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2011 Comprehensive Annual Financial Report (PDF)
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Source page 81
OTHER POSTEMPLOYMENT BENEFIT PLAN
ACTUARIAL METHODS AND ASSUMPTIONS
FISCAL YEAR ENDED JUNE 30, 2011
Actuarial Methods:
Valuation date January 1, 2011
Actuarial cost method Projected Unit Credit
Amortization method Level dollar amount over a 28 year period
Remaining amortization period 27 years as of June 30, 2011, closed basis
Actuarial Assumptions:
Investment rate of return 4.25% for an unfunded plan
Medical/drug cost trend rate 10% graded to 5% over 10 years
Plan Membership:
Current retirees, beneficiaries, and dependents 553
Current active members 616
Terminated vested 1
Total 1,170
See notes to required supplementary information.
Town of Canton, Massachusetts 74 Comprehensive Annual Financial ReportSource page 82
Notes to Required Supplementary Information Fiscal Year Ended June 30, 2011
NOTE A – BUDGETARY BASIS OF ACCOUNTING
Notes to Required Supplementary Information
A. Budgetary Information
Municipal Law requires the adoption of a balanced budget that is approved by the Finance Committee
(Committee). The Committee presents an annual budget to the Open Town Meeting, which includes estimates of
revenues and other financing sources and recommendations of expenditures and other financing uses. The
Town, which has full authority to amend and/or reject the budget or any line item, adopts the expenditure budget
by majority vote at the Annual Town Meeting. Changes subsequent to the approved annual budget require
majority vote at a Special Town Meeting.
The majority of the Town’s appropriations are non-continuing, which lapse at the end of each fiscal year. Others
are continuing appropriations for which the governing body has authorized that an unspent balance from a prior
fiscal year be carried forward and made available for spending in the current fiscal year. These carry forwards
are included as part of the subsequent fiscal year’s original budget.
Generally, expenditures may not exceed the legal level of spending authorized for an appropriation account.
However, the payment of debt service is statutorily required, regardless of whether such amounts are
appropriated. Additionally, expenditures for disasters, natural or otherwise, and final claims and judgments may
exceed the level of spending authorized by two-thirds majority vote at a special town meeting.
The Town adopts an annual budget for the general fund in conformity with the guidelines described above. The
fiscal year 2011 final budget includes approximately $71,787,000 in current year authorized appropriations and
other amounts to be raised.
The Town Accountant has the responsibility to ensure that budgetary control is maintained in the manner in which
the appropriations were voted at Town Meeting. Budgetary control is exercised through the Town’s accounting
system.
B. Budgetary – GAAP Reconciliation
For budgetary financial reporting purposes, the Uniform Municipal Accounting System basis of accounting
(established by the Commonwealth) is followed, which differs from the GAAP basis of accounting. A
reconciliation of budgetary-basis to GAAP-basis results for the general fund for the fiscal year ended June 30,
2011, is presented as follows:
Net change in fund balance, budgetary basis…………………… $ (620,778)
Perspective difference:
Activity of the stabilization fund recorded in the
general fund for GAAP…………………………………………… 229,602
Basis of accounting differences:
Net change in recording 60-day receipts………………………… 88,519
Net change in recording tax refunds payable…………………… 138,000
Recognition of revenue for on-behalf payment………………… 8,128,257
Recognition of expenditure for on-behalf payment…………… (8,128,257)
Net change in fund balance, GAAP basis………………………… $ (164,657)
Town of Canton, Massachusetts 75 Comprehensive Annual Financial ReportSource page 83
Notes to Required Supplementary Information Fiscal Year Ended June 30, 2011
C. Appropriation Deficits
At June 30, 2011 there were no expenditures that exceeded budgeted appropriations.
NOTE B – PENSION PLAN
The Town contributes to the Norfolk County Contributory Retirement System ("Retirement System"), a cost-
sharing, multiple-employer defined benefit pension plan ("Plan") administered by the Norfolk County Retirement
Board. The Retirement System provides retirement, disability and death benefits to members and beneficiaries.
Chapter 32 of the MGL assigns authority to establish and amend benefit provisions of the Plan. Plan members
are required to contribute to the Retirement System at rates ranging from 5% to 11% of annual covered
compensation. The Town is required to pay into the Retirement System its share of the system wide actuarially
determined contribution which is apportioned among the employers based on active covered payroll.
The schedule of funding progress, presented as required supplementary information, presents multiyear trend
information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the
actuarial accrued liability for benefits. Additionally, the schedule of employer contributions, presented as required
supplementary information, presents multiyear trend information for required and actual contributions relating to
the cost-sharing plan as a whole, of which the Town is one participating employer, as well as the Town’s
proportionate share of the plan’s annual contributions. This information is designed to be helpful for
understanding the scale of the information presented relative to the Town.
The following actuarial methods and assumptions were used in the Retirement System’s most recent actuarial
valuation:
Actuarial Methods and Assumptions:
Valuation Date……………………………… January 1, 2010
Actuarial Cost Method………………………Entry Age Normal Cost Method
Amortization Method…………………………Increasing at 4.0% per year, level dollar for ERI liability for certain units
Remaining Amortization Period……………20 years remaining as of January 1, 2010, closed basis
Asset Valuation Method…………………… The actuarial value of assets is determined by projecting the actuarial
value of assets as of the beginning of the prior plan year with the
assumed rate of return during that year (8.5%) and accounting
for deposits and disbursements with interest at the assumed rate of
return. An adjustment is then applied to recognize the difference
between the actual investment return and expected return over
a five year period. This preliminary actuarial value is not allowed to
differ from the market value of assets by more than 20%.
Actuarial Assumptions:
Investment rate of return………………… 8.25%
Projected salary increases…………………4.00%
Cost of living adjustments…………………3.00% of the lesser of the pension amount and $12,000 per year
Plan Membership:
Retired participants and beneficiaries receiving benefits…… 2,557
Inactive participants……………………………………………… 2,059
Disabled…………………………………………………………… 313
Active participants………………………………………………… 5,526
Total………………………………………………………………… 10,455
Town of Canton, Massachusetts 76 Comprehensive Annual Financial ReportSource page 84
Notes to Required Supplementary Information Fiscal Year Ended June 30, 2011 NOTE C – OTHER POSTEMPLOYMENT BENEFITS The Town of Canton administers a single-employer defined benefit healthcare plan (“the Retiree Health Plan”). The plan provides lifetime healthcare for eligible retirees and their spouses through the Town’s health insurance plan, which covers both active and retired members, including teachers. The Town currently finances its other postemployment benefits (OPEB) on a pay-as-you-go basis. As a result, the funded ratio (actuarial value of assets expressed as a percentage of the actuarial accrued liability) is 0%. In accordance with Governmental Accounting Standards, the Town has recorded its OPEB cost equal to the actuarial determined annual required contribution (ARC) which includes the normal cost of providing benefits for the year and a component for the amortization of the total unfunded actuarial accrued liability of the plan. The Schedule of Funding Progress presents multi-year trend information which compares, over time, the actuarial accrued liability for benefits with the actuarial value of accumulated plan assets. Projections of benefits for financial reporting purposes are based on the substantive plan and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. The Schedule of Actuarial Methods and Assumptions presents factors that significantly affect the identification of trends in the amounts reported. Town of Canton, Massachusetts 77 Comprehensive Annual Financial Report
Source page 85
Combining Statements Combining Statements Town of Canton, Massachusetts 78 Comprehensive Annual Financial Report
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Nonmajor Governmental Funds Special Revenue Funds Special revenue funds are used to account for the proceeds of specific revenue sources (other than permanent funds or capital project funds) that are restricted by law or administrative action to expenditures for specified purposes. The Town’s special revenue funds are grouped into the following categories: School Lunch – This fund is used to account for the activity of the school lunch program, which includes charges for services and state and federal reimbursements for meals served. Private Grants – This fund is used to account for grant funds received from private organizations that are to be used to fund various governmental programs. Town Revolving Funds – This fund is used to account for the non-school related activity of revolving funds established in accordance with MGL Chapter 44, Section 53E ½ and other applicable statutes. School Revolving Funds – This fund is used to account for the school department’s revolving funds established in accordance with MGL Chapter 44, Section 53E ½ and Chapter 71. Recreation – This fund is used to account for self-supporting recreational programs and activities. Ambulance – This fund is used to account for the fees generated by the operations of the fire department’s ambulance service that are designated to fund and supplement specific operating costs of the department. Town Grants – This fund is used to account for grant funds received from state and federal governments which are designated for specific non-school related programs. School Grants – This fund is used to account for grant funds received from state and federal governments which are designated for specific school related programs. Roadway Improvements Fund – This fund is used to account for roadway improvements for which expenditures are reimbursed 100% by the Commonwealth. Other Departmental Funds – This fund is used to account for the activity of donated funds, public safety details, and other receipts reserved for future appropriation. Town of Canton, Massachusetts 80 Comprehensive Annual Financial Report
Source page 88
Capital Projects Funds Capital projects funds are used to account for financial resources to be used for the acquisition, construction or improvement of major capital facilities and equipment (other than those financed by enterprise funds). Such resources are derived principally from proceeds of general obligation bonds and grants. The capital projects funds are grouped into the following categories: Building Improvements – This fund is used to account for the construction and renovation of various buildings. Public Works Improvements – This fund is used to account for roadway, drainage and landfill improvements that are not funded by the Roadway Improvements special revenue fund. Equipment – This fund is used to account for the acquisition of capital equipment that is not funded by operating budgets. High School Construction – This fund is used to account for the residual funds of the new high school project. 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 associated with cemetery care and maintenance. Library Trust Funds – This fund accounts for gifts, bequests and contributions held for which only earnings may be expended for purposes specified by the donor in relation to library activities. Other Municipal Trust Funds – This fund accounts for all non cemetery and library related gifts, contributions and bequests for which only earnings may be expended to benefit the government. Town of Canton, Massachusetts 81 Comprehensive Annual Financial Report
Source page 89
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2011
Special Revenue Funds
School Private Town School
ASSETS Lunch Grants Revolving Revolving Recreation
Cash and cash equivalents……………………………………$ 383,821 $ 1,586,433 $ 270,495 $ 827,239 $ 53,233
Investments……………………………………………………… - - - - -
Receivables, net of uncollectibles:
Departmental and other…………………………………… - - - - -
Intergovernmental…………………………………………… - - - - -
Due from other funds…………………………………………… - - - - -
TOTAL ASSETS…………………………………………………$ 383,821 $ 1,586,433 $ 270,495 $ 827,239 $ 53,233
LIABILITIES AND FUND BALANCES
LIABILITIES:
Warrants payable……………………………………………$ 28,772 $ 170,474 $ 3,456 $ 7,658 $ 14,773
Accrued payroll……………………………………………… 17,377 - 56 55,641 8,386
Other liabilities……………………………………………… - - 12,374 - -
Deferred revenues………………………………………… - - - - -
Due to other funds………………………………………… - - - - -
Notes payable……………………………………………… - - - - -
TOTAL LIABILITIES…………………………………………… 46,149 170,474 15,886 63,299 23,159
FUND BALANCES:
Nonspendable……………………………………………… - - - - -
Restricted…………………………………………………… 337,672 1,415,959 254,609 763,940 30,074
Unassigned………………………………………………… - - - - -
TOTAL FUND BALANCES…………………………………… 337,672 1,415,959 254,609 763,940 30,074
TOTAL LIABILITIES AND FUND BALANCES………………$ 383,821 $ 1,586,433 $ 270,495 $ 827,239 $ 53,233
Town of Canton, Massachusetts 82 Comprehensive Annual Financial ReportSource page 90
Town School Roadway Other
Ambulance Grants Grants Improvements Departmental Sub-total
$ 1,126,614 $ - $ 153,441 $ - $ 1,065,301 $ 5,466,577
- - - - 661,217 661,217
157,140 - - - - 157,140
- 70,922 - 677,960 - 748,882
- - - - 72,400 72,400
$ 1,283,754 $ 70,922 $ 153,441 $ 677,960 $ 1,798,918 $ 7,106,216
$ - $ 2,589 $ 18,243 $ - $ 13,365 $ 259,330
- 4,198 67,479 - 9,940 163,077
- - - - 3,997 16,371
157,140 - - - - 157,140
- 64,135 - 675,840 - 739,975
- - - - - -
157,140 70,922 85,722 675,840 27,302 1,335,893
- - - - - -
1,126,614 - 67,719 2,120 1,771,616 5,770,323
- - - - - -
1,126,614 - 67,719 2,120 1,771,616 5,770,323
$ 1,283,754 $ 70,922 $ 153,441 $ 677,960 $ 1,798,918 $ 7,106,216
(Continued)
Town of Canton, Massachusetts 83 Comprehensive Annual Financial ReportSource page 91
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2011
Capital Projects
Public High
Building Works School
ASSETS Improvements Improvements Equipment Construction Sub-total
Cash and short-term investments……………………… $ 238,864 $ 82,819 $ 51,173 $ 67,324 $ 440,180
Investments………………………………………………… - - - - -
Receivables, net of uncollectibles: -
Departmental and other……………………………… - - - - -
Intergovernmental……………………………………… - - - - -
Due from other funds……………………………………… - - - - -
TOTAL ASSETS……………………………………………$ 238,864 $ 82,819 $ 51,173 $ 67,324 $ 440,180
LIABILITIES AND FUND BALANCES
LIABILITIES:
Warrants payable………………………………………$ 366,032 $ 5,006 $ 151 $ - $ 371,189
Accrued payroll………………………………………… - - - - -
Other liabilities………………………………………… - - - - -
Deferred revenues…………………………………… - - - - -
Due to other funds……………………………………… - - - - -
Notes payable………………………………………… 1,107,908 - 117,400 - 1,225,308
TOTAL LIABILITIES……………………………………… 1,473,940 5,006 117,551 - 1,596,497
FUND BALANCES:
Nonspendable………………………………………… - - - - -
Restricted……………………………………………… - 77,813 - 67,324 145,137
Unassigned…………………………………………… (1,235,076) - (66,378) - (1,301,454)
TOTAL FUND BALANCES……………………………… (1,235,076) 77,813 (66,378) 67,324 (1,156,317)
TOTAL LIABILITIES AND FUND BALANCES………… $ 238,864 $ 82,819 $ 51,173 $ 67,324 $ 440,180
Town of Canton, Massachusetts 84 Comprehensive Annual Financial ReportSource page 92
Permanent Funds Total
Cemetery Library Other Nonmajor
Trust Trust Municipal Governmental
Funds Funds Trust Funds Sub-total Funds
$ 3,172 $ 155,437 $ 295,476 $ 454,085 $ 6,360,842
373,757 24,127 132,853 530,737 1,191,954
- - - - 157,140
- - - - 748,882
- - - - 72,400
$ 376,929 $ 179,564 $ 428,329 $ 984,822 $ 8,531,218
$ - $ 890 $ - $ 890 $ 631,409
- - 301 301 163,378
- - - - 16,371
- - - - 157,140
- - - - 739,975
- - - - 1,225,308
- 890 301 1,191 2,933,581
360,597 21,553 12,235 394,385 394,385
16,332 157,121 415,793 589,246 6,504,706
- - - - (1,301,454)
376,929 178,674 428,028 983,631 5,597,637
$ 376,929 $ 179,564 $ 428,329 $ 984,822 $ 8,531,218
(Concluded)
Town of Canton, Massachusetts 85 Comprehensive Annual Financial ReportSource page 93
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2011
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
REVENUES:
Charges for services……………………………………………$ 763,926 $ - $ - $ - $ -
Fines and forfeitures…………………………………………… - - 19,452 - -
Intergovernmental……………………………………………… 200,806 - 8,605 - -
Departmental and other……………………………………… - - 89,736 1,353,760 313,181
Contributions…………………………………………………… - - 26,409 13,240 -
Investment income (loss)……………………………………… 2,644 - 35 - 183
TOTAL REVENUES……………………………………… 967,376 - 144,237 1,367,000 313,364
EXPENDITURES:
Current:
General government………………………………………… - 720,741 27,269 - -
Public safety………………………………………………… - - 2,478 - -
Education……………………………………………………… 852,194 - 3,839 1,362,184 -
Public works………………………………………………… - - - - -
Human services……………………………………………… - - 31,671 - -
Culture and recreation……………………………………… - - 25,118 - 324,578
TOTAL EXPENDITURES………………………………… 852,194 720,741 90,375 1,362,184 324,578
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES……………………………………… 115,182 (720,741) 53,862 4,816 (11,214)
OTHER FINANCING SOURCES (USES):
Issuance of bonds and notes………………………………… - - - - -
Premium from issuance of debt……………………………… - - - - -
Capital lease financing……………………………………………… - - - - -
Transfers in……………………………………………………… - - - - -
Transfers out…………………………………………………… (115,165) - (60,000) (707) -
TOTAL OTHER FINANCING SOURCES (USES)…… (115,165) - (60,000) (707) -
NET CHANGE IN FUND BALANCES…………………………… 17 (720,741) (6,138) 4,109 (11,214)
FUND BALANCES AT BEGINNING OF YEAR………………… 337,655 2,136,700 260,747 759,831 41,288
FUND BALANCES AT END OF YEAR………………………… $ 337,672 $ 1,415,959 $ 254,609 $ 763,940 $ 30,074
Town of Canton, Massachusetts 86 Comprehensive Annual Financial ReportSource page 94
Town School Roadway Other
Ambulance Grants Grants Improvements Departmental Sub-total
$ 937,092 $ - $ - $ - $ 3,535 $ 1,704,553
- - - - - 19,452
- 314,537 2,058,212 162,061 - 2,744,221
- - - - 510,866 2,267,543
- - - - 280,386 320,035
- - - - 7,358 10,220
937,092 314,537 2,058,212 162,061 802,145 7,066,024
- 141,539 - - 644,495 1,534,044
- 114,531 - - 448,165 565,174
- - 1,877,557 - 212,329 4,308,103
- 5,506 - 162,061 19,586 187,153
- 74,587 - - - 106,258
- 13,827 - - 19,017 382,540
- 349,990 1,877,557 162,061 1,343,592 7,083,272
937,092 (35,453) 180,655 - (541,447) (17,248)
- - - - - -
- - - - 85,821 85,821
- - - - - -
- - - - 80,000 80,000
(769,550) (9,836) (55,388) - (224,715) (1,235,361)
(769,550) (9,836) (55,388) - (58,894) (1,069,540)
167,542 (45,289) 125,267 - (600,341) (1,086,788)
959,072 45,289 (57,548) 2,120 2,371,957 6,857,111
$ 1,126,614 $ - $ 67,719 $ 2,120 $ 1,771,616 $ 5,770,323
(Continued)
Town of Canton, Massachusetts 87 Comprehensive Annual Financial ReportSource page 95
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2011
Capital Projects
Public High
Building Works School
Improvements Improvements Equipment Construction Sub-total
REVENUES:
Charges for services………………………………………………$ - $ - $ - $ - $ -
Fines and forfeitures……………………………………………… - - - - -
Intergovernmental………………………………………………… - - - - -
Departmental and other………………………………………… - - - - -
Contributions……………………………………………………… - - 20,000 - 20,000
Investment income (loss)………………………………………… - - - - -
TOTAL REVENUES…………………………………… - - 20,000 - 20,000
EXPENDITURES:
Current:
General government………………………………………… 922,379 - 30,517 - 952,896
Public safety………………………………………………… - - - - -
Education……………………………………………………… 936,422 - - 293,132 1,229,554
Public works………………………………………………… - 456,064 - - 456,064
Human services……………………………………………… - - - - -
Culture and recreation……………………………………… 4,864 - 760 - 5,624
TOTAL EXPENDITURES……………………………… 1,863,665 456,064 31,277 293,132 2,644,138
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES………………………………………… (1,863,665) (456,064) (11,277) (293,132) (2,624,138)
OTHER FINANCING SOURCES (USES):
Issuance of bonds and notes…………………………………… 1,325,372 561,016 78,000 - 1,964,388
Premium from issuance of debt………………………………… - - - - -
Capital lease financing…………………………………………… - 62,192 - - 62,192
Transfers in………………………………………………………… 50,778 33,334 70,800 - 154,912
Transfers out……………………………………………………… (13,741) - (1,107) - (14,848)
TOTAL OTHER FINANCING SOURCES (USES)…… 1,362,409 656,542 147,693 - 2,166,644
NET CHANGE IN FUND BALANCES……………………………… (501,256) 200,478 136,416 (293,132) (457,494)
FUND BALANCES AT BEGINNING OF YEAR…………………… (733,820) (122,665) (202,794) 360,456 (698,823)
FUND BALANCES AT END OF YEAR………………………………$ (1,235,076) $ 77,813 $ (66,378) $ 67,324 $ (1,156,317)
Town of Canton, Massachusetts 88 Comprehensive Annual Financial ReportSource page 96
Permanent Funds Total
Cemetery Library Other Nonmajor
Trust Trust Municipal Governmental
Funds Funds Trust Funds Sub-total Funds
$ - $ - $ - $ - $ 1,704,553
- - - - 19,452
- - 197,224 197,224 2,941,445
- - - - 2,267,543
10,800 12,130 - 22,930 362,965
8,338 1,371 2,316 12,025 22,245
19,138 13,501 199,540 232,179 7,318,203
- - - - 2,486,940
- - 19,873 19,873 585,047
- - - - 5,537,657
- - - - 643,217
- - - - 106,258
- 25,985 - 25,985 414,149
- 25,985 19,873 45,858 9,773,268
19,138 (12,484) 179,667 186,321 (2,455,065)
- - - - 1,964,388
- - - - 85,821
- - - - 62,192
- - - - 234,912
(20,000) - (8,676) (28,676) (1,278,885)
(20,000) - (8,676) (28,676) 1,068,428
(862) (12,484) 170,991 157,645 (1,386,637)
377,791 191,158 257,037 825,986 6,984,274
$ 376,929 $ 178,674 $ 428,028 $ 983,631 $ 5,597,637
(Concluded)
Town of Canton, Massachusetts 89 Comprehensive Annual Financial ReportSource page 97
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Internal Service Funds 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 accounted for in the internal service funds are grouped into the following categories: Health Claims – This fund accounts for the group health and dental insurance activity for active and retired employees of the Town. Workers’ Compensation Claims – This fund accounts for workers’ compensation benefits, replacement wages and medical 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 resources accumulated to pay for damage to Town property that is not covered by liability insurance. Town of Canton, Massachusetts 91 Comprehensive Annual Financial Report
Source page 99
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET ASSETS
JUNE 30, 2011
Total
Internal
Health Workers' Unemployment Building Service
Claims Compensation Claims Insurance Funds
ASSETS
CURRENT:
Cash and cash equivalents………$ 3,941,813 $ 31,680 $ 59,724 $ 7,497 $ 4,040,714
Investments………………………… 200,345 - - 426,663 627,008
Working capital deposit…………… 1,048,402 - - - 1,048,402
Total current assets………… 5,190,560 31,680 59,724 434,160 5,716,124
LIABILITIES
CURRENT:
Warrants payable………………… 786,832 - - - 786,832
Health claims payable…………… 820,045 - - - 820,045
Total current liabilities……… 1,606,877 - - - 1,606,877
NET ASSETS
Unrestricted…………………………… 3,583,683 31,680 59,724 434,160 4,109,247
TOTAL NET ASSETS…………………$ 3,583,683 $ 31,680 $ 59,724 $ 434,160 $ 4,109,247
Town of Canton, Massachusetts 92 Comprehensive Annual Financial ReportSource page 100
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEAR ENDED JUNE 30, 2011
Total
Internal
Health Workers' Unemployment Building Service
Claims Compensation Claims Insurance Funds
OPERATING REVENUES:
Employee contributions ………………………… $ 3,043,643 $ - $ - $ - $ 3,043,643
Employer contributions ………………………… 9,224,790 - 100,000 - 9,324,790
TOTAL OPERATING REVENUES ………… 12,268,433 - 100,000 - 12,368,433
OPERATING EXPENSES:
Employee benefits ……………………………… 11,297,540 4,624 106,592 - 11,408,756
OPERATING INCOME (LOSS)……………… 970,893 (4,624) (6,592) - 959,677
NONOPERATING REVENUES (EXPENSES):
Investment income……………………………… 11,291 747 6,310 9,519 27,867
Other revenues…………………………………… - 3,015 - - 3,015
TOTAL NONOPERATING
REVENUES (EXPENSES), NET…………… 11,291 3,762 6,310 9,519 30,882
INCOME (LOSS) BEFORE
TRANSFERS…………………………………… 982,184 (862) (282) 9,519 990,559
TRANSFERS:
Transfers out……………………………………… - - (250,000) - (250,000)
TOTAL TRANSFERS………………………… - - (250,000) - (250,000)
CHANGE IN NET ASSETS…………………… 982,184 (862) (250,282) 9,519 740,559
NET ASSETS AT BEGINNING OF YEAR……… 2,601,499 32,542 310,006 424,641 3,368,688
NET ASSETS AT END OF YEAR…………………$ 3,583,683 $ 31,680 $ 59,724 $ 434,160 $ 4,109,247
Town of Canton, Massachusetts 93 Comprehensive Annual Financial ReportSource page 101
INTERNAL FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2011
Total
Internal
Health Worker's Unemployment Building Service
Claims Compensation Claims Insurance Funds
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from interfund services provided…………………………………$ 12,268,433 $ - $ 100,000 $ - $ 12,368,433
Receipts from other revenues……………………………………………… - 3,015 - - 3,015
Payments for interfund services used…………………………………… (11,537,686) (4,624) (108,832) - (11,651,142)
NET CASH FROM OPERATING ACTIVITIES……………………………… 730,747 (1,609) (8,832) - 720,306
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Transfers out………………………………………………………………… - - (250,000) - (250,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sale (purchase) of investments…………………………………………… (68,921) - - (147,145) (216,066)
Investment income…………………………………………………………… 11,291 747 6,310 9,519 27,867
NET CASH FROM INVESTING ACTIVITIES………………………………… (57,630) 747 6,310 (137,626) (188,199)
NET CHANGE IN CASH AND CASH EQUIVALENTS……………………… 673,117 (862) (252,522) (137,626) 282,107
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR…… 3,268,696 32,542 312,246 145,123 3,758,607
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR…………$ 3,941,813 $ 31,680 $ 59,724 $ 7,497 $ 4,040,714
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
FROM OPERATING ACTIVITIES:
Operating income (loss)…………………………………………………… $ 970,893 $ (4,624) $ (6,592) $ - $ 959,677
Adjustments to reconcile operating income (loss) to net
Receipts from other revenues………………………………………… - 3,015 - - 3,015
Changes in assets and liabilities:
Working capital deposit……………………………………………… 428,198 - - - 428,198
Warrants payable…………………………………………………… (152,389) - (2,240) - (154,629)
Health claims payable……………………………………………… (515,955) - - - (515,955)
Total adjustments………………………………………………… (240,146) 3,015 (2,240) - (239,371)
NET CASH FROM OPERATING ACTIVITIES……………………………… $ 730,747 $ (1,609) $ (8,832) $ - $ 720,306
Town of Canton, Massachusetts 94 Comprehensive Annual Financial ReportSource page 102
Fiduciary Funds Agency Fund Agency funds are used to account for assets held in a purely custodial capacity. The Town’s Agency Fund consists primarily of performance bonds, student activity funds, security deposits and licenses and fees collected on-behalf of the Commonwealth. Town of Canton, Massachusetts 95 Comprehensive Annual Financial Report
Source page 103
AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED JUNE 30, 2011
Beginning End
of Year Additions Deletions of Year
ASSETS
CURRENT:
Cash and cash equivalents………………… $ 805,681 $ 385,971 $ (399,442) $ 792,210
LIABILITIES
Warrants payable…………………………… $ 17,360 $ 400,782 $ (398,669) $ 19,473
Liabilities due depositors…………………… 788,321 1,091,656 (1,107,240) 772,737
TOTAL LIABILITIES………………………………$ 805,681 $ 1,492,438 $ (1,505,909) $ 792,210
Town of Canton, Massachusetts 96 Comprehensive Annual Financial ReportSource page 104
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. This 98 suite extended stay hotel, expected to open in the fall of 2011, is the first hotel to operate in Canton. Located on Royall Street, near Reebok and Dunkin Brands, this establishment will provide the Town with local room occupancy excise tax in addition to property taxes.
Source page 105
Statistical Section
Statistical Section
This part of the comprehensive annual financial report presents detailed 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 comprehensive
annual financial reports for the relevant year. The Town implemented GASB Statement 34 in 2003; schedules
presenting government-wide information include information beginning in that year.
Town of Canton, Massachusetts 97 Comprehensive Annual Financial ReportSource page 106
Net Assets By Component
Last Nine Fiscal Years
Fiscal Year
2003 2004 2005 2006 2007 2008 2009 2010 2011
Governmental activities
Invested in capital assets, net of related debt……… $ 25,364,346 $ 36,942,344 $ 50,497,888 $ 47,354,438 $ 50,777,183 $ 51,291,396 $ 54,948,512 $ 57,942,064 $ 62,056,797
Restricted………………………………………………… 3,510,012 3,295,679 3,467,154 3,077,412 3,824,685 4,432,975 8,844,047 7,781,249 7,457,544
Unrestricted……………………………………………… 9,317,486 12,671,374 18,735,148 24,200,838 23,955,254 25,253,777 14,125,826 6,141,042 (3,861,890)
Total governmental activities net assets…………………$ 38,191,844 $ 52,909,397 $ 72,700,190 $ 74,632,688 $ 78,557,122 $ 80,978,148 $ 77,918,385 $ 71,864,355 $ 65,652,451
Business-type activities
Invested in capital assets, net of related debt……… 11,167,239 12,618,526 12,537,255 12,340,271 11,952,283 13,948,369 14,483,253 15,188,472 17,195,414
Unrestricted……………………………………………… 3,905,119 2,523,732 4,753,528 5,544,174 6,124,469 5,093,607 3,934,247 3,836,227 2,796,789
Total business-type activities net assets…………………$ 15,072,358 $ 15,142,258 $ 17,290,783 $ 17,884,445 $ 18,076,752 $ 19,041,976 $ 18,417,500 $ 19,024,699 $ 19,992,203
Primary government
Invested in capital assets, net of related debt……… 36,531,585 49,560,870 63,035,143 59,694,709 62,729,466 65,239,765 69,431,765 73,130,536 79,252,211
Restricted………………………………………………… 3,510,012 3,295,679 3,467,154 3,077,412 3,824,685 4,432,975 8,844,047 7,781,249 7,457,544
Unrestricted……………………………………………… 13,222,605 15,195,106 23,488,676 29,745,012 30,079,723 30,347,384 18,060,073 9,977,269 (1,065,101)
Total primary government net assets……………………$ 53,264,202 $ 68,051,655 $ 89,990,973 $ 92,517,133 $ 96,633,874 $ 100,020,124 $ 96,335,885 $ 90,889,054 $ 85,644,654
Town of Canton, Massachusetts 98 Comprehensive Annual Financial ReportSource page 107
Changes in Net Assets
Last Nine Fiscal Years
Fiscal Year
2003 2004 2005 2006 2007 2008 2009 2010 2011
Expenses
Governmental activities:
General government………………………………………………$ 3,724,451 $ 3,267,986 $ 4,901,258 $ 4,246,023 $ 4,365,873 $ 5,142,280 $ 6,440,728 $ 5,856,721 $ 6,012,221
Public safety……………………………………………………… 11,144,645 12,048,004 11,343,820 11,964,710 12,151,151 12,501,298 14,102,861 14,815,007 14,845,911
Education………………………………………………………… 37,297,785 38,093,179 38,644,927 40,105,376 42,723,738 45,669,483 52,111,533 56,105,191 57,174,814
Public works……………………………………………………… 5,794,690 5,553,924 4,785,491 4,567,438 4,267,313 5,002,096 5,035,008 5,725,429 5,964,437
Human services…………………………………………………… 656,368 752,548 781,948 810,338 850,334 810,319 983,217 1,094,171 1,133,985
Culture and recreation…………………………………………… 1,803,954 1,652,270 2,561,766 2,437,118 2,397,635 2,498,364 2,715,016 2,762,453 2,882,803
Interest……………………………………………………………… 637,102 1,054,013 2,632,669 2,363,454 2,654,749 2,105,670 1,996,528 1,919,708 1,797,797
Total government activities expenses……………………………… 61,058,995 62,421,924 65,651,879 66,494,457 69,410,793 73,729,510 83,384,891 88,278,680 89,811,968
Business-type activities:
Water…………………………………..…………………………… 2,767,810 3,017,581 3,260,655 3,587,009 3,570,802 3,769,301 4,562,904 4,644,182 4,968,675
Sewer……………………………………………………………… 3,739,303 3,772,077 4,005,172 3,983,341 4,202,101 4,643,878 4,462,173 4,575,414 4,819,406
Rink………………………………………………………………… 335,284 348,677 271,389 314,637 344,198 357,203 458,269 486,775 504,265
Total business-type activities expenses…………………………… 6,842,397 7,138,335 7,537,216 7,884,987 8,117,101 8,770,382 9,483,346 9,706,371 10,292,346
Total primary government expenses……………………………… $ 67,901,392 $ 69,560,259 $ 73,189,095 $ 74,379,444 $ 77,527,894 $ 82,499,892 $ 92,868,237 $ 97,985,051 $ 100,104,314
Program Revenues
Governmental activities:
Charges for services:
General government…………………………………………… $ 1,129,049 $ 1,380,744 $ 229,506 $ 355,302 $ 371,696 $ 368,111 $ 400,721 $ 919,070 $ 385,778
Public safety……………………………………………………… 1,289,699 1,413,265 995,622 2,893,607 2,392,923 2,253,015 1,867,319 2,076,797 2,036,855
Education………………………………………………………… 1,156,046 1,229,743 1,260,813 1,567,706 1,647,771 2,202,573 1,975,650 2,105,396 2,143,729
Public works……………………………………………………… 16,680 11,113 62,211 58,111 85,033 71,911 69,082 129,056 92,920
Human services………………………………………………… - - 49,775 45,012 42,808 50,162 42,354 41,527 46,661
Culture and recreation………………………………………… 310,485 1,045,450 470,989 378,055 343,737 376,991 377,306 379,669 346,254
Operating grants and contributions……………………………… 14,492,198 10,997,337 12,719,732 10,678,040 12,582,237 13,251,876 14,389,625 14,937,773 15,381,360
Capital grant and contributions………………………………… 1,340,638 13,746,919 12,931,018 653,971 1,011,723 2,251,419 3,291,089 1,170,098 162,497
Total government activities program revenues...………………… 19,734,795 29,824,571 28,719,666 16,629,804 18,477,928 20,826,058 22,413,146 21,759,386 20,596,054
Business-type activities:
Charges for services - Water…………………………………… 3,322,576 3,314,271 3,929,821 4,337,211 4,308,918 5,148,323 4,727,025 5,693,293 6,965,364
Charges for services - Sewer…………………………………… 3,658,243 3,904,950 4,149,998 4,466,378 4,491,655 5,159,490 4,747,421 4,772,693 4,965,133
Charges for services - Rink……………………………………… 325,631 337,010 335,215 372,609 370,110 356,953 391,991 404,449 430,878
Capital grant and contributions………………………………… - - - 184,570 46,294 39,941 2,362 497,305 -
Operating grants and contributions……………………………… 27,079 50,495 - - - - - - -
Total business-type activities program revenues………………… 7,333,529 7,606,726 8,415,034 9,360,768 9,216,977 10,704,707 9,868,799 11,367,740 12,361,375
Total primary government program revenues…………………… $ 27,068,324 $ 37,431,297 $ 37,134,700 $ 25,990,572 $ 27,694,905 $ 31,530,765 $ 32,281,945 $ 33,127,126 $ 32,957,429
Net (Expense)/Program Revenue
Governmental activities……………………....………………………$ (41,324,200) $ (32,597,353) $ (36,932,213) $ (49,864,653) $ (50,932,865) $ (52,903,452) $ (60,971,745) $ (66,519,294) $ (69,215,914)
Business-type activities……………………....……………………… 491,132 468,391 877,818 1,475,781 1,099,876 1,934,325 385,453 1,661,369 2,069,029
Total primary government net (expense)/program revenue…… $ (40,833,068) $ (32,128,962) $ (36,054,395) $ (48,388,872) $ (49,832,989) $ (50,969,127) $ (60,586,292) $ (64,857,925) $ (67,146,885)
General Revenues and other Changes in Net Assets
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable………………………………………$ 37,012,751 $ 39,376,066 $ 41,551,652 $ 43,523,919 $ 45,318,005 $ 46,074,751 $ 49,643,467 $ 52,922,668 $ 54,892,887
Tax liens…………………………………………………………… - - - 68,545 137,473 204,174 186,291 210,666 349,982
Motor vehicle excise taxes……………………………………… 3,316,984 3,642,186 3,430,854 3,340,893 3,364,215 3,622,335 3,170,275 3,082,341 3,286,609
Penalties and interest on taxes………………………………… 178,932 230,825 218,730 259,454 206,817 188,163 246,950 317,161 305,814
Payments in lieu of taxes………………………………………… 170,291 160,827 160,827 160,827 160,827 191,827 194,559 199,299 199,225
Grants and contributions not restricted to
specific programs……………………………………………… 2,298,362 2,152,678 2,260,017 2,550,060 3,607,674 2,974,443 2,727,082 2,165,199 2,201,430
Unrestricted investment income………………………………… 276,835 288,328 633,337 728,000 955,736 909,900 488,112 212,187 195,037
Gain (loss) on sale of capital assets…………………………… - - (87,704) - (3,087) - - - -
Miscellaneous……………………………………………………… 198,634 174,526 464,695 283,334 202,070 189,784 245,317 312,573 471,501
Transfers…………………………………………………………… 368,428 424,923 804,205 882,119 907,569 969,101 1,009,929 1,054,170 1,101,525
Total governmental activities……………………………………… 43,821,217 46,450,359 49,436,613 51,797,151 54,857,299 55,324,478 57,911,982 60,476,264 63,004,010
Business-type activities:
Penalties and interest on taxes………………………………… 46,222 26,432 - - - - - - -
Transfers…………………………………………………………… (368,428) (424,923) (804,205) (882,119) (907,569) (969,101) (1,009,929) (1,054,170) (1,101,525)
Total business-type activities….…………………………………… (322,206) (398,491) (804,205) (882,119) (907,569) (969,101) (1,009,929) (1,054,170) (1,101,525)
Total primary government general revenues and other
changes in net assets…………………………………………… $ 43,499,011 $ 46,051,868 $ 48,632,408 $ 50,915,032 $ 53,949,730 $ 54,355,377 $ 56,902,053 $ 59,422,094 $ 61,902,485
Changes in Net Assets
Governmental activities……………………....………………………$ 2,497,017 $ 13,853,006 $ 12,504,400 $ 1,932,498 $ 3,924,434 $ 2,421,026 $ (3,059,763) $ (6,043,030) $ (6,211,904)
Business-type activities……………………....……………………… 168,926 69,900 73,613 593,662 192,307 965,224 (624,476) 607,199 967,504
Total primary government changes in net assets…………………$ 2,665,943 $ 13,922,906 $ 12,578,013 $ 2,526,160 $ 4,116,741 $ 3,386,250 $ (3,684,239) $ (5,435,831) $ (5,244,400)
Town of Canton, Massachusetts 99 Comprehensive Annual Financial ReportSource page 108
Fund Balances, Governmental Funds
Last Ten Fiscal Years
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
General Fund
Reserved………………………………… $ 1,747,512 $ 1,699,225 $ 1,676,357 $ 1,023,368 $ 899,941 $ 849,128 $ 689,430 $ 7,967,330 $ 7,058,923 $ -
Unreserved……………………………… 10,266,767 10,789,236 9,662,403 6,986,569 5,248,803 5,032,226 4,849,482 3,282,155 3,099,548 -
Restricted………………………………… - - - - - - - - - 6,033,902
Assigned………………………………… - - - - - - - - - 1,368,595
Unassigned……………………………… - - - - - - - - - 5,825,529
Total general fund………………………… $ 12,014,279 $ 12,488,461 $ 11,338,760 $ 8,009,937 $ 6,148,744 $ 5,881,354 $ 5,538,912 $ 11,249,485 $ 10,158,471 $ 13,228,026
All Other Governmental Funds
Reserved………………………………… $ - $ 315,624 $ 326,942 $ 39,805 $ 289,192 $ 294,174 $ 325,985 $ 338,785 $ 356,385 $ -
Unreserved, reported in:
Special revenue funds……………… 1,384,549 2,686,690 13,544,497 7,565,201 8,217,843 10,531,749 10,819,169 9,870,598 10,091,323 -
Capital projects funds………………… (2,477,571) (11,657,697) (14,595,933) (17,071,132) 3,191,957 (1,761,732) (1,834,484) (675,935) (698,823) -
Permanent funds……………………… - 1,816,587 1,798,680 661,797 413,245 428,606 456,618 458,558 469,601 -
Nonspendable…………………………… - - - - - - - - - 394,385
Restricted………………………………… - - - - - - - - - 6,504,706
Unassigned……………………………… - - - - - - - - - (1,301,454)
Total all other governmental funds……… $ (1,093,022) $ (6,838,796) $ 1,074,186 $ (8,804,329) $ 12,112,237 $ 9,492,797 $ 9,767,288 $ 9,992,006 $ 10,218,486 $ 5,597,637
Fiscal year 2002 excludes Expendable and Nonexpendable Trust Funds which were reported under the pre-GASB 34 format.
Town of Canton, Massachusetts 100 Comprehensive Annual Financial ReportSource page 109
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Revenues:
Real estate and personal property taxes,
net of tax refunds……………………………………………$ 34,885,873 $ 36,463,084 $ 38,291,597 $ 41,734,335 $ 43,440,386 $ 45,259,651 $ 46,128,837 $ 49,516,225 $ 52,217,093 $ 55,345,629
Tax liens………………………………………………………… 162,131 171,254 239,705 349,106 198,779 313,789 62,100 187,083 193,859 224,631
Motor vehicle and excise taxes……………………………… 3,506,108 3,366,984 3,245,634 3,222,639 3,438,271 3,364,215 3,426,512 3,515,812 3,080,023 3,289,549
Charges for Service…………………………………………… 962,675 954,215 894,901 1,279,566 1,555,340 1,633,782 1,488,941 1,552,111 1,611,311 1,704,553
Penalties and interest on taxes……………………………… 117,518 175,014 196,674 218,730 259,454 206,817 188,163 246,950 317,161 305,814
Payments in lieu of taxes……………………………………… 160,827 170,291 160,827 160,827 160,827 160,827 191,827 194,559 199,299 199,225
Fines and forfeitures…………………………………………… 172,869 153,985 139,100 140,964 155,917 200,872 189,562 165,991 139,458 165,051
Intergovernmental……………………………………………… 11,325,245 15,521,414 11,892,324 13,401,598 14,233,010 15,337,495 17,973,491 20,586,005 18,613,887 17,825,334
Intergovernmental - school construction grants…………… - - - - 17,620,000 1,300,000 - 7,167,329 - -
Departmental and other………………………………………… 1,798,581 2,354,197 3,318,668 4,759,749 2,673,219 3,215,566 2,836,910 2,827,470 3,394,781 2,768,345
Licenses and permits…………………………………………… 469,973 517,747 774,319 582,327 1,120,175 626,776 669,240 452,758 658,905 646,450
Contributions…………………………………………………… 81,337 396,891 284,162 399,655 381,326 1,082,522 624,919 256,730 416,991 362,965
Investment income…………………………………………… 440,135 282,596 274,630 602,630 712,388 844,984 794,586 429,449 187,717 167,170
Total Revenue………………………………………………… 54,083,272 60,527,672 59,712,541 66,852,126 85,949,092 73,547,296 74,575,088 87,098,472 81,030,485 83,004,716
Expenditures:
General government…………………………………………… 2,602,293 2,870,710 2,896,184 3,582,135 3,059,080 3,119,956 3,728,731 4,706,731 4,187,558 4,062,501
Public safety…………………………………………………… 7,675,549 8,155,913 9,074,652 8,083,251 9,086,158 9,899,016 8,907,119 9,285,602 9,364,149 9,427,684
Education………………………………………………………… 23,486,172 25,510,021 26,325,164 26,927,124 28,855,385 30,676,469 30,142,662 33,314,956 34,967,636 36,008,019
Public works…………………………………………………… 4,185,364 4,197,230 4,075,214 3,822,229 3,674,813 3,173,939 4,048,452 3,548,575 4,125,380 4,353,404
Human services………………………………………………… 494,284 497,370 596,218 547,133 592,563 627,328 626,827 697,221 767,077 805,351
Culture and recreation………………………………………… 1,512,423 1,520,183 1,830,902 1,825,845 1,818,703 1,732,136 1,742,977 1,784,546 1,771,572 1,830,239
Pension benefits………………………………………………… 4,569,656 5,011,020 5,700,793 6,802,508 7,421,416 8,036,169 9,252,069 9,901,744 10,482,808 11,104,953
Employee benefits……………………………………………… 4,784,629 5,559,531 6,854,916 7,730,393 7,786,377 7,674,681 8,293,944 8,482,345 9,107,798 9,973,437
State and county charges……………………………………… 766,398 743,620 735,257 720,767 736,659 811,346 894,634 924,550 932,878 849,149
Capital outlay…………………………………………………… 4,059,978 12,099,348 28,372,249 15,056,229 7,124,585 5,835,422 4,039,135 7,296,078 2,495,021 3,771,064
Debt service:
Principal……………………………………………………… 1,861,000 1,692,000 1,632,000 3,399,535 3,313,275 3,851,275 3,827,020 3,929,020 3,947,750 4,029,141
Interest………………………………………………………… 1,061,204 1,109,101 1,203,106 2,714,856 2,728,671 2,185,381 2,111,050 2,010,966 1,955,945 1,838,977
Total Expenditures…………………………………………… 57,058,950 68,966,047 89,296,655 81,212,005 76,197,685 77,623,118 77,614,620 85,882,334 84,105,572 88,053,919
Excess of revenues over (under) expenditures……………… (2,975,678) (8,438,375) (29,584,114) (14,359,879) 9,751,407 (4,075,822) (3,039,532) 1,216,138 (3,075,087) (5,049,203)
Other Financing Sources (Uses)
Issuance of refunding bonds………………………………… - - 3,359,170 - - - 1,084,000 - - 5,398,612
Payment of refunded bonds…………………………………… - - - - - - - - - (5,540,000)
Payments to refunded bond escrow agent…………………… - - (3,342,853) - - - (1,070,000) - - -
Issuance of bonds………………...…………………………… 11,434,000 - 34,561,000 - 8,001,000 - 1,907,000 3,541,000 1,087,261 1,964,388
Premium from issuance of bonds and notes………………… 92,571 133,580 1,012,551 244,578 21,407 13,360 81,480 85,862 69,122 261,192
Capital lease financing………………………………………… - - - 565,553 399,440 - - 82,362 - 62,192
Sale of capital assets…………………………………………… - - - - - 268,063 - - - -
Transfers in……………………………………………………… 1,702,993 2,128,532 2,652,106 4,481,387 3,561,999 2,343,853 2,827,203 2,728,433 2,445,096 2,865,322
Transfers out…………………………………………………… (1,199,229) (1,615,758) (1,894,579) (3,677,182) (2,679,880) (1,436,284) (1,858,102) (1,718,504) (1,390,926) (1,513,797)
Total other financing sources (uses)………………………… 12,030,335 646,354 36,347,395 1,614,336 9,303,966 1,188,992 2,971,581 4,719,153 2,210,553 3,497,909
Net change in fund balance………………………………………$ 9,054,657 $ (7,792,021) $ 6,763,281 $ (12,745,543) $ 19,055,373 $ (2,886,830) $ (67,951) $ 5,935,291 $ (864,534) $ (1,551,294)
Debt service as a percentage of noncapital expenditures…… 5.51% 4.93% 4.65% 9.24% 8.75% 8.41% 8.07% 7.56% 7.23% 6.96%
Notes:
Fiscal year 2002 excludes Expendable and Nonexpendable Trust Funds which were reported under the pre-GASB 34 format.
Town of Canton, Massachusetts 101 Comprehensive Annual Financial ReportSource page 110
Assessed Value and Actual Value of Taxable Property by Classification and Tax Rates
Last Ten Fiscal Years
Assessed and Actual Values and Tax Rates
Total Total
Fiscal Residential Residential Commercial Industrial Personal Commercial Commercial Town Direct
Year Value Tax Rate Value Value Property Value Tax Rate Value Tax Rate
2002 $1,788,936,500 $12.24 $265,571,700 $298,252,100 $54,209,000 $618,032,800 $22.20 $2,406,969,300 $14.80
2003 $1,803,051,300 $12.56 $280,791,100 $301,049,100 $55,517,100 $637,357,300 $22.89 $2,440,408,600 $15.26
2004 $2,613,432,533 $9.16 $365,829,167 $365,939,000 $66,383,800 $798,151,967 $18.81 $3,411,584,500 $11.42
2005 $2,805,680,375 $9.42 $367,284,365 $362,683,800 $71,194,260 $801,162,425 $20.02 $3,606,842,800 $11.77
2006 $3,062,033,400 $9.33 $371,465,220 $359,086,100 $70,616,260 $801,167,580 $19.39 $3,863,200,980 $11.42
2007 $3,283,433,296 $8.88 $429,076,734 $409,121,100 $87,302,190 $925,500,024 $17.94 $4,208,933,320 $10.87
2008 $3,203,773,709 $9.34 $435,216,821 $399,643,400 $91,515,750 $926,375,971 $18.40 $4,130,149,680 $11.37
2009 $3,234,696,626 $9.98 $429,321,664 $389,319,700 $120,258,560 $938,899,924 $19.68 $4,173,596,550 $12.16
2010 $3,032,221,732 $10.83 $455,712,638 $378,970,320 $122,726,290 $957,409,248 $21.77 $3,989,630,980 $13.46
2011 $3,044,468,807 $11.55 $442,405,763 $360,889,000 $126,905,510 $930,200,273 $23.04 $3,974,669,080 $14.24
Total Assessed Value by Classification Total Assessed Value by Classification
Fiscal Year Ended June 30, 2002 Fiscal Year Ended June 30, 2011
2% 3%
12% 9%
11%
11%
75%
77%
Residential Commercial Industrial Personal Property Residential Commercial Industrial Personal Property
Commercial Value as % of Total Value
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
2001 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: Official Statements
All property in the Commonwealth of Massachusetts is assessed at 100% of fair cash value.
Note: 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 percent 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 percent, subject to an exception for property added to the tax rolls and
for certain substantial valuation increases other than as part of a general revaluation. The secondary limit may be exceeded in any
year by a majority vote of the voters, however it cannot exceed the primary limitation.
Town of Canton, Massachusetts 102 Comprehensive Annual Financial ReportSource page 111
Principal Taxpayers
Current Year and Nine Years Ago
2011 2002
Percentage of Percentage of
Total Taxable Total Taxable
Nature of Assessed Assessed Assessed Assessed
Taxpayer Business Valuation Rank Value Valuation Rank Value
NSTAR (formerly Boston Edison) Utility $47,427,190 1 1.19% $16,576,000 6 0.69%
Reebok International Headquarters $40,270,200 2 1.01% $29,704,000 2 1.23%
One Beacon Insurance Office $36,382,900 3 0.92%
Medical Information Tech., Inc. Office $33,934,200 4 0.85% $27,930,600 3 1.16%
Canton Village Shops Retail $28,539,400 5 0.72%
ComputerShare Offices $23,428,900 6 0.59%
Verizon (formerly Bell Atlantic) Utility $22,837,600 7 0.57% $10,511,700 10 0.44%
Boston Mutual Offices $16,470,700 8 0.41%
Casual Male Offices $16,367,100 9 0.41%
Dan Road Building, LLC Offices $15,500,000 10 0.39% $13,031,500 8 0.54%
Metropolitan Life Insurance Industrial Park $42,439,100 1 1.76%
Blue Hills Office Park Industrial Park $26,002,700 4 1.08%
ASN-Mass Holdings Apartments $22,466,600 5 0.93%
JBAK Canton Realty Warehouse $12,805,000 9 0.53%
Copley Pharmaceutical Research & Development $13,382,800 7 0.56%
Totals $281,158,190 7.07% $214,850,000 8.93%
Source: Official Statements
Town of Canton, Massachusetts 103 Comprehensive Annual Financial ReportSource page 112
Property Tax Levies and Collections
Last Ten Fiscal Years
Percent of
Less First Year Percent of Delinquent Total Total Tax
Fiscal Total Abatements & Net Net as % Current Net Levy Tax Tax Collections to
Year Tax Levy Exemptions Tax Levy of Total Tax Collections Collected Collections Collections Net Tax Levy
2002 $35,616,911 $637,861 $34,979,050 98.21% $34,892,174 99.75% $82,293 $34,974,467 99.99%
2003 $37,235,433 $431,108 $36,804,325 98.84% $36,547,442 99.30% $252,858 $36,800,300 99.99%
2004 $38,952,281 $544,915 $38,407,366 98.60% $38,313,769 99.76% $88,196 $38,401,965 99.99%
2005 $42,468,781 $522,771 $41,946,010 98.77% $41,841,563 99.75% $100,282 $41,941,845 99.99%
2006 $44,103,411 $427,388 $43,676,023 99.03% $43,423,142 99.42% $248,249 $43,671,391 99.99%
2007 $45,760,358 $565,734 $45,194,624 98.76% $45,004,223 99.58% $186,488 $45,190,711 99.99%
2008 $46,968,564 $432,275 $46,536,289 99.08% $46,095,555 99.05% $436,628 $46,532,183 99.99%
2009 $50,759,823 $544,640 $50,215,183 98.93% $49,631,932 98.84% $575,409 $50,207,341 99.98%
2010 $53,681,761 $1,031,907 $52,649,854 98.08% $52,019,666 98.80% $613,573 $52,633,239 99.97%
2011 $56,595,429 $709,468 $55,885,961 98.75% $54,980,240 98.38% $0 $54,980,240 98.38%
Real Estate Tax Levies vs. First Year Collections
Last Ten Fiscal Years
$60,000,000
$55,000,000
$50,000,000
$45,000,000
$40,000,000
$35,000,000
$30,000,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Real Estate Tax Levy First Year Current Tax Collections
Town of Canton, Massachusetts 104 Comprehensive Annual Financial ReportSource page 113
Ratios of Outstanding Debt and General Bonded Debt
Last Ten Fiscal Years
Governmental Activities Debt
General Percentage Percentage
Fiscal U. S. Census Personal Assessed Obligation Capital Per of Personal of Assessed
Year Population Income Value Bonds Leases Capita Income Value
2002 21,087 $771,293,390 $2,406,969,300 $21,187,000 $0 $1,005 2.75% 0.88%
2003 21,288 $781,136,976 $2,440,408,600 $19,495,000 $0 $916 2.50% 0.80%
2004 21,375 $799,388,457 $3,411,584,500 $52,863,170 $0 $2,473 6.61% 1.55%
2005 21,475 $822,323,052 $3,606,842,800 $49,463,635 $565,553 $2,330 6.08% 1.39%
2006 21,536 $876,694,846 $3,863,200,980 $54,151,360 $933,526 $2,558 6.28% 1.43%
2007 21,772 $906,775,591 $4,208,933,320 $50,300,085 $0 $2,310 5.55% 1.20%
2008 21,916 $941,227,399 $4,130,149,680 $48,394,065 $0 $2,208 5.14% 1.17%
2009 22,048 $960,263,262 $4,173,596,550 $48,006,045 $59,764 $2,180 5.01% 1.15%
2010 21,732 $937,025,798 $3,989,630,980 $45,145,556 $41,097 $2,079 4.82% 1.13%
2011 20,097 $931,877,793 $3,974,669,080 $42,939,415 $61,227 $2,140 4.61% 1.08%
Business-type Activities (1) Total Primary Government
General Total Percentage Percentage
Fiscal Obligation Capital Debt Per of Personal of Assessed
Year Bonds Leases Outstanding Capita Income Value
2002 $7,737,328 $0 $28,924,328 $1,372 3.75% 1.20%
2003 $6,935,094 $0 $26,430,094 $1,242 3.38% 1.08%
2004 $8,337,936 $0 $61,201,106 $2,863 7.66% 1.79%
2005 $7,536,769 $0 $57,565,957 $2,681 7.00% 1.60%
2006 $9,652,542 $0 $64,737,428 $3,006 7.38% 1.68%
2007 $8,505,075 $0 $58,805,160 $2,701 6.49% 1.40%
2008 $9,554,055 $0 $57,948,120 $2,644 6.16% 1.40%
2009 $11,623,368 $0 $59,689,177 $2,707 6.22% 1.43%
2010 $18,914,008 $0 $64,100,661 $2,950 6.84% 1.61%
2011 $23,101,280 $0 $66,101,922 $3,289 7.09% 1.66%
(1) Water, Sewer and Rink Funds
Source: Audited Financial Statements, U. S. Census
Town of Canton, Massachusetts 105 Comprehensive Annual Financial ReportSource page 114
Town of Canton, Massachusetts
Direct and Overlapping Governmental Activities Debt
As of June 30, 2011
Estimated
Estimated Share of
Debt Percentage Overlapping
Town of Canton, Massachusetts Outstanding Applicable Debt
Debt repaid with property taxes
Norfolk County…………………………………………………………… 800,000 (a) 3.68% $ 29,440
Blue Hills Regional Vocational School District………………………… 170,000 (a) 9.30% 15,810
Subtotal, overlapping debt……………………………………………………… 45,250
Town direct debt………………………………………………………………… 42,939,415
Total direct and overlapping debt……………………………………………… $ 42,984,665
(a) Outstanding debt as of May 1, 2011
Source: Official Statement
Town of Canton, Massachusetts 106 Comprehensive Annual Financial ReportSource page 115
Computation of Legal Debt Margin
Last Ten Fiscal Years
(Amounts in Thousands)
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Equalized Valuation………………………… $ 2,134,910 $ 2,833,787 $ 2,833,787 $ 3,542,564 $ 3,542,564 4,384,335 $ 4,384,335 $ 4,487,450 $ 4,487,450 $ 4,386,215
Debt Limit -5% of Equalized Valuation…… 106,746 141,689 141,689 177,128 177,128 219,217 219,217 224,373 224,373 219,311
Less:
Outstanding debt applicable to limit……… 17,315 15,733 49,543 46,317 51,608 47,900 46,138 46,850 44,148 41,930
Authorized and unissued debt…………… 67,740 70,487 13,776 9,372 13,167 29,146 26,237 26,434 26,434 18,405
Legal debt margin…………………………… $ 21,691 $ 55,469 $ 78,370 $ 121,439 $ 112,353 142,171 $ 146,842 $ 151,089 $ 153,791 $ 158,976
Total debt applicable to the limit
as a percentage of debt limit……………… 79.68% 60.85% 44.69% 31.44% 36.57% 35.15% 33.02% 32.66% 31.46% 27.51%
Town of Canton, Massachusetts 107 Comprehensive Annual Financial ReportSource page 116
Demographic and Economic Statistics
Last Ten Fiscal Years
Per
Capita
Fiscal Population Personal Personal Median School Unemployment
Year Estimates Income Income Age Enrollment Rate
2002 21,087 $ 771,293,390 $ 36,577 39.8 2,939 4.30%
2003 21,288 $ 781,136,976 $ 36,694 39.8 3,005 4.90%
2004 21,375 $ 799,388,457 $ 37,398 39.8 3,020 4.40%
2005 21,475 $ 822,323,052 $ 38,292 39.8 3,060 3.90%
2006 21,536 $ 876,694,846 $ 40,708 39.8 3,112 4.10%
2007 21,772 $ 906,775,591 $ 41,649 39.8 3,131 3.70%
2008 22,048 $ 941,227,399 $ 42,690 39.8 3,103 4.50%
2009 22,382 $ 960,263,262 $ 42,903 39.8 3,137 7.10%
2010 21,561 $ 937,025,798 $ 43,118 39.8 3,172 7.90%
2011 20,097 $ 931,877,793 $ 46,369 39.8 3,267 7.20%
Source: U. S. Census, Division of Local Services, Official Statements
Median age is based on most recent census data
Town of Canton, Massachusetts 108 Comprehensive Annual Financial ReportSource page 117
Principal Employers (excluding Town)
Current Year and Nine Years Ago
2011 2002
Nature Percentage of Percentage of
of Total Town Total Town
Employer Business Employees Rank Employment Employees Rank Employment
Reebok International Corporate Headquarters 1,124 1 5.33% 1,400 1 6.63%
Computershare (Equiserve) Operations Center 830 2 3.93% 1,273 2 6.03%
Meditech Hospital Software 702 3 3.33% 725 3 3.44%
Dunkin Brands, Inc. Corporate Headquarters 576 4 2.73% - - 0.00%
Casual Male Big & Tall Retail, Clothing 468 5 2.22% - - 0.00%
One Beacon Insurance Insurance Sales & Service 435 6 2.06% 605 4 2.87%
Organogenesis Regenerative Medicine 291 7 1.38% - 0.00%
Pollak Engineering Products Automotive Engineering 288 8 1.37% 450 5 2.13%
Boston Mutual Insurance Insurance Sales & Service 256 9 1.21% 275 9 1.30%
Tower Group Companies Property & Casualty Insurance 200 10 0.95% - 0 0.00%
Cumberland Farms Milk and Dairy Products, Gasoline - - - 391 6 1.85%
Plymouth Rubber Company Rubber and Plastic Products - - - 350 7 1.66%
Instron Corporation Electronic Testing Equipment - - - 320 8 1.52%
Stream International Software Support - - - 250 10 1.18%
Source: Official Statements
Town of Canton, Massachusetts 109 Comprehensive Annual Financial ReportSource page 118
Full-time Equivalent Town Employees by Function
Last Ten Fiscal Years
Fiscal Year
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Function
General government……………… 30 30 30 29 29 28 27 28 28 27
Public Safety……………………… 109 108 106 106 106 105 100 104 104 103
Public works……………………… 43 41 41 41 42 42 43 43 43 43
Human services…………………… 9 9 9 9 9 9 9 9 10 9
Culture and recreation…………… 33 33 33 32 32 32 30 31 31 22
sub-total ………………………… 224 221 219 217 218 216 209 215 216 204
Education………………………… 399 405 387 381 390 402 391 427 448 429
Total town employees…………… 623 626 606 598 608 618 600 642 664 633
Source: Town personnel records
Town of Canton, Massachusetts 110 Comprehensive Annual Financial ReportSource page 119
Operating Indicators by Function/Program
Last Ten Fiscal Years
Function/Program 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
General Government:
Registered voters………………………………… 13,676 13,754 13,478 13,787 14,073 13,852 14,104 14,194 14,376 14,624
Public Safety:
Police
Criminal offenses……………………………… 351 481 300 553 521 663 623 419 422 448
Fire
Fire calls………………………………………… 1,398 984 1,259 1,259 1,139 1,137 1,023 930 1,000 1,470
Ambulance calls……………………………… 2,267 2,637 2,561 2,562 2,641 2,653 2,471 2,729 2,600 2,304
Permits issued………………………………… 791 801 889 915 973 866 803 823 950 927
Building Department
Building permits issued……………………… 753 731 793 760 865 864 712 837 771 788
Other permits issued………………………… 1,565 1,469 1,550 1,720 1,682 1,636 1,629 1,478 1,497 1,406
Education:
Number of students………………………………… 2,973 3,044 3,006 3,095 3,062 3,089 3,083 3,118 3,061 3,229
Public Works:
Highway
Roads paved (miles)………………………… 1.7 1.4 2.6 1.8 1.7 1.3 0.0 2.4 0.6 1.4
Water
Water mains installed (miles)………………… 0.3 0.5 1.5 0.8 0.0 0.0 0.0 0.0 1.0 2.1
Sewer
Sanitary sewers installed (miles)…………… 0.9 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.0 1.5
Human Services:
Board of Health
Inspections and complaint investigations…… 260 255 611 730 875 635 656 680 730 742
Permits issued………………………………… 522 522 522 556 576 587 582 590 612 627
Council on Aging
Bus trips………………………………………… 4,456 N/A 4,560 4,350 8,728 8,900 6,500 9,000 9,000 9,200
Culture and Recreation:
Libraries
Circulation……………………………………… 224,981 220,924 173,315 136,927 233,706 255,276 266,498 261,512 262,132 288,148
Children's programs held……...……………… 95 85 84 33 105 104 100 107 117 118
Children's program attendance……………… 3,400 2,182 1,458 507 2,269 2,128 1,895 2,510 2,811 2,857
Recreation
Swimming pool attendance…………………… 11,489 12,444 9,963 10,902 10,971 9,837 8,960 10,962 7,360 8,120
Playground program participants…………… 360 340 425 1,600 1,497 1,397 1,253 1,599 1,509 1,509
Source: Various Town Departments
N/A - Information not available
Town of Canton, Massachusetts 111 Comprehensive Annual Financial ReportSource page 120
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Function/Program 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
General Government
Number of buildings……………………… 2 2 2 2 2 2 2 2 2 2
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……………………………… N/A N/A N/A 94 94 94 94 94 94 112
Water mains (miles)……………………… N/A N/A N/A 122 122 122 122 122 123 123
Sanitary sewers (miles)………………… N/A N/A N/A 66 66 66 66 66 66 82
Number of water towers……………..… 5 5 5 5 5 5 5 5 5 5
Number of water treatment plants…… - - - - - - - - - 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
Source: Various Town Departments
Town of Canton, Massachusetts 112 Comprehensive Annual Financial Report