Canton, Massachusetts · Saved source text
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Source page 161
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 162
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 163
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Source page 164
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 165
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 166
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 167
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 168
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 169
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 170
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
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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 173
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 174
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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 177
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 178
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 179
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 180
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 181
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 182
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 183
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 184
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 185
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 186
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 187
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 ReportSource page 188
COMPUTATION OF LEGAL DEBT MARGIN
LAST TEN FISCAL YEARS
(Amounts in Thousands)
2006 2007 2008 2009 2010 2011 2012 2013 2013 2014
Equalized Valuation…………………………………..
$ 3,542,564 $ 4,384,335 $ 4,384,335 $ 4,487,450 $ 4,487,450 $ 4,386,215 $ 4,386,215 $ 4,131,231 $ 4,131,231 $ 4,083,658
Debt Limit…………………………..…………………. 177,128 219,217 219,217 224,372 224,372 219,311 219,311 206,562 206,562 204,183
Outstanding general obligation bonds………………. 63,927 59,323 58,412 60,041 64,421 66,354 69,528 69,172 62,221 59,442
Authorized and unissued debt…………………………. 13,167 29,146 26,237 26,434 18,071 18,405 9,305 10,144 6,547 22,881
Debt not applicable to debt limit………………………….(12,189) (10,905) (11,810) (12,780) (15,481) (22,111) (28,735) (30,364) (31,263) (30,212)
Legal debt margin…………………………………………..
$ 112,223 $ 141,653 $ 146,378 $ 150,677 $ 157,361 $ 156,663 $ 169,213 $ 157,610 $ 169,057 $ 152,072
Total debt applicable to the limit
as a percentage of debt limit…………………………………..
36.64% 35.38% 33.23% 32.84% 29.87% 28.57% 22.84% 23.70% 18.16% 25.52%
Source: State Division of Local Services, Accounting Records
Town of Canton, Massachusetts Page 112 of 118 Comprehensive Annual Financial ReportSource page 189
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF JUNE 30, 2015
Estimated
Estimated Share of
Debt Percentage Overlapping
Outstanding Applicable Debt
Debt repaid with property taxes:
Massachusetts Bay Transportation Authority……………………………………………………………….
$ 5,499,989,000 (a) 0.50% (c) $ 27,499,945
Norfolk County…………………………………………………….. 12,235,000 (b) 3.68% (d) 450,248
Subtotal, overlapping debt………………………………………………………………………….. 27,950,193
Town direct debt……………………………………………………………. 29,770,577
Total direct and overlapping debt…………………………………………… $ 58,171,018
(a) Outstanding debt as of June 30, 2014.
(b) Outstanding debt as of March 15, 2015.
(c) Based on the Town's weighted percentage of total population as provided in the enabling act.
(d) Based on the Town's weighted percentage of total equalized valuation.
Source: Official Statements, Accounting Records
Town of Canton, Massachusetts Page 113 of 118 Comprehensive Annual Financial ReportSource page 190
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
Per
Capita
Fiscal Population Personal Personal Median School Unemployment
Year Estimates Income Income Age Enrollment Rate
2006 21,536 $ 955,977,000 $ 44,390 39.8 3,112 4.00%
2007 21,772 1,075,018,000 49,376 39.8 3,131 4.00%
2008 21,916 1,022,343,000 46,648 39.8 3,103 5.60%
2009 22,048 942,403,000 42,743 39.8 3,137 7.20%
2010 21,732 1,050,979,000 48,361 42.3 3,172 6.60%
2011 20,097 968,993,208 48,216 42.3 3,267 6.70%
2012 20,159 969,066,640 48,071 42.3 3,298 5.80%
2013 20,708 993,466,795 47,927 42.3 3,312 5.50%
2014 21,932 1,052,187,700 47,975 42.3 3,321 4.70%
2015 22,221 1,076,713,000 48,455 42.3 3,385 3.80%
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 Page 114 of 118 Comprehensive Annual Financial ReportSource page 191
PRINCIPAL EMPLOYERS (EXCLUDING TOWN)
CURRENT YEAR AND NINE YEARS AGO
2015 2006
Nature Percentage Percentage
of of Total Town of Total Town
Employer Business Employees Rank Employment Employees Rank Employment
Reebok International Footwear 1,107 1 4.95% 1,200 1 5.46%
Computershare (Equiserve) Operations Center 798 2 3.57% 1,100 2 5.01%
Meditech Hospital Software 650 3 2.90% 698 3 3.18%
Dunkin Brands, Inc. Food and Beverages 640 4 2.86% 561 4 2.55%
CB&I (Shaw Group) Engineering 425 5 1.90%
Organogenesis Regenerative Medicine 354 6 1.58%
Pollak Engineering Products Automotive Engineering 280 7 1.25% 550 5 2.50%
Boston Mutual Inurance Insurance Sales and Service 271 8 1.21%
Lojack Recovery Systems 250 9 1.12%
One Beacon Insurance Insurance Sales and Service 225 10 1.01%
Casual Male Big & Tall Retail, Clothing 475 6 2.16%
Cumberland Farms Milk and Dairy Products, Gasoline 350 7 1.59%
Instron Corporation Electronic Testing Equipment 300 8 1.37%
Plymouth Rubber Company Rubber and Plasting Products 290 9 1.32%
Tweeter, Etc. Retail Audio and Video Equipment 273 10 1.24%
Totals 3,095 13.83% 3,497 15.92%
Source: Official Statements
Town of Canton, Massachusetts Page 115 of 118 Comprehensive Annual Financial ReportSource page 192
FULL-TIME EQUIVALENT TOWN EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
Function 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
General government…………………………………………………………….
29 28 27 28 28 27 27 27 26 26
Public safety…………………………………………….. 106 105 100 104 104 103 104 104 103 99
Education…………………………………………………… 390 402 391 427 427 429 416 423 440 426
Public works……………………………………………………………..
42 42 43 43 43 43 43 43 46 43
Health and human services…………………………………………………………..
9 9 9 9 10 9 9 9 9 9
Culture and recreation…………………………………………………
22 22 22 22 22 22 22 22 23 24
Total Town employees…………….…………………...……..
598 608 592 633 634 633 621 628 647 627
Source: Town personnel records
Town of Canton, Massachusetts Page 116 of 118 Comprehensive Annual Financial ReportSource page 193
OPERATING INDICATORS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
General Government:
Population…………………………………….. 20,184 20,063 20,767 20,985 21,003 21,529 20,159 20,708 20,853 20,717
Registered voters……………………………………..14,073 13,852 14,104 14,539 14,376 14,624 12,529 14,241 14,467 14,734
Public Safety:
Police
Criminal offenses……………………………………………… 521 663 623 419 422 448 554 909 464 384
Fire
Fire calls………………………………………………..1,139 1,137 1,023 930 1,000 1,470 1,391 1,242 1,500 1,800
Ambulance calls………………………………………… 2,641 2,653 2,471 2,729 2,600 2,304 2,367 2,250 2,600 2,100
Permits issued………………………………………………. 973 866 803 823 950 927 1,218 949 1,380 1,005
Building Department
Building permits issued………………………………….865 864 712 837 771 788 860 905 894 1,132
Other permits issued…………………………………. 1,682 1,636 1,629 1,478 1,497 1,406 1,536 1,670 2,062 2,030
Education:
Number of students…………………………………. 3,062 3,089 3,083 3,118 3,061 3,229 3,252 3,262 3,338 3,427
Public Works:
Highway
Roads paved (miles)……………………………………………… 1.7 1.3 0.0 2.4 0.6 1.4 3.9 0.8 1.7 3.6
Water
Water mains installed (miles)…………………………… 0.0 0.0 0.0 0.0 1.0 2.1 0.0 1.8 2.0 0.0
Sewer
Sanitary sewers installed (miles)……………………………
0.0 0.0 0.0 0.0 0.0 1.5 0.0 0.0 0.0 0.0
Health and Human Services:
Board of Health
Inspections and complaint investigations……… 875 635 656 680 730 742 520 661 680 673
Permits issued……………………………………………….. 576 587 582 590 612 627 636 645 647 641
Council on Aging
Bus trips………………………………………….. 8,728 8,900 6,500 9,000 9,000 9,200 9,550 9,825 8,500 7,863
Culture and Recreation:
Libaries
Circulation……………………………………………. 233,706 255,276 266,498 261,512 262,132 288,148 308,552 315,297 294,718 301,191
Children's programs held……………………………………………. 105 104 100 107 117 118 349 132 132 132
Children's programs attendance…………………………………………….
2,269 2,128 1,895 2,510 2,811 2,857 4,673 3,550 3,004 3,004
Recreation
Swimming pool attendance…………………………………………….
10,971 9,837 8,960 10,962 7,360 8,120 8,000 9,600 9,426 4,446
Playground program participants…………………………………………….
1,497 1,397 1,253 1,599 1,509 1,509 1,509 1,400 812 1,008
N/A - Information not available
Source: Various Town Departments and State websites.
Town of Canton, Massachusetts Page 117 of 118 Comprehensive Annual Financial ReportSource page 194
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
General Government:
Number of buildings……………………………….. 2 2 2 2 2 2 2 2 2 2
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………………………………………. 94 94 94 94 94 112 112 112 112 112
Water main (miles)…………………………………………. 122 122 122 122 123 123 123 123 123 123
Sanitary sewers (miles)…………………………………………. 66 66 66 66 66 82 82 82 82 82
Number of water towers…………………….. 5 5 5 5 5 5 5 5 5 5
Number of water treatment plants…………………….. - - - - - 1 2 2 2 2
Health and Human Services:
Number of senior centers…………………….. - - - - - - - - - 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
N/A - Information not available
Source: Various Town Departments and State websites.
Town of Canton, Massachusetts Page 118 of 118 Comprehensive Annual Financial ReportSource page 195
With funds provided by the Community Preservation Act along with donations made to the Town’s Veterans’ Services Department, the statue of a civil war soldier known as the Infantryman was restored and relocated onto the pedestal in front of Canton’s Memorial Hall. The cast zinc statue was donated to the Town in 1890 by philanthropist Elijah Morse.
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Source page 197
PROPOSED FORM OF LEGAL OPINION APPENDIX C
(Date of Delivery)
James R. Murgia, Treasurer
Town of Canton
Canton, Massachusetts
$3,078,000
Town of Canton, Massachusetts
General Obligation Municipal Purpose Loan of 2016 Bonds
Dated March 17, 2016
We have acted as bond counsel to the Town of Canton Massachusetts (the “Town”) in
connection with the issuance by the Town of the above-referenced bonds (the “Bonds”). In such
capacity, we have examined the law and such certified proceedings and other papers as we have
deemed necessary to render this opinion.
As to questions of fact material to our opinion we have relied upon representations and
covenants of the Town contained in the certified proceedings and other certifications of public
officials furnished to us, without undertaking to verify the same by independent investigation.
Based on our examination, we are of the opinion, under existing law, as follows:
1. The Bonds are valid and binding general obligations of the Town and, except to
the extent they are paid from other sources, the principal of and interest on the Bonds are payable
from taxes which may be levied upon all taxable property in the Town, subject to the limit
imposed by Chapter 59, Section 21C of the General Laws.
2. Interest on the Bonds is excluded from the gross income of the owners of the
Bonds for federal income tax purposes. In addition, interest on the Bonds is not a specific
preference item for purposes of the federal individual or corporate alternative minimum taxes.
However, such interest is included in adjusted current earnings when calculating corporate
alternative minimum taxable income. In rendering the opinions set forth in this paragraph, we
have assumed compliance by the Town with all requirements of the Internal Revenue Code of
1986 that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon
be, and continue to be, excluded from gross income for federal income tax purposes. The Town
has covenanted to comply with all such requirements. Failure by the Town to comply with
certain of such requirements may cause interest on the Bonds to become included in gross
C-1Source page 198
APPENDIX D
PROPOSED FORM OF
CONTINUING DISCLOSURE CERTIFICATE
This Continuing Disclosure Certificate (the “Disclosure Certificate”) is executed and
delivered by the Town of Canton, Massachusetts (the “Issuer”) in connection with the issuance
of its $3,078,000 General Obligation Municipal Purpose Loan of 2016 Bonds dated March 17,
2016 (the “Bonds”). The Issuer covenants and agrees as follows:
SECTION 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being
executed and delivered by the Issuer for the benefit of the Owners of the Bonds and in order to
assist the Participating Underwriters in complying with the Rule.
SECTION 2. Definitions. For purposes of this Disclosure Certificate the following
capitalized terms shall have the following meanings:
“Annual Report” shall mean any Annual Report provided by the Issuer pursuant to, and
as described in, Sections 3 and 4 of this Disclosure Certificate.
“Listed Events” shall mean any of the events listed in Section 5(a) of this Disclosure
Certificate.
“MSRB” shall mean the Municipal Securities Rulemaking Board as established pursuant
to Section 15B(b)(1) of the Securities Exchange Act of 1934, or any successor thereto or to the
functions of the MSRB contemplated by this Disclosure Certificate. Filing information relating
to the MSRB is set forth in Exhibit A attached hereto.
“Obligated Person” shall mean the Issuer.
“Owners of the Bonds” shall mean the registered owners, including beneficial owners, of
the Bonds.
“Participating Underwriter” shall mean any of the original underwriters of the Bonds
required to comply with the Rule in connection with offering of the Bonds.
“Rule” shall mean Rule 15c2-12 adopted by the Securities and Exchange Commission
under the Securities Exchange Act of 1934, as the same may be amended from time to time.
SECTION 3. Provision of Annual Reports.
(a) The Issuer shall, not later than 270 days after the end of each fiscal year, provide
to the MSRB an Annual Report which is consistent with the requirements of Section 4 of this
Disclosure Certificate. The Annual Report may be submitted as a single document or as separate
documents comprising a package, and may cross-reference other information as provided in
Section 4 of this Disclosure Certificate; provided that the audited financial statements of the
Issuer may be submitted when available separately from the balance of the Annual Report.
D-1Source page 199
(b) If the Issuer is unable to provide to the MSRB an Annual Report by the date
required in subsection (a), the Issuer shall send a notice to the MSRB, in substantially the form
attached as Exhibit B.
SECTION 4. Content of Annual Reports. The Issuer's Annual Report shall contain or
incorporate by reference the following:
(a) quantitative information for the preceding fiscal year of the type presented in the
Issuer's Official Statement dated March 3, 2016 relating to the Bonds regarding (i) the revenues
and expenditures of the Issuer relating to its operating budget, (ii) capital expenditures, (iii) fund
balances, (iv) property tax information, (v) outstanding indebtedness and overlapping debt of the
Issuer, (vi) pension obligations of the Issuer, and (vii) other post-employment benefits liability of
the Issuer, and
(b) the most recently available audited financial statements of the Issuer, prepared in
accordance with generally accepted accounting principles, with certain exceptions permitted by
the Massachusetts Uniform Municipal Accounting System promulgated by the Department of
Revenue of the Commonwealth. If audited financial statements for the preceding fiscal year are
not available when the Annual Report is submitted, the Annual Report will include unaudited
financial statements for the preceding fiscal year and audited financial statements for such fiscal
year shall be submitted when available.
Any or all of the items listed above may be incorporated by reference from other
documents, including official statements of debt issues of the Issuer or related public entities,
which (i) are available to the public on the MSRB internet website or (ii) have been filed with the
Securities and Exchange Commission. The Issuer shall clearly identify each such other
document so incorporated by reference.
SECTION 5. Reporting of Significant Events.
(a) The Issuer shall give notice, in accordance with the provisions of this Section 5,
of the occurrence of any of the following events with respect to the Bonds:
1. Principal and interest payment delinquencies.
2. Non-payment related defaults, if material.
3. Unscheduled draws on debt service reserves reflecting financial difficulties.
4. Unscheduled draws on credit enhancements reflecting financial difficulties.
5. Substitution of credit or liquidity providers, or their failure to perform.
6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed
or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other
material notices or determinations with respect to the tax status of the Bonds, or other material
events affecting the tax status of the Bonds.
D-2Source page 200
7. Modifications to rights of the Owners of the Bonds, if material.
8. Bond calls, if material, and tender offers.
9. Defeasances.
10. Release, substitution or sale of property securing repayment of the Bonds, if
material.
11. Rating changes.
12. Bankruptcy, insolvency, receivership or similar event of the Obligated Person.*
13. The consummation of a merger, consolidation, or acquisition involving an
Obligated Person or the sale of all or substantially all of the assets of the Obligated Person, other
than in the ordinary course of business, the entry into a definitive agreement to undertake such an
action or the termination of a definitive agreement relating to any such actions, other than
pursuant to its terms, if material.
14. Appointment of a successor or additional trustee or the change of name of a
trustee, if material.
(b) Upon the occurrence of a Listed Event, the Issuer shall, in a timely manner not in
excess of ten (10) business days after the occurrence of the event, file a notice of such occurrence
with the MSRB.
SECTION 6. Transmission of Information and Notices. Unless otherwise required by
law, all notices, documents and information provided to the MSRB shall be provided in
electronic format as prescribed by the MSRB and shall be accompanied by identifying
information as prescribed by the MSRB.
SECTION 7. Termination of Reporting Obligation. The Issuer's obligations under this
Disclosure Certificate shall terminate upon the prior redemption or payment in full of all of the
Bonds. If such termination occurs prior to the final maturity of the Bonds, the Issuer shall give
notice of such termination in the same manner as for a Listed Event under Section 5(b).
SECTION 8. Amendment; Waiver. Notwithstanding any other provision of this
Disclosure Certificate, the Issuer may amend this Disclosure Certificate and any provision of this
Disclosure Certificate may be waived if such amendment or waiver is permitted by the Rule, as
*
As noted in the Rule, this event is considered to occur when any of the following occur: (i) the appointment of a
receiver, fiscal agent or similar officer for the Obligated Person in a proceeding under the U.S. Bankruptcy Code or
in any proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction
over substantially all of the assets or business of the Obligated Person, or if such jurisdiction has been assumed by
leaving the existing governing body and officials or officers in possession but subject to the supervision and orders
of a court or governmental authority, or (ii) the entry of an order confirming a plan of reorganization, arrangement or
liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets
or business of the Obligated Person.
D-3Source page 201
evidenced by an opinion of counsel expert in federal securities law (which may include bond
counsel to the Issuer), to the effect that such amendment or waiver would not cause the
Disclosure Certificate to violate the Rule. The first Annual Report filed after enactment of any
amendment to or waiver of this Disclosure Certificate shall explain, in narrative form, the
reasons for the amendment or waiver and the impact of the change in the type of information
being provided in the Annual Report.
If the amendment provides for a change in the accounting principles to be followed in
preparing financial statements, the Annual Report for the year in which the change is made shall
present a comparison between the financial statements or information prepared on the basis of
the new accounting principles and those prepared on the basis of the former accounting
principles. The comparison shall include a qualitative discussion of the differences in the
accounting principles and the impact of the change in the accounting principles on the
presentation of the financial information in order to provide information to investors to enable
them to evaluate the ability of the Issuer to meet its obligations. To the extent reasonably
feasible, the comparison shall also be quantitative. A notice of the change in the accounting
principles shall be sent to the MSRB.
SECTION 9. Default. In the event of a failure of the Issuer to comply with any
provision of this Disclosure Certificate any Owner of the Bonds may seek a court order for
specific performance by the Issuer of its obligations under this Disclosure Certificate. A default
under this Disclosure Certificate shall not constitute a default with respect to the Bonds, and the
sole remedy under this Disclosure Certificate in the event of any failure of the Issuer to comply
with this Disclosure Certificate shall be an action for specific performance of the Issuer's
obligations hereunder and not for money damages in any amount.
D-4