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Enterprise Funds 2012 Year End Reports (PDF)
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Source page 1
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DEPARTMENT OF FINANCE
KATHLEEN D. BUTTERS
MEMORIAL HALL TOWN ACCOUNTANT
801 WASHINGTON STREET kbutters@town.canton.ma.us
CANTON, MA 02021 (781) 575-6605
JAMES R. MURGIA PHONE: 781-575-6610
FINANCE DIRECTOR FAX: 781-575-6608 SUSAN E. DESJARDINS
jmurgia@town.canton.ma.us town.canton.ma.us ASST. TREASURER/COLLECTOR
(781) 575-6612 sdesjardins@town.canton.ma.us
(781) 821-5006
MEMORANDUM LOUIS M. JUTRAS
INFORMATION
SYSTEMS MANAGER
ljutras@town.canton.ma.us
TO: Board of Selectmen (781) 821-5069
FROM: James Murgia, Finance Director
DATE: September 4, 2012
SUBJECT: Enterprise Funds' Fiscal 2012 Operating Results
The attached report shows the enterprise funds' operating results for fiscal 2012. Also
attached is a balance sheet report showing all the enterprise funds which was prepared
for the Department of Revenue to certify the enterprise funds' "free cash reserve"
balances as of June 30, 2012.
Water's operating surplus was $106,568 which is less than budget due to lower than
expected revenues offset by reduced debt service expenses. After considering the fiscal
2012 surplus, the water enterprise fund ended the year with a contingency reserve of
$1.3 million which is a healthy 19.8% of revenues.
The sewer enterprise finished fiscal 2012 operating at a deficit of $88,591 due to less
than expected sewer revenues. Sewer's end of year contingency reserve is $783,390,
which is an adequate 15.3% of revenues. For fiscal 2013 the sewer rates have been
increased 4% to provide more sewer revenues.
The rink experienced an operating deficit of $23,826 during fiscal 2012 primarily due to a
revenue shortfall which has caused the rink's end of year contingency reserve to amount
to a negative $15,499. In fiscal 2013 over $19,000 has been collected for rink ice time
billed in fiscal 2012, which will offset the $15,499 negative fund balance.
Please let me know if you have any questions or comments concerning this information.
JRM/ej
Attachment
cc: Kathy Butters, Town Accountant
William T. Friel, Town Administrator
Janet Maguire, Director of Recreation
Mark Porter, Chairman, Finance Committee
Mike Trotta, DPW SuperintendentSource page 2
ENTERPRISE FUNDS' OPERATING RESULTS FOR FISCAL 2012
FISCAL FISCAL
2012 2012 ACTUALS
DESCRIPTION BUDGET ACTUALS VS. BUDGET
WATER REVENUE 6,782,081 6,585,226 (196,855)
SALARIES & WAGES 770,414 832,600 (62,186)
MWRA ASSESSMENT 2,245,811 2,234,586 11,225
CHARGES FROM GENERAL FUND 717,243 716,685 558
DEBT SERVICE 1,821,891 1,686,877 135,014
OTHER EXPENSES 930,400 1,007,909 (77,509)
TOTAL WATER OPERATING EXPENSES 6,485,759 6,478,657 7,102
WATER SURPLUS/(DEFICIT) 296,322 106,568 (189,754)
END OF YEAR CONTINGENCY RESERVE 1,300,927
RESERVE AS % OF REVENUES 19.8%
SEWER REVENUE 5,542,566 5,131,835 (410,731)
SALARIES & WAGES 459,454 415,252 44,202
MWRA ASSESSMENT 3,239,776 3,250,840 (11,064)
CHARGES FROM GENERAL FUND 373,811 373,811 (0)
DEBT SERVICE 893,492 795,468 98,024
OTHER EXPENSES 332,999 385,055 (52,056)
TOTAL SEWER OPERATING EXPENSES 5,299,532 5,220,426 79,106
SEWER SURPLUS/(DEFICIT) 243,034 (88,591) (331,625)
END OF YEAR CONTINGENCY RESERVE 783,390
RESERVE AS % OF REVENUES 15.3%
RINK REVENUE 448,479 424,653 (23,826)
SALARIES & WAGES 197,446 205,166 (7,720)
CHARGES FROM GENERAL FUND 79,023 76,472 2,551
DEBT SERVICE I 11,520 11,520 0
1
OTHER EXPENSES 160,490 155,321 5,169
TOTAL RINK OPERATING EXPENSES 448,479 448,479
RINK SURPLUS/(DEFICIT) 0 (23,826) (23,826)
END OF YEAR CONTINGENCY RESERVE (15,499)
RESERVE AS % OF REVENUES 0.0%
ATMDATA.xls enterprises 8/9/2012Source page 3
TOWN OF CANTON - ENTERPRISE FUNDS
COMBINED BALANCE SHEET AS OF JUNE 30, 2012
SEWER SEWER TOTAL WATER WATER TOTAL SKATING SKATING RINK TOTAL
OPERATIONS CAP PROJ SEWER OPERATIONS CAP PROJ WATER RINK CAP PROJ RINK TOTALS
ASSETS
CASH AND SHORT TERM INVESTMENTS 821,251.07 894,998.93 1,716,250.00 1,497,356.80 391,819.46 1,889,176.26 (12,159.48) 204.36 (11,955.12) 3,593,471.14
OTHER RECEIVABLES 266.41 0.00 266.41 0.00 0.00 0.00 21,457.50 0.00 21,457.50 21,723.91
TAX LIENS 25,877.03 0.00 25,877.03 26,430.02 0.00 26,430.02 0.00 0.00 0.00 52,307.05
USER CHARGES RECEIVABLE 180,333.57 0.00 180,333.57 233,884.55 0.00 233,884.55 0.00 , 0.00 0.00 _ 414,218.12
UTILITY LIENS ADDED TO TAXES 210,637.60 0.00 210,637.60 285,069.20 0.00 285,069.20 0.00 0.00 0.00 495,706.80
AMOUNT PROVIDED FOR BONDS PAYABLE 9,115,669.00 0.00 9,115,669.00 18,526,980.00 0.00 18,526,980.00 0.00 50,000.00 50,000.00 27,692,649.00
CONSTRUCTION IN PROGRESS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL ASSETS 10,354,034.68 894,998.93 11,249,033.61 20,569,720.57 391,819.46 20,961,540.03 9,298.02 50,204.36 59,502.38 32,270,076.02
LIABILITIES
,
ACCOUNTS PAYABLE 13,789.42 0.00 13,789.42 37,962.37 4,920.00 42,882.37 ' 689.54 0.00 689.54 57,361.33
,,
ACCRUED PAYROLL 6,510.58 0.00 6,510.58 • 14,411.94 0.00 14,411.94 2,649.50 0.00 2,649.50 23,572.02
INTERFUND PAYABLES 0.00 0.00 0.00 0.00 36,200.00 36,200.00 0.00 0.00 0.00 • 36,200.00
BONDS PAYABLE 9,115,669.00 0.00 9,115,669.00 ' 18,526,980.00 0.00 18,526,980.00 • 0.00 50,000.00 50,000.00 27,692,649.00
DEFERRED REVENUES 417,114.61 0.00 417,114.61 545,383.77 0.00 545,383.77 21,457.50 0.00 21,457.50 983,955.88
NOTES PAYABLE 0.00 200,000.00_ 200,000.00 0.00 2,837,000.00 2,837,000.00 0.00 0.00 0.00 3,037,000.00
OTHER LIABILITIES 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
TOTAL LIABILITIES 9,553,083.61 200,000.00 9,753,083.61 19,124,738.08 2,878,120.00 22,002,858.08 24,796.54 50,000.00 74,796.54 31,830,738.23
FUND EQUITY _
RESERVE FOR ENCUMBRANCES 17,535.70 96,488.25 114,023.95 40,030.12 1,034,049.48 - 1,074,079.60 0.00 0.00 , 0.00 1,188,103.55
RESERVE FOR EXPENDITURES 0.00 0.00 . 0.00 104,000.00 0.00 . 104,000.00 0.00 0.00 . 0.00 104,000.00
RESERVE FOR PETTY CASH 25.00 , 0.00 • 25.00 25.00 0.00 _ 25.00 0.00 0.00 0.00 . 50.00
RESERVE FOR UNSPENT CONSTRUCTION PROCEEDS 0.00 0.00 0.00 0.00 0.00 _ 0.00 0.00 204.36 204.36 204.36
UNRESERVED FUND BALANCE 783,390.37 598,510.68 1,381,901.05 ,300,927.37 (3,520,350.02) (2,219,422.65) (15,498.52) 0.00 (15,498.52) (853 020.12)
TOTAL FUND EQUITY 800,951.07 694,998.93 1,495,950.00 1,444,982.49 (2 486 300 54) (1,041,318.05) (15,498.52) 204.36 (15,294.16) 439 337.79
TOTAL LIABILITIES AND FUND EQUITY 10,354,034.68 894,998.93 11,249,033.61 20,569,720.57 391,819.46 20,961,540.03 9,298.02 50,204.36 59,502.38 32,270,076.02
Fy 12 Balance Sheets.xis Enterprise Funds-Balance Sheets 8/17/2012