Canton, Massachusetts · Saved source text
Official Statement dated May 7, 2020
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Source page 161
Combining Statements Town of Canton, Massachusetts Page 89 of 130 Comprehensive Annual Financial Report
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Nonmajor Governmental Funds
Narrative
Special Revenue Funds –
Special revenue funds are used to account for certain revenue generating activities that are legally and/or
programmatically restricted to expenditures for a specific purpose. From the Town’s financial ledgers,
these activities can be distinctly categorized into the following groupings:
School Lunch – This segregated revolving fund accounts for the activities of the child nutrition programs;
amounts collected from services include federal and state meal reimbursements and meal charges.
Private Grants – This fund accounts for grant funds received from private organizations that are to be
used to fund various governmental programs.
Town Revolving – This fund accounts for the non-school related activity within revolving funds
established in accordance with MGL Chapter 44, Section 53E ½ and other applicable statutes.
School Revolving – This fund accounts for educational-based activities within revolving funds established
in accordance with MGL Chapter 44, Section 53E ½ and Chapter 71.
Recreation – This fund accounts for self-supporting recreation programs and activities.
Ambulance – This fund accounts for the fees generated by the operations of the fire department’s
ambulance service that are used to fund specific operating costs of the department.
Community Preservation – This fund accounts for assets that are restricted by state law for the purposes
of acquiring or developing open space and recreational facilities, historic resources and affordable
housing.
Town Grants – This fund accounts for non-school grant programs received either directly from federal
and state agencies or indirectly through pass-through entities.
School Grants – This fund accounts for educational-based grant programs received either directly from
federal and state agencies or indirectly through pass-through entities.
Roadway Improvements – This fund accounts for certain roadway improvement projects which are fully
reimbursed by the Commonwealth of Massachusetts.
Other Departmental – This fund accounts for activity of donated funds, public safety details, and other
restricted funds used to support governmental programs.
Town of Canton, Massachusetts Page 90 of 130 Comprehensive Annual Financial ReportSource page 163
Permanent Funds –
Permanent funds are used to report resources that are legally restricted to the extent that only earnings, not
principal, may be used for purposes that support governmental programs.
Cemetery Trust Funds – This fund accounts for contributions earmarked for the perpetual care and
maintenance of cemetery facilities and property.
Library Trust Funds – This fund accounts for contributions earmarked for the support of the Town’s
library.
Other Municipal Trust Funds – This fund accounts for all contributions including: gifts, donations and
bequests for which only earnings on the original trust corpus may be expended to benefit government
approved programs, other than those associated with cemetery and library activities.
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NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2019
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Assets:
Cash and cash equivalents $ 310,319 $ 687,350 $ 710,705 $ 1,489,746 $ 380,286
Investments - - - - -
Receivables, net of allowance for uncollectibles:
Property taxes - - - - -
Tax liens and foreclosures - - - - -
Departmental and other - - - - -
Intergovernmental 25,804 - - - -
Total Assets $ 336,123 $ 687,350 $ 710,705 $ 1,489,746 $ 380,286
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ 1,203 $ 9,131 $ 10,879 $ 8,519 $ 37,915
Accrued payroll and withholdings 7,251 - 65 16,565 2,063
Other liabilities - - 550 - -
Due to other funds - - - - -
Total Liabilities 8,454 9,131 11,494 25,084 39,978
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - -
Unavailable revenues - other - - - - -
Total Deferred Inflows of Resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted 327,669 678,219 699,211 1,464,662 340,308
Total Fund Balances 327,669 678,219 699,211 1,464,662 340,308
Total Liabilities, Deferred Inflow of
Resources, and Fund Balances $ 336,123 $ 687,350 $ 710,705 $ 1,489,746 $ 380,286
Town of Canton, Massachusetts Page 92 of 130 Comprehensive Annual Financial ReportSource page 165
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ 1,979,720 $ 2,262,127 $ 133,883 $ 1,267,501 $ - $ 3,053,114 $ 12,274,751
- - 332,155 - - - 332,155
- 828 - - - - 828
- 3,447 - - - - 3,447
301,694 - - - - 148,087 449,781
- - 61,329 546,727 677,627 - 1,311,487
$ 2,281,414 $ 2,266,402 $ 527,367 $ 1,814,228 $ 677,627 $ 3,201,201 $ 14,372,449
$ - $ 58,413 $ 35,226 $ 5,500 $ 1,237 $ 45,433 $ 213,456
- - 1,154 11,428 - 16,176 54,702
- - - - - - 550
- - - - 668,748 - 668,748
- 58,413 36,380 16,928 669,985 61,609 937,456
- 4,275 - - - - 4,275
301,694 - - - - - 301,694
301,694 4,275 - - - - 305,969
- - - - - - -
1,979,720 2,203,714 490,987 1,797,300 7,642 3,139,592 13,129,024
1,979,720 2,203,714 490,987 1,797,300 7,642 3,139,592 13,129,024
$ 2,281,414 $ 2,266,402 $ 527,367 $ 1,814,228 $ 677,627 $ 3,201,201 $ 14,372,449
Town of Canton, Massachusetts Page 93 of 130 Comprehensive Annual Financial ReportSource page 166
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2019
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 $ 16,077 $ 190,126 $ 24,655 $ 230,858 $ 12,505,609
Investments 510,403 396,587 151,215 1,058,205 1,390,360
Receivables, net of allowance for uncollectibles:
Property taxes - - - - 828
Tax liens and foreclosures - - - - 3,447
Departmental and other - - - - 449,781
Intergovernmental - - - - 1,311,487
Total Assets $ 526,480 $ 586,713 $ 175,870 $ 1,289,063 $ 15,661,512
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ - $ - $ - $ - $ 213,456
Accrued payroll and withholdings - - - - 54,702
Other liabilities - - - - 550
Due to other funds - - - - 668,748
Total Liabilities - - - - 937,456
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - 4,275
Unavailable revenues - other - - - - 301,694
Total Deferred Inflows of Resources - - - - 305,969
Fund Balances:
Nonspendable 498,597 21,553 12,235 532,385 532,385
Restricted 27,883 565,160 163,635 756,678 13,885,702
Total Fund Balances 526,480 586,713 175,870 1,289,063 14,418,087
Total Liabilities and Fund Balances $ 526,480 $ 586,713 $ 175,870 $ 1,289,063 $ 15,661,512
(Concluded)
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NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2019
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Revenues:
Property taxes $ - $ - $ - $ - $ -
Intergovernmental 364,623 - 13,209 - -
Charges for services 797,991 - - - -
Departmental and other - - 212,594 1,419,523 375,451
Investment income 4,388 - 122 - -
Contributions and donations - - 47,807 - -
Total Revenues 1,167,002 - 273,732 1,419,523 375,451
Expenditures:
Current:
General government - - 2,318 - -
Public safety - - 7,746 - -
Education 1,007,600 - - 2,324,059 -
Public works - - - - -
Health and human services - - 88,951 - -
Culture and recreation - 236,190 62,229 - 321,668
Employee benefits - - - - -
Total Expenditures 1,007,600 236,190 161,244 2,324,059 321,668
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 159,402 (236,190) 112,488 (904,536) 53,783
Other Financing Sources (Uses):
Proceeds from bonds and notes - - - - -
Premium from bonds and notes - - - - -
Insurance recoveries - - - - -
Transfers in - - - 700,000 -
Transfers out (160,500) - (70,000) - -
Total Other Financing Sources (Uses) (160,500) - (70,000) 700,000 -
Net Change in Fund Balances (1,098) (236,190) 42,488 (204,536) 53,783
Fund Balances - Beginning of Year 328,767 914,409 656,723 1,669,198 286,525
Fund Balances - End of Year $ 327,669 $ 678,219 $ 699,211 $ 1,464,662 $ 340,308
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Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ - $ 615,225 $ - $ - $ - $ - $ 615,225
- 110,487 662,100 3,108,111 677,627 - 4,936,157
1,236,489 - - - - - 2,034,480
- 2,252 - - - 1,057,463 3,067,283
- 28,746 9,668 - - 1,177 44,101
- - - - - 938,058 985,865
1,236,489 756,710 671,768 3,108,111 677,627 1,996,698 11,683,111
- - 209,877 - - 138,990 351,185
- - 486,218 - - 1,120,498 1,614,462
- - - 2,051,279 - 244,977 5,627,915
- - 9,400 - 678,642 - 688,042
- - 59,244 - - - 148,195
- 3,032,025 33,073 - - - 3,685,185
- - - - - 55,659 55,659
- 3,032,025 797,812 2,051,279 678,642 1,560,124 12,170,643
1,236,489 (2,275,315) (126,044) 1,056,832 (1,015) 436,574 (487,532)
- 1,849,000 - - - - 1,849,000
- 216,500 - - - 76,863 293,363
- - - - - - -
- - 1,200 - 6,391 95,918 803,509
(1,119,560) - (6,391) - - (122,154) (1,478,605)
(1,119,560) 2,065,500 (5,191) - 6,391 50,627 1,467,267
116,929 (209,815) (131,235) 1,056,832 5,376 487,201 979,735
1,862,791 2,413,529 622,222 740,468 2,266 2,652,391 12,149,289
$ 1,979,720 $ 2,203,714 $ 490,987 $ 1,797,300 $ 7,642 $ 3,139,592 $ 13,129,024
(Continued)
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NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2019
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
Revenues:
Property taxes $ - $ - $ - $ - $ 615,225
Intergovernmental - - - - 4,936,157
Charges for services - - - - 2,034,480
Departmental and other - - - - 3,067,283
Investment income 6,948 10,375 2,640 19,963 64,064
Contributions and donations 21,200 2,300 - 23,500 1,009,365
Total Revenues 28,148 12,675 2,640 43,463 11,726,574
Expenditures:
Current:
General government - - - - 351,185
Public safety - - - - 1,614,462
Education - - - - 5,627,915
Public works - - - - 688,042
Health and human services - - - - 148,195
Culture and recreation - 4,356 - 4,356 3,689,541
Employee benefits - - - - 55,659
Total Expenditures - 4,356 - 4,356 12,174,999
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 28,148 8,319 2,640 39,107 (448,425)
Other Financing Sources (Uses):
Proceeds from bonds and notes - - - - 1,849,000
Premium from bonds and notes - - - - 293,363
Transfers in - - - - 803,509
Transfers out (5,000) - - (5,000) (1,483,605)
Total Other Financing Sources (Uses) (5,000) - - (5,000) 1,462,267
Net Change in Fund Balances 23,148 8,319 2,640 34,107 1,013,842
Fund Balances - Beginning of Year 503,332 578,394 173,230 1,254,956 13,404,245
Fund Balances - End of Year $ 526,480 $ 586,713 $ 175,870 $ 1,289,063 $ 14,418,087
(Concluded)
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Internal Service Funds
Narrative
Internal service funds are used to account for the financing of services provided by one department to
other departments or governmental units. The Town’s risk financing activities accounts for in the internal
service funds can be distinctly categorized into the following groupings:
Health Claims – This fund accounts for the group health and dental insurance activity for active Town
employees and retirees.
Workers’ Compensation Claims – This fund accounts for workers’ compensation benefits, replacement
wages and medical claims expenses of employees that qualify for such benefits.
Unemployment Claims – This fund accounts for unemployment benefits for eligible employees.
Building Insurance – This fund accounts for resource accumulated to pay for damage to Town property
that is not covered by liability insurance.
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INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2019
Total
Health Workers' Unemployment Building Internal
Claims Compensation Claims Insurance Service Funds
Assets:
Current assets:
Cash and cash equivalents $ 2,239,590 $ 3,789 $ 264,011 $ 20,252 $ 2,527,642
Investments 4,297,543 - - - 4,297,543
Receivables, net of allowance for uncollectibles:
Departmental and other 224,395 - - - 224,395
Prepaid items - - - - -
Deposit held by third party 61,800 - - - 61,800
Total Current Assets 6,823,328 3,789 264,011 20,252 7,111,380
Liabilities:
Current liabilities:
Warrants and accounts payable 1,265,582 260 7,559 - 1,273,401
Health claims incurred but not reported 884,633 - - - 884,633
Total Current Liabilities 2,150,215 260 7,559 - 2,158,034
Net Position:
Unrestricted 4,673,113 3,529 256,452 20,252 4,953,346
TOTAL NET POSITION $ 4,673,113 $ 3,529 $ 256,452 $ 20,252 $ 4,953,346
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INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FISCAL YEAR ENDED JUNE 30, 2019
Total
Health Workers' Unemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Operating Revenues:
Employee contributions $ 3,990,806 $ - $ - $ - $ 3,990,806
Employer contributions 11,550,823 - 100,000 - 11,650,823
Stop loss reimbursements 3,252,099 - - - 3,252,099
Total Operating Revenues 18,793,728 - 100,000 - 18,893,728
Operating Expenditures:
Contractual services - - - 450,000 450,000
Employee benefits 19,759,197 4,951 111,137 - 19,875,285
Total Operating Expenditures 19,759,197 4,951 111,137 450,000 20,325,285
Operating Income (Loss) (965,469) (4,951) (11,137) (450,000) (1,431,557)
Nonoperating Revenues (Expenses):
Investment Income 57,287 220 6,649 3,991 68,147
Income (Loss) Before Transfers (908,182) (4,731) (4,488) (446,009) (1,363,410)
Change in Net Position (908,182) (4,731) (4,488) (446,009) (1,363,410)
Fund Balances - Beginning of Year 5,581,295 8,260 260,940 466,261 6,316,756
Fund Balances - End of Year $ 4,673,113 $ 3,529 $ 256,452 $ 20,252 $ 4,953,346
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INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2019
Total
Health Workers' Umemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Cash Flows From Operating Activities:
Receipts from interfund services provided $ 18,797,227 $ - $ 100,000 $ - $ 18,897,227
Payments for interfund services used (18,592,745) (4,691) (103,928) (450,000) (19,151,364)
Net Cash Provided by (Used in) Operating Activities 204,482 (4,691) (3,928) (450,000) (254,137)
Cash Flows From Investing Activities:
Investment income 57,287 220 6,649 3,991 68,147
Investment of operating cash (567,889) - - 464,267 (103,622)
Net Cash Provided By Investing Activities (510,602) 220 6,649 468,258 (35,475)
Net Change in Cash and Cash Equivalents (306,120) (4,471) 2,721 18,258 (289,612)
Cash and Cash Equivalents:
Beginning of the Year 2,545,710 8,260 261,290 1,994 2,817,254
End of the Year $ 2,239,590 $ 3,789 $ 264,011 $ 20,252 $ 2,527,642
Reconciliation of Operating Income (Loss) to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss) (965,469) (4,951) (11,137) (450,000) (1,431,557)
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Changes in assets and liablities:
Receivables 3,499 - - - 3,499
Prepaid items 41,962 - - - 41,962
Accounts payable and accrued expenses 1,124,490 260 7,209 - 1,131,959
Net Cash Provided by (Used in) Operating Activities $ 204,482 $ (4,691) $ (3,928) $ (450,000) $ (254,137)
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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.
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AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED JUNE 30, 2019
Beginning End
of Year Additions Deletions of Year
Assets
Current assets:
Cash and cash equivalents $ 1,279,708 $ 464,153 $ (719,375) $ 1,024,486
Liabilities
Current liabilities:
Warrants payable $ 11,853 $ 662,618 $ (649,086) $ 25,385
Agency liabilities 1,267,855 531,835 (800,589) 999,101
Total Liabilities $ 1,279,708 $ 1,194,453 $ (1,449,675) $ 1,024,486
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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. The Town’s Council on Aging Department purchased two new twenty passenger wheelchair accessible senior citizen buses to provide transportation assistance to elderly and disabled citizens who are unable to drive on their own. Town of Canton, Massachusetts Page 109 of 130 Comprehensive Annual Financial Report
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Statistical Section
This part of the comprehensive annual financial report presents information as a context for understanding
what the information in the financial statements, note disclosures, and required supplementary
information says about the Town’s overall financial health.
Financial Trends
These schedules contain trend information to help the reader understand how the Town’s financial
performance and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the Town’s most significant local revenue
source, the property tax.
Debt Capacity
These schedules present information to help the reader assess the affordability of the Town’s current
levels of outstanding debt, and the Town’s ability to issue additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the Town’s financial activities take place.
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information
in the Town’s financial report relates to the services the Town provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the financial
statements for the relevant year.
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NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2010 2011 2012 (1) 2013 2014 2015 (2) 2016 2017 2018 (3) 2019
Governmental activities:
Net investment in capital assets…………………………….
$ 57,942,064 $ $ 62,056,797 $ 63,962,326 $ 61,957,511 $ 70,116,230 $ 76,109,604 $ 78,591,436 $ 78,738,423 $ 81,317,923 $ 85,225,980
Restricted………………………………………………………………………….. 7,781,249 7,457,544 6,774,650 10,768,853 8,912,488 9,193,516 9,006,548 10,642,548 10,880,921 10,431,283
Unrestricted……………………………………………………………… 6,141,042 (3,861,890) (8,796,940) (14,921,000) (23,682,247) (57,308,073) (55,970,281) (57,041,754) (86,179,993) (97,227,078)
Total governmental activities net position………………………………………..
$ 71,864,355 $ 65,652,451 $ 61,940,036 $ 57,805,364 $ 55,346,471 $ 27,995,047 $ 31,627,703 $ 32,339,217 $ 6,018,851 $ (1,569,815)
Business-type activities:
Net investment in capital assets…………………………….
$ 15,188,472 $ 17,195,414 $ 16,033,950 $ 16,381,614 $ 15,743,697 $ 16,386,618 $ 17,457,708 $ 18,785,822 $ 20,603,290 $ 23,248,847
Unrestricted………………………………………………………………. 3,836,227 2,796,789 4,362,212 4,030,576 6,399,642 6,342,679 9,040,938 8,905,131 7,446,856 7,149,422
Total business-type activities net position…………………………….
$ 19,024,699 $ 19,992,203 $ 20,396,162 $ 20,412,190 $ 22,143,339 $ 22,729,297 $ 26,498,646 $ 27,690,953 $ 28,050,146 $ 30,398,269
Primary government:
Net investment in capital assets…………………………….
$ 73,130,536 $ 79,252,211 $ 79,996,276 $ 78,339,125 $ 85,859,927 $ 92,496,222 $ 96,049,144 $ 97,524,245 $ 101,921,213 $ 108,474,827
Restricted………………………………………………………………………. 7,781,249 7,457,544 6,774,650 10,768,853 8,912,488 9,193,516 9,006,548 10,642,548 10,880,921 10,431,283
Unrestricted…………………………………………………………… 9,977,269 (1,065,101) (4,434,728) (10,890,424) (17,282,605) (50,965,394) (46,929,343) (48,136,623) (78,733,137) (90,077,656)
Total primary government net position………………………………………………….
$ 90,889,054 $ 85,644,654 $ 82,336,198 $ 78,217,554 $ 77,489,810 $ 50,724,344 $ 58,126,349 $ 60,030,170 $ 34,068,997 $ 28,828,454
(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 net pension liability. This resulted in a prior period restatement decreasing governmental activities and business-type activities beginning balances by
$34,589,481 and $2,341,420, respectively, as of July 1, 2014.
(3) In fiscal year 2018, the Town restated its net other postemployment liability. This resulted in a prior period restatement decreasing governmental activities and business-type beginning balances by
$28,907,860 and $1,180,102, respectively, as of July 1, 2017.
Town of Canton, Massachusetts Page 112 of 130 Comprehensive Annual Financial ReportSource page 185
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2010 2011 2012 2013 2014 2015 2016 (1) 2017 (1) 2018 (1) 2019 (1)
Expenses -
Governmental activities:
General government…...…………………………………………………… $ 5,856,721 $ $ 6,012,221 $ 5,898,196 $ 5,809,111 $ 6,231,894 $ 5,683,805 $ 5,764,062 $ 5,965,196 $ 5,578,489 $ 6,597,325
Public safety…..……………………………………………………………… 14,815,007 14,845,911 15,490,670 16,060,024 16,660,306 15,312,760 16,584,359 17,532,705 19,250,042 20,028,852
Education……..…………………………………………………………………. 56,105,191 57,174,814 58,649,480 61,782,205 64,153,101 54,772,830 60,963,021 68,325,037 70,396,176 72,945,712
Public works……...………………………………………………………………. 5,725,429 5,964,437 5,703,015 6,286,770 6,419,350 7,227,459 7,581,355 7,658,668 7,911,117 8,254,354
Health and human services……………...…………………………………………………………….
1,094,171 1,133,985 1,221,862 1,314,086 1,346,871 1,609,060 1,536,513 1,684,833 1,635,120 1,598,126
Culture and recreation………...…………………………………………………………..
2,762,453 2,882,803 2,944,861 2,985,722 3,123,867 3,006,143 3,698,331 3,683,115 3,768,025 4,763,997
Interest…………………………………………………………………… 1,919,708 1,797,797 1,664,859 1,668,538 1,557,660 722,667 672,768 636,035 659,834 595,390
Total government activities expenses…………………………………….. 88,278,680 89,811,968 91,572,943 95,906,456 99,493,049 88,334,724 96,800,409 105,485,589 109,198,803 114,783,756
Business-type activities:
Water…………………………………………………………………… 4,644,182 4,968,675 5,456,431 5,853,408 5,225,383 5,253,139 5,692,320 6,141,278 7,105,456 6,656,972
Sewer…………………………………………………………………… 4,575,414 4,819,406 5,084,191 5,173,053 5,366,166 5,416,303 5,925,780 6,191,663 6,275,549 6,415,007
Rink…………………………………………………………………… 486,775 504,265 496,394 390,072 353,666 405,752 79,670 61,792 13,498 15,301
Total business-type activities expenses…………………………………….. 9,706,371 10,292,346 11,037,016 11,416,533 10,945,215 11,075,194 11,697,770 12,394,733 13,394,503 13,087,280
Total primary government expenses………………………………………. $ 97,985,051 $ 100,104,314 $ 102,609,959 $ 107,322,989 $ 110,438,264 $ 99,409,918 $ 108,498,179 $ 117,880,322 $ 122,593,306 $ 127,871,036
Program Revenues -
Governmental activities:
Charges for services:
General government………………………………………………… $ 919,070 $ $ 385,778 $ 325,814 $ 554,773 $ 978,216 $ 881,979 $ 776,450 $ 563,303 $ 629,653 $ 1,072,993
Public safety……………………………………………………………….. 2,076,797 2,036,855 2,292,477 2,790,608 2,595,617 2,908,421 3,123,869 2,778,390 3,575,574 3,553,243
Education………………………………………………………………. 2,105,396 2,143,729 2,155,031 2,253,878 2,632,798 2,640,969 2,788,752 2,328,949 2,463,638 2,402,968
Public works………………………………………………………………. 129,056 92,920 125,694 210,642 227,108 281,025 316,164 267,218 308,449 293,344
Human services………………………………………………………………. 41,527 46,661 66,462 85,978 91,484 151,953 97,633 101,977 107,678 95,143
Culture and recreation……………………………………………………… 379,669 346,254 528,937 396,771 359,497 399,396 468,374 460,175 436,273 490,079
Operating grants and contributions…………………………………… 14,937,773 15,381,360 16,776,734 16,961,153 18,811,622 13,609,976 15,841,950 18,253,254 19,405,225 20,992,327
Capital grants and contributions………………………………………….. 1,170,098 162,497 1,659,561 550,999 611,930 2,832,069 1,562,827 922,822 2,293,126 795,169
Total government activities program revenues...…………………………….. 21,759,386 20,596,054 23,930,710 23,804,802 26,308,272 23,705,788 24,976,019 25,676,088 29,219,616 29,695,266
Business-type activities:
Charges for services - Water…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
5,693,293 6,965,364 6,672,927 6,702,942 6,943,731 7,011,223 7,084,917 6,929,539 7,186,664 6,631,764
Charges for services - Sewer…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
4,772,693 4,965,133 5,227,905 5,344,425 6,045,829 6,559,894 6,517,066 6,560,287 7,143,471 6,798,905
Charges for services - Rink…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
404,449 430,878 446,111 431,671 429,555 367,098 - - - -
Capital grant and contributions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
497,305 - - - 463,500 - - - 5,625 450,000
Operating grants and contributions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- - - - 6,250 37,338 2,093 80,960 - -
Total business-type activities program revenues……………………………………..
11,367,740 12,361,375 12,346,943 12,479,038 13,888,865 13,975,553 13,604,076 13,570,786 14,335,760 13,880,669
Total primary government program revenues……………………………………….
$ 33,127,126 $ 32,957,429 $ 36,277,653 $ 36,283,840 $ 40,197,137 $ 37,681,341 $ 38,580,095 $ 39,246,874 $ 43,555,376 $ 43,575,935
Net (Expense)/Program Revenue
Governmental activities……………………....……………………………..
$ (66,519,294) $ (69,215,914) $ (67,642,233) $ (72,101,654) $ (73,184,777) $ (64,628,936) $ (71,824,390) $ (79,809,501) $ (79,979,187) $ (85,088,490)
Business-type activities……………………....…………………………….. 1,661,369 2,069,029 1,309,927 1,062,505 2,943,650 2,900,359 1,906,306 1,176,053 941,257 793,389
Total primary government net (expense)/program revenue……………………………………….
$ (64,857,925) $ (67,146,885) $ (66,332,306) $ (71,039,149) $ (70,241,127) $ (61,728,577) $ (69,918,084) $ (78,633,448) $ (79,037,930) $ (84,295,101)
(1) The roof of the Rink partially collapsed due to storm damage which has temporarily suspended operations and has led to a decrease in activity in the Rink Enterprise fund. (continued)
Town of Canton, Massachusetts Page 113 of 130 Comprehensive Annual Financial ReportSource page 186
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
General Revenues and other Changes in Net Position -
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable…………………………………………………. $ 52,922,668 $ $ 54,892,887 $ 56,128,582 $ 58,966,309 $ 61,423,003 $ 63,720,607 $ 67,168,983 $ 72,087,049 $ 74,151,256 $ 76,504,860
Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
210,666 349,982 597,670 421,708 591,950 213,952 204,512 220,189 301,286 218,223
Motor vehicle excise taxes…………………………………………………… 3,082,341 3,286,609 3,101,266 3,914,171 3,380,408 4,385,878 4,376,168 4,581,480 4,707,385 4,913,963
Penalties and interest on taxes…………………………………………….. 317,161 305,814 263,511 323,695 344,012 310,740 254,164 314,625 364,795 284,011
Payments in lieu of taxes……………………………………………………………… 199,299 199,225 219,205 224,311 214,543 222,149 225,405 231,040 236,816 242,736
Hotel and meals taxes……………………………………………………………… - - 38,309 460,905 568,317 581,621 601,227 593,076 603,821 617,748
Grants and contributions not restricted to specific programs………………………………………………………………
2,165,199 2,201,430 2,026,227 2,202,728 2,776,692 2,213,169 2,013,767 2,099,870 2,180,123 2,255,103
Unrestricted investment income……………………………………………. 212,187 195,037 166,466 201,635 194,375 218,877 246,862 359,644 521,199 792,608
Insurance recoveries……………………………………………………………… - - - - - - 2,190,705 - - -
Miscellaneous……………………………………………………………… 312,573 471,501 382,614 188,275 - - - - - -
Transfers……………………………………………………………… 1,054,170 1,101,525 1,166,968 1,063,245 1,232,584 - (1,824,747) 34,042 (500,000) (1,500,000)
Total governmental activities…………………………………………………………………
60,476,264 63,004,010 64,090,818 67,966,982 70,725,884 71,866,993 75,457,046 80,521,015 82,566,681 84,329,252
Business-type activities:
Unrestricted investment income……………………………………………. - - - 16,768 20,083 27,019 38,296 50,296 98,038 195,048
Transfers……………………………………………………………… (1,054,170) (1,101,525) (1,166,968) (1,063,245) (1,232,584) - 1,824,747 (34,042) 500,000 1,500,000
Total business-type activities….………..………………………………….. (1,054,170) (1,101,525) (1,166,968) (1,046,477) (1,212,501) 27,019 1,863,043 16,254 598,038 1,695,048
Total primary government general revenues and other
changes in net position…………………………………………………. $ 59,422,094 $ 61,902,485 $ 62,923,850 $ 66,920,505 $ 69,513,383 $ 71,894,012 $ 77,320,089 $ 80,537,269 $ 83,164,719 $ 86,024,300
Changes in Net Position
Governmental activities……………………....…………………………….. $ (6,043,030) $ (6,211,904) $ (3,551,415) $ (4,134,672) $ (2,458,893) $ 7,238,057 $ 3,632,656 $ 711,514 $ 2,587,494 $ (759,238)
Business-type activities……………………....…………………………….. 607,199 967,504 142,959 16,028 1,731,149 2,927,378 3,769,349 1,192,307 1,539,295 2,488,437
Total primary government changes in net position……………………………………….
$ (5,435,831) $ (5,244,400) $ (3,408,456) $ (4,118,644) $ (727,744) $ 10,165,435 $ 7,402,005 $ 1,903,821 $ 4,126,789 $ 1,729,199
(concluded)
Town of Canton, Massachusetts Page 114 of 130 Comprehensive Annual Financial ReportSource page 187
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
General Fund:
Nonspendable……………………………….$ - $ - $ - $ - $ - $ - $ - $ 7,252 $ 15,376 $ 1,609
Restricted………………………………. 6,595,314 6,033,902 5,483,092 5,160,240 - - - - 15,918 110,803
Committed…………………………….. 240,545 202,643 328,343 470,608 358,148 364,246 886,722 923,152 1,026,447 976,324
Assigned…………………………….. 1,363,064 1,165,952 456,548 361,035 893,993 793,408 1,846,942 876,862 1,599,273 1,680,982
Unassigned…………………………… 5,193,760 5,825,529 7,118,096 8,276,920 9,815,657 11,430,875 12,961,775 16,128,195 17,224,537 17,486,817
Total general fund……………………………..$ 13,392,683 $ 13,228,026 $ 13,386,079 $ 14,268,803 $ 11,067,798 $ 12,588,529 $ 15,695,439 $ 17,935,461 $ 19,881,551 $ 20,256,535
All Other Governmental Funds:
Nonspendable……………………………….$ 356,385 $ 394,385 $ 404,785 $ 419,585 $ 432,785 $ 445,985 $ 471,585 $ 489,185 $ 511,185 $ 532,385
Restricted………………………………. 7,744,716 6,504,706 7,000,533 8,707,938 11,544,545 10,939,315 10,584,773 11,869,527 14,510,055 14,125,182
Unassigned…………………………… (1,116,827) (1,301,454) (1,735,507) (468,758) (1,187,828) (632,310) (2,674,755) (156,123) (117,756) (1,260,976)
Total all other governmental funds……………..
$ 6,984,274 $ 5,597,637 $ 5,669,811 $ 8,658,765 $ 10,789,502 $ 10,752,990 $ 8,381,603 $ 12,202,589 $ 14,903,484 $ 13,396,591
Note: The Town implemented GASB 54 in fiscal year 2011. Fiscal year 2010 data presented were restated to conform to the GASB 54 presentation.
Town of Canton, Massachusetts Page 115 of 130 Comprehensive Annual Financial ReportSource page 188
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Revenues:
Property taxes, net of tax refunds…………………………………………………….
$ 52,217,093 $ $ 55,345,629 $ 56,246,748 $ 59,063,932 $ 61,544,401 $ 63,767,588 $ 67,223,724 $ 71,943,571 $ 74,255,762 $ 76,650,432
Tax title……………………………………………………………………………. 193,859 224,631 371,909 219,962 782,539 351,721 147,456 172,988 297,266 220,536
Motor vehicle and other excise taxes………………………………………… 3,080,023 3,289,549 3,165,288 3,473,978 3,714,753 4,119,643 4,555,904 4,505,384 4,703,198 4,903,303
Hotel and meals taxes…………………………………………………… - - 38,309 460,905 568,317 581,621 601,227 593,076 603,821 617,748
Charges for services……………………………………………………… 1,611,311 1,704,553 1,598,646 1,474,669 1,580,929 1,627,494 1,747,854 2,028,754 2,108,925 2,034,480
Penalties and interest on taxes………………………………………317,161 305,814 263,511 323,695 344,012 310,740 254,164 314,625 364,795 284,011
Payments in lieu of taxes…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
199,299 199,225 219,205 224,311 214,543 222,149 225,405 231,040 236,816 242,736
Fines and forfeitures…………………………………………… 139,458 165,051 134,626 109,411 141,311 113,467 119,540 92,821 114,905 87,062
Intergovernmental…………………………………………………….. 18,613,887 17,825,334 20,571,148 19,712,460 20,403,915 16,564,548 19,102,008 20,785,945 22,693,271 23,444,929
Intergovernmental - school construction grants……………………………………..- - - - - 1,206,545 - - 600,762 -
Departmental and other………………………………………………. 3,394,781 2,768,345 2,971,011 3,456,976 4,073,470 4,119,749 4,506,265 3,539,653 4,423,606 4,627,094
Licenses and permits……………………………………….. 658,905 646,450 912,233 1,043,909 817,829 1,282,441 1,035,070 1,142,116 1,235,156 1,257,881
Contributions……………………………………………………………. 416,991 362,965 349,244 398,308 2,146,011 1,245,410 488,456 857,270 482,910 1,009,365
Investment income……………………………………………………….. 187,717 167,170 141,807 142,946 163,941 171,180 198,226 301,356 456,202 724,461
Total Revenue…………………………………………………
81,030,485 83,004,716 86,983,685 90,105,462 96,495,971 95,684,296 100,205,299 106,508,599 112,577,395 116,104,038
Expenditures:
General government…………………………………………………………….
4,187,558 4,062,501 3,811,225 3,905,506 4,255,876 3,980,026 3,936,471 3,938,757 3,480,942 4,429,345
Public safety……………………………………………………………… 9,364,149 9,427,684 9,579,726 10,087,953 10,630,184 10,724,190 11,138,061 11,386,263 12,781,717 13,146,543
Education………………………………………………………………… 34,967,636 36,008,019 35,975,887 37,524,669 39,417,729 40,479,930 42,896,291 44,863,583 47,531,743 49,336,992
Public works…………………………………………………………….. 4,125,380 4,353,404 3,845,990 4,449,435 4,503,498 5,515,513 5,592,699 5,494,358 5,665,258 5,757,706
Health and human services…………………………………………………………..
767,077 805,351 861,386 853,534 892,603 1,182,773 1,106,152 1,152,349 1,105,044 1,007,387
Culture and recreation…………………………………………………1,771,572 1,830,239 1,818,050 1,793,002 1,880,085 2,062,646 2,647,844 2,493,339 2,587,654 3,061,095
Pension benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
10,482,808 11,104,953 11,325,041 11,733,329 11,915,349 7,321,245 9,802,225 12,480,279 13,538,094 14,173,028
Employee benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
9,107,798 9,973,437 10,403,739 10,327,387 11,152,708 11,675,327 11,482,452 12,083,049 13,061,838 13,070,009
State and county charges………………………………………… 932,878 849,149 874,821 959,538 959,868 944,583 927,338 995,573 1,015,303 1,230,700
Capital outlay and other……………………………………………………………….
2,495,021 3,771,064 6,577,524 2,369,095 2,930,119 8,445,932 6,844,641 5,203,195 5,138,643 10,233,283
Debt service:
Principal……………………………………………………………… 3,947,750 4,029,141 4,306,220 4,385,178 4,520,404 3,819,900 3,931,624 3,821,850 3,871,933 3,786,421
Interest……………………………………………………………………. 1,955,945 1,838,977 1,661,391 1,677,804 1,619,994 1,166,454 1,061,042 970,237 995,903 899,801
Total Expenditures………………………………………………………..
84,105,572 88,053,919 91,041,000 90,066,430 94,678,417 97,318,519 101,366,840 104,882,832 110,774,072 120,132,310
Excess of revenues over (under) expenditures…………………………………………………
(3,075,087) (5,049,203) (4,057,315) 39,032 1,817,554 (1,634,223) (1,161,541) 1,625,767 1,803,323 (4,028,272)
Other Financing Sources (Uses):
Issuance of refunding bonds…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- 5,398,612 - - 15,185,400 - 515,000 1,596,000 414,000 1,398,300
Payments of refunded bonds…………………………………………………………….. - (5,540,000) - - (21,739,649) - (526,148) (1,619,000) (446,000) (1,482,000)
Issuance of bonds and notes………………...…………………………………………
1,087,261 1,964,388 2,932,908 2,603,159 175,000 2,861,150 1,367,000 5,455,000 1,792,000 3,970,000
Premium from bonds and notes………………...…………………………………………
69,122 261,192 136,455 166,242 2,258,843 153,042 11,148 305,990 246,871 510,063
Capital lease financing…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- 62,192 51,211 - - 104,250 - - - -
Insurance recoveries……………………………………………………………………………… - - - - - - 2,354,811 - - -
Transfers in……………………………………………………………………………… 2,445,096 2,865,322 2,854,525 3,835,589 3,988,699 1,856,376 2,294,746 2,421,242 2,829,878 2,728,332
Transfers out…………………………………………………………………………… (1,390,926) (1,513,797) (1,687,557) (2,772,344) (2,756,115) (1,856,376) (4,119,493) (2,387,200) (3,329,878) (4,228,332)
Total other financing sources (uses)…………………………………………………………………..
2,210,553 3,497,909 4,287,542 3,832,646 (2,887,822) 3,118,442 1,897,064 5,772,032 1,506,871 2,896,363
Net change in fund balance………………………………………………………………….
$ (864,534) $ (1,551,294) $ 230,227 $ 3,871,678 $ (1,070,268) $ 1,484,219 $ 735,523 $ 7,397,799 $ 3,310,194 $ (1,131,909)
Debt service as a percentage of noncapital expenditures……………………………………………….
7.23% 6.96% 7.07% 6.91% 6.69% 5.61% 5.28% 4.81% 4.61% 4.26%
Town of Canton, Massachusetts Page 116 of 130 Comprehensive Annual Financial ReportSource page 189
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
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
2016 3,367,549,515 443,366,255 349,329,400 160,467,160 953,162,815 4,320,712,330 4,083,657,900 105.80% 12.79 26.36 15.78
2017 3,508,576,688 459,186,222 358,855,200 171,786,770 989,828,192 4,498,404,880 4,615,563,300 97.46% 12.79 26.34 15.77
2018 3,633,566,271 536,026,099 402,226,020 177,246,290 1,115,498,409 4,749,064,680 4,615,563,300 102.89% 12.42 25.86 15.58
2019 3,824,234,297 557,405,693 426,392,980 181,040,100 1,164,838,773 4,989,073,070 5,111,198,800 97.61% 12.40 25.77 15.52
Commercial Value as % of Total Value
26.0%
24.0%
22.0%
20.0%
18.0%
16.0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: Official Statements, State Division of Local Services
Note: All property in the Commonwealth of Massachusetts is assessed at 100% of full and fair cash value. The State estimates this "equalized valuation" for all municipalities every two years.
Chapter 59, Section 21C of the Massachusetts General Laws, known as "Proposition 2 1/2", imposes 2 separate limits on the annual tax levy of the Town. The primary limitation is
that the tax levy cannot exceed 2 1/2% of the full and fair cash value. The secondary limitation is that the tax levy cannot exceed the maximum levy limit for the preceding fiscal year
as determined by the State Commissioner of Revenue by more than 2 1/2%, subject to an exception for property added to the tax rolls and for certain valuation increases. This
secondary limit may be exceeded in any fiscal year by majority approval of the voters, however, it cannot exceed the primary limitation.
Town of Canton, Massachusetts Page 117 of 130 Comprehensive Annual Financial ReportSource page 190
PRINCIPAL TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
2019 2010
Percentage of Percentage of
Total Taxable Total Taxable
Nature of Assessed Assessed Assessed Assessed
Taxpayer Business Valuation Rank Value Valuation Rank Value
Eversource (formerly NSTAR) Utility $ 64,128,330 1 1.29% $ 45,357,350 1 1.14%
Spear Street Capital Offices 60,053,600 2 1.20%
Medical Information Tech., Inc. Offices 57,169,800 3 1.15% 33,914,300 4 0.85%
Randolph Properties Housing 53,626,400 4 1.07%
BAC Canton Holdings LLC (formerly
One Beacon Insurance) Offices 49,754,400 5 1.00% 36,383,100 3 0.91%
Hines Global 250 Royall (formerly
Computershare) Offices 39,120,900 6 0.78% 23,732,200 8 0.59%
Boston Mutual Offices 34,460,650 7 0.69% 27,199,100 7 0.68%
Canton Village Shoppes Retail 30,079,300 8 0.60% 28,940,900 5 0.73%
Spirit Canton LLC (formerly Casual Male) Offices 22,969,700 9 0.46%
Columbia Gas Utility 21,574,800 10 0.43%
Reebok Offices 43,519,676 2 1.09%
Waterfall Hills Apartments Residential 28,422,500 6 0.71%
Verizon Utility 22,838,500 9 0.57%
Criterion Canton Apartments Residential 19,695,600 10 0.49%
Totals $ 432,937,880 8.68% $ 310,003,226 7.77%
Source: Official Statements
Town of Canton, Massachusetts Page 118 of 130 Comprehensive Annual Financial ReportSource page 191
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
2010 $ 53,681,761 $ 604,741 $ 53,077,020 $ 52,019,666 98.01% $ 371,521 $ 52,391,100 98.71%
2011 56,595,429 945,610 55,649,819 54,980,240 98.80% 636,552 55,616,792 99.94%
2012 58,074,485 545,175 57,529,310 56,783,097 98.70% 424,995 57,208,092 99.44%
2013 60,155,267 637,338 59,517,929 58,747,142 98.70% 338,628 59,085,770 99.27%
2014 62,465,167 889,587 61,575,580 61,056,268 99.16% 255,400 61,311,668 99.57%
2015 64,629,621 749,741 63,879,880 63,380,847 99.22% 345,101 63,725,948 99.76%
2016 68,196,330 722,580 67,473,750 66,960,492 99.24% 358,845 67,319,337 99.77%
2017 70,946,770 533,230 70,413,540 69,940,713 99.33% 262,338 70,203,051 99.70%
2018 73,975,682 768,228 73,207,454 72,812,949 99.46% 205,598 73,018,547 99.74%
2019 77,438,400 600,537 76,837,863 76,374,966 99.40% - 76,374,966 99.40%
Source: Accounting Records
Town of Canton, Massachusetts Page 119 of 130 Comprehensive Annual Financial ReportSource page 192
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Governmental Activities Business-type Activities
General Direct General Direct Total Percentage Debt
Fiscal Obligation Borrowings and Obligation Borrowings and Outstanding Personal of Personal U.S Census Per
Year Bonds (1) Placements Bonds (1) Placements Debt Income Income Population Capita
2010 $ 45,506,780 $ - $ 15,128,273 $ 3,785,735 $ 64,420,788 $ 1,050,979,000 6.13% 21,732 $ 2,964
2011 43,253,178 - 18,945,585 4,155,695 66,354,458 968,993,208 6.85% 20,097 3,302
2012 41,835,011 - 23,231,805 4,460,844 69,527,660 969,066,640 7.17% 20,159 3,449
2013 40,010,850 - 24,947,875 4,212,885 69,171,610 993,466,795 6.96% 20,708 3,340
2014 31,039,890 - 25,562,439 5,618,255 62,220,584 1,049,031,660 5.93% 21,932 2,837
2015 29,331,327 335,000 24,633,842 5,141,590 59,441,759 1,084,774,372 5.48% 22,276 2,668
2016 26,426,780 321,226 22,970,109 4,661,625 54,379,740 1,107,131,165 4.91% 22,510 2,416
2017 28,000,477 307,176 23,466,201 4,178,293 55,952,147 1,125,784,923 4.97% 22,551 2,481
2018 25,868,216 292,843 21,261,941 3,691,526 51,114,526 1,156,150,065 4.42% 22,817 2,240
2019 26,215,007 278,222 19,095,011 3,201,255 48,789,495 1,205,739,311 4.05% 23,444 2,081
Source: U. S. Census, State Division of Local Services
(1) Presented net of original issuance discounts and premiums.
Town of Canton, Massachusetts Page 120 of 130 Comprehensive Annual Financial ReportSource page 193
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
2010 $ 60,635,053 $ (10,331,918) $ 50,303,135 $ 3,989,630,980 1.26% 21,732 $ 2,315
2011 62,198,763 (9,431,541) 52,767,222 3,974,669,080 1.33% 20,097 2,626
2012 65,066,816 (8,540,706) 56,526,110 3,954,593,860 1.43% 20,159 2,804
2013 64,958,725 (7,260,823) 57,697,902 3,971,663,460 1.45% 20,708 2,786
2014 56,602,329 (2,860,353) 53,741,976 3,884,619,110 1.38% 21,932 2,450
2015 53,965,169 (2,499,064) 51,466,105 4,069,871,500 1.26% 22,276 2,310
2016 49,396,889 (2,125,785) 47,271,104 4,320,712,330 1.09% 22,510 2,100
2017 51,466,678 (1,740,116) 49,726,562 4,498,404,880 1.11% 22,551 2,205
2018 47,130,157 (1,341,647) 45,788,510 4,749,064,680 0.96% 22,817 2,007
2019 45,310,018 (929,952) 44,380,066 4,989,073,070 0.89% 23,444 1,893
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 121 of 130 Comprehensive Annual Financial ReportSource page 194
COMPUTATION OF LEGAL DEBT MARGIN
LAST TEN FISCAL YEARS
(Amounts in Thousands)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Equalized Valuation…………………………………..
$ 4,487,450 $ 4,386,215 $ 4,386,215 $ 4,131,231 $ 4,131,231 $ 4,083,658 $ 4,083,658 $ 4,615,563 $ 4,615,563 $ 5,111,199
Debt Limit…………………………..…………………. 224,372 219,311 219,311 206,562 206,562 204,183 204,183 230,778 230,778 255,560
Outstanding general obligation bonds………………. 60,635 62,199 65,067 64,959 56,602 53,965 49,397 51,467 47,130 45,310
Authorized and unissued debt…………………………. 18,071 18,405 9,305 10,144 6,547 22,881 16,695 15,992 20,072 29,086
Debt not applicable to debt limit………………………….(15,481) (22,111) (28,735) (30,364) (31,263) (30,212) (28,533) (28,457) (25,574) (24,193)
Legal debt margin…………………………………………..
$ 161,147 $ 160,818 $ 173,674 $ 161,823 $ 174,676 $ 157,549 $ 166,624 $ 191,776 $ 189,150 $ 205,357
Total debt applicable to the limit
as a percentage of debt limit…………………………………..
28.18% 26.67% 20.81% 21.66% 15.44% 22.84% 18.39% 16.90% 18.04% 19.64%
Source: State Division of Local Services, Accounting Records
Town of Canton, Massachusetts Page 122 of 130 Comprehensive Annual Financial ReportSource page 195
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF JUNE 30, 2019
Estimated
Estimated Share of
Debt Percentage Overlapping
Outstanding Applicable Debt
Debt repaid with property taxes:
Norfolk County…………………………………………………….. 13,175,000 (a) 3.68% (c) $ 484,840
Subtotal, overlapping debt………………………………………………………………………….. 484,840
Town direct debt……………………………………………………………. 26,493,229
Total direct and overlapping debt…………………………………………… $ 27,462,909
(a) Outstanding debt as of May 1, 2019.
(c) Based on the Town's weighted percentage of total equalized valuation.
Source: Official Statements, Accounting Records
Town of Canton, Massachusetts Page 123 of 130 Comprehensive Annual Financial ReportSource page 196
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
Per
Capita
Fiscal Population Personal Personal Median School Unemployment
Year Estimates Income Income Age Enrollment Rate
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 47,975 42.3 3,312 5.50%
2014 21,932 1,049,031,660 47,831 42.3 3,321 5.20%
2015 22,276 1,084,774,372 48,697 42.3 3,385 4.20%
2016 22,510 1,107,131,165 49,184 42.3 3,375 3.40%
2017 22,551 1,125,784,923 49,922 42.3 3,379 3.50%
2018 22,817 1,156,150,065 50,671 42.3 3,353 2.50%
2019 23,444 1,205,739,311 51,431 42.3 3,329 2.40%
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 124 of 130 Comprehensive Annual Financial ReportSource page 197
PRINCIPAL EMPLOYERS (EXCLUDING TOWN)
CURRENT YEAR AND NINE YEARS AGO
2019 2010
Nature Percentage Percentage
of of Total Town of Total Town
Employer Business Employees Rank Employment Employees Rank Employment
Dunkin Brands, Inc. Food and Beverages 633 1 2.78% 568 5 2.42%
Computershare (Equiserve) Operations Center 540 2 2.38% 880 2 3.75%
Meditech Hospital Software 504 3 2.22% 702 3 2.99%
Destination XL Group (Casual Male) Retail/Wholesale 446 4 1.96% 475 6 2.02%
FIS Global Financial Services 350 5 1.54%
Stoneridge Control Devices (Pollak) Automotive Engineering 255 6 1.12% 252 9 1.07%
Boston Mutual Inurance Insurance Sales and Service 229 7 1.01% 264 8 1.12%
Pappas Rehablitation Hospital Pediatric Hospital 220 8 0.97% 224 10 0.95%
Gray, Gray and Gray LLP Accounting 107 9 0.47%
Bank of Canton Banking 104 10 0.46%
Reebok International Footwear 1,062 1 4.52%
One Beacon Insurance Insurance Sales and Service 668 4 2.85%
Organogenesis Regenerative Medicine 275 7 1.17%
Totals 3,388 14.90% 5,370 22.88%
Source: Official Statements
Town of Canton, Massachusetts Page 125 of 130 Comprehensive Annual Financial ReportSource page 198
FULL-TIME EQUIVALENT TOWN EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
Function 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
General government…………………………………………………………….
28 27 27 27 26 26 24 27 26 27
Public safety…………………………………………….. 104 103 104 104 103 99 101 103 103 105
Education…………………………………………………… 427 429 416 423 440 426 443 474 503 483
Public works……………………………………………………………..
43 43 43 43 46 43 43 42 43 46
Health and human services…………………………………………………………..
10 9 9 9 9 9 10 9 10 11
Culture and recreation…………………………………………………
22 22 22 22 23 24 22 24 24 24
Total Town employees…………….…………………...……..
634 633 621 628 647 627 643 679 709 696
Source: Town personnel records
Town of Canton, Massachusetts Page 126 of 130 Comprehensive Annual Financial ReportSource page 199
OPERATING INDICATORS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
General Government:
Population…………………………………….. 21,003 21,529 20,159 20,708 20,853 20,717 20,878 21,443 20,985 21,429
Registered voters……………………………………..14,376 14,624 12,529 14,241 14,467 14,734 14,984 15,694 15,877 16,482
Public Safety:
Police
Criminal offenses……………………………………………… 422 448 554 909 464 384 945 1,076 862 830
Fire
Fire calls………………………………………………..1,000 1,470 1,391 1,242 1,500 1,800 1,683 1,638 2,013 1,929
Ambulance calls………………………………………… 2,600 2,304 2,367 2,250 2,600 2,100 2,525 2,457 2,278 2,371
Permits issued………………………………………………. 950 927 1,218 949 1,380 1,005 745 857 976 725
Building Department
Building permits issued………………………………….771 788 860 905 894 1,132 1,514 1,271 1,093 1,196
Other permits issued…………………………………. 1,497 1,406 1,536 1,670 2,062 2,030 1,885 1,951 1,753 1,712
Education:
Number of students…………………………………. 3,061 3,229 3,252 3,262 3,338 3,427 3,378 3,379 3,353 3,329
Public Works:
Highway
Roads paved (miles)……………………………………………… 0.6 1.4 3.9 0.8 1.7 3.6 2.5 3.1 4.2 3.4
Water
Water mains installed (miles)…………………………… 1.0 2.1 0.0 1.8 2.0 0.0 0.0 2.5 0.0 0.0
Sewer
Sanitary sewers installed (miles)……………………………
0.0 1.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Health and Human Services:
Board of Health
Inspections and complaint investigations……… 730 742 520 661 680 673 652 925 760 714
Permits issued……………………………………………….. 612 627 636 645 647 641 644 644 652 575
Council on Aging
Bus trips………………………………………….. 9,000 9,200 9,550 9,825 8,500 7,863 8,200 10,180 8,830 11,369
Culture and Recreation:
Libaries
Circulation……………………………………………. 262,132 288,148 308,552 315,297 294,718 301,191 269,045 287,981 258,961 168,304
Children's programs held……………………………………………. 117 118 349 132 132 132 241 197 328 53
Children's programs attendance…………………………………………….
2,811 2,857 4,673 3,550 3,004 3,004 3,985 3,898 6,935 1,345
Recreation
Swimming pool attendance…………………………………………….
7,360 8,120 8,000 9,600 9,426 4,446 6,056 5,107 4,778 4,994
Playground program participants…………………………………………….
1,509 1,509 1,509 1,400 812 1,008 1,294 1,090 1,016 768
N/A - Information not available
Source: Various Town Departments and State websites.
Town of Canton, Massachusetts Page 127 of 130 Comprehensive Annual Financial ReportSource page 200
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
General Government:
Number of buildings……………………………….. 1 1 1 1 1 1 1 1 1 1
Public Safety:
Police
Number of stations……………………………. 1 1 1 1 1 1 1 1 1 1
Fire
Number of stations……………………………. 2 2 2 2 2 2 2 2 2 2
Education:
Number of elementary schools…………………………………….
3 3 3 3 3 3 3 3 3 3
Number of middle schools…………………………………….1 1 1 1 1 1 1 1 1 1
Number of high schools………………………………………..1 1 1 1 1 1 1 1 1 1
Public Works:
Road miles………………………………………. 94 94 112 112 112 112 112 112 112 112
Water main (miles)…………………………………………. 122 123 123 123 123 123 123 123 123 123
Sanitary sewers (miles)…………………………………………. 66 66 82 82 82 82 82 82 82 82
Number of water towers…………………….. 5 5 5 5 5 5 5 5 5 5
Number of water treatment plants…………………….. - - 1 2 2 2 2 2 2 2
Health and Human Services:
Number of senior centers…………………….. - - - - - - 1 1 1 1
Culture and Recreation:
Number of libraries……………………………………………
1 1 1 1 1 1 1 1 1 1
Number of pools………………………………….. 1 1 1 1 1 1 1 1 1 1
N/A - Information not available
Source: Various Town Departments and State websites.
Town of Canton, Massachusetts Page 128 of 130 Comprehensive Annual Financial Report