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Enterprise Funds FYE22 Operating Results memo pdf file
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Source page 1
TOWN OF CANTON, MASSACHUSETTS
DEPARTMENT OF FINANCE
SUSAN E. DESJARDINS
MEMORIAL HALL ASST. TREASURER/COLLECTOR
801 WASHINGTON STREET sdesjardins@town.canton.ma.us
(781) 821-5006
WILLIAM R. SCOLLINS III CANTON, MA 02021
PHONE: 781-575-6610
FINANCE DIRECTOR LOUIS M. JUTRAS
FAX: 781-575-6608 INFORMATION
rscollins@town.canton.ma.us
town.canton.ma.us SYSTEMS MANAGER
(781) 575-6612
ljutras@town.canton.ma.us
(781) 821-5069
KATHLEEN D. BUTTERS
TOWN ACCOUNTANT
ALLYSON M. PODGURSKI
kbutters@town.canton.ma.us
ASSISTANT TOWN ACCOUNTANT
(781) 575-6605
apodgurski@town.canton.ma.us
(781) 821-5011
MEMORANDUM
TO: Select Board
FROM: Randy Scollins, Finance Director
DATE: September 13, 2022
SUBJECT: Enterprise Funds’ Fiscal 2022 Operating Results
The attached report contains the enterprise funds’ operating results for fiscal 2022 compared to
fiscal 2021. Also attached is a balance sheet report which was prepared for the Department of
Revenue to certify the enterprise funds’ “free cash reserve / retained earnings” balances as of
June 30, 2022.
The water enterprise’s budgeted deficit of $72,000 was due to retained earnings appropriated
for capital projects. The actual fiscal 2022 operating surplus was $173,336. Despite revenue
coming in $772K less than budget, the MWRA assessment was $619K less than budget and all
other expenses came in $398K less than budget, yielding the positive result of beating budget
by $245K.
Water consumption was down 8.6%, or $673K, from prior year primarily due to a wet 2021
summer, resulting in less irrigation revenue.
Fiscal 2022’s results have the water enterprise fund ending the year with an estimated cash
reserve of $1.14 million which is 15% of expenses. The current target is 50% of expenses.
The sewer enterprise’s budgeted deficit of $382,000 was due to retained earnings earmarked
for cash capital. The actual fiscal 2022 operating deficit was $180,385 as a result of revenue
coming in higher than budget by $203K, although $576K less than the prior year, and expenses
coming in slightly more than budget by $1.8K. The net result being $201.6K favorable to
budget. Sewer’s end of year cash reserve is estimated to be $2.9 million which is 44% of
expenses. The current target is 50% of expenses.
The rink enterprise had a balanced budget with no planned use of retained earnings. Despite
revenue coming in $24K less than budget, the rink enterprise was still able to come in $32K
ahead of plan as a result of solid expense management. The rink’s end of year cash reserve
amounted to an estimated $136K.
Please advise if you have any questions or comments concerning this information.
Attachments
cc: Charles Aspinwall, Town AdministratorSource page 2
Kathy Butters, Town Accountant Tyler Radicioni, Parks & Recreation Director Cindy Thomas, Chair, Finance Committee Mike Trotta, DPW Superintendent
Source page 3
ENTERPRISE FUNDS' OPERATING BUDGET
CURRENT FISCAL YEAR PRIOR FISCAL YEAR
FISCAL FISCAL Actuals FISCAL FISCAL Actuals
2022 2022 VS. 2021 2021 VS.
DESCRIPTION BUDGET ACTUALS Budget BUDGET ACTUALS Budget
WATER REVENUE 7,886,905 7,114,979 (771,926) 7,386,658 7,787,484 400,826
SALARIES & WAGES 981,429 1,058,378 (76,949) 1,005,746 1,102,934 (97,188)
MWRA ASSESSMENT 2,137,222 1,518,359 618,863 2,137,222 1,637,287 499,935
DEBT SERVICE 2,734,995 2,582,297 152,698 2,361,866 2,356,899 4,967
CHARGES FROM GENERAL FUND 660,999 660,999 0 632,564 632,564 0
OTHER EXPENSES 1,372,260 1,049,610 322,650 1,249,260 1,021,963 227,297
TOTAL WATER OPERATING EXPENSES 7,886,905 6,869,644 1,017,261 7,386,658 6,751,647 635,011
CASH CAPITAL 72,000 72,000 0 65,700 65,700 0
TOTAL WATER ENTERPRISE EXPENSES 7,958,905 6,941,644 1,017,261 7,452,358 6,817,347 635,011
WATER SURPLUS/(DEFICIT) (72,000) 173,336 245,336 (65,700) 970,137 1,035,837
SEWER REVENUE 6,651,873 6,855,278 203,405 6,619,067 7,431,333 812,266
SALARIES & WAGES 558,881 483,078 75,803 500,499 458,076 42,423
MWRA ASSESSMENT 4,661,549 4,804,153 (142,604) 4,661,549 4,629,513 32,036
DEBT SERVICE 599,131 598,150 981 663,465 663,465 0
CHARGES FROM GENERAL FUND 402,613 402,613 0 378,855 378,855 0
OTHER EXPENSES 429,699 365,669 64,030 414,699 335,490 79,209
TOTAL SEWER OPERATING EXPENSES 6,651,873 6,653,663 (1,790) 6,619,067 6,465,399 153,668
CASH CAPITAL 382,000 382,000 0 13,500 13,500 0
TOTAL SEWER ENTERPRISE EXPENSES 7,033,873 7,035,663 (1,790) 6,632,567 6,478,899 153,668
SEWER SURPLUS/(DEFICIT) (382,000) (180,385) 201,615 (13,500) 952,434 965,934
RINK REVENUE 390,620 366,359 (24,261) 238,660 169,736 (68,924)
SALARIES & WAGES 121,400 35,947 85,453 64,300 37,590 26,710
DEBT SERVICE 108,851 108,851 0 110,499 110,499 0
CHARGES FROM GENERAL FUND 14,829 14,829 0 5,460 5,460 0
OTHER EXPENSES 145,540 174,724 (29,185) 118,900 73,964 44,936
TOTAL RINK OPERATING EXPENSES 390,620 334,351 56,269 299,159 227,514 71,645
CASH CAPITAL 0 0 0 17,000 17,000 0
TOTAL RINK ENTERPRISE EXPENSES 390,620 334,351 56,269 316,159 244,514 71,645
RINK SURPLUS/(DEFICIT) 0 32,008 32,008 (77,499) (74,778) 2,721
ATMDATA - 09-08-22.xlsx FYE 22 Entpr's Summary 9/13/2022Source page 4
CANTON
Combining Balance Sheet - Enterprise Funds
as of June 30, 2022
(Unaudited)
Totals
WATER SEWER RINK (Memorandum
Enterprise Fund Enterprise Fund Enterprise Fund Only)
ASSETS
Cash and cash equivalents 2,097,460.21 3,719,762.41 136,758.27 5,953,980.89
Receivables:
User Fees 751,091.07 780,375.99 1,531,467.06
Special assessments 303,522.27 256,233.58 559,755.85
Utility liens added to taxes 54,219.22 56,680.79 110,900.01
Amounts to be provided - payment of bonds 24,598,400.00 3,417,922.50 28,016,322.50
Total Assets 27,804,692.77 8,230,975.27 136,758.27 36,172,426.31
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable 45,447.83 30,013.25 242.93 75,704.01
Accrued payroll and withholdings 32,961.02 17,271.27 312.31 50,544.60
Other liabilities (7.56) (7.56)
Deferred revenue:
User Charges 761,668.89 780,375.99 1,542,044.88
Special assessments 303,541.27 256,233.58 559,774.85
Utility liens added to taxes 54,219.22 56,680.79 110,900.01
Bonds payable 24,598,400.00 3,417,922.50 28,016,322.50
Total Liabilities 25,796,238.23 4,558,497.38 547.68 30,355,283.29
Fund Equity:
Reserved for encumbrances 300,000.00 300,000.00
Reserved for expenditures 80,000.00 80,000.00
Reserved for continuing appropriations 914,282.03 464,289.93 1,378,571.96
Reserved for petty cash 25.00 25.00 50.00
Unreserved retained earnings 1,014,147.51 2,908,162.96 136,210.59 4,058,521.06
Total Fund Equity 2,008,454.54 3,672,477.89 136,210.59 5,817,143.02
Total Liabilities and Fund Equity 27,804,692.77 8,230,975.27 136,758.27 36,172,426.31