Canton, Massachusetts · Saved source text
Enterprise Funds 2015 Year End Reports (PDF)
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Source page 1
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DEPARTMENT OF FINANCE
KATHLEEN D. BUTTERS
: . MEMORIAL HALL TOWN ACCOt1NTANT
801 WASHINGTON STREET kbutteis <i~lown.canton.ma.us
CANTON, MA 02021 (781)575-660
J AMES R. MURGIA PHONE: 781-~7-6610
FWANCE DIRECTOR FAa:781-575-6608 SUSAN E. DESJARDINS
jmur~ia a[o~vn.canton.ma.us to~en.canton.ma.us ASST."TREASURER/COLLECTOR
(781)575-6612 sdesjardins@to~vn.canton.ma.us
(781)821-5006
MEMORANDUM LOUIS M.JUTRAS
INFORMA'['ION
SYSTEMS MANAGER
Ijutras «to~vn.canton.ma.us
TO Board of Selectmen (781)821-5069
FROM James Murgia, Finance Director
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DATE: August 11, 2015
SUBJECT: Enterprise Funds' Fiscal 2015 Operating Results
The attached report shows the enterprise funds' operating results for fiscal 2015. 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, 2015.
Water enterprise's operating surplus was $304,031 which is more than budget primarily due to
additional revenue received in fiscal 2015 from collecting prior year water bills and connection
fees from the Brightview assisted living facility. After considering the fiscal 2015 surplus, the
water enterprise fund ended the year with a contingency reserve of $2.5 million which is a
healthy 39% of expenses.
The sewer enterprise finished fiscal 2015 operating at a surplus of $745,190 due to better than
expected sewer revenues and favorable spending. Sewer's end of year contingency reserve is
$1.6 million which is a healthy 28% of expenses.
The rink enterprise experienced an operating deficit of $42,673 during fiscal 2015 primarily due
to the roof collapse in February causing the facility to be closed. The rink's end of year
contingency reserve amounted to $32,246 or 8.6% of expenses.
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
Barbara Saint Andre, Chairman, Finance Committee
Mike Trotta, DPW SuperintendentSource page 2
ENTERPRISE FUNDS'OPERATING RESULTS FOR FISCAL 2015
FISCAL FISCAL
2015 2015 ACTUALS
DESCRIPTION BUDGET ACTUALS VS. BUDGET
WATER REVENUE 6,118,032 6,783,120 665,088
SALARIES &WAGES 801,852 804,343 (2,491)
M WRA ASSESSMENT 991,374 1,004,356 (12,982)
CHARGES FROM GENERAL FUND 620,022 620,022 0
DEBT SERVICE 2,381,120 2,381,070 50
CASH CAPITAL 632,000 609,338 22,662
OTHER EXPENSES 1,079,005 1,059,959 19,046
TOTAL WATER OPERATING EXPENSES 6,505,373 6,479,088 26,285
WATER SURPLUS/(DEFICIT) (387,341) 304,031 691,372
END OF YEAR CONTINGENCY RESERVE 2,519,044
RESERVE AS % OF EXPENSES 38.9%
SEWER REVENUE 6,172,035 6,430,651 258,616
SALARIES &WAGES 482,730 318,729 164,001
MWRA ASSESSMENT 3,550,219 3,584,952 (34,733)
CHARGES FROM GENERAL FUND 376,369 376,369 0
DEBT SERVICE 1,053,075 1,053,075 (0)
CASH CAPITAL 46,000 45,900 100
OTHER EXPENSES 332,999 306,436 26,563
TOTAL SEWER OPERATING EXPENSES 5,841,392 5,685,461 155.931
SEWER SURPLUS/(DEFICIT) 330,643 745,190 414.547
END OF YEAR CONTINGENCY RESERVE 1,591,856
RESERVE AS % OF EXPENSES 28.0%
'. RINK REVENUE 387,833 330,771 57,062)
SALARIES &WAGES 135,274 123,233 12,041
CHARGES FROM GENERAL FUND 90,729 90,729 0
DEBT SERVICE 8,980 8,980 0
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OTHER EXPENSES 152,850 150,503 2,347
TOTAL RINK OPERATING EXPENSES 387,833 373,444 14,389
RINK SURPLUS/(DEFICIT) 0 (42,673) 42,673)
END OF YEAR CONTINGENCY RESERVE 32,246
RESERVE AS % OF EXPENSES 8.6%
ATMDATA.xlsx enterprises 8/4/2015Source page 3
TOWN OF CANTON -ENTERPRISE FUNDS
COMBINED BALANCE SHEET AS OF JUNE 30, 2015
SEWER SEWER TOTAL WATER WATER TOTAL SKATING
OPERATIONS CAP PROJ SEWER OPERATIONS CAP PROJ WATER RINK TOTALS
ASSETS
CASH AND SHORT TERM INVESTMENTS 1,620,569.35 1,090,076.33 2,710,645.68 ~ 3,216,138.70 576,723.39 3,792,862.09 36,384.42 6,539,892.19
OTHER RECEIVABLES 0.00 0.00 0.00 0.00 ' 0.00 0.00 39,710.00 39,710.00
TAX LIENS 20,609.30 0.00 20,609.30 20,381.10 0.00 20,381.10 0.00 40,990.40
-- ~
' USER CHARGES RECEIVABLE 255,234.74 0.00 255,234.74 251,42021 0.00 251,420.21 i 0.00 506,654.95
UTILITY LIENS ADDED TO TAXES 273,928.53 0.00 273,928.53 292,624.96 0.00 292,624.96 I, 0.00 566,553.49
-_
AMOUNT PROVIDED FOR BONDS PAYABLE 8,359,040.00 0.00 8,359,040.00 20,960,050.00 0.00 20,960,050.00 26,000.00 29,345,090.00
TOTAL ASSETS 10,529,381.92 1,090,076.33 11,619,45825 24,740,614.97 576,723.39 25,317,338.36 102,094.42 37,038,891.03
LIABILITIES
ACCOUNTS PAYABLE 4,626.77 0.00 4,626.77 76,828.53 4,046.40 80,874.93 3,595.00 89,096.70
ACCRUED PAYROLL 8,353.91 0.00 8,353.91 23,855.98 0.00 23,855.98 543.47 32,753.36
BONDS PAYABLE 8,359,040.00 0.00 8,359,040.00 20,960,050.00 0.00 20,960,050.00 26,000.00 29,345,090.00
DEFERRED REVENUES 549,772.57 0.00 549,772.57 564,426.27 0.00 564,426.27 39,710.00 1,153,908.84
OTHER LIABILITIES 0.00 0.00 0.00 10,000.00 0.00 10,000.00 0.00 10,000.00
TOTAL LIABILITIES 8,921,79325 0.00 8,921,793.25 21,635,160.78 4,046.40 21,639,207.18 69,848.47 30,630,848.90
FUND EQUITY
RESERVE FOR ENCUMBRANCES 15,708.08 245,298.13 261,00621 214,385.15 0.00 214,385.15 0.00 475,391.36
RESERVE FOR EXPENDITURES 0.00 0.00 0.00 372,000.00 0.00 372,000.00 0.00 372,000.00
RESERVE FOR PETTY CASH 25.00 0.00 25.00 25.00 0.00 25.00 0.00 50.00
RESERVE FOR UNSPENT CONSTRUCTION PROCEEDS 0.00 844,77820 844,77820 0.00 465,657.42 465,657.42 i 0.00 1,310,435.62
U NRESERVED FUND BALANCE 1,591,855.59 0.00 1,591,855.59 2,519,044.04 107,019.57 2,626,063.61 32,245.95 4,250,165.15
TOTAL FUND EQUITY 1.607,588.67 1,090,076.33 2,697,665.00 3,105.454.19 572,676.99 3,678,131.18 32,245.95 6,408,042.13
TOTAL LIABILITIES AND FUND EQUITY 10,529,381.92 1,090,076.33 11,619,458.25 24,740,614.97 576,723.39 25,317,338.36 102,094.42 37,038,891.03 ~
Fy 15 Balance Sheets (4).xls Enterprise Funds-Balance Sheets 8/112015