Canton, Massachusetts · Saved source text
Enterprise Funds 2019 Year End Reports (PDF)
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Source page 1
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a DEPARTMENT OF FINANCE
_ ~ KATHLEEN D. BUTTERS
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MEMORIAL HALL TOWN ACCOUNTANT
801 WASHINGTON STREET kbutters «to~~~n.canton.ma.us
CANTON, MA 02021 (781)575-6605
JAMES R. MURGIA PHONE: 781-575-6610
FINANCE DIRECTOR Ff1X:781-575-6608 SUSAN E. DESJARDINS
jmurgiaC~town.canton.ma.us town.canton.ma.us ASST. TREASURER/COLLECTOR
(781)575-6612 sdesjardins «totvn.canlon.ma.us
(781)821-5006
MEMORANDUM
LOUIS M.JUTRAS
TO Board of Selectmen I NFORMATION
SYSTEMS MANAGER
FROM James Murgia, Finance Director ljutrasC'to~vn.canton.ma.us
(781)821-5069
DATE August 27, 2019
SUBJECT: Enterprise Funds' Fiscal 2019 Operating Results
The attached report shows the enterprise funds' operating results for fiscal 2019 compared to
fiscal 2018. Also attached is a balance sheet report which was prepared for the Department of
Revenue to certify the enterprise funds'"free cash reserve" balances as of June 30, 2019.
The water enterprise's budgeted deficit of $864,000 was due to cash reserves appropriated for
capital projects ($364,000) and to supplement the operating budget ($500,000). The actual
fiscal 2019 operating deficit was $386,917 which is less than budget primarily due to higher
revenues received. After considering the fiscal 2019's results, the water enterprise fund ended
the year with an estimated cash reserve of $1.4 million which is 18% of expenses.
The sewer enterprise's budgeted deficit of $200,000 was due to cash reserves earmarked for
cash capital. The actual fiscal 2019 operating surplus was $211,811 primarily due to higher
revenues. Sewer's end of year cash reserve is estimated to be $2.2 million which is 33% of
expenses.
The rink enterprise's budgeted deficit of $15,430 was due to cash reserves used to fund on-
going operating expenses while the rink remained closed from the February 2015 roof collapse.
The rink enterprise experienced an operating surplus of $52,528 during fiscal 2019 primarily due
to interest income earned on the insurance proceeds received. The rink's end of year cash
reserve amounted to an estimated $77,000.
Please let me know if you have any questions or comments concerning this information.
J RM/ej
Attachment
cc: Charles Aspinwall, Town Administrator
Kathy Butters, Town Accountant
Liz Francis, Parks &Recreation Director
Tim McKenna, Chair, Finance Committee
Mike Trotta, DPW SuperintendentSource page 2
ENTERPRISE FUNDS'OPERATING BUDGETS
CURRENT FISCAL YEAR PRIOR FISCAL YEAR
FISCAL FISCAL Actuals FISCAL FISCAL I Actuals
2019 2019 VS. 2018 2018 VS.
DESCRIPTION BUDGET ACTUALS Budget BUDGET ACTUALS Budget
WATER REVENUE 6,667,549 7,013,139 345,590 6,957,882 7,365,806 407,.924
SALARIES &WAGES 926,018 1,010,552 (84,534) 948,271 874,844 73,427
MWRAASSESSMENT 1,887,795 1,884,292 3,503 2,548,346 2,551,203 (2,857)
DEBT SERVICE 2,281,132 2,238,918 42,214 2,358,680 2,352,219 6,461
CHARGES FROM GENERAL FUND 584,844 584,844 - 514,825 514,825 -
OTHER EXPENSES 1,487,760 1,317,761 169,999 1,237,760 1,271,914 (34,154)
TOTAL WATER OPERATING EXPENSES 7,167,549 7,036,368 131,181 7,607,882 7,565,005 42,877
CASH CAPITAL 364,000 363,688 312 735,000 732,332 2,668
TOTAL WATER ENTERPRISE EXPENSES 7,531,549 7,400,056 131,493 8,342,882 8,297,337 45,545
WATER SURPLUS/(DEFICIT) (864,000) (386,917) 477,083 (1,385,000), (931,531) 453,469
SEWER REVENUE 6,646,625 6,976,818 330,193 6,536,733 7,423,938 887,205
SALARIES &WAGES 454,159 435,301 18.,858 459,130 304,448 154,682
MWRA ASSESSMENT 4,433,841 4,425,854 7,987 4,244,707 4,252,646 (7,939)
DEBT SERVICE 1,083,956 1,030,120 53,836 1,126,032 1,126,658 (626)
CHARGES FROM GENERAL FUND 326,670 326,670 - 358,865 358,865 -
OTHER EXPENSES 347,999 347,713 286 347,999 466,191 (118,192)
TOTAL SEWER OPERATING EXPENSES 6,646,625 6,565,658 80,968 6,536,733 6,508,808 27,925
CASH CAPITAL 200,000 199,350 650 404,000 403,380 620
TOTAL SEWER ENTERPRISE EXPENSES 6,846,625 6,765,008 81,618 6,940,733 6,912,188 28,545
SEWER SURPLUS/(DEFICIT) (200,000) 211,811 411,811 (404,000) 511,750 915,750
RINK REVENUE 0 64,871 64,871 0 29,351 29,351
SALARIES &WAGES 0 1,331 (1,331) 0 0 -
CHARGES FROM GENERAL FUND 0 0 - 0 0 -
DEBT SERVICE 6,180 6,120 60 6,360 7,289 (929)
OTHER EXPENSES 9,250 4,892 4,358 13,550 4,870 8,680
TOTAL RINK OPERATING EXPENSES 15,430 12,343 3,087 19,910 12,159 7,751
CASH CAPITAL 0 0 - 0 0 ~ -
TOTAL RINK ENTERPRISE EXPENSES 15,430 12,343 3,087 19,910 12,159 7,751
RINK SURPLUS/(DEFICIT) (15,430) 52,528 67,958 (19,910) 17,192 ~ 37,102
ATMDATA.xlsx enterprises 8/8/2019Source page 3
TOWN OF CANTON, MASSACHUSETTS
Combining Balance Sheet -Enterprise Funds
as of June 30, 2019(Unaudited)
Water Sewer Rink Tota
Operations Operations Operations Enterprises
ASSETS
Cash and cash equivalents 2,409,266.65 2,757,316.52 147,515.67 5,314,098.84
Receivables: -
Special assessments 251,535.07 233,225.39 - 484,760.46
Tax liens 15,592.07 15,594.45 - 31,186.52
Utility Charges 206,729.50 198,944.51 - 405,674.01
Departmental - - 19,710.00 19,710.00
Amounts to be provided -payment of bonds 16,347,500.00 5,192,855.00 - 21,540,355.00
Amounts to be provided -vacation and sick leave - - -
Total Assets 19,230,623.29 8,397,935.87 167,225.67 27,795,784.83
LIABILITIES AND FUND EQUITY
Liabilities:
Deferred revenue
Special assessments 251,535.07 233,225.39 - 484,760.46
Tax liens 15,592.07 15,594.45 - 31,186.52
Utility Charges 206,729.50 198,944.51 - 405,674.01
Departmental - - 19,710.00 19,710..00
Accounts payable 41,158.81 8,722.71 80.00 49,961.52
Accrued payroll and withholdings 18,480.60 8,695.92 - 27,176.52
Other liabilities 8,596.82 - - 8,596.82
Bonds payable 16,347,500.00 5,192,855.00 - 21,540,355.00
Total Liabilities 16,889,592.87 5,658,037.98 19,790.00 22,567,420.85
Fund Equity:
Reserved for encumbrances 748,868.49 299,976.05 455.43 1,049,299.97
Reserved for expenditures 235,000.00 200,000.00 70,000.00 505,000.00
Reserved for continuing appropriations - - - -
Reserved for petty cash 25.00 25.00 - 50.00
U nreserved retained earnings 1,357,136.93 2,239,896.84 76,980.24 3,674,014.01
Total Fund Equity 2,341,030.42 2,739,897.89 147,435.67 5,228,363.98
Total Liabilities and Fund Equity 19,230,623.29 8,397,935.87 167,225.67 27,795,784.83
Fy 19 balance sheets.xlsx Combined Enterprises 8/27/2019