Canton, Massachusetts · Saved source text
Enterprise Funds 2013 Year End Reports (PDF)
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Source page 1
Totun of canton, si1aggarbuoett5
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
LOUIS M. JUTRAS
MEMORANDUM INFORMATION
SYSTEMS MANAGER
ljutras@town.canton.ma.us
(781) 821-5069
TO: Board of Selectmen
FROM: James Murgia, Finance Director
DATE: August 16, 2013
SUBJECT: Enterprise Funds' Fiscal 2013 Operating Results
The attached report shows the enterprise funds' operating results for fiscal 2013. 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, 2013.
Water's operating surplus was $336,512 which is more than budget due to bond
premiums totaling $134,000 received from March 2013 borrowings. The water
enterprise fund also received a $125,000 budget transfer from the general fund's health
insurance budget to offset higher than expected chemical costs. After considering the
fiscal 2013 surplus, the water enterprise fund ended the year with a contingency reserve
of $1.6 million which is a healthy 24.2% of expenses.
The sewer enterprise finished fiscal 2013 operating at a deficit of $92,784 due to
substantially less than expected sewer revenues. Sewer's end of year contingency
reserve is $640,600 which is an adequate 11.7% of expenses. For fiscal 2014 the sewer
rates have been increased 5% to provide more sewer revenues and to increase
reserves.
The rink experienced an operating surplus of $41,568 during fiscal 2013 primarily due to
increased revenues. The rink's end of year contingency reserve amounted to $26,069
or 6.3% of expenses. The rink collected about $20,000 of prior year bills in fiscal 2013
which helped the surplus.
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 2013
FISCAL FISCAL
2013 2013 ACTUALS
DESCRIPTION BUDGET ACTUALS VS. BUDGET
WATER REVENUE 6,982,655 7,020,036 37,381
SALARIES & WAGES 767,357 788,074 (20,717)
MWRA ASSESSMENT 2,141,574 2,143,385 (1,811)
CHARGES FROM GENERAL FUND 744,799 7441799 0
DEBT SERVICE 1,928,525 1,941,178 (12,653)
OTHER EXPENSES 1,104,400 1,066,088 38,312
TOTAL WATER OPERATING EXPENSES 6,686,655 6,683,524 3,131
WATER SURPLUS/(DEFICIT) 296,000 336,512 40,512
END OF YEAR CONTINGENCY RESERVE 1,620,439
RESERVE AS % OF EXPENSES 24,2%
SEWER REVENUE 5,899,771 5,403,919 (495,852)
SALARIES & WAGES 459,126 462,760 (3,634)
MWRA ASSESSMENT 3,343,366 3,313,092 30,274
CHARGES FROM GENERAL FUND 388,281 388,281 0
DEBT SERVICE 975,999 980,715 (4,716)
OTHER EXPENSES 332,999 351,856 (18,857)
TOTAL SEWER OPERATING EXPENSES 5,499,771 5,496,704 3,067
7
SEWER SURPLUS/(DEFICIT) 400,000 (92,784) (492,784)
END OF YEAR CONTINGENCY RESERVE 640,607
RESERVE AS % OF EXPENSES 11.7%
RINK REVENUE 413,180 454,682 41,502
SALARIES & WAGES 163,127 4 169,017 (5,890)
' 80,243 (0)
CHARGES FROM GENERAL FUND 80,243
DEBT SERVICE 9,320 I 9,320 0
OTHER EXPENSES 160,490 154,534 5,956
TOTAL RINK OPERATING EXPENSES 413,180 413,114 66
RINK SURPLUS/(DEFICIT) 0 41,568 41,568
END OF YEAR CONTINGENCY RESERVE 26,069
RESERVE AS % OF EXPENSES 6.3%Source page 3
TOWN OF CANTON - ENTERPRISE FUNDS
COMBINED BALANCE SHEET AS OF JUNE 30, 2013
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SEWER SEWER ' TOTAL WATER WATER TOTAL SKATING SKATING RINK TOTAL
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OPERATIONS CAP PROJ , SEWER OPERATIONS CAP PROJ WATER RINK CAP PROJ -I RINK ' TOTALS
ASSETS
4,
4
CASH AND SHORT TERM INVESTMENTS 652,779.43 1,009,217.77 1 1,661,997.20 1,824,102.52 366,067.03 43,591.77 0.00 43,591.77 3,895,758.52
OTHER RECEIVABLES 0.00 1 0.00 0.00 0.00 0.00 0.00 660.00 0.00 660.00 660.00
-h .-
TAX LIENS 28,925.42 0.00 1 28,925.42 29,531.90 0.00 0.00 0.00 58,457.32
USER CHARGES RECEIVABLE 125,472.69 0.00 125,472.69 161,486.57 0.00 161,486.57 0.00 0.00 0.00 286,959.26
UTILITY LIENS ADDED TO TAXES 4,589.99 0.00 4,589.99 -6,625.83 0.00 6,625.83 0.00 0.00 0.00 11,215.82
AMOUNT PROVIDED FOR BONDS PAYABLE 8,594,655.00 0.00 1 8,594,655.00 20,524,105.00 0.001 20,524,105.00 0.00 42,000.00 42,000.00 29,160,760.00
CONSTRUCTION IN PROGRESS 0.00 0.00 0.00 0.00 1,298,660.47 1,298,660.47 0.00 0.00 0.00 1,298,660.47
1111
TOTAL ASSETS 9,406,422.53 1,009,217.77 10,415,640.30 22,545,851.82 1,664,727.50 24,210,579.32 44,251.77 42,000.00 86,251.77 34,712,471.39
LIABILITIES
ACCOUNTS PAYABLE 4,766.22 0.00 4,766.22 18,530.91 14,334.75 32,865.66 14,151.96 0.00 14,151.96 51,783.84
if
ACCRUED PAYROLL
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7,381.55 0.00 7,381.55 i_ 14,10740 377.76 14,485.16 2,720.66 ' 0.00 2,720.66 24,587.37
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INTERFUND PAYABLES 0.00 0.00 0.00 1 0.00 . 0.00 0.00 0.00 0.00 0.00 0.00
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BONDS PAYABLE 8,594,655.00 300,000.00 20,524,105.00 0.00 20,524,105.00 0.00 ' 42,000.00 1 42,000.00 , 29,460,760.00
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DEFERRED REVENUES - 1
158,988.10 0.00 , 158,988.10 197,644.30 0.00 197,644.30 660.00 0.00 660.00 357,292.40
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NOTES PAYABLE 0.00 0.00 0.00 0.00 1,575,000.00 1,575,000.00 0.00 0.00 0.00 1,575,000.00
OTHER LIABILITIES 0.00 0.00 1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL LIABILITIES 8,765,790.87 1 300,000.00 9,065,790.87 20,754,387.61 1,589,712.51 22,344,100.12 17,532.62 42,000.00 59,532:62 31,469,423.61
FUND EQUITY
RESERVE FOR ENCUMBRANCES 0.00 0.00 0.00 1 0.00 0.00 0.00 650.00 0.00 650.00 650.00
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RESERVE FOR EXPENDITURES 0.00 0.00 0.00 1 171,000.00 0.00 171,000.00 0.00 0.00 0.00 171,000.00
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RESERVE FOR PEI I Y CASH 25.00 0.00 25.00 25.00 0.00 25.00 0.00 0.00 0.00 I 50.00
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RESERVE FOR UNSPENT CONSTRUCTION PROCEEDS 0.00 709,217.77 709,217.77 75,014.99 _ 75,014.99 0.00 0.00 0.00 I 784,232.76
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UNRESERVED FUND BALANCE 640,606.66 0.00 640,606.66 1,620,439.21 0.00 ,620,439.21 26,069.15 0.00 26,069.15 1 2,287,115.02
TOTAL FUND EQUITY 640,631.66 709,217.77 1,349,849.43 1,791,464.21 75,014.99 1,866,479.20 26,719.15 0.00 26,719.15 1 3,243,047.78
TOTAL LIABILITIES AND FUND EQUITY 9,406,422.53 1,009,217.77 10,415,640.30 22,545,85 82 1,664,727.50 24,210,579.32 44,251.77 42,000.00 86,251.77 34,712,471.39
Fy 13 Balance-Sheets.xls Enterprise Funds-Balance Sheets 8/16/2013