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Source page 161
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - OPEB
YEAR ENDED JUNE 30, 2018
SCHEDULE OF CONTRIBUTIONS
Year Ended June 30,
2018 2017
Actuarially-determined contribution $ 8,240,517 $ 7,882,229
Contributions in relation to the actuarially-
determined contribution (4,179,556) (3,783,880)
Contribution deficiency (excess) $ 4,060,961 $ 4,098,349
Covered payroll $ 45,486,461 $ 44,161,613
Contribution as a percentage of covered payroll 9.19% 8.57%
Valuation Date July 1, 2016 July 1, 2016
Amortization Period 30 years 30 years
Investment rate of return 6.80% 6.97%
Municipal bond rate 3.45% 3.13%
Single equivalent discount rate 5.25% 5.25%
Inflation 2.75% 2.75%
Healthcare cost trend rates 5.00% 5.00%
Salary increases 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,
2018 2017
Annual money-weighted rate of return, net of
investment expense 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 B-83 Comprehensive Annual Financial ReportSource page 162
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2018
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Revenues:
Taxes:
Real estate and personal property taxes $ 72,975,332 $ 72,975,332 $ 73,016,569 73,016,569 41,237
Tax title - - 297,266 297,266 297,266
Payments in lieu of taxes 236,816 236,816 236,816 236,816 -
Motor vehicle excise 3,865,000 3,865,000 4,703,198 4,703,198 838,198
Meals taxes 325,000 325,000 373,495 373,495 48,495
Room occupancy excise 225,000 225,000 230,326 230,326 5,326
77,627,148 77,627,148 78,857,670 - 78,857,670 1,230,522
Intergovernmental:
State aid - chapter 70 6,027,495 6,027,495 6,027,495 6,027,495 -
State aid - charter school 41,960 41,960 29,849 29,849 (12,111)
State aid - unrestricted 2,142,288 2,142,288 2,142,288 2,142,288 -
State aid - veterans 139,982 139,982 142,565 142,565 2,583
State aid - exemptions 142,601 142,601 138,774 138,774 (3,827)
State aid - state owned land 37,835 37,835 37,835 37,835 -
State aid - other 100,000 100,000 255,523 255,523 155,523
MSBA school construction reimbursement 456,305 456,305 456,305 456,305 -
9,088,466 9,088,466 9,230,634 - 9,230,634 142,168
Departmental fees, charges, and other:
Municipal lien fees 40,000 40,000 38,500 - 38,500 (1,500)
Town clerk fees 30,000 30,000 36,370 - 36,370 6,370
Public safety detail fees 30,000 30,000 40,121 - 40,121 10,121
Other departmental fees 50,000 50,000 35,470 - 35,470 (14,530)
Rental of municipal property 200,000 200,000 200,528 - 200,528 528
Conservation department revenues 32,000 32,000 55,585 - 55,585 23,585
Grave openings and care 30,000 30,000 46,439 - 46,439 16,439
Solar revenues 331,144 331,144 507,845 - 507,845 176,701
Other departmental revenues 25,000 25,000 125,350 - 125,350 100,350
768,144 768,144 1,086,208 - 1,086,208 318,064
Licenses and permits:
Alcohol licenses 70,000 70,000 85,525 - 85,525 15,525
Other licenses 80,000 80,000 84,858 - 84,858 4,858
Building permits 640,000 640,000 1,037,673 - 1,037,673 397,673
Other permits 10,000 10,000 27,100 - 27,100 17,100
800,000 800,000 1,235,156 - 1,235,156 435,156
Fines and forfeitures:
Motor vehicle fines 75,000 75,000 107,859 - 107,859 32,859
Other fines 5,000 5,000 7,046 - 7,046 2,046
80,000 80,000 114,905 - 114,905 34,905
Penalties and interest on taxes 300,000 300,000 364,795 - 364,795 64,795
Interest and investment income 100,000 100,000 265,773 - 265,773 165,773
Total Revenues 88,763,758 88,763,758 91,155,141 - 91,155,141 2,391,383
Town of Canton, Massachusetts B-84 Comprehensive Annual Financial ReportSource page 163
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2018
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Expenditures:
Current:
General Government:
Executive Branch 1,045,529 1,045,529 974,162 7,546 981,708 63,821
Executive Branch Articles 205,000 205,000 176,140 28,860 205,000 -
Commitees and Commissions 35,768 35,768 24,068 - 24,068 11,700
Reserve Fund 500,000 - - - - -
Finance Department 1,111,130 1,111,130 1,017,856 80,586 1,098,442 12,688
Finance Department Articles 199,948 199,948 195,273 4,675 199,948 -
Assessors 358,942 358,942 301,612 52,500 354,112 4,830
Town Clerk & Elections 238,292 238,292 233,369 - 233,369 4,923
Town Clerk & Elections Articles 48,956 48,956 42,802 5,756 48,558 398
Conservation Commission 140,734 140,734 128,440 630 129,070 11,664
Conservation Commission Articles 37,479 37,479 14,044 23,435 37,479 -
Planning Board 67,587 67,587 63,266 2,771 66,037 1,550
Planning Board Articles 150,000 150,000 8,239 141,761 150,000 -
Town Insurance 1,215,918 1,215,918 1,076,813 4,015 1,080,828 135,090
Total General Government 5,355,283 4,855,283 4,256,084 352,535 4,608,619 246,664
Public Safety
Fire Department 5,780,859 6,130,859 6,064,291 9,370 6,073,661 57,198
Police Department 5,019,621 5,019,621 4,963,632 49,362 5,012,994 6,627
Police Department Articles 209,621 209,621 77,306 132,315 209,621 -
Building & Zoning 387,591 387,591 341,065 9,478 350,543 37,048
Total Public Safety 11,397,692 11,747,692 11,446,294 200,525 11,646,819 100,873
Education:
School 42,761,509 42,761,509 39,963,730 2,797,779 42,761,509 -
School Articles 938,524 1,038,524 809,802 207,781 1,017,583 20,941
Blue Hill Regional 1,164,066 1,164,066 1,160,586 - 1,160,586 3,480
Norfolk County Agricultural HS 20,000 20,000 14,696 - 14,696 5,304
Total Education 44,884,099 44,984,099 41,948,814 3,005,560 44,954,374 29,725
Public Works:
Public Works 2,938,117 2,938,117 2,866,687 70,992 2,937,679 438
Public Works Articles 643,815 673,815 248,946 421,215 670,161 3,654
Street Lighting 101,401 101,401 88,745 10,966 99,711 1,690
Snow & Ice 600,500 775,500 774,115 - 774,115 1,385
Trash Collection 1,961,119 1,961,119 1,895,014 47,775 1,942,789 18,330
Total Public Works 6,244,952 6,449,952 5,873,507 550,948 6,424,455 25,497
Health and Human Services:
Health Department 373,622 373,622 334,471 - 334,471 39,151
Council on Aging 397,207 397,207 381,610 1,191 382,801 14,406
Veteran's Services 292,909 292,909 250,964 - 250,964 41,945
Total Health and Human Services 1,063,738 1,063,738 967,045 1,191 968,236 95,502
(continued)
Town of Canton, Massachusetts B-85 Comprehensive Annual Financial ReportSource page 164
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2018
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Culture and Recreation:
Recreation & Playground 722,200 722,200 658,724 1,690 660,414 61,786
Recreation & Playground Articles 130,635 165,635 113,139 52,309 165,448 187
Public Library 1,296,802 1,296,802 1,267,648 19,453 1,287,101 9,701
Public Library Articles 14,174 14,174 5,834 8,340 14,174 -
Walk, Bike and Hike Committee 1,000 1,000 - - - 1,000
Total Culture and Recreation 2,164,811 2,199,811 2,045,345 81,792 2,127,137 72,674
Pension Benefits: 4,799,947 4,799,947 4,799,914 - 4,799,914 33
Employee Benefits:
Unemployment Compensation 100,000 100,000 100,000 - 100,000 -
Employer Share- Health 12,090,467 12,200,467 12,133,261 - 12,133,261 67,206
Employer Share- Life 60,000 60,000 59,994 - 59,994 6
Employer Share- OPEB 1,000,000 1,000,000 1,000,000 - 1,000,000 -
Total Employee Benefits 13,250,467 13,360,467 13,293,255 - 13,293,255 67,212
State and County Charges: 1,057,233 1,057,233 1,015,303 - 1,015,303 41,930
Debt Service: 4,892,533 4,892,533 4,867,836 - 4,867,836 24,697
Total Expenditures 95,110,755 95,410,755 90,513,397 4,192,551 94,705,948 704,807
Other Financing Sources (Uses)
Transfers in 2,009,380 2,159,380 2,159,380 2,159,380 -
Transfers out (80,000) (2,033,042) (2,033,042) (2,033,042) -
Total Other Financing Sources (Uses) 1,929,380 126,338 126,338 $ 126,338 -
Excess (Deficiency) of Revenues and Other
Financing Sources Over Expenditures/Uses
Of Prior Year Budgetary Fund Balance (4,417,617) (6,520,659) $ 768,082 $ 3,096,190
Other Budgetary Items
Use of unassigned fund balance $ 455,000 $ 2,558,042
Prior year encumbrances 3,962,617 3,962,617
Total Other Budgetary Items 4,417,617 6,520,659
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 B-86 Comprehensive Annual Financial ReportSource page 165
TOWN OF CANTON, MASSACHUSETTS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED JUNE 30, 2018
I. 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 2018, Town Meeting approved various supplemental budgetary
appropriations which resulted in a net increase of approximately $2.2 million from the original voted
budget. These appropriations were primarily utilized for snow and ice removal ($175,000), capital
funding ($553,042) and increased stabilization and other reserves ($1,200,000).
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, 2018, is as follows:
Basis of
Accounting Fund Perspective
Differences Differences Total
Revenues on a budgetary basis $ 91,155,141
Stabilization revenue $ - $ 136,675 136,675
Change in accruing tax revenues (43,497) - (43,497)
Change in recording tax refunds payable 699,204 - 699,204
On behalf payments 8,933,858 - 8,933,858
Revenues on a GAAP basis $ 9,589,565 $ 136,675 $ 100,881,381
Expenditures on a budgetary basis $ 90,513,397
Reclass of enterprise indirects cost to expenditures $ (873,690) $ - (873,690)
Change in accruing payroll expenditures 103,228 - 103,228
Refunding transactions 6,192 - 6,192
On behalf payments 8,933,858 - 8,933,858
Expenditures on a GAAP basis $ 8,169,588 $ - $ 98,682,985
Other financing sources (uses) on a budgetary basis $ 126,338
Reclass of enterprise indirects cost to expenditures $ (873,690) $ - (873,690)
Refunding transactions 6,192 - 6,192
Stabilization transfers - 488,854 488,854
Other financing sources (uses) on a GAAP basis $ (867,498) $ 488,854 $ (252,306)
Town of Canton, Massachusetts B-87 Comprehensive Annual Financial ReportSource page 166
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Combining Statements Town of Canton, Massachusetts B-89 Comprehensive Annual Financial Report
Source page 168
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 B-90 Comprehensive Annual Financial ReportSource page 169
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 B-91 Comprehensive Annual Financial ReportSource page 170
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2018
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Assets:
Cash and cash equivalents $ 310,104 $ 919,477 $ 699,514 $ 1,717,259 $ 302,833
Investments - - - - -
Receivables, net of allowance for uncollectibles:
Property taxes - - - - -
Tax liens and foreclosures - - - - -
Departmental and other - - - - -
Intergovernmental 29,141 - - - -
Total Assets $ 339,245 $ 919,477 $ 699,514 $ 1,717,259 $ 302,833
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ 3,217 $ 5,068 $ 37,652 $ 21,285 $ 12,355
Accrued payroll and withholdings 7,261 - 39 26,776 3,953
Other liabilities - - 5,100 - -
Due to other funds - - - - -
Total Liabilities 10,478 5,068 42,791 48,061 16,308
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - -
Unavailable revenues - other - - - - -
Total Deferred Inflows of Resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted 328,767 914,409 656,723 1,669,198 286,525
Total Fund Balances 328,767 914,409 656,723 1,669,198 286,525
Total Liabilities, Deferred Inflow of
Resources, and Fund Balances $ 339,245 $ 919,477 $ 699,514 $ 1,717,259 $ 302,833
Town of Canton, Massachusetts B-92 Comprehensive Annual Financial ReportSource page 171
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ 1,862,791 $ 2,425,009 $ 57,494 $ 213,932 $ - $ 2,626,985 $ 11,135,398
- - 553,263 - - - 553,263
- 3,278 - - - - 3,278
- 3,382 - - - - 3,382
398,056 - - - - 92,230 490,286
- - 41,540 620,352 857,050 - 1,548,083
$ 2,260,847 $ 2,431,669 $ 652,297 $ 834,284 $ 857,050 $ 2,719,215 $ 13,733,690
$ - $ 11,480 $ 28,105 $ 19,130 $ - $ 40,193 $ 178,485
- - 1,970 74,686 - 26,631 141,316
- - - - - - 5,100
- - - - 854,784 - 854,784
- 11,480 30,075 93,816 854,784 66,824 1,179,685
- 6,660 - - - - 6,660
398,056 - - - - - 398,056
398,056 6,660 - - - - 404,716
- - - - - - -
1,862,791 2,413,529 622,222 740,468 2,266 2,652,391 12,149,289
1,862,791 2,413,529 622,222 740,468 2,266 2,652,391 12,149,289
$ 2,260,847 $ 2,431,669 $ 652,297 $ 834,284 $ 857,050 $ 2,719,215 $ 13,733,690
Town of Canton, Massachusetts B-93 Comprehensive Annual Financial ReportSource page 172
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2018
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 $ 77,377 $ 187,812 $ 24,146 $ 289,335 $ 11,424,733
Investments 425,955 390,999 149,084 966,038 1,519,301
Receivables, net of allowance for uncollectibles:
Property taxes - - - - 3,278
Tax liens and foreclosures - - - - 3,382
Departmental and other - - - - 490,286
Intergovernmental - - - - 1,548,083
Total Assets $ 503,332 $ 578,811 $ 173,230 $ 1,255,373 $ 14,989,063
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ - $ 417 $ - $ 417 $ 178,902
Accrued payroll and withholdings - - - - 141,316
Other liabilities - - - - 5,100
Due to other funds - - - - 854,784
Total Liabilities - 417 - 417 1,180,102
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - 6,660
Unavailable revenues - other - - - - 398,056
Total Deferred Inflows of Resources - - - - 404,716
Fund Balances:
Nonspendable 477,397 21,553 12,235 511,185 511,185
Restricted 25,935 556,841 160,995 743,771 12,893,060
Total Fund Balances 503,332 578,394 173,230 1,254,956 13,404,245
Total Liabilities and Fund Balances $ 503,332 $ 578,811 $ 173,230 $ 1,255,373 $ 14,989,063
(Concluded)
Town of Canton, Massachusetts B-94 Comprehensive Annual Financial ReportSource page 173
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NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2018
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Revenues:
Property taxes $ - $ - $ - $ - $ -
Intergovernmental 365,250 - 19,660 - -
Charges for services 800,645 - - - -
Departmental and other - - 215,992 1,478,100 337,687
Investment income 2,694 - - - -
Contributions and donations - - 65,170 - -
Total Revenues 1,168,589 - 300,822 1,478,100 337,687
Expenditures:
Current:
General government - - 7,848 - -
Public safety - - 6,708 - -
Education 989,061 - - 2,147,349 -
Public works - 22,025 - - -
Health and human services - - 90,110 - -
Culture and recreation - - 71,575 - 293,713
Employee benefits - - - - -
Total Expenditures 989,061 22,025 176,241 2,147,349 293,713
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 179,528 (22,025) 124,581 (669,249) 43,974
Other Financing Sources (Uses):
Premium from bonds and notes - - - - -
Transfers in - 200,000 - 711,146 -
Transfers out (160,500) - (35,000) - -
Total Other Financing Sources (Uses) (160,500) 200,000 (35,000) 711,146 -
Net Change in Fund Balances 19,028 177,975 89,581 41,897 43,974
Fund Balances - Beginning of Year 309,739 736,434 567,142 1,627,301 242,551
Fund Balances - End of Year $ 328,767 $ 914,409 $ 656,723 $ 1,669,198 $ 286,525
Town of Canton, Massachusetts B-96 Comprehensive Annual Financial ReportSource page 175
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ - $ 583,486 $ - $ - $ - $ - $ 583,486
- 94,671 584,719 2,644,423 820,056 - 4,528,779
1,308,280 - - - - - 2,108,925
- 2,192 - - - 1,303,427 3,337,398
- 22,270 10,610 - - 940 36,514
- - - - - 391,364 456,534
1,308,280 702,619 595,329 2,644,423 820,056 1,695,731 11,051,636
- - 79,067 - - 121,552 208,467
- - 535,267 - - 728,538 1,270,513
- - - 2,597,226 - 276,129 6,009,765
- - - - 819,910 - 841,935
- - 47,889 - - - 137,999
- 208,939 19,484 - - - 593,711
- - - - - 97,410 97,410
- 208,939 681,707 2,597,226 819,910 1,223,629 9,159,800
1,308,280 493,680 (86,378) 47,197 146 472,102 1,891,836
- - - - - 63,679 63,679
- - - - - 80,000 991,146
(1,075,190) - - - - (510,000) (1,780,690)
(1,075,190) - - - - (366,321) (725,865)
233,090 493,680 (86,378) 47,197 146 105,781 1,165,971
1,629,701 1,919,849 708,600 693,271 2,120 2,546,610 10,983,318
$ 1,862,791 $ 2,413,529 $ 622,222 $ 740,468 $ 2,266 $ 2,652,391 $ 12,149,289
(Continued)
Town of Canton, Massachusetts B-97 Comprehensive Annual Financial ReportSource page 176
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2018
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
Revenues:
Property taxes $ - $ - $ - $ - $ 583,486
Intergovernmental - - - - 4,528,779
Charges for services - - - - 2,108,925
Departmental and other - - - - 3,337,398
Investment income 6,092 8,695 2,453 17,240 53,754
Contributions and donations 22,000 4,376 - 26,376 482,910
Total Revenues 28,092 13,071 2,453 43,616 11,095,252
Expenditures:
Current:
General government - - - - 208,467
Public safety - - - - 1,270,513
Education - - - - 6,009,765
Public works - - - - 841,935
Health and human services - - - - 137,999
Culture and recreation - 2,931 - 2,931 596,642
Employee benefits - - - - 97,410
Total Expenditures - 2,931 - 2,931 9,162,731
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 28,092 10,140 2,453 40,685 1,932,521
Other Financing Sources (Uses):
Premium from bonds and notes - - - - 63,679
Transfers in - - - - 991,146
Transfers out (5,000) - - (5,000) (1,785,690)
Total Other Financing Sources (Uses) (5,000) - - (5,000) (730,865)
Net Change in Fund Balances 23,092 10,140 2,453 35,685 1,201,656
Fund Balances - Beginning of Year 480,240 568,254 170,777 1,219,271 12,202,589
Fund Balances - End of Year $ 503,332 $ 578,394 $ 173,230 $ 1,254,956 $ 13,404,245
(Concluded)
Town of Canton, Massachusetts B-98 Comprehensive Annual Financial ReportSource page 177
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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 B-100 Comprehensive Annual Financial ReportSource page 179
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2018
Total
Health Workers' Unemployment Building Internal
Claims Compensation Claims Insurance Service Funds
Assets:
Current assets:
Cash and cash equivalents $ 2,545,710 $ 8,260 $ 261,290 $ 1,994 $ 2,817,254
Investments 3,729,654 - - 464,267 4,193,921
Receivables, net of allowance for uncollectibles:
Departmental and other 227,894 - - - 227,894
Prepaid items 41,962 - - - 41,962
Deposit held by third party 61,800 - - - 61,800
Total Current Assets 6,607,020 8,260 261,290 466,261 7,342,831
Liabilities:
Current liabilities:
Warrants and accounts payable 147,084 - 350 - 147,434
Health claims incurred but not reported 878,641 - - - 878,641
Total Current Liabilities 1,025,725 - 350 - 1,026,075
Net Position:
Unrestricted 5,581,295 8,260 260,940 466,261 6,316,756
TOTAL NET POSITION $ 5,581,295 $ 8,260 $ 260,940 $ 466,261 $ 6,316,756
Town of Canton, Massachusetts B-101 Comprehensive Annual Financial ReportSource page 180
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FISCAL YEAR ENDED JUNE 30, 2018
Total
Health Workers' Unemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Operating Revenues:
Employee contributions $ 4,099,038 $ - $ - $ - $ 4,099,038
Employer contributions 11,284,001 - 100,000 - 11,384,001
Stop loss reimbursements 530,671 - - - 530,671
Total Operating Revenues 15,913,710 - 100,000 - 16,013,710
Operating Expenditures:
Employee benefits 14,781,880 15,808 77,920 - 14,875,608
Total Operating Expenditures 14,781,880 15,808 77,920 - 14,875,608
Operating Income (Loss) 1,131,830 (15,808) 22,080 - 1,138,102
Nonoperating Revenues (Expenses):
Investment Income 54,129 387 3,842 6,639 64,997
Income (Loss) Before Transfers 1,185,959 (15,421) 25,922 6,639 1,203,099
Change in Net Position 1,185,959 (15,421) 25,922 6,639 1,203,099
Fund Balances - Beginning of Year 4,395,336 23,681 235,018 459,622 5,113,657
Fund Balances - End of Year $ 5,581,295 $ 8,260 $ 260,940 $ 466,261 $ 6,316,756
Town of Canton, Massachusetts B-102 Comprehensive Annual Financial ReportSource page 181
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2018
Total
Health Workers' Umemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Cash Flows From Operating Activities:
Receipts from interfund services provided $ 15,748,242 $ - $ 100,000 $ - $ 15,848,242
Payments for interfund services used (14,982,813) (15,808) (77,570) - (15,076,191)
Net Cash Provided by (Used in) Operating Activities 765,429 (15,808) 22,430 - 772,051
Cash Flows From Investing Activities:
Investment income 54,129 387 3,842 6,639 64,997
Investment of operating cash (85,248) - - (6,639) (91,887)
Net Cash Provided By Investing Activities (31,119) 387 3,842 - (26,890)
Net Change in Cash and Cash Equivalents 734,310 (15,421) 26,272 - 745,161
Cash and Cash Equivalents:
Beginning of the Year 1,811,400 23,681 235,018 1,994 2,072,093
End of the Year $ 2,545,710 $ 8,260 $ 261,290 $ 1,994 $ 2,817,254
Reconciliation of Operating Income (Loss) to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss) 1,131,830 (15,808) 22,080 - 1,138,102
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Changes in assets and liablities:
Receivables (165,468) - - - (165,468)
Prepaid items (41,962) - - - (41,962)
Accounts payable and accrued expenses (158,971) - 350 - (158,621)
Net Cash Provided by (Used in) Operating Activities $ 765,429 $ (15,808) $ 22,430 $ - $ 772,051
Town of Canton, Massachusetts B-103 Comprehensive Annual Financial ReportSource page 182
Fiduciary Funds
Agency Funds –
Agency funds are used to account for assets maintained in a custodial capacity. Such activities primarily
consist of performance bonds, other escrow deposits, school student activity deposits.
Town of Canton, Massachusetts B-104 Comprehensive Annual Financial ReportSource page 183
AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED JUNE 30, 2018
Beginning End
of Year Additions Deletions of Year
Assets
Current assets:
Cash and cash equivalents $ 1,309,785 $ 625,619 $ (655,696) $ 1,279,708
Liabilities
Current liabilities:
Warrants payable $ 27,177 $ 588,492 $ (603,816) $ 11,853
Agency liabilities 1,282,608 584,586 (599,339) 1,267,855
Total Liabilities $ 1,309,785 $ 1,173,078 $ (1,203,155) $ 1,279,708
Town of Canton, Massachusetts B-105 Comprehensive Annual Financial ReportSource page 184
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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. Photo courtesy of Spear Street Capital LLC Spear Street Capital, an owner and operator of distinctive office properties, recently purchased Reebok’s former headquarters. The world-class campus includes a 518,000 square foot main building along with three support buildings, two parking structures, childcare center and a host of fitness amenities, including an Olympic track, basketball courts, tennis courts and a softball field. Town of Canton, Massachusetts B-107 Comprehensive Annual Financial Report
Source page 186
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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 B-109 Comprehensive Annual Financial ReportSource page 188
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NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2009 2010 2011 2012 (1) 2013 2014 2015 (2) 2016 2017 2018 (3)
Governmental activities:
Net investment in capital assets…………………………….
$ 54,948,512 $ $ 57,942,064 $ $ 62,056,797 $ 63,962,326 $ 61,957,511 $ 70,116,230 $ 76,109,604 $ 78,591,436 $ 78,738,423 $ 81,317,923
Restricted………………………………………………………………………….. 8,844,047 7,781,249 7,457,544 6,774,650 10,768,853 8,912,488 9,193,516 9,006,548 10,642,548 10,880,921
Unrestricted……………………………………………………………… 14,125,826 6,141,042 (3,861,890) (8,796,940) (14,921,000) (23,682,247) (57,308,073) (55,970,281) (57,041,754) (86,179,993)
Total governmental activities net position………………………………………..
$ 77,918,385 $ 71,864,355 $ 65,652,451 $ 61,940,036 $ 57,805,364 $ 55,346,471 $ 27,995,047 $ 31,627,703 $ 32,339,217 $ 6,018,851
Business-type activities:
Net investment in capital assets…………………………….
$ 14,483,253 $ 15,188,472 $ 17,195,414 $ 16,033,950 $ 16,381,614 $ 15,743,697 $ 16,386,618 $ 17,457,708 $ 18,785,822 $ 20,603,290
Unrestricted………………………………………………………………. 3,934,247 3,836,227 2,796,789 4,362,212 4,030,576 6,399,642 6,342,679 9,040,938 8,905,131 7,446,856
Total business-type activities net position…………………………….
$ 18,417,500 $ 19,024,699 $ 19,992,203 $ 20,396,162 $ 20,412,190 $ 22,143,339 $ 22,729,297 $ 26,498,646 $ 27,690,953 $ 28,050,146
Primary government:
Net investment in capital assets…………………………….
$ 69,431,765 $ 73,130,536 $ 79,252,211 $ 79,996,276 $ 78,339,125 $ 85,859,927 $ 92,496,222 $ 96,049,144 $ 97,524,245 $ 101,921,213
Restricted………………………………………………………………………. 8,844,047 7,781,249 7,457,544 6,774,650 10,768,853 8,912,488 9,193,516 9,006,548 10,642,548 10,880,921
Unrestricted…………………………………………………………… 18,060,073 9,977,269 (1,065,101) (4,434,728) (10,890,424) (17,282,605) (50,965,394) (46,929,343) (48,136,623) (78,733,137)
Total primary government net position………………………………………………….
$ 96,335,885 $ 90,889,054 $ 85,644,654 $ 82,336,198 $ 78,217,554 $ 77,489,810 $ 50,724,344 $ 58,126,349 $ 60,030,170 $ 34,068,997
(1) In fiscal year 2012, the Town restated its liability for other post employment benefits. This resulted in a prior period restatement decreasing governmental activities beginning balance and increasing business-
type activities beginning balance by $161,000 and $262,000, respectively, as of July 1, 2011.
(2) 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.
(3) In fiscal year 2018, the Town restated its net OPEB 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 B-111 Comprehensive Annual Financial ReportSource page 190
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2009 2010 2011 2012 2013 2014 2015 2016 (1) 2017 (1) 2018 (1)
Expenses -
Governmental activities:
General government…...…………………………………………………… $ 6,440,728 $ $ 5,856,721 $ $ 6,012,221 $ 5,898,196 $ 5,809,111 $ 6,231,894 $ 5,683,805 $ 5,764,062 $ 5,965,196 $ 5,578,489
Public safety…..……………………………………………………………… 14,102,861 14,815,007 14,845,911 15,490,670 16,060,024 16,660,306 15,312,760 16,584,359 17,532,705 19,250,042
Education……..…………………………………………………………………. 52,111,533 56,105,191 57,174,814 58,649,480 61,782,205 64,153,101 54,772,830 60,963,021 68,325,037 70,396,176
Public works……...………………………………………………………………. 5,035,008 5,725,429 5,964,437 5,703,015 6,286,770 6,419,350 7,227,459 7,581,355 7,658,668 7,911,117
Health and human services……………...…………………………………………………………….
983,217 1,094,171 1,133,985 1,221,862 1,314,086 1,346,871 1,609,060 1,536,513 1,684,833 1,635,120
Culture and recreation………...…………………………………………………………..
2,715,016 2,762,453 2,882,803 2,944,861 2,985,722 3,123,867 3,006,143 3,698,331 3,683,115 3,768,025
Interest…………………………………………………………………… 1,996,528 1,919,708 1,797,797 1,664,859 1,668,538 1,557,660 722,667 672,768 636,035 659,834
Total government activities expenses…………………………………….. 83,384,891 88,278,680 89,811,968 91,572,943 95,906,456 99,493,049 88,334,724 96,800,409 105,485,589 109,198,803
Business-type activities:
Water…………………………………………………………………… 4,562,904 4,644,182 4,968,675 5,456,431 5,853,408 5,225,383 5,253,139 5,692,320 6,141,278 7,105,456
Sewer…………………………………………………………………… 4,462,173 4,575,414 4,819,406 5,084,191 5,173,053 5,366,166 5,416,303 5,925,780 6,191,663 6,275,549
Rink…………………………………………………………………… 458,269 486,775 504,265 496,394 390,072 353,666 405,752 79,670 61,792 13,498
Total business-type activities expenses…………………………………….. 9,483,346 9,706,371 10,292,346 11,037,016 11,416,533 10,945,215 11,075,194 11,697,770 12,394,733 13,394,503
Total primary government expenses………………………………………. $ 92,868,237 $ 97,985,051 $ 100,104,314 $ 102,609,959 $ 107,322,989 $ 110,438,264 $ 99,409,918 $ 108,498,179 $ 117,880,322 $ 122,593,306
Program Revenues -
Governmental activities:
Charges for services:
General government………………………………………………… $ 400,721 $ $ 919,070 $ $ 385,778 $ 325,814 $ 554,773 $ 978,216 $ 881,979 $ 776,450 $ 563,303 $ 629,653
Public safety……………………………………………………………….. 1,867,319 2,076,797 2,036,855 2,292,477 2,790,608 2,595,617 2,908,421 3,123,869 2,778,390 3,575,574
Education………………………………………………………………. 1,975,650 2,105,396 2,143,729 2,155,031 2,253,878 2,632,798 2,640,969 2,788,752 2,328,949 2,463,638
Public works………………………………………………………………. 69,082 129,056 92,920 125,694 210,642 227,108 281,025 316,164 267,218 308,449
Human services………………………………………………………………. 42,354 41,527 46,661 66,462 85,978 91,484 151,953 97,633 101,977 107,678
Culture and recreation……………………………………………………… 377,306 379,669 346,254 528,937 396,771 359,497 399,396 468,374 460,175 436,273
Operating grants and contributions…………………………………… 14,389,625 14,937,773 15,381,360 16,776,734 16,961,153 18,811,622 13,609,976 15,841,950 18,253,254 19,405,225
Capital grants and contributions………………………………………….. 3,291,089 1,170,098 162,497 1,659,561 550,999 611,930 2,832,069 1,562,827 922,822 2,293,126
Total government activities program revenues...…………………………….. 22,413,146 21,759,386 20,596,054 23,930,710 23,804,802 26,308,272 23,705,788 24,976,019 25,676,088 29,219,616
Business-type activities:
Charges for services - Water…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
4,727,025 5,693,293 6,965,364 6,672,927 6,702,942 6,943,731 7,011,223 7,084,917 6,929,539 7,186,664
Charges for services - Sewer…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
4,747,421 4,772,693 4,965,133 5,227,905 5,344,425 6,045,829 6,559,894 6,517,066 6,560,287 7,143,471
Charges for services - Rink…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
391,991 404,449 430,878 446,111 431,671 429,555 367,098 - - -
Capital grant and contributions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
2,362 497,305 - - - 463,500 - - - 5,625
Operating grants and contributions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- - - - - 6,250 37,338 2,093 80,960 -
Total business-type activities program revenues……………………………………..
9,868,799 11,367,740 12,361,375 12,346,943 12,479,038 13,888,865 13,975,553 13,604,076 13,570,786 14,335,760
Total primary government program revenues……………………………………….
$ 32,281,945 $ 33,127,126 $ 32,957,429 $ 36,277,653 $ 36,283,840 $ 40,197,137 $ 37,681,341 $ 38,580,095 $ 39,246,874 $ 43,555,376
Net (Expense)/Program Revenue
Governmental activities……………………....……………………………..
$ (60,971,745) $ (66,519,294) $ (69,215,914) $ (67,642,233) $ (72,101,654) $ (73,184,777) $ (64,628,936) $ (71,824,390) $ (79,809,501) $ (79,979,187)
Business-type activities……………………....…………………………….. 385,453 1,661,369 2,069,029 1,309,927 1,062,505 2,943,650 2,900,359 1,906,306 1,176,053 941,257
Total primary government net (expense)/program revenue……………………………………….
$ (60,586,292) $ (64,857,925) $ (67,146,885) $ (66,332,306) $ (71,039,149) $ (70,241,127) $ (61,728,577) $ (69,918,084) $ (78,633,448) $ (79,037,930)
(1) The roof of the Rink partially collapsed due to storm damage which has temporarily suspended operations and has led to a decrease in activity in the Rink Enterprise fund. (continued)
Town of Canton, Massachusetts B-112 Comprehensive Annual Financial ReportSource page 191
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
General Revenues and other Changes in Net Position -
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable…………………………………………………. $ 49,643,467 $ $ 52,922,668 $ $ 54,892,887 $ 56,128,582 $ 58,966,309 $ 61,423,003 $ 63,720,607 $ 67,168,983 $ 72,087,049 $ 74,151,256
Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
186,291 210,666 349,982 597,670 421,708 591,950 213,952 204,512 220,189 301,286
Motor vehicle excise taxes…………………………………………………… 3,170,275 3,082,341 3,286,609 3,101,266 3,914,171 3,380,408 4,385,878 4,376,168 4,581,480 4,707,385
Penalties and interest on taxes…………………………………………….. 246,950 317,161 305,814 263,511 323,695 344,012 310,740 254,164 314,625 364,795
Payments in lieu of taxes……………………………………………………………… 194,559 199,299 199,225 219,205 224,311 214,543 222,149 225,405 231,040 236,816
Hotel and meals taxes……………………………………………………………… - - - 38,309 460,905 568,317 581,621 601,227 593,076 603,821
Grants and contributions not restricted to specific programs………………………………………………………………
2,727,082 2,165,199 2,201,430 2,026,227 2,202,728 2,776,692 2,213,169 2,013,767 2,099,870 2,180,123
Unrestricted investment income……………………………………………. 488,112 212,187 195,037 166,466 201,635 194,375 218,877 246,862 359,644 521,199
Insurance recoveries……………………………………………………………… - - - - - - - 2,190,705 - -
Miscellaneous……………………………………………………………… 245,317 312,573 471,501 382,614 188,275 - - - - -
Transfers……………………………………………………………… 1,009,929 1,054,170 1,101,525 1,166,968 1,063,245 1,232,584 - (1,824,747) 34,042 (500,000)
Total governmental activities…………………………………………………………………
57,911,982 60,476,264 63,004,010 64,090,818 67,966,982 70,725,884 71,866,993 75,457,046 80,521,015 82,566,681
Business-type activities:
Unrestricted investment income……………………………………………. - - - - 16,768 20,083 27,019 38,296 50,296 98,038
Transfers……………………………………………………………… (1,009,929) (1,054,170) (1,101,525) (1,166,968) (1,063,245) (1,232,584) - 1,824,747 (34,042) 500,000
Total business-type activities….………..………………………………….. (1,009,929) (1,054,170) (1,101,525) (1,166,968) (1,046,477) (1,212,501) 27,019 1,863,043 16,254 598,038
Total primary government general revenues and other
changes in net position…………………………………………………. $ 56,902,053 $ 59,422,094 $ 61,902,485 $ 62,923,850 $ 66,920,505 $ 69,513,383 $ 71,894,012 $ 77,320,089 $ 80,537,269 $ 83,164,719
Changes in Net Position
Governmental activities……………………....…………………………….. $ (3,059,763) $ (6,043,030) $ (6,211,904) $ (3,551,415) $ (4,134,672) $ (2,458,893) $ 7,238,057 $ 3,632,656 $ 711,514 $ 2,587,494
Business-type activities……………………....…………………………….. (624,476) 607,199 967,504 142,959 16,028 1,731,149 2,927,378 3,769,349 1,192,307 1,539,295
Total primary government changes in net position……………………………………….
$ (3,684,239) $ (5,435,831) $ (5,244,400) $ (3,408,456) $ (4,118,644) $ (727,744) $ 10,165,435 $ 7,402,005 $ 1,903,821 $ 4,126,789
(concluded)
Town of Canton, Massachusetts B-113 Comprehensive Annual Financial ReportSource page 192
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
General Fund:
Nonspendable……………………………….$ - $ - $ - $ - $ - $ - $ - $ - $ 7,252 $ 15,376
Restricted………………………………. 7,167,329 6,595,314 6,033,902 5,483,092 5,160,240 - - - - 15,918
Committed…………………………….. 166,540 240,545 202,643 328,343 470,608 358,148 364,246 886,722 923,152 1,026,447
Assigned…………………………….. 1,233,461 1,363,064 1,165,952 456,548 361,035 893,993 793,408 1,846,942 876,862 1,599,273
Unassigned…………………………… 5,784,251 5,193,760 5,825,529 7,118,096 8,276,920 9,815,657 11,430,875 12,961,775 16,128,195 17,224,537
Total general fund……………………………..$ 14,351,581 $ 13,392,683 $ 13,228,026 $ 13,386,079 $ 14,268,803 $ 11,067,798 $ 12,588,529 $ 15,695,439 $ 17,935,461 $ 19,881,551
All Other Governmental Funds:
Nonspendable……………………………….$ 338,785 $ 356,385 $ 394,385 $ 404,785 $ 419,585 $ 432,785 $ 445,985 $ 471,585 $ 489,185 $ 511,185
Restricted………………………………. 7,628,322 7,744,716 6,504,706 7,000,533 8,707,938 11,544,545 10,939,315 10,584,773 11,869,527 14,510,055
Unassigned…………………………… (1,077,197) (1,116,827) (1,301,454) (1,735,507) (468,758) (1,187,828) (632,310) (2,674,755) (156,123) (117,756)
Total all other governmental funds……………..
$ 6,889,910 $ 6,984,274 $ 5,597,637 $ 5,669,811 $ 8,658,765 $ 10,789,502 $ 10,752,990 $ 8,381,603 $ 12,202,589 $ 14,903,484
Note: The Town implemented GASB 54 in fiscal year 2011. All previous years (2009 - 2010) data presented were restated to conform to the GASB 54 presentation.
Town of Canton, Massachusetts B-114 Comprehensive Annual Financial ReportSource page 193
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Revenues:
Property taxes, net of tax refunds…………………………………………………….
$ 49,516,225 $ $ 52,217,093 $ $ 55,345,629 $ 56,246,748 $ 59,063,932 $ 61,544,401 $ 63,767,588 $ 67,223,724 $ 71,943,571 $ 74,255,762
Tax title……………………………………………………………………………. 187,083 193,859 224,631 371,909 219,962 782,539 351,721 147,456 172,988 297,266
Motor vehicle and other excise taxes………………………………………… 3,515,812 3,080,023 3,289,549 3,165,288 3,473,978 3,714,753 4,119,643 4,555,904 4,505,384 4,703,198
Hotel and meals taxes…………………………………………………… - - - 38,309 460,905 568,317 581,621 601,227 593,076 603,821
Charges for services……………………………………………………… 1,552,111 1,611,311 1,704,553 1,598,646 1,474,669 1,580,929 1,627,494 1,747,854 2,028,754 2,108,925
Penalties and interest on taxes………………………………………246,950 317,161 305,814 263,511 323,695 344,012 310,740 254,164 314,625 364,795
Payments in lieu of taxes…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
194,559 199,299 199,225 219,205 224,311 214,543 222,149 225,405 231,040 236,816
Fines and forfeitures…………………………………………… 165,991 139,458 165,051 134,626 109,411 141,311 113,467 119,540 92,821 114,905
Intergovernmental…………………………………………………….. 20,586,005 18,613,887 17,825,334 20,571,148 19,712,460 20,403,915 16,564,548 19,102,008 20,785,945 22,693,271
Intergovernmental - school construction grants……………………………………..
7,167,329 - - - - - 1,206,545 - - 600,762
Departmental and other………………………………………………. 2,827,470 3,394,781 2,768,345 2,971,011 3,456,976 4,073,470 4,119,749 4,506,265 3,539,653 4,423,606
Licenses and permits……………………………………….. 452,758 658,905 646,450 912,233 1,043,909 817,829 1,282,441 1,035,070 1,142,116 1,235,156
Contributions……………………………………………………………. 256,730 416,991 362,965 349,244 398,308 2,146,011 1,245,410 488,456 857,270 482,910
Investment income……………………………………………………….. 429,449 187,717 167,170 141,807 142,946 163,941 171,180 198,226 301,356 456,202
Total Revenue…………………………………………………
87,098,472 81,030,485 83,004,716 86,983,685 90,105,462 96,495,971 95,684,296 100,205,299 106,508,599 112,577,395
Expenditures:
General government…………………………………………………………….
4,706,731 4,187,558 4,062,501 3,811,225 3,905,506 4,255,876 3,980,026 3,936,471 3,938,757 3,480,942
Public safety……………………………………………………………… 9,285,602 9,364,149 9,427,684 9,579,726 10,087,953 10,630,184 10,724,190 11,138,061 11,386,263 12,781,717
Education………………………………………………………………… 33,314,956 34,967,636 36,008,019 35,975,887 37,524,669 39,417,729 40,479,930 42,896,291 44,863,583 47,531,743
Public works…………………………………………………………….. 3,548,575 4,125,380 4,353,404 3,845,990 4,449,435 4,503,498 5,515,513 5,592,699 5,494,358 5,665,258
Health and human services…………………………………………………………..
697,221 767,077 805,351 861,386 853,534 892,603 1,182,773 1,106,152 1,152,349 1,105,044
Culture and recreation…………………………………………………1,784,546 1,771,572 1,830,239 1,818,050 1,793,002 1,880,085 2,062,646 2,647,844 2,493,339 2,587,654
Pension benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
9,901,744 10,482,808 11,104,953 11,325,041 11,733,329 11,915,349 7,321,245 9,802,225 12,480,279 13,538,094
Employee benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
8,482,345 9,107,798 9,973,437 10,403,739 10,327,387 11,152,708 11,675,327 11,482,452 12,083,049 13,061,838
State and county charges………………………………………… 924,550 932,878 849,149 874,821 959,538 959,868 944,583 927,338 995,573 1,015,303
Capital outlay and other……………………………………………………………….
7,296,078 2,495,021 3,771,064 6,577,524 2,369,095 2,930,119 8,445,932 6,844,641 5,203,195 5,138,643
Debt service:
Principal……………………………………………………………… 3,929,020 3,947,750 4,029,141 4,306,220 4,385,178 4,520,404 3,819,900 3,931,624 3,821,850 3,871,933
Interest……………………………………………………………………. 2,010,966 1,955,945 1,838,977 1,661,391 1,677,804 1,619,994 1,166,454 1,061,042 970,237 995,903
Total Expenditures………………………………………………………..
85,882,334 84,105,572 88,053,919 91,041,000 90,066,430 94,678,417 97,318,519 101,366,840 104,882,832 110,774,072
Excess of revenues over (under) expenditures…………………………………………………
1,216,138 (3,075,087) (5,049,203) (4,057,315) 39,032 1,817,554 (1,634,223) (1,161,541) 1,625,767 1,803,323
Other Financing Sources (Uses):
Issuance of refunding bonds…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- - 5,398,612 - - 15,185,400 - 515,000 1,596,000 414,000
Payments of refunded bonds…………………………………………………………….. - - (5,540,000) - - (21,739,649) - (526,148) (1,619,000) (446,000)
Issuance of bonds and notes………………...…………………………………………
3,541,000 1,087,261 1,964,388 2,932,908 2,603,159 175,000 2,861,150 1,367,000 5,455,000 1,792,000
Premium from bonds and notes………………...…………………………………………
85,862 69,122 261,192 136,455 166,242 2,258,843 153,042 11,148 305,990 246,871
Capital lease financing…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
82,362 - 62,192 51,211 - - 104,250 - - -
Insurance recoveries……………………………………………………………………………… - - - - - - - 2,354,811 - -
Transfers in……………………………………………………………………………… 2,728,433 2,445,096 2,865,322 2,854,525 3,835,589 3,988,699 1,856,376 2,294,746 2,421,242 2,829,878
Transfers out…………………………………………………………………………… (1,718,504) (1,390,926) (1,513,797) (1,687,557) (2,772,344) (2,756,115) (1,856,376) (4,119,493) (2,387,200) (3,329,878)
Total other financing sources (uses)…………………………………………………………………..
4,719,153 2,210,553 3,497,909 4,287,542 3,832,646 (2,887,822) 3,118,442 1,897,064 5,772,032 1,506,871
Net change in fund balance………………………………………………………………….
$ 5,935,291 $ (864,534) $ (1,551,294) $ 230,227 $ 3,871,678 $ (1,070,268) $ 1,484,219 $ 735,523 $ 7,397,799 $ 3,310,194
Debt service as a percentage of noncapital expenditures……………………………………………….
7.56% 7.23% 6.96% 7.07% 6.91% 6.69% 5.61% 5.28% 4.81% 4.61%
Town of Canton, Massachusetts B-115 Comprehensive Annual Financial ReportSource page 194
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY BY CLASSIFICATION AND TAX RATES
LAST TEN FISCAL YEARS
Assessed Value Tax Rates
Ratio of
Total Total State Assessed to
Fiscal Residential Commercial Industrial Personal Commercial Town Equalized Equalized Residential Commercial Average
Year Value Value Value Property Value Value Value Value Tax Rate Tax Rate Tax Rate
2009 $ 3,234,696,626 $ 429,321,664 $ 389,319,700 $ 120,258,560 $ 938,899,924 $ 4,173,596,550 $ 4,487,449,500 93.01% $ 9.98 $ 19.68 $ 12.16
2010 3,032,221,732 455,712,638 378,970,320 122,726,290 957,409,248 3,989,630,980 4,487,449,500 88.91% 10.83 21.77 13.46
2011 3,044,468,807 442,405,763 360,889,000 126,905,510 930,200,273 3,974,669,080 4,386,215,300 90.62% 11.55 23.04 14.24
2012 3,063,743,888 432,654,082 333,946,500 124,249,390 890,849,972 3,954,593,860 4,386,215,300 90.16% 11.91 24.23 14.69
2013 3,080,898,534 433,793,536 330,412,500 126,558,890 890,764,926 3,971,663,460 4,131,231,300 96.14% 12.30 24.99 15.15
2014 2,971,728,949 427,533,191 343,409,000 141,947,970 912,890,161 3,884,619,110 4,131,231,300 94.03% 12.87 26.53 16.08
2015 3,150,088,016 421,047,184 345,967,900 152,768,400 919,783,484 4,069,871,500 4,083,657,900 99.66% 12.82 26.36 15.88
2016 3,367,549,515 443,366,255 349,329,400 160,467,160 953,162,815 4,320,712,330 4,083,657,900 105.80% 12.79 26.36 15.78
2017 3,508,576,688 459,186,222 358,855,200 171,786,770 989,828,192 4,498,404,880 4,615,563,300 97.46% 12.79 26.34 15.77
2018 3,633,566,271 536,026,099 402,226,020 177,246,290 1,115,498,409 4,749,064,680 4,615,563,300 102.89% 12.42 25.86 15.58
Commercial Value as % of Total Value
26.0%
24.0%
22.0%
20.0%
18.0%
16.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Official Statements, State Division of Local Services
Note: All property in the Commonwealth of Massachusetts is assessed at 100% of full and fair cash value. The State estimates this "equalized valuation" for all municipalities every two years.
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% 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%, subject to an exception for property added to the tax rolls and for certain valuation increases. This
secondary limit may be exceeded in any fiscal year by majority approval of the voters, however, it cannot exceed the primary limitation.
Town of Canton, Massachusetts B-116 Comprehensive Annual Financial ReportSource page 195
PRINCIPAL TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
2018 2009
Percentage of Percentage of
Total Taxable Total Taxable
Nature of Assessed Assessed Assessed Assessed
Taxpayer Business Valuation Rank Value Valuation Rank Value
Eversource (formerly NSTAR) Utility $ 66,625,160 1 1.40% $ 46,025,350 1 1.10%
Reebok Offices 59,332,500 2 1.25% 43,778,506 2 1.05%
Medical Information Tech., Inc. Offices 52,738,400 3 1.11% 37,191,600 4 0.89%
BAC Canton Holdings LLC (formerly
One Beacon Insurance) Offices 47,058,200 4 0.99% 38,956,800 3 0.93%
Randolph Properties Housing 45,056,200 5 0.95%
Hines Global 250 Royall (formerly
Computershare) Offices 37,334,000 6 0.79% 23,428,900 7 0.56%
Canton Village Shoppes Retail 28,985,900 7 0.61% 30,435,300 5 0.73%
Spirit Canton LLC (formerly Casual Male) Offices 22,025,700 8 0.46%
Boston Mutual Offices 21,047,600 9 0.44% 16,739,900 10 0.40%
Columbia Gas Utility 20,457,730 10 0.43%
Verizon Utility 23,458,900 6 0.56%
Dan Road Building LLC Offices 19,581,200 8 0.47%
JMS Realty Trust Offices 18,265,200 9 0.44%
Totals $ 400,661,390 8.44% $ 297,861,656 7.14%
Source: Official Statements
Town of Canton, Massachusetts B-117 Comprehensive Annual Financial ReportSource page 196
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Tax Levy Collections
Percent of
Less First Year Percent of Delinquent Total Total Tax
Fiscal Total Abatements & Net Current Net Levy Tax Tax Collections to
Year Tax Levy Exemptions Tax Levy Tax Collections Collected Collections Collections Net Tax Levy
2009 $ 50,759,823 $ 283,815 $ 50,476,008 $ 49,631,932 98.33% $ 441,490 $ 50,073,335 99.20%
2010 53,681,761 604,799 53,076,962 52,019,666 98.01% 371,521 52,391,187 98.71%
2011 56,595,429 945,610 55,649,819 54,980,240 98.80% 636,552 55,616,792 99.94%
2012 58,074,485 545,175 57,529,310 56,783,097 98.70% 424,995 57,208,092 99.44%
2013 60,155,267 637,338 59,517,929 58,747,142 98.70% 338,628 59,085,770 99.27%
2014 62,465,167 889,587 61,575,580 61,056,268 99.16% 255,400 61,311,668 99.57%
2015 64,629,621 749,741 63,879,880 63,380,847 99.22% 344,929 63,725,776 99.76%
2016 68,196,330 722,580 67,473,750 66,960,492 99.24% 358,845 67,319,337 99.77%
2017 70,946,770 530,697 70,416,073 69,940,713 99.32% 263,375 70,204,088 99.70%
2018 73,975,682 697,692 73,277,990 72,812,949 99.37% - 72,812,949 99.37%
Source: Accounting Records
Town of Canton, Massachusetts B-118 Comprehensive Annual Financial ReportSource page 197
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Business-type
Governmental Activities Activities
General General Total Percentage Debt
Fiscal Obligation Capital Obligation Outstanding Personal of Personal U.S Census Per
Year Bonds (1) Leases Bonds (1) Debt Income Income Population Capita
2009 $ 48,417,350 $ 59,764 $ 11,623,368 $ 60,100,482 $ 942,403,000 6.38% 22,048 $ 2,726
2010 45,506,780 41,097 18,914,008 64,461,885 1,050,979,000 6.13% 21,732 2,966
2011 43,253,178 61,227 23,101,280 66,415,685 968,993,208 6.85% 20,097 3,305
2012 41,835,011 58,547 27,692,649 69,586,207 969,066,640 7.18% 20,159 3,452
2013 40,010,850 25,634 29,160,760 69,197,244 993,466,795 6.97% 20,708 3,342
2014 31,039,890 13,022 31,180,694 62,233,606 1,049,031,660 5.93% 21,932 2,838
2015 29,666,327 104,250 29,775,432 59,546,009 1,084,774,372 5.49% 22,276 2,673
2016 26,748,006 84,246 27,631,734 54,463,986 1,107,131,165 4.92% 22,510 2,420
2017 28,307,653 63,827 27,644,494 56,015,974 1,125,784,923 4.98% 22,551 2,484
2018 26,161,059 42,986 24,953,467 51,157,512 1,156,150,065 4.42% 22,817 2,242
Source: U. S. Census, State Division of Local Services
(1) Presented net of original issuance discounts and premiums.
Town of Canton, Massachusetts B-119 Comprehensive Annual Financial ReportSource page 198
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
General Less: Percentage Debt
Fiscal Obligation Amounts Assessed of Assessed U.S Census Per
Year Bonds (1) Available (2) Total Value Value Population Capita
2009 $ 60,040,718 $ (11,241,837) $ 48,798,881 $ 4,173,596,550 1.17% 22,048 $ 2,213
2010 64,420,788 (10,331,918) 54,088,870 3,989,630,980 1.36% 21,732 2,489
2011 66,354,458 (9,431,541) 56,922,917 3,974,669,080 1.43% 20,097 2,832
2012 69,527,660 (8,540,706) 60,986,954 3,954,593,860 1.54% 20,159 3,025
2013 69,171,610 (7,260,823) 61,910,787 3,971,663,460 1.56% 20,708 2,990
2014 62,220,584 (2,860,353) 59,360,231 3,884,619,110 1.53% 21,932 2,707
2015 59,441,759 (2,499,064) 56,942,695 4,069,871,500 1.40% 22,276 2,556
2016 54,379,740 (2,125,785) 52,253,955 4,320,712,330 1.21% 22,510 2,321
2017 55,952,147 (1,740,116) 54,212,031 4,498,404,880 1.21% 22,551 2,404
2018 51,114,526 (1,341,647) 49,772,879 4,749,064,680 1.05% 22,817 2,181
Source: U. S. Census, State Division of Local Services
(1) General obligation bonds consist of debt of both governmental and business-type activities, net of original issuance discounts and premiums.
(2) These are restricted resources from the Massachusetts School Building Authority for debt principal on school construction.
Town of Canton, Massachusetts B-120 Comprehensive Annual Financial ReportSource page 199
COMPUTATION OF LEGAL DEBT MARGIN
LAST TEN FISCAL YEARS
(Amounts in Thousands)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Equalized Valuation…………………………………..
$ 4,487,450 $ 4,487,450 $ 4,386,215 $ 4,386,215 $ 4,131,231 $ 4,131,231 $ 4,083,658 $ 4,083,658 $ 4,615,563 $ 4,615,563
Debt Limit…………………………..…………………. 224,372 224,372 219,311 219,311 206,562 206,562 204,183 204,183 230,778 230,778
Outstanding general obligation bonds………………. 60,041 64,421 66,354 69,528 69,172 62,221 59,442 54,380 55,952 51,115
Authorized and unissued debt…………………………. 26,434 18,071 18,405 9,305 10,144 6,547 22,881 16,695 15,992 20,072
Debt not applicable to debt limit………………………….(12,780) (15,481) (22,111) (28,735) (30,364) (31,263) (30,212) (28,533) (28,457) (25,574)
Legal debt margin…………………………………………..
$ 150,677 $ 157,361 $ 156,663 $ 169,213 $ 157,610 $ 169,057 $ 152,072 $ 161,641 $ 187,291 $ 185,165
Total debt applicable to the limit
as a percentage of debt limit…………………………………..
32.84% 29.87% 28.57% 22.84% 23.70% 18.16% 25.52% 20.84% 18.84% 19.76%
Source: State Division of Local Services, Accounting Records
Town of Canton, Massachusetts B-121 Comprehensive Annual Financial ReportSource page 200
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF JUNE 30, 2018
Estimated
Estimated Share of
Debt Percentage Overlapping
Outstanding Applicable Debt
Debt repaid with property taxes:
Norfolk County…………………………………………………….. 13,710,000 (a) 3.68% (c) $ 504,528
Subtotal, overlapping debt………………………………………………………………………….. 504,528
Town direct debt……………………………………………………………. 26,204,045
Total direct and overlapping debt…………………………………………… $ 27,213,101
(a) Outstanding debt as of March 15, 2018.
(c) Based on the Town's weighted percentage of total equalized valuation.
Source: Official Statements, Accounting Records
Town of Canton, Massachusetts B-122 Comprehensive Annual Financial Report