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2010 Comprehensive Annual Financial Report (PDF)
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Source page 81
Notes to Required Supplementary Information Fiscal Year Ended June 30, 2010
NOTE B – PENSION PLAN
The Town contributes to the Norfolk County Contributory Retirement System ("Retirement System"), a cost-
sharing, multiple-employer defined benefit pension plan ("Plan") administered by the Norfolk County Retirement
Board. The Retirement System provides retirement, disability and death benefits to members and beneficiaries.
Chapter 32 of the MGL assigns authority to establish and amend benefit provisions of the Plan. Plan members
are required to contribute to the Retirement System at rates ranging from 5% to 11% of annual covered
compensation. The Town is required to pay into the Retirement System its share of the system wide actuarially
determined contribution which is apportioned among the employers based on active covered payroll.
The schedule of funding progress, presented as required supplementary information, presents multiyear trend
information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the
actuarial accrued liability for benefits. Additionally, the schedule of employer contributions, presented as required
supplementary information, presents multiyear trend information for required and actual contributions relating to
the cost-sharing plan as a whole, of which the Town is one participating employer, as well as the Town’s
proportionate share of the plan’s annual contributions. This information is designed to be helpful for
understanding the scale of the information presented relative to the Town.
The following actuarial methods and assumptions were used in the Retirement System’s most recent actuarial
valuation:
Actuarial Methods and Assumptions:
Valuation Date………………………………January 1, 2008
Actuarial Cost Method………………………Entry Age Normal Cost Method
Amortization Method………………………… Increasing at 4.5% per year, level dollar for ERI liability for certain units
Remaining Amortization Period……………20 years remaining as of January 1, 2008, closed basis
Asset Valuation Method……………………The actuarial value of assets is determined by projecting the actuarial
value of assets as of the beginning of the prior plan year with the
assumed rate of return during that year (8.5%) and accounting
for deposits and disbursements with interest at the assumed rate of
return. An adjustment is then applied to recognize the difference
between the actual investment return and expected return over
a five year period. This preliminary actuarial value is not allowed to
differ from the market value of assets by more than 20%.
Actuarial Assumptions:
Investment rate of return………………… 8.50%
Projected salary increases……………… 4.00%
Cost of living adjustments…………………3.00% of the lesser of the pension amount and $12,000 per year
Plan Membership:
Retired participants and beneficiaries receiving benefits…… 2,495
Inactive participants……………………………………………… 2,043
Disabled…………………………………………………………… 299
Active participants………………………………………………… 5,832
Total………………………………………………………………… 10,669
Town of Canton, Massachusetts 73 Comprehensive Annual Financial ReportSource page 82
Notes to Required Supplementary Information Fiscal Year Ended June 30, 2010 NOTE C – OTHER POSTEMPLOYMENT BENEFITS The Town of Canton administers a single-employer defined benefit healthcare plan (“the Retiree Health Plan”). The plan provides lifetime healthcare for eligible retirees and their spouses through the Town’s health insurance plan, which covers both active and retired members, including teachers. The Town currently finances its other postemployment benefits (OPEB) on a pay-as-you-go basis. As a result, the funded ratio (actuarial value of assets expressed as a percentage of the actuarial accrued liability) is 0%. In accordance with Governmental Accounting Standards, the Town has recorded its OPEB cost equal to the actuarial determined annual required contribution (ARC) which includes the normal cost of providing benefits for the year and a component for the amortization of the total unfunded actuarial accrued liability of the plan. The Schedule of Funding Progress presents multi-year trend information which compares, over time, the actuarial accrued liability for benefits with the actuarial value of accumulated plan assets. Projections of benefits for financial reporting purposes are based on the substantive plan and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. The Schedule of Actuarial Methods and Assumptions presents factors that significantly affect the identification of trends in the amounts reported. Town of Canton, Massachusetts 74 Comprehensive Annual Financial Report
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Combining Statements Combining Statements Town of Canton, Massachusetts 75 Comprehensive Annual Financial Report
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Nonmajor Governmental Funds Special Revenue Funds Special revenue funds are used to account for the proceeds of specific revenue sources (other than permanent funds or capital project funds) that are restricted by law or administrative action to expenditures for specified purposes. The Town’s special revenue funds are grouped into the following categories: School Lunch – This fund is used to account for the activity of the school lunch program, which includes charges for services and state and federal reimbursements for meals served. Private Grants – This fund is used to account for grant funds received from private organizations that are to be used to fund various governmental programs. Town Revolving Funds – This fund is used to account for the non-school related activity of revolving funds established in accordance with MGL Chapter 44, Section 53E ½ and other applicable statutes. School Revolving Funds – This fund is used to account for the school department’s revolving funds established in accordance with MGL Chapter 44, Section 53E ½ and Chapter 71. Recreation – This fund is used to account for self-supporting recreational programs and activities. Stabilization – This fund is used to account for the accumulation of resources to provide general and/or capital reserves. Ambulance – This fund is used to account for the fees generated by the operations of the fire department’s ambulance service that are designated to fund and supplement specific operating costs of the department. Town Grants – This fund is used to account for grant funds received from state and federal governments which are designated for specific non-school related programs. School Grants – This fund is used to account for grant funds received from state and federal governments which are designated for specific school related programs. Roadway Improvements Fund – This fund is used to account for roadway improvements for which expenditures are reimbursed 100% by the Commonwealth. Other Departmental Funds – This fund is used to account for the activity of donated funds, public safety details, and other receipts reserved for future appropriation. Town of Canton, Massachusetts 77 Comprehensive Annual Financial Report
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Capital Projects Funds Capital projects funds are used to account for financial resources to be used for the acquisition, construction or improvement of major capital facilities and equipment (other than those financed by enterprise funds). Such resources are derived principally from proceeds of general obligation bonds and grants. The capital projects funds are grouped into the following categories: Building Improvements – This fund is used to account for the construction and renovation of various buildings. Public Works Improvements – This fund is used to account for roadway, drainage and landfill improvements that are not funded by the Roadway Improvements special revenue fund. Equipment – This fund is used to account for the acquisition of capital equipment that are not funded by operating budgets. High School Construction – This fund is used to account for the residual funds of the new high school project. 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 associated with cemetery care and maintenance. Library Trust Funds – This fund accounts for gifts, bequests and contributions held for which only earnings may be expended for purposes specified by the donor in relation to library activities. Other Municipal Trust Funds – This fund accounts for all non cemetery and library related gifts, contributions and bequests for which only earnings may be expended to benefit the government. Town of Canton, Massachusetts 78 Comprehensive Annual Financial Report
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NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2010
Special Revenue Funds
School Private Town School
ASSETS Lunch Grants Revolving Revolving Recreation
Cash and cash equivalents……………………………………$ 381,712 $ 2,136,872 $ 274,854 $ 815,871 $ 57,042
Investments……………………………………………………… - - - - -
Receivables, net of uncollectibles:
Departmental and other…………………………………… - - - - -
Intergovernmental…………………………………………… - - - - -
Due from other funds…………………………………………… - - - - -
TOTAL ASSETS…………………………………………………$ 381,712 $ 2,136,872 $ 274,854 $ 815,871 $ 57,042
LIABILITIES AND FUND BALANCES
LIABILITIES:
Warrants payable……………………………………………$ 19,311 $ - $ 5,718 $ 4,717 $ 8,925
Accrued payroll……………………………………………… 24,746 172 - 51,323 6,829
Other liabilities……………………………………………… - - 8,389 - -
Deferred revenues………………………………………… - - - - -
Due to other funds………………………………………… - - - - -
Notes payable……………………………………………… - - - - -
TOTAL LIABILITIES…………………………………………… 44,057 172 14,107 56,040 15,754
FUND BALANCES:
Reserved for:
Perpetual permanent funds…………………………… - - - - -
Unreserved:
Undesignated, reported in:
Special revenue funds……………………………… 337,655 2,136,700 260,747 759,831 41,288
Capital projects funds……………………………… - - - - -
Permanent funds…………………………………… - - - - -
TOTAL FUND BALANCES…………………………………… 337,655 2,136,700 260,747 759,831 41,288
TOTAL LIABILITIES AND FUND BALANCES………………$ 381,712 $ 2,136,872 $ 274,854 $ 815,871 $ 57,042
Town of Canton, Massachusetts 80 Comprehensive Annual Financial ReportSource page 89
Town School Roadway Other
Stabilization Ambulance Grants Grants Improvements Departmental Sub-total
$ 3,152,656 $ 959,661 $ 85,159 $ - $ 55,234 $ 1,880,129 $ 9,799,190
81,556 - - - - 433,401 514,957
- 221,687 - - - - 221,687
- - - 110,017 1,355,153 - 1,465,170
- - - - - 108,600 108,600
$ 3,234,212 $ 1,181,348 $ 85,159 $ 110,017 $ 1,410,387 $ 2,422,130 $ 12,109,604
$ - $ 589 $ 35,509 $ 3,523 $ - $ 10,961 $ 89,253
- - 4,361 90,015 - 34,270 211,716
- - - - - 4,942 13,331
- 221,687 - - 8,267 - 229,954
- - - 74,027 - - 74,027
- - - - 1,400,000 - 1,400,000
- 222,276 39,870 167,565 1,408,267 50,173 2,018,281
- - - - - - -
3,234,212 959,072 45,289 (57,548) 2,120 2,371,957 10,091,323
- - - - - - -
- - - - - - -
3,234,212 959,072 45,289 (57,548) 2,120 2,371,957 10,091,323
$ 3,234,212 $ 1,181,348 $ 85,159 $ 110,017 $ 1,410,387 $ 2,422,130 $ 12,109,604
(Continued)
Town of Canton, Massachusetts 81 Comprehensive Annual Financial ReportSource page 90
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2010
Capital Projects
Public High
Building Works School
ASSETS Improvements Improvements Equipment Construction Sub-total
Cash and short-term investments……………………… $ 271,484 $ 145,586 $ 74,852 $ 364,177 $ 856,099
Investments………………………………………………… - - - - -
Receivables, net of uncollectibles: -
Departmental and other……………………………… - - - - -
Intergovernmental……………………………………… - - - - -
Due from other funds……………………………………… - - - - -
TOTAL ASSETS……………………………………………$ 271,484 $ 145,586 $ 74,852 $ 364,177 $ 856,099
LIABILITIES AND FUND BALANCES
LIABILITIES:
Warrants payable………………………………………$ 9,154 $ 5,901 $ 11,446 $ 3,721 $ 30,222
Accrued payroll………………………………………… - - - - -
Other liabilities………………………………………… - - - - -
Deferred revenues…………………………………… - - - - -
Due to other funds……………………………………… - - - - -
Notes payable………………………………………… 996,150 262,350 266,200 - 1,524,700
TOTAL LIABILITIES……………………………………… 1,005,304 268,251 277,646 3,721 1,554,922
FUND BALANCES:
Reserved for:
Perpetual permanent funds……………………… - - - - -
Unreserved:
Undesignated, reported in:
Special revenue funds………………………… - - - - -
Capital projects funds………………………… (733,820) (122,665) (202,794) 360,456 (698,823)
Permanent funds……………………………… - - - - -
TOTAL FUND BALANCES……………………………… (733,820) (122,665) (202,794) 360,456 (698,823)
TOTAL LIABILITIES AND FUND BALANCES………… $ 271,484 $ 145,586 $ 74,852 $ 364,177 $ 856,099
Town of Canton, Massachusetts 82 Comprehensive Annual Financial ReportSource page 91
Permanent Funds Total
Cemetery Library Other Nonmajor
Trust Trust Municipal Governmental
Funds Funds Trust Funds Sub-total Funds
$ 132,928 $ 175,349 $ 171,732 $ 480,009 $ 11,135,298
244,863 15,809 87,150 347,822 862,779
- - - - 221,687
- - - - 1,465,170
- - - - 108,600
$ 377,791 $ 191,158 $ 258,882 $ 827,831 $ 13,793,534
$ - $ - $ - $ - $ 119,475
- - 1,845 1,845 213,561
- - - - 13,331
- - - - 229,954
- - - - 74,027
- - - - 2,924,700
- - 1,845 1,845 3,575,048
322,597 21,553 12,235 356,385 356,385
- - - - 10,091,323
- - - - (698,823)
55,194 169,605 244,802 469,601 469,601
377,791 191,158 257,037 825,986 10,218,486
$ 377,791 $ 191,158 $ 258,882 $ 827,831 $ 13,793,534
(Concluded)
Town of Canton, Massachusetts 83 Comprehensive Annual Financial ReportSource page 92
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2010
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
REVENUES:
Charges for services……………………………………………$ 742,610 $ - $ - $ - $ -
Fines and forfeitures…………………………………………… - - 15,882 - -
Intergovernmental……………………………………………… 199,412 - 12,080 - -
Departmental and other……………………………………… - - 83,024 1,334,786 323,048
Contributions…………………………………………………… - - 21,861 9,965 -
Investment income (loss)……………………………………… 2,261 - 80 - 121
TOTAL REVENUES……………………………………… 944,283 - 132,927 1,344,751 323,169
EXPENDITURES:
Current:
General government………………………………………… - 76,068 17,651 - -
Public safety………………………………………………… - - 1,878 - -
Education……………………………………………………… 884,949 - 2,823 1,123,682 -
Public works………………………………………………… - - - - -
Human services……………………………………………… - - 23,449 - -
Culture and recreation……………………………………… - - 31,910 - 311,342
TOTAL EXPENDITURES………………………………… 884,949 76,068 77,711 1,123,682 311,342
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES……………………………………… 59,334 (76,068) 55,216 221,069 11,827
OTHER FINANCING SOURCES (USES):
Issuance of bonds and notes………………………………… - - - - -
Premium from issuance of debt……………………………… - - - - -
Transfers in……………………………………………………… - - - - -
Transfers out…………………………………………………… (88,000) - (27,367) (3,919) -
TOTAL OTHER FINANCING SOURCES (USES)…… (88,000) - (27,367) (3,919) -
NET CHANGE IN FUND BALANCES…………………………… (28,666) (76,068) 27,849 217,150 11,827
FUND BALANCES AT BEGINNING OF YEAR………………… 366,321 2,212,768 232,898 542,681 29,461
FUND BALANCES AT END OF YEAR………………………… $ 337,655 $ 2,136,700 $ 260,747 $ 759,831 $ 41,288
Town of Canton, Massachusetts 84 Comprehensive Annual Financial ReportSource page 93
Town School Roadway Other
Stabilization Ambulance Grants Grants Improvements Departmental Sub-total
$ - $ 862,627 $ - $ - $ - $ 6,074 $ 1,611,311
- - - - - - 15,882
- 295 298,226 2,264,602 1,493,039 - 4,267,654
- - - - - 586,115 2,326,973
- - - - - 301,456 333,282
32,116 - - - - 12,698 47,276
32,116 862,922 298,226 2,264,602 1,493,039 906,343 8,602,378
- - 9,880 - - 256,381 359,980
- - 203,598 - - 533,101 738,577
- - - 2,404,117 - 215,507 4,631,078
- - 39,818 - 1,235,137 1,690 1,276,645
- - 83,158 - - 5,371 111,978
- - 28,929 - - 9,243 381,424
- - 365,383 2,404,117 1,235,137 1,021,293 7,499,682
32,116 862,922 (67,157) (139,515) 257,902 (114,950) 1,102,696
- - - - - - -
- - - - - 60,329 60,329
100,000 - - - - 75,826 175,826
- (774,138) - (61,994) - (162,708) (1,118,126)
100,000 (774,138) - (61,994) - (26,553) (881,971)
132,116 88,784 (67,157) (201,509) 257,902 (141,503) 220,725
3,102,096 870,288 112,446 143,961 (255,782) 2,513,460 9,870,598
$ 3,234,212 $ 959,072 $ 45,289 $ (57,548) $ 2,120 $ 2,371,957 $ 10,091,323
(Continued)
Town of Canton, Massachusetts 85 Comprehensive Annual Financial ReportSource page 94
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2010
Capital Projects
Public High
Building Works School
Improvements Improvements Equipment Construction Sub-total
REVENUES:
Charges for services………………………………………………$ - $ - $ - $ - $ -
Fines and forfeitures……………………………………………… - - - - -
Intergovernmental………………………………………………… - - - - -
Departmental and other………………………………………… - - - - -
Contributions……………………………………………………… - - 51,000 87 51,087
Investment income (loss)………………………………………… - - - - -
TOTAL REVENUES…………………………………… - - 51,000 87 51,087
EXPENDITURES:
Current:
General government………………………………………… 92,154 - 96,190 - 188,344
Public safety………………………………………………… 150,247 - 296,793 - 447,040
Education……………………………………………………… 470,951 - - 33,829 504,780
Public works………………………………………………… - 129,729 - - 129,729
Human services……………………………………………… - - - - -
Culture and recreation……………………………………… 1,904 - 239 - 2,143
TOTAL EXPENDITURES……………………………… 715,256 129,729 393,222 33,829 1,272,036
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES………………………………………… (715,256) (129,729) (342,222) (33,742) (1,220,949)
OTHER FINANCING SOURCES (USES):
Issuance of bonds and notes…………………………………… 869,000 - 218,261 - 1,087,261
Premium from issuance of debt………………………………… - - - - -
Transfers in………………………………………………………… 65,000 - 45,800 - 110,800
Transfers out……………………………………………………… - - - - -
TOTAL OTHER FINANCING SOURCES (USES)…… 934,000 - 264,061 - 1,198,061
NET CHANGE IN FUND BALANCES……………………………… 218,744 (129,729) (78,161) (33,742) (22,888)
FUND BALANCES AT BEGINNING OF YEAR…………………… (952,564) 7,064 (124,633) 394,198 (675,935)
FUND BALANCES AT END OF YEAR………………………………$ (733,820) $ (122,665) $ (202,794) $ 360,456 $ (698,823)
Town of Canton, Massachusetts 86 Comprehensive Annual Financial ReportSource page 95
Permanent Funds Total
Cemetery Library Other Nonmajor
Trust Trust Municipal Governmental
Funds Funds Trust Funds Sub-total Funds
$ - $ - $ - $ - $ 1,611,311
- - - - 15,882
- - 31,055 31,055 4,298,709
- - - - 2,326,973
27,200 5,422 - 32,622 416,991
11,350 2,421 967 14,738 62,014
38,550 7,843 32,022 78,415 8,731,880
- - - - 548,324
- - 31,980 31,980 1,217,597
- - - - 5,135,858
- - - - 1,406,374
- - - - 111,978
- 5,792 - 5,792 389,359
- 5,792 31,980 37,772 8,809,490
38,550 2,051 42 40,643 (77,610)
- - - - 1,087,261
- - - - 60,329
- - - - 286,626
(12,000) - - (12,000) (1,130,126)
(12,000) - - (12,000) 304,090
26,550 2,051 42 28,643 226,480
351,241 189,107 256,995 797,343 9,992,006
$ 377,791 $ 191,158 $ 257,037 $ 825,986 $ 10,218,486
(Concluded)
Town of Canton, Massachusetts 87 Comprehensive Annual Financial ReportSource page 96
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Internal Service Funds 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 accounted for in the internal service funds are grouped into the following categories: Health Claims – This fund accounts for the group health and dental insurance activity for active and retired employees of the Town. Workers’ Compensation Claims – This fund accounts for workers’ compensation benefits, replacement wages and medical 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 resources accumulated to pay for damage to Town property that is not covered by liability insurance. Town of Canton, Massachusetts 89 Comprehensive Annual Financial Report
Source page 98
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET ASSETS
JUNE 30, 2010
Total
Internal
Health Workers' Unemployment Building Service
Claims Compensation Claims Insurance Funds
ASSETS
CURRENT:
Cash and cash equivalents………$ 3,268,696 $ 32,542 $ 312,246 $ 145,123 $ 3,758,607
Investments………………………… 131,424 - - 279,518 410,942
Working capital deposit…………… 1,476,600 - - - 1,476,600
Total current assets………… 4,876,720 32,542 312,246 424,641 5,646,149
LIABILITIES
CURRENT:
Warrants payable………………… 939,221 - 2,240 - 941,461
Health claims payable…………… 1,336,000 - - - 1,336,000
Total current liabilities……… 2,275,221 - 2,240 - 2,277,461
NET ASSETS
Unrestricted…………………………… 2,601,499 32,542 310,006 424,641 3,368,688
TOTAL NET ASSETS…………………$ 2,601,499 $ 32,542 $ 310,006 $ 424,641 $ 3,368,688
Town of Canton, Massachusetts 90 Comprehensive Annual Financial ReportSource page 99
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEAR ENDED JUNE 30, 2010
Total
Internal
Health Workers' Unemployment Building Service
Claims Compensation Claims Insurance Funds
OPERATING REVENUES:
Employee contributions ………………………… $ 2,872,403 $ - $ - $ - $ 2,872,403
Employer contributions ………………………… 8,404,363 - 100,000 - 8,504,363
Other……………………………………………… 263,332 - - - 263,332
TOTAL OPERATING REVENUES ………… 11,540,098 - 100,000 - 11,640,098
OPERATING EXPENSES:
Employee benefits ……………………………… 12,325,581 - 89,894 - 12,415,475
OPERATING INCOME (LOSS)……………… (785,483) - 10,106 - (775,377)
NONOPERATING REVENUES (EXPENSES):
Investment income……………………………… 10,783 361 240 13,086 24,470
Other revenues…………………………………… - 52,108 - - 52,108
TOTAL NONOPERATING
REVENUES (EXPENSES), NET…………… 10,783 52,469 240 13,086 76,578
CHANGE IN NET ASSETS…………………… (774,700) 52,469 10,346 13,086 (698,799)
NET ASSETS AT BEGINNING OF YEAR……… 3,376,199 (19,927) 299,660 411,555 4,067,487
NET ASSETS AT END OF YEAR…………………$ 2,601,499 $ 32,542 $ 310,006 $ 424,641 $ 3,368,688
Town of Canton, Massachusetts 91 Comprehensive Annual Financial ReportSource page 100
INTERNAL FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2010
Total
Internal
Health Worker's Unemployment Building Service
Claims Compensation Claims Insurance Funds
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from interfund services provided…………………………………$ 11,540,098 $ - $ 100,000 $ - $ 11,640,098
Receipts from other revenues……………………………………………… - 52,108 - - 52,108
Payments for interfund services used…………………………………… (12,105,322) (40,417) (89,300) - (12,235,039)
NET CASH FROM OPERATING ACTIVITIES……………………………… (565,224) 11,691 10,700 - (542,833)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sale (purchase) of investments…………………………………………… (131,424) - - 68,349 (63,075)
Investment income…………………………………………………………… 10,783 361 240 13,086 24,470
NET CASH FROM INVESTING ACTIVITIES………………………………… (120,641) 361 240 81,435 (38,605)
NET CHANGE IN CASH AND CASH EQUIVALENTS……………………… (685,865) 12,052 10,940 81,435 (581,438)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR…… 3,954,561 20,490 301,306 63,688 4,340,045
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR…………$ 3,268,696 $ 32,542 $ 312,246 $ 145,123 $ 3,758,607
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
FROM OPERATING ACTIVITIES:
Operating income (loss)…………………………………………………… $ (785,483) $ - $ 10,106 $ - $ (775,377)
Adjustments to reconcile operating income (loss) to net
cash from operating activities:
Reciepts from other revenues………………………………………… - 52,108 - - 52,108
Changes in assets and liabilities:
Working capital deposit……………………………………………… (11,200) - - - (11,200)
Warrants payable…………………………………………………… 115,459 (417) 594 - 115,636
Health claims payable……………………………………………… 116,000 - - - 116,000
Workers' compensation……………………………………………… - (40,000) - - (40,000)
Total adjustments………………………………………………… 220,259 11,691 594 - 232,544
NET CASH FROM OPERATING ACTIVITIES……………………………… $ (565,224) $ 11,691 $ 10,700 $ - $ (542,833)
Town of Canton, Massachusetts 92 Comprehensive Annual Financial ReportSource page 101
Fiduciary Funds Agency Fund Agency funds are used to account for assets held in a purely custodial capacity. The Town’s Agency Fund consists primarily of performance bonds, student activity funds, security deposits and licenses and fees collected on-behalf of the Commonwealth. Town of Canton, Massachusetts 93 Comprehensive Annual Financial Report
Source page 102
AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED JUNE 30, 2010
Beginning End
of Year Additions Deletions of Year
ASSETS
CURRENT:
Cash and cash equivalents………………… $ 789,590 $ 280,274 $ (264,183) $ 805,681
LIABILITIES
Warrants payable…………………………… $ 16,943 $ 244,905 $ (244,488) $ 17,360
Liabilities due depositors…………………… 772,647 1,035,809 (1,020,135) 788,321
TOTAL LIABILITIES………………………………$ 789,590 $ 1,280,714 $ (1,264,623) $ 805,681
Town of Canton, Massachusetts 94 Comprehensive Annual Financial ReportSource page 103
Statistical Section Statistical tables differ from financial statements since they usually cover more than one fiscal year and present non-accounting data. The following tables reflect social and economic data, financials trends, and fiscal capacity. Organogenesis, the world leader in regenerative medicine, after being aggressively pursued by the Town, expanded its operations in Canton by acquiring the above facility on Dan Road after receiving incentives from the Commonwealth of Massachusetts’ Life Sciences Initiative.
Source page 104
Statistical Section
Statistical Section
This part of the comprehensive annual financial report presents detailed 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 comprehensive
annual financial reports for the relevant year. The Town implemented GASB Statement 34 in 2003; schedules
presenting government-wide information include information beginning in that year.
Town of Canton, Massachusetts 95 Comprehensive Annual Financial ReportSource page 105
Net Assets By Component
Last Eight Fiscal Years
Fiscal Year
2003 2004 2005 2006 2007 2008 2009 2010
Governmental activities
Invested in capital assets, net of related debt……$ 25,364,346 $ 36,942,344 $ 50,497,888 $ 47,654,438 $ 50,777,183 $ 51,291,396 $ 54,948,512 $ 57,942,064
Restricted…………………………………………… 3,510,012 3,295,679 3,467,154 3,077,412 3,824,685 4,432,975 8,844,047 7,781,249
Unrestricted………………………………………… 9,317,486 12,671,374 18,735,148 24,200,838 23,955,254 25,253,777 17,149,826 12,620,042
Total governmental activities net assets……………$ 38,191,844 $ 52,909,397 $ 72,700,190 $ 74,932,688 $ 78,557,122 $ 80,978,148 $ 80,942,385 $ 78,343,355
Business-type activities
Invested in capital assets, net of related debt…… 11,167,239 12,618,526 12,537,255 12,340,271 11,952,283 13,948,369 14,483,253 15,188,472
Unrestricted………………………………………… 3,905,119 2,523,732 4,753,528 5,544,174 6,124,469 5,093,607 4,076,247 4,129,227
Total business-type activities net assets……………$ 15,072,358 $ 15,142,258 $ 17,290,783 $ 17,884,445 $ 18,076,752 $ 19,041,976 $ 18,559,500 $ 19,317,699
Primary government
Invested in capital assets, net of related debt…… 36,531,585 49,560,870 63,035,143 59,994,709 62,729,466 65,239,765 69,431,765 73,130,536
Restricted…………………………………………… 3,510,012 3,295,679 3,467,154 3,077,412 3,824,685 4,432,975 8,844,047 7,781,249
Unrestricted………………………………………… 13,222,605 15,195,106 23,488,676 29,745,012 30,079,723 30,347,384 21,226,073 16,749,269
Total primary government net assets……………… $ 53,264,202 $ 68,051,655 $ 89,990,973 $ 92,817,133 $ 96,633,874 $ 100,020,124 $ 99,501,885 $ 97,661,054
Town of Canton, Massachusetts 96 Comprehensive Annual Financial ReportSource page 106
Changes in Net Assets
Last Eight Fiscal Years
Fiscal Year
2003 2004 2005 2006 2007 2008 2009 2010
Expenses
Governmental activities:
General government………………………………………… $ 3,724,451 $ 3,267,986 $ 4,901,258 $ 4,246,023 $ 4,365,873 $ 5,142,280 $ 6,292,728 $ 5,687,721
Public safety………………………………………………… 11,144,645 12,048,004 11,343,820 11,964,710 12,151,151 12,501,298 13,435,861 14,053,007
Education……………………………………………………… 37,297,785 38,093,179 38,644,927 40,105,376 42,723,738 45,669,483 50,203,533 53,936,191
Public works………………………………………………… 5,794,690 5,553,924 4,785,491 4,567,438 4,267,313 5,002,096 4,868,008 5,534,429
Human services……………………………………………… 656,368 752,548 781,948 810,338 850,334 810,319 941,217 1,046,171
Culture and recreation……………………………………… 1,803,954 1,652,270 2,561,766 2,437,118 2,397,635 2,498,364 2,623,016 2,657,453
Interest………………………………………………………… 637,102 1,054,013 2,632,669 2,363,454 2,654,749 2,105,670 1,996,528 1,919,708
Total government activities expenses………………………… 61,058,995 62,421,924 65,651,879 66,494,457 69,410,793 73,729,510 80,360,891 84,834,680
Business-type activities:
Water…………………………………..……………………… 2,767,810 3,017,581 3,260,655 3,587,009 3,570,802 3,769,301 4,521,904 4,599,182
Sewer………………………………………………………… 3,739,303 3,772,077 4,005,172 3,983,341 4,202,101 4,643,878 4,442,173 4,553,414
Rink…………………………………………………………… 335,284 348,677 271,389 314,637 344,198 357,203 377,269 402,775
Total business-type activities expenses……………………… 6,842,397 7,138,335 7,537,216 7,884,987 8,117,101 8,770,382 9,341,346 9,555,371
Total primary government expenses………………………… $ 67,901,392 $ 69,560,259 $ 73,189,095 $ 74,379,444 $ 77,527,894 $ 82,499,892 $ 89,702,237 $ 94,390,051
Program Revenues
Governmental activities:
Charges for services:
General government……………………………………… $ 1,129,049 $ 1,380,744 $ 229,506 $ 355,302 $ 371,696 $ 368,111 $ 400,721 $ 919,070
Public safety………………………………………………… 1,289,699 1,413,265 995,622 2,893,607 2,392,923 2,253,015 1,867,319 2,076,797
Education…………………………………………………… 1,156,046 1,229,743 1,260,813 1,567,706 1,647,771 2,202,573 1,975,650 2,105,396
Public works………………………………………………… 16,680 11,113 62,211 58,111 85,033 71,911 69,082 129,056
Human services…………………………………………… - - 49,775 45,012 42,808 50,162 42,354 41,527
Culture and recreation……………………………………… 310,485 1,045,450 470,989 378,055 343,737 376,991 377,306 379,669
Operating grants and contributions………………………… 14,492,198 10,997,337 12,719,732 10,678,040 12,582,237 13,251,876 14,389,625 14,937,773
Capital grant and contributions……………………………… 1,340,638 13,746,919 12,931,018 653,971 1,011,723 2,251,419 3,291,089 1,170,098
Total government activities program revenues...…………… 19,734,795 29,824,571 28,719,666 16,629,804 18,477,928 20,826,058 22,413,146 21,759,386
Business-type activities:
Charges for services - Water……………………………… 3,322,576 3,314,271 3,929,821 4,337,211 4,308,918 5,148,323 4,727,025 5,693,293
Charges for services - Sewer……………………………… 3,658,243 3,904,950 4,149,998 4,466,378 4,491,655 5,159,490 4,747,421 4,772,693
Charges for services - Rink………………………………… 325,631 337,010 335,215 372,609 370,110 356,953 391,991 404,449
Capital grant and contributions……………………………… - - - 184,570 46,294 39,941 2,362 497,305
Operating grants and contributions………………………… 27,079 50,495 - - - - - -
Total business-type activities program revenues…………… 7,333,529 7,606,726 8,415,034 9,360,768 9,216,977 10,704,707 9,868,799 11,367,740
Total primary government program revenues……………… $ 27,068,324 $ 37,431,297 $ 37,134,700 $ 25,990,572 $ 27,694,905 $ 31,530,765 $ 32,281,945 $ 33,127,126
Net (Expense)/Program Revenue
Governmental activities……………………....…………………$ (41,324,200) $ (32,597,353) $ (36,932,213) $ (49,864,653) $ (50,932,865) $ (52,903,452) $ (57,947,745) $ (63,075,294)
Business-type activities……………………....………………… 491,132 468,391 877,818 1,475,781 1,099,876 1,934,325 527,453 1,812,369
Total primary government net (expense)/program revenue…$ (40,833,068) $ (32,128,962) $ (36,054,395) $ (48,388,872) $ (49,832,989) $ (50,969,127) $ (57,420,292) $ (61,262,925)
General Revenues and other Changes in Net Assets
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable………………………………… $ 37,012,751 $ 39,376,066 $ 41,551,652 $ 43,523,919 $ 45,318,005 $ 46,074,751 $ 49,643,467 $ 52,922,668
Tax liens……………………………………………………… - - - 68,545 137,473 204,174 186,291 210,666
Motor vehicle excise taxes………………………………… 3,316,984 3,642,186 3,430,854 3,340,893 3,364,215 3,622,335 3,170,275 3,082,341
Penalties and interest on taxes…………………………… 178,932 230,825 218,730 259,454 206,817 188,163 246,950 317,161
Payments in lieu of taxes…………………………………… 170,291 160,827 160,827 160,827 160,827 191,827 194,559 199,299
Grants and contributions not restricted to
specific programs…………………………………………… 2,298,362 2,152,678 2,260,017 2,550,060 3,607,674 2,974,443 2,727,082 2,165,199
Unrestricted investment income…………………………… 276,835 288,328 633,337 728,000 955,736 909,900 488,112 212,187
Gain (loss) on sale of capital assets……………………… - - (87,704) - (3,087) - - -
Miscellaneous………………………………………………… 198,634 174,526 464,695 283,334 202,070 189,784 245,317 312,573
Transfers……………………………………………………… 368,428 424,923 804,205 882,119 907,569 969,101 1,009,929 1,054,170
Total governmental activities…………………………………… 43,821,217 46,450,359 49,436,613 51,797,151 54,857,299 55,324,478 57,911,982 60,476,264
Business-type activities:
Penalties and interest on taxes…………………………… 46,222 26,432 - - - - - -
Transfers……………………………………………………… (368,428) (424,923) (804,205) (882,119) (907,569) (969,101) (1,009,929) (1,054,170)
Total business-type activities….……………………………… (322,206) (398,491) (804,205) (882,119) (907,569) (969,101) (1,009,929) (1,054,170)
Total primary government general revenues and other
changes in net assets……………………………………… $ 43,499,011 $ 46,051,868 $ 48,632,408 $ 50,915,032 $ 53,949,730 $ 54,355,377 $ 56,902,053 $ 59,422,094
Changes in Net Assets
Governmental activities……………………....…………………$ 2,497,017 $ 13,853,006 $ 12,504,400 $ 1,932,498 $ 3,924,434 $ 2,421,026 $ (35,763) $ (2,599,030)
Business-type activities……………………....………………… 168,926 69,900 73,613 593,662 192,307 965,224 (482,476) 758,199
Total primary government changes in net assets……………$ 2,665,943 $ 13,922,906 $ 12,578,013 $ 2,526,160 $ 4,116,741 $ 3,386,250 $ (518,239) $ (1,840,831)
Town of Canton, Massachusetts 97 Comprehensive Annual Financial ReportSource page 107
Fund Balances, Governmental Funds
Last Ten Fiscal Years
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
General Fund
Reserved…………………………… $ 1,654,619 $ 1,747,512 $ 1,699,225 $ 1,676,357 $ 1,023,368 $ 899,941 $ 849,128 $ 689,430 $ 7,967,330 $ 7,058,923
Unreserved………………………… 9,070,597 10,266,767 10,789,236 9,662,403 6,986,569 5,248,803 5,032,226 4,849,482 3,282,155 3,099,548
Total general fund………………………$ 10,725,216 $ 12,014,279 $ 12,488,461 $ 11,338,760 $ 8,009,937 $ 6,148,744 $ 5,881,354 $ 5,538,912 $ 11,249,485 $ 10,158,471
All Other Governmental Funds
Reserved…………………………… $ - $ - $ 315,624 $ 326,942 $ 39,805 $ 289,192 $ 294,174 $ 325,985 $ 338,785 $ 356,385
Unreserved, reported in:
Special revenue funds………… 1,724,288 1,384,549 2,686,690 13,544,497 7,565,201 8,217,843 10,531,749 10,819,169 9,870,598 10,091,323
Capital projects funds…………… (10,582,904) (2,477,571) (11,657,697) (14,595,933) (17,071,132) 3,191,957 (1,761,732) (1,834,484) (675,935) (698,823)
Permanent funds………………… - - 1,816,587 1,798,680 661,797 413,245 428,606 456,618 458,558 469,601
Total all other governmental funds… $ (8,858,616) $ (1,093,022) $ (6,838,796) $ 1,074,186 $ (8,804,329) $ 12,112,237 $ 9,492,797 $ 9,767,288 $ 9,992,006 $ 10,218,486
Fiscal years 2001 and 2002 exclude Expendable and Nonexpendable Trust Funds which were reported under the pre-GASB 34 format.
Town of Canton, Massachusetts 98 Comprehensive Annual Financial ReportSource page 108
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Revenues:
Real estate and personal property taxes,
net of tax refunds……………………………………………$ 33,598,811 $ 34,885,873 $ 36,463,084 $ 38,291,597 $ 41,734,335 $ 43,440,386 $ 45,259,651 $ 46,128,837 $ 49,516,225 $ 52,217,093
Tax liens………………………………………………………… 153,982 162,131 171,254 239,705 349,106 198,779 313,789 62,100 187,083 193,859
Motor vehicle and excise taxes……………………………… 3,038,961 3,506,108 3,366,984 3,245,634 3,222,639 3,438,271 3,364,215 3,426,512 3,515,812 3,080,023
Charges for Service…………………………………………… 849,754 962,675 954,215 894,901 1,279,566 1,555,340 1,633,782 1,488,941 1,552,111 1,611,311
Penalties and interest on taxes……………………………… 155,634 117,518 175,014 196,674 218,730 259,454 206,817 188,163 246,950 317,161
Payments in lieu of taxes……………………………………… 160,827 160,827 170,291 160,827 160,827 160,827 160,827 191,827 194,559 199,299
Fines and forfeitures…………………………………………… 184,490 172,869 153,985 139,100 140,964 155,917 200,872 189,562 165,991 139,458
Intergovernmental……………………………………………… 10,644,445 11,325,245 15,521,414 11,892,324 13,401,598 14,233,010 15,337,495 17,973,491 20,586,005 18,613,887
Intergovernmental - school construction grants…………… - - - - - 17,620,000 1,300,000 - 7,167,329 -
Departmental and other………………………………………… 1,653,511 1,798,581 2,354,197 3,318,668 4,759,749 2,673,219 3,215,566 2,836,910 2,827,470 3,394,781
Licenses and permits…………………………………………… 788,099 469,973 517,747 774,319 582,327 1,120,175 626,776 669,240 452,758 658,905
Contributions…………………………………………………… 106,489 81,337 396,891 284,162 399,655 381,326 1,082,522 624,919 256,730 416,991
Investment income…………………………………………… 915,044 440,135 282,596 274,630 602,630 712,388 844,984 794,586 429,449 187,717
Total Revenue………………………………………………… 52,250,047 54,083,272 60,527,672 59,712,541 66,852,126 85,949,092 73,547,296 74,575,088 87,098,472 81,030,485
Expenditures:
General government…………………………………………… 2,512,218 2,602,293 2,870,710 2,896,184 3,582,135 3,059,080 3,119,956 3,728,731 4,706,731 4,187,558
Public safety…………………………………………………… 7,106,152 7,675,549 8,155,913 9,074,652 8,083,251 9,086,158 9,899,016 8,907,119 9,285,602 9,364,149
Education………………………………………………………… 22,323,151 23,486,172 25,510,021 26,325,164 26,927,124 28,855,385 30,676,469 30,142,662 33,314,956 34,967,636
Public works…………………………………………………… 3,701,297 4,185,364 4,197,230 4,075,214 3,822,229 3,674,813 3,173,939 4,048,452 3,548,575 4,125,380
Human services………………………………………………… 553,904 494,284 497,370 596,218 547,133 592,563 627,328 626,827 697,221 767,077
Culture and recreation………………………………………… 1,443,977 1,512,423 1,520,183 1,830,902 1,825,845 1,818,703 1,732,136 1,742,977 1,784,546 1,771,572
Pension benefits………………………………………………… 4,454,036 4,569,656 5,011,020 5,700,793 6,802,508 7,421,416 8,036,169 9,252,069 9,901,744 10,482,808
Employee benefits……………………………………………… 4,132,877 4,784,629 5,559,531 6,854,916 7,730,393 7,786,377 7,674,681 8,293,944 8,482,345 9,107,798
Claims and judgments………………………………………… - - - - - - - - - -
State and county charges……………………………………… 773,233 766,398 743,620 735,257 720,767 736,659 811,346 894,634 924,550 932,878
Capital outlay…………………………………………………… 4,297,159 4,059,978 12,099,348 28,372,249 15,056,229 7,124,585 5,835,422 4,039,135 7,296,078 2,495,021
Debt service:
Principal……………………………………………………… 1,355,000 1,861,000 1,692,000 1,632,000 3,399,535 3,313,275 3,851,275 3,827,020 3,929,020 3,947,750
Interest………………………………………………………… 1,324,179 1,061,204 1,109,101 1,203,106 2,714,856 2,728,671 2,185,381 2,111,050 2,010,966 1,955,945
Total Expenditures…………………………………………… 53,977,183 57,058,950 68,966,047 89,296,655 81,212,005 76,197,685 77,623,118 77,614,620 85,882,334 84,105,572
Excess of revenues over (under) expenditures……………… (1,727,136) (2,975,678) (8,438,375) (29,584,114) (14,359,879) 9,751,407 (4,075,822) (3,039,532) 1,216,138 (3,075,087)
Other Financing Sources (Uses)
Issuance of refunding bonds………………………………… - - - 3,359,170 - - - 1,084,000 - -
Payments to refunded bond escrow agent…………………… - - - (3,342,853) - - - (1,070,000) - -
Issuance of bonds………………...…………………………… - 11,434,000 - 34,561,000 - 8,001,000 - 1,907,000 3,541,000 1,087,261
Premium from issuance of bonds and notes………………… 22,705 92,571 133,580 1,012,551 244,578 21,407 13,360 81,480 85,862 69,122
Capital lease financing………………………………………… - - - - 565,553 399,440 - - 82,362 -
Sale of capital assets…………………………………………… - - - - - - 268,063 - - -
Transfers in……………………………………………………… 1,812,254 1,702,993 2,128,532 2,652,106 4,481,387 3,561,999 2,343,853 2,827,203 2,728,433 2,445,096
Transfers out…………………………………………………… (1,319,009) (1,199,229) (1,615,758) (1,894,579) (3,677,182) (2,679,880) (1,436,284) (1,858,102) (1,718,504) (1,390,926)
Total other financing sources (uses)………………………… 515,950 12,030,335 646,354 36,347,395 1,614,336 9,303,966 1,188,992 2,971,581 4,719,153 2,210,553
Net change in fund balance………………………………………$ (1,211,186) $ 9,054,657 $ (7,792,021) $ 6,763,281 $ (12,745,543) $ 19,055,373 $ (2,886,830) $ (67,951) $ 5,935,291 $ (864,534)
Debt service as a percentage of noncapital expenditures…… 5.39% 5.51% 4.93% 4.65% 9.24% 8.75% 8.41% 8.07% 7.56% 7.23%
Notes:
Fiscal years 2001 and 2002 exclude Expendable and Nonexpendable Trust Funds which were reported under the pre-GASB 34 format.
Town of Canton, Massachusetts 99 Comprehensive Annual Financial ReportSource page 109
Assessed Value and Actual Value of Taxable Property by Classification and Tax Rates
Last Ten Fiscal Years
Assessed and Actual Values and Tax Rates
Total Total
Fiscal Residential Residential Commercial Industrial Personal Commercial Commercial Town Direct
Year Value Tax Rate Value Value Property Value Tax Rate Value Tax Rate
2001 $1,774,925,500 $11.92 $263,674,800 $291,814,900 $46,375,900 $601,865,600 $21.53 $2,376,791,100 $14.35
2002 $1,788,936,500 $12.24 $265,571,700 $298,252,100 $54,209,000 $618,032,800 $22.20 $2,406,969,300 $14.80
2003 $1,803,051,300 $12.56 $280,791,100 $301,049,100 $55,517,100 $637,357,300 $22.89 $2,440,408,600 $15.26
2004 $2,613,432,533 $9.16 $365,829,167 $365,939,000 $66,383,800 $798,151,967 $18.81 $3,411,584,500 $11.42
2005 $2,805,680,375 $9.42 $367,284,365 $362,683,800 $71,194,260 $801,162,425 $20.02 $3,606,842,800 $11.77
2006 $3,062,033,400 $9.33 $371,465,220 $359,086,100 $70,616,260 $801,167,580 $19.39 $3,863,200,980 $11.42
2007 $3,283,433,296 $8.88 $429,076,734 $409,121,100 $87,302,190 $925,500,024 $17.94 $4,208,933,320 $10.87
2008 $3,203,773,709 $9.34 $435,216,821 $399,643,400 $91,515,750 $926,375,971 $18.40 $4,130,149,680 $11.37
2009 $3,234,696,626 $9.98 $429,321,664 $389,319,700 $120,258,560 $938,899,924 $19.68 $4,173,596,550 $12.16
2010 $3,032,221,732 $10.83 $455,712,638 $378,970,320 $122,726,290 $957,409,248 $21.77 $3,989,630,980 $13.46
Total Assessed Value by Classification Total Assessed Value by Classification
Fiscal Year Ended June 30, 2001 Fiscal Year Ended June 30, 2010
2% 3%
12% 9%
11%
11%
75%
77%
Residential Commercial Industrial Personal Property Residential Commercial Industrial Personal Property
Commercial Value as % of Total Value
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Official Statements
All property in the Commonwealth of Massachusetts is assessed at 100% of fair cash value.
Note: Chapter 59, Section 21C of the Massachusetts General Laws, known as "Proposition 2 1/2", imposes 2 separate limits on the
annual tax levy of the Town. The primary limitation is that the tax levy cannot exceed 2 1/2 percent of the full and fair cash value.
The secondary limitation is that the tax levy cannot exceed the maximum levy limit for the preceding fiscal year as determined by
the State Commissioner of Revenue by more than 2 1/2 percent, subject to an exception for property added to the tax rolls and
for certain substantial valuation increases other than as part of a general revaluation. The secondary limit may be exceeded in any
year by a majority vote of the voters, however it cannot exceed the primary limitation.
Town of Canton, Massachusetts 100 Comprehensive Annual Financial ReportSource page 110
Principal Taxpayers
Current Year and Nine Years Ago
2010 2001
Percentage of Percentage of
Total Taxable Total Taxable
Nature of Assessed Assessed Assessed Assessed
Taxpayer Business Valuation Rank Value Valuation Rank Value
NSTAR (formerly Boston Edison) Utility $45,357,350 1 1.09% $16,576,000 6 0.90%
Reebok International Headquarters $43,519,676 2 1.04% $23,177,000 4 1.26%
One Beacon Insurance Office $36,383,100 3 0.87%
Medical Information Tech., Inc. Office $33,914,300 4 0.81% $27,930,600 2 1.52%
Canton Village Shops Retail $28,940,900 5 0.69%
Waterfall Hills Apartments Apartments $28,422,500 6 0.68%
Boston Mutual Offices $27,199,100 7 0.65%
ComputerShare Offices $23,732,200 8 0.57%
Verizon Utility $22,838,500 9 0.55%
Criterion Canton Apartments Apartments $19,695,600 10 0.47%
Metropolitan Life Insurance Industrial Park $42,599,100 1 2.32%
Blue Hills Office Park Industrial Park $26,002,700 3 1.41%
ASN-Mass Holdings Apartments $22,466,600 5 1.22%
JBAK Canton Realty Warehouse $15,393,500 7 0.84%
Copley Pharmaceutical Research & Development $15,197,500 8 0.83%
Dan Road Building, LLc Office $12,619,400 9 0.69%
Bell Atlantic Utility $10,199,700 10 0.56%
Totals $310,003,226 7.43% $212,162,100 11.54%
Source: Official Statements
Town of Canton, Massachusetts 101 Comprehensive Annual Financial ReportSource page 111
Property Tax Levies and Collections
Last Ten Fiscal Years
Percent of
Less First Year Percent of Delinquent Total Total Tax
Fiscal Total Abatements & Net Net as % Current Net Levy Tax Tax Collections to
Year Tax Levy Exemptions Tax Levy of Total Tax Collections Collected Collections Collections Net Tax Levy
2001 $34,115,278 $467,905 $33,647,373 98.63% $33,621,488 99.92% $23,188 $33,644,676 99.99%
2002 $35,616,911 $637,861 $34,979,050 98.21% $34,892,174 99.75% $82,293 $34,974,467 99.99%
2003 $37,235,433 $417,035 $36,818,398 98.88% $36,547,442 99.26% $252,858 $36,800,300 99.95%
2004 $38,952,281 $544,915 $38,407,366 98.60% $38,313,769 99.76% $87,927 $38,401,696 99.99%
2005 $42,468,781 $522,771 $41,946,010 98.77% $41,841,563 99.75% $100,596 $41,942,159 99.99%
2006 $44,103,411 $427,388 $43,676,023 99.03% $43,423,142 99.42% $248,249 $43,671,391 99.99%
2007 $45,760,358 $563,944 $45,196,414 98.77% $45,004,223 99.57% $186,228 $45,190,451 99.99%
2008 $46,968,564 $430,171 $46,538,393 99.08% $46,095,555 99.05% $436,519 $46,532,074 99.99%
2009 $50,759,823 $538,902 $50,220,921 98.94% $49,631,932 98.83% $578,287 $50,210,219 99.98%
2010 $53,681,761 $403,369 $53,278,392 99.25% $52,019,666 97.64% $0 $52,019,666 97.64%
Real Estate Tax Levies vs. First Year Collections
Last Ten Fiscal Years
$55,000,000
$50,000,000
$45,000,000
$40,000,000
$35,000,000
$30,000,000
$25,000,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Real Estate Tax Levy First Year Current Tax Collections
Town of Canton, Massachusetts 102 Comprehensive Annual Financial ReportSource page 112
Ratios of Outstanding Debt and General Bonded Debt
Last Ten Fiscal Years
Governmental Activities Debt
General Percentage Percentage
Fiscal U. S. Census Personal Assessed Obligation Capital Per of Personal of Assessed
Year Population Income Value Bonds Leases Capita Income Value
2001 20,847 $729,739,770 $2,376,791,100 $11,614,000 $0 $557 1.59% 0.49%
2002 21,087 $771,283,386 $2,406,969,300 $21,187,000 $0 $1,005 2.75% 0.88%
2003 21,288 $781,126,845 $2,440,408,600 $19,495,000 $0 $916 2.50% 0.80%
2004 21,375 $799,378,090 $3,411,584,500 $52,863,170 $0 $2,473 6.61% 1.55%
2005 21,475 $822,312,387 $3,606,842,800 $49,463,635 $565,553 $2,330 6.08% 1.39%
2006 21,536 $876,683,476 $3,863,200,980 $54,151,360 $933,526 $2,558 6.28% 1.43%
2007 21,772 $906,763,831 $4,208,933,320 $50,300,085 $0 $2,310 5.55% 1.20%
2008 21,916 $935,580,195 $4,130,149,680 $48,394,065 $0 $2,208 5.17% 1.17%
2009 22,048 $945,921,268 $4,173,596,550 $48,006,045 $59,764 $2,180 5.08% 1.15%
2010 21,732 $937,025,798 $3,989,630,980 $45,145,556 $41,097 $2,079 4.82% 1.13%
Business-type Activities (1) Total Primary Government
General Total Percentage Percentage
Fiscal Obligation Capital Debt Per of Personal of Assessed
Year Bonds Leases Outstanding Capita Income Value
2001 $6,828,034 $0 $18,442,034 $885 2.53% 0.78%
2002 $7,737,328 $0 $28,924,328 $1,372 3.75% 1.20%
2003 $6,935,094 $0 $26,430,094 $1,242 3.38% 1.08%
2004 $8,337,936 $0 $61,201,106 $2,863 7.66% 1.79%
2005 $7,536,769 $0 $57,565,957 $2,681 7.00% 1.60%
2006 $9,652,542 $0 $64,737,428 $3,006 7.38% 1.68%
2007 $8,505,075 $0 $58,805,160 $2,701 6.49% 1.40%
2008 $9,554,055 $0 $57,948,120 $2,644 6.19% 1.40%
2009 $11,623,368 $0 $59,689,177 $2,707 6.31% 1.43%
2010 $18,914,008 $0 $64,100,661 $2,950 6.84% 1.61%
(1) Water,Sewer, and Rink Fund
Source: Audited Financial Statements, U. S. Census
Town of Canton, Massachusetts 103 Comprehensive Annual Financial ReportSource page 113
Town of Canton, Massachusetts
Direct and Overlapping Governmental Activities Debt
As of June 30, 2010
Estimated
Estimated Share of
Debt Percentage Overlapping
Town of Canton, Massachusetts Outstanding Applicable Debt
Debt repaid with property taxes
Norfolk County…………………………………………………………… 900,000 (a) 4.15% $ 37,350
Blue Hills Regional Vocational School District………………………… 340,000 (a) 8.65% 29,410
MBTA……………………………………………………………………… 4,818,742,000 (b) 1.50% 72,281,130
Subtotal, overlapping debt……………………………………………………… 72,347,890
Town direct debt………………………………………………………………… 45,145,556
Total direct and overlapping debt……………………………………………… $ 117,493,446
(a) Outstanding debt as of May 15, 2010.
(b) Outstanding debt as of June 30, 2009.
Source: Official Statement and MBTA audited financial statements
Town of Canton, Massachusetts 104 Comprehensive Annual Financial ReportSource page 114
Computation of Legal Debt Margin
Last Ten Fiscal Years
(Amounts in Thousands)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Equalized Valuation………………………… $ 2,134,910 $ 2,134,910 $ 2,833,787 $ 2,833,787 $ 3,542,564 $ 3,542,564 4,384,335 $ 4,384,335 $ 4,487,450 $ 4,487,450
Debt Limit -5% of Equalized Valuation…… 106,746 106,746 141,689 141,689 177,128 177,128 219,217 219,217 224,373 224,373
Less:
Outstanding debt applicable to limit……… 15,952 17,315 15,733 49,543 46,317 51,608 47,900 46,138 46,850 44,148
Authorized and unissued debt…………… 75,742 67,740 70,487 13,776 9,372 13,167 29,146 26,237 26,434 26,434
Legal debt margin…………………………… $ 15,052 $ 21,691 $ 55,469 $ 78,370 $ 121,439 $ 112,353 142,171 $ 146,842 $ 151,089 $ 153,791
Total debt applicable to the limit
as a percentage of debt limit……………… 85.90% 79.68% 60.85% 44.69% 31.44% 36.57% 35.15% 33.02% 32.66% 31.46%
Town of Canton, Massachusetts 105 Comprehensive Annual Financial ReportSource page 115
Demographic and Economic Statistics
Last Ten Fiscal Years
Per
Capita
Fiscal Population Personal Personal Median School Unemployment
Year Estimates Income Income Age Enrollment Rate
2001 20,847 $ 729,739,770 $ 35,005 39.8 2,928 3.00%
2002 21,087 $ 771,283,386 $ 36,576 39.8 2,939 4.30%
2003 21,288 $ 781,126,845 $ 36,693 39.8 3,005 4.90%
2004 21,375 $ 799,378,090 $ 37,398 39.8 3,020 4.40%
2005 21,475 $ 822,312,387 $ 38,292 39.8 3,060 3.90%
2006 21,536 $ 876,683,476 $ 40,708 39.8 3,112 4.10%
2007 21,772 $ 906,763,831 $ 41,648 39.8 3,131 3.70%
2008 21,916 $ 935,580,195 $ 42,689 39.8 3,103 4.50%
2009 22,048 $ 945,921,268 $ 42,903 39.8 3,137 7.10%
2010 21,732 $ 937,025,798 $ 43,117 39.8 3,172 7.90%
Source: U. S. Census, Division of Local Services, Official Statements
Median age is based on most recent census data
Town of Canton, Massachusetts 106 Comprehensive Annual Financial ReportSource page 116
Principal Employers (excluding Town)
Current Year and Nine Years Ago
2010 2001
Nature Percentage of Percentage of
of Total Town Total Town
Employer Business Employees Rank Employment Employees Rank Employment
Reebok International Corporate Headquarters 1,062 1 4.52% 1,400 1 6.64%
Computershare (Equiserve) Operations Center 880 2 3.75% 1,273 2 6.03%
Meditech Hospital Software 702 3 2.99% 725 3 3.44%
One Beacon Insurance Insurance Sales & Service 668 4 2.84% - 0.00%
Dunkin Brands, Inc. Corporate Headquarters 568 5 2.42% - 0.00%
Casual Male Big & Tall Retail, Clothing 475 6 2.02% 605 4 2.87%
Organogenesis Regenerative Medicine 275 7 1.17% - 0.00%
Boston Mutual Insurance Insurance Sales & Service 264 8 1.12% 275 9 1.30%
Pollak Engineering Products Automotive Engineering 252 9 1.07% 450 5 2.13%
Massachusetts Hospital School Educational & Vocational Services 224 10 0.95% - 0.00%
Cumberland Farms Milk and Dairy Products, Gasoline - - 391 6 1.85%
Plymouth Rubber Company Rubber and Plastic Products - - 350 7 1.66%
Instron Corporation Electronic Testing Equipment - - 320 8 1.52%
Stream International Software Support - - 250 10 1.19%
Source: Official Statements
Town of Canton, Massachusetts 107 Comprehensive Annual Financial ReportSource page 117
Full-time Equivalent Town Employees by Function
Last Ten Fiscal Years
Fiscal Year
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Function
General government……………… 29 30 30 30 29 29 28 27 28 28
Public Safety……………………… 100 109 108 106 106 106 105 100 104 104
Public works……………………… 43 43 41 41 41 42 42 43 43 43
Human services…………………… 9 9 9 9 9 9 9 9 9 10
Culture and recreation…………… 33 33 33 33 32 32 32 30 31 31
sub-total ………………………… 214 224 221 219 217 218 216 209 215 216
Education………………………… 393 399 405 387 381 390 402 391 427 448
Total town employees…………… 607 623 626 606 598 608 618 600 642 664
Source: Town personnel records
Town of Canton, Massachusetts 108 Comprehensive Annual Financial ReportSource page 118
Operating Indicators by Function/Program
Last Ten Fiscal Years
Function/Program 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
General Government:
Registered voters………………………………… 13,886 13,676 13,754 13,478 13,787 14,073 13,852 14,104 14,194 14,376
Public Safety:
Police
Criminal offenses……………………………… 366 351 481 300 553 521 663 623 419 422
Fire
Fire calls………………………………………… 1,212 1,398 984 1,259 1,259 1,139 1,137 1,023 930 1,000
Ambulance calls……………………………… 2,108 2,267 2,637 2,561 2,562 2,641 2,653 2,471 2,729 2,600
Permits issued………………………………… N/A 791 801 889 915 973 866 803 823 950
Building Department
Building permits issued……………………… 748 753 731 793 760 865 864 712 837 771
Other permits issued………………………… 1,592 1,565 1,469 1,550 1,720 1,682 1,636 1,629 1,478 1,497
Education:
Number of students………………………………… 2,900 2,973 3,044 3,006 3,095 3,062 3,089 3,083 3,118 3,061
Public Works:
Highway
Roads paved (miles)………………………… 3.1 1.7 1.4 2.6 1.8 1.7 1.3 0.0 2.4 0.6
Water
Water mains installed (miles)………………… 0.1 0.3 0.5 1.5 0.8 0.0 0.0 0.0 0.0 1.0
Sewer
Sanitary sewers installed (miles)…………… 1.4 0.9 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.0
Human Services:
Board of Health
Inspections and complaint investigations…… 230 260 255 611 730 875 635 656 680 730
Permits issued………………………………… N/A 522 522 522 556 576 587 582 590 612
Council on Aging
Bus trips………………………………………… 4,040 4,456 N/A 4,560 4,350 8,728 8,900 6,500 9,000 9,000
Culture and Recreation:
Libaries
Circulation……………………………………… 244,737 224,981 220,924 173,315 136,927 233,706 255,276 266,498 261,512 262,132
Childrens programs held……...……………… 84 95 85 84 33 105 104 100 107 117
Childrens program attendance……………… 1,790 3,400 2,182 1,458 507 2,269 2,128 1,895 2,510 2,811
Recreation
Swimming pool attendance…………………… 10,442 11,489 12,444 9,963 10,902 10,971 9,837 8,960 10,962 7,360
Playground program participants…………… 375 360 340 425 1,600 1,497 1,397 1,253 1,599 1,509
Source: Various Town Departments
N/A - Information not available
Town of Canton, Massachusetts 109 Comprehensive Annual Financial ReportSource page 119
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Function/Program 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
General Government
Number of buildings……………………… 2 2 2 2 2 2 2 2 2 2
Police
Number of stations……………………… 1 1 1 1 1 1 1 1 1 1
Fire
Number of stations……………………… 2 2 2 2 2 2 2 2 2 2
Education
Number of elementary schools………… 3 3 3 3 3 3 3 3 3 3
Number of middle schools……………… 1 1 1 1 1 1 1 1 1 1
Number of high schools………………… 1 1 1 1 1 1 1 1 1 1
Public Works
Road miles……………………………… N/A N/A N/A N/A 94 94 94 94 94 94
Water mains (miles)……………………… N/A N/A N/A N/A 122 122 122 122 122 123
Sanitary sewers (miles)………………… N/A N/A N/A N/A 66 66 66 66 66 66
Number of water towers……………..… 5 5 5 5 5 5 5 5 5 5
Culture and Recreation
Number of libraries……………………… 1 1 1 1 1 1 1 1 1 1
Number of pools………………………… 1 1 1 1 1 1 1 1 1 1
Source: Various Town Departments
Town of Canton, Massachusetts 110 Comprehensive Annual Financial ReportSource page 120
CANTON VIADUCT Gonstructed im bR35 NATIONAL REGISTER OF HISTORIC PLACES Placed by the Ganton Historical GOmimuission Dedicated on July 471993 NATIONAL HISTORIC CIVIL ENGINEERING LANDMARK The Town Commemorated the 175" anniversary of the completion of the Canton Viaduct. The Canton Viaduct, built in 1835 by the Freemasons, is one of the oldest surviving multiple arch stone railroad bridges still in active mainline use in the United States. A granite memorial recognizing the Freemasons and a bronze plaque from the National Register of Historic Places are located in front of the viaduct. [Original embedded text, retained for comparison] The Town Commemorated the 175th anniversary of the completion of the Canton Viaduct. The Canton Viaduct, built in 1835 by the Freemasons, is one of the oldest surviving multiple arch stone railroad bridges still in active mainline use in the United States. A granite memorial recognizing the Freemasons and a bronze plaque from the National Register of Historic Places are located in front of the viaduct.