Canton, Massachusetts · Saved source text
Enterprise Funds FYE24 Operating Results memo pdf file
Saved text from 4 source pages. Transcription and OCR may contain errors; verify figures and wording against the original. Retrieved 2026-10-15.
Source page 1
DEPARTMENT OF FINANCE
TOWN OF CANTON, MASSACHUSETTS
SUSAN E. DESJARDINS
MEMORIAL HALL
ASST. TREASURER/COLLECTOR
801 WASHINGTON STREET sdesjardins@town.canton.ma.us
WILLIAM R. SCOLLINS III CANTON, MA 02021
FINANCE DIRECTOR (781) 821-5006
PHONE: 781-575-6610
rscollins@town.canton.ma.us LOUIS M. JUTRAS
FAX: 781-575-6608
(781) 575-6612 INFORMATION SYSTEMS MANAGER
town.canton.ma.us
ljutras@town.canton.ma.us
ALLYSON M. PODGURSKI
(781) 821-5069
TOWN ACCOUNTANT
apodgurski@town.canton.ma.us CODY M. PRATT
(781) 575-6605 ASSISTANT TOWN ACCOUNTANT
cpratt@town.canton.ma.us
(781) 821-5011
MEMORANDUM
TO: Honorable Select Board
FROM: Randy Scollins, Finance Director
DATE: August 27, 2024
SUBJECT: Enterprise Funds’ Fiscal 2024 Operating Results
The attached report contains the enterprise funds’ operating results for fiscal 2024 compared
to fiscal 2023. Also attached is a balance sheet report which was prepared for the
Department of Revenue to certify the enterprise funds’ “free cash reserve / retained
earnings” balances as of June 30, 2024.
The water enterprise’s budgeted deficit of $83,000 was due to retained earnings
appropriated for capital projects. The actual fiscal 2024 operating surplus was $595,776.
Revenue came in $457,033 more than budget and total expenses came in $221,743 less
than budget, yielding the result of beating budget by $678.8K.
Water revenues were up 14.2%, or $1.28MM, from prior year with increases in every
category. This was due to a combination of the 27% increase in rates and a wet Summer in
2023 resulting in a further decline in irrigation usage.
Fiscal 2024’s results have the water enterprise fund ending the year with an estimated cash
reserve of $2.1 million which is 21% of expenses. The current target is 50% of expenses.
The sewer enterprise balanced budget had an operating surplus of $447,330. This was a
result of revenue coming in higher than budget by $264K with no rate increase, but $381K
less than the prior year, and expenses coming in less than budget by $182.9K. Sewer’s end
of year cash reserve is estimated to be $4.25 million which is 56% of expenses. The current
target is 50% of expenses.
The rink enterprise had a balanced budget with no planned use of retained earnings.
Revenue came in $40.7K more than budget, and ended with a $36.8K surplus, due primarily
expenses coming in modestly more than budget, or by $3.9K. The rink’s end of year cash
reserve amounted to an estimated $101K.
Please advise if you have any questions or comments concerning this information.
Attachments
cc: Charles Doody, Town Administrator
Emilio Mauro, Chair, Finance Committee
Allyson Podgurski, Town AccountantSource page 2
Tyler Radicioni, Parks & Recreation Director Mike Trotta, DPW Superintendent
Source page 3
ENTERPRISE FUNDS' OPERATING BUDGET
CURRENT FISCAL YEAR PRIOR FISCAL YEAR
FISCAL FISCAL Actuals FISCAL FISCAL Actuals
2024 2024 VS. 2023 2023 VS.
DESCRIPTION BUDGET ACTUALS Budget BUDGET ACTUALS Budget
WATER REVENUE 9,818,663 10,275,696 457,033 8,639,021 8,997,709 358,688
SALARIES & WAGES 1,107,578 1,131,616 (24,038) 1,072,796 1,186,071 (113,275)
MWRA ASSESSMENT 2,488,876 2,501,834 (12,958) 2,022,211 2,033,521 (11,310)
DEBT SERVICE 3,755,170 3,739,339 15,831 3,329,299 3,429,358 (100,059)
CHARGES FROM GENERAL FUND 809,769 809,769 0 742,455 742,455 0
OTHER EXPENSES 1,657,270 1,414,361 242,909 1,472,260 1,564,063 (91,803)
TOTAL WATER OPERATING EXPENSES 9,818,663 9,596,920 221,743 8,639,021 8,955,467 (316,446)
CASH CAPITAL 83,000 83,000 0 80,000 79,800 200
TOTAL WATER ENTERPRISE EXPENSES 9,901,663 9,679,920 221,743 8,719,021 9,035,267 (316,246)
WATER SURPLUS/(DEFICIT) (83,000) 595,776 678,776 (80,000) (37,559) 42,441
-
SEWER REVENUE 7,121,476 7,385,952 264,476 6,825,939 7,766,973 941,034
SALARIES & WAGES 658,429 550,597 107,832 515,502 526,199 (10,697)
MWRA ASSESSMENT 5,093,614 5,135,741 (42,127) 4,901,007 4,905,331 (4,324)
DEBT SERVICE 549,611 559,508 (9,897) 559,590 563,636 (4,046)
CHARGES FROM GENERAL FUND 391,323 391,323 0 429,495 429,495 0
OTHER EXPENSES 428,499 301,453 127,046 420,345 312,355 107,990
TOTAL SEWER OPERATING EXPENSES 7,121,476 6,938,622 182,854 6,825,939 6,737,016 88,923
CASH CAPITAL 0 0 0 415,000 415,000 0
TOTAL SEWER ENTERPRISE EXPENSES 7,121,476 6,938,622 182,854 7,240,939 7,152,016 88,923
SEWER SURPLUS/(DEFICIT) 0 447,330 447,330 (415,000) 614,957 1,029,957
- -
RINK REVENUE 433,494 474,178 40,684 404,462 445,225 40,763
SALARIES & WAGES 119,000 121,256 (2,256) 121,400 162,216 (40,816)
DEBT SERVICE 103,702 103,701 1 109,351 109,351 (0)
CHARGES FROM GENERAL FUND 41,252 41,252 0 28,171 28,171 0
OTHER EXPENSES 169,540 171,167 (1,627) 145,540 208,797 (63,257)
TOTAL RINK OPERATING EXPENSES 433,494 437,376 (3,882) 404,462 508,535 (104,073)
CASH CAPITAL 0 0 0 0 0 0
TOTAL RINK ENTERPRISE EXPENSES 433,494 437,376 (3,882) 404,462 508,535 (104,073)
RINK SURPLUS/(DEFICIT) 0 36,802 36,802 0 (63,310) (63,310)
ATMDATA - 8-21-24.xlsx FYE 24 Entpr's Summary 8/27/2024Source page 4
CANTON
Combining Balance Sheet - Enterprise Funds
as of June 30, 2024
(Unaudited)
Totals
SEWER WATER ICE RINK (Memorandum
Enterprise Fund Enterprise Fund Enterprise Fund Only)
ASSETS
Cash and cash equivalents 4,934,661.39 2,641,210.25 114,881.80 7,690,753.44
Receivables:
User Fees 319,005.60 396,042.55 715,048.15
Special assessments 4,086.39 4,086.39
Utility liens added to taxes 283,541.56 449,205.47 732,747.03
Other receivables 33,484.86 31,879.24 65,364.10
Amounts to be provided - payment of bonds 2,905,380.00 24,382,550.00 27,287,930.00
Total Assets 8,480,159.80 27,900,887.51 114,881.80 36,495,929.11
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable 225,335.69 60,411.67 1,939.22 287,686.58
Accrued payroll and withholdings 11,050.64 20,432.69 188.46 31,671.79
Other liabilities 10,596.82 (6.11) 10,590.71
Deferred revenue:
User Charges 319,005.60 396,042.55 715,048.15
Special assessments 4,086.39 4,086.39
Utility liens added to taxes 283,541.56 449,205.47 732,747.03
Other receivables 33,484.86 31,879.24 65,364.10
Bonds payable 2,905,380.00 24,382,550.00 27,287,930.00
Total Liabilities 3,781,884.74 25,351,118.44 2,121.57 29,135,124.75
Fund Equity:
Reserved for encumbrances 320,897.31 916,824.41 11,495.14 1,249,216.86
Reserved for expenditures 124,000.00 111,000.00 235,000.00
Reserved for petty cash 25.00 25.00 50.00
Unreserved retained earnings 4,253,352.75 1,521,919.66 101,265.09 5,876,537.50
Total Fund Equity 4,698,275.06 2,549,769.07 112,760.23 7,360,804.36
Total Liabilities and Fund Equity 8,480,159.80 27,900,887.51 114,881.80 36,495,929.11