Canton, Massachusetts · Saved source text
Fiscal Year 2024 Annual Comprehensive Financial Report pdf file
Saved text from 135 source pages. Transcription and OCR may contain errors; verify figures and wording against the original. Retrieved 2026-10-15.
Source page 81
For the year ended June 30, 2024, the Town elected to use a measurement date that was the same
as the plan year-end date thus the majority of the same disclosures are used and will not be
repeated.
GASB Statement No. 75
OPEB Plan disclosures that impact the Town’s net OPEB liability using a measurement date of
June 30, 2024 are summarized as follows:
Employees Covered by Benefit Terms – The following employees were covered by the benefit
terms as of June 30, 2024:
Active employees 733
Inactive employees 630
Total 1,363
Contributions – The contribution requirements of OPEB Plan members and the Town are
established and may be amended by the Town. Retirees contribute 25% of the set premium for
medical, dental and life insurance plans. The remainder of the cost is funded by general revenues
of the Town. The Town currently contributes enough money to the Plan to satisfy current
obligations on a pay-as-you-go basis. The costs of administering the OPEB Plan are paid by the
Town. For the year ended June 30, 2024, the Town’s average contribution rate was 9.6% of
covered payroll.
Net OPEB Liability – The Town’s net OPEB liability was measured as of June 30, 2024 using an
actuarial valuation as of July 1, 2022. The components of the net OPEB liability of the Town as
of June 30, 2024 were as follows:
Total OPEB liability $ 100,093,241
Plan fiduciary net position (13,107,376)
Net OPEB liability $ 86,985,865
Plan fiduciary net position as
a percentage of the total
OPEB liability 13.10%
The total OPEB liability in the most recent actuarial valuation was determined using the
following key actuarial assumptions applied to all periods included in the measurement, unless
otherwise specified:
Town of Canton, Massachusetts Page 73 of 127 Annual Comprehensive Financial ReportSource page 82
Investment rate of return 6.83%, net of OPEB plan investment expense,
including inflation.
Muncipal bond rate 4.21% as of June 30, 2024
Discount Rate 6.66%, net of OPEB plan investment expense
including inflation.
Inflation 2.50% annually as of June 30, 2024 and for future periods
Health Care Trend Rate 5.00% trending to an ultimate rate of 3.63%
Salary Increases 3.00% annually as of June 30, 2024 and for future periods
Cost of Living Adjustment Not applicable.
Pre-Retirement Mortality RP-2014 Mortality Table for Blue Collar Employees projected
generationally with scale MP-2016, set forward one year
for females
Post-Retirement Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2016, set forward one
year for females
Disabled Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2016, set forward one
year
Actuarial Cost Method Individual entry age normal
Key assumption changes effective Fiscal Year ending June 30, 2024
Investment Rate of Return 6.83% previously 6.09%
Single Equivalent Discount Rate 6.66% previously 5.87%
Long Term Expected Rate of Return – The long-term expected rate of return on OPEB Plan
investments was determined using a building-block method in which best-estimate ranges of
expected future real rates of return (expected returns, net of OPEB Plan investment expense and
inflation) are developed for each major asset class.
These ranges are combined to produce the long-term expected rate of return by weighting the
expected future real rates of return by the target asset allocation percentage and by adding
expected inflation.
Town of Canton, Massachusetts Page 74 of 127 Annual Comprehensive Financial ReportSource page 83
The target allocation and best estimates of arithmetic real rates of return were as reflected in the
following table:
Expected
Target Investment Rate
Asset Class Allocation of Return
Domestic Equity - Large Cap 32.50% 4.91%
Domestic Equity - Small/Mid Cap 10.25% 5.29%
Interntional Equity - Developed Market 13.00% 5.32%
Interntional Equity - Emerging Market 6.75% 6.13%
Domestic Fixed Income 21.50% 2.30%
International Fixed Income 3.25% 2.02%
Alternatives 9.50% 6.35%
Real Estate 2.75% 6.25%
Cash 0.50% 0.00%
100.00%
Real rate of return 4.58%
Inflation assumption 2.50%
Total nominal rate of return 7.08%
Investment expense -0.25%
Net investment return 6.83%
Sensitivity Analyses – The following presents the Town’s net OPEB liability as well as what the
Town’s net OPEB liability would be if it were calculated using a discount rate that is 1% lower or
1% higher than the current discount rate as well as if the healthcare cost trend rates are 1% lower
or higher than the current healthcare cost trend rates:
Discount Rate
Current Rate 1% Decrease At Current Rate 1% Increase
Net OPEB liability 6.66% $ 100,501,507 $ 86,985,865 $ 75,919,009
Health Care Trend Rate
Net OPEB liability 5.00%>3.63% $ 74,760,259 $ 86,985,865 $ 102,083,544
Changes in the Net OPEB Liability – The following table summarizes the changes in the net
OPEB liability for the year ended June 30, 2024:
Town of Canton, Massachusetts Page 75 of 127 Annual Comprehensive Financial ReportSource page 84
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a) (b) (a) - (b)
Balances at June 30, 2023 $ 104,622,382 $ 10,534,554 $ 94,087,828
Changes for the year:
Service cost 2,481,293 - 2,481,293
Interest 6,165,194 - 6,165,194
Changes of assumptions (8,965,965) - (8,965,965)
Net investment income - 1,322,822 (1,322,822)
Employer contributions - 5,459,663 (5,459,663)
Benefit payments withdrawn from trust - (4,209,663) 4,209,663
Benefit payments (4,209,663) - (4,209,663)
Net changes (4,529,141) 2,572,822 (7,101,963)
Balances at June 30, 2024 $ 100,093,241 $ 13,107,376 $ 86,985,865
OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB – For the year
ended June 30, 2024, the Town recognized OPEB expense of $5,866,051. Deferred outflows of
resources and deferred inflows of resources related to OPEB as of June 30, 2024 were reported as
follows:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and actual earnings $ - $ 66,750
Changes of assumptions 7,589,167 7,729,640
Differences between expected and actual experience - 7,075,710
$ 7,589,167 $ 14,872,100
Amounts reported as deferred outflows of resources and deferred inflows of resources related to
OPEB will be recognized in OPEB expense (benefit) as follows:
June 30
2025 $ (1,037,037)
2026 (568,759)
2027 (1,626,890)
2028 (2,413,236)
2029 (1,533,610)
Thereafter (103,401)
$ (7,282,933)
Town of Canton, Massachusetts Page 76 of 127 Annual Comprehensive Financial ReportSource page 85
GASB Statement No. 74
OPEB Plan disclosures that impact the Town’s net OPEB liability using a measurement date of
June 30, 2024 are summarized in this section except disclosures under GASB 74 that are identical
to GASB 75 are not repeated.
Investment Custody – In accordance with Massachusetts General Laws, the Town Treasurer is the
custodian of the OPEB Plan and since the Town has not designated a Board of Trustees, the
Town Treasurer is also the Trustee and as such is responsible for the general supervision of the
management, investment and reinvestment of the OPEB Plan assets. OPEB Plan assets may be
invested and reinvested by the custodian consistent with the prudent investor rule established in
Chapter 203C and may, with the approval of the State Retiree Benefits Trust Fund Board of
Trustees, be invested in the State Retiree Benefits Trust Fund established in Section 24 of Chapter
32A. OPEB Plan assets must be segregated from other funds and not be subject to the claims of
any general creditor of the Town.
Investment Policy – The OPEB Plan has a formal investment policy to invest in Domestic Equity,
Domestic Fixed Income, International Equity, International Fixed Income, Alternative
Investments and Cash Equivalents with target allocations highlighted previously under the
caption long-term expected rate of return.
Investment Rate of Return – For the year ended June 30, 2024 the annual money-weighted rate of
return on investments, net of investment expense, was 11.71%. The money-weighted rate of
return expresses investment performance, net of investment expense, adjusted for the changing
amounts actually invested.
D. Risk Financing
The Town is exposed to various risks of loss related to torts: theft of, damage to and destruction
of assets; errors and omissions; and natural disasters for which the Town carries commercial
insurance. The amount of claim settlements has not exceeded insurance coverage in any of the
previous three years.
Group Health Insurance Plan – The Town maintains a "reinsured cost reimbursement program"
which covers the group health and dental insurance requirements of the Town employees. The
Plan is essentially a self-insurance program and employee claims in excess of $200,000 are
reinsured by the Plan. The Plan allows employees to participate in a Health Maintenance
Organization (HMO) or Preferred Provider Organization (PPO). The Town reimburses the costs
of the HMO and PPO 75 percent. The Town accrues an amount representing claims incurred but
not reported (IBNR), which is based on historical claims paid averages for the twelve months
prior to fiscal year end. At June 30, 2024, the amount of the liability for incurred but not reported
(IBNR) health insurance claims totaled $1,354,245. This liability is the best estimate based on
available information. In the fund-wide financial statements, the Town reports the activities of
the Group Insurance Health Plan in the Internal Service Fund where revenues are recorded when
earned and expenses are recorded when the liability is incurred.
Town of Canton, Massachusetts Page 77 of 127 Annual Comprehensive Financial ReportSource page 86
Changes in the reported liability since July 1, 2022, are as follows:
Balance at Claims and
Beginning Changes in Claims Balance at Current
of Year Estimates Payments End of Year Portion
Fiscal Year 2024 $ 1,236,615 $ 15,534,029 $(15,416,399) $ 1,354,245 $1,354,245
Fiscal Year 2023 $ 993,078 $ 14,356,751 $(14,113,214) $ 1,236,615 $1,236,615
Workers’ Compensation – The Town is also self-insured for their workers’ compensation
activities which are accounted for in the Internal Service Fund. Workers’ compensation claims
are administered by a third-party and are funded on a pay-as-you-go basis from annual
appropriations. The Town is premium based for all claims after July 1, 2009. The Town
purchases individual stop loss insurance in excess of the coverage provided in the amount of
$300,000. The estimated future workers’ compensation liability is not material at June 30, 2024
and is therefore not reported.
E. Commitments
The Town has entered or is planning to enter into contracts for various projects for which it has
authorized approximately $12.0 million in debt.
F. Contingencies
The Town is party to other certain legal claims, which are subject to many uncertainties, and the
outcome of individual litigation matters in these situations cannot be reasonably estimated.
Although the amount of liability, if any, in these situations at June 30, 2024, cannot be
ascertained, management believes that the resulting liability, if any, should not materially affect
the basic financial statements of the Town at June 30, 2024. Other amounts received or
receivable from grantor agencies are subject to audit and adjustment by grantor agencies,
principally the federal and state governments. Any disallowed claims, including amounts already
collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures
which may be disallowed by the grantor cannot be determined at this time although the Town
expects such amounts, if any, to be immaterial.
The Town is subject to certain Federal arbitrage laws in accordance with long-term borrowing
agreements. Failure to comply with the rules could result in the payment of penalties. The Town
does not believe it has failed to comply with any of these agreements.
G. Implementation of GASB pronouncements
Current Year Implementations –
In June 2022, the GASB issued GASB Statement No. 100, Accounting Changes and Error
Corrections – An Amendment of GASB Statement No 62. The objective of this Statement is to
enhance accounting and financial reporting requirements for accounting changes and error
corrections to provide more understandable, reliable, relevant, consistent and comparable
information for decision making or assessing accountability. The provisions of this Statement are
effective for financial reporting periods beginning after June 15, 2023 (fiscal year 2024). The
Town is currently evaluating whether adoption will have a material impact on the financial
statements.
Town of Canton, Massachusetts Page 78 of 127 Annual Comprehensive Financial ReportSource page 87
Future Implementations –
In June 2022, the GASB issued GASB Statement No. 101, Compensated Absences. The
objective of this Statement is to update the recognition and measurement guidance for
compensated absences by aligning the recognition and measurement guidance under a unified
model and by amending certain previously required disclosures. The provisions of this Statement
are effective for financial reporting periods beginning after December 15, 2023 (fiscal year 2025).
The Town is currently evaluating whether adoption will have a material impact on the financial
statements.
In December 2023, the GASB issued GASB Statement No. 102, Certain Risk Disclosures. The
objective of this Statement is to provide users of government financial statements with essential
information about risks related to a government’s vulnerabilities due to certain concentrations or
constraints. The provisions of this Statement are effective for financial reporting periods
beginning after June 15, 2024 (fiscal year 2025). The Town is currently evaluating whether
adoption will have a material impact on the financial statements.
In April 2024, the GASB issued GASB Statement No. 103, Financial Reporting Model
Improvements. The objective of this Statement is to improve key components of the financial
reporting model to enhance its effectiveness in providing information that is essential for decision
making and assessing a government’s accountability. The provisions of this Statement are
effective for financial reporting periods beginning after June 15, 2025 (fiscal year 2026). The
Town is currently evaluating whether adoption will have a material impact on its financial
statements.
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Required Supplementary Information Town of Canton, Massachusetts Page 81 of 127 Annual Comprehensive Financial Report
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TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - PENSIONS
YEAR ENDED JUNE 30, 2024
SCHEDULE OF THE TOWN'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
Proportionate Share Plan Fiduciary Net
of the Net Pension Position as a
Proportionate Share Liability as a Percentage of the
Year Ended Proportion of the Net of the Net Pension Covered Percentage of Total Pension
December 31, Pension Liability Liability Payroll Covered Payroll Liability
2023 7.54% $ 52,411,295 $ 28,084,636 186.62% 66.60%
2022 7.54% 43,608,995 27,012,254 161.44% 68.60%
2021 7.54% 27,788,518 26,098,796 106.47% 79.40%
2020 7.53% 38,466,459 24,698,673 155.74% 70.20%
2019 7.52% 44,172,062 23,863,452 185.10% 64.60%
2018 7.50% 48,810,765 22,791,591 214.16% 58.30%
2017 7.49% 41,436,616 22,020,861 188.17% 63.50%
2016 7.65% 39,940,473 20,827,226 191.77% 61.60%
2015 7.65% 41,561,656 20,463,151 203.10% 58.60%
2014 7.56% 39,226,903 18,661,216 210.21% 60.10%
SCHEDULE OF THE TOWN'S CONTRIBUTIONS TO PENSION PLAN
Contributions in
Relation to the
Actuarially Actuarially Contributions as a
Year Ended Determined Determined Contribution Covered Percentage of
June 30, Contribution Contribution Deficiency (Excess) Payroll Covered Payroll
2024 $ 7,319,701 $ 7,319,701 $ - $ 28,505,906 25.68%
2023 6,929,184 6,929,184 - 27,417,438 25.27%
2022 6,460,105 6,460,105 - 26,099,782 24.75%
2021 6,031,916 6,031,916 - 24,902,224 24.22%
2020 5,635,051 5,635,051 - 24,413,943 23.08%
2019 5,245,794 5,245,794 - 22,391,238 23.43%
2018 4,796,247 4,796,247 - 21,439,046 22.37%
2017 4,393,622 4,393,622 - 20,408,753 21.53%
2016 3,990,657 3,990,657 - 19,831,701 20.12%
2015 3,570,734 3,570,734 - 18,924,483 18.87%
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 82 of 127 Annual Comprehensive Financial ReportSource page 91
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - PENSIONS
YEAR ENDED JUNE 30, 2024
SCHEDULE OF THE COMMONWEALTH'S COLLECTIVE SHARE OF THE NET PENSION LIABILITY
MASSACHUSETTS TEACHER'S RETIREMENT SYSTEM
Commonwealth's Commonwealth's Expense and Plan Fiduciary Net
Proportionate Share Town's Proportionate Share Revenue Position as a
of the Collective Proportion Share of of the Net Pension Recognized for the Percentage of the
Year Ended Net Pension the Collective Net Liability Associated Commonwealth's Total Pension
June 30, * Liability Pension Liability with the Town Support Liability
2024 100.0% 0.0% $ 101,769,058 $ 9,502,191 58.48%
2023 100.0% 0.0% 90,986,654 7,484,540 57.75%
2022 100.0% 0.0% 86,829,924 6,967,740 62.03%
2021 100.0% 0.0% 106,047,688 13,098,409 50.67%
2020 100.0% 0.0% 93,579,605 11,348,151 53.95%
2019 100.0% 0.0% 89,963,752 9,116,524 54.84%
2018 100.0% 0.0% 85,595,564 8,933,858 54.25%
2017 100.0% 0.0% 81,158,195 8,278,668 52.73%
2016 100.0% 0.0% 74,445,117 6,038,162 55.38%
2015 100.0% 0.0% 56,880,811 3,951,783 61.64%
* Amounts determined for the previous year ended June 30.
Contributions to the MTRS are the responsibilty of the Commonwealth of Massachusetts. Accordingly, the Town has not recognized
any portion of the net pension liability relative to Town employees covered under the MTRS pension plan.
See accompanying independent auditors' report.
Town of Canton, Massachusetts Page 83 of 127 Annual Comprehensive Financial ReportSource page 92
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - OPEB
YEAR ENDED JUNE 30, 2024
SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED RATIOS
Year Ended June 30,
2024 2023 2022 2021 2020 2019 2018 2017
Total OPEB liability:
Service cost $ 2,481,293 $ 2,397,412 $ 2,091,699 $ 2,115,184 $ 2,011,440 $ 2,040,579 $ 2,675,741 $ 2,515,860
Interest 6,165,194 6,153,508 6,001,785 5,342,271 5,105,363 5,463,438 4,809,630 4,590,666
Difference between actual and plan experience - (8,032,680) - (5,176,153) (61,259) (5,996,352) - -
Changes of assumptions (8,965,965) 3,131,698 5,299,458 8,820,874 (2,915,959) (3,907,488) - -
Benefit payments (4,209,663) (4,297,460) (4,058,281) (4,119,198) (3,875,429) (3,723,578) (3,179,556) (3,013,880)
Net change in total OPEB liability (4,529,141) (647,522) 9,334,661 6,982,978 264,156 (6,123,401) 4,305,815 4,092,646
Total OPEB liability - beginning of year 104,622,382 105,269,904 95,935,243 88,952,265 88,688,109 94,811,510 90,505,695 86,413,049
Total OPEB liability - end of year (a) $ 100,093,241 $ 104,622,382 $ 105,269,904 $ 95,935,243 $ 88,952,265 $ 88,688,109 $ 94,811,510 $ 90,505,695
Plan fiduciary net position:
Contributions - employer $ 5,459,663 $ 5,447,460 $ 5,108,281 $ 5,033,198 $ 4,905,429 $ 4,523,578 $ 4,179,556 $ 3,783,880
Net investment income 1,322,822 764,306 (1,496,124) 1,771,991 130,887 263,700 175,423 221,830
Benefit payments (4,209,663) (4,297,460) (4,058,281) (4,119,198) (3,875,429) (3,723,578) (3,179,556) (3,013,880)
Net change in Plan fiduciary net position 2,572,822 1,914,306 (446,124) 2,685,991 1,160,887 1,063,700 1,175,423 991,830
Plan fiduciary net position - beginning of year 10,534,554 8,620,248 9,066,372 6,380,381 5,219,494 4,155,794 2,980,371 1,988,541
Plan fiduciary net position - end of year (b) $ 13,107,376 $ 10,534,554 $ 8,620,248 $ 9,066,372 $ 6,380,381 $ 5,219,494 $ 4,155,794 $ 2,980,371
Net OPEB liability - end of year (a) - (b) $ 86,985,865 $ 94,087,828 $ 96,649,656 $ 86,868,871 $ 82,571,884 $ 83,468,615 $ 90,655,716 $ 87,525,324
Plan fiduciary net position as a percentage of the total
OPEB liability 13.10% 10.07% 8.19% 9.45% 7.17% 5.89% 4.38% 3.29%
Covered-employee payroll $ 56,814,256 $ 55,159,472 $ 51,561,377 $ 50,059,589 $ 47,989,715 $ 46,591,956 $ 45,486,461 $ 44,161,613
Net OPEB liability as a percentage of covered-
employee payroll 153.11% 170.57% 187.45% 173.53% 172.06% 179.15% 199.30% 198.19%
Note: This schedule is presented to illustrate the requirement to show information for 10 years.
However, until a full 10-year trend is compiled, information is presented for those years
in which information is available.
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 84 of 127 Annual Comprehensive Financial ReportSource page 93
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - OPEB
YEAR ENDED JUNE 30, 2024
SCHEDULE OF CONTRIBUTIONS
Year Ended June 30,
2024 2023 2022 2021 2020 2019 2018 2017
Actuarially-determined contribution $ 7,079,145 $ 6,939,560 $ 6,735,572 $ 6,498,321 $ 7,670,645 $ 7,622,221 $ 8,240,517 $ 7,882,229
Contributions in relation to the actuarially-
determined contribution (5,459,663) (5,447,460) (5,108,281) (5,033,198) (4,905,429) (4,523,578) (4,179,556) (3,783,880)
Contribution deficiency (excess) $ 1,619,482 $ 1,492,100 $ 1,627,291 $ 1,465,123 $ 2,765,216 $ 3,098,643 $ 4,060,961 $ 4,098,349
Covered-employee payroll $ 56,814,256 $ 55,159,472 $ 51,561,377 $ 50,059,589 $ 47,989,715 $ 46,591,956 $ 45,486,461 $ 44,161,613
Contribution as a percentage of covered-
employee payroll 9.61% 9.88% 9.91% 10.05% 10.22% 9.71% 9.19% 8.57%
Valuation Date July 1, 2022 July 1, 2022 July 1, 2020 July 1, 2020 July 1, 2018 July 1, 2018 July 1, 2016 July 1, 2016
Amortization Period 30 years 30 years 30 years 30 years 30 years 30 years 30 years 30 years
Investment rate of return 6.83% 6.09% 5.88% 6.51% 7.00% 7.05% 6.80% 6.97%
Municipal bond rate 4.21% 4.13% 4.09% 2.18% 2.66% 2.79% 3.45% 3.13%
Single equivalent discount rate 6.66% 5.87% 5.83% 6.25% 6.00% 5.75% 5.25% 5.25%
Inflation 2.50% 2.50% 2.50% 2.50% 2.50% 2.75% 2.75% 2.75%
Healthcare cost trend rates 5.00>3.63% 9.00>3.63% 4.50% 4.50% 4.50% 4.50% 5.00% 5.00%
Salary increases 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Actuarial Cost Method Individual Entry Age Normal (for all years presented)
Asset Valuation Method Fair Value of Assets as of Reporting Date (for all years presented)
SCHEDULE OF INVESTMENT RETURNS
Year Ended June 30,
2024 2023 2022 2021 2020 2019 2018 2017
Annual money-weighted rate of return, net
of investment expense 11.71% 8.26% -15.55% 26.10% 2.35% 5.55% 5.05% 8.23%
Note: These schedules are presented to illustrate the requirement to show information for 10 years. However, until a
full 10-year trend is compiled, information is presented for those years in which information is available.
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 85 of 127 Annual Comprehensive Financial ReportSource page 94
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2024
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Revenues:
Taxes:
Real estate and personal property taxes $ 93,685,894 $ 93,685,894 $ 94,156,372 $ - 94,156,372 470,478
Tax title - - 163,001 - 163,001 163,001
Payments in lieu of taxes 1,993,000 1,993,000 1,993,518 - 1,993,518 518
Motor vehicle excise 4,359,500 4,359,500 5,644,166 - 5,644,166 1,284,666
Meals taxes 287,500 287,500 563,602 - 563,602 276,102
Room occupancy excise 115,000 115,000 692,768 - 692,768 577,768
100,440,894 100,440,894 103,213,427 - 103,213,427 2,772,533
Intergovernmental:
State aid - chapter 70 8,665,186 8,665,186 8,665,186 - 8,665,186 -
State aid - charter school 58,821 58,821 48,019 - 48,019 (10,802)
State aid - unrestricted 2,563,594 2,563,594 2,563,594 - 2,563,594 -
State aid - veterans 57,906 57,906 55,850 - 55,850 (2,056)
State aid - exemptions 118,371 118,371 151,749 - 151,749 33,378
State aid - state owned land 66,421 66,421 66,354 - 66,354 (67)
State aid - other - - 38,523 - 38,523 38,523
State aid - medicaid 115,000 115,000 210,435 210,435 95,435
MSBA school construction reimbursement - - 240,575 - 240,575 240,575
11,645,299 11,645,299 12,040,285 - 12,040,285 394,986
Departmental fees, charges, and other:
Municipal lien fees 45,000 45,000 27,450 - 27,450 (17,550)
Town clerk fees 40,000 40,000 35,525 - 35,525 (4,475)
Public safety detail fees 15,000 15,000 34,069 - 34,069 19,069
Other departmental fees 50,000 50,000 52,331 - 52,331 2,331
Rentals 150,000 150,000 47,259 - 47,259 (102,741)
Conservation department revenues 19,000 19,000 12,835 - 12,835 (6,165)
Grave openings and care 35,000 35,000 29,788 - 29,788 (5,212)
Solar revenues 450,000 450,000 935,079 - 935,079 485,079
Other departmental revenues 126,000 126,000 159,480 - 159,480 33,480
930,000 930,000 1,333,816 - 1,333,816 403,816
Licenses and permits:
Alcohol licenses 85,000 85,000 80,825 - 80,825 (4,175)
Other licenses 75,000 75,000 108,000 - 108,000 33,000
Building permits 705,000 705,000 829,152 - 829,152 124,152
Other permits 195,000 195,000 230,375 - 230,375 35,375
1,060,000 1,060,000 1,248,352 - 1,248,352 188,352
Fines and forfeitures:
Motor vehicle fines 50,000 50,000 64,944 - 64,944 14,944
Other fines 5,000 5,000 8,129 - 8,129 3,129
55,000 55,000 73,073 - 73,073 18,073
Penalties and interest on taxes 285,000 285,000 346,951 - 346,951 61,951
-
Interest and investment income 500,000 500,000 2,648,860 - 2,648,860 2,148,860
Total Revenues 114,916,193 114,916,193 120,904,764 - 120,904,764 5,988,571
Town of Canton, Massachusetts Page 86 of 127 Annual Comprehensive Financial ReportSource page 95
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2024
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Expenditures:
Current:
General Government:
Executive Branch 1,439,412 1,303,851 1,236,631 47,252 1,283,883 19,968
Executive Branch Articles 376,770 381,770 321,704 60,066 381,770 -
Commitees and Commissions 50,367 50,367 31,228 4,200 35,428 14,939
Reserve Fund 600,000 159,000 - - - 159,000
Finance Department 1,625,448 1,625,449 1,466,217 117,016 1,583,233 42,216
Finance Department Articles 229,618 429,618 154,318 275,229 429,547 71
Assessors 413,140 413,140 325,310 8,000 333,310 79,830
Town Clerk & Elections 316,751 332,751 331,310 47 331,357 1,394
Town Clerk & Elections Articles 11,025 11,025 11,025 - 11,025 -
Conservation Commission 183,644 183,644 172,379 4,700 177,079 6,565
Planning Board 80,342 80,342 75,172 - 75,172 5,170
Town Insurance 1,639,548 1,639,548 1,396,908 76,777 1,473,685 165,863
Total General Government 6,966,065 6,610,505 5,522,202 593,287 6,115,489 495,016
Public Safety
Fire Department 7,990,507 7,994,527 7,692,081 137,389 7,829,470 165,057
Fire Department Articles 193,557 193,557 172,539 21,018 193,557 -
Police Department 6,182,786 6,306,272 6,289,112 17,158 6,306,270 2
Police Department Articles 528,104 528,104 210,147 317,957 528,104 -
Building & Zoning 439,473 439,473 426,977 - 426,977 12,496
Total Public Safety 15,334,427 15,461,933 14,790,856 493,522 15,284,378 177,555
Education:
School 58,177,109 58,602,109 52,174,692 5,417,629 57,592,321 1,009,788
School Articles 3,390,216 3,465,216 2,988,124 476,246 3,464,370 846
Blue Hill Regional 1,770,018 1,770,018 1,770,018 - 1,770,018 -
Norfolk County Agricultural HS 50,000 50,000 30,184 - 30,184 19,816
Total Education 63,387,343 63,887,343 56,963,018 5,893,875 62,856,893 1,030,450
Public Works:
Public Works 4,459,992 4,468,046 4,436,237 31,758 4,467,995 51
Public Works Articles 1,396,530 1,396,530 243,123 1,152,887 1,396,010 520
Street Lighting 97,000 97,000 75,447 3,046 78,493 18,507
Snow & Ice 650,500 650,500 490,500 - 490,500 160,000
Trash Collection 2,612,246 2,612,246 2,596,815 14,670 2,611,485 761
Total Public Works 9,216,268 9,224,322 7,842,122 1,202,361 9,044,483 179,839
Health and Human Services:
Health Department 455,643 455,643 375,550 3,593 379,143 76,500
Council on Aging 474,781 474,781 474,781 - 474,781 -
Council on Aging Articles 43,000 43,000 40,401 2,599 43,000 -
Veteran's Services 337,544 337,544 263,725 5,676 269,401 68,143
Total Health and Human Services 1,310,968 1,310,968 1,154,457 11,868 1,166,325 144,643
(continued)
Town of Canton, Massachusetts Page 87 of 127 Annual Comprehensive Financial ReportSource page 96
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2024
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Culture and Recreation:
Recreation & Playground 1,103,984 1,103,984 989,882 11,629 1,001,511 102,473
Recreation & Playground Articles 191,781 226,781 117,680 108,500 226,180 601
Paul Revere Heritage Comm 66,200 66,200 65,959 - 65,959 241
Paul Revere Heritage Comm Articles 78,385 53,639 37,613 16,026 53,639 -
Public Library 1,434,034 1,434,034 1,432,657 750 1,433,407 627
Public Library Articles 1,214,810 1,214,810 312,290 902,520 1,214,810 -
Total Culture and Recreation 4,089,194 4,099,448 2,956,081 1,039,425 3,995,506 103,942
Pension Benefits: 7,323,368 7,323,368 7,301,239 - 7,301,239 22,129
Employee Benefits:
Unemployment Compensation 100,000 100,000 100,000 - 100,000 -
Employer Share- Health 13,242,449 13,242,449 13,242,449 - 13,242,449 -
Employer Share- Life 62,250 62,250 59,297 - 59,297 2,953
Employer Share- OPEB 1,250,000 1,250,000 1,250,000 - 1,250,000 -
Total Employee Benefits 14,654,699 14,654,699 14,651,746 - 14,651,746 2,953
State and County Charges: 1,568,675 1,568,675 1,504,688 - 1,504,688 63,987
Debt Service: 4,750,972 4,750,972 4,749,509 - 4,749,509 1,463
Total Expenditures 128,601,979 128,892,233 117,435,918 9,234,338 126,670,256 2,221,977
Other Financing Sources (Uses)
Transfers in 3,339,723 3,339,723 3,339,723 3,339,723 -
Transfers out (2,853,440) (5,607,377) (5,632,123) (5,632,123) (24,746)
Total Other Financing Sources (Uses) 486,283 (2,267,654) (2,292,400) $ (2,292,400) (24,746)
Excess (Deficiency) of Revenues and Other
Financing Sources Over Expenditures/Uses
Of Prior Year Budgetary Fund Balance (13,199,503) (16,243,694) $ 1,176,446 $ 8,185,802
Other Budgetary Items
Use of unassigned fund balance $ 3,743,077 $ 6,737,014
Prior year encumbrances 9,456,426 9,456,426
Other - 50,254
Total Other Budgetary Items 13,199,503 16,243,694
Net budget and actual $ - $ -
(Concluded)
Town of Canton, Massachusetts Page 88 of 127 Annual Comprehensive Financial ReportSource page 97
TOWN OF CANTON, MASSACHUSETTS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED JUNE 30, 2024
I. Pension Plan
Pension Contributions – The Town contributes to the Norfolk County Retirement System (the
System), a cost-sharing multiple-employer contributory defined benefit pension plan established
under Chapter 32 of Massachusetts General Law Chapter 32. Under provisions of this law,
participating employers are assessed their share of the total retirement cost based on the entry age,
normal actuarial cost method. The pension appropriations are established by the Public Employee
Retirement Administration Commission (PERAC) based on a funding schedule approved by the
System.
Changes in Assumptions – The investment rate of return was decreased from 7.75% to 7.625%. The
mortality table was changed to the Pub-2010 Public Retirement Plans Mortality Tables from the
Society of Actuaries dated January 2019 with Scale MP-2014, fully generational.
II. Other Postemployment Benefit Plan
The Town administers a single employer defined benefit healthcare plan that provides health, dental
and life insurance benefits (other postemployment benefits) to retirees and their
dependents/beneficiaries in accordance with Section 20 of Massachusetts General Law Chapter 32B.
The Town is not required to fully fund the actuarially determined contribution.
Methods and assumptions used to determine contribution rates are as follows:
Investment rate of return 6.83%, net of OPEB plan investment expense, including inflation
Muncipal bond rate 4.21% as of June 30, 2024
Discount Rate 6.66%, net of OPEB plan investment expense, including inflation
Inflation 2.50% annually as of June 30, 2024 and for future periods
Health Care Trend Rate 5.00% trending to an ultimate rate of 3.63%
Salary Increases 3.00% annually as of June 30, 2024 and for future periods
Cost of Living Adjustment Not applicable.
Pre-Retirement Mortality RP-2014 Mortality Table for Blue Collar Employees projected
generationally with scale MP-2016, set forward one year for females
Post-Retirement Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants projected
generationally with scale MP-2016, set forward one year for females
Disabled Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants projected
generationally with scale MP-2016, set forward one year
Actuarial Cost Method Individual entry age normal
Town of Canton, Massachusetts Page 89 of 127 Annual Comprehensive Financial ReportSource page 98
Key assumption changes effective Fiscal Year ending June 30, 2024
Investment Rate of Return 6.83% previously 6.09%
Single Equivalent Discount Rate 6.66% previously 5.87%
III. Budgetary Basis of Accounting
Budgetary Information – An annual budget is legally adopted for the General Fund and the
Enterprise Fund. The budget is recommended by the Finance Committee and approved by Town
Meeting at the Town’s annual meeting in May. Changes subsequent to the approved Town Meeting
budget require majority Town Meeting approval at a Special Town Meeting. Expenditures may not
legally exceed appropriations at the department level. Department heads may transfer, without
Town Meeting approval, appropriation balances from one account to another within their department
or budget, and within the categories of salaries and expenses. At the close of each fiscal year,
unencumbered appropriation balances lapse and revert to unassigned fund balance.
The Town adopts an annual budget for the general fund in conformity with the guidelines described
above. During fiscal year 2024, Town Meeting approved various supplemental budgetary
appropriations which resulted in an approximate $3.0 million net increase from the original voted
budget primarily used for education and for roadway capital. The Town Accountant has the
responsibility to ensure that budgetary control is maintained in the manner in which the
appropriations were voted by Town Meeting. Budgetary control is exercised through the Town’s
accounting system.
Budgetary-to-GAAP Reconciliation – The Town’s general fund is prepared on a basis of accounting
other than GAAP. A reconciliation of the budgetary-basis to GAAP-basis results for the General
Fund for the fiscal year ended June 30, 2024, is as follows:
Basis of
Accounting Fund Perspective
Differences Differences Total
Revenues on a budgetary basis $ 120,904,764
Stabilization revenue $ - $ 580,262 580,262
Change in accruing tax revenues 293,418 - 293,418
Change in recording tax refunds payable (1,173,093) - (1,173,093)
On behalf payments 9,502,191 - 9,502,191
Revenues on a GAAP basis $ 8,622,516 $ 580,262 $ 130,107,542
Expenditures on a budgetary basis $ 117,435,918
Reclass of enterprise indirects cost to expenditures $ (1,242,344) $ - (1,242,344)
Change in accruing payroll expenditures 733,451 - 733,451
On behalf payments 9,502,191 - 9,502,191
Expenditures on a GAAP basis $ 8,993,298 $ - $ 126,429,216
Other financing sources (uses) on a budgetary basis $ (2,292,400)
Reclass of enterprise indirects cost to expenditures $ (1,242,344) $ - (1,242,344)
Stabilization transfers - 1,000,000 1,000,000
Other financing sources (uses) on a GAAP basis $ (1,242,344) $ 1,000,000 $ (2,534,744)
Town of Canton, Massachusetts Page 90 of 127 Annual Comprehensive Financial ReportSource page 99
Combining Statements Town of Canton, Massachusetts Page 91 of 127 Annual Comprehensive Financial Report
Source page 100
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 and capital outlays 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 92 of 127 Annual Comprehensive Financial ReportSource page 101
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.
Town of Canton, Massachusetts Page 93 of 127 Annual Comprehensive Financial ReportSource page 102
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2024
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Assets:
Cash and cash equivalents $ 1,482,337 $ 336,118 $ 1,135,091 $ 357,273 $ 872,682
Investments - - - - -
Receivables, net of allowance for uncollectibles:
Tax liens and foreclosures - - - - -
Departmental and other - - - - -
Intergovernmental - - - - -
Total Assets $ 1,482,337 $ 336,118 $ 1,135,091 $ 357,273 $ 872,682
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ 15,576 $ - $ 25,186 $ 603 $ 51,589
Accrued payroll and withholdings 7,960 - - 7,208 23,501
Other liabilities - - 325 - -
Due to other funds - - - - -
Total Liabilities 23,536 - 25,511 7,811 75,090
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - -
Unavailable revenues - other - - - - -
Total Deferred Inflows of Resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted 1,458,801 336,118 1,109,580 349,462 797,592
Unassigned - - - - -
Total Fund Balances 1,458,801 336,118 1,109,580 349,462 797,592
Total Liabilities, Deferred Inflow of
Resources, and Fund Balances $ 1,482,337 $ 336,118 $ 1,135,091 $ 357,273 $ 872,682
Town of Canton, Massachusetts Page 94 of 127 Annual Comprehensive Financial ReportSource page 103
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ 2,861,141 $ 2,730,655 $ 151,046 $ - $ 52,654 $ 5,021,376 $ 15,000,373
- - 191,178 - - - 191,178
- 6,586 - - - - 6,586
610,903 - - - - 277,017 887,920
- - 169,398 1,106,813 264,411 - 1,540,622
$ 3,472,044 $ 2,737,241 $ 511,622 $ 1,106,813 $ 317,065 $ 5,298,393 $ 17,626,679
$ - $ 126,527 $ 23,146 $ 25,875 $ 264,411 $ 29,987 $ 562,900
- 182 2,824 7,933 - 13,099 62,707
- - - - - - 325
- - - 1,084,585 - - 1,084,585
- 126,709 25,970 1,118,393 264,411 43,086 1,710,517
- 6,586 - - - - 6,586
610,903 - - - - 43,960 654,863
610,903 6,586 - - - 43,960 661,449
- - - - - - -
2,861,141 2,603,946 485,652 11,847 52,654 5,285,472 15,352,265
- - - (23,427) - (74,125) (97,552)
2,861,141 2,603,946 485,652 (11,580) 52,654 5,211,347 15,254,713
$ 3,472,044 $ 2,737,241 $ 511,622 $ 1,106,813 $ 317,065 $ 5,298,393 $ 17,626,679
Town of Canton, Massachusetts Page 95 of 127 Annual Comprehensive Financial ReportSource page 104
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2024
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 $ 93,677 $ 215,830 $ 543,189 $ 852,696 $ 15,853,069
Investments 622,524 451,724 184,433 1,258,681 1,449,859
Receivables, net of allowance for uncollectibles:
Tax liens and foreclosures - - - - 6,586
Departmental and other - - - - 887,920
Intergovernmental - - - - 1,540,622
Total Assets $ 716,201 $ 667,554 $ 727,622 $ 2,111,377 $ 19,738,056
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ - $ 761 $ - $ 761 $ 563,661
Accrued payroll and withholdings - - 688 688 63,395
Other liabilities - - - - 325
Due to other funds - - - - 1,084,585
Total Liabilities - 761 688 1,449 1,711,966
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - 6,586
Unavailable revenues - other - - - - 654,863
Total Deferred Inflows of Resources - - - - 661,449
Fund Balances:
Nonspendable 596,197 21,553 12,235 629,985 629,985
Restricted 120,004 645,240 714,699 1,479,943 16,832,208
Unassigned - - - - (97,552)
Total Fund Balances 716,201 666,793 726,934 2,109,928 17,364,641
Total Liabilities and Fund Balances $ 716,201 $ 667,554 $ 727,622 $ 2,111,377 $ 19,738,056
(Concluded)
Town of Canton, Massachusetts Page 96 of 127 Annual Comprehensive Financial ReportSource page 105
This page intentionally left blank. Town of Canton, Massachusetts Page 97 of 127 Annual Comprehensive Financial Report
Source page 106
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2024
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Revenues:
Property taxes $ - $ - $ - $ - $ -
Intergovernmental 1,800,710 - 24,633 - -
Charges for services 110,856 - - - -
Departmental and other - - 255,713 1,719,236 835,652
Investment income 54,801 - - - -
Contributions and donations - - 124,529 - -
Total Revenues 1,966,367 - 404,875 1,719,236 835,652
Expenditures:
Current:
General government - 1,745 5,170 - -
Public safety - - 4,672 - -
Education 1,543,378 - - 5,820,795 -
Public works - - - - -
Health and human services - - 171,311 - -
Culture and recreation - - 47,205 - 691,188
Employee benefits - - - - -
Debt service:
Principal - - - - -
Interest - - - - -
Total Expenditures 1,543,378 1,745 228,358 5,820,795 691,188
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 422,989 (1,745) 176,517 (4,101,559) 144,464
Other Financing Sources (Uses):
Premium from bonds and notes - - - - -
Transfers in - - 24,746 2,600,000 -
Transfers out (160,500) - (25,000) - -
Total Other Financing Sources (Uses) (160,500) - (254) 2,600,000 -
Net Change in Fund Balances 262,489 (1,745) 176,263 (1,501,559) 144,464
Fund Balances - Beginning of Year 1,196,312 337,863 933,317 1,851,021 653,128
Fund Balances - End of Year $ 1,458,801 $ 336,118 $ 1,109,580 $ 349,462 $ 797,592
Town of Canton, Massachusetts Page 98 of 127 Annual Comprehensive Financial ReportSource page 107
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ - $ 794,945 $ - $ - $ - $ - $ 794,945
130,865 159,133 1,357,872 5,881,670 818,771 148,861 10,322,515
1,596,700 - - - - - 1,707,556
- 4,475 - - - 825,268 3,640,344
- 134,026 25,898 - - 818 215,543
- - - - - 853,761 978,290
1,727,565 1,092,579 1,383,770 5,881,670 818,771 1,828,708 17,659,193
- 75,280 251,679 - - 2,668,926 3,002,800
- - 794,240 - - 747,108 1,546,020
- 440,703 - 6,700,295 - 169,587 14,674,758
- - - - 633,291 - 633,291
- - 212,732 - - - 384,043
- 188,060 92,444 - - - 1,018,897
- - - - - 136,219 136,219
- 185,000 - - - - 185,000
- 47,990 - - - - 47,990
- 937,033 1,351,095 6,700,295 633,291 3,721,840 21,629,018
1,727,565 155,546 32,675 (818,625) 185,480 (1,893,132) (3,969,825)
- - - - - 67,886 67,886
- - - - - 757,377 3,382,123
(1,317,650) - - - - (589,229) (2,092,379)
(1,317,650) - - - - 236,034 1,357,630
409,915 155,546 32,675 (818,625) 185,480 (1,657,098) (2,612,195)
2,451,226 2,448,400 452,977 807,045 (132,826) 6,868,445 17,866,908
$ 2,861,141 $ 2,603,946 $ 485,652 $ (11,580) $ 52,654 $ 5,211,347 $ 15,254,713
(Continued)
Town of Canton, Massachusetts Page 99 of 127 Annual Comprehensive Financial ReportSource page 108
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2024
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
Revenues:
Property taxes $ - $ - $ - $ - $ 794,945
Intergovernmental - - - - 10,322,515
Charges for services - - - - 1,707,556
Departmental and other - - - - 3,640,344
Investment income 30,927 35,546 10,406 76,879 292,422
Contributions and donations 17,600 3,400 521,000 542,000 1,520,290
Total Revenues 48,527 38,946 531,406 618,879 18,278,072
Expenditures:
Current:
General government - - 2,838 2,838 3,005,638
Public safety - - - - 1,546,020
Education - - - - 14,674,758
Public works - - - - 633,291
Health and human services - - 5,693 5,693 389,736
Culture and recreation - 5,818 - 5,818 1,024,715
Employee benefits - - - - 136,219
Debt service:
Principal - - - - 185,000
Interest - - - - 47,990
Total Expenditures - 5,818 8,531 14,349 21,643,367
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 48,527 33,128 522,875 604,530 (3,365,295)
Other Financing Sources (Uses):
Premium from bonds and notes - - - - 67,886
Transfers in - - - - 3,382,123
Transfers out (5,000) - - (5,000) (2,097,379)
Total Other Financing Sources (Uses) (5,000) - - (5,000) 1,352,630
Net Change in Fund Balances 43,527 33,128 522,875 599,530 (2,012,665)
Fund Balances - Beginning of Year 672,674 633,665 204,059 1,510,398 19,377,306
Fund Balances - End of Year $ 716,201 $ 666,793 $ 726,934 $ 2,109,928 $ 17,364,641
(Concluded)
Town of Canton, Massachusetts Page 100 of 127 Annual Comprehensive Financial ReportSource page 109
Internal Service Funds
Narrative
Internal service funds are used to account for the financing of services provided by one department to
other departments or governmental units. The Town’s risk financing activities accounts for in the internal
service funds can be distinctly categorized into the following groupings:
Health Claims – This fund accounts for the group health and dental insurance activity for active Town
employees and retirees.
Workers’ Compensation Claims – This fund accounts for workers’ compensation benefits, replacement
wages and medical claims expenses of employees that qualify for such benefits.
Unemployment Claims – This fund accounts for unemployment benefits for eligible employees.
Building Insurance – This fund accounts for resource accumulated to pay for damage to Town property
that is not covered by liability insurance.
Town of Canton, Massachusetts Page 101 of 127 Annual Comprehensive Financial ReportSource page 110
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2024
Total
Health Workers' Unemployment Building Internal
Claims Compensation Claims Insurance Service Funds
Assets:
Current assets:
Cash and cash equivalents $ 5,564,534 $ 210 $ 455,238 $ 24,262 $ 6,044,244
Investments 6,555,047 - - - 6,555,047
Receivables, net of allowance for uncollectibles:
Departmental and other 34,901 - - - 34,901
Deposit held by third party 61,800 - - - 61,800
Total Current Assets 12,216,282 210 455,238 24,262 12,695,992
Liabilities:
Current liabilities:
Warrants and accounts payable 296,857 - - - 296,857
Health claims incurred but not reported 1,412,992 - - - 1,412,992
Total Current Liabilities 1,709,849 - - - 1,709,849
Net Position:
Unrestricted 10,506,433 210 455,238 24,262 10,986,143
TOTAL NET POSITION $ 10,506,433 $ 210 $ 455,238 $ 24,262 $ 10,986,143
Town of Canton, Massachusetts Page 102 of 127 Annual Comprehensive Financial ReportSource page 111
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FISCAL YEAR ENDED JUNE 30, 2024
Total
Health Workers' Unemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Operating Revenues:
Employee contributions $ 4,501,726 $ - $ - $ - $ 4,501,726
Employer contributions 12,176,991 - 100,000 - 12,276,991
Stop loss reimbursements 932,795 - - - 932,795
Total Operating Revenues 17,611,512 - 100,000 - 17,711,512
Operating Expenditures:
Employee benefits 18,149,259 - 41,272 - 18,190,531
Total Operating Expenditures 18,149,259 - 41,272 - 18,190,531
Operating Income (Loss) (537,747) - 58,728 - (479,019)
Nonoperating Revenues (Expenses):
Investment Income 320,481 89 17,689 1,106 339,365
Income (Loss) Before Transfers (217,266) 89 76,417 1,106 (139,654)
Change in Net Position (217,266) 89 76,417 1,106 (139,654)
Fund Balances - Beginning of Year 10,723,699 121 378,821 23,156 11,125,797
Fund Balances - End of Year $ 10,506,433 $ 210 $ 455,238 $ 24,262 $ 10,986,143
Town of Canton, Massachusetts Page 103 of 127 Annual Comprehensive Financial ReportSource page 112
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2024
Total
Health Workers' Umemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Cash Flows From Operating Activities:
Receipts from interfund services provided $ 17,682,188 $ - $ 100,000 $ - $ 17,782,188
Payments for interfund services used (17,544,813) - (41,272) - (17,586,085)
Net Cash Provided by (Used in) Operating Activities 137,375 - 58,728 - 196,103
Cash Flows From Investing Activities:
Investment income 320,481 89 17,689 1,106 339,365
Investment of operating cash (439,616) - - - (439,616)
Net Cash Provided By Investing Activities (119,135) 89 17,689 1,106 (100,251)
Net Change in Cash and Cash Equivalents 18,240 89 76,417 1,106 95,852
Cash and Cash Equivalents:
Beginning of the Year 5,546,294 121 378,821 23,156 5,948,392
End of the Year $ 5,564,534 $ 210 $ 455,238 $ 24,262 $ 6,044,244
Reconciliation of Operating Income (Loss) to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss) (537,747) - 58,728 - (479,019)
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Changes in assets and liablities:
Receivables 70,676 - - - 70,676
Prepaid items 327,173 - - - 327,173
Accounts payable and accrued expenses 159,643 - - - 159,643
Health claims incurred but not reported 117,630 - - - 117,630
Net Cash Provided by (Used in) Operating Activities $ 137,375 $ - $ 58,728 $ - $ 196,103
Town of Canton, Massachusetts Page 104 of 127 Annual Comprehensive Financial ReportSource page 113
STATISTICAL SECTION
Above: The Revere and Sons new concrete cast bathrooms. Paid for by Town Community Preservation
Act funds.
Photo Credit: Stephen Schottenfeld
Town of Canton, Massachusetts Page 105 of 127 Annual Comprehensive Financial ReportSource page 114
This page intentionally left blank. Town of Canton, Massachusetts Page 106 of 127 Annual Comprehensive Financial Report
Source page 115
Statistical Section
This part of the annual comprehensive financial report presents information as a context for
understanding what the information in the financial statements, note disclosures, and required
supplementary information says about the Town’s overall financial health.
Financial Trends
These schedules contain trend information to help the reader understand how the Town’s financial
performance and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the Town’s most significant local revenue
source, the property tax.
Debt Capacity
These schedules present information to help the reader assess the affordability of the Town’s current
levels of outstanding debt, and the Town’s ability to issue additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the Town’s financial activities take place.
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information
in the Town’s financial report relates to the services the Town provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the financial
statements for the relevant year.
Town of Canton, Massachusetts Page 107 of 127 Annual Comprehensive Financial ReportSource page 116
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2015 (1) 2016 2017 2018 (2) 2019 2020 2021 2022 2023 2024
Governmental activities:
Net investment in capital assets…………………………….
$ 76,109,604 $ 78,591,436 $ 78,738,423 $ 81,317,923 $ 85,225,980 $ 85,368,370 $ 85,708,813 $ 86,070,110 $ 88,058,941 $ 93,381,138
Restricted………………………………………………………………………….. 9,193,516 9,006,548 10,642,548 10,880,921 10,431,283 12,654,553 11,044,088 9,983,304 10,020,827 10,732,348
Unrestricted……………………………………………………………… (57,308,073) (55,970,281) (57,041,754) (86,179,993) (97,227,078) (92,984,331) (83,683,692) (74,402,367) (68,725,554) (67,160,119)
Total governmental activities net position………………………………………..
$ 27,995,047 $ 31,627,703 $ 32,339,217 $ 6,018,851 $ (1,569,815) $ 5,038,592 $ 13,069,209 $ 21,651,047 $ 29,354,214 $ 36,953,367
Business-type activities:
Net investment in capital assets…………………………….
$ 16,386,618 $ 17,457,708 $ 18,785,822 $ 20,603,290 $ 23,248,847 $ 28,388,654 $ 31,437,878 $ 31,934,615 $ 35,054,700 $ 37,985,635
Unrestricted………………………………………………………………. 6,342,679 9,040,938 8,905,131 7,446,856 7,149,422 5,660,684 5,450,585 7,296,141 7,256,048 8,765,154
Total business-type activities net position…………………………….
$ 22,729,297 $ 26,498,646 $ 27,690,953 $ 28,050,146 $ 30,398,269 $ 34,049,338 $ 36,888,463 $ 39,230,756 $ 42,310,748 $ 46,750,789
Primary government:
Net investment in capital assets…………………………….
$ 92,496,222 $ 96,049,144 $ 97,524,245 $ 101,921,213 $ 108,474,827 $ 113,757,024 $ 117,146,691 $ 118,004,725 $ 123,113,641 $ 131,366,773
Restricted………………………………………………………………………. 9,193,516 9,006,548 10,642,548 10,880,921 10,431,283 12,654,553 11,044,088 9,983,304 10,020,827 10,732,348
Unrestricted…………………………………………………………… (50,965,394) (46,929,343) (48,136,623) (78,733,137) (90,077,656) (87,323,647) (78,233,107) (67,106,226) (61,469,506) (58,394,965)
Total primary government net position………………………………………………….
$ 50,724,344 $ 58,126,349 $ 60,030,170 $ 34,068,997 $ 28,828,454 $ 39,087,930 $ 49,957,672 $ 60,881,803 $ 71,664,962 $ 83,704,156
(1) 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.
(2) 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 108 of 127 Annual Comprehensive Financial ReportSource page 117
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2015 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 2023 2024
Expenses -
Governmental activities:
General government…...…………………………………………………… $ 5,683,805 $ 5,764,062 $ 5,965,196 $ 5,578,489 $ 6,597,325 $ 6,967,692 $ 9,078,637 $ 6,554,007 $ 8,414,945 $ 8,042,049
Public safety…..……………………………………………………………… 15,312,760 16,584,359 17,532,705 19,250,042 20,028,852 20,016,807 19,806,196 19,436,666 22,240,345 23,164,344
Education……..…………………………………………………………………. 54,772,830 60,963,021 68,325,037 70,396,176 72,945,712 74,489,136 79,983,691 78,799,564 84,131,157 94,411,608
Public works……...………………………………………………………………. 7,227,459 7,581,355 7,658,668 7,911,117 8,254,354 8,039,489 8,580,554 8,388,727 9,017,362 10,545,452
Health and human services……………...…………………………………………………………….
1,609,060 1,536,513 1,684,833 1,635,120 1,598,126 1,620,371 1,622,066 1,775,067 1,802,950 2,121,713
Culture and recreation………...…………………………………………………………..
3,006,143 3,698,331 3,683,115 3,768,025 4,763,997 3,868,895 3,503,774 4,212,611 4,554,275 4,938,380
Interest…………………………………………………………………… 722,667 672,768 636,035 659,834 595,390 638,638 660,193 582,509 749,150 752,985
Total government activities expenses…………………………………….. 88,334,724 96,800,409 105,485,589 109,198,803 114,783,756 115,641,028 123,235,111 119,749,151 130,910,184 143,976,531
Business-type activities:
Water…………………………………………………………………… 5,253,139 5,692,320 6,141,278 7,105,456 6,656,972 7,398,151 6,323,100 6,361,192 7,371,999 7,887,518
Sewer…………………………………………………………………… 5,416,303 5,925,780 6,191,663 6,275,549 6,415,007 6,473,346 6,652,823 6,782,774 6,920,834 7,051,588
Rink…………………………………………………………………… 405,752 79,670 61,792 13,498 15,301 47,458 301,885 561,725 723,685 683,732
Total business-type activities expenses…………………………………….. 11,075,194 11,697,770 12,394,733 13,394,503 13,087,280 13,918,955 13,277,808 13,705,691 15,016,518 15,622,838
Total primary government expenses………………………………………. $ 99,409,918 $ 108,498,179 $ 117,880,322 $ 122,593,306 $ 127,871,036 $ 129,559,983 $ 136,512,919 $ 133,454,842 $ 145,926,702 $ 159,599,369
Program Revenues -
Governmental activities:
Charges for services:
General government………………………………………………… $ 881,979 $ 776,450 $ 563,303 $ 629,653 $ 1,072,993 $ 527,241 $ 689,037 $ 583,866 $ 620,199 $ 378,637
Public safety……………………………………………………………….. 2,908,421 3,123,869 2,778,390 3,575,574 3,553,243 4,102,459 4,476,260 4,168,858 4,136,074 3,767,753
Education………………………………………………………………. 2,640,969 2,788,752 2,328,949 2,463,638 2,402,968 1,680,802 880,649 1,745,173 1,973,611 2,174,675
Public works………………………………………………………………. 281,025 316,164 267,218 308,449 293,344 251,233 325,153 305,621 448,187 460,734
Human services………………………………………………………………. 151,953 97,633 101,977 107,678 95,143 96,066 51,869 122,012 235,498 142,934
Culture and recreation……………………………………………………… 399,396 468,374 460,175 436,273 490,079 269,575 219,549 582,852 892,702 1,025,808
Operating grants and contributions…………………………………… 13,609,976 15,841,950 18,253,254 19,405,225 20,992,327 23,414,891 29,450,495 22,498,270 26,572,865 30,960,588
Capital grants and contributions………………………………………….. 2,832,069 1,562,827 922,822 2,293,126 795,169 2,963,184 1,694,958 1,434,480 1,200,441 3,253,404
Total government activities program revenues...…………………………….. 23,705,788 24,976,019 25,676,088 29,219,616 29,695,266 33,305,451 37,787,970 31,441,132 36,079,577 42,164,533
Business-type activities:
Charges for services - Water…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
7,011,223 7,084,917 6,929,539 7,186,664 6,631,764 7,007,031 7,533,763 7,712,653 8,542,336 9,881,698
Charges for services - Sewer…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
6,559,894 6,517,066 6,560,287 7,143,471 6,798,905 6,960,457 7,320,462 7,105,979 7,260,942 7,014,714
Charges for services - Rink…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
367,098 - - - - - 166,875 364,818 411,450 429,404
Capital grant and contributions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- - - 5,625 450,000 2,515,469 204,450 1,235,807 155,752 1,051,833
Operating grants and contributions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
37,338 2,093 80,960 - - - 150,000 - - -
Total business-type activities program revenues……………………………………..
13,975,553 13,604,076 13,570,786 14,335,760 13,880,669 16,482,957 15,375,550 16,419,257 16,370,480 18,377,649
Total primary government program revenues……………………………………….
$ 37,681,341 $ 38,580,095 $ 39,246,874 $ 43,555,376 $ 43,575,935 $ 49,788,408 $ 53,163,520 $ 47,860,389 $ 52,450,057 $ 60,542,182
Net (Expense)/Program Revenue
Governmental activities……………………....……………………………..
$ (64,628,936) $ (71,824,390) $ (79,809,501) $ (79,979,187) $ (85,088,490) $ (82,335,577) $ (85,447,141) $ (88,308,019) $ (94,830,607) $ (101,811,998)
Business-type activities……………………....…………………………….. 2,900,359 1,906,306 1,176,053 941,257 793,389 2,564,002 2,097,742 2,713,566 1,353,962 2,754,811
Total primary government net (expense)/program revenue……………………………………….
$ (61,728,577) $ (69,918,084) $ (78,633,448) $ (79,037,930) $ (84,295,101) $ (79,771,575) $ (83,349,399) $ (85,594,453) $ (93,476,645) $ (99,057,187)
(1) The roof of the Rink partially collapsed due to storm damage which temporarily suspended operations from 2015 to 2021 and led to a decrease in activity in the Rink Enterprise fund. (continued)
Town of Canton, Massachusetts Page 109 of 127 Annual Comprehensive Financial ReportSource page 118
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
General Revenues and other Changes in Net Position -
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable…………………………………………………. $ 61,423,003 $ 63,720,607 $ 67,168,983 $ 72,087,049 $ 74,151,256 $ 79,891,756 $ 83,971,060 $ 85,661,392 $ 90,082,372 $ 94,099,248
Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
591,950 213,952 204,512 220,189 301,286 91,185 586,103 264,810 240,526 245,686
Motor vehicle excise taxes…………………………………………………… 3,380,408 4,385,878 4,376,168 4,581,480 4,707,385 4,906,443 4,931,089 4,935,611 5,265,734 5,715,795
Penalties and interest on taxes…………………………………………….. 344,012 310,740 254,164 314,625 364,795 240,078 382,088 284,510 313,655 346,951
Payments in lieu of taxes……………………………………………………………… 214,543 222,149 225,405 231,040 236,816 254,165 281,830 1,882,844 1,937,379 1,993,518
Hotel and meals taxes………………………………………………………………568,317 581,621 601,227 593,076 603,821 568,692 421,813 718,256 1,023,603 1,256,370
Grants and contributions not restricted to specific programs………………………………………………………………
2,776,692 2,213,169 2,013,767 2,099,870 2,180,123 2,315,718 2,316,820 2,401,522 2,541,685 2,629,948
Unrestricted investment income……………………………………………. 194,375 218,877 246,862 359,644 521,199 1,641,176 1,167,109 327,074 2,365,442 3,994,352
Insurance recoveries……………………………………………………………… - - 2,190,705 - - - - - - -
Transfers……………………………………………………………… 1,232,584 - (1,824,747) 34,042 (500,000) (965,229) (690,607) 413,838 (1,236,622) (870,717)
Total governmental activities…………………………………………………………………
70,725,884 71,866,993 75,457,046 80,521,015 82,566,681 88,943,984 93,367,305 96,889,857 102,533,774 109,411,151
Business-type activities:
Unrestricted investment income……………………………………………. 20,083 27,019 38,296 50,296 98,038 121,838 50,776 42,565 489,408 814,513
Transfers……………………………………………………………… (1,232,584) - 1,824,747 (34,042) 500,000 965,229 690,607 (413,838) 1,236,622 870,717
Total business-type activities….………..………………………………….. (1,212,501) 27,019 1,863,043 16,254 598,038 1,087,067 741,383 (371,273) 1,726,030 1,685,230
Total primary government general revenues and other
changes in net position…………………………………………………. $ 69,513,383 $ 71,894,012 $ 77,320,089 $ 80,537,269 $ 83,164,719 $ 90,031,051 $ 94,108,688 $ 96,518,584 $ 104,259,804 $ 111,096,381
Changes in Net Position
Governmental activities……………………....…………………………….. $ 6,096,948 $ 42,603 $ (4,352,455) $ 541,828 $ (2,521,809) $ 6,608,407 $ 7,920,164 $ 8,581,838 $ 7,703,167 $ 7,599,153
Business-type activities……………………....…………………………….. 1,687,858 1,933,325 3,039,096 957,511 1,391,427 3,651,069 2,839,125 2,342,293 3,079,992 4,440,041
Total primary government changes in net position……………………………………….
$ 7,784,806 $ 1,975,928 $ (1,313,359) $ 1,499,339 $ (1,130,382) $ 10,259,476 $ 10,759,289 $ 10,924,131 $ 10,783,159 $ 12,039,194
(concluded)
Town of Canton, Massachusetts Page 110 of 127 Annual Comprehensive Financial ReportSource page 119
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
General Fund:
Nonspendable……………………………….$ - $ - $ - $ 7,252 $ 15,376 $ 115,915 $ - $ - $ - $ -
Restricted………………………………. - - - - 15,918 - - - - -
Committed…………………………….. 358,148 364,246 886,722 923,152 1,026,447 1,148,811 1,108,984 3,628,842 4,029,719 3,333,047
Assigned…………………………….. 893,993 793,408 1,846,942 876,862 1,599,273 1,354,167 4,872,726 3,688,869 4,598,262 4,599,607
Unassigned…………………………… 9,815,657 11,430,875 12,961,775 16,128,195 17,224,537 19,686,713 22,078,763 22,779,583 25,170,933 27,009,842
Total general fund……………………………..$ 11,067,798 $ 12,588,529 $ 15,695,439 $ 17,935,461 $ 19,881,551 $ 22,305,606 $ 28,060,473 $ 30,097,294 $ 33,798,914 $ 34,942,496
All Other Governmental Funds:
Nonspendable……………………………….$ 432,785 $ 445,985 $ 471,585 $ 489,185 $ 511,185 $ 554,785 $ 573,985 $ 592,385 $ 612,385 $ 629,985
Restricted………………………………. 11,544,545 10,939,315 10,584,773 11,869,527 14,510,055 16,302,552 15,653,910 19,789,226 22,712,118 23,997,732
Unassigned…………………………… (1,187,828) (632,310) (2,674,755) (156,123) (117,756) (412,455) (367,502) (725,266) (259,685) (97,552)
Total all other governmental funds……………..
$ 10,789,502 $ 10,752,990 $ 8,381,603 $ 12,202,589 $ 14,903,484 $ 16,444,882 $ 15,860,393 $ 19,656,345 $ 23,064,818 $ 24,530,165
Town of Canton, Massachusetts Page 111 of 127 Annual Comprehensive Financial ReportSource page 120
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Revenues:
Property taxes, net of tax refunds…………………………………………………….
$ 61,544,401 $ 63,767,588 $ 67,223,724 $ 71,943,571 $ 74,255,762 $ 78,939,407 $ 84,820,110 $ 85,240,433 $ 90,305,041 $ 94,071,642
Tax title……………………………………………………………………………. 782,539 351,721 147,456 172,988 297,266 235,221 221,451 148,855 222,957 163,001
Motor vehicle and other excise taxes………………………………………… 3,714,753 4,119,643 4,555,904 4,505,384 4,703,198 4,560,311 5,057,570 5,014,394 5,290,490 5,644,166
Hotel and meals taxes…………………………………………………… 568,317 581,621 601,227 593,076 603,821 568,692 421,813 718,256 1,023,603 1,256,370
Charges for services……………………………………………………… 1,580,929 1,627,494 1,747,854 2,028,754 2,108,925 1,725,842 1,128,924 1,606,246 1,569,856 1,707,556
Penalties and interest on taxes……………………………………… 344,012 310,740 254,164 314,625 364,795 240,078 382,088 284,510 313,655 346,951
Payments in lieu of taxes…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
214,543 222,149 225,405 231,040 236,816 254,165 281,830 1,882,844 1,937,379 1,993,518
Fines and forfeitures…………………………………………… 141,311 113,467 119,540 92,821 114,905 54,683 53,018 39,461 58,206 73,073
Intergovernmental…………………………………………………….. 20,403,915 16,564,548 19,102,008 20,785,945 22,693,271 27,275,657 32,930,006 25,579,266 29,653,558 35,323,650
Intergovernmental - school construction grants……………………………………..- 1,206,545 - - 600,762 - - - - -
Departmental and other………………………………………………. 4,073,470 4,119,749 4,506,265 3,539,653 4,423,606 5,020,499 3,911,882 4,329,962 5,139,087 4,840,717
Licenses and permits……………………………………….. 817,829 1,282,441 1,035,070 1,142,116 1,235,156 1,422,462 1,944,522 1,609,982 1,725,661 1,248,352
Contributions……………………………………………………………. 2,146,011 1,245,410 488,456 857,270 482,910 422,661 407,235 541,992 694,522 1,520,290
Investment income……………………………………………………….. 163,941 171,180 198,226 301,356 456,202 1,406,002 916,965 236,315 2,131,346 3,654,987
Total Revenue…………………………………………………
96,495,971 95,684,296 100,205,299 106,508,599 112,577,395 122,125,680 132,477,414 127,232,516 140,065,361 151,844,273
Expenditures:
General government…………………………………………………………….
4,255,876 3,980,026 3,936,471 3,938,757 3,480,942 4,970,542 7,045,493 4,743,725 6,168,319 5,507,155
Public safety……………………………………………………………… 10,630,184 10,724,190 11,138,061 11,386,263 12,781,717 13,794,925 13,921,079 14,780,385 15,644,781 16,061,101
Education………………………………………………………………… 39,417,729 40,479,930 42,896,291 44,863,583 47,531,743 51,595,264 53,745,167 58,470,260 62,152,136 69,696,450
Public works…………………………………………………………….. 4,503,498 5,515,513 5,592,699 5,494,358 5,665,258 5,803,062 6,367,394 6,380,865 6,557,800 7,816,405
Health and human services…………………………………………………………..
892,603 1,182,773 1,106,152 1,152,349 1,105,044 1,093,693 1,060,440 1,317,046 1,212,226 1,503,791
Culture and recreation…………………………………………………1,880,085 2,062,646 2,647,844 2,493,339 2,587,654 2,700,234 2,350,181 3,144,400 3,211,664 3,469,529
Pension benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
11,915,349 7,321,245 9,802,225 12,480,279 13,538,094 16,800,589 18,871,543 13,094,149 14,084,015 16,398,670
Employee benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
11,152,708 11,675,327 11,482,452 12,083,049 13,061,838 13,448,532 13,699,142 13,972,775 14,112,017 14,555,769
State and county charges………………………………………… 959,868 944,583 927,338 995,573 1,015,303 1,186,662 1,424,853 1,461,597 1,513,485 1,504,688
Capital outlay and other……………………………………………………………….
2,930,119 8,445,932 6,844,641 5,203,195 5,138,643 8,496,602 3,650,678 6,478,828 10,424,335 10,532,956
Debt service:
Principal……………………………………………………………… 4,520,404 3,819,900 3,931,624 3,821,850 3,871,933 3,884,816 4,370,415 3,892,822 4,000,576 3,807,391
Interest……………………………………………………………………. 1,619,994 1,166,454 1,061,042 970,237 995,903 957,771 1,074,194 927,000 1,007,022 1,175,108
Total Expenditures………………………………………………………..
94,678,417 97,318,519 101,366,840 104,882,832 110,774,072 124,732,692 127,580,579 128,663,852 140,088,376 152,029,013
Excess of revenues over (under) expenditures…………………………………………………
1,817,554 (1,634,223) (1,161,541) 1,625,767 1,803,323 (2,607,012) 4,896,835 (1,431,336) (23,015) (184,740)
Other Financing Sources (Uses):
Issuance of refunding bonds…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
15,185,400 - 515,000 1,596,000 414,000 - 2,060,000 - - -
Payments of refunded bonds…………………………………………………………….. (21,739,649) - (526,148) (1,619,000) (446,000) - (2,305,382) - - -
Issuance of bonds and notes………………...………………………………………… 175,000 2,861,150 1,367,000 5,455,000 1,792,000 7,700,000 742,000 6,265,500 7,379,500 3,438,500
Premium from bonds and notes………………...………………………………………… 2,258,843 153,042 11,148 305,990 246,871 969,603 357,079 584,771 773,330 225,886
Capital lease financing…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- 104,250 - - - - - - - -
Insurance recoveries……………………………………………………………………………… - - 2,354,811 - - - - - - -
Sale of capital assets…............................................................. - - - - - - - - 216,900 -
Transfers in……………………………………………………………………………… 3,988,699 1,856,376 2,294,746 2,421,242 2,829,878 2,845,110 1,963,219 3,496,749 3,394,317 6,729,502
Transfers out…………………………………………………………………………… (2,756,115) (1,856,376) (4,119,493) (2,387,200) (3,329,878) (3,810,339) (2,653,826) (3,082,911) (4,630,939) (7,600,219)
Total other financing sources (uses)…………………………………………………………………..
(2,887,822) 3,118,442 1,897,064 5,772,032 1,506,871 7,704,374 163,090 7,264,109 7,133,108 2,793,669
Net change in fund balance………………………………………………………………….
$ (1,070,268) $ 1,484,219 $ 735,523 $ 7,397,799 $ 3,310,194 $ 5,097,362 $ 5,059,925 $ 5,832,773 $ 7,110,093 $ 2,608,929
Debt service as a percentage of noncapital expenditures……………………………………………….
6.69% 5.61% 5.28% 4.81% 4.61% 4.17% 4.39% 3.94% 3.86% 3.52%
Town of Canton, Massachusetts Page 112 of 127 Annual Comprehensive Financial Report