Canton, Massachusetts · Saved source text
Enterprise Funds FYE 21 Financial Results pdf file
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Source page 1
TOWN OF CANTON, MASSACHUSETTS
DEPARTMENT OF FINANCE
SUSAN E. DESJARDINS
MEMORIAL HALL ASST. TREASURER/COLLECTOR
801 WASHINGTON STREET sdesjardins@town.canton.ma.us
(781) 821-5006
WILLIAM R. SCOLLINS III CANTON, MA 02021
PHONE: 781-575-6610
FINANCE DIRECTOR LOUIS M. JUTRAS
FAX: 781-575-6608 INFORMATION
rscollins@town.canton.ma.us
town.canton.ma.us SYSTEMS MANAGER
(781) 575-6612
ljutras@town.canton.ma.us
(781) 821-5069
KATHLEEN D. BUTTERS
TOWN ACCOUNTANT
ALLYSON M. PODGURSKI
kbutters@town.canton.ma.us
ASSISTANT TOWN ACCOUNTANT
(781) 575-6605
apodgurski@town.canton.ma.us
MEMORANDUM (781) 821-5011
TO: Select Board
FROM: Randy Scollins, Finance Director
DATE: September 15, 2021
SUBJECT: Enterprise Funds’ Fiscal 2021 Operating Results
The attached report shows the enterprise funds’ operating results for fiscal 2021 compared to
fiscal 2020. Also attached is a balance sheet report which was prepared for the Department of
Revenue to certify the enterprise funds’ “free cash reserve” balances as of June 30, 2021.
The water enterprise’s budgeted deficit of $65,700 was due to retained earnings appropriated
for capital projects. The actual fiscal 2021 operating surplus was $970,137. One of the primary
drivers of the $401K revenue surplus is a result of fiscal 2020 revenues received in FY ’21.
Collections were negatively impacted in FY ’20 primarily by the decision to adopt the unique
MGL statute allowed by the legislature and adopted by the Select Board to provide rate payers
until June 30 to pay their water bills received during the 4th quarter of the fiscal year, as a form
of relief. In addition, the MWRA assessment was $500K less than budget
Fiscal 2021’s results have the water enterprise fund ending the year with an estimated cash
reserve of $1.3 million which is 16% of expenses. The current target is 50% of expenses.
The sewer enterprise’s budgeted deficit of $13,500 was due to retained earnings earmarked for
cash capital. The actual fiscal 2021 operating surplus was $952,434 primarily due to revenue
coming in higher than budget by $812K. Sewer’s end of year cash reserve is estimated to be
$3.1 million which is 47% of expenses. The current target is 50% of expenses.
The rink enterprise’s budgeted deficit of $77,499 was due to $17,000 in cash reserves used to
fund a new skate sharpener, along with expenses budgeted at ~$60K more than anticipated
revenue as a function of a shortened season due to COVID19. However, despite revenue
coming in $69K less than budget, the rink enterprise was still able to come in $2,721 ahead of
plan as a result of excellent expense management. The rink’s end of year cash reserve
amounted to an estimated $104K.
Please advise if you have any questions or comments concerning this information.
Attachments
cc: Charles Aspinwall, Town Administrator
Kathy Butters, Town Accountant
Liz Francis, Parks & Recreation Director
Tim McKenna, Chair, Finance Committee
Mike Trotta, DPW SuperintendentSource page 2
ENTERPRISE FUNDS' OPERATING BUDGET
CURRENT FISCAL YEAR PRIOR FISCAL YEAR
FISCAL FISCAL Actuals FISCAL FISCAL Actuals
2021 2021 VS. 2020 2020 VS.
DESCRIPTION BUDGET ACTUALS Budget BUDGET ACTUALS Budget
WATER REVENUE 7,386,658 7,787,484 400,826 7,058,470 6,601,546 (456,924)
SALARIES & WAGES 1,005,746 1,102,934 (97,188) 976,720 1,085,909 (109,189)
MWRA ASSESSMENT 2,137,222 1,637,287 499,935 2,137,222 2,147,100 (9,878)
DEBT SERVICE 2,361,866 2,356,899 4,967 2,265,970 2,198,295 67,675
CHARGES FROM GENERAL FUND 632,564 632,564 0 536,298 536,298 0
OTHER EXPENSES 1,249,260 1,021,963 227,297 1,142,260 1,093,694 48,566
TOTAL WATER OPERATING EXPENSES 7,386,658 6,751,647 635,011 7,058,470 7,061,296 (2,826)
CASH CAPITAL 65,700 65,700 0 235,000 110,490 124,510
TOTAL WATER ENTERPRISE EXPENSES 7,452,358 6,817,347 635,011 7,293,470 7,171,786 121,684
WATER SURPLUS/(DEFICIT) (65,700) 970,137 1,035,837 (235,000) (570,240) (335,240)
SEWER REVENUE 6,619,067 7,431,333 812,266 6,734,962 6,717,068 (17,894)
SALARIES & WAGES 500,499 458,076 42,423 480,694 459,275 21,419
MWRA ASSESSMENT 4,661,549 4,629,513 32,036 4,661,549 4,633,404 28,145
DEBT SERVICE 663,465 663,465 0 863,566 862,506 1,060
CHARGES FROM GENERAL FUND 378,855 378,855 0 329,454 329,454 0
OTHER EXPENSES 414,699 335,490 79,209 399,699 185,498 214,201
TOTAL SEWER OPERATING EXPENSES 6,619,067 6,465,399 153,668 6,734,962 6,470,137 264,826
CASH CAPITAL 13,500 13,500 0 200,000 200,000 0
TOTAL SEWER ENTERPRISE EXPENSES 6,632,567 6,478,899 153,668 6,934,962 6,670,137 264,826
SEWER SURPLUS/(DEFICIT) (13,500) 952,434 965,934 (200,000) 46,932 246,932
RINK REVENUE 238,660 169,736 (68,924) 0 40,331 40,331
SALARIES & WAGES 64,300 37,590 26,710 10,000 0 10,000
DEBT SERVICE 110,499 110,499 0 0 0 0
CHARGES FROM GENERAL FUND 5,460 5,460 0 0 0 0
OTHER EXPENSES 118,900 73,964 44,936 60,000 8,785 51,215
TOTAL RINK OPERATING EXPENSES 299,159 227,514 71,645 70,000 8,785 61,215
CASH CAPITAL 17,000 17,000 0 0 0
TOTAL RINK ENTERPRISE EXPENSES 316,159 244,514 71,645 70,000 8,785 61,215
RINK SURPLUS/(DEFICIT) (77,499) (74,778) 2,721 (70,000) 31,545 101,545
ATMDATA - 9-13-21.xlsx FYE 21 Entpr's Summary 9/15/2021Source page 3
Town of Canton
Combining Balance Sheet - Enterprise Funds
as of June 30, 2021 (Unaudited)
Totals
WATER SEWER RINK (Memorandum
Enterprise Fund Enterprise Fund Enterprise Fund Only)
ASSETS
Cash and cash equivalents 2,413,279.12 3,859,536.36 106,163.00 6,378,978.48
Receivables:
User Fees 761,581.15 766,594.09 1,528,175.24
Special assessments 31,061.72 33,761.23 64,822.95
Utility liens added to taxes 35,656.95 38,688.12 74,345.07
Amounts to be provided -Payment of Bonds 17,694,800.00 3,862,065.00 21,556,865.00
Total Assets 20,936,378.94 8,560,644.80 106,163.00 29,603,186.74
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable 76,066.00 12,443.86 1,704.60 90,214.46
Accrued payroll and withholdings 27,888.64 13,373.61 255.39 41,517.64
Other liabilities 10,596.82 10,596.82
Deferred revenue:
User Charges 761,581.15 766,594.09 1,528,175.24
Special assessments 31,061.72 33,761.23 64,822.95
Utility liens added to taxes 35,656.95 38,688.12 74,345.07
Bonds Payable 17,694,800.00 3,862,065.00 21,556,865.00
Total Liabilities 18,637,651.28 4,726,925.91 1,959.99 23,366,537.18
Fund Equity:
Reserved for encumbrances 930,350.06 330,922.62 1,261,272.68
Reserved for expenditures 72,000.00 382,000.00 454,000.00
Reserved for petty cash 25.00 25.00 50.00
Unreserved retained earnings 1,296,352.60 3,120,771.27 104,203.01 4,521,326.88
Total Fund Equity 2,298,727.66 3,833,718.89 104,203.01 6,236,649.56
Total Liabilities and Fund Equity 20,936,378.94 8,560,644.80 106,163.00 29,603,186.74