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Fiscal Year 2022 Annual Comprehensive Financial Report pdf file
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Source page 81
Expected
Target Investment Rate
Asset Class Allocation of Return
Domestic Equity - Large Cap 28.25% 4.42%
Domestic Equity - Small/Mid Cap 15.75% 4.81%
Interntional Equity - Developed Market 12.25% 4.91%
Interntional Equity - Emerging Market 8.00% 5.58%
Domestic Fixed Income 26.00% 1.00%
International Fixed Income 4.75% 1.04%
Alternatives 4.50% 5.98%
Cash 0.50% 0.00%
100.00%
Real rate of return 3.63%
Inflation assumption 2.50%
Total nominal rate of return 6.13%
Investment expense -0.25%
Net investment return 5.88%
Sensitivity Analyses – The following presents the Town’s net OPEB liability as well as what the
Town’s net OPEB liability would be if it were calculated using a discount rate that is 1% lower or
1% higher than the current discount rate as well as if the healthcare cost trend rates are 1% lower
or higher than the current healthcare cost trend rates:
Discount Rate
Current Rate 1% Decrease At Current Rate 1% Increase
Net OPEB liability 5.83% $ 112,131,113 $ 96,649,656 $ 84,177,901
Health Care Trend Rate
Net OPEB liability 4.50% $ 82,674,205 $ 96,649,656 $114,202,339
Changes in the Net OPEB Liability – The following table summarizes the changes in the net
OPEB liability for the year ended June 30, 2022:
Town of Canton, Massachusetts Page 73 of 127 Annual Comprehensive Financial ReportSource page 82
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a) (b) (a) - (b)
Balances at June 30, 2021 $ 95,935,243 $ 9,066,372 $ 86,868,871
Changes for the year:
Service cost 2,091,699 - 2,091,699
Interest 6,001,785 - 6,001,785
Changes of assumptions 5,299,458 - 5,299,458
Net investment income - (1,496,124) 1,496,124
Employer contributions - 5,108,281 (5,108,281)
Benefit payments withdrawn from trust - (4,058,281) 4,058,281
Benefit payments (4,058,281) - (4,058,281)
Net changes 9,334,661 (446,124) 9,780,785
Balances at June 30, 2022 $ 105,269,904 $ 8,620,248 $ 96,649,656
OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB – For the year ended June
30, 2022, the Town recognized OPEB expense of $6,830,490. Deferred outflows of resources and deferred
inflows of resources related to OPEB as of June 30, 2022 were reported as follows:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and actual earnings $ 1,018,846 $ -
Changes of assumptions 10,251,665 2,350,453
Differences between expected and actual experience - 5,053,302
$ 11,270,511 $ 7,403,755
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will
be recognized in OPEB expense (benefit) as follows:
June 30
2023 $ (631,317)
2024 356,750
2025 1,420,966
2026 1,889,244
2027 831,113
$ 3,866,756
Town of Canton, Massachusetts Page 74 of 127 Annual Comprehensive Financial ReportSource page 83
GASB Statement No. 74
OPEB Plan disclosures that impact the Town’s net OPEB liability using a measurement date of
June 30, 2022 are summarized in this section except disclosures under GASB 74 that are identical
to GASB 75 are not repeated.
Investment Custody – In accordance with Massachusetts General Laws, the Town Treasurer is the
custodian of the OPEB Plan and since the Town has not designated a Board of Trustees, the
Town Treasurer is also the Trustee and as such is responsible for the general supervision of the
management, investment and reinvestment of the OPEB Plan assets. OPEB Plan assets may be
invested and reinvested by the custodian consistent with the prudent investor rule established in
Chapter 203C and may, with the approval of the State Retiree Benefits Trust Fund Board of
Trustees, be invested in the State Retiree Benefits Trust Fund established in Section 24 of Chapter
32A. OPEB Plan assets must be segregated from other funds and not be subject to the claims of
any general creditor of the Town.
Investment Policy – The OPEB Plan has a formal investment policy to invest in Domestic Equity,
Domestic Fixed Income, International Equity, International Fixed Income, Alternative
Investments and Cash Equivalents with target allocations highlighted previously under the
caption long-term expected rate of return.
Investment Rate of Return – For the year ended June 30, 2022 the annual money-weighted rate of
return on investments, net of investment expense, was (15.6)%. The money-weighted rate of
return expresses investment performance, net of investment expense, adjusted for the changing
amounts actually invested.
D. Risk Financing
The Town is exposed to various risks of loss related to torts: theft of, damage to and destruction
of assets; errors and omissions; and natural disasters for which the Town carries commercial
insurance. The amount of claim settlements has not exceeded insurance coverage in any of the
previous three years.
Group Health Insurance Plan – The Town maintains a "reinsured cost reimbursement program"
which covers the group health and dental insurance requirements of the Town employees. The
Plan is essentially a self-insurance program and employee claims in excess of $200,000 are
reinsured by the Plan. The Plan allows employees to participate in a Health Maintenance
Organization (HMO) or Preferred Provider Organization (PPO). The Town reimburses the costs
of the HMO and PPO 75 percent. The Town accrues an amount representing claims incurred
but not reported (IBNR), which is based on historical claims paid averages for the twelve months
prior to fiscal year end. At June 30, 2022, the amount of the liability for incurred but not
reported (IBNR) health insurance claims totaled $993,078. This liability is the best estimate
based on available information. In the fund-wide financial statements, the Town reports the
activities of the Group Insurance Health Plan in the Internal Service Fund where revenues are
recorded when earned and expenses are recorded when the liability is incurred.
Town of Canton, Massachusetts Page 75 of 127 Annual Comprehensive Financial ReportSource page 84
Changes in the reported liability since July 1, 2019, are as follows:
Balance at Claims and
Beginning Changes in Claims Balance at Current
of Year Estimates Payments End of Year Portion
Fiscal Year 2022 $ 1,127,863 $ 13,474,843 $(13,609,628) $ 993,078 $ 993,078
Fiscal Year 2021 $ 544,440 $ 14,474,431 $(13,891,008) $ 1,127,863 $ 1,127,863
Workers’ Compensation – The Town is also self-insured for their workers’ compensation
activities which are accounted for in the Internal Service Fund. Workers’ compensation claims
are administered by a third-party and are funded on a pay-as-you-go basis from annual
appropriations. The Town is premium based for all claims after July 1, 2009. The Town
purchases individual stop loss insurance in excess of the coverage provided in the amount of
$300,000. The estimated future workers’ compensation liability is not material at June 30, 2022
and is therefore not reported.
E. Commitments
The Town has entered or is planning to enter into contracts for various projects for which it has
authorized approximately $15.0 million in debt.
F. Contingencies
The Town is party to other certain legal claims, which are subject to many uncertainties, and the
outcome of individual litigation matters in these situations cannot be reasonably estimated.
Although the amount of liability, if any, in these situations at June 30, 2022, cannot be
ascertained, management believes that the resulting liability, if any, should not materially affect
the basic financial statements of the Town at June 30, 2022. Other amounts received or
receivable from grantor agencies are subject to audit and adjustment by grantor agencies,
principally the federal and state governments. Any disallowed claims, including amounts already
collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures
which may be disallowed by the grantor cannot be determined at this time although the Town
expects such amounts, if any, to be immaterial.
The Town is subject to certain Federal arbitrage laws in accordance with long-term borrowing
agreements. Failure to comply with the rules could result in the payment of penalties. The Town
does not believe it has failed to comply with any of these agreements.
G. Implementation of GASB pronouncements
Current Year Implementations –
In June 2017, the GASB issued GASB Statement No. 87, Leases. This Statement redefined the
manner in which long-term leases are accounted and reported. As amended, the provisions of this
Statement became effective in fiscal year 2022. See Note II, Subsection B for the impact on the
Town’s financial statements.
In June 2018, the GASB issued GASB Statement No. 89, Accounting for Interest Cost Incurred
Before the End of a Construction Period. This statement established accounting requirements for
interest costs incurred before the end of a construction period. As amended, the provisions of this
Town of Canton, Massachusetts Page 76 of 127 Annual Comprehensive Financial ReportSource page 85
Statement became effective in fiscal year 2022. The adoption of this standard did not have a
material impact on the Town’s financial statements.
In June 2020, the GASB issued GASB Statement No. 97, Certain Component Unit Criteria, and
Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred
Compensation Plans – An Amendment of GASB Statements No. 14 and No. 84, and a
Supersession of GASB Statement No. 32. The objective of this Statement was to (1) increase
consistency and comparability related to the reporting of fiduciary component units in
circumstances in which a potential component unit does not have a governing board and the
primary government performs the duties that a governing board typically would perform; (2)
mitigate costs associated with the reporting of certain defined contribution pension plans, defined
contribution OPEB plans, and employee benefit plans other than pension plans or OPEB plans
(other employee benefit plans) as fiduciary component units in fiduciary fund financial
statements; and (3) enhance the relevance, consistency, and comparability of the accounting and
financial reporting for Internal Revenue Code Section 457 deferred compensation plans that meet
the definition of a pension plan and for benefits provided through those plans. The provisions of
this Statement became effective in fiscal year 2022. The adoption of this standard did not have a
material impact on the Town’s financial statements.
Future Implementations –
In May 2019, the GASB issued GASB Statement No. 91, Conduit Debt Obligations. The
objective of this Statement is to standardize the reporting of conduit debt obligations by issuers
by clarifying the existing definition of conduit debt obligation, among other matters. As
amended, the provisions of this Statement are effective for financial reporting periods beginning
after December 15, 2021 (fiscal year 2023). The Town is currently evaluating whether adoption
will have a material impact on the financial statements.
In March 2020, the GASB issued GASB Statement No. 94, Public-Private and Public-Public
Partnerships and Availability Payment Arrangements. The objective of this Statement is to
improve financial reporting by addressing issues related to public-private and public-public
partnership arrangements. The provisions of this Statement are effective for financial reporting
periods beginning after June 15, 2022 (fiscal year 2023). The Town is currently evaluating
whether adoption will have a material impact on the financial statements.
In May 2020, the GASB issued GASB Statement No. 96, Subscription-Based Information
Technology Arrangements. The objective of this Statement is to address accounting for
subscription-based information technology arrangements to government end users based on the
standards established in Statement No. 87, as amended. The provisions of this Statement are
effective for financial reporting periods beginning after June 15, 2022 (fiscal year 2023). The
Town is currently evaluating whether adoption will have a material impact on the financial
statements.
In June 2022, the GASB issued GASB Statement No. 100, Accounting Changes and Error
Corrections – An Amendment of GASB Statement No 62. The objective of this Statement is to
enhance accounting and financial reporting requirements for accounting changes and error
corrections to provide more understandable, reliable, relevant, consistent and comparable
information for decision making or assessing accountability. The provisions of this Statement are
effective for financial reporting periods beginning after June 15, 2023 (fiscal year 2024). The
Town is currently evaluating whether adoption will have a material impact on the financial
statements.
Town of Canton, Massachusetts Page 77 of 127 Annual Comprehensive Financial ReportSource page 86
In June 2022, the GASB issued GASB Statement No. 101, Compensate Absences. The objective
of this Statement is to update the recognition and measurement guidance for compensated
absences by aligning the recognition and measurement guidance under a unified model and by
amending certain previously required disclosures. The provisions of this Statement are effective
for financial reporting periods beginning after December 15, 2023 (fiscal year 2025). The Town
is currently evaluating whether adoption will have a material impact on the financial statements.
Town of Canton, Massachusetts Page 78 of 127 Annual Comprehensive Financial ReportSource page 87
Required Supplementary Information Town of Canton, Massachusetts Page 79 of 127 Annual Comprehensive Financial Report
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TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - PENSIONS
YEAR ENDED JUNE 30, 2022
SCHEDULE OF THE TOWN'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
(dollar amounts are in thousands)
Year Ended June 30,
2022 2021 2020 2019 2018 2017 2016 2015
Town's proportion of the net pension
liability (asset) 7.54% 7.53% 7.52% 7.50% 7.49% 7.65% 7.65% 7.56%
Town's proportionate share of the net
pension liability (asset) $ 27,789 $ 38,466 $ 44,172 $ 48,811 $ 41,437 $ 39,940 $ 41,562 $ 39,227
Town's covered payroll $ 26,099 $ 24,699 $ 23,863 $ 22,792 $ 22,021 $ 20,827 $ 20,288 $ 19,140
Town's proportionate share of the net
pension liability (asset) as a percentage
of its covered payroll 106.5% 155.7% 185.1% 214.2% 188.2% 191.8% 204.9% 204.9%
Plan fiduciary net position as a percentage
of the total pension liability 79.4% 70.2% 64.6% 58.3% 63.5% 61.6% 58.6% 60.1%
SCHEDULE OF THE TOWN'S CONTRIBUTIONS TO PENSION PLAN
(dollar amounts are in thousands)
Year Ended June 30,
2022 2021 2020 2019 2018 2017 2016 2015
Actuarially determined contribution $ 6,460 $ 6,032 $ 5,635 $ 5,246 $ 4,796 $ 4,394 $ 3,991 $ 3,571
Contributions in relation to the
actuarially determined contribution 6,460 6,032 5,635 5,246 4,796 4,394 3,991 3,571
Contribution deficiency (excess) $ - $ - $ - $ - $ - $ - $ - $ -
Town's covered payroll $ 26,099 $ 24,902 $ 24,413 $ 22,391 $ 21,439 $ 20,408 $ 19,831 $ 18,924
Contributions as a percentage of
covered payroll 24.8% 24.2% 23.1% 23.4% 22.4% 21.5% 20.1% 18.9%
This schedule is presented to illustrate the requirement to show information for ten years.
However, until a full ten-year trend is compiled, information is presented for those years
in which information is available.
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 81 of 127 Annual Comprehensive Financial ReportSource page 90
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - PENSIONS
YEAR ENDED JUNE 30, 2022
SCHEDULE OF THE COMMONWEALTH'S COLLECTIVE SHARE OF THE NET PENSION LIABILITY
MASSACHUSETTS TEACHER'S RETIREMENT SYSTEM
(dollar amounts are in thousands)
Year Ended June 30,
2021 2020 2019 2018 2017 2016 2015 2014
Commonwealth's proportion of the
collective net pension liability (asset) 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Town's proportion of the collective
net pension liability (asset) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Commonwealth's proportionate share of
the net pension liability (asset) $22,706,876 $28,544,844 $25,214,020 $23,711,289 $22,885,391 $22,357,928 $20,489,643 $15,896,354
Commonwealth's actuarially
determined contribution $1,748,483 $1,553,433 $1,443,710 $1,314,783 $1,235,515 $1,124,583 $1,021,930 $937,379
Contributions to MTRS are the responsibility of the Commonwealth of Massachusetts.
This schedule is presented to illustrate the requirement to show information for ten years.
However, until a full ten-year trend is compiled, information is presented for those years
in which information is available.
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 82 of 127 Annual Comprehensive Financial ReportSource page 91
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - OPEB
YEAR ENDED JUNE 30, 2022
SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED RATIOS
Year Ended June 30,
2022 2021 2020 2019 2018 2017
Total OPEB liability:
Service cost $ 2,091,699 $ 2,115,184 $ 2,011,440 $ 2,040,579 $ 2,675,741 $ 2,515,860
Interest 6,001,785 5,342,271 5,105,363 5,463,438 4,809,630 4,590,666
Difference between actual and plan experience - (5,176,153) (61,259) (5,996,352) - -
Changes of assumptions 5,299,458 8,820,874 (2,915,959) (3,907,488) - -
Benefit payments (4,058,281) (4,119,198) (3,875,429) (3,723,578) (3,179,556) (3,013,880)
Net change in total OPEB liability 9,334,661 6,982,978 264,156 (6,123,401) 4,305,815 4,092,646
Total OPEB liability - beginning of year 95,935,243 88,952,265 88,688,109 94,811,510 90,505,695 86,413,049
Total OPEB liability - end of year (a) $ 105,269,904 $ 95,935,243 $ 88,952,265 $ 88,688,109 $ 94,811,510 $ 90,505,695
Plan fiduciary net position:
Contributions - employer $ 5,108,281 $ 5,033,198 $ 4,905,429 $ 4,523,578 $ 4,179,556 $ 3,783,880
Net investment income (1,496,124) 1,771,991 130,887 263,700 175,423 221,830
Benefit payments (4,058,281) (4,119,198) (3,875,429) (3,723,578) (3,179,556) (3,013,880)
Net change in Plan fiduciary net position (446,124) 2,685,991 1,160,887 1,063,700 1,175,423 991,830
Plan fiduciary net position - beginning of year 9,066,372 6,380,381 5,219,494 4,155,794 2,980,371 1,988,541
Plan fiduciary net position - end of year (b) $ 8,620,248 $ 9,066,372 $ 6,380,381 $ 5,219,494 $ 4,155,794 $ 2,980,371
Net OPEB liability - end of year (a) - (b) $ 96,649,656 $ 86,868,871 $ 82,571,884 $ 83,468,615 $ 90,655,716 $ 87,525,324
Plan fiduciary net position as a percentage of the total
OPEB liability 8.19% 9.45% 7.17% 5.89% 4.38% 3.29%
Covered-employee payroll $ 51,561,377 $ 50,059,589 $ 47,989,715 $ 46,591,956 $ 45,486,461 $ 44,161,613
Net OPEB liability as a percentage of covered-
employee payroll 187.45% 173.53% 172.06% 179.15% 199.30% 198.19%
Note: This schedule is presented to illustrate the requirement to show information for 10 years.
However, until a full 10-year trend is compiled, information is presented for those years
in which information is available.
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 83 of 127 Annual Comprehensive Financial ReportSource page 92
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - OPEB
YEAR ENDED JUNE 30, 2022
SCHEDULE OF CONTRIBUTIONS
Year Ended June 30,
2022 2021 2020 2019 2018 2017
Actuarially-determined contribution $ 6,735,572 $ 6,498,321 $ 7,670,645 $ 7,622,221 $ 8,240,517 $ 7,882,229
Contributions in relation to the actuarially-
determined contribution (5,108,281) (5,033,198) (4,905,429) (4,523,578) (4,179,556) (3,783,880)
Contribution deficiency (excess) $ 1,627,291 $ 1,465,123 $ 2,765,216 $ 3,098,643 $ 4,060,961 $ 4,098,349
Covered-employee payroll $ 51,561,377 $ 50,059,589 $ 47,989,715 $ 46,591,956 $ 45,486,461 $ 44,161,613
Contribution as a percentage of covered-
employee payroll 9.91% 10.05% 10.22% 9.71% 9.19% 8.57%
Valuation Date June 30, 2020 July 1, 2020 July 1, 2018 July 1, 2018 July 1, 2016 July 1, 2016
Amortization Period 30 years 30 years 30 years 30 years 30 years 30 years
Investment rate of return 5.88% 6.51% 7.00% 7.05% 6.80% 6.97%
Municipal bond rate 4.09% 2.18% 2.66% 2.79% 3.45% 3.13%
Single equivalent discount rate 5.83% 6.25% 6.00% 5.75% 5.25% 5.25%
Inflation 2.50% 2.50% 2.50% 2.75% 2.75% 2.75%
Healthcare cost trend rates 4.50% 4.50% 4.50% 4.50% 5.00% 5.00%
Salary increases 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Actuarial Cost Method Individual Entry Age Normal (for all years presented)
Asset Valuation Method Market Value of Assets as of Reporting Date (for all years presented)
SCHEDULE OF INVESTMENT RETURNS
Year Ended June 30,
2022 2021 2020 2019 2018 2017
Annual money-weighted rate of return, net of
investment expense -15.55% 26.10% 2.35% 5.55% 5.05% 8.23%
Note: These schedules are presented to illustrate the requirement to show information for 10 years. However, until a
full 10-year trend is compiled, information is presented for those years in which information is available.
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 84 of 127 Annual Comprehensive Financial ReportSource page 93
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2022
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Revenues:
Taxes:
Real estate and personal property taxes $ 85,632,271 $ 85,632,271 $ 86,840,178 $ - 86,840,178 1,207,907
Tax title - - 148,855 - 148,855 148,855
Payments in lieu of taxes 1,882,844 1,882,844 1,882,844 - 1,882,844 -
Motor vehicle excise 4,305,574 4,305,574 5,014,394 - 5,014,394 708,820
Meals taxes 200,000 200,000 447,672 - 447,672 247,672
Room occupancy excise 112,582 112,582 270,584 - 270,584 158,002
92,133,271 92,133,271 94,604,527 - 94,604,527 2,471,256
Intergovernmental:
State aid - chapter 70 6,613,135 6,613,135 6,613,135 - 6,613,135 -
State aid - charter school 84,466 84,466 201,721 - 201,721 117,255
State aid - unrestricted 2,356,834 2,356,834 2,356,834 - 2,356,834 -
State aid - veterans 112,591 112,591 64,117 - 64,117 (48,474)
State aid - exemptions 110,294 110,294 243,229 - 243,229 132,935
State aid - state owned land 44,688 44,688 44,688 - 44,688 -
State aid - other - - 33,024 - 33,024 33,024
State aid - medicaid 100,000 100,000 326,038 326,038 226,038
MSBA school construction reimbursement 34,273 34,273 34,273 - 34,273 -
9,456,281 9,456,281 9,917,059 - 9,917,059 460,778
Departmental fees, charges, and other:
Municipal lien fees 45,000 45,000 48,000 - 48,000 3,000
Town clerk fees 40,000 40,000 35,617 - 35,617 (4,383)
Public safety detail fees 40,000 40,000 43,968 - 43,968 3,968
Other departmental fees 45,000 45,000 45,699 - 45,699 699
Rentals 200,000 200,000 236,884 - 236,884 36,884
Conservation department revenues 25,000 25,000 20,658 - 20,658 (4,342)
Solar revenues 374,659 374,659 475,320 - 475,320 100,661
Other departmental revenues 175,000 175,000 194,417 - 194,417 19,417
944,659 944,659 1,100,563 - 1,100,563 155,904
Licenses and permits:
Alcohol licenses 65,000 65,000 88,540 - 88,540 23,540
Other licenses 75,000 75,000 93,702 - 93,702 18,702
Building permits 1,000,000 1,000,000 1,427,740 - 1,427,740 427,740
1,140,000 1,140,000 1,609,982 - 1,609,982 469,982
Fines and forfeitures:
Motor vehicle fines 45,000 45,000 37,206 - 37,206 (7,794)
Other fines 5,000 5,000 2,255 - 2,255 (2,745)
50,000 50,000 39,461 - 39,461 (10,539)
Penalties and interest on taxes 275,000 275,000 284,510 - 284,510 9,510
-
Interest and investment income 164,000 164,000 156,257 - 156,257 (7,743)
Total Revenues 104,163,211 104,163,211 107,712,359 - 107,712,359 3,549,148
Town of Canton, Massachusetts Page 85 of 127 Annual Comprehensive Financial ReportSource page 94
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2022
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Expenditures:
Current:
General Government:
Executive Branch 1,597,729 1,340,129 1,128,979 34,957 1,163,936 176,193
Executive Branch Articles 43,802 48,802 3,131 45,671 48,802 -
Commitees and Commissions 39,703 39,703 27,037 6,565 33,602 6,101
Reserve Fund 600,000 230,044 - - - 230,044
Finance Department 1,473,458 1,485,395 1,347,970 120,042 1,468,012 17,383
Finance Department Articles 109,910 109,910 100,529 9,206 109,735 175
Assessors 387,036 388,926 290,250 8,000 298,250 90,676
Assessors Articles - - - - - -
Town Clerk & Elections 284,861 290,105 266,154 5,343 271,497 18,608
Town Clerk & Elections Articles - - - - - -
Conservation Commission 162,438 163,907 154,843 2,100 156,943 6,964
Conservation Commission Articles 8,410 8,410 - - - 8,410
Planning Board 70,734 73,670 73,491 - 73,491 179
Unpaid Bills - 15,207 15,207 - 15,207 -
Town Insurance 1,403,711 1,403,711 1,262,147 73,181 1,335,328 68,383
Total General Government 6,181,792 5,597,919 4,669,738 305,065 4,974,803 623,116
Public Safety
Fire Department 7,095,873 7,363,109 7,326,443 36,188 7,362,631 478
Fire Department Articles 151,585 151,585 115,123 36,461 151,584 1
Police Department 5,794,500 5,879,353 5,716,972 145,784 5,862,756 16,597
Police Department Articles 294,268 294,268 56,557 237,711 294,268 -
Building & Zoning 394,258 400,153 395,929 - 395,929 4,224
Total Public Safety 13,730,484 14,088,468 13,611,024 456,144 14,067,168 21,300
Education:
School 52,495,677 52,740,719 46,765,572 4,726,580 51,492,152 1,248,567
School Articles 1,546,632 1,546,632 735,927 810,653 1,546,580 52
Blue Hill Regional 1,472,906 1,472,906 1,472,906 - 1,472,906 -
Norfolk County Agricultural HS 20,000 20,000 19,800 - 19,800 200
Total Education 55,535,215 55,780,257 48,994,205 5,537,233 54,531,438 1,248,819
Public Works:
Public Works 3,293,161 3,302,410 3,118,809 168,395 3,287,204 15,206
Public Works Articles 2,178,799 2,495,800 149,431 2,346,369 2,495,800 -
Street Lighting 75,000 77,500 77,265 - 77,265 235
Snow & Ice 650,500 783,500 758,519 - 758,519 24,981
Trash Collection 2,458,964 2,458,964 2,298,132 17,931 2,316,063 142,901
Total Public Works 8,656,424 9,118,174 6,402,156 2,532,695 8,934,851 183,323
Health and Human Services:
Health Department 384,534 393,919 360,843 14,500 375,343 18,576
Council on Aging 486,132 509,450 505,747 3,702 509,449 1
Council on Aging Articles 61,000 61,000 - 61,000 61,000 -
Veteran's Services 272,602 274,041 198,312 734 199,046 74,995
Veteran's Services Articles 25,000 25,000 24,974 - 24,974 26
Total Health and Human Services 1,229,268 1,263,410 1,089,876 79,936 1,169,812 93,598
(continued)
Town of Canton, Massachusetts Page 86 of 127 Annual Comprehensive Financial ReportSource page 95
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2022
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Culture and Recreation:
Recreation & Playground 907,723 960,934 944,918 15,939 960,857 77
Recreation & Playground Articles 73,442 108,442 41,452 66,985 108,437 5
Paul Revere Heritage Comm 11,704 11,704 11,234 - 11,234 470
Paul Revere Heritage Comm Articles 18,424 18,424 14,785 3,639 18,424 -
Public Library 1,486,175 1,488,116 1,482,208 - 1,482,208 5,908
Public Library Articles 74,715 74,715 63,568 11,147 74,715 -
Total Culture and Recreation 2,572,183 2,662,335 2,558,165 97,710 2,655,875 6,460
Pension Benefits: 6,463,772 6,463,772 6,449,186 - 6,449,186 14,586
Employee Benefits:
Unemployment Compensation 100,000 100,000 100,000 - 100,000 -
Employer Share- Health 13,143,953 13,143,953 12,856,382 - 12,856,382 287,571
Employer Share- Life 62,250 62,250 58,387 - 58,387 3,863
Employer Share- OPEB 1,050,000 1,050,000 1,050,000 - 1,050,000 -
Total Employee Benefits 14,356,203 14,356,203 14,064,769 - 14,064,769 291,434
State and County Charges: 1,501,941 1,501,941 1,461,597 - 1,461,597 40,344
Debt Service: 4,623,967 4,623,967 4,558,128 - 4,558,128 65,839
Total Expenditures 114,851,249 115,456,446 103,858,844 9,008,783 112,867,627 2,588,819
(103,858,844)
Other Financing Sources (Uses)
Transfers in 2,496,353 3,041,397 3,046,399 3,046,399 5,002
Transfers out (836,106) (1,010,954) (1,010,954) (1,010,954) -
Total Other Financing Sources (Uses) 1,660,247 2,030,443 2,035,445 $ 2,035,445 5,002
Excess (Deficiency) of Revenues and Other
Financing Sources Over Expenditures/Uses
Of Prior Year Budgetary Fund Balance (9,027,791) (9,262,792) $ 5,888,960 $ 6,142,969
Other Budgetary Items
Use of unassigned fund balance $ 2,975,494 $ 3,210,495
Prior year encumbrances 5,975,773 5,975,773
Other 76,524 76,524
Total Other Budgetary Items 9,027,791 9,262,792
Net budget and actual $ - $ -
(Concluded)
The notes to the financial statements are an integral part of this statement.
The notes to the required supplementary information are and integral part of this statement.
Town of Canton, Massachusetts Page 87 of 127 Annual Comprehensive Financial ReportSource page 96
TOWN OF CANTON, MASSACHUSETTS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED JUNE 30, 2022
I. Pension Plan
Pension Contributions – The Town contributes to the Norfolk County Retirement System (the
System), a cost-sharing multiple-employer contributory defined benefit pension plan established
under Chapter 32 of Massachusetts General Law Chapter 32. Under provisions of this law,
participating employers are assessed their share of the total retirement cost based on the entry age,
normal actuarial cost method. The pension appropriations are established by the Public Employee
Retirement Administration Commission (PERAC) based on a funding schedule approved by the
System.
Changes in Assumptions – None.
II. Other Postemployment Benefit Plan
The Town administers a single employer defined benefit healthcare plan that provides health, dental
and life insurance benefits (other postemployment benefits) to retirees and their
dependents/beneficiaries in accordance with Section 20 of Massachusetts General Law Chapter 32B.
The Town is not required to fully fund the actuarially determined contribution.
Methods and assumptions used to determine contribution rates are as follows:
Investment rate of return 5.88%, net of OPEB plan investment expense,
including inflation.
Muncipal bond rate 4.09% as of June 30, 2022
Discount Rate 5.83%, net of OPEB plan investment expense
including inflation.
Inflation 2.50% annually as of June 30, 2022 and for future periods
Health Care Trend Rate 4.5%
Salary Increases 3.00% annually as of June 30, 2022 and for future periods
Cost of Living Adjustment Not applicable.
Pre-Retirement Mortality RP-2014 Mortality Table for Blue Collar Employees projected
generationally with scale MP-2016, set forward one year
for females
Post-Retirement Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2016, set forward one
year for females
Disabled Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2016, set forward one
year
Actuarial Cost Method Individual entry age normal
Town of Canton, Massachusetts Page 88 of 127 Annual Comprehensive Financial ReportSource page 97
Changes in Assumptions – The discount rate increased from 6.25% to 5.83%.
III. Budgetary Basis of Accounting
Budgetary Information – An annual budget is legally adopted for the General Fund and the
Enterprise Fund. The budget is recommended by the Finance Committee and approved by Town
Meeting at the Town’s annual meeting in May. Changes subsequent to the approved Town Meeting
budget require majority Town Meeting approval at a Special Town Meeting. Expenditures may not
legally exceed appropriations at the department level. Department heads may transfer, without
Town Meeting approval, appropriation balances from one account to another within their department
or budget, and within the categories of salaries and expenses. At the close of each fiscal year,
unencumbered appropriation balances lapse and revert to unassigned fund balance.
The Town adopts an annual budget for the general fund in conformity with the guidelines described
above. During fiscal year 2022, Town Meeting approved various supplemental budgetary
appropriations which resulted in a $800,000 net increase from the original voted budget primarily
used for building renovations and a supplement to the fire department budget. The Town
Accountant has the responsibility to ensure that budgetary control is maintained in the manner in
which the appropriations were voted by Town Meeting. Budgetary control is exercised through the
Town’s accounting system.
Budgetary-to-GAAP Reconciliation – The Town’s general fund is prepared on a basis of accounting
other than GAAP. A reconciliation of the budgetary-basis to GAAP-basis results for the General
Fund for the fiscal year ended June 30, 2022, is as follows:
Basis of
Accounting Fund Perspective
Differences Differences Total
Revenues on a budgetary basis $ 107,712,359
Stabilization revenue $ - $ (33,685) (33,685)
Change in accruing tax revenues (404,366) - (404,366)
Change in recording tax refunds payable (1,908,356) - (1,908,356)
On behalf payments 6,967,740 - 6,967,740
Revenues on a GAAP basis $ 4,655,018 $ (33,685) $ 112,333,692
Expenditures on a budgetary basis $ 103,858,844
Reclass of enterprise indirects cost to expenditures $ (1,068,238) $ - (1,068,238)
Change in accruing payroll expenditures 1,505,732 - 1,505,732
Internal service fund transfer - (100,000) (100,000)
On behalf payments 6,967,740 - 6,967,740
Expenditures on a GAAP basis $ 7,405,234 $ (100,000) $ 111,164,078
Other financing sources (uses) on a budgetary basis $ 2,035,445
Reclass of enterprise indirects cost to expenditures $ (1,068,238) $ - (1,068,238)
Internal service fund transfer - (100,000) (100,000)
Other financing sources (uses) on a GAAP basis $ (1,068,238) $ (100,000) $ 867,207
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Combining Statements Town of Canton, Massachusetts Page 91 of 127 Annual Comprehensive Financial Report
Source page 100
Nonmajor Governmental Funds
Narrative
Special Revenue Funds –
Special revenue funds are used to account for certain revenue generating activities that are legally and/or
programmatically restricted to expenditures for a specific purpose. From the Town’s financial ledgers,
these activities can be distinctly categorized into the following groupings:
School Lunch – This segregated revolving fund accounts for the activities of the child nutrition programs;
amounts collected from services include federal and state meal reimbursements and meal charges.
Private Grants – This fund accounts for grant funds received from private organizations that are to be
used to fund various governmental programs.
Town Revolving – This fund accounts for the non-school related activity within revolving funds
established in accordance with MGL Chapter 44, Section 53E ½ and other applicable statutes.
School Revolving – This fund accounts for educational-based activities within revolving funds established
in accordance with MGL Chapter 44, Section 53E ½ and Chapter 71.
Recreation – This fund accounts for self-supporting recreation programs and activities.
Ambulance – This fund accounts for the fees generated by the operations of the fire department’s
ambulance service that are used to fund specific operating costs of the department.
Community Preservation – This fund accounts for assets that are restricted by state law for the purposes
of acquiring or developing open space and recreational facilities, historic resources and affordable
housing.
Town Grants – This fund accounts for non-school grant programs received either directly from federal
and state agencies or indirectly through pass-through entities.
School Grants – This fund accounts for educational-based grant programs received either directly from
federal and state agencies or indirectly through pass-through entities.
Roadway Improvements – This fund accounts for certain roadway improvement projects which are fully
reimbursed by the Commonwealth of Massachusetts.
Other Departmental – This fund accounts for activity of donated funds, public safety details, and other
restricted funds used to support governmental programs.
Town of Canton, Massachusetts Page 92 of 127 Annual Comprehensive Financial ReportSource page 101
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 earmarked for the perpetual care and
maintenance of cemetery facilities and property.
Library Trust Funds – This fund accounts for contributions earmarked for the support of the Town’s
library.
Other Municipal Trust Funds – This fund accounts for all contributions including: gifts, donations and
bequests for which only earnings on the original trust corpus may be expended to benefit government
approved programs, other than those associated with cemetery and library activities.
Town of Canton, Massachusetts Page 93 of 127 Annual Comprehensive Financial ReportSource page 102
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2022
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Assets:
Cash and cash equivalents $ 761,991 $ 464,583 $ 1,071,004 $ 2,350,169 $ 518,086
Investments - - - - -
Receivables, net of allowance for uncollectibles:
Property taxes - - - - -
Tax liens and foreclosures - - - - -
Departmental and other - - - - -
Intergovernmental 108,383 - - - -
Total Assets $ 870,374 $ 464,583 $ 1,071,004 $ 2,350,169 $ 518,086
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ 4,135 $ 19,873 $ 191,048 $ 36,251 $ 28,252
Accrued payroll and withholdings 50,647 - 131 19,003 11,102
Unearned revenue - - - - -
Other liabilities - - 325 - -
Due to other funds - - - - -
Total Liabilities 54,782 19,873 191,504 55,254 39,354
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - -
Unavailable revenues - other - - - - -
Total Deferred Inflows of Resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted 815,592 444,710 879,500 2,294,915 478,732
Unassigned - - - - -
Total Fund Balances 815,592 444,710 879,500 2,294,915 478,732
Total Liabilities, Deferred Inflow of
Resources, and Fund Balances $ 870,374 $ 464,583 $ 1,071,004 $ 2,350,169 $ 518,086
Town of Canton, Massachusetts Page 94 of 127 Annual Comprehensive Financial ReportSource page 103
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ 2,013,531 $ 2,615,279 $ 975,126 $ 1,178,463 $ - $ 3,436,600 $ 15,384,832
- - 260,120 - - - 260,120
- 6,842 - - - - 6,842
- 6,729 - - - - 6,729
675,416 - - - - 442,407 1,117,823
- - 236,466 398,062 783,876 - 1,526,787
$ 2,688,947 $ 2,628,850 $ 1,471,712 $ 1,576,525 $ 783,876 $ 3,879,007 $ 18,303,133
$ - $ 23,425 $ 47,253 $ 76,876 $ - $ 99,435 $ 526,548
- - 5,001 18,888 - 14,213 118,985
- - 1,176,243 - - - 1,176,243
- - - - - - 325
- - - - 756,550 - 756,550
- 23,425 1,228,497 95,764 756,550 113,648 2,578,651
- 13,571 - - - - 13,571
675,416 - - - - 78,158 753,574
675,416 13,571 - - - 78,158 767,145
- - - - - - -
2,013,531 2,591,854 598,599 1,480,761 27,326 3,835,773 15,461,293
- - (355,384) - - (148,572) (503,956)
2,013,531 2,591,854 243,215 1,480,761 27,326 3,687,201 14,957,337
$ 2,688,947 $ 2,628,850 $ 1,471,712 $ 1,576,525 $ 783,876 $ 3,879,007 $ 18,303,133
Town of Canton, Massachusetts Page 95 of 127 Annual Comprehensive Financial ReportSource page 104
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2022
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
Assets:
Cash and cash equivalents $ 66,077 $ 173,921 $ 13,704 $ 253,702 $ 15,638,534
Investments 570,255 443,092 168,947 1,182,294 1,442,414
Receivables, net of allowance for uncollectibles:
Property taxes - - - - 6,842
Tax liens and foreclosures - - - - 6,729
Departmental and other - - - - 1,117,823
Intergovernmental - - - - 1,526,787
Total Assets $ 636,332 $ 617,013 $ 182,651 $ 1,435,996 $ 19,739,129
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ - $ 1,630 $ - $ 1,630 $ 528,178
Accrued payroll and withholdings - - 256 256 119,241
Unearned revenue - - - - 1,176,243
Other liabilities - - - - 325
Due to other funds - - 220,000 220,000 976,550
Total Liabilities - 1,630 220,256 221,886 2,800,537
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - 13,571
Unavailable revenues - other - - - - 753,574
Total Deferred Inflows of Resources - - - - 767,145
Fund Balances:
Nonspendable 558,597 21,553 12,235 592,385 592,385
Restricted 77,735 593,830 171,470 843,035 16,304,328
Unassigned - - (221,310) (221,310) (725,266)
Total Fund Balances 636,332 615,383 (37,605) 1,214,110 16,171,447
Total Liabilities and Fund Balances $ 636,332 $ 617,013 $ 182,651 $ 1,435,996 $ 19,739,129
(Concluded)
Town of Canton, Massachusetts Page 96 of 127 Annual Comprehensive Financial ReportSource page 105
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NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2022
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Revenues:
Property taxes $ - $ - $ - $ - $ -
Intergovernmental 1,677,596 - 31,984 - -
Charges for services 110,464 - - - -
Departmental and other - - 225,314 1,368,622 421,737
Investment income 1,316 - 4 - -
Contributions and donations - - 55,940 - -
Total Revenues 1,789,376 - 313,242 1,368,622 421,737
Expenditures:
Current:
General government - 76,930 33,088 - -
Public safety - - 7,160 - -
Education 1,167,990 - - 1,550,850 -
Public works - 46,045 - - -
Health and human services - - 64,789 - -
Culture and recreation - - 61,448 - 270,843
Employee benefits - - - - -
Debt service:
Principal - - - - -
Interest - - - - -
Total Expenditures 1,167,990 122,975 166,485 1,550,850 270,843
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 621,386 (122,975) 146,757 (182,228) 150,894
Other Financing Sources (Uses):
Premium from bonds and notes - - - - -
Transfers in - - - 660,000 -
Transfers out - - (40,002) - -
Total Other Financing Sources (Uses) - - (40,002) 660,000 -
Net Change in Fund Balances 621,386 (122,975) 106,755 477,772 150,894
Fund Balances - Beginning of Year 194,206 567,685 772,745 1,817,143 327,838
Fund Balances - End of Year $ 815,592 $ 444,710 $ 879,500 $ 2,294,915 $ 478,732
Town of Canton, Massachusetts Page 98 of 127 Annual Comprehensive Financial ReportSource page 107
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ - $ 712,977 $ - $ - $ - $ - $ 712,977
- 299,178 1,354,672 4,541,961 789,076 - 8,694,467
1,495,782 - - - - - 1,606,246
- 2,409 - - - 1,302,966 3,321,048
- 10,016 2,266 - - 44 13,646
- - - - - 465,116 521,056
1,495,782 1,024,580 1,356,938 4,541,961 789,076 1,768,126 14,869,440
- 69,769 363,880 - - 169,734 713,401
- - 458,167 - - 882,612 1,347,939
- - - 5,042,243 - 209,240 7,970,323
- - - - 821,458 - 867,503
- - 158,971 - - - 223,760
- 360,116 274,678 - - - 967,085
- - - - - 243,240 243,240
- 185,000 - - - - 185,000
- 66,490 - - - - 66,490
- 681,375 1,255,696 5,042,243 821,458 1,504,826 12,584,741
1,495,782 343,205 101,242 (500,282) (32,382) 263,300 2,284,699
- - - - - 54,856 54,856
- - 22,456 - - 176,106 858,562
(1,258,530) - - - - (264,425) (1,562,957)
(1,258,530) - 22,456 - - (33,463) (649,539)
237,252 343,205 123,698 (500,282) (32,382) 229,837 1,635,160
1,776,279 2,248,649 119,517 1,981,043 59,708 3,457,364 13,322,177
$ 2,013,531 $ 2,591,854 $ 243,215 $ 1,480,761 $ 27,326 $ 3,687,201 $ 14,957,337
(Continued)
Town of Canton, Massachusetts Page 99 of 127 Annual Comprehensive Financial ReportSource page 108
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2022
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
Revenues:
Property taxes $ - $ - $ - $ - $ 712,977
Intergovernmental - - - - 8,694,467
Charges for services - - - - 1,606,246
Departmental and other - - - - 3,321,048
Investment income 3,623 3,638 1,187 8,448 22,094
Contributions and donations 18,400 2,436 100 20,936 541,992
Total Revenues 22,023 6,074 1,287 29,384 14,898,824
Expenditures:
Current:
General government - - 4,636 4,636 718,037
Public safety - - - - 1,347,939
Education - - - - 7,970,323
Public works - - - - 867,503
Health and human services - - 221,310 221,310 445,070
Culture and recreation - 23,843 - 23,843 990,928
Employee benefits - - - - 243,240
Debt service:
Principal - - - - 185,000
Interest - - - - 66,490
Total Expenditures - 23,843 225,946 249,789 12,834,530
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 22,023 (17,769) (224,659) (220,405) 2,064,294
Other Financing Sources (Uses):
Premium from bonds and notes - - - - 54,856
Transfers in - - - - 858,562
Transfers out (5,000) - - (5,000) (1,567,957)
Total Other Financing Sources (Uses) (5,000) - - (5,000) (654,539)
Net Change in Fund Balances 17,023 (17,769) (224,659) (225,405) 1,409,755
Fund Balances - Beginning of Year 619,309 633,152 187,054 1,439,515 14,761,692
Fund Balances - End of Year $ 636,332 $ 615,383 $ (37,605) $ 1,214,110 $ 16,171,447
(Concluded)
Town of Canton, Massachusetts Page 100 of 127 Annual Comprehensive Financial ReportSource page 109
Internal Service Funds
Narrative
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 accounts for in the internal
service funds can be distinctly categorized into the following groupings:
Health Claims – This fund accounts for the group health and dental insurance activity for active Town
employees and retirees.
Workers’ Compensation Claims – This fund accounts for workers’ compensation benefits, replacement
wages and medical claims 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 resource accumulated to pay for damage to Town property
that is not covered by liability insurance.
Town of Canton, Massachusetts Page 101 of 127 Annual Comprehensive Financial ReportSource page 110
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2022
Total
Health Workers' Unemployment Building Internal
Claims Compensation Claims Insurance Service Funds
Assets:
Current assets:
Cash and cash equivalents $ 4,649,997 $ 59 $ 338,017 $ 22,393 $ 5,010,466
Investments 5,880,216 - - - 5,880,216
Receivables, net of allowance for uncollectibles:
Departmental and other 124,342 - - - 124,342
Prepaid items 707,181 - - - 707,181
Deposit held by third party 61,800 - - - 61,800
Total Current Assets 11,423,536 59 338,017 22,393 11,784,005
Liabilities:
Current liabilities:
Warrants and accounts payable 204,117 - - - 204,117
Health claims incurred but not reported 993,078 - - - 993,078
Total Current Liabilities 1,197,195 - - - 1,197,195
Net Position:
Unrestricted 10,226,341 59 338,017 22,393 10,586,810
TOTAL NET POSITION $ 10,226,341 $ 59 $ 338,017 $ 22,393 $ 10,586,810
Town of Canton, Massachusetts Page 102 of 127 Annual Comprehensive Financial ReportSource page 111
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FISCAL YEAR ENDED JUNE 30, 2022
Total
Health Workers' Unemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Operating Revenues:
Employee contributions $ 4,053,927 $ - $ - $ - $ 4,053,927
Employer contributions 11,775,693 - 100,000 - 11,875,693
Stop loss reimbursements 192,694 - - - 192,694
Total Operating Revenues 16,022,314 - 100,000 - 16,122,314
Operating Expenditures:
Employee benefits 14,700,461 (391) 13,075 - 14,713,145
Total Operating Expenditures 14,700,461 (391) 13,075 - 14,713,145
Operating Income (Loss) 1,321,853 391 86,925 - 1,409,169
Nonoperating Revenues (Expenses):
Investment Income 89,652 59 918 130 90,759
Income (Loss) Before Transfers 1,411,505 450 87,843 130 1,499,928
Change in Net Position 1,411,505 450 87,843 130 1,499,928
Fund Balances - Beginning of Year 8,814,836 (391) 250,174 22,263 9,086,882
Fund Balances - End of Year $ 10,226,341 $ 59 $ 338,017 $ 22,393 $ 10,586,810
Town of Canton, Massachusetts Page 103 of 127 Annual Comprehensive Financial ReportSource page 112
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2022
Total
Health Workers' Umemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Cash Flows From Operating Activities:
Receipts from interfund services provided $ 16,090,919 $ - $ 100,000 $ - $ 16,190,919
Payments for interfund services used (15,282,766) (469) (13,075) - (15,296,310)
Net Cash Provided by (Used in) Operating Activities 808,153 (469) 86,925 - 894,609
Cash Flows From Investing Activities:
Investment income 89,652 59 918 130 90,759
Investment of operating cash (1,090,315) - - - (1,090,315)
Net Cash Provided By Investing Activities (1,000,663) 59 918 130 (999,556)
Net Change in Cash and Cash Equivalents (192,510) (410) 87,843 130 (104,947)
Cash and Cash Equivalents:
Beginning of the Year 4,842,507 469 250,174 22,263 5,115,413
End of the Year $ 4,649,997 $ 59 $ 338,017 $ 22,393 $ 5,010,466
Reconciliation of Operating Income (Loss) to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss) 1,321,853 391 86,925 - 1,409,169
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Changes in assets and liablities:
Receivables 68,605 - - - 68,605
Prepaid items (523,261) - - - (523,261)
Accounts payable and accrued expenses 75,741 (860) - - 74,881
Health claims incurred but not reported (134,785) - - - (134,785)
Net Cash Provided by (Used in) Operating Activities $ 808,153 $ (469) $ 86,925 $ - $ 894,609
Town of Canton, Massachusetts Page 104 of 127 Annual Comprehensive Financial ReportSource page 113
STATISTICAL SECTION
Above: The large upper playground was replaced at the Luce Elementary School in the summer of
2022. It was funded via an article from the Community Preservation Act account for $224,000 which
was approximately $46,000 under the appropriated amount of $270,000.
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Statistical Section
This part of the comprehensive annual financial report presents 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 financial
statements for the relevant year.
Town of Canton, Massachusetts Page 107 of 127 Annual Comprehensive Financial ReportSource page 116
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2013 2014 2015 (1) 2016 2017 2018 (2) 2019 2020 2021 2022
Governmental activities:
Net investment in capital assets…………………………….
$ 61,957,511 $ 70,116,230 $ 76,109,604 $ 78,591,436 $ 78,738,423 $ 81,317,923 $ 85,225,980 $ 85,368,370 $ 85,708,813 $ 86,070,110
Restricted………………………………………………………………………….. 10,768,853 8,912,488 9,193,516 9,006,548 10,642,548 10,880,921 10,431,283 12,654,553 11,044,088 9,983,304
Unrestricted……………………………………………………………… (14,921,000) (23,682,247) (57,308,073) (55,970,281) (57,041,754) (86,179,993) (97,227,078) (92,984,331) (83,683,692) (74,402,367)
Total governmental activities net position………………………………………..
$ 57,805,364 $ 55,346,471 $ 27,995,047 $ 31,627,703 $ 32,339,217 $ 6,018,851 $ (1,569,815) $ 5,038,592 $ 13,069,209 $ 21,651,047
Business-type activities:
Net investment in capital assets…………………………….
$ 16,381,614 $ 15,743,697 $ 16,386,618 $ 17,457,708 $ 18,785,822 $ 20,603,290 $ 23,248,847 $ 28,388,654 $ 31,437,878 $ 31,934,615
Unrestricted………………………………………………………………. 4,030,576 6,399,642 6,342,679 9,040,938 8,905,131 7,446,856 7,149,422 5,660,684 5,450,585 7,296,141
Total business-type activities net position…………………………….
$ 20,412,190 $ 22,143,339 $ 22,729,297 $ 26,498,646 $ 27,690,953 $ 28,050,146 $ 30,398,269 $ 34,049,338 $ 36,888,463 $ 39,230,756
Primary government:
Net investment in capital assets…………………………….
$ 78,339,125 $ 85,859,927 $ 92,496,222 $ 96,049,144 $ 97,524,245 $ 101,921,213 $ 108,474,827 $ 113,757,024 $ 117,146,691 $ 118,004,725
Restricted………………………………………………………………………. 10,768,853 8,912,488 9,193,516 9,006,548 10,642,548 10,880,921 10,431,283 12,654,553 11,044,088 9,983,304
Unrestricted…………………………………………………………… (10,890,424) (17,282,605) (50,965,394) (46,929,343) (48,136,623) (78,733,137) (90,077,656) (87,323,647) (78,233,107) (67,106,226)
Total primary government net position………………………………………………….
$ 78,217,554 $ 77,489,810 $ 50,724,344 $ 58,126,349 $ 60,030,170 $ 34,068,997 $ 28,828,454 $ 39,087,930 $ 49,957,672 $ 60,881,803
(1) In fiscal year 2015, the Town restated its net pension liability. This resulted in a prior period restatement decreasing governmental activities and business-type activities beginning balances by
$34,589,481 and $2,341,420, respectively, as of July 1, 2014.
(2) In fiscal year 2018, the Town restated its net other postemployment liability. This resulted in a prior period restatement decreasing governmental activities and business-type beginning balances by
$28,907,860 and $1,180,102, respectively, as of July 1, 2017.
Town of Canton, Massachusetts Page 108 of 127 Annual Comprehensive Financial ReportSource page 117
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2013 2014 2015 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022
Expenses -
Governmental activities:
General government…...…………………………………………………… $ 5,809,111 $ 6,231,894 $ 5,683,805 $ 5,764,062 $ 5,965,196 $ 5,578,489 $ 6,597,325 $ 6,967,692 $ 9,078,637 $ 6,554,007
Public safety…..……………………………………………………………… 16,060,024 16,660,306 15,312,760 16,584,359 17,532,705 19,250,042 20,028,852 20,016,807 19,806,196 19,436,666
Education……..…………………………………………………………………. 61,782,205 64,153,101 54,772,830 60,963,021 68,325,037 70,396,176 72,945,712 74,489,136 79,983,691 78,799,564
Public works……...………………………………………………………………. 6,286,770 6,419,350 7,227,459 7,581,355 7,658,668 7,911,117 8,254,354 8,039,489 8,580,554 8,388,727
Health and human services……………...…………………………………………………………….
1,314,086 1,346,871 1,609,060 1,536,513 1,684,833 1,635,120 1,598,126 1,620,371 1,622,066 1,775,067
Culture and recreation………...…………………………………………………………..
2,985,722 3,123,867 3,006,143 3,698,331 3,683,115 3,768,025 4,763,997 3,868,895 3,503,774 4,212,611
Interest…………………………………………………………………… 1,668,538 1,557,660 722,667 672,768 636,035 659,834 595,390 638,638 660,193 582,509
Total government activities expenses…………………………………….. 95,906,456 99,493,049 88,334,724 96,800,409 105,485,589 109,198,803 114,783,756 115,641,028 123,235,111 119,749,151
Business-type activities:
Water…………………………………………………………………… 5,853,408 5,225,383 5,253,139 5,692,320 6,141,278 7,105,456 6,656,972 7,398,151 6,323,100 6,361,192
Sewer…………………………………………………………………… 5,173,053 5,366,166 5,416,303 5,925,780 6,191,663 6,275,549 6,415,007 6,473,346 6,652,823 6,782,774
Rink…………………………………………………………………… 390,072 353,666 405,752 79,670 61,792 13,498 15,301 47,458 301,885 561,725
Total business-type activities expenses…………………………………….. 11,416,533 10,945,215 11,075,194 11,697,770 12,394,733 13,394,503 13,087,280 13,918,955 13,277,808 13,705,691
Total primary government expenses………………………………………. $ 107,322,989 $ 110,438,264 $ 99,409,918 $ 108,498,179 $ 117,880,322 $ 122,593,306 $ 127,871,036 $ 129,559,983 $ 136,512,919 $ 133,454,842
Program Revenues -
Governmental activities:
Charges for services:
General government………………………………………………… $ 554,773 $ 978,216 $ 881,979 $ 776,450 $ 563,303 $ 629,653 $ 1,072,993 $ 527,241 $ 689,037 $ 583,866
Public safety……………………………………………………………….. 2,790,608 2,595,617 2,908,421 3,123,869 2,778,390 3,575,574 3,553,243 4,102,459 4,476,260 4,168,858
Education………………………………………………………………. 2,253,878 2,632,798 2,640,969 2,788,752 2,328,949 2,463,638 2,402,968 1,680,802 880,649 1,745,173
Public works………………………………………………………………. 210,642 227,108 281,025 316,164 267,218 308,449 293,344 251,233 325,153 305,621
Human services………………………………………………………………. 85,978 91,484 151,953 97,633 101,977 107,678 95,143 96,066 51,869 122,012
Culture and recreation……………………………………………………… 396,771 359,497 399,396 468,374 460,175 436,273 490,079 269,575 219,549 582,852
Operating grants and contributions…………………………………… 16,961,153 18,811,622 13,609,976 15,841,950 18,253,254 19,405,225 20,992,327 23,414,891 29,450,495 22,498,270
Capital grants and contributions………………………………………….. 550,999 611,930 2,832,069 1,562,827 922,822 2,293,126 795,169 2,963,184 1,694,958 1,434,480
Total government activities program revenues...…………………………….. 23,804,802 26,308,272 23,705,788 24,976,019 25,676,088 29,219,616 29,695,266 33,305,451 37,787,970 31,441,132
Business-type activities:
Charges for services - Water…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
6,702,942 6,943,731 7,011,223 7,084,917 6,929,539 7,186,664 6,631,764 7,007,031 7,533,763 7,712,653
Charges for services - Sewer…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
5,344,425 6,045,829 6,559,894 6,517,066 6,560,287 7,143,471 6,798,905 6,960,457 7,320,462 7,105,979
Charges for services - Rink…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
431,671 429,555 367,098 - - - - - 166,875 364,818
Capital grant and contributions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- 463,500 - - - 5,625 450,000 2,515,469 204,450 1,235,807
Operating grants and contributions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- 6,250 37,338 2,093 80,960 - - - 150,000 -
Total business-type activities program revenues……………………………………..
12,479,038 13,888,865 13,975,553 13,604,076 13,570,786 14,335,760 13,880,669 16,482,957 15,375,550 16,419,257
Total primary government program revenues……………………………………….
$ 36,283,840 $ 40,197,137 $ 37,681,341 $ 38,580,095 $ 39,246,874 $ 43,555,376 $ 43,575,935 $ 49,788,408 $ 53,163,520 $ 47,860,389
Net (Expense)/Program Revenue
Governmental activities……………………....……………………………..
$ (72,101,654) $ (73,184,777) $ (64,628,936) $ (71,824,390) $ (79,809,501) $ (79,979,187) $ (85,088,490) $ (82,335,577) $ (85,447,141) $ (88,308,019)
Business-type activities……………………....…………………………….. 1,062,505 2,943,650 2,900,359 1,906,306 1,176,053 941,257 793,389 2,564,002 2,097,742 2,713,566
Total primary government net (expense)/program revenue……………………………………….
$ (71,039,149) $ (70,241,127) $ (61,728,577) $ (69,918,084) $ (78,633,448) $ (79,037,930) $ (84,295,101) $ (79,771,575) $ (83,349,399) $ (85,594,453)
(1) The roof of the Rink partially collapsed due to storm damage which temporarily suspended operations from 2015 to 2021 and led to a decrease in activity in the Rink Enterprise fund. (continued)
Town of Canton, Massachusetts Page 109 of 127 Annual Comprehensive Financial ReportSource page 118
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
General Revenues and other Changes in Net Position -
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable………………………………………………….$ 56,128,582 $ 58,966,309 $ 61,423,003 $ 63,720,607 $ 67,168,983 $ 72,087,049 $ 74,151,256 $ 79,891,756 $ 83,971,060 $ 85,661,392
Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
597,670 421,708 591,950 213,952 204,512 220,189 301,286 91,185 586,103 264,810
Motor vehicle excise taxes…………………………………………………… 3,101,266 3,914,171 3,380,408 4,385,878 4,376,168 4,581,480 4,707,385 4,906,443 4,931,089 4,935,611
Penalties and interest on taxes…………………………………………….. 263,511 323,695 344,012 310,740 254,164 314,625 364,795 240,078 382,088 284,510
Payments in lieu of taxes……………………………………………………………… 219,205 224,311 214,543 222,149 225,405 231,040 236,816 254,165 281,830 1,882,844
Hotel and meals taxes……………………………………………………………… 38,309 460,905 568,317 581,621 601,227 593,076 603,821 568,692 421,813 718,256
Grants and contributions not restricted to specific programs………………………………………………………………
2,026,227 2,202,728 2,776,692 2,213,169 2,013,767 2,099,870 2,180,123 2,315,718 2,316,820 2,401,522
Unrestricted investment income……………………………………………. 166,466 201,635 194,375 218,877 246,862 359,644 521,199 1,641,176 1,167,109 327,074
Insurance recoveries……………………………………………………………… - - - - 2,190,705 - - - - -
Miscellaneous……………………………………………………………… 382,614 188,275 - - - - - - - -
Transfers……………………………………………………………… 1,166,968 1,063,245 1,232,584 - (1,824,747) 34,042 (500,000) (965,229) (690,607) 413,838
Total governmental activities…………………………………………………………………
64,090,818 67,966,982 70,725,884 71,866,993 75,457,046 80,521,015 82,566,681 88,943,984 93,367,305 96,889,857
Business-type activities:
Unrestricted investment income……………………………………………. - 16,768 20,083 27,019 38,296 50,296 98,038 121,838 50,776 42,565
Transfers……………………………………………………………… (1,166,968) (1,063,245) (1,232,584) - 1,824,747 (34,042) 500,000 965,229 690,607 (413,838)
Total business-type activities….………..………………………………….. (1,166,968) (1,046,477) (1,212,501) 27,019 1,863,043 16,254 598,038 1,087,067 741,383 (371,273)
Total primary government general revenues and other
changes in net position…………………………………………………. $ 62,923,850 $ 66,920,505 $ 69,513,383 $ 71,894,012 $ 77,320,089 $ 80,537,269 $ 83,164,719 $ 90,031,051 $ 94,108,688 $ 96,518,584
Changes in Net Position
Governmental activities……………………....…………………………….. $ (8,010,836) $ (5,217,795) $ 6,096,948 $ 42,603 $ (4,352,455) $ 541,828 $ (2,521,809) $ 6,608,407 $ 7,920,164 $ 8,581,838
Business-type activities……………………....…………………………….. (104,463) 1,897,173 1,687,858 1,933,325 3,039,096 957,511 1,391,427 3,651,069 2,839,125 2,342,293
Total primary government changes in net position……………………………………….
$ (8,115,299) $ (3,320,622) $ 7,784,806 $ 1,975,928 $ (1,313,359) $ 1,499,339 $ (1,130,382) $ 10,259,476 $ 10,759,289 $ 10,924,131
(concluded)
Town of Canton, Massachusetts Page 110 of 127 Annual Comprehensive Financial ReportSource page 119
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
General Fund:
Nonspendable……………………………….$ - $ - $ - $ - $ - $ 7,252 $ 15,376 $ 115,915 $ - $ -
Restricted………………………………. 5,483,092 5,160,240 - - - - 15,918 - - -
Committed…………………………….. 328,343 470,608 358,148 364,246 886,722 923,152 1,026,447 1,148,811 1,108,984 3,628,842
Assigned…………………………….. 456,548 361,035 893,993 793,408 1,846,942 876,862 1,599,273 1,354,167 4,872,726 3,688,869
Unassigned…………………………… 7,118,096 8,276,920 9,815,657 11,430,875 12,961,775 16,128,195 17,224,537 19,686,713 22,078,763 22,779,583
Total general fund……………………………..$ 13,386,079 $ 14,268,803 $ 11,067,798 $ 12,588,529 $ 15,695,439 $ 17,935,461 $ 19,881,551 $ 22,305,606 $ 28,060,473 $ 30,097,294
All Other Governmental Funds:
Nonspendable……………………………….$ 404,785 $ 419,585 $ 432,785 $ 445,985 $ 471,585 $ 489,185 $ 511,185 $ 554,785 $ 573,985 $ 592,385
Restricted………………………………. 7,000,533 8,707,938 11,544,545 10,939,315 10,584,773 11,869,527 14,510,055 16,302,552 15,653,910 19,789,226
Unassigned…………………………… (1,735,507) (468,758) (1,187,828) (632,310) (2,674,755) (156,123) (117,756) (412,455) (367,502) (725,266)
Total all other governmental funds……………..
$ 5,669,811 $ 8,658,765 $ 10,789,502 $ 10,752,990 $ 8,381,603 $ 12,202,589 $ 14,903,484 $ 16,444,882 $ 15,860,393 $ 19,656,345
Town of Canton, Massachusetts Page 111 of 127 Annual Comprehensive Financial ReportSource page 120
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2013 2014 2015 2016 2017 2018 2019 2020 2021 (1) 2022
Revenues:
Property taxes, net of tax refunds…………………………………………………….
$ 56,246,748 $ 59,063,932 $ 61,544,401 $ 63,767,588 $ 67,223,724 $ 71,943,571 $ 74,255,762 $ 78,939,407 $ 84,820,110 $ 85,240,433
Tax title……………………………………………………………………………. 371,909 219,962 782,539 351,721 147,456 172,988 297,266 235,221 221,451 148,855
Motor vehicle and other excise taxes………………………………………… 3,165,288 3,473,978 3,714,753 4,119,643 4,555,904 4,505,384 4,703,198 4,560,311 5,057,570 5,014,394
Hotel and meals taxes…………………………………………………… 38,309 460,905 568,317 581,621 601,227 593,076 603,821 568,692 421,813 718,256
Charges for services……………………………………………………… 1,598,646 1,474,669 1,580,929 1,627,494 1,747,854 2,028,754 2,108,925 1,725,842 1,128,924 1,606,246
Penalties and interest on taxes……………………………………… 263,511 323,695 344,012 310,740 254,164 314,625 364,795 240,078 382,088 284,510
Payments in lieu of taxes…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
219,205 224,311 214,543 222,149 225,405 231,040 236,816 254,165 281,830 1,882,844
Fines and forfeitures…………………………………………… 134,626 109,411 141,311 113,467 119,540 92,821 114,905 54,683 53,018 39,461
Intergovernmental…………………………………………………….. 20,571,148 19,712,460 20,403,915 16,564,548 19,102,008 20,785,945 22,693,271 27,275,657 32,930,006 25,579,266
Intergovernmental - school construction grants……………………………………..- - - 1,206,545 - - 600,762 - - -
Departmental and other………………………………………………. 2,971,011 3,456,976 4,073,470 4,119,749 4,506,265 3,539,653 4,423,606 5,020,499 3,911,882 4,329,962
Licenses and permits……………………………………….. 912,233 1,043,909 817,829 1,282,441 1,035,070 1,142,116 1,235,156 1,422,462 1,944,522 1,609,982
Contributions……………………………………………………………. 349,244 398,308 2,146,011 1,245,410 488,456 857,270 482,910 422,661 407,235 541,992
Investment income……………………………………………………….. 141,807 142,946 163,941 171,180 198,226 301,356 456,202 1,406,002 916,965 236,315
Total Revenue…………………………………………………
86,983,685 90,105,462 96,495,971 95,684,296 100,205,299 106,508,599 112,577,395 122,125,680 132,477,414 127,232,516
Expenditures:
General government…………………………………………………………….
3,811,225 3,905,506 4,255,876 3,980,026 3,936,471 3,938,757 3,480,942 4,970,542 7,045,493 4,743,725
Public safety……………………………………………………………… 9,579,726 10,087,953 10,630,184 10,724,190 11,138,061 11,386,263 12,781,717 13,794,925 13,921,079 14,780,385
Education………………………………………………………………… 35,975,887 37,524,669 39,417,729 40,479,930 42,896,291 44,863,583 47,531,743 51,595,264 53,745,167 58,470,260
Public works…………………………………………………………….. 3,845,990 4,449,435 4,503,498 5,515,513 5,592,699 5,494,358 5,665,258 5,803,062 6,367,394 6,380,865
Health and human services…………………………………………………………..
861,386 853,534 892,603 1,182,773 1,106,152 1,152,349 1,105,044 1,093,693 1,060,440 1,317,046
Culture and recreation…………………………………………………1,818,050 1,793,002 1,880,085 2,062,646 2,647,844 2,493,339 2,587,654 2,700,234 2,350,181 3,144,400
Pension benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
11,325,041 11,733,329 11,915,349 7,321,245 9,802,225 12,480,279 13,538,094 16,800,589 18,871,543 13,094,149
Employee benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
10,403,739 10,327,387 11,152,708 11,675,327 11,482,452 12,083,049 13,061,838 13,448,532 13,699,142 13,972,775
State and county charges………………………………………… 874,821 959,538 959,868 944,583 927,338 995,573 1,015,303 1,186,662 1,424,853 1,461,597
Capital outlay and other……………………………………………………………….
6,577,524 2,369,095 2,930,119 8,445,932 6,844,641 5,203,195 5,138,643 8,496,602 3,650,678 6,478,828
Debt service:
Principal……………………………………………………………… 4,306,220 4,385,178 4,520,404 3,819,900 3,931,624 3,821,850 3,871,933 3,884,816 4,370,415 3,892,822
Interest……………………………………………………………………. 1,661,391 1,677,804 1,619,994 1,166,454 1,061,042 970,237 995,903 957,771 1,074,194 927,000
Total Expenditures………………………………………………………..
91,041,000 90,066,430 94,678,417 97,318,519 101,366,840 104,882,832 110,774,072 124,732,692 127,580,579 128,663,852
Excess of revenues over (under) expenditures…………………………………………………
(4,057,315) 39,032 1,817,554 (1,634,223) (1,161,541) 1,625,767 1,803,323 (2,607,012) 4,896,835 (1,431,336)
Other Financing Sources (Uses):
Issuance of refunding bonds…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- - 15,185,400 - 515,000 1,596,000 414,000 - 2,060,000 -
Payments of refunded bonds…………………………………………………………….. - - (21,739,649) - (526,148) (1,619,000) (446,000) - (2,305,382) -
Issuance of bonds and notes………………...…………………………………………
2,932,908 2,603,159 175,000 2,861,150 1,367,000 5,455,000 1,792,000 7,700,000 742,000 6,265,500
Premium from bonds and notes………………...…………………………………………
136,455 166,242 2,258,843 153,042 11,148 305,990 246,871 969,603 357,079 584,771
Capital lease financing…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
51,211 - - 104,250 - - - - - -
Insurance recoveries……………………………………………………………………………… - - - - 2,354,811 - - - - -
Transfers in……………………………………………………………………………… 2,854,525 3,835,589 3,988,699 1,856,376 2,294,746 2,421,242 2,829,878 2,845,110 1,963,219 3,496,749
Transfers out…………………………………………………………………………… (1,687,557) (2,772,344) (2,756,115) (1,856,376) (4,119,493) (2,387,200) (3,329,878) (3,810,339) (2,653,826) (3,082,911)
Total other financing sources (uses)…………………………………………………………………..
4,287,542 3,832,646 (2,887,822) 3,118,442 1,897,064 5,772,032 1,506,871 7,704,374 163,090 7,264,109
Net change in fund balance………………………………………………………………….
$ 230,227 $ 3,871,678 $ (1,070,268) $ 1,484,219 $ 735,523 $ 7,397,799 $ 3,310,194 $ 5,097,362 $ 5,059,925 $ 5,832,773
Debt service as a percentage of noncapital expenditures……………………………………………….
7.07% 6.91% 6.69% 5.61% 5.28% 4.81% 4.61% 4.17% 4.39% 3.94%
Town of Canton, Massachusetts Page 112 of 127 Annual Comprehensive Financial Report