Canton, Massachusetts · Saved source text
Final Official Statement dated May 21, 2024
Saved text from 207 source pages. Transcription and OCR may contain errors; verify figures and wording against the original. Retrieved 2026-10-15.
Source page 161
TOWN OF CANTON, MASSACHUSETTS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED JUNE 30, 2023
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 6.09%, net of OPEB plan investment expense,
including inflation.
Muncipal bond rate 4.13% as of June 30, 2023
Discount Rate 5.87%, net of OPEB plan investment expense
including inflation.
Inflation 2.50% annually as of June 30, 2023 and for future periods
Health Care Trend Rate 9.00% trending to an ultimate rate of 3.63%
Salary Increases 3.00% annually as of June 30, 2023 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-2016, set forward one year
for females
Post-Retirement Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2016, set forward one
year for females
Disabled Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2016, set forward one
year
Actuarial Cost Method Individual entry age normal
Town of Canton, Massachusetts B-87 Annual Comprehensive Financial ReportSource page 162
Key assumption changes effective Fiscal Year ending June 30, 2023
Investment Rate of Return 6.09% previously 5.88%
Single Equivalent Discount Rate 5.87% previously 5.83%
Healthcare Cost Trend Rates 9.00% trending to 3.63% previously 4.50%
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 2023, Town Meeting approved various supplemental budgetary
appropriations which resulted in a $853,500 net increase from the original voted budget primarily
used for public safety salaries and for roadway capital. 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, 2023, is as follows:
Basis of
Accounting Fund Perspective
Differences Differences Total
Revenues on a budgetary basis $ 114,922,497
Stabilization revenue $ - $ 302,865 302,865
Change in accruing tax revenues 318,336 - 318,336
Change in recording tax refunds payable (793,028) - (793,028)
On behalf payments 7,484,540 - 7,484,540
Revenues on a GAAP basis $ 7,009,848 $ 302,865 $ 122,235,210
Expenditures on a budgetary basis $ 111,343,059
Reclass of enterprise indirects cost to expenditures $ (1,200,121) $ - (1,200,121)
Change in accruing payroll expenditures 96,233 - 96,233
On behalf payments 7,484,540 - 7,484,540
Expenditures on a GAAP basis $ 6,380,652 $ - $ 117,723,711
Other financing sources (uses) on a budgetary basis $ (609,758)
Reclass of enterprise indirects cost to expenditures $ (1,200,121) $ - (1,200,121)
Stabilization transfers - 1,000,000 1,000,000
Other financing sources (uses) on a GAAP basis $ (1,200,121) $ 1,000,000 $ (809,879)
Town of Canton, Massachusetts B-88 Annual Comprehensive Financial ReportSource page 163
Combining Statements Town of Canton, Massachusetts B-89 Annual Comprehensive Financial Report
Source page 164
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 and capital 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 B-90 Annual Comprehensive Financial ReportSource page 165
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 B-91 Annual Comprehensive Financial ReportSource page 166
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2023
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Assets:
Cash and cash equivalents $ 1,038,124 $ 343,138 $ 1,099,697 $ 1,860,284 $ 725,090
Investments - - - - -
Receivables, net of allowance for uncollectibles:
Tax liens and foreclosures - - - - -
Departmental and other - - - - -
Intergovernmental 168,868 - - - -
Total Assets $ 1,206,992 $ 343,138 $ 1,099,697 $ 1,860,284 $ 725,090
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ 2,336 $ 5,275 $ 165,981 $ 672 $ 52,435
Accrued payroll and withholdings 8,344 - 74 8,591 19,527
Other liabilities - - 325 - -
Total Liabilities 10,680 5,275 166,380 9,263 71,962
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - -
Unavailable revenues - other - - - - -
Total Deferred Inflows of Resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted 1,196,312 337,863 933,317 1,851,021 653,128
Unassigned - - - - -
Total Fund Balances 1,196,312 337,863 933,317 1,851,021 653,128
Total Liabilities, Deferred Inflow of
Resources, and Fund Balances $ 1,206,992 $ 343,138 $ 1,099,697 $ 1,860,284 $ 725,090
Town of Canton, Massachusetts B-92 Annual Comprehensive Financial ReportSource page 167
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ 2,451,226 $ 2,460,968 $ 211,528 $ 826,550 $ 277,607 $ 6,602,106 $ 17,896,318
- - 202,399 - - - 202,399
- 6,703 - - - - 6,703
516,051 - - - - 349,682 865,733
- - 123,927 - - - 292,795
$ 2,967,277 $ 2,467,671 $ 537,854 $ 826,550 $ 277,607 $ 6,951,788 $ 19,263,948
$ - $ 11,567 $ 82,336 $ 11,180 $ 406,773 $ 7,010 $ 745,565
- 1,001 2,541 8,325 3,660 18,481 70,544
- - - - - - 325
- 12,568 84,877 19,505 410,433 25,491 816,434
- 6,703 - - - - 6,703
516,051 - - - - 57,852 573,903
516,051 6,703 - - - 57,852 580,606
- - - - - - -
2,451,226 2,448,400 452,977 807,045 35,786 6,959,518 18,126,593
- - - - (168,612) (91,073) (259,685)
2,451,226 2,448,400 452,977 807,045 (132,826) 6,868,445 17,866,908
$ 2,967,277 $ 2,467,671 $ 537,854 $ 826,550 $ 277,607 $ 6,951,788 $ 19,263,948
Town of Canton, Massachusetts B-93 Annual Comprehensive Financial ReportSource page 168
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2023
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 $ 81,077 $ 203,471 $ 37,789 $ 322,337 $ 18,218,655
Investments 591,597 430,194 175,270 1,197,061 1,399,460
Receivables, net of allowance for uncollectibles:
Tax liens and foreclosures - - - - 6,703
Departmental and other - - - - 865,733
Intergovernmental - - - - 292,795
Total Assets $ 672,674 $ 633,665 $ 213,059 $ 1,519,398 $ 20,783,346
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ - $ - $ 9,000 $ 9,000 $ 754,565
Accrued payroll and withholdings - - - - 70,544
Other liabilities - - - - 325
Total Liabilities - - 9,000 9,000 825,434
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - 6,703
Unavailable revenues - other - - - - 573,903
Total Deferred Inflows of Resources - - - - 580,606
Fund Balances:
Nonspendable 578,597 21,553 12,235 612,385 612,385
Restricted 94,077 612,112 191,824 898,013 19,024,606
Unassigned - - - - (259,685)
Total Fund Balances 672,674 633,665 204,059 1,510,398 19,377,306
Total Liabilities and Fund Balances $ 672,674 $ 633,665 $ 213,059 $ 1,519,398 $ 20,783,346
(Concluded)
Town of Canton, Massachusetts B-94 Annual Comprehensive Financial ReportSource page 169
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NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2023
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Revenues:
Property taxes $ - $ - $ - $ - $ -
Intergovernmental 1,749,069 - 38,325 - -
Charges for services 87,038 - - - -
Departmental and other - - 239,713 1,563,760 692,580
Investment income 26,093 - - - -
Contributions and donations - - 64,849 - 11,078
Total Revenues 1,862,200 - 342,887 1,563,760 703,658
Expenditures:
Current:
General government - 106,847 3,972 - -
Public safety - - 10,828 - -
Education 1,441,355 - - 2,257,654 -
Public works - - - - -
Health and human services - - 110,554 - -
Culture and recreation - - 128,716 - 529,262
Employee benefits - - - - -
Debt service:
Principal - - - - -
Interest - - - - -
Total Expenditures 1,441,355 106,847 254,070 2,257,654 529,262
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 420,845 (106,847) 88,817 (693,894) 174,396
Other Financing Sources (Uses):
Proceeds from bonds and notes - - - - -
Premium from bonds and notes - - - - -
Sale of property - - - - -
Transfers in - - - 250,000 -
Transfers out (40,125) - (35,000) - -
Total Other Financing Sources (Uses) (40,125) - (35,000) 250,000 -
Net Change in Fund Balances 380,720 (106,847) 53,817 (443,894) 174,396
Fund Balances - Beginning of Year 815,592 444,710 879,500 2,294,915 478,732
Fund Balances - End of Year $ 1,196,312 $ 337,863 $ 933,317 $ 1,851,021 $ 653,128
Town of Canton, Massachusetts B-96 Annual Comprehensive Financial ReportSource page 171
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ - $ 755,097 $ - $ - $ - $ - $ 755,097
142,427 275,006 1,465,799 5,184,489 877,935 - 9,733,050
1,482,818 - - - - - 1,569,856
- 1,935 - - - 1,073,704 3,571,692
- 78,791 17,808 - - 560 123,252
- - - - - 595,828 671,755
1,625,245 1,110,829 1,483,607 5,184,489 877,935 1,670,092 16,424,702
- 456,655 354,720 - - 364,837 1,287,031
- - 773,905 - - 1,087,692 1,872,425
- 273,004 - 5,858,205 - 167,758 9,997,976
- 71,807 - - 1,051,524 3,777,000 4,900,331
- - 91,374 - - - 201,928
- 185,577 123,410 - - - 966,965
- - - - - 120,406 120,406
- 185,000 - - - - 185,000
- 57,240 - - - - 57,240
- 1,229,283 1,343,409 5,858,205 1,051,524 5,517,693 19,589,302
1,625,245 (118,454) 140,198 (673,716) (173,589) (3,847,601) (3,164,600)
- - - - - 6,044,000 6,044,000
- - - - - 642,830 642,830
- - - - - - -
- - 83,000 - 13,437 986,011 1,332,448
(1,187,550) (25,000) (13,436) - - (643,996) (1,945,107)
(1,187,550) (25,000) 69,564 - 13,437 7,028,845 6,074,171
437,695 (143,454) 209,762 (673,716) (160,152) 3,181,244 2,909,571
2,013,531 2,591,854 243,215 1,480,761 27,326 3,687,201 14,957,337
$ 2,451,226 $ 2,448,400 $ 452,977 $ 807,045 $ (132,826) $ 6,868,445 $ 17,866,908
(Continued)
Town of Canton, Massachusetts B-97 Annual Comprehensive Financial ReportSource page 172
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2023
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
Revenues:
Property taxes $ - $ - $ - $ - $ 755,097
Intergovernmental - - - - 9,733,050
Charges for services - - - - 1,569,856
Departmental and other - - - - 3,571,692
Investment income 21,342 24,466 7,175 52,983 176,235
Contributions and donations 20,000 2,717 50 22,767 694,522
Total Revenues 41,342 27,183 7,225 75,750 16,500,452
Expenditures:
Current:
General government - - 11,871 11,871 1,298,902
Public safety - - - - 1,872,425
Education - - - - 9,997,976
Public works - - - - 4,900,331
Health and human services - - 789 789 202,717
Culture and recreation - 8,901 - 8,901 975,866
Employee benefits - - - - 120,406
Debt service:
Principal - - - - 185,000
Interest - - - - 57,240
Total Expenditures - 8,901 12,660 21,561 19,610,863
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 41,342 18,282 (5,435) 54,189 (3,110,411)
Other Financing Sources (Uses):
Proceeds from bonds and notes - - - - 6,044,000
Premium from bonds and notes - - - - 642,830
Sale of property - - 216,900 216,900 216,900
Transfers in - - 30,199 30,199 1,362,647
Transfers out (5,000) - - (5,000) (1,950,107)
Total Other Financing Sources (Uses) (5,000) - 247,099 242,099 6,316,270
Net Change in Fund Balances 36,342 18,282 241,664 296,288 3,205,859
Fund Balances - Beginning of Year 636,332 615,383 (37,605) 1,214,110 16,171,447
Fund Balances - End of Year $ 672,674 $ 633,665 $ 204,059 $ 1,510,398 $ 19,377,306
(Concluded)
Town of Canton, Massachusetts B-98 Annual Comprehensive Financial ReportSource page 173
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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 B-100 Annual Comprehensive Financial ReportSource page 175
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2023
Total
Health Workers' Unemployment Building Internal
Claims Compensation Claims Insurance Service Funds
Assets:
Current assets:
Cash and cash equivalents $ 5,546,294 $ 121 $ 378,821 $ 23,156 $ 5,948,392
Investments 6,115,431 - - - 6,115,431
Receivables, net of allowance for uncollectibles:
Departmental and other 105,577 - - - 105,577
Prepaid items 327,173 - - - 327,173
Deposit held by third party 61,800 - - - 61,800
Total Current Assets 12,156,275 121 378,821 23,156 12,558,373
Liabilities:
Current liabilities:
Warrants and accounts payable 137,214 - - - 137,214
Health claims incurred but not reported 1,295,362 - - - 1,295,362
Total Current Liabilities 1,432,576 - - - 1,432,576
Net Position:
Unrestricted 10,723,699 121 378,821 23,156 11,125,797
TOTAL NET POSITION $ 10,723,699 $ 121 $ 378,821 $ 23,156 $ 11,125,797
Town of Canton, Massachusetts B-101 Annual Comprehensive Financial ReportSource page 176
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FISCAL YEAR ENDED JUNE 30, 2023
Total
Health Workers' Unemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Operating Revenues:
Employee contributions $ 4,253,320 $ - $ - $ - $ 4,253,320
Employer contributions 11,927,870 - 100,000 - 12,027,870
Stop loss reimbursements 1,091,866 - - - 1,091,866
Total Operating Revenues 17,273,056 - 100,000 - 17,373,056
Operating Expenditures:
Employee benefits 16,996,859 - 71,306 - 17,068,165
Total Operating Expenditures 16,996,859 - 71,306 - 17,068,165
Operating Income (Loss) 276,197 - 28,694 - 304,891
Nonoperating Revenues (Expenses):
Investment Income 221,161 62 12,110 763 234,096
Income (Loss) Before Transfers 497,358 62 40,804 763 538,987
Change in Net Position 497,358 62 40,804 763 538,987
Fund Balances - Beginning of Year 10,226,341 59 338,017 22,393 10,586,810
Fund Balances - End of Year $ 10,723,699 $ 121 $ 378,821 $ 23,156 $ 11,125,797
Town of Canton, Massachusetts B-102 Annual Comprehensive Financial ReportSource page 177
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2023
Total
Health Workers' Umemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Cash Flows From Operating Activities:
Receipts from interfund services provided $ 17,291,821 $ - $ 100,000 $ - $ 17,391,821
Payments for interfund services used (16,381,470) - (71,306) - (16,452,776)
Net Cash Provided by (Used in) Operating Activities 910,351 - 28,694 - 939,045
Cash Flows From Investing Activities:
Investment income 221,161 62 12,110 763 234,096
Investment of operating cash (235,215) - - - (235,215)
Net Cash Provided By Investing Activities (14,054) 62 12,110 763 (1,119)
Net Change in Cash and Cash Equivalents 896,297 62 40,804 763 937,926
Cash and Cash Equivalents:
Beginning of the Year 4,649,997 59 338,017 22,393 5,010,466
End of the Year $ 5,546,294 $ 121 $ 378,821 $ 23,156 $ 5,948,392
Reconciliation of Operating Income (Loss) to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss) 276,197 - 28,694 - 304,891
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Changes in assets and liablities:
Receivables 18,765 - - - 18,765
Prepaid items 380,008 - - - 380,008
Accounts payable and accrued expenses (66,903) - - - (66,903)
Health claims incurred but not reported 302,284 - - - 302,284
Net Cash Provided by (Used in) Operating Activities $ 910,351 $ - $ 28,694 $ - $ 939,045
Town of Canton, Massachusetts B-103 Annual Comprehensive Financial ReportSource page 178
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STATISTICAL SECTION
Above: Granular Activated Carbon filters received at the Moran Water Treatment facility. The filters
are used to remove organic chemicals including PFAS from the Town’s drinking water. At a cost of
$2.4 million, approximately $1.1 million was funded from the Town’s ARPA allotment.
Town of Canton, Massachusetts B-105 Annual Comprehensive Financial ReportSource page 180
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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 B-107 Annual Comprehensive Financial ReportSource page 182
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2014 2015 (1) 2016 2017 2018 (2) 2019 2020 2021 2022 2023
Governmental activities:
Net investment in capital assets…………………………….
$ 70,116,230 $ 76,109,604 $ 78,591,436 $ 78,738,423 $ 81,317,923 $ 85,225,980 $ 85,368,370 $ 85,708,813 $ 86,070,110 $ 88,058,941
Restricted………………………………………………………………………….. 8,912,488 9,193,516 9,006,548 10,642,548 10,880,921 10,431,283 12,654,553 11,044,088 9,983,304 10,020,827
Unrestricted……………………………………………………………… (23,682,247) (57,308,073) (55,970,281) (57,041,754) (86,179,993) (97,227,078) (92,984,331) (83,683,692) (74,402,367) (68,725,554)
Total governmental activities net position………………………………………..
$ 55,346,471 $ 27,995,047 $ 31,627,703 $ 32,339,217 $ 6,018,851 $ (1,569,815) $ 5,038,592 $ 13,069,209 $ 21,651,047 $ 29,354,214
Business-type activities:
Net investment in capital assets…………………………….
$ 15,743,697 $ 16,386,618 $ 17,457,708 $ 18,785,822 $ 20,603,290 $ 23,248,847 $ 28,388,654 $ 31,437,878 $ 31,934,615 $ 35,054,700
Unrestricted………………………………………………………………. 6,399,642 6,342,679 9,040,938 8,905,131 7,446,856 7,149,422 5,660,684 5,450,585 7,296,141 7,256,048
Total business-type activities net position…………………………….
$ 22,143,339 $ 22,729,297 $ 26,498,646 $ 27,690,953 $ 28,050,146 $ 30,398,269 $ 34,049,338 $ 36,888,463 $ 39,230,756 $ 42,310,748
Primary government:
Net investment in capital assets…………………………….
$ 85,859,927 $ 92,496,222 $ 96,049,144 $ 97,524,245 $ 101,921,213 $ 108,474,827 $ 113,757,024 $ 117,146,691 $ 118,004,725 $ 123,113,641
Restricted………………………………………………………………………. 8,912,488 9,193,516 9,006,548 10,642,548 10,880,921 10,431,283 12,654,553 11,044,088 9,983,304 10,020,827
Unrestricted…………………………………………………………… (17,282,605) (50,965,394) (46,929,343) (48,136,623) (78,733,137) (90,077,656) (87,323,647) (78,233,107) (67,106,226) (61,469,506)
Total primary government net position………………………………………………….
$ 77,489,810 $ 50,724,344 $ 58,126,349 $ 60,030,170 $ 34,068,997 $ 28,828,454 $ 39,087,930 $ 49,957,672 $ 60,881,803 $ 71,664,962
(1) In fiscal year 2015, the Town restated its net pension liability. This resulted in a prior period restatement decreasing governmental activities and business-type activities beginning balances by
$34,589,481 and $2,341,420, respectively, as of July 1, 2014.
(2) 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.
Town of Canton, Massachusetts B-108 Annual Comprehensive Financial ReportSource page 183
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2014 2015 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 2023
Expenses -
Governmental activities:
General government…...…………………………………………………… $ 6,231,894 $ 5,683,805 $ 5,764,062 $ 5,965,196 $ 5,578,489 $ 6,597,325 $ 6,967,692 $ 9,078,637 $ 6,554,007 $ 8,414,945
Public safety…..………………………………………………………………16,660,306 15,312,760 16,584,359 17,532,705 19,250,042 20,028,852 20,016,807 19,806,196 19,436,666 22,240,345
Education……..…………………………………………………………………. 64,153,101 54,772,830 60,963,021 68,325,037 70,396,176 72,945,712 74,489,136 79,983,691 78,799,564 84,131,157
Public works……...………………………………………………………………. 6,419,350 7,227,459 7,581,355 7,658,668 7,911,117 8,254,354 8,039,489 8,580,554 8,388,727 9,017,362
Health and human services……………...…………………………………………………………….
1,346,871 1,609,060 1,536,513 1,684,833 1,635,120 1,598,126 1,620,371 1,622,066 1,775,067 1,802,950
Culture and recreation………...…………………………………………………………..
3,123,867 3,006,143 3,698,331 3,683,115 3,768,025 4,763,997 3,868,895 3,503,774 4,212,611 4,554,275
Interest…………………………………………………………………… 1,557,660 722,667 672,768 636,035 659,834 595,390 638,638 660,193 582,509 749,150
Total government activities expenses…………………………………….. 99,493,049 88,334,724 96,800,409 105,485,589 109,198,803 114,783,756 115,641,028 123,235,111 119,749,151 130,910,184
Business-type activities:
Water…………………………………………………………………… 5,225,383 5,253,139 5,692,320 6,141,278 7,105,456 6,656,972 7,398,151 6,323,100 6,361,192 7,371,999
Sewer…………………………………………………………………… 5,366,166 5,416,303 5,925,780 6,191,663 6,275,549 6,415,007 6,473,346 6,652,823 6,782,774 6,920,834
Rink…………………………………………………………………… 353,666 405,752 79,670 61,792 13,498 15,301 47,458 301,885 561,725 723,685
Total business-type activities expenses…………………………………….. 10,945,215 11,075,194 11,697,770 12,394,733 13,394,503 13,087,280 13,918,955 13,277,808 13,705,691 15,016,518
Total primary government expenses………………………………………. $ 110,438,264 $ 99,409,918 $ 108,498,179 $ 117,880,322 $ 122,593,306 $ 127,871,036 $ 129,559,983 $ 136,512,919 $ 133,454,842 $ 145,926,702
Program Revenues -
Governmental activities:
Charges for services:
General government………………………………………………… $ 978,216 $ 881,979 $ 776,450 $ 563,303 $ 629,653 $ 1,072,993 $ 527,241 $ 689,037 $ 583,866 $ 620,199
Public safety……………………………………………………………….. 2,595,617 2,908,421 3,123,869 2,778,390 3,575,574 3,553,243 4,102,459 4,476,260 4,168,858 4,136,074
Education………………………………………………………………. 2,632,798 2,640,969 2,788,752 2,328,949 2,463,638 2,402,968 1,680,802 880,649 1,745,173 1,973,611
Public works………………………………………………………………. 227,108 281,025 316,164 267,218 308,449 293,344 251,233 325,153 305,621 448,187
Human services………………………………………………………………. 91,484 151,953 97,633 101,977 107,678 95,143 96,066 51,869 122,012 235,498
Culture and recreation……………………………………………………… 359,497 399,396 468,374 460,175 436,273 490,079 269,575 219,549 582,852 892,702
Operating grants and contributions…………………………………… 18,811,622 13,609,976 15,841,950 18,253,254 19,405,225 20,992,327 23,414,891 29,450,495 22,498,270 26,572,865
Capital grants and contributions………………………………………….. 611,930 2,832,069 1,562,827 922,822 2,293,126 795,169 2,963,184 1,694,958 1,434,480 1,200,441
Total government activities program revenues...…………………………….. 26,308,272 23,705,788 24,976,019 25,676,088 29,219,616 29,695,266 33,305,451 37,787,970 31,441,132 36,079,577
Business-type activities:
Charges for services - Water…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
6,943,731 7,011,223 7,084,917 6,929,539 7,186,664 6,631,764 7,007,031 7,533,763 7,712,653 8,542,336
Charges for services - Sewer…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
6,045,829 6,559,894 6,517,066 6,560,287 7,143,471 6,798,905 6,960,457 7,320,462 7,105,979 7,260,942
Charges for services - Rink…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
429,555 367,098 - - - - - 166,875 364,818 411,450
Capital grant and contributions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
463,500 - - - 5,625 450,000 2,515,469 204,450 1,235,807 155,752
Operating grants and contributions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
6,250 37,338 2,093 80,960 - - - 150,000 - -
Total business-type activities program revenues……………………………………..
13,888,865 13,975,553 13,604,076 13,570,786 14,335,760 13,880,669 16,482,957 15,375,550 16,419,257 16,370,480
Total primary government program revenues……………………………………….
$ 40,197,137 $ 37,681,341 $ 38,580,095 $ 39,246,874 $ 43,555,376 $ 43,575,935 $ 49,788,408 $ 53,163,520 $ 47,860,389 $ 52,450,057
Net (Expense)/Program Revenue
Governmental activities……………………....……………………………..
$ (73,184,777) $ (64,628,936) $ (71,824,390) $ (79,809,501) $ (79,979,187) $ (85,088,490) $ (82,335,577) $ (85,447,141) $ (88,308,019) $ (94,830,607)
Business-type activities……………………....…………………………….. 2,943,650 2,900,359 1,906,306 1,176,053 941,257 793,389 2,564,002 2,097,742 2,713,566 1,353,962
Total primary government net (expense)/program revenue……………………………………….
$ (70,241,127) $ (61,728,577) $ (69,918,084) $ (78,633,448) $ (79,037,930) $ (84,295,101) $ (79,771,575) $ (83,349,399) $ (85,594,453) $ (93,476,645)
(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 B-109 Annual Comprehensive Financial ReportSource page 184
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General Revenues and other Changes in Net Position -
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable…………………………………………………. $ 58,966,309 $ 61,423,003 $ 63,720,607 $ 67,168,983 $ 72,087,049 $ 74,151,256 $ 79,891,756 $ 83,971,060 $ 85,661,392 $ 90,082,372
Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
421,708 591,950 213,952 204,512 220,189 301,286 91,185 586,103 264,810 240,526
Motor vehicle excise taxes…………………………………………………… 3,914,171 3,380,408 4,385,878 4,376,168 4,581,480 4,707,385 4,906,443 4,931,089 4,935,611 5,265,734
Penalties and interest on taxes…………………………………………….. 323,695 344,012 310,740 254,164 314,625 364,795 240,078 382,088 284,510 313,655
Payments in lieu of taxes……………………………………………………………… 224,311 214,543 222,149 225,405 231,040 236,816 254,165 281,830 1,882,844 1,937,379
Hotel and meals taxes………………………………………………………………460,905 568,317 581,621 601,227 593,076 603,821 568,692 421,813 718,256 1,023,603
Grants and contributions not restricted to specific programs………………………………………………………………
2,202,728 2,776,692 2,213,169 2,013,767 2,099,870 2,180,123 2,315,718 2,316,820 2,401,522 2,541,685
Unrestricted investment income……………………………………………. 201,635 194,375 218,877 246,862 359,644 521,199 1,641,176 1,167,109 327,074 2,365,442
Insurance recoveries……………………………………………………………… - - - 2,190,705 - - - - - -
Miscellaneous……………………………………………………………… 188,275 - - - - - - - - -
Transfers……………………………………………………………… 1,063,245 1,232,584 - (1,824,747) 34,042 (500,000) (965,229) (690,607) 413,838 (1,236,622)
Total governmental activities…………………………………………………………………
67,966,982 70,725,884 71,866,993 75,457,046 80,521,015 82,566,681 88,943,984 93,367,305 96,889,857 102,533,774
Business-type activities:
Unrestricted investment income……………………………………………. 16,768 20,083 27,019 38,296 50,296 98,038 121,838 50,776 42,565 489,408
Transfers……………………………………………………………… (1,063,245) (1,232,584) - 1,824,747 (34,042) 500,000 965,229 690,607 (413,838) 1,236,622
Total business-type activities….………..………………………………….. (1,046,477) (1,212,501) 27,019 1,863,043 16,254 598,038 1,087,067 741,383 (371,273) 1,726,030
Total primary government general revenues and other
changes in net position…………………………………………………. $ 66,920,505 $ 69,513,383 $ 71,894,012 $ 77,320,089 $ 80,537,269 $ 83,164,719 $ 90,031,051 $ 94,108,688 $ 96,518,584 $ 104,259,804
Changes in Net Position
Governmental activities……………………....…………………………….. $ (5,217,795) $ 6,096,948 $ 42,603 $ (4,352,455) $ 541,828 $ (2,521,809) $ 6,608,407 $ 7,920,164 $ 8,581,838 $ 7,703,167
Business-type activities……………………....…………………………….. 1,897,173 1,687,858 1,933,325 3,039,096 957,511 1,391,427 3,651,069 2,839,125 2,342,293 3,079,992
Total primary government changes in net position……………………………………….
$ (3,320,622) $ 7,784,806 $ 1,975,928 $ (1,313,359) $ 1,499,339 $ (1,130,382) $ 10,259,476 $ 10,759,289 $ 10,924,131 $ 10,783,159
(concluded)
Town of Canton, Massachusetts B-110 Annual Comprehensive Financial ReportSource page 185
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General Fund:
Nonspendable……………………………….$ - $ - $ - $ - $ 7,252 $ 15,376 $ 115,915 $ - $ - $ -
Restricted………………………………. 5,160,240 - - - - 15,918 - - - -
Committed…………………………….. 470,608 358,148 364,246 886,722 923,152 1,026,447 1,148,811 1,108,984 3,628,842 4,029,719
Assigned…………………………….. 361,035 893,993 793,408 1,846,942 876,862 1,599,273 1,354,167 4,872,726 3,688,869 4,598,262
Unassigned…………………………… 8,276,920 9,815,657 11,430,875 12,961,775 16,128,195 17,224,537 19,686,713 22,078,763 22,779,583 25,170,933
Total general fund……………………………..$ 14,268,803 $ 11,067,798 $ 12,588,529 $ 15,695,439 $ 17,935,461 $ 19,881,551 $ 22,305,606 $ 28,060,473 $ 30,097,294 $ 33,798,914
All Other Governmental Funds:
Nonspendable……………………………….$ 419,585 $ 432,785 $ 445,985 $ 471,585 $ 489,185 $ 511,185 $ 554,785 $ 573,985 $ 592,385 $ 612,385
Restricted………………………………. 8,707,938 11,544,545 10,939,315 10,584,773 11,869,527 14,510,055 16,302,552 15,653,910 19,789,226 22,712,118
Unassigned…………………………… (468,758) (1,187,828) (632,310) (2,674,755) (156,123) (117,756) (412,455) (367,502) (725,266) (259,685)
Total all other governmental funds……………..
$ 8,658,765 $ 10,789,502 $ 10,752,990 $ 8,381,603 $ 12,202,589 $ 14,903,484 $ 16,444,882 $ 15,860,393 $ 19,656,345 $ 23,064,818
Town of Canton, Massachusetts B-111 Annual Comprehensive Financial ReportSource page 186
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2014 2015 2016 2017 2018 2019 2020 2021 (1) 2022 2022
Revenues:
Property taxes, net of tax refunds…………………………………………………….
$ 59,063,932 $ 61,544,401 $ 63,767,588 $ 67,223,724 $ 71,943,571 $ 74,255,762 $ 78,939,407 $ 84,820,110 $ 85,240,433 $ 90,305,041
Tax title……………………………………………………………………………. 219,962 782,539 351,721 147,456 172,988 297,266 235,221 221,451 148,855 222,957
Motor vehicle and other excise taxes………………………………………… 3,473,978 3,714,753 4,119,643 4,555,904 4,505,384 4,703,198 4,560,311 5,057,570 5,014,394 5,290,490
Hotel and meals taxes…………………………………………………… 460,905 568,317 581,621 601,227 593,076 603,821 568,692 421,813 718,256 1,023,603
Charges for services……………………………………………………… 1,474,669 1,580,929 1,627,494 1,747,854 2,028,754 2,108,925 1,725,842 1,128,924 1,606,246 1,569,856
Penalties and interest on taxes……………………………………… 323,695 344,012 310,740 254,164 314,625 364,795 240,078 382,088 284,510 313,655
Payments in lieu of taxes…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
224,311 214,543 222,149 225,405 231,040 236,816 254,165 281,830 1,882,844 1,937,379
Fines and forfeitures…………………………………………… 109,411 141,311 113,467 119,540 92,821 114,905 54,683 53,018 39,461 58,206
Intergovernmental…………………………………………………….. 19,712,460 20,403,915 16,564,548 19,102,008 20,785,945 22,693,271 27,275,657 32,930,006 25,579,266 29,653,558
Intergovernmental - school construction grants……………………………………..- - 1,206,545 - - 600,762 - - - -
Departmental and other………………………………………………. 3,456,976 4,073,470 4,119,749 4,506,265 3,539,653 4,423,606 5,020,499 3,911,882 4,329,962 5,139,087
Licenses and permits……………………………………….. 1,043,909 817,829 1,282,441 1,035,070 1,142,116 1,235,156 1,422,462 1,944,522 1,609,982 1,725,661
Contributions……………………………………………………………. 398,308 2,146,011 1,245,410 488,456 857,270 482,910 422,661 407,235 541,992 694,522
Investment income……………………………………………………….. 142,946 163,941 171,180 198,226 301,356 456,202 1,406,002 916,965 236,315 2,131,346
Total Revenue…………………………………………………
90,105,462 96,495,971 95,684,296 100,205,299 106,508,599 112,577,395 122,125,680 132,477,414 127,232,516 140,065,361
Expenditures:
General government…………………………………………………………….
3,905,506 4,255,876 3,980,026 3,936,471 3,938,757 3,480,942 4,970,542 7,045,493 4,743,725 6,168,319
Public safety……………………………………………………………… 10,087,953 10,630,184 10,724,190 11,138,061 11,386,263 12,781,717 13,794,925 13,921,079 14,780,385 15,644,781
Education………………………………………………………………… 37,524,669 39,417,729 40,479,930 42,896,291 44,863,583 47,531,743 51,595,264 53,745,167 58,470,260 62,152,136
Public works…………………………………………………………….. 4,449,435 4,503,498 5,515,513 5,592,699 5,494,358 5,665,258 5,803,062 6,367,394 6,380,865 6,557,800
Health and human services…………………………………………………………..
853,534 892,603 1,182,773 1,106,152 1,152,349 1,105,044 1,093,693 1,060,440 1,317,046 1,212,226
Culture and recreation…………………………………………………1,793,002 1,880,085 2,062,646 2,647,844 2,493,339 2,587,654 2,700,234 2,350,181 3,144,400 3,211,664
Pension benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
11,733,329 11,915,349 7,321,245 9,802,225 12,480,279 13,538,094 16,800,589 18,871,543 13,094,149 14,084,015
Employee benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
10,327,387 11,152,708 11,675,327 11,482,452 12,083,049 13,061,838 13,448,532 13,699,142 13,972,775 14,112,017
State and county charges………………………………………… 959,538 959,868 944,583 927,338 995,573 1,015,303 1,186,662 1,424,853 1,461,597 1,513,485
Capital outlay and other……………………………………………………………….
2,369,095 2,930,119 8,445,932 6,844,641 5,203,195 5,138,643 8,496,602 3,650,678 6,478,828 10,424,335
Debt service:
Principal……………………………………………………………… 4,385,178 4,520,404 3,819,900 3,931,624 3,821,850 3,871,933 3,884,816 4,370,415 3,892,822 4,000,576
Interest……………………………………………………………………. 1,677,804 1,619,994 1,166,454 1,061,042 970,237 995,903 957,771 1,074,194 927,000 1,007,022
Total Expenditures………………………………………………………..
90,066,430 94,678,417 97,318,519 101,366,840 104,882,832 110,774,072 124,732,692 127,580,579 128,663,852 140,088,376
Excess of revenues over (under) expenditures…………………………………………………
39,032 1,817,554 (1,634,223) (1,161,541) 1,625,767 1,803,323 (2,607,012) 4,896,835 (1,431,336) (23,015)
Other Financing Sources (Uses):
Issuance of refunding bonds…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- 15,185,400 - 515,000 1,596,000 414,000 - 2,060,000 - -
Payments of refunded bonds…………………………………………………………….. - (21,739,649) - (526,148) (1,619,000) (446,000) - (2,305,382) - -
Issuance of bonds and notes………………...………………………………………… 2,603,159 175,000 2,861,150 1,367,000 5,455,000 1,792,000 7,700,000 742,000 6,265,500 7,379,500
Premium from bonds and notes………………...………………………………………… 166,242 2,258,843 153,042 11,148 305,990 246,871 969,603 357,079 584,771 773,330
Capital lease financing…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- - 104,250 - - - - - - -
Insurance recoveries……………………………………………………………………………… - - - 2,354,811 - - - - - -
Sale of capital assets…............................................................. - - - - - - - - - 216,900
Transfers in……………………………………………………………………………… 3,835,589 3,988,699 1,856,376 2,294,746 2,421,242 2,829,878 2,845,110 1,963,219 3,496,749 3,394,317
Transfers out…………………………………………………………………………… (2,772,344) (2,756,115) (1,856,376) (4,119,493) (2,387,200) (3,329,878) (3,810,339) (2,653,826) (3,082,911) (4,630,939)
Total other financing sources (uses)…………………………………………………………………..
3,832,646 (2,887,822) 3,118,442 1,897,064 5,772,032 1,506,871 7,704,374 163,090 7,264,109 7,133,108
Net change in fund balance………………………………………………………………….
$ 3,871,678 $ (1,070,268) $ 1,484,219 $ 735,523 $ 7,397,799 $ 3,310,194 $ 5,097,362 $ 5,059,925 $ 5,832,773 $ 7,110,093
Debt service as a percentage of noncapital expenditures……………………………………………….
6.91% 6.69% 5.61% 5.28% 4.81% 4.61% 4.17% 4.39% 3.94% 3.86%
Town of Canton, Massachusetts B-112 Annual Comprehensive Financial ReportSource page 187
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
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 3,150,088,016 421,047,184 345,967,900 152,768,400 912,890,161 4,069,871,500 4,083,657,900 99.66% 12.82 26.36 15.88
2016 3,367,549,515 443,366,255 349,329,400 160,467,160 919,783,484 4,320,712,330 4,083,657,900 105.80% 12.79 26.36 15.78
2017 3,508,576,688 459,186,222 358,855,200 171,786,770 953,162,815 4,498,404,880 4,615,563,300 97.46% 12.79 26.34 15.77
2018 3,633,566,271 536,026,099 402,226,020 177,246,290 989,828,192 4,749,064,680 4,615,563,300 102.89% 12.42 25.86 15.58
2019 3,824,234,297 557,405,693 426,392,980 181,040,100 1,115,498,409 5,236,154,670 5,111,198,800 102.44% 12.40 25.77 15.52
2020 4,013,357,852 583,890,748 450,496,780 188,409,290 1,222,796,818 5,595,001,440 5,111,198,800 109.47% 12.23 25.42 15.31
2021 4,215,106,958 633,577,432 508,267,600 238,049,450 1,379,894,482 5,595,001,440 5,664,784,600 98.77% 12.20 24.29 15.18
2022 4,713,072,560 615,527,130 561,454,040 234,720,080 1,411,701,250 6,124,773,810 5,664,784,600 108.12% 11.35 24.18 14.31
2023 5,224,524,319 661,494,791 756,909,640 249,979,830 1,668,384,261 6,892,908,580 6,376,735,000 108.09% 10.57 21.57 13.23
Commercial Value as % of Total Value
26.0%
24.0%
22.0%
20.0%
18.0%
16.0%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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 Town. 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 B-113 Annual Comprehensive Financial ReportSource page 188
DIRECT PROPERTY TAX RATES
LAST TEN FISCAL YEARS
Tax Rates (1)
Commercial Personal
Fiscal Residential and Industrial Property Direct
Year Tax Rate Tax Rate Tax Rate Tax Rate
2014 $ 12.87 $ 26.53 $ 26.53 $ 16.08
2015 12.82 26.36 26.36 15.88
2016 12.79 26.36 26.36 15.78
2017 12.79 26.34 26.34 15.77
2018 12.42 25.86 25.86 15.58
2019 12.40 25.77 25.77 14.79
2020 12.23 25.42 25.42 14.33
2021 12.20 24.29 24.29 15.18
2022 11.35 24.18 24.18 14.31
2023 10.57 21.57 21.57 13.23
(1) Rates are applicable to each $1,000 of assessed value.
(2) Calculated by dividing the total tax levy by total assessed value multipied by 1,000
Source: Official Statements
Town of Canton, Massachusetts B-114 Annual Comprehensive Financial ReportSource page 189
PRINCIPAL TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
2023 2014
Percentage of Percentage of
Total Taxable Total Taxable
Nature of Assessed Assessed Assessed Assessed
Taxpayer Business Valuation Rank Value Valuation Rank Value
Eversource (formerly NSTAR) Utility $ 170,827,720 1 2.48% $ 49,214,820 1 1.27%
Point32 Health (Tufts Associated Health)* Offices 89,863,400 2 1.30%
BREIT MF Blue Hills LLC Apartments 68,146,760 3 0.99%
BAC Canton Holdings LLC (formerly One
Beacon Insurance) Offices 64,341,900 4 0.93% 35,657,100 3 0.92%
555 Turnpike 74 Owner LLC (Casual Male) Manufacturer 56,001,800 5 0.81%
Medical Information Tech., Inc. Offices 55,632,200 6 0.81% 32,996,200 4 0.85%
Simons Waterfall LLC Apartments 51,142,600 7 0.74%
BOS Apt 2 LLC Apartments 48,108,800 8 0.70%
AG EIP 135 Will Drive LLC Warehouses 47,936,800 9 0.70%
Boston Mutual Bldg Realty Trust Offices 41,040,250 10 0.60% 26,865,100 6 0.69%
Reebok Offices 39,084,000 2 1.01%
OCW Retail Canton LLC (formerly Canton
Village Shoppes) Retail 27,393,700 5 0.71%
250 Royall LLC Offices 22,428,200 7 0.58%
Verizon Utility 18,947,300 8 0.49%
Spirit Canton LLC Offices 16,365,500 9 0.42%
Computershare Offices 11,827,440 10 0.30%
Totals $ 693,042,230 10.05% $ 280,779,360 7.23%
* Exempt from property tax in fiscal year 2023 but is subject to a $1.648 million payment in lieu of taxes.
Source: Official Statements
Town of Canton, Massachusetts B-115 Annual Comprehensive Financial ReportSource page 190
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
2014 $ 62,465,167 $ 922,158 $ 61,543,009 $ 61,056,268 99.21% $ 251,763 $ 61,308,031 99.62%
2015 64,629,621 755,050 63,874,571 63,380,847 99.23% 341,165 63,722,012 99.76%
2016 68,196,330 730,379 67,465,951 66,960,492 99.25% 352,125 67,312,617 99.77%
2017 70,946,770 535,765 70,411,005 69,940,713 99.33% 262,970 70,203,683 99.71%
2018 73,975,682 991,008 72,984,674 72,812,949 99.76% (13,990) (1) 72,798,959 99.75%
2019 77,438,400 1,053,624 76,384,776 76,374,966 99.99% (227,037) (1) 76,147,929 99.69%
2020 80,166,862 1,056,100 79,110,762 77,780,712 98.32% 1,022,875 78,803,587 99.61%
2021 84,941,942 513,030 84,428,912 83,773,978 99.22% 400,065 84,174,043 99.70%
2022 87,628,310 482,011 87,146,299 86,417,107 99.16% 276,922 86,694,029 99.48%
2023 91,210,271 337,342 90,872,929 89,844,819 98.87% - 89,844,819 98.87%
(1) In 2020 and 2022, the Town refunded several commercial tax collections.
Source: Accounting Records
Town of Canton, Massachusetts B-116 Annual Comprehensive Financial ReportSource page 191
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Governmental Activities Business-type Activities
General Direct General Direct Total Percentage Debt
Fiscal Obligation Borrowings and Lease Obligation Borrowings and Outstanding Personal of Personal U.S Census Per
Year Bonds (1) Placements Obligations Bonds (1) Placements Debt Income Income Population Capita
2014 $ 31,039,890 $ - $ 13,022 $ 25,562,439 $ 5,618,255 $ 62,233,606 $ 996,466,795 6.25% 21,932 $ 2,838
2015 29,331,327 335,000 104,250 24,633,842 5,141,590 59,546,009 1,049,031,660 5.68% 22,276 2,673
2016 26,426,780 321,226 84,246 22,970,109 4,661,625 54,463,986 1,084,774,372 5.02% 22,510 2,420
2017 28,000,477 307,176 63,827 23,466,201 4,178,293 56,015,974 1,113,918,949 5.03% 22,551 2,484
2018 25,868,216 292,843 42,986 21,261,941 3,691,526 51,157,512 1,160,869,909 4.41% 22,817 2,242
2019 26,215,007 278,222 21,713 19,095,011 3,201,255 48,811,208 1,228,553,148 3.97% 23,444 2,082
2020 30,693,449 263,306 - 21,056,912 2,820,709 54,834,376 1,296,985,612 4.23% 24,029 2,282
2021 26,826,930 248,091 - 19,843,867 5,104,665 52,023,553 1,360,412,629 3.82% 24,470 2,126
2022 29,410,352 240,369 - 26,513,203 5,651,523 61,815,447 1,401,225,008 4.41% 24,470 2,526
2023 33,189,537 224,693 - 27,581,335 4,967,938 65,963,503 1,443,261,759 4.57% 24,470 2,696
Source: U. S. Census, State Division of Local Services
(1) Presented net of original issuance discounts and premiums.
Town of Canton, Massachusetts B-117 Annual Comprehensive Financial ReportSource page 192
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
2014 $ 56,602,329 $ (2,860,353) $ 53,741,976 $ 3,884,619,110 1.38% 21,932 $ 2,450
2015 53,965,169 (2,499,064) 51,466,105 4,069,871,500 1.26% 22,276 2,310
2016 49,396,889 (2,125,785) 47,271,104 4,320,712,330 1.09% 22,510 2,100
2017 51,466,678 (1,740,116) 49,726,562 4,498,404,880 1.11% 22,551 2,205
2018 47,130,157 (1,341,647) 45,788,510 4,749,064,680 0.96% 22,817 2,007
2019 45,310,018 (929,952) 44,380,066 5,236,154,670 0.85% 23,444 1,893
2020 51,750,361 (504,594) 51,245,767 5,595,001,440 0.92% 24,029 2,133
2021 46,670,797 (65,119) 46,605,678 5,595,001,440 0.83% 24,470 1,905
2022 55,923,555 (33,089) 55,890,466 6,124,773,810 0.91% 24,470 2,284
2023 60,770,872 - 60,770,872 6,892,908,580 0.88% 24,470 2,483
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 B-118 Annual Comprehensive Financial ReportSource page 193
COMPUTATION OF LEGAL DEBT MARGIN
LAST TEN FISCAL YEARS
(Amounts in Thousands)
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Equalized Valuation…………………………………..
$ 4,131,231 $ 4,083,658 $ 4,083,658 $ 4,615,563 $ 4,615,563 $ 5,111,199 $ 5,111,199 $ 5,664,785 $ 5,664,785 $ 6,376,735
Debt Limit…………………………..…………………. 206,562 204,183 204,183 230,778 230,778 255,560 255,560 283,239 283,239 318,837
Outstanding general obligation bonds………………. 56,602 53,965 49,397 51,467 47,130 45,310 51,750 46,671 55,924 60,771
Authorized and unissued debt…………………………. 6,547 22,881 16,695 15,992 20,072 29,086 24,704 25,932 16,910 10,896
Debt not applicable to debt limit………………………….(31,263) (30,212) (28,533) (28,457) (25,574) (24,193) (22,651) (22,776) (31,126) (35,781)
Legal debt margin…………………………………………..
$ 174,676 $ 157,549 $ 166,624 $ 191,776 $ 189,150 $ 205,357 $ 201,757 $ 233,412 $ 241,531 $ 282,951
Total debt applicable to the limit
as a percentage of debt limit…………………………………..
15.44% 22.84% 18.39% 16.90% 18.04% 19.64% 21.05% 17.59% 14.73% 11.26%
Source: State Division of Local Services, Accounting Records
Town of Canton, Massachusetts B-119 Annual Comprehensive Financial ReportSource page 194
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF JUNE 30, 2023
Estimated
Estimated Share of
Debt Percentage Overlapping
Outstanding (a) Applicable Debt
Debt repaid with property taxes:
Norfolk County…………………………………………………….. $ 15,315,000 3.68% (b) $ 563,592
Blue Hills Regional Vocational School District……………………………………………………..
34,265,000 7.39% (c) 2,532,184
Subtotal, overlapping debt………………………………………………………………………….. 3,095,776
Town direct debt……………………………………………………………. 33,414,230
Total direct and overlapping debt…………………………………………… $ 36,510,006
(a) Outstanding debt as of February 8, 2023.
(b) Based on the Town's weighted percentage of total equalized valuation.
(c) Based on the District's enabling agreement which primarily relies on enrollment.
Source: Official Statements, Accounting Records
Town of Canton, Massachusetts B-120 Annual Comprehensive Financial ReportSource page 195
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
Per
Capita
Fiscal Population Personal Personal Median School Unemployment
Year Estimates Income Income Age Enrollment Rate (a)
2014 21,932 $ 996,466,795 $ 45,434 42.6 3,321 5.20%
2015 22,276 1,049,031,660 47,092 42.6 3,385 4.20%
2016 22,510 1,084,774,372 48,191 42.6 3,375 3.40%
2017 22,551 1,113,918,949 49,396 42.6 3,379 3.60%
2018 22,817 1,160,869,909 50,877 42.6 3,353 3.10%
2019 23,444 1,228,553,148 52,404 42.6 3,329 2.70%
2020 24,029 1,296,985,612 53,976 42.6 3,397 8.00%
2021 24,470 1,360,412,629 55,595 43.1 3,225 5.00%
2022 24,470 1,401,225,008 57,263 43.1 3,228 3.00%
2023 24,470 1,443,261,759 58,981 43.1 3,219 N/A
(a) Full year averages except for 2022 which is for October 2022.
N/A - Information not available
Source: U. S. Census, Division of Local Services, Massachusetts
Department of Elementary and Secondary Education
Median age is based on most recent census data
Town of Canton, Massachusetts B-121 Annual Comprehensive Financial ReportSource page 196
PRINCIPAL EMPLOYERS (EXCLUDING TOWN)
CURRENT YEAR AND NINE YEARS AGO
2023 2014
Nature Percentage Percentage
of of Total Town of Total Town
Employer Business Employees Rank Employment Employees Rank Employment
Dunkin Brands, Inc. Food and Beverages 633 1 3.08% 600 5 2.68%
ComputerShare Operations Center 540 2 2.63% 778 4 3.48%
Meditech Hospital Software 504 3 2.45% 820 2 3.66%
Destination XL Group (Casual Male) Retail/Wholesale 446 4 2.17%
FIS Global Financial Services 350 5 1.70%
Stoneridge Control Devices (Pollak) Automotive Engineering 255 6 1.24% 279 8 1.25%
Boston Mutual Inurance Insurance Sales and Service 229 7 1.12% 245 9 1.09%
Pappas Rehablitation Hospital Pediatric Hospital 220 8 1.07%
Gray, Gray and Gray LLP Accounting 107 9 0.52%
Bank of Canton Banking 104 10 0.51%
Reebok International Footwear 1,069 1 4.78%
Shaw Group Engineering 800 3 3.57%
One Beacon Insurance Insurance Sales and Service 285 7 1.27%
Organogenesis Regenerative Medicine 354 6 1.58%
Lojack Recovery Systems 240 10 1.07%
Totals 3,388 16.50% 5,470 23.37%
Source: Official Statements
Town of Canton, Massachusetts B-122 Annual Comprehensive Financial ReportSource page 197
FULL-TIME EQUIVALENT TOWN EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
Function 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General government…………………………………………………………….
26 26 24 27 26 27 32 37 29 29
Public safety…………………………………………….. 103 99 101 103 103 105 108 108 100 100
Education…………………………………………………… 440 426 443 474 503 483 483 483 499 536
Public works……………………………………………………………..
46 43 43 42 43 46 46 46 50 50
Health and human services…………………………………………………………..
9 9 10 9 10 11 11 11 11 11
Culture and recreation…………………………………………………
23 24 22 24 24 24 24 24 22 25
Total Town employees…………….…………………...……..
647 627 643 679 709 696 704 709 711 751
Source: Town personnel records
Town of Canton, Massachusetts B-123 Annual Comprehensive Financial ReportSource page 198
OPERATING INDICATORS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General Government:
Population…………………………………….. 20,853 20,717 20,878 21,443 20,985 21,429 21,618 21,949 22,479 23,378
Registered voters…………………………………….. 14,467 14,734 14,984 15,694 15,877 16,482 16,247 17,589 18,137 18,044
Public Safety:
Police
Criminal offenses……………………………………………… 464 384 945 1,076 862 657 615 961 1,084 1,100
Fire
Fire calls……………………………………………….. 1,500 1,800 1,683 1,638 2,013 1,929 1,556 1,708 2,017 1,813
Ambulance calls…………………………………………2,600 2,100 2,525 2,457 2,278 2,371 2,354 2,678 2,839 3,087
Permits issued………………………………………………. 1,380 1,005 745 857 976 725 658 866 985 635
Building Department
Building permits issued…………………………………. 894 1,132 1,514 1,271 1,093 1,196 1,093 1,649 1,458 1,477
Other permits issued…………………………………. 2,062 2,030 1,885 1,951 1,753 1,712 1,506 1,599 1,565 1,687
Education:
Number of students…………………………………. 3,338 3,427 3,378 3,379 3,353 3,329 3,397 3,316 3,228 3,359
Public Works:
Highway
Roads paved (miles)……………………………………………… 1.7 3.6 2.5 3.1 4.2 3.4 3.0 2.2 2.0 0.9
Water
Water mains installed (miles)…………………………… 2.0 0.0 0.0 2.5 0.0 0.0 0.0 3.1 2.6 0.0
Sewer
Sanitary sewers installed (miles)……………………………0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Health and Human Services:
Board of Health
Inspections and complaint investigations……… 680 673 652 925 760 714 500 400 586 633
Permits issued……………………………………………….. 647 641 644 644 652 575 329 336 336 376
Council on Aging
Bus trips………………………………………….. 8,500 7,863 8,200 10,180 8,830 11,369 8,029 3,000 7,124 9,157
Culture and Recreation:
Libaries
Circulation…………………………………………….294,718 301,191 269,045 287,981 258,961 168,304 220,831 201,383 257,274 273,680
Children's programs held…………………………………………….132 132 241 197 328 53 257 644 176 1,376
Children's programs attendance…………………………………………….
3,004 3,004 3,985 3,898 6,935 1,345 6,393 88,161 4,486 7,263
Recreation
Swimming pool attendance…………………………………………….
(1) 9,426 4,446 6,056 5,107 4,778 4,994 - 7,568 7,965 4,765
Playground program participants…………………………………………….
812 1,008 1,294 1,090 1,016 768 580 600 658 678
(1) Pool was closed for major renovations in fiscal year 2020. Open only to Town residents in fiscal year 2023.
N/A - Information not available
Source: Various Town Departments and State websites.
Town of Canton, Massachusetts B-124 Annual Comprehensive Financial ReportSource page 199
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General Government:
Number of buildings……………………………….. 1 1 1 1 1 1 1 1 1 1
Public Safety:
Police
Number of stations……………………………. 1 1 1 1 1 1 1 1 1 1
Fire
Number of stations……………………………. 2 2 2 2 2 2 2 2 2 2
Education:
Number of elementary schools…………………………………….
3 3 3 3 3 3 3 3 3 3
Number of middle schools…………………………………….1 1 1 1 1 1 1 1 1 1
Number of high schools………………………………………..1 1 1 1 1 1 1 1 1 1
Public Works:
Road miles………………………………………. 112 112 112 112 112 112 112 112 112 112
Water main (miles)…………………………………………. 123 123 123 123 123 123 123 123 123 123
Sanitary sewers (miles)…………………………………………. 82 82 82 82 82 82 82 82 82 82
Number of water towers…………………….. 5 5 5 5 5 5 5 5 5 5
Number of water treatment plants…………………….. 2 2 2 2 2 2 2 2 2 2
Health and Human Services:
Number of senior centers…………………….. - - 1 1 1 1 1 1 1 1
Culture and Recreation:
Number of libraries……………………………………………
1 1 1 1 1 1 1 1 1 1
Number of pools………………………………….. 1 1 1 1 1 1 1 1 1 1
Number of skating rinks……………………(1) 1 1 - - - - - 1 1 1
(1) Skating rink was closed from 2015 to 2020 due to damage from major weather event.
N/A - Information not available
Source: Various Town Departments and State websites.
Town of Canton, Massachusetts B-125 Annual Comprehensive Financial ReportSource page 200
Below: The Elijah Morse mansion on Washington Street, now the site of the Canton High School
Building B. Courtesy of the Canton Historical Society.
Town of Canton, Massachusetts B-126 Annual Comprehensive Financial Report