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Fiscal Year 2025 Annual Comprehensive Financial Report pdf file
Saved text from 136 source pages. Transcription and OCR may contain errors; verify figures and wording against the original. Retrieved 2026-10-15.
Source page 81
GASB Statement No. 75
OPEB Plan disclosures that impact the Town’s net OPEB liability using a measurement date of
June 30, 2025 are summarized as follows:
Employees Covered by Benefit Terms – The following employees were covered by the benefit
terms as of June 30, 2025:
Active employees 767
Inactive employees 626
Total 1,393
Contributions – The contribution requirements of OPEB Plan members and the Town are
established and may be amended by the Town. Retirees contribute 25% of the set premium for
medical, dental and life insurance plans. The remainder of the cost is funded by general revenues
of the Town. The Town currently contributes enough money to the Plan to satisfy current
obligations on a pay-as-you-go basis. The costs of administering the OPEB Plan are paid by the
Town. For the year ended June 30, 2025, the Town’s average contribution rate was 9.5% of
covered payroll.
Net OPEB Liability – The Town’s net OPEB liability was measured as of June 30, 2025 using an
actuarial valuation as of July 1, 2024. The components of the net OPEB liability of the Town as
of June 30, 2025 were as follows:
Total OPEB liability $ 99,295,855
Plan fiduciary net position (15,971,237)
Net OPEB liability $ 83,324,618
Plan fiduciary net position as
a percentage of the total
OPEB liability 16.08%
The total OPEB liability in the most recent actuarial valuation was determined using the
following key actuarial assumptions applied to all periods included in the measurement, unless
otherwise specified:
Town of Canton, Massachusetts Page 73 of 128 Annual Comprehensive Financial ReportSource page 82
Investment rate of return 6.51%, net of OPEB plan investment expense,
including inflation.
Muncipal bond rate 4.81% as of June 30, 2025
Discount Rate 6.43%, net of OPEB plan investment expense
including inflation.
Inflation 2.50% annually as of June 30, 2025 and for future periods
Health Care Trend Rate 4.96% trending to an ultimate rate of 3.63%
Salary Increases 3.00% annually as of June 30, 2025 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-2021, set forward one year
for females
Post-Retirement Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2021, set forward one
year for females
Disabled Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2021, set forward one
year for males and two years for females
Actuarial Cost Method Individual entry age normal
Key assumption changes effective Fiscal Year ending June 30, 2025
Investment Rate of Return 6.51% previously 6.83%
Single Equivalent Discount Rate 6.43% previously 6.66%
Health Care Trend Rate 4.96% trending to 3.96% previously 5.00% trending to 3.96%
Mortality Tables Changed scale MP-2016 to MP-2021
Long Term Expected Rate of Return – The long-term expected rate of return on OPEB Plan
investments was determined using a building-block method in which best-estimate ranges of
expected future real rates of return (expected returns, net of OPEB Plan investment expense and
inflation) are developed for each major asset class.
These ranges are combined to produce the long-term expected rate of return by weighting the
expected future real rates of return by the target asset allocation percentage and by adding
expected inflation.
Town of Canton, Massachusetts Page 74 of 128 Annual Comprehensive Financial ReportSource page 83
The target allocation and best estimates of arithmetic real rates of return were as reflected in the
following table:
Expected
Target Investment Rate
Asset Class Allocation of Return
Domestic Equity - Large Cap 35.75% 4.52%
Domestic Equity - Small/Mid Cap 1.75% 5.06%
Interntional Equity - Developed Market 16.75% 5.08%
Interntional Equity - Emerging Market 7.00% 5.80%
Domestic Fixed Income 22.75% 2.44%
International Fixed Income 3.50% 2.13%
Alternatives 9.25% 6.09%
Real Estate 2.75% 3.73%
Cash 0.50% 0.00%
100.00%
Real rate of return 4.26%
Inflation assumption 2.50%
Total nominal rate of return 6.76%
Investment expense -0.25%
Net investment return 6.51%
Sensitivity Analyses – The following presents the Town’s net OPEB liability as well as what the
Town’s net OPEB liability would be if it were calculated using a discount rate that is 1% lower or
1% higher than the current discount rate as well as if the healthcare cost trend rates are 1% lower
or higher than the current healthcare cost trend rates:
Discount Rate
Current Rate 1% Decrease At Current Rate 1% Increase
Net OPEB liability 6.43% $ 96,733,016 $ 83,324,618 $ 72,362,880
Health Care Trend Rate
Net OPEB liability 4.96%>3.63% $ 71,145,722 $ 83,324,618 $ 98,389,015
Changes in the Net OPEB Liability – The following table summarizes the changes in the net
OPEB liability for the year ended June 30, 2025:
Town of Canton, Massachusetts Page 75 of 128 Annual Comprehensive Financial ReportSource page 84
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a) (b) (a) - (b)
Balances at June 30, 2024 $ 100,093,241 $ 13,107,376 $ 86,985,865
Changes for the year:
Service cost 2,104,835 - 2,104,835
Interest 6,654,604 - 6,654,604
Changes of assumptions 812,286 - 812,286
Difference between expected
and actual experience (5,736,257) - (5,736,257)
Net investment income - 1,513,666 (1,513,666)
Employer contributions - 5,983,049 (5,983,049)
Benefit payments withdrawn from trust - (4,632,854) 4,632,854
Benefit payments (4,632,854) - (4,632,854)
Net changes (797,386) 2,863,861 (3,661,247)
Balances at June 30, 2025 $ 99,295,855 $ 15,971,237 $ 83,324,618
OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB – For the year ended June
30, 2025, the Town recognized OPEB expense of $5,893,116. Deferred outflows of resources and deferred
inflows of resources related to OPEB as of June 30, 2025 were reported as follows:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and actual earnings $ - $ 510,343
Changes of assumptions 5,376,638 6,011,777
Differences between expected and actual experience - 9,708,765
$ 5,376,638 $ 16,230,885
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
2026 $ (1,457,616)
2027 (2,515,747)
2028 (3,302,093)
2029 (2,422,469)
2030 (877,611)
Thereafter (278,711)
$ (10,854,247)
Town of Canton, Massachusetts Page 76 of 128 Annual Comprehensive Financial ReportSource page 85
GASB Statement No. 74
OPEB Plan disclosures that impact the Town’s net OPEB liability using a measurement date of
June 30, 2025 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, 2025 the annual money-weighted rate of
return on investments, net of investment expense, was 11.09%. 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 $200,000 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, 2025, the amount of the liability for incurred but not reported
(IBNR) health insurance claims totaled $1,542,792. 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 77 of 128 Annual Comprehensive Financial ReportSource page 86
Changes in the reported liability since July 1, 2023, are as follows:
Balance at Claims and
Beginning Changes in Claims Balance at Current
of Year Estimates Payments End of Year Portion
Fiscal Year 2025 $ 1,354,245 $ 18,943,204 $(18,754,657) $ 1,542,792 $1,542,792
Fiscal Year 2024 $ 1,236,615 $ 15,534,029 $(15,416,399) $ 1,354,245 $1,354,245
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, 2025
and is therefore not reported.
E. Commitments
The Town has entered into contracts for various projects for which it plans to expend
approximately $3.2 million to complete the projects, which include library roof, school
ventilation and water mains.
The Town has entered or is planning to enter into contracts for the construction of the Galvin
Middle School for which it has authorized approximately $240.6 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, 2025, 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, 2025. 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 June 2022, the GASB issued GASB Statement No. 101, Compensated Absences. The
objective of this Statement is to update the recognition and measurement guidance for
compensated absences by aligning the recognition and measurement guidance under a unified
model and by amending certain previously required disclosures. The provisions of this Statement
Town of Canton, Massachusetts Page 78 of 128 Annual Comprehensive Financial ReportSource page 87
became effective in fiscal year 2025. See Note IV for the effects of this implementation on the
Town’s financial statements.
In December 2023, the GASB issued GASB Statement No. 102, Certain Risk Disclosures. The
objective of this Statement is to provide users of government financial statements with essential
information about risks related to a government’s vulnerabilities due to certain concentrations or
constraints. The provisions of this Statement became effective in fiscal year 2025. The adoption
of this accounting standard did not have a material effect on the Town’s financial statements.
Future Implementations –
In April 2024, the GASB issued GASB Statement No. 103, Financial Reporting Model
Improvements. The objective of this Statement is to improve key components of the financial
reporting model to enhance its effectiveness in providing information that is essential for decision
making and assessing a government’s accountability. The provisions of this Statement are
effective for financial reporting periods beginning after June 15, 2025 (fiscal year 2026). The
Town is currently evaluating whether adoption will have a material impact on its financial
statements.
In September 2024, the GASB issued GASB Statement No. 104, Disclosure of Certain Capital
Assets. The objective of this Statement is to provide users of governmental financial statements
with essential information about certain types of capital assets. The provisions of this Statement
are effective for financial reporting periods beginning after June 15, 2025 (fiscal year 2026). The
Town is currently evaluating whether adoption will have a material impact on its financial
statements.
IV. Restatement of Prior Year Balances
During fiscal year 2025, the implemented GASB Statement No. 101, Compensated Absences. As
a result of this implementation, the balances at June 30, 2024 of noncurrent liabilities due within
one year and noncurrent liabilities due in more than one year in the statement of net position were
increased by $240,459 and $721,376, respectively. The implementation of this GASB
pronouncement resulted in a restatement of beginning net position as follows:
Governmental
Activities
Prior year, as previously reported $ 36,953,367
Implementation of GASB 101 (961,834)
Prior year, as restated $ 35,991,533
V. Subsequent Events
On August 14, 2025, the Town issued general obligation bonds totaling $5,345,000, paying
interest at 4-5% per annum with dates maturing through June 1, 2045. The bonds were issued for
various departmental equipment, building improvements, infrastructure and water projects.
On August 14, 2025, the Town issued general obligation bond anticipation notes totaling
$35,000,000, paying interest at 3.5% per annum with a maturity date of August 13, 2026. The
notes were issued for the construction of the Galvin Middle School.
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Required Supplementary Information Town of Canton, Massachusetts Page 81 of 128 Annual Comprehensive Financial Report
Source page 90
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - PENSIONS
YEAR ENDED JUNE 30, 2025
SCHEDULE OF THE TOWN'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
Proportionate Share Plan Fiduciary Net
of the Net Pension Position as a
Proportionate Share Liability as a Percentage of the
Year Ended Proportion of the Net of the Net Pension Covered Percentage of Total Pension
December 31, Pension Liability Liability Payroll Covered Payroll Liability
2024 7.48% $ 48,024,836 $ 28,242,110 170.05% 70.17%
2023 7.54% 52,411,295 28,084,636 186.62% 66.60%
2022 7.54% 43,608,995 27,012,254 161.44% 68.60%
2021 7.54% 27,788,518 26,098,796 106.47% 79.40%
2020 7.53% 38,466,459 24,698,673 155.74% 70.20%
2019 7.52% 44,172,062 23,863,452 185.10% 64.60%
2018 7.50% 48,810,765 22,791,591 214.16% 58.30%
2017 7.49% 41,436,616 22,020,861 188.17% 63.50%
2016 7.65% 39,940,473 20,827,226 191.77% 61.60%
2015 7.65% 41,561,656 20,463,196 203.10% 58.60%
SCHEDULE OF THE TOWN'S CONTRIBUTIONS TO PENSION PLAN
Contributions in
Relation to the
Actuarially Actuarially Contributions as a
Year Ended Determined Determined Contribution Covered Percentage of
June 30, Contribution Contribution Deficiency (Excess) Payroll Covered Payroll
2025 $ 7,565,945 $ 7,565,945 $ - $ 28,665,742 26.39%
2024 7,319,701 7,319,701 - 28,505,906 25.68%
2023 6,929,184 6,929,184 - 27,417,438 25.27%
2022 6,460,105 6,460,105 - 26,490,278 24.39%
2021 6,031,916 6,031,916 - 25,069,153 24.06%
2020 5,635,051 5,635,051 - 24,221,404 23.26%
2019 5,245,794 5,245,794 - 23,133,465 22.68%
2018 4,796,247 4,796,247 - 22,351,174 21.46%
2017 4,393,622 4,393,622 - 21,139,634 20.78%
2016 3,990,657 3,990,657 - 20,770,144 19.21%
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 82 of 128 Annual Comprehensive Financial ReportSource page 91
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - PENSIONS
YEAR ENDED JUNE 30, 2025
SCHEDULE OF THE COMMONWEALTH'S COLLECTIVE SHARE OF THE NET PENSION LIABILITY
MASSACHUSETTS TEACHER'S RETIREMENT SYSTEM
Commonwealth's Commonwealth's Expense and Plan Fiduciary Net
Proportionate Share Town's Proportionate Share Revenue Position as a
of the Collective Proportion Share of of the Net Pension Recognized for the Percentage of the
Year Ended Net Pension the Collective Net Liability Associated Commonwealth's Total Pension
June 30, * Liability Pension Liability with the Town Support Liability
2025 100.0% 0.0% $ 95,759,376 $ 7,904,133 61.45%
2024 100.0% 0.0% 101,769,058 9,502,191 58.48%
2023 100.0% 0.0% 90,986,654 7,484,540 57.75%
2022 100.0% 0.0% 86,829,924 6,967,740 62.03%
2021 100.0% 0.0% 106,047,688 13,098,409 50.67%
2020 100.0% 0.0% 93,579,605 11,348,151 53.95%
2019 100.0% 0.0% 89,963,752 9,116,524 54.84%
2018 100.0% 0.0% 85,595,564 8,933,858 54.25%
2017 100.0% 0.0% 81,158,195 8,278,668 52.73%
2016 100.0% 0.0% 74,445,117 6,038,162 55.38%
* Amounts determined for the previous year ended June 30.
Contributions to the MTRS are the responsibilty of the Commonwealth of Massachusetts. Accordingly, the Town has not recognized
any portion of the net pension liability relative to Town employees covered under the MTRS pension plan.
See accompanying independent auditors' report.
Town of Canton, Massachusetts Page 83 of 128 Annual Comprehensive Financial ReportSource page 92
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - OPEB
YEAR ENDED JUNE 30, 2025
SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED RATIOS
Year Ended June 30,
2025 2024 2023 2022 2021 2020 2019 2018 2017
Total OPEB liability:
Service cost $ 2,104,835 $ 2,481,293 $ 2,397,412 $ 2,091,699 $ 2,115,184 $ 2,011,440 $ 2,040,579 $ 2,675,741 $ 2,515,860
Interest 6,654,604 6,165,194 6,153,508 6,001,785 5,342,271 5,105,363 5,463,438 4,809,630 4,590,666
Difference between actual and plan experience (5,736,257) - (8,032,680) - (5,176,153) (61,259) (5,996,352) - -
Changes of assumptions 812,286 (8,965,965) 3,131,698 5,299,458 8,820,874 (2,915,959) (3,907,488) - -
Benefit payments (4,632,854) (4,209,663) (4,297,460) (4,058,281) (4,119,198) (3,875,429) (3,723,578) (3,179,556) (3,013,880)
Net change in total OPEB liability (797,386) (4,529,141) (647,522) 9,334,661 6,982,978 264,156 (6,123,401) 4,305,815 4,092,646
Total OPEB liability - beginning of year 100,093,241 104,622,382 105,269,904 95,935,243 88,952,265 88,688,109 94,811,510 90,505,695 86,413,049
Total OPEB liability - end of year (a) $ 99,295,855 $ 100,093,241 $ 104,622,382 $ 105,269,904 $ 95,935,243 $ 88,952,265 $ 88,688,109 $ 94,811,510 $ 90,505,695
Plan fiduciary net position:
Contributions - employer $ 5,983,049 $ 5,459,663 $ 5,447,460 $ 5,108,281 $ 5,033,198 $ 4,905,429 $ 4,523,578 $ 4,179,556 $ 3,783,880
Net investment income 1,513,666 1,322,822 764,306 (1,496,124) 1,771,991 130,887 263,700 175,423 221,830
Benefit payments (4,632,854) (4,209,663) (4,297,460) (4,058,281) (4,119,198) (3,875,429) (3,723,578) (3,179,556) (3,013,880)
Net change in Plan fiduciary net position 2,863,861 2,572,822 1,914,306 (446,124) 2,685,991 1,160,887 1,063,700 1,175,423 991,830
Plan fiduciary net position - beginning of year 13,107,376 10,534,554 8,620,248 9,066,372 6,380,381 5,219,494 4,155,794 2,980,371 1,988,541
Plan fiduciary net position - end of year (b) $ 15,971,237 $ 13,107,376 $ 10,534,554 $ 8,620,248 $ 9,066,372 $ 6,380,381 $ 5,219,494 $ 4,155,794 $ 2,980,371
Net OPEB liability - end of year (a) - (b) $ 83,324,618 $ 86,985,865 $ 94,087,828 $ 96,649,656 $ 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 16.08% 13.10% 10.07% 8.19% 9.45% 7.17% 5.89% 4.38% 3.29%
Covered-employee payroll $ 62,991,568 $ 56,814,256 $ 55,159,472 $ 51,561,377 $ 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 132.28% 153.11% 170.57% 187.45% 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 84 of 128 Annual Comprehensive Financial ReportSource page 93
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - OPEB
YEAR ENDED JUNE 30, 2025
SCHEDULE OF CONTRIBUTIONS
Year Ended June 30,
2025 2024 2023 2022 2021 2020 2019 2018 2017
Actuarially-determined contribution $ 6,396,465 $ 7,079,145 $ 6,939,560 $ 6,735,572 $ 6,498,321 $ 7,670,645 $ 7,622,221 $ 8,240,517 $ 7,882,229
Contributions in relation to the actuarially-
determined contribution (5,983,049) (5,459,663) (5,447,460) (5,108,281) (5,033,198) (4,905,429) (4,523,578) (4,179,556) (3,783,880)
Contribution deficiency (excess) $ 413,416 $ 1,619,482 $ 1,492,100 $ 1,627,291 $ 1,465,123 $ 2,765,216 $ 3,098,643 $ 4,060,961 $ 4,098,349
Covered-employee payroll $ 62,991,568 $ 56,814,256 $ 55,159,472 $ 51,561,377 $ 50,059,589 $ 47,989,715 $ 46,591,956 $ 45,486,461 $ 44,161,613
Contribution as a percentage of covered-
employee payroll 9.50% 9.61% 9.88% 9.91% 10.05% 10.22% 9.71% 9.19% 8.57%
Valuation Date July 1, 2024 July 1, 2022 July 1, 2022 July 1, 2020 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 30 years 30 years 30 years 30 years
Investment rate of return 6.51% 6.83% 6.09% 5.88% 6.51% 7.00% 7.05% 6.80% 6.97%
Municipal bond rate 4.81% 4.21% 4.13% 4.09% 2.18% 2.66% 2.79% 3.45% 3.13%
Single equivalent discount rate 6.43% 6.66% 5.87% 5.83% 6.25% 6.00% 5.75% 5.25% 5.25%
Inflation 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.75% 2.75% 2.75%
Healthcare cost trend rates 4.96>3.63% 5.00>3.63% 9.00>3.63% 4.50% 4.50% 4.50% 4.50% 5.00% 5.00%
Salary increases 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Actuarial Cost Method Individual Entry Age Normal (for all years presented)
Asset Valuation Method Fair Value of Assets as of Reporting Date (for all years presented)
SCHEDULE OF INVESTMENT RETURNS
Year Ended June 30,
2025 2024 2023 2022 2021 2020 2019 2018 2017
Annual money-weighted rate of return, net
of investment expense 11.09% 11.71% 8.26% -15.55% 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 85 of 128 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, 2025
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Revenues:
Taxes:
Real estate and personal property taxes $ 97,372,350 $ 97,594,594 $ 97,862,856 $ - 97,862,856 268,262
Tax title - - 217,557 - 217,557 217,557
Payments in lieu of taxes 1,900,000 1,900,000 2,051,307 - 2,051,307 151,307
Motor vehicle excise 4,823,307 4,823,307 6,173,577 - 6,173,577 1,350,270
Meals taxes 400,000 400,000 637,037 - 637,037 237,037
Room occupancy excise 500,000 500,000 638,617 - 638,617 138,617
104,995,657 105,217,901 107,580,951 - 107,580,951 2,363,050
Intergovernmental:
State aid - chapter 70 9,007,450 9,007,450 9,007,450 - 9,007,450 -
State aid - charter school 15,444 15,444 18,831 - 18,831 3,387
State aid - unrestricted 2,640,502 2,640,502 2,640,502 - 2,640,502 -
State aid - veterans 71,440 71,440 77,359 - 77,359 5,919
State aid - exemptions 107,459 107,459 156,979 - 156,979 49,520
State aid - state owned land 68,015 68,015 68,013 - 68,013 (2)
State aid - other 100 100 10,912 - 10,912 10,812
State aid - medicaid 114,900 114,900 329,622 329,622 214,722
MSBA school construction reimbursement - - 169,596 - 169,596 169,596
12,025,310 12,025,310 12,479,264 - 12,479,264 453,954
Departmental fees, charges, and other: -
Municipal lien fees 45,000 45,000 23,400 - 23,400 (21,600)
Town clerk fees 40,000 40,000 40,674 - 40,674 674
Public safety detail fees 40,000 40,000 39,028 - 39,028 (972)
Other departmental fees 75,000 75,000 56,420 - 56,420 (18,580)
Rentals 50,000 50,000 48,441 - 48,441 (1,559)
Conservation department revenues 29,000 29,000 13,083 - 13,083 (15,917)
Grave openings and care 35,000 35,000 39,095 - 39,095 4,095
Solar revenues 619,609 619,609 587,194 - 587,194 (32,415)
Other departmental revenues 111,000 111,000 238,922 - 238,922 127,922
1,044,609 1,044,609 1,086,257 - 1,086,257 41,648
Licenses and permits:
Alcohol licenses 85,000 85,000 81,075 - 81,075 (3,925)
Other licenses 75,000 75,000 94,615 - 94,615 19,615
Building permits 705,000 705,000 925,594 - 925,594 220,594
Other permits 195,000 195,000 258,201 - 258,201 63,201
1,060,000 1,060,000 1,359,485 - 1,359,485 299,485
Fines and forfeitures:
Motor vehicle fines 50,000 50,000 62,160 - 62,160 12,160
Other fines 5,000 5,000 3,165 - 3,165 (1,835)
55,000 55,000 65,325 - 65,325 10,325
Penalties and interest on taxes 285,000 285,000 415,092 - 415,092 130,092
-
Interest and investment income 600,000 600,000 2,163,420 - 2,163,420 1,563,420
Total Revenues 120,065,576 120,287,820 125,149,794 - 125,149,794 4,861,974
Town of Canton, Massachusetts Page 86 of 128 Annual Comprehensive Financial ReportSource page 95
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2025
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Expenditures:
Current:
General Government:
Executive Branch 2,092,593 1,476,875 1,250,551 145,411 1,395,962 80,913
Executive Branch Articles 60,066 60,066 10,231 49,835 60,066 -
Commitees and Commissions 46,161 46,161 36,045 4,200 40,245 5,916
Reserve Fund 600,000 - - - - -
Finance Department 1,652,822 1,670,650 1,505,667 130,697 1,636,364 34,286
Finance Department Articles 360,079 360,003 292,991 65,192 358,183 1,820
Assessors 423,666 348,666 336,071 8,000 344,071 4,595
Town Clerk & Elections 372,010 393,351 390,776 2,124 392,900 451
Conservation Commission 180,068 184,185 177,819 2,700 180,519 3,666
Conservation Commission Articles 50,000 50,000 42,300 7,700 50,000 -
Planning Board 83,413 89,269 88,882 - 88,882 387
Planning Board Articles 65,000 65,000 65,000 - 65,000 -
Town Insurance 1,740,869 1,740,869 1,533,940 143,837 1,677,777 63,092
Total General Government 7,726,747 6,485,095 5,730,273 559,696 6,289,969 195,126
Public Safety
Fire Department 7,958,253 8,184,081 7,983,066 201,012 8,184,078 3
Fire Department Articles 1,573,235 1,573,235 35,291 1,537,944 1,573,235 -
Police Department 6,310,141 6,669,030 6,637,872 31,158 6,669,030 -
Police Department Articles 2,330,562 2,330,562 1,505,570 824,653 2,330,223 339
Building & Zoning 444,313 450,101 439,385 195 439,580 10,521
Total Public Safety 18,616,504 19,207,009 16,601,184 2,594,962 19,196,146 10,863
Education:
School 61,373,647 61,595,891 61,582,846 13,045 61,595,891 -
School Articles 1,532,246 1,532,246 1,243,389 288,857 1,532,246 -
Blue Hill Regional 1,759,530 1,759,530 1,753,230 - 1,753,230 6,300
Norfolk County Agricultural HS 50,000 52,531 52,531 - 52,531 -
Total Education 64,715,423 64,940,198 64,631,996 301,902 64,933,898 6,300
Public Works:
Public Works 4,444,441 4,901,562 4,800,871 93,090 4,893,961 7,601
Public Works Articles 1,424,915 1,263,240 387,156 876,084 1,263,240 -
Street Lighting 100,046 100,046 85,588 1,311 86,899 13,147
Snow & Ice 650,500 846,274 846,274 - 846,274 -
Trash Collection 2,691,322 2,740,522 2,686,332 58,974 2,745,306 (4,784)
Total Public Works 9,311,224 9,851,644 8,806,221 1,029,459 9,835,680 15,964
Health and Human Services:
Health Department 452,708 452,708 392,277 3,593 395,870 56,838
Council on Aging 495,956 514,160 503,397 - 503,397 10,763
Council on Aging Articles 2,599 2,599 235 2,364 2,599 -
Veteran's Services 293,034 295,907 251,080 10,335 261,415 34,492
Total Health and Human Services 1,244,297 1,265,374 1,146,989 16,292 1,163,281 102,093
(continued)
Town of Canton, Massachusetts Page 87 of 128 Annual Comprehensive Financial ReportSource page 96
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2025
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Culture and Recreation:
Recreation & Playground 1,157,437 1,157,437 1,096,592 19,396 1,115,988 41,449
Recreation & Playground Articles 243,000 293,000 230,431 61,880 292,311 689
Paul Revere Heritage Comm 88,783 88,783 89,008 - 89,008 (225)
Paul Revere Heritage Comm Articles 54,526 54,528 47,372 7,153 54,525 3
Public Library 1,592,431 1,595,940 1,513,415 - 1,513,415 82,525
Public Library Articles 912,520 912,520 420,382 492,137 912,519 1
Total Culture and Recreation 4,048,697 4,102,208 3,397,200 580,566 3,977,766 124,442
Pension Benefits: 7,569,612 7,569,612 7,544,775 - 7,544,775 24,837
Employee Benefits:
Unemployment Compensation 100,000 100,000 100,000 - 100,000 -
Employer Share- Health 13,741,273 13,741,273 13,741,273 - 13,741,273 -
Employer Share- Life 62,250 62,250 58,833 - 58,833 3,417
Employer Share- OPEB 1,350,000 1,350,000 1,350,000 - 1,350,000 -
Total Employee Benefits 15,253,523 15,253,523 15,250,106 - 15,250,106 3,417
State and County Charges: 1,453,488 1,453,488 1,531,897 - 1,531,897 (78,409)
Debt Service: 4,457,467 4,457,467 4,457,467 - 4,457,467 -
Total Expenditures 134,396,982 134,585,618 129,098,108 5,082,877 134,180,985 404,633
Other Financing Sources (Uses)
Transfers in 4,760,936 4,760,936 4,760,936 4,760,936 -
Transfers out (3,158,988) (5,660,596) (5,660,596) (5,660,596) -
Total Other Financing Sources (Uses) 1,601,948 (899,660) (899,660) $ (899,660) -
Excess (Deficiency) of Revenues and Other
Financing Sources Over Expenditures/Uses
Of Prior Year Budgetary Fund Balance (12,729,458) (15,197,458) $ (4,847,974) $ 5,266,607
Other Budgetary Items
Use of unassigned fund balance $ 3,649,200 $ 6,117,200
Prior year encumbrances 9,234,338 9,234,338
Other (154,080) (154,080)
Total Other Budgetary Items 12,729,458 15,197,458
Net budget and actual $ - $ -
(Concluded)
Town of Canton, Massachusetts Page 88 of 128 Annual Comprehensive Financial ReportSource page 97
TOWN OF CANTON, MASSACHUSETTS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED JUNE 30, 2025
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 4.81% as of June 30, 2025
Discount Rate 6.43%, net of OPEB plan investment expense
including inflation.
Inflation 2.50% annually as of June 30, 2025 and for future periods
Health Care Trend Rate 4.96% trending to an ultimate rate of 3.63%
Salary Increases 3.00% annually as of June 30, 2025 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-2021, set forward one year
for females
Post-Retirement Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2021, set forward one
year for females
Disabled Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2021, set forward one
year for males and two years for females
Actuarial Cost Method Individual entry age normal
Town of Canton, Massachusetts Page 89 of 128 Annual Comprehensive Financial ReportSource page 98
Key assumption changes effective Fiscal Year ending June 30, 2025
Investment Rate of Return 6.51% previously 6.83%
Single Equivalent Discount Rate 6.43% previously 6.66%
Health Care Trend Rate 4.96% trending to 3.96% previously 5.00% trending to 3.96%
Mortality Tables Changed scale MP-2016 to MP-2021
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 2025, Town Meeting approved various supplemental budgetary
appropriations which resulted in an approximate $2.7 million net increase from the original voted
budget primarily used for education ($1.8 million) and for roadway capital ($0.8 million). 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, 2025, is as follows:
Basis of
Accounting Fund Perspective
Differences Differences Total
Revenues on a budgetary basis $ 125,149,794
Stabilization revenue $ - $ 852,440 852,440
Change in accruing tax revenues (291,377) - (291,377)
Change in recording tax refunds payable (108,534) - (108,534)
On behalf payments 7,904,133 - 7,904,133
Revenues on a GAAP basis $ 7,504,222 $ 852,440 $ 133,506,456
Expenditures on a budgetary basis $ 129,098,108
Reclass of enterprise indirects cost to expenditures $ (1,345,201) $ - (1,345,201)
Change in accruing payroll expenditures (5,304,973) - (5,304,973)
On behalf payments 7,904,133 - 7,904,133
Expenditures on a GAAP basis $ 1,253,959 $ - $ 130,352,067
Other financing sources (uses) on a budgetary basis $ (899,660)
Reclass of enterprise indirects cost to expenditures $ (1,345,201) $ - (1,345,201)
Stabilization transfers - 2,000,000 2,000,000
Other financing sources (uses) on a GAAP basis $ (1,345,201) $ 2,000,000 $ (244,861)
Appropriation Deficits – During the fiscal year, expenditures exceeded appropriations for state and
county charges. This deficit was funded through available revenues in the current year.
Town of Canton, Massachusetts Page 90 of 128 Annual Comprehensive Financial ReportSource page 99
Combining Statements Town of Canton, Massachusetts Page 91 of 128 Annual Comprehensive Financial Report
Source page 100
Nonmajor Governmental Fundss s
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 and capital outlays 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 92 of 128 Annual Comprehensive Financial ReportSource page 101
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 93 of 128 Annual Comprehensive Financial ReportSource page 102
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2025
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Assets:
Cash and cash equivalents $ 1,793,855 $ 336,118 $ 1,392,599 $ 448,457 $ 1,116,713
Investments - - - - -
Receivables, net of allowance for uncollectibles:
Tax liens and foreclosures - - - - -
Departmental and other - - - 202,597 -
Intergovernmental - - - - -
Total Assets $ 1,793,855 $ 336,118 $ 1,392,599 $ 651,054 $ 1,116,713
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ 482 $ - $ 186,326 $ 15,837 $ 66,319
Accrued payroll and withholdings 6,009 - 137 5,925 26,444
Other liabilities - - 325 - -
Due to other funds - - - - -
Total Liabilities 6,491 - 186,788 21,762 92,763
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - -
Unavailable revenues - other - - - - -
Total Deferred Inflows of Resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted 1,787,364 336,118 1,205,811 629,292 1,023,950
Unassigned - - - - -
Total Fund Balances 1,787,364 336,118 1,205,811 629,292 1,023,950
Total Liabilities, Deferred Inflow of
Resources, and Fund Balances $ 1,793,855 $ 336,118 $ 1,392,599 $ 651,054 $ 1,116,713
Town of Canton, Massachusetts Page 94 of 128 Annual Comprehensive Financial ReportSource page 103
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ 2,903,860 $ 2,743,169 $ 248,865 $ - $ - $ 5,729,031 $ 16,712,667
- - 191,178 - - - 191,178
- 6,752 - - - - 6,752
890,072 8,538 - - - 131,736 1,232,943
- - 103,273 1,613,228 554,619 - 2,271,120
$ 3,793,932 $ 2,758,459 $ 543,316 $ 1,613,228 $ 554,619 $ 5,860,767 $ 20,414,660
$ - $ - $ 70,504 $ 231,142 $ 281,297 $ 20,638 $ 872,545
- 1,162 3,419 10,695 - 7,516 61,307
- - - - - - 325
- - - 1,445,505 209,371 - 1,654,876
- 1,162 73,923 1,687,342 490,668 28,154 2,589,053
- 6,752 - - - - 6,752
890,072 8,538 - - - 26,629 925,239
890,072 15,290 - - - 26,629 931,991
- - - - - - -
2,903,860 2,742,007 469,393 36,250 63,951 5,879,506 17,077,502
- - - (110,364) - (73,522) (183,886)
2,903,860 2,742,007 469,393 (74,114) 63,951 5,805,984 16,893,616
$ 3,793,932 $ 2,758,459 $ 543,316 $ 1,613,228 $ 554,619 $ 5,860,767 $ 20,414,660
Town of Canton, Massachusetts Page 95 of 128 Annual Comprehensive Financial ReportSource page 104
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2025
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 $ 111,129 $ 377,226 $ 772,559 $ 1,260,914 $ 17,973,581
Investments 662,586 305,881 196,302 1,164,769 1,355,947
Receivables, net of allowance for uncollectibles:
Tax liens and foreclosures - - - - 6,752
Departmental and other - - - - 1,232,943
Intergovernmental - - - - 2,271,120
Total Assets $ 773,715 $ 683,107 $ 968,861 $ 2,425,683 $ 22,840,343
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ - $ 77,720 $ 1,508 $ 79,228 $ 951,773
Accrued payroll and withholdings - - 1,299 1,299 62,606
Other liabilities - - - - 325
Due to other funds - - - - 1,654,876
Total Liabilities - 77,720 2,807 80,527 2,669,580
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - 6,752
Unavailable revenues - other - - - - 925,239
Total Deferred Inflows of Resources - - - - 931,991
Fund Balances:
Nonspendable 618,597 21,553 12,235 652,385 652,385
Restricted 155,118 583,834 953,819 1,692,771 18,770,273
Unassigned - - - - (183,886)
Total Fund Balances 773,715 605,387 966,054 2,345,156 19,238,772
Total Liabilities and Fund Balances $ 773,715 $ 683,107 $ 968,861 $ 2,425,683 $ 22,840,343
(Concluded)
Town of Canton, Massachusetts Page 96 of 128 Annual Comprehensive Financial ReportSource page 105
This page intentionally left blank. Town of Canton, Massachusetts Page 97 of 128 Annual Comprehensive Financial Report
Source page 106
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2025
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Revenues:
Property taxes $ - $ - $ - $ - $ -
Intergovernmental 1,790,957 - 19,586 - -
Charges for services 142,926 - - - -
Departmental and other - - 243,817 1,914,970 893,056
Investment income 78,047 - - - -
Contributions and donations - - 102,612 - -
Total Revenues 2,011,930 - 366,015 1,914,970 893,056
Expenditures:
Current:
General government - - 5,507 - -
Public safety - - 3,273 - -
Education 1,522,867 - - 3,235,140 -
Public works - - - - -
Health and human services - - 165,317 - -
Culture and recreation - - 60,687 - 666,698
Employee benefits - - - - -
Debt service:
Principal - - - - -
Interest - - - - -
Total Expenditures 1,522,867 - 234,784 3,235,140 666,698
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 489,063 - 131,231 (1,320,170) 226,358
Other Financing Sources (Uses):
Transfers in - - - 1,600,000 -
Transfers out (160,500) - (35,000) - -
Total Other Financing Sources (Uses) (160,500) - (35,000) 1,600,000 -
Net Change in Fund Balances 328,563 - 96,231 279,830 226,358
Fund Balances - Beginning of Year 1,458,801 336,118 1,109,580 349,462 797,592
Fund Balances - End of Year $ 1,787,364 $ 336,118 $ 1,205,811 $ 629,292 $ 1,023,950
Town of Canton, Massachusetts Page 98 of 128 Annual Comprehensive Financial ReportSource page 107
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ - $ 828,605 $ - $ - $ - $ - $ 828,605
63,942 147,192 1,394,638 4,771,448 665,959 70,936 8,924,658
1,767,057 - - - - - 1,909,983
- - - - - 687,089 3,738,932
- 153,959 25,904 - - 285 258,195
- - - - - 519,347 621,959
1,830,999 1,129,756 1,420,542 4,771,448 665,959 1,277,657 16,282,332
- - 217,905 - - 418,168 641,580
- - 525,381 - - 597,002 1,125,656
- 161,610 - 4,833,982 - 141,139 9,894,738
- - - - 654,662 - 654,662
- - 288,966 - - 3,996 458,279
- 606,345 404,549 - - - 1,738,279
- - - - - 158,542 158,542
- 185,000 - - - - 185,000
- 38,740 - - - - 38,740
- 991,695 1,436,801 4,833,982 654,662 1,318,847 14,895,476
1,830,999 138,061 (16,259) (62,534) 11,297 (41,190) 1,386,856
- - - - - 1,224,457 2,824,457
(1,788,280) - - - - (588,630) (2,572,410)
(1,788,280) - - - - 635,827 252,047
42,719 138,061 (16,259) (62,534) 11,297 594,637 1,638,903
2,861,141 2,603,946 485,652 (11,580) 52,654 5,211,347 15,254,713
$ 2,903,860 $ 2,742,007 $ 469,393 $ (74,114) $ 63,951 $ 5,805,984 $ 16,893,616
(Continued)
Town of Canton, Massachusetts Page 99 of 128 Annual Comprehensive Financial ReportSource page 108
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2025
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
Revenues:
Property taxes $ - $ - $ - $ - $ 828,605
Intergovernmental - - - - 8,924,658
Charges for services - - - - 1,909,983
Departmental and other - - - - 3,738,932
Investment income 40,114 42,658 12,737 95,509 353,704
Contributions and donations 22,400 74,235 254,860 351,495 973,454
Total Revenues 62,514 116,893 267,597 447,004 16,729,336
Expenditures:
Current:
General government - - 30,977 30,977 672,557
Public safety - - - - 1,125,656
Education - - - - 9,894,738
Public works - - - - 654,662
Health and human services - - 5,000 5,000 463,279
Culture and recreation - 178,299 - 178,299 1,916,578
Employee benefits - - - - 158,542
Debt service:
Principal - - - - 185,000
Interest - - - - 38,740
Total Expenditures - 178,299 35,977 214,276 15,109,752
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 62,514 (61,406) 231,620 232,728 1,619,584
Other Financing Sources (Uses):
Premium from bonds and notes - - - - -
Transfers in - - 7,500 7,500 2,831,957
Transfers out (5,000) - - (5,000) (2,577,410)
Total Other Financing Sources (Uses) (5,000) - 7,500 2,500 254,547
Net Change in Fund Balances 57,514 (61,406) 239,120 235,228 1,874,131
Fund Balances - Beginning of Year 716,201 666,793 726,934 2,109,928 17,364,641
Fund Balances - End of Year $ 773,715 $ 605,387 $ 966,054 $ 2,345,156 $ 19,238,772
(Concluded)
Town of Canton, Massachusetts Page 100 of 128 Annual Comprehensive Financial ReportSource page 109
Internal Service Funds
Narrative
Internal service funds are used to account for the financing of services provided by one department to
other departments or governmental units. The Town’s risk financing activities accounts for in the internal
service funds can be distinctly categorized into the following groupings:
Health Claims – This fund accounts for the group health and dental insurance activity for active Town
employees and retirees.
Workers’ Compensation Claims – This fund accounts for workers’ compensation benefits, replacement
wages and medical claims expenses of employees that qualify for such benefits.
Unemployment Claims – This fund accounts for unemployment benefits for eligible employees.
Building Insurance – This fund accounts for resource accumulated to pay for damage to Town property
that is not covered by liability insurance.
Town of Canton, Massachusetts Page 101 of 128 Annual Comprehensive Financial ReportSource page 110
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2025
Total
Health Workers' Unemployment Building Internal
Claims Compensation Claims Insurance Service Funds
Assets:
Current assets:
Cash and cash equivalents $ 2,915,600 $ 259 $ 523,138 $ 25,695 $ 3,464,692
Investments 7,329,127 - - - 7,329,127
Receivables, net of allowance for uncollectibles:
Departmental and other 163,271 - - - 163,271
Deposit held by third party 47,242 - - - 47,242
Total Current Assets 10,455,240 259 523,138 25,695 11,004,332
Liabilities:
Current liabilities:
Warrants and accounts payable 72,519 - - - 72,519
Health claims incurred but not reported 1,542,792 - - - 1,542,792
Other liabilities 1,626 - - - 1,626
Total Current Liabilities 1,616,937 - - - 1,616,937
Net Position:
Unrestricted 8,838,303 259 523,138 25,695 9,387,395
TOTAL NET POSITION $ 8,838,303 $ 259 $ 523,138 $ 25,695 $ 9,387,395
- - - - -
Town of Canton, Massachusetts Page 102 of 128 Annual Comprehensive Financial ReportSource page 111
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FISCAL YEAR ENDED JUNE 30, 2025
Total
Health Workers' Unemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Operating Revenues:
Employee contributions $ 4,149,675 $ - $ - $ - $ 4,149,675
Employer contributions 12,546,869 - 100,000 - 12,646,869
Stop loss reimbursements 298,635 - - - 298,635
Total Operating Revenues 16,995,179 - 100,000 - 17,095,179
Operating Expenditures:
Employee benefits 19,241,730 - 51,097 - 19,292,827
Total Operating Expenditures 19,241,730 - 51,097 - 19,292,827
Operating Income (Loss) (2,246,551) - 48,903 - (2,197,648)
Nonoperating Revenues (Expenses):
Investment Income 578,421 49 18,997 1,433 598,900
Income (Loss) Before Transfers (1,668,130) 49 67,900 1,433 (1,598,748)
Change in Net Position (1,668,130) 49 67,900 1,433 (1,598,748)
Fund Balances - Beginning of Year 10,506,433 210 455,238 24,262 10,986,143
Fund Balances - End of Year $ 8,838,303 $ 259 $ 523,138 $ 25,695 $ 9,387,395
Town of Canton, Massachusetts Page 103 of 128 Annual Comprehensive Financial ReportSource page 112
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2025
Total
Health Workers' Umemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Cash Flows From Operating Activities:
Receipts from interfund services provided $ 16,866,809 $ - $ 100,000 $ - $ 16,966,809
Payments for interfund services used (19,320,084) - (51,097) - (19,371,181)
Net Cash Provided by (Used in) Operating Activities (2,453,275) - 48,903 - (2,404,372)
Cash Flows From Investing Activities:
Investment income 578,421 49 18,997 1,433 598,900
Investment of operating cash (774,080) - - - (774,080)
Net Cash Provided By Investing Activities (195,659) 49 18,997 1,433 (175,180)
Net Change in Cash and Cash Equivalents (2,648,934) 49 67,900 1,433 (2,579,552)
Cash and Cash Equivalents:
Beginning of the Year 5,564,534 210 455,238 24,262 6,044,244
End of the Year $ 2,915,600 $ 259 $ 523,138 $ 25,695 $ 3,464,692
Reconciliation of Operating Income (Loss) to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss) (2,246,551) - 48,903 - (2,197,648)
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Changes in assets and liablities:
Receivables (128,370) - - - (128,370)
Amounts held by insurance carrier 14,558 - - - 14,558
Accounts payable and accrued expenses (224,338) - - - (224,338)
Other liabilities 1,626 - - - 1,626
Health claims incurred but not reported 129,800 - - - 129,800
Net Cash Provided by (Used in) Operating Activities $ (2,453,275) $ - $ 48,903 $ - $ (2,404,372)
Town of Canton, Massachusetts Page 104 of 128 Annual Comprehensive Financial ReportSource page 113
STATISTICAL SECTION
Above: Timeline of the history of Canton on the first floor of the Paul Revere Museum of Discovery
and Innovation.
This was part of a larger project funded from the fiscal year 2025 Annual Town Meeting through the
Town’s District Improvement Fund for $2.0 million.
Photo Credit: John Farmer, Museum Director
Town of Canton, Massachusetts Page 105 of 128 Annual Comprehensive Financial ReportSource page 114
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Source page 115
Statistical Section
This part of the annual comprehensive financial report presents information as a context for understanding
what the information in the financial statements, note disclosures, and required supplementary
information says about the Town’s overall financial health.
Financial Trends
These schedules contain trend information to help the reader understand how the Town’s financial
performance and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the Town’s most significant local revenue
source, the property tax.
Debt Capacity
These schedules present information to help the reader assess the affordability of the Town’s current
levels of outstanding debt, and the Town’s ability to issue additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the Town’s financial activities take place.
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information
in the Town’s financial report relates to the services the Town provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the financial
statements for the relevant year.
Town of Canton, Massachusetts Page 107 of 128 Annual Comprehensive Financial ReportSource page 116
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NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2016 2017 2018 (1) 2019 2020 2021 2022 2023 2024 2025 (2)
Governmental activities:
Net investment in capital assets…………………………….
$ 78,591,436 $ 78,738,423 $ 81,317,923 $ 85,225,980 $ 85,368,370 $ 85,708,813 $ 86,070,110 $ 88,058,941 $ 93,381,138 $ 103,085,438
Restricted………………………………………………………………………….. 9,006,548 10,642,548 10,880,921 10,431,283 12,654,553 11,044,088 9,983,304 10,020,827 10,732,348 13,252,559
Unrestricted……………………………………………………………… (55,970,281) (57,041,754) (86,179,993) (97,227,078) (92,984,331) (83,683,692) (74,402,367) (68,725,554) (67,160,119) (72,949,559)
Total governmental activities net position………………………………………..
$ 31,627,703 $ 32,339,217 $ 6,018,851 $ (1,569,815) $ 5,038,592 $ 13,069,209 $ 21,651,047 $ 29,354,214 $ 36,953,367 $ 43,388,438
Business-type activities:
Net investment in capital assets…………………………….
$ 17,457,708 $ 18,785,822 $ 20,603,290 $ 23,248,847 $ 28,388,654 $ 31,437,878 $ 31,934,615 $ 35,054,700 $ 37,985,635 $ 40,151,793
Unrestricted………………………………………………………………. 9,040,938 8,905,131 7,446,856 7,149,422 5,660,684 5,450,585 7,296,141 7,256,048 8,765,154 11,210,596
Total business-type activities net position…………………………….
$ 26,498,646 $ 27,690,953 $ 28,050,146 $ 30,398,269 $ 34,049,338 $ 36,888,463 $ 39,230,756 $ 42,310,748 $ 46,750,789 $ 51,362,389
Primary government:
Net investment in capital assets…………………………….
$ 96,049,144 $ 97,524,245 $ 101,921,213 $ 108,474,827 $ 113,757,024 $ 117,146,691 $ 118,004,725 $ 123,113,641 $ 131,366,773 $ 143,237,231
Restricted………………………………………………………………………. 9,006,548 10,642,548 10,880,921 10,431,283 12,654,553 11,044,088 9,983,304 10,020,827 10,732,348 13,252,559
Unrestricted…………………………………………………………… (46,929,343) (48,136,623) (78,733,137) (90,077,656) (87,323,647) (78,233,107) (67,106,226) (61,469,506) (58,394,965) (61,738,963)
Total primary government net position………………………………………………….
$ 58,126,349 $ 60,030,170 $ 34,068,997 $ 28,828,454 $ 39,087,930 $ 49,957,672 $ 60,881,803 $ 71,664,962 $ 83,704,156 $ 94,750,827
(1) 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.
(2) In fiscal year 2025, the Town restated its compensated absences liability. This resulted in a prior period restatement decreasing governmental activities beginning balances by $961,834 as of July 1, 2024.
Town of Canton, Massachusetts Page 109 of 128 Annual Comprehensive Financial ReportSource page 118
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 2023 2024 2025
Expenses -
Governmental activities:
General government…...…………………………………………………… $ 5,764,062 $ 5,965,196 $ 5,578,489 $ 6,597,325 $ 6,967,692 $ 9,078,637 $ 6,554,007 $ 8,414,945 $ 8,042,049 $ 9,247,583
Public safety…..……………………………………………………………… 16,584,359 17,532,705 19,250,042 20,028,852 20,016,807 19,806,196 19,436,666 22,240,345 23,164,344 24,971,518
Education……..…………………………………………………………………. 60,963,021 68,325,037 70,396,176 72,945,712 74,489,136 79,983,691 78,799,564 84,131,157 94,411,608 93,306,327
Public works……...………………………………………………………………. 7,581,355 7,658,668 7,911,117 8,254,354 8,039,489 8,580,554 8,388,727 9,017,362 10,545,452 11,792,012
Health and human services……………...…………………………………………………………….
1,536,513 1,684,833 1,635,120 1,598,126 1,620,371 1,622,066 1,775,067 1,802,950 2,121,713 2,334,357
Culture and recreation………...…………………………………………………………..
3,698,331 3,683,115 3,768,025 4,763,997 3,868,895 3,503,774 4,212,611 4,554,275 4,938,380 5,633,732
Interest…………………………………………………………………… 672,768 636,035 659,834 595,390 638,638 660,193 582,509 749,150 752,985 750,146
Total government activities expenses…………………………………….. 96,800,409 105,485,589 109,198,803 114,783,756 115,641,028 123,235,111 119,749,151 130,910,184 143,976,531 148,035,675
Business-type activities:
Water…………………………………………………………………… 5,692,320 6,141,278 7,105,456 6,656,972 7,398,151 6,323,100 6,361,192 7,371,999 7,887,518 8,447,488
Sewer…………………………………………………………………… 5,925,780 6,191,663 6,275,549 6,415,007 6,473,346 6,652,823 6,782,774 6,920,834 7,051,588 7,466,072
Rink…………………………………………………………………… 79,670 61,792 13,498 15,301 47,458 301,885 561,725 723,685 683,732 748,640
Total business-type activities expenses…………………………………….. 11,697,770 12,394,733 13,394,503 13,087,280 13,918,955 13,277,808 13,705,691 15,016,518 15,622,838 16,662,200
Total primary government expenses………………………………………. $ 108,498,179 $ 117,880,322 $ 122,593,306 $ 127,871,036 $ 129,559,983 $ 136,512,919 $ 133,454,842 $ 145,926,702 $ 159,599,369 $ 164,697,875
Program Revenues -
Governmental activities:
Charges for services:
General government………………………………………………… $ 776,450 $ 563,303 $ 629,653 $ 1,072,993 $ 527,241 $ 689,037 $ 583,866 $ 620,199 $ 378,637 $ 506,759
Public safety……………………………………………………………….. 3,123,869 2,778,390 3,575,574 3,553,243 4,102,459 4,476,260 4,168,858 4,136,074 3,767,753 4,010,351
Education………………………………………………………………. 2,788,752 2,328,949 2,463,638 2,402,968 1,680,802 880,649 1,745,173 1,973,611 2,174,675 2,268,612
Public works………………………………………………………………. 316,164 267,218 308,449 293,344 251,233 325,153 305,621 448,187 460,734 346,841
Human services………………………………………………………………. 97,633 101,977 107,678 95,143 96,066 51,869 122,012 235,498 142,934 123,618
Culture and recreation……………………………………………………… 468,374 460,175 436,273 490,079 269,575 219,549 582,852 892,702 1,025,808 1,052,506
Operating grants and contributions…………………………………… 15,841,950 18,253,254 19,405,225 20,992,327 23,414,891 29,450,495 22,498,270 26,572,865 30,960,588 27,783,163
Capital grants and contributions………………………………………….. 1,562,827 922,822 2,293,126 795,169 2,963,184 1,694,958 1,434,480 1,200,441 3,253,404 4,319,632
Total government activities program revenues...…………………………….. 24,976,019 25,676,088 29,219,616 29,695,266 33,305,451 37,787,970 31,441,132 36,079,577 42,164,533 40,411,482
Business-type activities:
Charges for services - Water…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
7,084,917 6,929,539 7,186,664 6,631,764 7,007,031 7,533,763 7,712,653 8,542,336 9,881,698 11,291,416
Charges for services - Sewer…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
6,517,066 6,560,287 7,143,471 6,798,905 6,960,457 7,320,462 7,105,979 7,260,942 7,014,714 8,171,260
Charges for services - Rink…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
- - - - - 166,875 364,818 411,450 429,404 450,570
Capital grant and contributions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- - 5,625 450,000 2,515,469 204,450 1,235,807 155,752 1,051,833 241,077
Operating grants and contributions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
2,093 80,960 - - - 150,000 - - - -
Total business-type activities program revenues……………………………………..
13,604,076 13,570,786 14,335,760 13,880,669 16,482,957 15,375,550 16,419,257 16,370,480 18,377,649 20,154,323
Total primary government program revenues……………………………………….
$ 38,580,095 $ 39,246,874 $ 43,555,376 $ 43,575,935 $ 49,788,408 $ 53,163,520 $ 47,860,389 $ 52,450,057 $ 60,542,182 $ 60,565,805
Net (Expense)/Program Revenue
Governmental activities……………………....……………………………..
$ (71,824,390) $ (79,809,501) $ (79,979,187) $ (85,088,490) $ (82,335,577) $ (85,447,141) $ (88,308,019) $ (94,830,607) $ (101,811,998) $ (107,624,193)
Business-type activities……………………....…………………………….. 1,906,306 1,176,053 941,257 793,389 2,564,002 2,097,742 2,713,566 1,353,962 2,754,811 3,492,123
Total primary government net (expense)/program revenue……………………………………….
$ (69,918,084) $ (78,633,448) $ (79,037,930) $ (84,295,101) $ (79,771,575) $ (83,349,399) $ (85,594,453) $ (93,476,645) $ (99,057,187) $ (104,132,070)
(1) The roof of the Rink partially collapsed due to storm damage which temporarily suspended operations from 2015 to 2021 and led to a decrease in activity in the Rink Enterprise fund. (continued)
Town of Canton, Massachusetts Page 110 of 128 Annual Comprehensive Financial ReportSource page 119
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
General Revenues and other Changes in Net Position -
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable…………………………………………………. $ 63,720,607 $ 67,168,983 $ 72,087,049 $ 74,151,256 $ 79,891,756 $ 83,971,060 $ 85,661,392 $ 90,082,372 $ 94,099,248 $ 98,320,774
Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
213,952 204,512 220,189 301,286 91,185 586,103 264,810 240,526 245,686 252,804
Motor vehicle excise taxes…………………………………………………… 4,385,878 4,376,168 4,581,480 4,707,385 4,906,443 4,931,089 4,935,611 5,265,734 5,715,795 6,153,780
Penalties and interest on taxes…………………………………………….. 310,740 254,164 314,625 364,795 240,078 382,088 284,510 313,655 346,951 415,092
Payments in lieu of taxes……………………………………………………………… 222,149 225,405 231,040 236,816 254,165 281,830 1,882,844 1,937,379 1,993,518 2,051,307
Hotel and meals taxes………………………………………………………………581,621 601,227 593,076 603,821 568,692 421,813 718,256 1,023,603 1,256,370 1,275,654
Grants and contributions not restricted to specific programs………………………………………………………………
2,213,169 2,013,767 2,099,870 2,180,123 2,315,718 2,316,820 2,401,522 2,541,685 2,629,948 2,708,515
Unrestricted investment income……………………………………………. 218,877 246,862 359,644 521,199 1,641,176 1,167,109 327,074 2,365,442 3,994,352 4,090,301
Insurance recoveries……………………………………………………………… - 2,190,705 - - - - - - - -
Transfers……………………………………………………………… - (1,824,747) 34,042 (500,000) (965,229) (690,607) 413,838 (1,236,622) (870,717) (247,129)
Total governmental activities…………………………………………………………………
71,866,993 75,457,046 80,521,015 82,566,681 88,943,984 93,367,305 96,889,857 102,533,774 109,411,151 115,021,098
Business-type activities:
Unrestricted investment income……………………………………………. 27,019 38,296 50,296 98,038 121,838 50,776 42,565 489,408 814,513 872,348
Transfers……………………………………………………………… - 1,824,747 (34,042) 500,000 965,229 690,607 (413,838) 1,236,622 870,717 247,129
Total business-type activities….………..………………………………….. 27,019 1,863,043 16,254 598,038 1,087,067 741,383 (371,273) 1,726,030 1,685,230 1,119,477
Total primary government general revenues and other
changes in net position…………………………………………………. $ 71,894,012 $ 77,320,089 $ 80,537,269 $ 83,164,719 $ 90,031,051 $ 94,108,688 $ 96,518,584 $ 104,259,804 $ 111,096,381 $ 116,140,575
Changes in Net Position
Governmental activities……………………....…………………………….. $ 42,603 $ (4,352,455) $ 541,828 $ (2,521,809) $ 6,608,407 $ 7,920,164 $ 8,581,838 $ 7,703,167 $ 7,599,153 $ 7,396,905
Business-type activities……………………....…………………………….. 1,933,325 3,039,096 957,511 1,391,427 3,651,069 2,839,125 2,342,293 3,079,992 4,440,041 4,611,600
Total primary government changes in net position……………………………………….
$ 1,975,928 $ (1,313,359) $ 1,499,339 $ (1,130,382) $ 10,259,476 $ 10,759,289 $ 10,924,131 $ 10,783,159 $ 12,039,194 $ 12,008,505
(concluded)
Town of Canton, Massachusetts Page 111 of 128 Annual Comprehensive Financial ReportSource page 120
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
General Fund:
Nonspendable……………………………….$ - $ - $ 7,252 $ 15,376 $ 115,915 $ - $ - $ - $ - $ 1,749
Restricted………………………………. - - - 15,918 - - - - - -
Committed…………………………….. 364,246 886,722 923,152 1,026,447 1,148,811 1,108,984 3,628,842 4,029,719 3,333,047 4,213,799
Assigned…………………………….. 793,408 1,846,942 876,862 1,599,273 1,354,167 4,872,726 3,688,869 4,598,262 4,599,607 5,072,078
Unassigned…………………………… 11,430,875 12,961,775 16,128,195 17,224,537 19,686,713 22,078,763 22,779,583 25,170,933 27,009,842 28,564,398
Total general fund……………………………..$ 12,588,529 $ 15,695,439 $ 17,935,461 $ 19,881,551 $ 22,305,606 $ 28,060,473 $ 30,097,294 $ 33,798,914 $ 34,942,496 $ 37,852,024
All Other Governmental Funds:
Nonspendable……………………………….$ 445,985 $ 471,585 $ 489,185 $ 511,185 $ 554,785 $ 573,985 $ 592,385 $ 612,385 $ 629,985 $ 652,385
Restricted………………………………. 10,939,315 10,584,773 11,869,527 14,510,055 16,302,552 15,653,910 19,789,226 22,712,118 23,997,732 22,300,012
Unassigned…………………………… (632,310) (2,674,755) (156,123) (117,756) (412,455) (367,502) (725,266) (259,685) (97,552) (5,147,445)
Total all other governmental funds……………..
$ 10,752,990 $ 8,381,603 $ 12,202,589 $ 14,903,484 $ 16,444,882 $ 15,860,393 $ 19,656,345 $ 23,064,818 $ 24,530,165 $ 17,804,952
Town of Canton, Massachusetts Page 112 of 128 Annual Comprehensive Financial Report