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Enterprise Funds 2010 Year End Reports (PDF)
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Town of Canton, Massachusetts DEPARTMENT OF FINANCE SUSAN E. DESJARDINS MEMORIAL HALL ASST. TREASURER/COLLECTOR 801 WASHINGTON STREET sdesjardins @town.canton.ma.us CANTON, MA 02021 (781) 821-5006 JAMES R. MURGIA PHONE: 781-575-6610 FINANCE DIRECTOR FAX: 781-575-6608 LOUIS M. JUTRAS jmurgia@town.canton.ma.us town.canton.ma.us INFORMATION (781) 575-6612 SYSTEMS MANAGER ]jutras @ town.canton.ma.us (781) 821-5069 MEMORANDUM JANINE T. SMITH TOWN ACCOUNTANT jsmith @town.canton.ma.us (781) 575-6605 TO: Board of Selectmen FROM: James Murgia, Finance Director fins DATE: August 12, 2010 SUBJECT: Enterprise Funds’ Fiscal 2010 Operating Results The attached report shows the enterprise funds’ operating results for fiscal 2010. 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, 2010. Water’s operating deficit was $319,737 which is considerably worse than budget due to much lower than expected revenues despite two rate increases. After considering the fiscal 2010 deficit, the water enterprise fund ended the year with a contingency reserve of only $163,611 which is 3.2% of revenues. The sewer enterprise finished fiscal 2010 operating at a deficit of $242,024 which is slightly more than the deficit budgeted. Sewer revenues were less than expected, while expenses (primarily payments to the Town of Stoughton) were much higher than budget. Sewer’s end of year contingency reserve is $1.1 million, a healthy 22.1% of revenues. The rink experienced an operating deficit of $45,335 during fiscal 2010 primarily due to lower revenues and higher salaries. The rink’s end of year contingency reserve amounts to only $6,553 which is a very low 1.7% of revenue. Please let me know if you have any questions or comments concerning this information. JRM/ejj Attachment ce: Kathy Butters, Town Accountant William T. Friel, Town Administrator Alan Hines, Chairman, Finance Committee Jeff Kaylor, Director of Recreation Mike Trotta, DPW Superintendent
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ENTERPRISE FUNDS' OPERATING BUDGETS FOR FISCAL 2010 DESCRIPTION WATER REVENUE SALARIES & WAGES MWRA ASSESSMENT CHARGES FROM GENERAL FUND DEBT SERVICE OTHER EXPENSES TOTAL WATER EXPENSES WATER SURPLUS/(DEFICIT) END OF YEAR CONTINGENCY RESERVE RESERVE AS % OF REVENUES SEWER REVENUE SALARIES & WAGES MWRA ASSESSMENT CHARGES FROM GENERAL FUND DEBT SERVICE OTHER EXPENSES TOTAL SEWER EXPENSES SEWER SURPLUS/(DEFICIT) END OF YEAR CONTINGENCY RESERVE RESERVE AS % OF REVENUES RINK REVENUE SALARIES & WAGES CHARGES FROM GENERAL FUND DEBT SERVICE OTHER EXPENSES TOTAL RINK OPERATING EXPENSES RINK SURPLUS/(DEFICIT) END OF YEAR CONTINGENCY RESERVE RESERVE AS % OF REVENUES FISCAL 2010 BUDGET 5,806,410 846,534 2,317,069 638,471 1,062,883 722,927 5,587,884 218,526 4,808,150 356,166 3,301,719 346,085 732,240 284,999 5,021,209 (213,059) 429,390 187,735 69,614 17,000 165,041 439,390 (10,000) FISCAL 2010 ACTUALS 5,128,764 835,945 2,329,408 638,471 995,004 649,674 5,448,502 (319,737) 163,611 3.2% 4,777,409 362,017 3,256,556 346,085 726,006 328,770 5,019,433 (242,024) 1,053,457 22.1% 393,779 199,850 69,614 15,270 154,381 439,114 (45,335) 6,553 1.7% ACTUALS VS. BUDGET (677,646) (10,589) 12,339 0 (67,879) (73,253) (139,382) 538,263 30,741) 5,851 (45,163) 0 (6,234) 43,771 (1,776) (28,965) (35,611) 12,115 (0) (1,730) (10,660) (276) (35,335)
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TOWN OF CANTON - ENTERPRISE FUNDS COMBINED BALANCE SHEET AS OF JUNE 30, 2010 SEWER SEWER TOTAL : WATER "WATER TOTAL "SKATING SKATING RINK TOTAL OPERATIONS —_—- CAP PROJ SEWER OPERATIONS CAP PROJ WATER RINK CAP PROJ RINK TOTALS ASSETS ICASH AND SHORT TERM INVESTMENTS 1,267,492.55 (78,990.76) 1,188,501.79 | 294,958.13 5,165,249.68 -5,460,207.81 32,425.15 32,629.51 6 ,681,339.11 SPECIAL ASSESSMENTS RECEIVABLE , 18,970.66 0.00 18,970.66 _ 0.00 | 0.00 0.00 0.00 | 0.00 = 18,970.66 TAX LIENS : 8,630.78 0.00 8,630.78 11,770.84 0.00 11,770.84 0.00 : 0.00 20,401.62 USER CHARGES RECEIVABLE 177,594.72 0.00 177,594.72" 218,072.89 | 0.00 218,072.89 11,410.00 x 11,410.00, 407,077.61 UTILITY LIENS ADDED TO TAXES 7 174,241.97 0.00 = 174,241.97 © 202,535.47 | 0.00 202,535.47 0.00 . 0.00 © 376,777.44 |AMOUNT PROVIDED FOR BONDS PAYABLE " 4,446,030.00 0.00 4,446,030.00 —_10,650,283.00 _ 0.00 10,650,283.00 0.00 72,000.00 15,168,313.00 CONSTRUCTION IN PROGRESS 0.00 361,183.26 361,183.26 0.00 701,493.47 701,493.47 0.00 . 0.00 1,062,676.73 TOTAL ASSETS 6,092,960.68 282,192.50 6,375,153.18 11,377,620.33 _ §,866,743.15 _17,244,363.48 43,835.15 72,204.36 116,039.51 _23,735,556.17_ LIABILITIES |ACCOUNTS PAYABLE : 7,242.00 3,942.50 11,184.50 | 23,197.97 | 176,095.73 199,293.70 1,568.44 0.00 1,568.44 212,046.64 ACCRUED PAYROLL : 15,682.97 G.00 15,682.97 16,403.91 | 0.00 16,403.91 4,303.80 0.00 4,303.80 36,390.68 INTERFUND PAYABLES 0.00 0.00 0.00 0.00 | 108,600.00 108,600.00 0.00 0.00 0.00 108,600.00 BONDS PAYABLE 4,446,030.00 0.00 4,446,030.00 —-10,650,283.00 . 0.00 = 10,650,283.00 0.00 72,000.00 72,000.00 15,168,313.00 DEFERRED REVENUES 379,438.13 0.00 379,438.13 : 432,379.20 : . 0.00 432,379.20 11,410.00 0.00 11,410.00 823,227.33 INOTES PAYABLE 0.00 278,250.00 278,250.00 0.00 5,562,800.00 5,562,800.00 0.00 0.00 0.00 5,841,050.00 OTHER LIABILITIES 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL LIABILITIES : 4,848,393.10 282,192.50 _5,130,585.60 _‘11,122,264.08 _5,847,495.73 _16,969,759.81 17,282.24 72,000.00 89,282.24 22,189,627.65 FUND EQUITY RESERVE FOR ENCUMBRANCES 142,085.38 ; 142,085.38 91,720.39 0.00 91,720.39 .00 | . 0.00 233,805.77 RESERVE FOR EXPENDITURES 49,000.00 . 49,000.00 0.00 0.00 0.00 20,000.00 69,000.00 RESERVE FOR PETTY CASH 25.00 . 25.00 25.00 0.00 25.00 0.00 — 0.00 50.00 RESERVE FOR UNSPENT CONSTRUCTION PROCEEDS , 0.00 0.00 0.00 19,247.42 19,247.42 0.00 | 204.36 19,451.78 UNRESERVED FUND BALANCE 1,053,457.20 . 1,053,457.20 163,610.86 0.00 163,610.86 6,552.91 6,552.91 1,223,620.97 TOTAL FUND EQUITY 1,244,567.58 A 1,244,567.58 255,356.25 19,247.42 274,603.67 26,552.91 26,757.27 1,545,928.52 TOTAL LIABILITIES AND FUND EQUITY 6,092.960.68 282,192.50 _6,375,153.18 11,377,620.33__5,866,743.15 _17,244,363.48 —_- 43,835.15 116,039.51 23,735,556.17 Fy 10 Balance Sheets Enterprise Funds-Balance Sheets 8/10/2010