as well as some old assets that are no longer in possession of the Town any longer. The
auditors recommend that the Town Accountant, Kathy Butters, go through the list and see if it can be
cleaned up. The Government Finance Officers Association (GFOA)that reviews the Town's annual
Comprehensive Annual Financial Report(CAFR) makes comments in their footnotes regarding assets on
the Town's books that have no financial value.
• Ms. Butters stated that the Town had used in the past a company that tracked the assets. When it was
turned over to the Town it had identified items in very brief descriptions making it almost impossible to
determine which items such as vehicles were being referred to. She further stated that the Town had
i nherited quite a listing. She is attempting to coordinate the cleanup of the assets listing with the Board
of Selectmen's office by comparing items one by one. By determining which items are not being insured
by the Town they will be removed from the listing. She further stated that the software she is using is
very simple but that her office staff has had turnover over the past three years. She has prepared the
i nformation for the auditors and has been training a staff member each year, but that the turnover has
caused her the full responsibility of preparing the information. Ms. Butters stated that at the present
time she has someone in her office trained to maintain the current assets. When Ms. Butters passes the
responsibility on to another staff member in 1,160 days(number of days until her proposed retirement)
there will be more detail supporting the assets. Mr. Mauro suggested a form being made available for
departments to use in order to notify the Finance Department that an item has been discarded or traded
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in. Ms. Butters commented that this was a great idea but that the Town does not really see a vehicle
being eliminated, but that it is totaled or traded in. Departments must input in a Purchase Requisition
prior to an item being purchased, which would help the Accounting Department to keep track of these
assets. Ms. Butters is working with Ms. Kemalian of the BOS office. Ms. Kemalian is required to send
i nformation to the departments in order to insure items such as vehicles. She also keeps a spreadsheet of
items coming on and being taken off the Town's insurance.
M r. Gargano stated that each year the auditors pick one or two departments to review. For the FY18
audit the Town Administrator's department was reviewed. Cash handling is a typical item that is common
with most all departments. The auditor recommends that departments maintain a sort of a subsidiary
ledger to track the monies coming in whereby they can be checked and reconciled against a report out of
the MUNIS system.
Ms. Butters has worked with the Board of Selectmen's office in creating a spreadsheet to track their
revenues against MUNIS.
• Mr. Roselli stated that he had recently encountered a city north of Boston that is using the MUNIS system
called POS (point of sale) which has been working great for that municipality. Canton does not currently
use POS. Mr. Roselli explained that the department enters the revenue into a register real time and when
the turnover is brought to the Treasurer's Office the Treasurer's Office can pull up the information on the
POS and do a reconciliation right then. Then the Treasurer's Office forwards this to the Accountant's
Office. He further explained that this eliminates further entering and the department can run a report
based on what was entered into the system.
• Examples of revenue handled by the BOS office includes cell tower rentals, liquor licenses, business
licenses, weights and measures, sale of trash carts, etc.
• The BOS office is in charge of the insurance program which includes tracking any claims that are made for
vehicular accidents. The Town is allowed under MGL to take in any receipt under $150,000 and place this
i n a separate fund to be spent without appropriation at Town Meeting. Over the years the balance in this
revolving fund has accumulated with a current balance of approximately $120,000. The auditors
recommended that the Town Administrator's office go back to the departments to make sure there are
no open insurance claim items such as damages to vehicles that need to be repaired.
• Going forward the BOS should have a system for tracking each claim to make sure the repair has been
paid or return the funds to the general fund.
• Insurance proceeds greater than $150,000 must be accepted at Town Meeting.
The presentation by the auditors ended at approximately 7:45 p.m. Chairman Barker thanked Mr. Gargano
and Mr. Roselli for their time and their report.
D. Other Business/Open Issues
Substitute Motion -Article 8 —Pay Bills of Prior Fiscal Year —School Department - $4,839.96
Since the time that the Town Meeting warrant went to print, the School Department discovered that it had seven
i nvoices totaling $4,839.96 from FY18 that had not been paid. Because these unpaid bills would have to be
addressed under Article 8, a hold would have to be placed on Article 8 when the Consent Agenda was called up at
Town Meeting.
A motion made by Mr. McKenna to reopen Article 8 was seconded by Mr. Mauro. Vote: 6-0-0.
A motion made by Ms. Thomas that $4,839.96 be appropriated to pay School Department invoices from a prior
fiscal year (FY18) with the source of funds being the FY19 School Department operating budget was seconded by
Mr. Cole. Vote: 6-0-0.
Enterprise Funds' Operating Results — as of March 31, 2019 — Mr. Murgia reported that for the first nine months
of FY19 the Water Enterprise Fund had a surplus of $254,000. Expenses were $5.4 million. The $254,000 surplus is
good as compared to a $364,000 deficit from a year ago. He further stated that he was somewhat concerned
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about the revenue as compared to last year. This year the revenue for the first nine months is $5.6 million as compared to $6.0 million last year. Mr. Murgia had inquired of DPW Superintendent, Mike Trotta, as to why the revenue was down for FY19. Some of the possible reasons why the water revenue is down is that the Town is encouraging water conservation through water restrictions as well as residents using less irrigation because of the wet summer in 2018. Another reason for the water revenue being down is that one of the largest water rate payers, Reebok, is no longer being reflected in the FY19 revenue numbers. M r. Cole is on the Water &Sewer Rate Setting and Policy Committee. Mr. Murgia stated that the W&S Committee may have to meet within the next month or two to address the revenue this year and the projection for FY20. It has been two years since the Town has adjusted the water rates. M r. Murgia spoke in favor of the $500,000 supplement to the Water Enterprise budget that the Finance Committee is recommending at Town Meeting. The MWRA assessment for FY19 is based on the water the Town used in calendar 2017. The Sewer MWRA is based on a more complicated formula based on usage, population and other factors. The deficit for the Sewer Enterprise Fund for the first nine months of FY19 is $947,873. Mr. Murgia stated that the sewer numbers can be somewhat misleading because so much of the budget is the MWRA assessment ($4.4 million). MWRA is spent over a 10-month period of time, the balance is encumbered. He does not expect the sewer to end the year with a million dollar deficit. The Rink Enterprise Budget through nine months is at a $36,245 surplus for FY19. The revenue surplus for the rink is from interest income earned from insurance proceeds, funds from the Assessors Overlay and funds from a Town Meeting supplement. General Fund's Operating Results — as of March 31, 2019 —The General Fund through the first nine months of FY19 had a surplus of $1.5 million, with the revenue at $74.4 million with expenditures at $72.9 million. A year ago the General Fund had a surplus of $3.8 million. The reason for the surplus difference between FY19 and FY18 is the $2.2 million spent in FY19 on special appropriations - $1.5 million for the Rink from the Assessor's Overlay and $700,000 of free cash put in the SPED Reserve Account. The special appropriations a year ago was $1,145 as compared to this year's special appropriations of $2.2 million. For local receipts through March the Town has collected over $7 million whereas the budget was $6.8 million. Any receipts collected for April, May and June will be considered as surplus revenue which will add to the Town's cash reserves. M r. Murgia stated that the revenue would be strong this year. Snow and Ice Budget —There is a $150,000 deficit in the Snow and Ice Budget which may require a Finance Committee Reserve Fund Transfer. Executive Department -Legal Budget —The other budget that Mr. Murgia is watching closely is the Legal Budget. It may need a Reserve Fund Transfer to cover a deficit. The Finance Director has not heard back from the Town's trash vendor, Republic, of any rate increase to the trash budget. The Finance Committee would have to meet in July to address the Snow and Ice Budget, Town Clerk Budget, Legal Budget and any other budgets that need supplementing. FINCOM 20190430 Minutes Page 7 of 9 5/19/19
Source page 8
In addition to the Reserve Fund being used to cover budget deficits, there is a process at the end of the year called
budget transfers. The Finance Director can transfer funds from one budget (such as DPW)to the Snow and Ice
budget. Mr. Murgia is recommending that the BOS approve the transfers prior to the Finance Committee.
Association of Town Finance Committees(ATFC) —Chairman Barker announced that the ATFC would be holding a
regional seminar on May 16 at the Sharon Community Center.
E. Approval of Minutes
There were no minutes approved at the meeting. Ms. Thomas requested for the Finance Committee Secretary to
remind members which minutes they were assigned to review.
F. Next Meeting Date:
The next Finance Committee meeting would take place on Monday, May 13, 2019 at 6:30 p.m. in the Canton High
School Cafeteria at which time the Finance Committee would be reviewing any last minute substitute motions and
a mended motions for Annual Town Meeting.
A Finance Committee meeting would take place late in July after the Board of Selectmen have met to approve
Reserve Fund Transfers.
M r. Murgia talked briefly about the pool project and reminded the Committee that the Special Election would take
place on May 28`h. The pool debt override would also require a 2/3 vote at Annual Town Meeting. Mr. Murgia
estimates that the average increase to a resident's tax bill that has a home assessed at $490,000 would be
a pproximately $30.00 per year (average over 20 years).
Adjournment: A motion made by Mr. McKenna to adjourn the meeting at 8:20 p.m. was seconded by
Ms. Thomas. Vote: 6-0-0.
Minutes reviewed by: Christos Arsondiadis
Respectfully submitted,
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Chairman, Canton Finance Committee
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Canton Finance Committee Meeting
Tuesday, April 30, 2019
Meeting Documents
Please note: Some meeting documents may be found on the Town's website under the Posted Minutes section
(Laser Fiche).
Some of the Municipal and School Department budgets or Annual Town Meeting documents referred to in
Finance Committee meetings may be found on the Finance Committee page of the Town's website.
Agenda for April 30, 2019. (1 page).
Report of Canton Alliance Against Substance Abuse (CAASA), Annual Town Report (1 page).
Canton Alliance Report to Town Meeting under Article 3(6 pages).
Audit exit conference — Roselli, Clark &Associates, PowerPoint presentation slides (12 slides/6 pages).
Management Letter Year Ended June 30, 2018, provided by Roselli, Clark &Associates.
See Town's website: https://www.town.canton.ma.us/DocumentCenter/View/4147/FY18-Management-Letter.
Single Audit Reports Pursuant to the Uniform Guidance as of June 30, 2018, provided by Roselli,Clark &Associates.
See Town's website: https://www.town.canton.ma.us/DocumentCenter/View/4148/FY18-Single-Audit-Report
Community Preservation Committee, Annual Town Report(5 pages).
Canton Economic Development 2019 Committee Update (11 pages).
Bond Rating - S&P Global Ratings Direct, Canton, Massachusetts —General Obligation; dated April 3, 2019(6
pages).
Article 8 —Pay Bills of Prior Fiscal Year —Substitute Motion (8 pages).
General Fund's Operating Results as of March 31, 2019(8 pages).
Enterprise Funds' Operating Results as of March 31, 2019(2 pages).
Revised ATM Report -Summary of Revenues and Expenditures (1 page).
Association of Town Finance Committees (ATFC) Regional Meeting Information (1 page).
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