Canton, Massachusetts · Saved source text
FY 2015 Comprehensive Annual Financial Report
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Source page 83
In June 2015, the GASB issued GASB Statement No. 73, Accounting and Financial Reporting
for Pension and Related Assets That Are Not within the Scope of GASB Statement No. 68 and
Amendments to Certain Provision of GASB Statement No. 67 and No. 68. The objective of
GASB 73 is to improve the usefulness of information about pensions included in the general
purpose external financial reports of state and local governments for making decisions and
assessing accountability. This Statement establishes requirements for defined benefit pensions
that are not within the scope of Statement No. 68, Accounting and Financial Reporting for
Pensions, as well as for the assets accumulated for purposes of providing those pensions. In
addition, it establishes requirements for defined contribution pensions that are not within the
scope of Statement 68. The provisions of this Statement are effective for financial reporting
periods beginning after June 15, 2015 (fiscal year 2016) – except those provisions that address
employers and governmental nonemployer contributing entities for pensions that are not within
the scope of GASB Statement No. 68, which are effective for fiscal years beginning after June 15,
2106 (fiscal year 2017). The Town is currently evaluating whether adoption will have a material
impact on the financial statements.
In June 2015, the GASB issued GASB Statement No. 74, Financial Reporting for
Postemployment Benefit Plans Other than Pension Plans. GASB 74’s objective is to improve the
usefulness of information about postemployment benefits other than pensions included in the
general purpose external financial reports of state and local governmental OPEB plans for making
decisions and assessing accountability. The provisions of this Statement are effective for financial
reporting periods beginning after June 15, 2016 (fiscal year 2017). The Town is currently
evaluating whether adoption will have a material impact on the financial statements.
In June 2015, the GASB issued GASB Statement No. 75, Accounting and Financial Reporting
for Postemployment Benefits Other Than Pension Plans. GASB 75 established new accounting
and financial reporting requirements for governments whose employees are provided with OPEB,
as well as for certain nonemployer governments that have a legal obligation to provide financial
support for OPEB provided to the employees of other entities. The provisions of this Statement
are effective for financial reporting periods beginning after June 15, 2017 (fiscal year 2018). The
Town is currently evaluating whether adoption will have a material impact on the financial
statements.
In June 2015, the GASB issued GASB Statement No. 76, The Hierarchy of Generally Accepted
Accounting Principles for State and Local Governments. The objective of GASB 76 is to identify
– in the context of the current governmental financial reporting environment – the hierarchy of
generally accepted principles (GAAP). This Statement reduces the GAAP hierarchy to two
categories of authoritative GAAP and addresses the use of authoritative and nonauthoritative
literature in the event that the accounting treatment for a transaction or other event is not specified
within a source of authoritative GAAP. The provisions of this Statement are effective for
financial reporting periods beginning after June 15, 2015 (fiscal year 2016). The Town is
currently evaluating whether adoption will have a material impact on the financial statements.
IV. Prior Period Restatements
A prior period adjustment was made to decrease the Town’s beginning net position to reflect the
net pension liability with the implementation of GASB 68. The Town also reclassified the
beginning fund balances of several capital project funds from the nonmajor governmental funds
to the Capital Projects major fund.
Town of Canton, Massachusetts Page 73 of 118 Comprehensive Annual Financial ReportSource page 84
A summary of the restatements are as follows:
Governmental Business-type
Activities Activities Water Sewer Rink
Prior year as presented $ 55,346,471 $ 22,143,339 $ 12,728,890 $ 9,460,500 $ (46,051)
Record net pension liability (34,589,481) (2,341,420) (1,185,483) (945,431) (210,506)
As restated $ 20,756,990 $ 19,801,919 $ 11,543,407 $ 8,515,069 $ (256,557)
Capital Nonmajor
Projects Governmental
Prior year as presented $ - $ 10,789,502
Reclassify capital projects 1,538,509 (1,538,509)
As restated $ 1,538,509 $ 9,250,993
Town of Canton, Massachusetts Page 74 of 118 Comprehensive Annual Financial ReportSource page 85
Required Supplementary Information Town of Canton, Massachusetts Page 75 of 118 Comprehensive Annual Financial Report
Source page 86
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - PENSIONS
YEAR ENDED JUNE 30, 2015
SCHEDULE OF THE TOWN'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
(dollar amounts are in thousands)
Year Ended December 31,
2014
Town's proportion of the net pension
liability (asset) 7.56%
Town's proportionate share of the net
pension liability (asset) $ 39,227
Town's covered-employee payroll N/A
Town's proportionate share of the net
pension liability (asset) as a percentage
of its covered-employee payroll N/A
Plan fiduciary net position as a percentage
of the total pension liability 60.1%
SCHEDULE OF THE TOWN'S CONTRIBUTIONS TO PENSION PLAN
(dollar amounts are in thousands)
Year Ended December 31,
2014
Actuarially determined contribution $ 3,571
Contributions in relation to the
actuarially determined contribution 3,571
Contribution deficiency (excess) $ -
Town's covered-employee payroll N/A
Contributions as a percentage of
covered-employee payroll N/A
N/A - Information not currently available
This schedule is presented to illustrate the requirement to show information for ten years.
However, until a full ten-year trend is compiled, information is presented for those years
in which information is available.
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 76 of 118 Comprehensive Annual Financial ReportSource page 87
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - PENSIONS
YEAR ENDED JUNE 30, 2015
SCHEDULE OF THE COMMONWEALTH'S COLLECTIVE SHARE OF THE NET PENSION LIABILITY
MASSACHUSETTS TEACHER'S RETIREMENT SYSTEM
(dollar amounts are in thousands)
Year Ended June 30,
2014
Commonwealth's proportion of the
collective net pension liability (asset) 100.0%
Town's proportion of the collective
net pension liability (asset) 0.0%
Commonwealth's proportionate share of
the net pension liability (asset) $ 15,896,354
Commonwealth's actuarially
determined contribution $ 937,379
Contributions to MTRS are the responsibility of the Commonwealth of Massachusetts.
This schedule is presented to illustrate the requirement to show information for ten years.
However, until a full ten-year trend is compiled, information is presented for those years
in which information is available.
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 77 of 118 Comprehensive Annual Financial ReportSource page 88
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - OPEB
YEAR ENDED JUNE 30, 2015
SCHEDULE OF FUNDING PROGRESS
Other Postemployment Benefits
UAAL as a
Actuarial Actuarial Actuarial Unfunded Percentage
Valuation Value of Accrued AAL Funded Covered of Covered
Date Assets Liability (AAL) (UAAL) Ratio Payroll Payroll
(a) (b) (b-a) (a/b) (c) ((b-a)/c)
7/1/2014 $ 580,000 $ 90,203,731 89,623,731 0.64% N/A N/A
1/1/2013 100,000 142,752,366 142,652,366 0.07% 36,479,000 391.1%
1/1/2011 - 130,885,254 130,885,254 0% 34,416,000 380.3%
1/1/2009 - 138,978,486 138,978,486 0% 32,236,000 431.1%
SCHEDULE OF CONTRIBUTION FUNDING
Other Postemployment Benefits
Annual
Year Ended OPEB Actual Percentage
June 30, Cost Contributions Contributed
2015 $ 4,975,024 $ 4,346,287 87%
2014 12,935,961 5,179,872 40%
2013 12,195,572 4,526,092 37%
2012 12,639,000 4,457,000 35%
2011 11,610,000 4,262,000 37%
2010 11,431,000 4,842,000 42%
N/A - Information not currently available.
See accompanying independent auditors' report.
Town of Canton, Massachusetts Page 78 of 118 Comprehensive Annual Financial ReportSource page 89
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2015
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Revenues:
Taxes:
Real estate and personal property taxes $ 63,130,910 $ 63,130,910 $ 63,587,464 63,587,464 456,554
Tax title - - 351,721 351,721 351,721
Payments in lieu of taxes 219,907 219,907 222,149 222,149 2,242
Motor vehicle excise 3,200,000 3,200,000 4,119,643 4,119,643 919,643
Meals taxes 300,000 300,000 331,766 331,766 31,766
Room occupancy excise 250,000 250,000 249,855 249,855 (145)
67,100,817 67,100,817 68,862,598 - 68,862,598 1,761,781
Intergovernmental:
State aid - chapter 70 4,936,587 4,936,587 4,936,587 4,936,587 -
State aid - charter school 8,930 8,930 6,667 6,667 (2,263)
State aid - unrestricted 1,908,176 1,908,176 1,908,176 1,908,176 -
State aid - veterans 150,409 150,409 147,636 147,636 (2,773)
State aid - exemptions 146,418 146,418 60,240 60,240 (86,178)
State aid - state owned land 37,903 37,903 37,903 37,903 -
State aid - other 300,000 300,000 404,982 404,982 104,982
Federal disaster aid - - - - -
MSBA school construction reimbursement 456,305 456,305 456,305 456,305 -
7,944,728 7,944,728 7,958,496 - 7,958,496 13,768
Departmental fees, charges, and other:
Municipal lien fees 40,000 40,000 44,550 - 44,550 4,550
Public safety detail fees 30,000 30,000 34,280 - 34,280 4,280
Other departmental fees 80,000 80,000 81,531 - 81,531 1,531
Rental of municipal property 200,000 200,000 247,420 - 247,420 47,420
Conservation department revenues 15,000 15,000 55,775 - 55,775 40,775
Solar revenues 307,500 307,500 498,069 - 498,069 190,569
Other departmental revenues 70,000 70,000 140,584 - 140,584 70,584
742,500 742,500 1,102,209 - 1,102,209 359,709
Licenses and permits:
Alcohol licenses 70,000 70,000 79,970 - 79,970 9,970
Other licenses 80,000 80,000 86,466 - 86,466 6,466
Building permits 365,000 365,000 872,503 - 872,503 507,503
Other permits 135,000 135,000 243,503 - 243,503 108,503
650,000 650,000 1,282,442 - 1,282,442 632,442
Fines and forfeitures:
Motor vehicle fines 80,000 80,000 101,869 - 101,869 21,869
Other fines 20,000 20,000 11,598 - 11,598 (8,402)
100,000 100,000 113,467 - 113,467 13,467
Penalties and interest on taxes 300,000 300,000 310,740 - 310,740 10,740
Interest and investment income 80,000 80,000 81,755 - 81,755 1,755
Total Revenues 76,918,045 76,918,045 79,711,707 - 79,711,707 2,793,662
Town of Canton, Massachusetts Page 79 of 118 Comprehensive Annual Financial ReportSource page 90
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2015
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Expenditures:
Current:
General Government:
Executive Branch 1,371,094 1,461,095 1,456,631 956 1,457,587 3,508
Executive Branch articles 16,111 66,111 6,781 59,329 66,110 1
Commitees and Commissions 26,049 26,049 18,777 - 18,777 7,272
Reserve Fund 500,000 102,500 - - - 102,500
Finance Department 989,194 989,194 917,381 69,257 986,638 2,556
Fianance Department Articles 98,454 98,453 96,026 2,427 98,453 -
Assessors 261,427 273,927 265,789 7,700 273,489 438
Town Clerk & Elections 219,026 239,026 238,928 - 238,928 98
Town Clerk & Elections articles 42,500 42,500 - 42,500 42,500 -
Conservation Commission 88,406 88,406 87,950 - 87,950 456
Planning Board 58,731 58,731 54,920 2,021 56,941 1,790
Town Insurance 935,341 935,341 855,621 13,575 869,196 66,145
Total General Government 4,606,333 4,381,333 3,998,804 197,765 4,196,569 184,764
Public Safety
Fire Department 4,877,755 5,087,292 5,032,747 49,531 5,082,278 5,014
Fire Department articles 88,354 88,354 88,275 - 88,275 79
Police Department 4,394,103 4,394,103 4,375,052 797 4,375,849 18,254
Police Department articles 265,361 289,360 212,360 76,999 289,359 1
Building & Zoning 341,624 341,624 329,550 1,000 330,550 11,074
Total Public Safety 9,967,197 10,200,733 10,037,984 128,327 10,166,311 34,422
Education:
School 34,549,255 34,629,255 34,608,445 20,053 34,628,498 757
School Articles 569,277 569,277 483,595 50,703 534,298 34,979
Blue Hill Regional 1,098,642 1,098,642 1,098,642 - 1,098,642 -
Norfolk County Agricultural HS 10,000 10,000 7,472 - 7,472 2,528
Total Education 36,227,174 36,307,174 36,198,154 70,756 36,268,910 38,264
Public Works:
Public Works 2,115,899 2,115,899 2,081,235 33,409 2,114,644 1,255
Public Works Articles 154,231 154,231 123,067 30,144 153,211 1,020
Street Lighting 143,074 143,074 98,290 4,900 103,190 39,884
Snow & Ice 414,500 1,314,500 1,222,475 40,740 1,263,215 51,285
Trash Collection 1,558,875 1,673,875 1,655,589 16,860 1,672,449 1,426
Total Public Works 4,386,579 5,401,579 5,180,656 126,053 5,306,709 94,870
Health and Human Services:
Health Department 337,772 337,772 324,300 375 324,675 13,097
Health Department Articles - - - - - -
Council on Aging 263,024 263,024 244,338 18,190 262,528 496
Veteran's Services 260,123 260,123 257,347 - 257,347 2,776
Total Health and Human Services 860,919 860,919 825,985 18,565 844,550 16,369
(continued)
Town of Canton, Massachusetts Page 80 of 118 Comprehensive Annual Financial ReportSource page 91
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2015
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Culture and Recreation:
Recreation & Playground 525,662 525,662 525,662 - 525,662 -
Recreation & Playground Articles 65,248 100,248 59,265 40,983 100,248 -
Public Library 1,146,576 1,146,576 1,088,092 9,045 1,097,137 49,439
Public Library Articles 58,612 86,364 24,730 61,160 85,890 474
Total Culture and Recreation 1,796,098 1,858,850 1,697,749 111,188 1,808,937 49,913
Pension Benefits: 3,604,434 3,604,434 3,595,847 - 3,595,847 8,587
Employee Benefits:
Unemployment Compensation 150,000 150,000 150,000 - 150,000 -
Employer Share- Health 11,261,785 11,261,785 11,251,554 - 11,251,554 10,231
Employer Share- Life 60,000 60,000 58,637 - 58,637 1,363
Employer Share- OPEB 551,000 551,000 551,000 - 551,000 -
Total Employee Benefits 12,022,785 12,022,785 12,011,191 - 12,011,191 11,594
State and County Charges: 950,713 950,713 944,583 - 944,583 6,130
Debt Service: 4,880,575 4,880,575 4,839,764 - 4,839,764 40,811
Total Expenditures 79,302,807 80,469,095 79,330,717 652,654 79,983,371 485,724
Other Financing Sources (Uses)
Premium from debt issurance - - 109,077 109,077 109,077
Transfers in 1,962,848 2,144,136 2,193,496 2,193,496 49,360
Transfers out (830,000) (1,530,000) (1,530,000) (1,530,000) -
Total Other Financing Sources (Uses) 1,132,848 614,136 772,573 $ 772,573 158,437
Excess (Deficiency) of Revenues and Other
Financing Sources Over Expenditures/Uses
Of Prior Year Budgetary Fund Balance (1,251,914) (2,936,914) $ 1,153,563 $ 3,437,823
Other Budgetary Items
Use of unassigned fund balance $ 801,000 $ 2,486,000
Prior year encumbrances 451,141 451,141
Other amounts (227) (227)
Total Other Budgetary Items 1,251,914 2,936,914
Net budget and actual $ - $ -
(Concluded)
The notes to the financial statements are an integral part of this statement.
The notes to the required supplementary information are and integral part of this statement.
Town of Canton, Massachusetts Page 81 of 118 Comprehensive Annual Financial ReportSource page 92
TOWN OF CANTON, MASSACHUSETTS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED JUNE 30, 2015
I. 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 2015, Town Meeting approved various supplemental budgetary
appropriations which resulted in a net increase of approximately $1,900,000 from the original voted
budget. These appropriations were utilized for education ($100,000), culture and recreation
($100,000), snow and ice removal costs ($1,000,000) and increased stabilization reserves ($700,000).
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, 2015, is as follows:
Basis of
Accounting Fund Perspective
Differences Differences Total
Revenues on a budgetary basis $ 79,711,707
Stabilization revenue $ - $ 60,555 60,555
Change in accruing tax revenues 136,613 - 136,613
Change in recording tax refunds payable (450,000) - (450,000)
On behalf payments 3,951,783 - 3,951,783
Revenues on a GAAP basis $ 3,638,396 $ 60,555 $ 83,410,658
Expenditures on a budgetary basis $ 79,330,717
Reclass of enterprise indirects cost to expenditures $ (1,087,120) $ - (1,087,120)
On behalf payments 3,951,783 - 3,951,783
Expenditures on a GAAP basis $ 2,864,663 $ - $ 82,195,380
Other financing sources (uses) on a budgetary basis $ 772,573
Reclass of enterprise indirects cost to expenditures $ (1,087,120) $ - (1,087,120)
Stabilization transfers - 620,000 620,000
Other financing sources (uses) on a GAAP basis $ (1,087,120) $ 620,000 $ 305,453
Town of Canton, Massachusetts Page 82 of 118 Comprehensive Annual Financial ReportSource page 93
Combining Statements Town of Canton, Massachusetts Page 83 of 118 Comprehensive Annual Financial Report
Source page 94
Nonmajor Governmental Funds
Narrative
Special Revenue Funds –
Special revenue funds are used to account for certain revenue generating activities that are legally and/or
programmatically restricted to expenditures for a specific purpose. From the Town’s financial ledgers,
these activities can be distinctly categorized into the following groupings:
School Lunch – This segregated revolving fund accounts for the activities of the child nutrition programs;
amounts collected from services include federal and state meal reimbursements and meal charges.
Private Grants – This fund accounts for grant funds received from private organizations that are to be
used to fund various governmental programs.
Town Revolving – This fund accounts for the non-school related activity within revolving funds
established in accordance with MGL Chapter 44, Section 53E ½ and other applicable statutes.
School Revolving – This fund accounts for educational-based activities within revolving funds established
in accordance with MGL Chapter 44, Section 53E ½ and Chapter 71.
Recreation – This fund accounts for self-supporting recreation programs and activities.
Ambulance – This fund accounts for the fees generated by the operations of the fire department’s
ambulance service that are used to fund specific operating costs of the department.
Community Preservation – This fund accounts for assets that are restricted by state law for the purposes
of acquiring or developing open space and recreational facilities, historic resources and affordable
housing.
Town Grants – This fund accounts for non-school grant programs received either directly from federal
and state agencies or indirectly through pass-through entities.
School Grants – This fund accounts for educational-based grant programs received either directly from
federal and state agencies or indirectly through pass-through entities.
Roadway Improvements – This fund accounts for certain roadway improvement projects which are fully
reimbursed by the Commonwealth of Massachusetts.
Other Departmental – This fund accounts for activity of donated funds, public safety details, and other
restricted funds used to support governmental programs.
Town of Canton, Massachusetts Page 84 of 118 Comprehensive Annual Financial ReportSource page 95
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 85 of 118 Comprehensive Annual Financial ReportSource page 96
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2015
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Assets:
Cash and cash equivalents $ 325,645 $ 1,376,713 $ 549,945 $ 1,467,440 $ 173,894
Investments - - - - -
Receivables, net of allowance for uncollectibles:
Property taxes - - - - -
Tax liens and foreclosures - - - - -
Departmental and other - - - - -
Intergovernmental 29,989 - - - -
Total Assets $ 355,634 $ 1,376,713 $ 549,945 $ 1,467,440 $ 173,894
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ 8,199 $ 8,544 $ 71,162 $ 8,503 $ 6,956
Accrued payroll and withholdings 35,846 - 3,984 20,777 7,090
Due to other funds - - - - -
Total Liabilities 44,045 8,544 75,146 29,280 14,046
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - -
Unavailable revenues - other - - - - -
Total Deferred Inflows of Resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted 311,589 1,368,169 474,799 1,438,160 159,848
Unassigned - - - - -
Total Fund Balances 311,589 1,368,169 474,799 1,438,160 159,848
Total Liabilities, Deferred Inflow of
Resources, and Fund Balances $ 355,634 $ 1,376,713 $ 549,945 $ 1,467,440 $ 173,894
Town of Canton, Massachusetts Page 86 of 118 Comprehensive Annual Financial ReportSource page 97
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ 1,254,639 $ 1,066,518 $ 724,756 $ 552,408 $ - $ 2,363,673 $ 9,855,631
- - - - - - -
- 2,982 - - - - 2,982
- 1,785 - - - - 1,785
346,442 - - - - - 346,442
- - 17,214 332,085 315,176 - 694,464
$ 1,601,081 $ 1,071,285 $ 741,970 $ 884,493 $ 315,176 $ 2,363,673 $ 10,901,304
$ - $ 819 $ 28,266 $ 1,267 $ 18,970 $ 39,891 $ 192,577
- 421 3,655 119,213 497 17,093 208,576
- - - - 293,589 - 293,589
- 1,240 31,921 120,480 313,056 56,984 694,742
- 4,767 - - - - 4,767
346,442 - - - - - 346,442
346,442 4,767 - - - - 351,209
- - - - - - -
1,254,639 1,065,278 1,037,803 764,013 2,120 2,306,689 10,183,107
- - (327,754) - - - (327,754)
1,254,639 1,065,278 710,049 764,013 2,120 2,306,689 9,855,353
$ 1,601,081 $ 1,071,285 $ 741,970 $ 884,493 $ 315,176 $ 2,363,673 $ 10,901,304
(Continued)
Town of Canton, Massachusetts Page 87 of 118 Comprehensive Annual Financial ReportSource page 98
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2015
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 $ 27,177 $ 186,257 $ 23,457 $ 236,891 $ 10,092,522
Investments 408,634 - 143,022 551,656 551,656
Receivables, net of allowance for uncollectibles:
Property taxes - - - - 2,982
Tax liens and foreclosures - - - - 1,785
Departmental and other - - - - 346,442
Intergovernmental - - - - 694,464
Total Assets $ 435,811 $ 186,257 $ 166,479 $ 788,547 $ 11,689,851
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ - $ - $ - $ - $ 192,577
Accrued payroll and withholdings - - - - 208,576
Due to other funds - - - - 293,589
Total Liabilities - - - - 694,742
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - 4,767
Unavailable revenues - other - - - - 346,442
Total Deferred Inflows of Resources - - - - 351,209
Fund Balances:
Nonspendable 412,197 21,553 12,235 445,985 445,985
Restricted 23,614 164,704 154,244 342,562 10,525,669
Unassigned - - - - (327,754)
Total Fund Balances 435,811 186,257 166,479 788,547 10,643,900
Total Liabilities and Fund Balances $ 435,811 $ 186,257 $ 166,479 $ 788,547 $ 11,689,851
(Concluded)
Town of Canton, Massachusetts Page 88 of 118 Comprehensive Annual Financial ReportSource page 99
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NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2015
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Revenues:
Property taxes $ - $ - $ - $ - $ -
Intergovernmental 329,257 - 17,023 - -
Charges for services 768,334 - - - -
Departmental and other - - 237,468 1,695,976 327,302
Investment income 1,136 - - - 443
Contributions and donations - - 30,412 - -
Total Revenues 1,098,727 - 284,903 1,695,976 327,745
Expenditures:
Current:
General government - 29,213 22,144 - -
Public safety - 50,611 10,230 - -
Education 930,299 - - 1,499,422 -
Public works - 399,382 - - -
Health and human services - - 73,432 - -
Culture and recreation - - 40,158 - 297,234
Employee benefits - - - - -
Total Expenditures 930,299 479,206 145,964 1,499,422 297,234
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 168,428 (479,206) 138,939 196,554 30,511
Other Financing Sources (Uses):
Premium from bonds and notes - - - - -
Transfers in - - - - -
Transfers out (122,378) - (84,360) - -
Total Other Financing Sources (Uses) (122,378) - (84,360) - -
Net Change in Fund Balances 46,050 (479,206) 54,579 196,554 30,511
Fund Balances - Beginning of Year 265,539 1,847,375 420,220 1,241,606 129,337
Fund Balances - End of Year $ 311,589 $ 1,368,169 $ 474,799 $ 1,438,160 $ 159,848
Town of Canton, Massachusetts Page 90 of 118 Comprehensive Annual Financial ReportSource page 101
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ - $ 493,510 $ - $ - $ - $ - $ 493,510
- 153,822 296,232 2,403,233 1,454,702 - 4,654,269
859,160 - - - - - 1,627,494
- 903 - - - 755,891 3,017,540
- 3,359 13,170 - - 1,578 19,686
- - - - - 1,176,698 1,207,110
859,160 651,594 309,402 2,403,233 1,454,702 1,934,167 11,019,609
- - 4,340 - - 130,644 186,341
- - 352,353 - - 624,349 1,037,543
- - - 2,161,710 - 209,405 4,800,836
- - 161,250 - 1,454,702 44,375 2,059,709
- - 41,684 - - - 115,116
- 62,937 - - - - 400,329
- - - - - 175,479 175,479
- 62,937 559,627 2,161,710 1,454,702 1,184,252 8,775,353
859,160 588,657 (250,225) 241,523 - 749,915 2,244,256
- - - - - 43,965 43,965
- - - - - 80,000 80,000
(703,350) - - - - (83,536) (993,624)
(703,350) - - - - 40,429 (869,659)
155,810 588,657 (250,225) 241,523 - 790,344 1,374,597
1,098,829 476,621 960,274 522,490 2,120 1,516,345 8,480,756
$ 1,254,639 $ 1,065,278 $ 710,049 $ 764,013 $ 2,120 $ 2,306,689 $ 9,855,353
(Continued)
Town of Canton, Massachusetts Page 91 of 118 Comprehensive Annual Financial ReportSource page 102
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2015
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
Revenues:
Property taxes $ - $ - $ - $ - $ 493,510
Intergovernmental - - - - 4,654,269
Charges for services - - - - 1,627,494
Departmental and other - - - - 3,017,540
Investment income 5,268 1,851 2,065 9,184 28,870
Contributions and donations 13,200 8,100 - 21,300 1,228,410
Total Revenues 18,468 9,951 2,065 30,484 11,050,093
Expenditures:
Current:
General government - - - - 186,341
Public safety - - - - 1,037,543
Education - - - - 4,800,836
Public works - - - - 2,059,709
Health and human services - - - - 115,116
Culture and recreation - 4,656 2,518 7,174 407,503
Employee benefits - - - - 175,479
Total Expenditures - 4,656 2,518 7,174 8,782,527
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 18,468 5,295 (453) 23,310 2,267,566
Other Financing Sources (Uses):
Premium from bonds and notes - - - - 43,965
Transfers in - - - - 80,000
Transfers out (5,000) - - (5,000) (998,624)
Total Other Financing Sources (Uses) (5,000) - - (5,000) (874,659)
Net Change in Fund Balances 13,468 5,295 (453) 18,310 1,392,907
Fund Balances - Beginning of Year 422,343 180,962 166,932 770,237 9,250,993
Fund Balances - End of Year $ 435,811 $ 186,257 $ 166,479 $ 788,547 $ 10,643,900
(Concluded)
Town of Canton, Massachusetts Page 92 of 118 Comprehensive Annual Financial ReportSource page 103
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 93 of 118 Comprehensive Annual Financial ReportSource page 104
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2015
Total
Health Workers' Unemployment Building Internal
Claims Compensation Claims Insurance Service Funds
Assets:
Current assets:
Cash and cash equivalents $ 2,998,045 $ 29,410 $ 140,582 $ - $ 3,168,037
Investments 2,258,370 - - 446,924 2,705,294
Receivables, net of allowance for uncollectibles:
Departmental and other 319,878 - - - 319,878
Deposit held by third party 58,400 - - - 58,400
Total Current Assets 5,634,693 29,410 140,582 446,924 6,251,609
Liabilities:
Current liabilities:
Warrants and accounts payable 414,262 260 4,661 - 419,183
Health claims incurred but not reported 496,023 - - - 496,023
Total Current Liabilities 910,285 260 4,661 - 915,206
Net Position:
Unrestricted 4,724,408 29,150 135,921 446,924 5,336,403
TOTAL NET POSITION $ 4,724,408 $ 29,150 $ 135,921 $ 446,924 $ 5,336,403
Town of Canton, Massachusetts Page 94 of 118 Comprehensive Annual Financial ReportSource page 105
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FISCAL YEAR ENDED JUNE 30, 2015
Total
Health Workers' Unemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Operating Revenues:
Employee contributions $ 3,578,511 $ - $ - $ - $ 3,578,511
Employer contributions 10,447,701 - 150,000 - 10,597,701
Stop loss reimbursements 618,860 - - - 618,860
Total Operating Revenues 14,645,072 - 150,000 - 14,795,072
Operating Expenditures:
Employee benefits 12,846,357 936 125,078 - 12,972,371
Total Operating Expenditures 12,846,357 936 125,078 - 12,972,371
Operating Income (Loss) 1,798,715 (936) 24,922 - 1,822,701
Nonoperating Revenues (Expenses):
Investment Income 40,167 313 1,159 6,058 47,697
Income (Loss) Before Transfers 1,838,882 (623) 26,081 6,058 1,870,398
Change in Net Position 1,838,882 (623) 26,081 6,058 1,870,398
Fund Balances - Beginning of Year 2,885,526 29,773 109,840 440,866 3,466,005
Fund Balances - End of Year $ 4,724,408 $ 29,150 $ 135,921 $ 446,924 $ 5,336,403
Town of Canton, Massachusetts Page 95 of 118 Comprehensive Annual Financial ReportSource page 106
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2015
Total
Health Workers' Umemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Cash Flows From Operating Activities:
Receipts from interfund services provided $ 14,390,079 $ - $ 150,000 $ - $ 14,540,079
Payments for interfund services used (13,175,629) (1,465) (123,902) - (13,300,996)
Net Cash Provided by (Used in) Operating Activities 1,214,450 (1,465) 26,098 - 1,239,083
Cash Flows From Investing Activities:
Investment income 40,167 313 1,159 6,058 47,697
Investment of operating cash (137,662) - - (6,058) (143,720)
Net Cash Provided By Investing Activities (97,495) 313 1,159 - (96,023)
Net Change in Cash and Cash Equivalents 1,116,955 (1,152) 27,257 - 1,143,060
Cash and Cash Equivalents:
Beginning of the Year 1,881,090 30,562 113,325 - 2,024,977
End of the Year $ 2,998,045 $ 29,410 $ 140,582 $ - $ 3,168,037
Reconciliation of Operating Income (Loss) to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss) 1,798,715 (936) 24,922 - 1,822,701
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Changes in assets and liablities:
Receivables (254,993) - - - (254,993)
Accounts payable and accrued expenses 113,291 (529) 1,176 - 113,938
Health claims incurred but not reported (442,563) - - - (442,563)
Net Cash Provided by (Used in) Operating Activities $ 1,214,450 $ (1,465) $ 26,098 $ - $ 1,239,083
Town of Canton, Massachusetts Page 96 of 118 Comprehensive Annual Financial ReportSource page 107
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Fiduciary Funds
Agency Funds –
Agency funds are used to account for assets maintained in a custodial capacity. Such activities primarily
consist of performance bonds, other escrow deposits, school student activity deposits.
Town of Canton, Massachusetts Page 98 of 118 Comprehensive Annual Financial ReportSource page 109
AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED JUNE 30, 2015
Beginning End
of Year Additions Deletions of Year
Assets
Current assets:
Cash and cash equivalents $ 1,252,923 $ 622,175 $ (552,928) $ 1,322,170
Liabilities
Current liabilities:
Warrants payable $ 18,417 $ 497,000 $ (485,404) $ 30,013
Agency liabilities 1,234,506 650,386 (592,735) 1,292,157
Total Liabilities $ 1,252,923 $ 1,147,386 $ (1,078,139) $ 1,322,170
Town of Canton, Massachusetts Page 99 of 118 Comprehensive Annual Financial ReportSource page 110
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Statistical Section Statistical tables differ from financial statements since they usually cover more than one fiscal year and present non- accounting data. The following tables reflect social and economic data, financials trends, and fiscal capacity. Located across from the former Plymouth Rubber site, a new 86-unit senior living facility called Cornerstone at Canton opened in the spring.
Source page 113
Statistical Section
This part of the comprehensive annual financial report presents information as a context for understanding
what the information in the financial statements, note disclosures, and required supplementary
information says about the Town’s overall financial health.
Financial Trends
These schedules contain trend information to help the reader understand how the Town’s financial
performance and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the Town’s most significant local revenue
source, the property tax.
Debt Capacity
These schedules present information to help the reader assess the affordability of the Town’s current
levels of outstanding debt, and the Town’s ability to issue additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the Town’s financial activities take place.
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information
in the Town’s financial report relates to the services the Town provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the financial
statements for the relevant year.
Town of Canton, Massachusetts Page 101 of 118 Comprehensive Annual Financial ReportSource page 114
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2006 2007 2008 2009 2010 2011 2012 (1) 2013 2014 2015 (2)
Governmental activities:
Net investment in capital assets…………………………….
$ 47,354,438 $ $ 50,777,183 $ $ 51,291,396 $ $ 54,948,512 $ $ 57,942,064 $ $ 62,056,797 $ 63,962,326 $ 61,957,511 $ 70,116,230 $ 76,109,604
Restricted………………………………………………………………………….. 3,077,412 3,824,685 4,432,975 8,844,047 7,781,249 7,457,544 6,774,650 10,768,853 8,912,488 9,193,516
Unrestricted……………………………………………………………… 24,200,838 23,955,254 25,253,777 14,125,826 6,141,042 (3,861,890) (8,796,940) (14,921,000) (23,682,247) (57,308,073)
Total governmental activities net position………………………………………..
$ 74,632,688 $ 78,557,122 $ 80,978,148 $ 77,918,385 $ 71,864,355 $ 65,652,451 $ 61,940,036 $ 57,805,364 $ 55,346,471 $ 27,995,047
Business-type activities:
Net investment in capital assets…………………………….
$ 12,340,271 $ 11,952,283 $ 13,948,369 $ 14,483,253 $ 15,188,472 $ 17,195,414 $ 16,033,950 $ 16,381,614 $ 15,743,697 $ 16,386,618
Unrestricted………………………………………………………………. 5,544,174 6,124,469 5,093,607 3,934,247 3,836,227 2,796,789 4,362,212 4,030,576 6,399,642 6,342,679
Total business-type activities net position…………………………….
$ 17,884,445 $ 18,076,752 $ 19,041,976 $ 18,417,500 $ 19,024,699 $ 19,992,203 $ 20,396,162 $ 20,412,190 $ 22,143,339 $ 22,729,297
Primary government:
Net investment in capital assets…………………………….
$ 59,694,709 $ 62,729,466 $ 65,239,765 $ 69,431,765 $ 73,130,536 $ 79,252,211 $ 79,996,276 $ 78,339,125 $ 85,859,927 $ 92,496,222
Restricted………………………………………………………………………. 3,077,412 3,824,685 4,432,975 8,844,047 7,781,249 7,457,544 6,774,650 10,768,853 8,912,488 9,193,516
Unrestricted…………………………………………………………… 29,745,012 30,079,723 30,347,384 18,060,073 9,977,269 (1,065,101) (4,434,728) (10,890,424) (17,282,605) (50,965,394)
Total primary government net position………………………………………………….
$ 92,517,133 $ 96,633,874 $ 100,020,124 $ 96,335,885 $ 90,889,054 $ 85,644,654 $ 82,336,198 $ 78,217,554 $ 77,489,810 $ 50,724,344
(1) In fiscal year 2012, the Town restated its liability for other post employment benefits. This resulted in a prior period restatement decreasing governmental activities beginning balance and increasing business-type
activities beginning balance by $161,000 and $262,000, respectively, as of July 1, 2011.
(2) In fiscal year 2015, the Town restated its liability for pension benefits. This resulted in a prior period restatement decreasing governmental activities and business-type activities beginning balance by
$34,589,481 and $2,341,420, respectively, as of July 1, 2014.
Town of Canton, Massachusetts Page 102 of 118 Comprehensive Annual Financial ReportSource page 115
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Expenses -
Governmental activities:
General government…...…………………………………………………… $ 4,246,023 $ $ 4,365,873 $ $ 5,142,280 $ $ 6,440,728 $ $ 5,856,721 $ $ 6,012,221 $ 5,898,196 $ 5,809,111 $ 6,231,894 $ 5,683,805
Public safety…..……………………………………………………………… 11,964,710 12,151,151 12,501,298 14,102,861 14,815,007 14,845,911 15,490,670 16,060,024 16,625,726 15,312,760
Education……..…………………………………………………………………. 40,105,376 42,723,738 45,669,483 52,111,533 56,105,191 57,174,814 58,649,480 61,782,205 64,153,101 54,772,830
Public works……...………………………………………………………………. 4,567,438 4,267,313 5,002,096 5,035,008 5,725,429 5,964,437 5,703,015 6,286,770 6,419,350 7,227,459
Health and human services……………...…………………………………………………………….
810,338 850,334 810,319 983,217 1,094,171 1,133,985 1,221,862 1,314,086 1,346,871 1,609,060
Culture and recreation………...…………………………………………………………..
2,437,118 2,397,635 2,498,364 2,715,016 2,762,453 2,882,803 2,944,861 2,985,722 3,123,867 3,006,143
Interest…………………………………………………………………… 2,363,454 2,654,749 2,105,670 1,996,528 1,919,708 1,797,797 1,664,859 1,668,538 1,557,660 722,667
Total government activities expenses…………………………………….. 66,494,457 69,410,793 73,729,510 83,384,891 88,278,680 89,811,968 91,572,943 95,906,456 99,458,469 88,334,724
Business-type activities:
Water…………………………………………………………………… 3,587,009 3,570,802 3,769,301 4,562,904 4,644,182 4,968,675 5,456,431 5,853,408 5,225,383 5,253,139
Sewer…………………………………………………………………… 3,983,341 4,202,101 4,643,878 4,462,173 4,575,414 4,819,406 5,084,191 5,173,053 5,366,166 5,416,303
Rink…………………………………………………………………… 314,637 344,198 357,203 458,269 486,775 504,265 496,394 390,072 353,666 405,752
Total business-type activities expenses…………………………………….. 7,884,987 8,117,101 8,770,382 9,483,346 9,706,371 10,292,346 11,037,016 11,416,533 10,945,215 11,075,194
Total primary government expenses………………………………………. $ 74,379,444 $ 77,527,894 $ 82,499,892 $ 92,868,237 $ 97,985,051 $ 100,104,314 $ 102,609,959 $ 107,322,989 $ 110,403,684 $ 99,409,918
Program Revenues -
Governmental activities:
Charges for services:
General government………………………………………………… $ 355,302 $ $ 371,696 $ $ 368,111 $ $ 400,721 $ $ 919,070 $ $ 385,778 $ 325,814 $ 554,773 $ 978,216 $ 881,979
Public safety……………………………………………………………….. 2,893,607 2,392,923 2,253,015 1,867,319 2,076,797 2,036,855 2,292,477 2,790,608 2,595,617 2,908,421
Education………………………………………………………………. 1,567,706 1,647,771 2,202,573 1,975,650 2,105,396 2,143,729 2,155,031 2,253,878 2,632,798 2,640,969
Public works………………………………………………………………. 58,111 85,033 71,911 69,082 129,056 92,920 125,694 210,642 227,108 281,025
Human services………………………………………………………………. 45,012 42,808 50,162 42,354 41,527 46,661 66,462 85,978 91,484 151,953
Culture and recreation……………………………………………………… 378,055 343,737 376,991 377,306 379,669 346,254 528,937 396,771 359,497 399,396
Operating grants and contributions…………………………………… 10,678,040 12,582,237 13,251,876 14,389,625 14,937,773 15,381,360 16,776,734 16,961,153 18,811,622 13,609,976
Capital grants and contributions………………………………………….. 653,971 1,011,723 2,251,419 3,291,089 1,170,098 162,497 1,659,561 550,999 611,930 2,832,069
Total government activities program revenues...…………………………….. 16,629,804 18,477,928 20,826,058 22,413,146 21,759,386 20,596,054 23,930,710 23,804,802 26,308,272 23,705,788
Business-type activities:
Charges for services - Water…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
4,337,211 4,308,918 5,148,323 4,727,025 5,693,293 6,965,364 6,672,927 6,702,942 6,943,731 7,011,223
Charges for services - Sewer…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
4,466,378 4,491,655 5,159,490 4,747,421 4,772,693 4,965,133 5,227,905 5,344,425 6,045,829 6,559,894
Charges for services - Rink…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
372,609 370,110 356,953 391,991 404,449 430,878 446,111 431,671 429,555 367,098
Capital grant and contributions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
184,570 46,294 39,941 2,362 497,305 - - - 463,500 -
Operating grants and contributions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- - - - - - - - 6,250 37,338
Total business-type activities program revenues……………………………………..
9,360,768 9,216,977 10,704,707 9,868,799 11,367,740 12,361,375 12,346,943 12,479,038 13,888,865 13,975,553
Total primary government program revenues……………………………………….
$ 25,990,572 $ 27,694,905 $ 31,530,765 $ 32,281,945 $ 33,127,126 $ 32,957,429 $ 36,277,653 $ 36,283,840 $ 40,197,137 $ 37,681,341
Net (Expense)/Program Revenue
Governmental activities……………………....……………………………..
$ (49,864,653) $ (50,932,865) $ (52,903,452) $ (60,971,745) $ (66,519,294) $ (69,215,914) $ (67,642,233) $ (72,101,654) $ (73,150,197) $ (64,628,936)
Business-type activities……………………....…………………………….. 1,475,781 1,099,876 1,934,325 385,453 1,661,369 2,069,029 1,309,927 1,062,505 2,943,650 2,900,359
Total primary government net (expense)/program revenue……………………………………….
$ (48,388,872) $ (49,832,989) $ (50,969,127) $ (60,586,292) $ (64,857,925) $ (67,146,885) $ (66,332,306) $ (71,039,149) $ (70,206,547) $ (61,728,577)
(continued)
Town of Canton, Massachusetts Page 103 of 118 Comprehensive Annual Financial ReportSource page 116
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
General Revenues and other Changes in Net Position -
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable…………………………………………………. $ 43,523,919 $ $ 45,318,005 $ $ 46,074,751 $ $ 49,643,467 $ $ 52,922,668 $ $ 54,892,887 $ 56,128,582 $ 58,966,309 $ 61,423,003 $ 63,720,607
Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
68,545 137,473 204,174 186,291 210,666 349,982 597,670 421,708 591,950 213,952
Motor vehicle excise taxes…………………………………………………… 3,340,893 3,364,215 3,622,335 3,170,275 3,082,341 3,286,609 3,101,266 3,914,171 3,380,408 4,385,878
Penalties and interest on taxes…………………………………………….. 259,454 206,817 188,163 246,950 317,161 305,814 263,511 323,695 344,012 310,740
Payments in lieu of taxes……………………………………………………………… 160,827 160,827 191,827 194,559 199,299 199,225 219,205 224,311 214,543 222,149
Hotel and meals taxes……………………………………………………………… - - - - - - 38,309 460,905 568,317 581,621
Grants and contributions not restricted to specific programs………………………………………………………………
2,550,060 3,607,674 2,974,443 2,727,082 2,165,199 2,201,430 2,026,227 2,202,728 2,776,692 2,213,169
Unrestricted investment income……………………………………………. 728,000 955,736 909,900 488,112 212,187 195,037 166,466 201,635 194,375 218,877
Gain (loss) on sale of capital assets……………………………………………. - (3,087) - - - - - - (34,580) -
Miscellaneous……………………………………………………………… 283,334 202,070 189,784 245,317 312,573 471,501 382,614 188,275 - -
Transfers……………………………………………………………… 882,119 907,569 969,101 1,009,929 1,054,170 1,101,525 1,166,968 1,063,245 1,232,584 -
Total governmental activities…………………………………………………………………
51,797,151 54,857,299 55,324,478 57,911,982 60,476,264 63,004,010 64,090,818 67,966,982 70,691,304 71,866,993
Business-type activities:
Unrestricted investment income……………………………………………. - - - - - - - 16,768 20,083 27,019
Transfers……………………………………………………………… (882,119) (907,569) (969,101) (1,009,929) (1,054,170) (1,101,525) (1,166,968) (1,063,245) (1,232,584) -
Total business-type activities….………..………………………………….. (882,119) (907,569) (969,101) (1,009,929) (1,054,170) (1,101,525) (1,166,968) (1,046,477) (1,212,501) 27,019
Total primary government general revenues and other
changes in net position…………………………………………………. $ 50,915,032 $ 53,949,730 $ 54,355,377 $ 56,902,053 $ 59,422,094 $ 61,902,485 $ 62,923,850 $ 66,920,505 $ 69,478,803 $ 71,894,012
Changes in Net Assets
Governmental activities……………………....…………………………….. $ 1,932,498 $ 3,924,434 $ 2,421,026 $ (3,059,763) $ (6,043,030) $ (6,211,904) $ (3,551,415) $ (4,134,672) $ (2,458,893) $ 7,238,057
Business-type activities……………………....…………………………….. 593,662 192,307 965,224 (624,476) 607,199 967,504 142,959 16,028 1,731,149 2,927,378
Total primary government changes in net position……………………………………….
$ 2,526,160 $ 4,116,741 $ 3,386,250 $ (3,684,239) $ (5,435,831) $ (5,244,400) $ (3,408,456) $ (4,118,644) $ (727,744) $ 10,165,435
(concluded)
Town of Canton, Massachusetts Page 104 of 118 Comprehensive Annual Financial ReportSource page 117
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
General Fund:
Restricted………………………………. $ - $ - $ - $ 7,167,329 $ 6,595,314 $ 6,033,902 $ 5,483,092 $ 5,160,240 $ - $ -
Committed…………………………….. 627,350 249,985 279,918 166,540 240,545 202,643 328,343 470,608 358,148 364,246
Assigned…………………………….. 2,290,343 1,567,445 1,309,512 1,233,461 1,363,064 1,165,952 456,548 361,035 893,993 793,408
Unassigned…………………………… 5,333,431 6,078,459 6,585,875 5,784,251 5,193,760 5,825,529 7,118,096 8,276,920 9,815,657 11,430,875
Total general fund……………………………..$ 8,251,124 $ 7,895,889 $ 8,175,305 $ 14,351,581 $ 13,392,683 $ 13,228,026 $ 13,386,079 $ 14,268,803 $ 11,067,798 $ 12,588,529
All Other Governmental Funds:
Nonspendable……………………………….$ 289,192 $ 294,174 $ 325,985 $ 338,785 $ 356,385 $ 394,385 $ 404,785 $ 419,585 $ 432,785 $ 445,985
Restricted………………………………. 10,030,842 9,414,499 9,080,027 7,628,322 7,744,716 6,504,706 7,000,533 8,707,938 11,544,545 10,939,315
Unassigned…………………………… (310,177) (2,230,411) (2,275,117) (1,077,197) (1,116,827) (1,301,454) (1,735,507) (468,758) (1,187,828) (632,310)
Total all other governmental funds……………..
$ 10,009,857 $ 7,478,262 $ 7,130,895 $ 6,889,910 $ 6,984,274 $ 5,597,637 $ 5,669,811 $ 8,658,765 $ 10,789,502 $ 10,752,990
Note: The Town implemented GASB 54 in fiscal year 2011. All previous years (2006 - 2010) data presented were restated to conform to the GASB 54 presentation.
Town of Canton, Massachusetts Page 105 of 118 Comprehensive Annual Financial ReportSource page 118
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Revenues:
Property taxes, net of tax refunds…………………………………………………….
$ 43,440,386 $ $ 45,259,651 $ $ 46,128,837 $ $ 49,516,225 $ $ 52,217,093 $ $ 55,345,629 $ 56,246,748 $ 59,063,932 $ 61,544,401 $ 63,767,588
Tax title……………………………………………………………………………. 198,779 313,789 62,100 187,083 193,859 224,631 371,909 219,962 782,539 351,721
Motor vehicle and other excise taxes………………………………………… 3,438,271 3,364,215 3,426,512 3,515,812 3,080,023 3,289,549 3,165,288 3,473,978 3,714,753 4,119,643
Hotel and meals taxes…………………………………………………… - - - - - - 38,309 460,905 568,317 581,621
Charges for services……………………………………………………… 1,555,340 1,633,782 1,488,941 1,552,111 1,611,311 1,704,553 1,598,646 1,474,669 1,580,929 1,627,494
Penalties and interest on taxes………………………………………259,454 206,817 188,163 246,950 317,161 305,814 263,511 323,695 344,012 310,740
Payments in lieu of taxes…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
160,827 160,827 191,827 194,559 199,299 199,225 219,205 224,311 214,543 222,149
Fines and forfeitures…………………………………………… 155,917 200,872 189,562 165,991 139,458 165,051 134,626 109,411 141,311 113,467
Intergovernmental…………………………………………………….. 14,233,010 15,337,495 17,973,491 20,586,005 18,613,887 17,825,334 20,571,148 19,712,460 20,403,915 16,564,548
Intergovernmental - school construction grants……………………………………..
17,620,000 1,300,000 - 7,167,329 - - - - - 1,206,545
Departmental and other………………………………………………. 2,673,219 3,215,566 2,836,910 2,827,470 3,394,781 2,768,345 2,971,011 3,456,976 4,073,470 4,119,749
Licenses and permits……………………………………….. 1,120,175 626,776 669,240 452,758 658,905 646,450 912,233 1,043,909 817,829 1,282,441
Contributions……………………………………………………………. 381,326 1,082,522 624,919 256,730 416,991 362,965 349,244 398,308 2,146,011 1,245,410
Investment income……………………………………………………….. 712,388 844,984 794,586 429,449 187,717 167,170 141,807 142,946 163,941 171,180
Total Revenue…………………………………………………
85,949,092 73,547,296 74,575,088 87,098,472 81,030,485 83,004,716 86,983,685 90,105,462 96,495,971 95,684,296
Expenditures:
General government…………………………………………………………….
3,059,080 3,119,956 3,728,731 4,706,731 4,187,558 4,062,501 3,811,225 3,905,506 4,255,876 3,980,026
Public safety……………………………………………………………… 9,086,158 9,899,016 8,907,119 9,285,602 9,364,149 9,427,684 9,579,726 10,087,953 10,630,184 10,724,190
Education………………………………………………………………… 28,855,385 30,676,469 30,142,662 33,314,956 34,967,636 36,008,019 35,975,887 37,524,669 39,417,729 40,479,930
Public works…………………………………………………………….. 3,674,813 3,173,939 4,048,452 3,548,575 4,125,380 4,353,404 3,845,990 4,449,435 4,503,498 5,515,513
Health and human services…………………………………………………………..
592,563 627,328 626,827 697,221 767,077 805,351 861,386 853,534 892,603 1,182,773
Culture and recreation…………………………………………………1,818,703 1,732,136 1,742,977 1,784,546 1,771,572 1,830,239 1,818,050 1,793,002 1,880,085 2,062,646
Pension benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
7,421,416 8,036,169 9,252,069 9,901,744 10,482,808 11,104,953 11,325,041 11,733,329 11,915,349 7,321,245
Employee benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
7,786,377 7,674,681 8,293,944 8,482,345 9,107,798 9,973,437 10,403,739 10,327,387 11,152,708 11,675,327
State and county charges………………………………………… 736,659 811,346 894,634 924,550 932,878 849,149 874,821 959,538 959,868 944,583
Capital outlay and other……………………………………………………………….
7,124,585 5,835,422 4,039,135 7,296,078 2,495,021 3,771,064 6,577,524 2,369,095 2,930,119 8,445,932
Debt service:
Principal……………………………………………………………… 3,313,275 3,851,275 3,827,020 3,929,020 3,947,750 4,029,141 4,306,220 4,385,178 4,520,404 3,819,900
Interest……………………………………………………………………. 2,728,671 2,185,381 2,111,050 2,010,966 1,955,945 1,838,977 1,661,391 1,677,804 1,619,994 1,166,454
Total Expenditures………………………………………………………..
76,197,685 77,623,118 77,614,620 85,882,334 84,105,572 88,053,919 91,041,000 90,066,430 94,678,417 97,318,519
Excess of revenues over (under) expenditures…………………………………………………
9,751,407 (4,075,822) (3,039,532) 1,216,138 (3,075,087) (5,049,203) (4,057,315) 39,032 1,817,554 (1,634,223)
Other Financing Sources (Uses):
Issuance of refunding bonds…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- - 1,084,000 - - 5,398,612 - - 15,185,400 -
Payments of refunded bonds…………………………………………………………….. - - - - - (5,540,000) - - (21,739,649) -
Payments to refunded bond escrow agent……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- - (1,070,000) - - - - - - -
Issuance of bonds and notes………………...…………………………………………
8,001,000 - 1,907,000 3,541,000 1,087,261 1,964,388 2,932,908 2,603,159 175,000 2,861,150
Premium from bonds and notes………………...…………………………………………
21,407 13,360 81,480 85,862 69,122 261,192 136,455 166,242 2,258,843 153,042
Capital lease financing…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
399,440 - - 82,362 - 62,192 51,211 - - 104,250
Proceeds from sale of capital assets………………………………………………… - 268,063 - - - - - - - -
Transfers in……………………………………………………………………………… 3,561,999 2,343,853 2,827,203 2,728,433 2,445,096 2,865,322 2,854,525 3,835,589 3,988,699 1,856,376
Transfers out…………………………………………………………………………… (2,679,880) (1,436,284) (1,858,102) (1,718,504) (1,390,926) (1,513,797) (1,687,557) (2,772,344) (2,756,115) (1,856,376)
Total other financing sources (uses)…………………………………………………………………..
9,303,966 1,188,992 2,971,581 4,719,153 2,210,553 3,497,909 4,287,542 3,832,646 (2,887,822) 3,118,442
Net change in fund balance………………………………………………………………….
$ 19,055,373 $ (2,886,830) $ (67,951) $ 5,935,291 $ (864,534) $ (1,551,294) $ 230,227 $ 3,871,678 $ (1,070,268) $ 1,484,219
Debt service as a percentage of noncapital expenditures……………………………………………….
8.01% 8.41% 8.07% 7.56% 7.23% 6.96% 7.07% 6.91% 6.69% 5.61%
Town of Canton, Massachusetts Page 106 of 118 Comprehensive Annual Financial ReportSource page 119
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY BY CLASSIFICATION AND TAX RATES
LAST TEN FISCAL YEARS
Assessed Value Tax Rates
Ratio of
Total Total State Assessed to
Fiscal Residential Commercial Industrial Personal Commercial Town Equalized Equalized Residential Commercial Average
Year Value Value Value Property Value Value Value Value Tax Rate Tax Rate Tax Rate
2006 $ 3,062,033,400 $ 371,465,220 $ 359,086,100 $ 70,616,260 $ 801,167,580 $ 3,863,200,980 $ 3,542,563,900 109.05% $ 9.33 $ 19.39 $ 11.42
2007 3,283,433,296 429,076,734 409,121,100 87,302,190 925,500,024 4,208,933,320 4,384,334,700 96.00% 8.88 17.94 10.87
2008 3,203,773,709 435,216,821 399,643,400 91,515,750 926,375,971 4,130,149,680 4,384,334,700 94.20% 9.34 18.40 11.37
2009 3,234,696,626 429,321,664 389,319,700 120,258,560 938,899,924 4,173,596,550 4,487,449,500 93.01% 9.98 19.68 12.16
2010 3,032,221,732 455,712,638 378,970,320 122,726,290 957,409,248 3,989,630,980 4,487,449,500 88.91% 10.83 21.77 13.46
2011 3,044,468,807 442,405,763 360,889,000 126,905,510 930,200,273 3,974,669,080 4,386,215,300 90.62% 11.55 23.04 14.24
2012 3,063,743,888 432,654,082 333,946,500 124,249,390 890,849,972 3,954,593,860 4,386,215,300 90.16% 11.91 24.23 14.69
2013 3,080,898,534 433,793,536 330,412,500 126,558,890 890,764,926 3,971,663,460 4,131,231,300 96.14% 12.30 24.99 15.15
2014 2,971,728,949 427,533,191 343,409,000 141,947,970 912,890,161 3,884,619,110 4,131,231,300 94.03% 12.87 26.53 16.08
2015 3,150,088,016 421,047,184 345,967,900 152,768,400 919,783,484 4,069,871,500 4,083,657,900 99.66% 12.82 26.36 15.88
Commercial Value as % of Total Value
26.0%
24.0%
22.0%
20.0%
18.0%
16.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Official Statements, State Division of Local Services
Note: All property in the Commonwealth of Massachusetts is assessed at 100% of full and fair cash value. The State estimates this "equalized valuation" for all municipalities every two years.
Chapter 59, Section 21C of the Massachusetts General Laws, known as "Proposition 2 1/2", imposes 2 separate limits on the annual tax levy of the City. The primary limitation is
that the tax levy cannot exceed 2 1/2% of the full and fair cash value. The secondary limitation is that the tax levy cannot exceed the maximum levy limit for the preceding fiscal year
as determined by the State Commissioner of Revenue by more than 2 1/2%, subject to an exception for property added to the tax rolls and for certain valuation increases. This
secondary limit may be exceeded in any fiscal year by majority approval of the voters, however, it cannot exceed the primary limitation.
Town of Canton, Massachusetts Page 107 of 118 Comprehensive Annual Financial ReportSource page 120
PRINCIPAL TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
2015 2006
Percentage of Percentage of
Total Taxable Total Taxable
Nature of Assessed Assessed Assessed Assessed
Taxpayer Business Valuation Rank Value Valuation Rank Value
NSTAR Utility $ 55,235,950 1 1.36% $ 23,444,700 6 0.61%
Reebok Offices 40,820,700 2 1.00% 39,759,300 1 1.03%
Medical Information Tech., Inc. Offices 33,325,800 3 0.82% 35,318,200 2 0.91%
Canton Village Shoppes Retail 27,680,200 4 0.68% 27,942,000 5 0.72%
Boston Mutual Offices 26,890,800 5 0.66% 20,554,400 7 0.53%
Atlantic Specialty Insurance Offices 26,863,400 6 0.66%
250 Royall LLC Offices 22,433,400 7 0.55%
Spirit Canton LLC Offices 16,530,000 8 0.41%
Computershare Offices 16,437,270 9 0.40%
Verizon Utility 13,679,400 10 0.34%
Blue Hills Office Park LLC Office Park 31,146,000 3 0.81%
Metropolitan Life Insurance Co. Industrial Park 29,660,200 4 0.77%
Dan Road LLC Offices 17,618,300 8 0.46%
JMS Realty Trust Offices 16,405,600 9 0.42%
Trinet Property Partners Offices 15,350,000 10 0.40%
Totals $ 279,896,920 6.88% $ 257,198,700 6.66%
Source: Official Statements
Town of Canton, Massachusetts Page 108 of 118 Comprehensive Annual Financial ReportSource page 121
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Tax Levy Collections
Percent of
Less First Year Percent of Delinquent Total Total Tax
Fiscal Total Abatements & Net Current Net Levy Tax Tax Collections to
Year Tax Levy Exemptions Tax Levy Tax Collections Collected Collections Collections Net Tax Levy
2006 $ 44,103,411 $ 447,412 $ 43,655,999 $ 43,423,142 99.47% $ 232,857 $ 43,655,999 100.00%
2007 45,760,358 725,537 45,034,821 45,004,223 99.93% $30,598 45,034,821 100.00%
2008 46,968,564 446,902 46,521,662 46,095,704 99.08% 393,814 46,489,518 99.93%
2009 50,759,823 280,762 50,479,061 49,631,932 98.32% 441,490 50,073,422 99.20%
2010 53,681,761 568,150 53,113,611 52,019,666 97.94% 371,521 52,391,187 98.64%
2011 56,595,429 897,814 55,697,615 54,980,240 98.71% 646,552 55,626,792 99.87%
2012 58,074,485 498,362 57,576,123 56,783,097 98.62% 419,817 57,202,914 99.35%
2013 60,155,267 593,465 59,561,802 58,747,142 98.63% 325,109 59,072,251 99.18%
2014 62,465,167 810,601 61,654,566 61,056,268 99.03% 239,793 61,296,061 99.42%
2015 64,629,621 643,897 63,985,724 63,380,847 99.05% - 63,380,847 99.05%
Source: Accounting Records
Town of Canton, Massachusetts Page 109 of 118 Comprehensive Annual Financial ReportSource page 122
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Business-type
Governmental Activities Activities
General General Total Percentage Debt
Fiscal Obligation Capital Obligation Outstanding Personal of Personal U.S Census Per
Year Bonds (1) Leases Bonds (1) Debt Income Income Population Capita
2006 $ 54,724,873 $ 933,526 $ 9,202,542 $ 64,860,941 $ 955,977,000 6.78% 21,536 $ 3,012
2007 50,817,629 - 8,505,075 59,322,704 1,075,018,000 5.52% 21,772 2,725
2008 48,857,465 - 9,554,055 58,411,520 1,022,343,000 5.71% 21,916 2,665
2009 48,417,350 59,764 11,623,368 60,100,482 942,403,000 6.38% 22,048 2,726
2010 45,506,780 41,097 18,914,008 64,461,885 1,050,979,000 6.13% 21,732 2,966
2011 43,253,178 61,227 23,101,280 66,415,685 968,993,208 6.85% 20,097 3,305
2012 41,835,011 58,547 27,692,649 69,586,207 969,066,640 7.18% 20,159 3,452
2013 40,010,850 25,634 29,160,760 69,197,244 993,466,795 6.97% 20,708 3,342
2014 31,039,890 13,022 31,180,694 62,233,606 1,052,187,700 5.91% 21,932 2,838
2015 29,666,327 104,250 29,775,432 59,546,009 1,076,713,000 5.53% 22,221 2,680
Source: U. S. Census, State Division of Local Services
(1) Presented net of original issuance discounts and premiums.
Town of Canton, Massachusetts Page 110 of 118 Comprehensive Annual Financial ReportSource page 123
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
General Less: Percentage Debt
Fiscal Obligation Amounts Assessed of Assessed U.S Census Per
Year Bonds (1) Available (2) Total Value Value Population Capita
2006 $ 63,927,415 $ (5,551,800) $ 58,375,615 $ 3,863,200,980 1.51% 21,536 $ 2,711
2007 59,322,704 (5,581,453) 53,741,251 4,208,933,320 1.28% 21,772 2,468
2008 58,411,520 (5,186,347) 53,225,173 4,130,149,680 1.29% 21,916 2,429
2009 60,040,718 (11,241,837) 48,798,881 4,173,596,550 1.17% 22,048 2,213
2010 64,420,788 (10,331,918) 54,088,870 3,989,630,980 1.36% 21,732 2,489
2011 66,354,458 (9,431,541) 56,922,917 3,974,669,080 1.43% 20,097 2,832
2012 69,527,660 (8,540,706) 60,986,954 3,954,593,860 1.54% 20,159 3,025
2013 69,171,610 (7,260,823) 61,910,787 3,971,663,460 1.56% 20,708 2,990
2014 62,220,584 (2,860,353) 59,360,231 3,884,619,110 1.53% 21,932 2,707
2015 59,441,759 (2,499,064) 56,942,695 4,069,871,500 1.40% 22,221 2,563
Source: U. S. Census, State Division of Local Services
(1) General obligation bonds consist of debt of both governmental and business-type activities, net of original issuance discounts and premiums.
(2) These are restricted resources from the Massachusetts School Building Authority for debt principal on school construction.
Town of Canton, Massachusetts Page 111 of 118 Comprehensive Annual Financial Report