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Source page 162
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2014
Capital Project Funds
Public High Sub-total
Building Works School Capital Project
Improvements Improvements Equipment Construction Funds
Revenues:
Property taxes $ - $ - $ - $ - $ -
Intergovernmental 327,103 - - - 327,103
Charges for services - - - - -
Departmental and other - - - - -
Investment income - - - - -
Contributions and donations 25,000 - - - 25,000
Total Revenues 352,103 - - - 352,103
Expenditures:
Current:
General government - - 2,500 - 2,500
Public safety - - 2,666 - 2,666
Education 757,625 - - 37,788 795,413
Public works - 237,184 - - 237,184
Health and human services 530,961 - - - 530,961
Culture and recreation 5,060 - - - 5,060
Employee benefits - - - - -
Total Expenditures 1,293,646 237,184 5,166 37,788 1,573,784
Excess (Deficiency) Of Revenues
Over (Under) Expenditures (941,543) (237,184) (5,166) (37,788) (1,221,681)
Other Financing Sources (Uses):
Proceeds from bonds and notes - 175,000 - - 175,000
Transfers in 272,909 932,661 25,800 - 1,231,370
Transfers out (37,559) - - - (37,559)
Total Other Financing Sources (Uses) 235,350 1,107,661 25,800 - 1,368,811
Net Change in Fund Balances (706,193) 870,477 20,634 (37,788) 147,130
Fund Balances - Beginning of Year 1,446,520 (98,746) 5,815 37,790 1,391,379
Fund Balances - End of Year $ 740,327 $ 771,731 $ 26,449 $ 2 $ 1,538,509
Town of Canton, Massachusetts Page 92 of 119 Comprehensive Annual Financial ReportSource page 163
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
$ - $ - $ - $ - $ 480,994
- - - - 3,521,976
- - - - 1,580,929
- - - - 3,122,603
3,366 1,842 1,396 6,604 18,805
13,200 5,825 - 19,025 2,146,011
16,566 7,667 1,396 25,629 10,871,318
- - - - 137,266
- - - - 1,030,095
- - - - 5,683,852
- - - - 633,571
- - - - 629,827
- 6,948 - 6,948 307,860
- - - - 71,267
- 6,948 - 6,948 8,493,738
16,566 719 1,396 18,681 2,377,580
- - - - 175,000
- - - - 1,311,370
(5,000) - - (5,000) (1,733,213)
(5,000) - - (5,000) (246,843)
11,566 719 1,396 13,681 2,130,737
410,777 180,243 165,536 756,556 8,658,765
$ 422,343 $ 180,962 $ 166,932 $ 770,237 $ 10,789,502
(Concluded)
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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 Page 95 of 119 Comprehensive Annual Financial ReportSource page 166
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2014
Total
Health Workers' Unemployment Building Internal
Claims Compensation Claims Insurance Service Funds
Assets:
Current assets:
Cash and cash equivalents $ 1,881,090 $ 30,562 $ 113,325 $ - $ 2,024,977
Investments 2,120,708 - - 440,866 2,561,574
Receivables, net of allowance for uncollectibles:
Departmental and other 64,885 - - - 64,885
Deposit held by third party 58,400 - - - 58,400
Total Current Assets 4,125,083 30,562 113,325 440,866 4,709,836
Liabilities:
Current liabilities:
Warrants and accounts payable 300,971 789 3,485 - 305,245
Health claims incurred but not reported 938,586 - - - 938,586
Total Current Liabilities 1,239,557 789 3,485 - 1,243,831
Net Position:
Unrestricted 2,885,526 29,773 109,840 440,866 3,466,005
TOTAL NET POSITION $ 2,885,526 $ 29,773 $ 109,840 $ 440,866 $ 3,466,005
Town of Canton, Massachusetts Page 96 of 119 Comprehensive Annual Financial ReportSource page 167
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FISCAL YEAR ENDED JUNE 30, 2014
Total
Health Workers' Unemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Operating Revenues:
Employee contributions $ 3,412,106 $ - $ - $ - $ 3,412,106
Employer contributions 9,792,023 - 150,000 - 9,942,023
Stop loss reimbursements 1,125,727 - - - 1,125,727
Total Operating Revenues 14,329,856 - 150,000 - 14,479,856
Operating Expenditures:
Property insurance - - - 29,859 29,859
Employee benefits 14,753,120 2,962 96,180 - 14,852,262
Total Operating Expenditures 14,753,120 2,962 96,180 29,859 14,882,121
Operating Income (Loss) (423,264) (2,962) 53,820 (29,859) (402,265)
Nonoperating Revenues (Expenses):
Investment Income 25,666 331 565 3,872 30,434
Income (Loss) Before Transfers (397,598) (2,631) 54,385 (25,987) (371,831)
Change in Net Position (397,598) (2,631) 54,385 (25,987) (371,831)
Fund Balances - Beginning of Year 3,283,124 32,404 55,455 466,853 3,837,836
Fund Balances - End of Year $ 2,885,526 $ 29,773 $ 109,840 $ 440,866 $ 3,466,005
Town of Canton, Massachusetts Page 97 of 119 Comprehensive Annual Financial ReportSource page 168
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2014
Total
Health Workers' Umemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Cash Flows From Operating Activities:
Receipts from interfund services provided $ 14,529,254 $ - $ 150,000 $ - $ 14,679,254
Payments for interfund services used (14,719,508) (2,708) (92,695) (29,859) (14,844,770)
Net Cash Provided by (Used in) Operating Activities (190,254) (2,708) 57,305 (29,859) (165,516)
Cash Flows From Investing Activities:
Investment income 25,666 331 565 3,872 30,434
Investment of operating cash (2,120,708) - - (440,866) (2,561,574)
Net Cash Provided By Investing Activities (2,095,042) 331 565 (436,994) (2,531,140)
Net Change in Cash and Cash Equivalents (2,285,296) (2,377) 57,870 (466,853) (2,696,656)
Cash and Cash Equivalents:
Beginning of the Year 4,166,386 32,939 55,455 466,853 4,721,633
End of the Year $ 1,881,090 $ 30,562 $ 113,325 $ - $ 2,024,977
Reconciliation of Operating Income (Loss) to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss) (423,264) (2,962) 53,820 (29,859) (402,265)
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Changes in assets and liablities:
Receivables 199,398 - - - 199,398
Accounts payable and accrued expenses 7,942 254 3,485 - 11,681
Health claims incurred but not reported 25,670 - - - 25,670
Net Cash Provided by (Used in) Operating Activities $ (190,254) $ (2,708) $ 57,305 $ (29,859) $ (165,516)
Town of Canton, Massachusetts Page 98 of 119 Comprehensive Annual Financial ReportSource page 169
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 Page 99 of 119 Comprehensive Annual Financial ReportSource page 170
AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED JUNE 30, 2014
Beginning End
of Year Additions Deletions of Year
Assets
Current assets:
Cash and cash equivalents $ 824,533 $ 865,375 $ (436,985) $ 1,252,923
Liabilities
Current liabilities:
Warrants payable $ 4,713 $ 433,428 $ (419,724) $ 18,417
Agency liabilities 819,820 1,046,766 (632,080) 1,234,506
Total Liabilities $ 824,533 $ 1,480,194 $ (1,051,804) $ 1,252,923
Town of Canton, Massachusetts Page 100 of 119 Comprehensive Annual Financial ReportSource page 171
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. A six acre park, located on the former site of the Canton Airport and built by the state’s Department of Conservation and Recreation, was dedicated to Lieutenant Arthur E. Farnham Jr. and Tech Sergeant Thomas M. Connolly Jr. who had worked as mechanics at the Neponset Street site. Farnham and Connolly were World War II airmen and members of the same B-24 bomber crew. After their plane was shot down over Serbia, they were among the more than 500 American airmen rescued in a mission viewed as one of the greatest rescue missions of World War II.
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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.
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NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2005 2006 2007 2008 2009 2010 2011 2012 (1) 2013 2014
Governmental activities:
Net investment in capital assets…………………. $ 50,497,888 $ $ 47,354,438 $ $ 50,777,183 $ $ 51,291,396 $ $ 54,948,512 $ $ 57,942,064 $ $ 62,056,797 $ 63,962,326 $ 61,957,511 $ 70,116,230
Restricted………………………………………………………………………….. 3,467,154 3,077,412 3,824,685 4,432,975 8,844,047 7,781,249 7,457,544 6,774,650 10,768,853 8,912,488
Unrestricted……………………………………………………………… 18,735,148 24,200,838 23,955,254 25,253,777 14,125,826 6,141,042 (3,861,890) (8,796,940) (14,921,000) (23,682,247)
Total governmental activities net position………………………………………..
$ 72,700,190 $ 74,632,688 $ 78,557,122 $ 80,978,148 $ 77,918,385 $ 71,864,355 $ 65,652,451 $ 61,940,036 $ 57,805,364 $ 55,346,471
Business-type activities:
Net investment in capital assets…………………. $ 12,537,255 $ 12,340,271 $ 11,952,283 $ 13,948,369 $ 14,483,253 $ 15,188,472 $ 17,195,414 $ 16,033,950 $ 16,381,614 $ 15,743,697
Unrestricted………………………………………………………………. 4,753,528 5,544,174 6,124,469 5,093,607 3,934,247 3,836,227 2,796,789 4,362,212 4,030,576 6,399,642
Total business-type activities net position…………………………….
$ 17,290,783 $ 17,884,445 $ 18,076,752 $ 19,041,976 $ 18,417,500 $ 19,024,699 $ 19,992,203 $ 20,396,162 $ 20,412,190 $ 22,143,339
Primary government:
Net investment in capital assets…………………. $ 63,035,143 $ 59,694,709 $ 62,729,466 $ 65,239,765 $ 69,431,765 $ 73,130,536 $ 79,252,211 $ 79,996,276 $ 78,339,125 $ 85,859,927
Restricted………………………………………………………………………. 3,467,154 3,077,412 3,824,685 4,432,975 8,844,047 7,781,249 7,457,544 6,774,650 10,768,853 8,912,488
Unrestricted…………………………………………………………… 23,488,676 29,745,012 30,079,723 30,347,384 18,060,073 9,977,269 (1,065,101) (4,434,728) (10,890,424) (17,282,605)
Total primary government net position………………………………………………….
$ 89,990,973 $ 92,517,133 $ 96,633,874 $ 100,020,124 $ 96,335,885 $ 90,889,054 $ 85,644,654 $ 82,336,198 $ 78,217,554 $ 77,489,810
(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.
Town of Canton, Massachusetts Page 103 of 119 Comprehensive Annual Financial ReportSource page 176
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Expenses -
Governmental activities:
General government…...…………………………………………………… $ 4,901,258 $ $ 4,246,023 $ $ 4,365,873 $ $ 5,142,280 $ $ 6,440,728 $ $ 5,856,721 $ $ 6,012,221 $ 5,898,196 $ 5,809,111 $ 6,231,894
Public safety…..……………………………………………………………… 11,343,820 11,964,710 12,151,151 12,501,298 14,102,861 14,815,007 14,845,911 15,490,670 16,060,024 16,625,726
Education……..…………………………………………………………………. 38,644,927 40,105,376 42,723,738 45,669,483 52,111,533 56,105,191 57,174,814 58,649,480 61,782,205 64,153,101
Public works……...………………………………………………………………. 4,785,491 4,567,438 4,267,313 5,002,096 5,035,008 5,725,429 5,964,437 5,703,015 6,286,770 6,419,350
Health and human services……………...…………………………………………………………….
781,948 810,338 850,334 810,319 983,217 1,094,171 1,133,985 1,221,862 1,314,086 1,346,871
Culture and recreation………...…………………………………………………………..
2,561,766 2,437,118 2,397,635 2,498,364 2,715,016 2,762,453 2,882,803 2,944,861 2,985,722 3,123,867
Interest…………………………………………………………………… 2,632,669 2,363,454 2,654,749 2,105,670 1,996,528 1,919,708 1,797,797 1,664,859 1,668,538 1,557,660
Total government activities expenses…………………………………….. 65,651,879 66,494,457 69,410,793 73,729,510 83,384,891 88,278,680 89,811,968 91,572,943 95,906,456 99,458,469
Business-type activities:
Water…………………………………………………………………… 3,260,655 3,587,009 3,570,802 3,769,301 4,562,904 4,644,182 4,968,675 5,456,431 5,853,408 5,225,383
Sewer…………………………………………………………………… 4,005,172 3,983,341 4,202,101 4,643,878 4,462,173 4,575,414 4,819,406 5,084,191 5,173,053 5,366,166
Rink…………………………………………………………………… 271,389 314,637 344,198 357,203 458,269 486,775 504,265 496,394 390,072 353,666
Total business-type activities expenses…………………………………….. 7,537,216 7,884,987 8,117,101 8,770,382 9,483,346 9,706,371 10,292,346 11,037,016 11,416,533 10,945,215
Total primary government expenses………………………………………. $ 73,189,095 $ 74,379,444 $ 77,527,894 $ 82,499,892 $ 92,868,237 $ 97,985,051 $ 100,104,314 $ 102,609,959 $ 107,322,989 $ 110,403,684
Program Revenues -
Governmental activities:
Charges for services:
General government………………………………………………… $ 229,506 $ $ 355,302 $ $ 371,696 $ $ 368,111 $ $ 400,721 $ $ 919,070 $ $ 385,778 $ 325,814 $ 554,773 $ 978,216
Public safety……………………………………………………………….. 995,622 2,893,607 2,392,923 2,253,015 1,867,319 2,076,797 2,036,855 2,292,477 2,790,608 2,595,617
Education………………………………………………………………. 1,260,813 1,567,706 1,647,771 2,202,573 1,975,650 2,105,396 2,143,729 2,155,031 2,253,878 2,632,798
Public works………………………………………………………………. 62,211 58,111 85,033 71,911 69,082 129,056 92,920 125,694 210,642 227,108
Human services………………………………………………………………. 49,775 45,012 42,808 50,162 42,354 41,527 46,661 66,462 85,978 91,484
Culture and recreation……………………………………………………… 470,989 378,055 343,737 376,991 377,306 379,669 346,254 528,937 396,771 359,497
Operating grants and contributions…………………………………… 12,719,732 10,678,040 12,582,237 13,251,876 14,389,625 14,937,773 15,381,360 16,776,734 16,961,153 18,811,622
Capital grants and contributions………………………………………….. 12,931,018 653,971 1,011,723 2,251,419 3,291,089 1,170,098 162,497 1,659,561 550,999 611,930
Total government activities program revenues...…………………………….. 28,719,666 16,629,804 18,477,928 20,826,058 22,413,146 21,759,386 20,596,054 23,930,710 23,804,802 26,308,272
Business-type activities:
Charges for services - Water…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
3,929,821 4,337,211 4,308,918 5,148,323 4,727,025 5,693,293 6,965,364 6,672,927 6,702,942 6,943,731
Charges for services - Sewer…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
4,149,998 4,466,378 4,491,655 5,159,490 4,747,421 4,772,693 4,965,133 5,227,905 5,344,425 6,045,829
Charges for services - Rink…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
335,215 372,609 370,110 356,953 391,991 404,449 430,878 446,111 431,671 429,555
Capital grant and contributions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- 184,570 46,294 39,941 2,362 497,305 - - - 463,500
Operating grants and contributions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- - - - - - - - - 6,250
Total business-type activities program revenues……………………………………..
8,415,034 9,360,768 9,216,977 10,704,707 9,868,799 11,367,740 12,361,375 12,346,943 12,479,038 13,888,865
Total primary government program revenues……………………………………….
$ 37,134,700 $ 25,990,572 $ 27,694,905 $ 31,530,765 $ 32,281,945 $ 33,127,126 $ 32,957,429 $ 36,277,653 $ 36,283,840 $ 40,197,137
Net (Expense)/Program Revenue
Governmental activities……………………....……………………………..
$ (36,932,213) $ (49,864,653) $ (50,932,865) $ (52,903,452) $ (60,971,745) $ (66,519,294) $ (69,215,914) $ (67,642,233) $ (72,101,654) $ (73,150,197)
Business-type activities……………………....…………………………….. 877,818 1,475,781 1,099,876 1,934,325 385,453 1,661,369 2,069,029 1,309,927 1,062,505 2,943,650
Total primary government net (expense)/program revenue……………………………………….
$ (36,054,395) $ (48,388,872) $ (49,832,989) $ (50,969,127) $ (60,586,292) $ (64,857,925) $ (67,146,885) $ (66,332,306) $ (71,039,149) $ (70,206,547)
(continued)
Town of Canton, Massachusetts Page 104 of 119 Comprehensive Annual Financial ReportSource page 177
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
General Revenues and other Changes in Net Position -
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable…………………………………………………. $ 41,551,652 $ $ 43,523,919 $ $ 45,318,005 $ $ 46,074,751 $ $ 49,643,467 $ $ 52,922,668 $ $ 54,892,887 $ 56,128,582 $ 58,966,309 $ 61,423,003
Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- 68,545 137,473 204,174 186,291 210,666 349,982 597,670 421,708 591,950
Motor vehicle excise taxes…………………………………………………… 3,430,854 3,340,893 3,364,215 3,622,335 3,170,275 3,082,341 3,286,609 3,101,266 3,914,171 3,380,408
Penalties and interest on taxes…………………………………………….. 218,730 259,454 206,817 188,163 246,950 317,161 305,814 263,511 323,695 344,012
Payments in lieu of taxes……………………………………………………………… 160,827 160,827 160,827 191,827 194,559 199,299 199,225 219,205 224,311 214,543
Hotel and meals taxes……………………………………………………………… - - - - - - - 38,309 460,905 568,317
Grants and contributions not restricted to specific programs………………………………………………………………
2,260,017 2,550,060 3,607,674 2,974,443 2,727,082 2,165,199 2,201,430 2,026,227 2,202,728 2,776,692
Unrestricted investment income……………………………………………. 633,337 728,000 955,736 909,900 488,112 212,187 195,037 166,466 201,635 194,375
Gain (loss) on sale of capital assets……………………………………………. (87,704) - (3,087) - - - - - - (34,580)
Miscellaneous……………………………………………………………… 464,695 283,334 202,070 189,784 245,317 312,573 471,501 382,614 188,275 -
Transfers……………………………………………………………… 804,205 882,119 907,569 969,101 1,009,929 1,054,170 1,101,525 1,166,968 1,063,245 1,232,584
Total governmental activities…………………………………………………………………
49,436,613 51,797,151 54,857,299 55,324,478 57,911,982 60,476,264 63,004,010 64,090,818 67,966,982 70,691,304
Business-type activities:
Unrestricted investment income……………………………………………. - - - - - - - - 16,768 20,083
Transfers……………………………………………………………… (804,205) (882,119) (907,569) (969,101) (1,009,929) (1,054,170) (1,101,525) (1,166,968) (1,063,245) (1,232,584)
Total business-type activities….………..………………………………….. (804,205) (882,119) (907,569) (969,101) (1,009,929) (1,054,170) (1,101,525) (1,166,968) (1,046,477) (1,212,501)
Total primary government general revenues and other
changes in net position…………………………………………………. $ 48,632,408 $ 50,915,032 $ 53,949,730 $ 54,355,377 $ 56,902,053 $ 59,422,094 $ 61,902,485 $ 62,923,850 $ 66,920,505 $ 69,478,803
Changes in Net Assets
Governmental activities……………………....…………………………….. $ 12,504,400 $ 1,932,498 $ 3,924,434 $ 2,421,026 $ (3,059,763) $ (6,043,030) $ (6,211,904) $ (3,551,415) $ (4,134,672) $ (2,458,893)
Business-type activities……………………....…………………………….. 73,613 593,662 192,307 965,224 (624,476) 607,199 967,504 142,959 16,028 1,731,149
Total primary government changes in net position……………………………………….
$ 12,578,013 $ 2,526,160 $ 4,116,741 $ 3,386,250 $ (3,684,239) $ (5,435,831) $ (5,244,400) $ (3,408,456) $ (4,118,644) $ (727,744)
(concluded)
Town of Canton, Massachusetts Page 105 of 119 Comprehensive Annual Financial ReportSource page 178
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
General Fund:
Restricted………………………………. $ - $ - $ - $ - $ 7,167,329 $ 6,595,314 $ 6,033,902 $ 5,483,092 $ 5,160,240 $ -
Committed…………………………….. 678,548 627,350 249,985 279,918 166,540 240,545 202,643 328,343 470,608 358,148
Assigned…………………………….. 4,155,131 2,290,343 1,567,445 1,309,512 1,233,461 1,363,064 1,165,952 456,548 361,035 893,993
Unassigned…………………………… 4,127,904 5,333,431 6,078,459 6,585,875 5,784,251 5,193,760 5,825,529 7,118,096 8,276,920 9,815,657
Total general fund……………………………..$ 8,961,583 $ 8,251,124 $ 7,895,889 $ 8,175,305 $ 14,351,581 $ 13,392,683 $ 13,228,026 $ 13,386,079 $ 14,268,803 $ 11,067,798
All Other Governmental Funds:
Nonspendable……………………………….$ 281,729 $ $ 289,192 $ $ 294,174 $ $ 325,985 $ $ 338,785 $ $ 356,385 $ 394,385 $ 404,785 $ 419,585 $ 432,785
Restricted………………………………. 7,033,428 10,030,842 9,414,499 9,080,027 7,628,322 7,744,716 6,504,706 7,000,533 8,707,938 11,544,545
Unassigned…………………………… (17,071,132) (310,177) (2,230,411) (2,275,117) (1,077,197) (1,116,827) (1,301,454) (1,735,507) (468,758) (1,187,828)
Total all other governmental funds……………..
$ (9,755,975) $ 10,009,857 $ 7,478,262 $ 7,130,895 $ 6,889,910 $ 6,984,274 $ 5,597,637 $ 5,669,811 $ 8,658,765 $ 10,789,502
Note: The Town implemented GASB 54 in fiscal year 2011. All previous years (2005 - 2010) data presented were restated to conform to the GASB 54 presentation.
Town of Canton, Massachusetts Page 106 of 119 Comprehensive Annual Financial ReportSource page 179
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Revenues:
Property taxes, net of tax refunds…………………………………………………….
$ 41,734,335 $ $ 43,440,386 $ $ 45,259,651 $ $ 46,128,837 $ $ 49,516,225 $ $ 52,217,093 $ $ 55,345,629 $ 56,246,748 $ 59,063,932 $ 61,544,401
Tax title……………………………………………………………………………. 349,106 198,779 313,789 62,100 187,083 193,859 224,631 371,909 219,962 782,539
Motor vehicle and other excise taxes………………………………………… 3,222,639 3,438,271 3,364,215 3,426,512 3,515,812 3,080,023 3,289,549 3,165,288 3,473,978 3,714,753
Hotel and meals taxes…………………………………………………… - - - - - - - 38,309 460,905 568,317
Charges for services……………………………………………………… 1,279,566 1,555,340 1,633,782 1,488,941 1,552,111 1,611,311 1,704,553 1,598,646 1,474,669 1,580,929
Penalties and interest on taxes………………………………………218,730 259,454 206,817 188,163 246,950 317,161 305,814 263,511 323,695 344,012
Payments in lieu of taxes…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
160,827 160,827 160,827 191,827 194,559 199,299 199,225 219,205 224,311 214,543
Fines and forfeitures…………………………………………… 140,964 155,917 200,872 189,562 165,991 139,458 165,051 134,626 109,411 141,311
Intergovernmental…………………………………………………….. 13,401,598 14,233,010 15,337,495 17,973,491 20,586,005 18,613,887 17,825,334 20,571,148 19,712,460 20,403,915
Intergovernmental - school construction grants…………………………………….. - 17,620,000 1,300,000 - 7,167,329 - - - - -
Departmental and other………………………………………………. 4,759,749 2,673,219 3,215,566 2,836,910 2,827,470 3,394,781 2,768,345 2,971,011 3,456,976 4,073,470
Licenses and permits……………………………………….. 582,327 1,120,175 626,776 669,240 452,758 658,905 646,450 912,233 1,043,909 817,829
Contributions……………………………………………………………. 399,655 381,326 1,082,522 624,919 256,730 416,991 362,965 349,244 398,308 2,146,011
Investment income……………………………………………………….. 602,630 712,388 844,984 794,586 429,449 187,717 167,170 141,807 142,946 163,941
Total Revenue…………………………………………………
66,852,126 85,949,092 73,547,296 74,575,088 87,098,472 81,030,485 83,004,716 86,983,685 90,105,462 96,495,971
Expenditures:
General government…………………………………………………………….
3,582,135 3,059,080 3,119,956 3,728,731 4,706,731 4,187,558 4,062,501 3,811,225 3,905,506 4,255,876
Public safety……………………………………………………………… 8,083,251 9,086,158 9,899,016 8,907,119 9,285,602 9,364,149 9,427,684 9,579,726 10,087,953 10,630,184
Education………………………………………………………………… 26,927,124 28,855,385 30,676,469 30,142,662 33,314,956 34,967,636 36,008,019 35,975,887 37,524,669 39,417,729
Public works…………………………………………………………….. 3,822,229 3,674,813 3,173,939 4,048,452 3,548,575 4,125,380 4,353,404 3,845,990 4,449,435 4,503,498
Health and human services…………………………………………………………..
547,133 592,563 627,328 626,827 697,221 767,077 805,351 861,386 853,534 892,603
Culture and recreation…………………………………………………1,825,845 1,818,703 1,732,136 1,742,977 1,784,546 1,771,572 1,830,239 1,818,050 1,793,002 1,880,085
Pension benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
6,802,508 7,421,416 8,036,169 9,252,069 9,901,744 10,482,808 11,104,953 11,325,041 11,733,329 11,915,349
Employee benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
7,730,393 7,786,377 7,674,681 8,293,944 8,482,345 9,107,798 9,973,437 10,403,739 10,327,387 11,152,708
State and county charges………………………………………… 720,767 736,659 811,346 894,634 924,550 932,878 849,149 874,821 959,538 959,868
Capital outlay and other……………………………………………………………….
15,056,229 7,124,585 5,835,422 4,039,135 7,296,078 2,495,021 3,771,064 6,577,524 2,369,095 2,930,119
Debt service:
Principal……………………………………………………………… 3,399,535 3,313,275 3,851,275 3,827,020 3,929,020 3,947,750 4,029,141 4,306,220 4,385,178 4,520,404
Interest……………………………………………………………………. 2,714,856 2,728,671 2,185,381 2,111,050 2,010,966 1,955,945 1,838,977 1,661,391 1,677,804 1,619,994
Total Expenditures………………………………………………………..
81,212,005 76,197,685 77,623,118 77,614,620 85,882,334 84,105,572 88,053,919 91,041,000 90,066,430 94,678,417
Excess of revenues over (under) expenditures…………………………………………………
(14,359,879) 9,751,407 (4,075,822) (3,039,532) 1,216,138 (3,075,087) (5,049,203) (4,057,315) 39,032 1,817,554
Other Financing Sources (Uses):
Issuance of refunding bonds…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- - - 1,084,000 - - 5,398,612 - - 15,185,400
Payments of refunded bonds…………………………………………………………….. - - - - - - (5,540,000) - - (21,739,649)
Payments to refunded bond escrow agent……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- - - (1,070,000) - - - - - -
Proceeds from bonds and notes………………...………………………………………… - 8,001,000 - 1,907,000 3,541,000 1,087,261 1,964,388 2,932,908 2,603,159 175,000
Premium from bonds and notes………………...…………………………………………
244,578 21,407 13,360 81,480 85,862 69,122 261,192 136,455 166,242 2,258,843
Capital lease financing…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
565,553 399,440 - - 82,362 - 62,192 51,211 - -
Proceeds from sale of capital assets………………………………………………… - - 268,063 - - - - - - -
Transfers in……………………………………………………………………………… 4,481,387 3,561,999 2,343,853 2,827,203 2,728,433 2,445,096 2,865,322 2,854,525 3,835,589 3,988,699
Transfers out…………………………………………………………………………… (3,677,182) (2,679,880) (1,436,284) (1,858,102) (1,718,504) (1,390,926) (1,513,797) (1,687,557) (2,772,344) (2,756,115)
Total other financing sources (uses)…………………………………………………………………..
1,614,336 9,303,966 1,188,992 2,971,581 4,719,153 2,210,553 3,497,909 4,287,542 3,832,646 (2,887,822)
Net change in fund balance………………………………………………………………….
$ (12,745,543) $ 19,055,373 $ (2,886,830) $ (67,951) $ 5,935,291 $ (864,534) $ (1,551,294) $ 230,227 $ 3,871,678 $ (1,070,268)
Debt service as a percentage of noncapital expenditures……………………………………………….
7.60% 8.75% 8.41% 8.07% 7.56% 7.23% 6.96% 7.07% 6.91% 6.69%
Town of Canton, Massachusetts Page 107 of 119 Comprehensive Annual Financial ReportSource page 180
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
2005 $ 2,805,680,375 $ 367,284,365 $ 362,683,800 $ 71,194,260 $ 801,162,425 $ 3,606,842,800 $ 3,542,563,900 101.81% $ 9.42 $ 20.02 $ 11.77
2006 3,062,033,400 371,465,220 359,086,100 70,616,260 801,167,580 3,863,200,980 3,542,693,900 109.05% 9.33 19.39 11.42
2007 3,283,433,296 429,076,734 409,121,100 87,302,190 925,500,024 4,208,933,320 4,384,334,700 96.00% 8.88 17.94 10.87
2008 3,203,773,709 435,216,821 399,643,400 91,515,750 926,375,971 4,130,149,680 4,384,334,700 94.20% 9.34 18.40 11.37
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
Commercial Value as % of Total Value
26.0%
24.0%
22.0%
20.0%
18.0%
16.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
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 City. 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 Page 108 of 119 Comprehensive Annual Financial ReportSource page 181
PRINCIPAL TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
2014 2005
Percentage of Percentage of
Total Taxable Total Taxable
Nature of Assessed Assessed Assessed Assessed
Taxpayer Business Valuation Rank Value Valuation Rank Value
NSTAR Utility $ 49,214,820 1 1.27% $ 22,510,400 6 0.62%
Reebok Offices 39,084,000 2 1.01% 37,107,542 1 1.03%
One Beacon Insurance Offices 35,657,100 3 0.92%
Medical Information Tech., Inc. Offices 32,996,200 4 0.85% 35,285,600 2 0.98%
Canton Village Shoppes Retail 27,393,700 5 0.71% 27,942,000 5 0.77%
Boston Mutual Offices 26,865,100 6 0.69% 17,260,100 9 0.48%
250 Royall LLC Offices 22,428,200 7 0.58%
Verizon Utility 18,947,300 8 0.49%
Spirit Canton LLC Offices 16,365,500 9 0.42%
Computershare Offices 11,827,440 10 0.30%
Dan Road LLC Offices 17,618,300 8 0.49%
Metropolitan Life Insurance Co. Industrial Park 33,164,300 3 0.92%
Blue Hills Office Park LLC Office Park 31,146,000 4 0.86%
Trinet Property Partners Offices 19,748,200 7 0.55%
Designs Canton Property Corp. Offices 14,422,400 10 0.40%
Totals $ 280,779,360 7.23% $ 256,204,842 7.10%
Source: Official Statements
Town of Canton, Massachusetts Page 109 of 119 Comprehensive Annual Financial ReportSource page 182
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
2005 $ 42,468,781 $ 522,771 $ 41,946,010 $ 41,841,563 99.75% $62,825 $ 41,904,388 99.90%
2006 44,103,411 427,388 43,676,023 43,423,142 99.42% 365,493 43,788,635 100.26%
2007 45,760,358 570,842 45,189,516 45,004,223 99.59% 76,682 45,080,905 99.76%
2008 46,968,564 441,542 46,527,022 46,095,704 99.07% 393,814 46,489,518 99.92%
2009 50,759,823 572,249 50,187,574 49,631,932 98.89% 441,163 50,073,095 99.77%
2010 53,681,761 1,001,762 52,679,999 52,019,666 98.75% 371,521 52,391,187 99.45%
2011 56,595,429 797,233 55,798,196 54,980,240 98.53% 646,552 55,626,792 99.69%
2012 58,074,485 498,319 57,576,166 56,783,097 98.62% 413,341 57,196,438 99.34%
2013 60,155,267 643,515 59,511,752 58,747,142 98.72% 324,734 59,071,876 99.26%
2014 62,465,167 743,501 61,721,666 61,056,268 98.92% - 61,056,268 98.92%
Source: Accounting Records
Town of Canton, Massachusetts Page 110 of 119 Comprehensive Annual Financial ReportSource page 183
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
2005 $ 50,094,946 $ 565,553 $ 7,536,769 $ 58,197,268 $ 935,043,000 6.22% 21,475 $ 2,710
2006 54,724,873 933,526 9,202,542 64,860,941 955,977,000 6.78% 21,536 3,012
2007 50,817,629 - 8,505,075 59,322,704 1,075,018,000 5.52% 21,772 2,725
2008 48,857,465 - 9,554,055 58,411,520 1,022,343,000 5.71% 21,916 2,665
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 1,062,604,358 5.86% 21,932 2,838
Source: U. S. Census, State Division of Local Services
Town of Canton, Massachusetts Page 111 of 119 Comprehensive Annual Financial ReportSource page 184
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
2005 $ 57,631,715 $ (5,636,561) $ 51,995,154 $ 3,606,842,800 1.44% 21,475 $ 2,421
2006 63,927,415 (5,551,800) 58,375,615 3,863,200,980 1.51% 21,536 2,711
2007 59,322,704 (5,581,453) 53,741,251 4,208,933,320 1.28% 21,772 2,468
2008 58,411,520 (5,186,347) 53,225,173 4,130,149,680 1.29% 21,916 2,429
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
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 Page 112 of 119 Comprehensive Annual Financial ReportSource page 185
COMPUTATION OF LEGAL DEBT MARGIN
LAST TEN FISCAL YEARS
(Amounts in Thousands)
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Equalized Valuation…………………………………..
$ 3,542,564 $ 3,542,694 $ 4,384,335 $ 4,384,335 $ 4,487,450 $ 4,487,450 $ 4,386,215 $ 4,386,215 $ 4,131,231 $ 4,131,231
Debt Limit…………………………..…………………. 177,128 177,135 219,217 219,217 224,372 224,372 219,311 219,311 206,562 206,562
Outstanding general obligation bonds………………. 57,632 63,927 59,323 58,412 60,041 64,421 66,354 69,528 69,172 62,221
Authorized and unissued debt…………………………. 9,372 13,167 29,146 26,237 26,434 18,071 18,405 9,305 10,144 6,547
Debt not applicable to debt limit………………………….(10,683) (12,189) (10,905) (11,810) (12,780) (15,481) (22,111) (28,735) (30,364) (31,263)
Legal debt margin…………………………………………..
$ 120,807 $ 112,230 $ 141,653 $ 146,378 $ 150,677 $ 157,361 $ 156,663 $ 169,213 $ 157,610 $ 169,057
Total debt applicable to the limit
as a percentage of debt limit…………………………………..
31.80% 36.64% 35.38% 33.23% 32.84% 29.87% 28.57% 22.84% 23.70% 18.16%
Source: State Division of Local Services, Accounting Records
Town of Canton, Massachusetts Page 113 of 119 Comprehensive Annual Financial ReportSource page 186
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF JUNE 30, 2014
Estimated
Estimated Share of
Debt Percentage Overlapping
Outstanding Applicable Debt
Debt repaid with property taxes:
Massachusetts Bay Transportation Authority……………………………………………………………….
$ 5,434,164,000 (a) 0.50% (c) $ 27,170,820
Norfolk County…………………………………………………….. 12,625,000 (b) 3.68% (d) 464,600
Subtotal, overlapping debt………………………………………………………………………….. 27,635,420
Town direct debt……………………………………………………………. 31,052,912
Total direct and overlapping debt…………………………………………… $ 59,152,932
(a) Outstanding debt as of June 30, 2013.
(b) Outstanding debt as of March 15, 2014.
(c) Based on the Town's weighted percentage of total population as provided in the enabling act.
(d) Based on the Town's weighted percentage of total equalized valuation.
Source: Official Statements, Accounting Records
Town of Canton, Massachusetts Page 114 of 119 Comprehensive Annual Financial ReportSource page 187
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
Per
Capita
Fiscal Population Personal Personal Median School Unemployment
Year Estimates Income Income Age Enrollment Rate
2005 21,475 $ 935,043,000 $ 43,541 39.8 3,060 3.90%
2006 21,536 955,977,000 44,390 39.8 3,112 4.10%
2007 21,772 1,075,018,000 49,376 39.8 3,131 3.70%
2008 21,916 1,022,343,000 46,648 39.8 3,103 4.50%
2009 22,048 942,403,000 42,743 39.8 3,137 7.10%
2010 21,732 1,050,979,000 48,361 42.3 3,172 7.90%
2011 20,097 968,993,208 48,216 42.3 3,267 7.20%
2012 20,159 969,066,640 48,071 42.3 3,298 5.80%
2013 20,708 993,466,795 47,975 42.3 3,312 6.20%
2014 21,932 1,062,604,358 48,450 42.3 3,306 5.50%
Source: U. S. Census, Division of Local Services, Massachusetts
Department of Elementary and Secondary Education
Median age is based on most recent census data
Town of Canton, Massachusetts Page 115 of 119 Comprehensive Annual Financial ReportSource page 188
PRINCIPAL EMPLOYERS (EXCLUDING TOWN)
CURRENT YEAR AND NINE YEARS AGO
2014 2005
Nature Percentage Percentage
of of Total Town of Total Town
Employer Business Employees Rank Employment Employees Rank Employment
Reebok International Footwear 1,069 1 5.08% 1,400 1 6.60%
Meditech Hospital Software 820 2 3.90% 698 3 3.29%
Shaw Group Engineering 800 3 3.80%
Computershare (Equiserve) Operations Center 778 4 3.70% 1,125 2 5.31%
Dunkin Brands, Inc. Food and Beverages 600 5 2.85%
Organogenesis Regenerative Medicine 354 6 1.68%
One Beacon Insurance Insurance Sales and Service 285 7 1.35%
Pollak Engineering Products Automotive Engineering 279 8 1.33% 400 5 1.89%
Boston Mutual Inurance Insurance Sales and Service 245 9 1.16% 261 10 1.23%
Lojack Recovery Systems 240 10 1.14%
Casual Male Big & Tall Retail, Clothing 475 4 2.24%
Cumberland Farms Milk and Dairy Products, Gasoline 350 6 1.65%
Plymouth Rubber Company Rubber and Plasting Products 324 7 1.53%
Instron Corporation Electronic Testing Equipment 320 8 1.51%
Tweeter, Etc. Retail Audio and Video Equipment 273 9 1.29%
Totals 4,401 20.91% 4,226 19.93%
Source: Official Statements
Town of Canton, Massachusetts Page 116 of 119 Comprehensive Annual Financial ReportSource page 189
FULL-TIME EQUIVALENT TOWN EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
Function 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
General government…………………………………………………………….
29 29 28 27 28 28 27 27 27 26
Public safety…………………………………………….. 106 106 105 100 104 104 103 104 104 103
Education…………………………………………………… 381 390 402 391 427 427 429 416 423 440
Public works……………………………………………………………..
41 42 42 43 43 43 43 43 43 46
Health and human services…………………………………………………………..
9 9 9 9 9 10 9 9 9 9
Culture and recreation…………………………………………………
22 22 22 22 22 22 22 22 22 23
Total Town employees…………….…………………...……..
588 598 608 592 633 634 633 621 628 647
Source: Town personnel records
Town of Canton, Massachusetts Page 117 of 119 Comprehensive Annual Financial ReportSource page 190
OPERATING INDICATORS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
General Government:
Population…………………………………….. 19,723 20,184 20,063 20,767 20,985 21,003 21,529 20,159 20,708 20,853
Registered voters……………………………………..13,758 14,073 13,852 14,104 14,539 14,376 14,624 12,529 14,241 14,467
Public Safety:
Police
Criminal offenses……………………………………………… 553 521 663 623 419 422 448 554 909 464
Fire
Fire calls………………………………………………..1,259 1,139 1,137 1,023 930 1,000 1,470 1,391 1,242 1,500
Ambulance calls………………………………………… 2,562 2,641 2,653 2,471 2,729 2,600 2,304 2,367 2,250 2,600
Permits issued………………………………………………. 915 973 866 803 823 950 927 1,218 949 1,380
Building Department
Building permits issued………………………………….760 865 864 712 837 771 788 860 905 894
Other permits issued…………………………………. 1,720 1,682 1,636 1,629 1,478 1,497 1,406 1,536 1,670 2,062
Education:
Number of students…………………………………. 3,095 3,062 3,089 3,083 3,118 3,061 3,229 3,252 3,262 3,338
Public Works:
Highway
Roads paved (miles)……………………………………………… 1.8 1.7 1.3 0.0 2.4 0.6 1.4 3.9 0.8 1.7
Water
Water mains installed (miles)…………………………… 0.8 0.0 0.0 0.0 0.0 1.0 2.1 0.0 1.8 2.0
Sewer
Sanitary sewers installed (miles)……………………………
0.1 0.0 0.0 0.0 0.0 0.0 1.5 0.0 0.0 0.0
Health and Human Services:
Board of Health
Inspections and complaint investigations……… 730 875 635 656 680 730 742 520 661 680
Permits issued……………………………………………….. 556 576 587 582 590 612 627 636 645 647
Council on Aging
Bus trips………………………………………….. 4,350 8,728 8,900 6,500 9,000 9,000 9,200 9,550 9,825 8,500
Culture and Recreation:
Libaries
Circulation……………………………………………. 136,927 233,706 255,276 266,498 261,512 262,132 288,148 308,552 315,297 294,718
Children's programs held……………………………………………. 33 105 104 100 107 117 118 349 132 132
Children's programs attendance…………………………………………….
507 2,269 2,128 1,895 2,510 2,811 2,857 4,673 3,550 3,004
Recreation
Swimming pool attendance…………………………………………….
10,902 10,971 9,837 8,960 10,962 7,360 8,120 8,000 9,600 9,426
Playground program participants…………………………………………….
1,600 1,497 1,397 1,253 1,599 1,509 1,509 1,509 1,400 812
N/A - Information not available
Source: Various Town Departments and State websites.
Town of Canton, Massachusetts Page 118 of 119 Comprehensive Annual Financial ReportSource page 191
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
General Government:
Number of buildings……………………………….. 2 2 2 2 2 2 2 2 2 2
Public Safety:
Police
Number of stations……………………………. 1 1 1 1 1 1 1 1 1 1
Fire
Number of stations……………………………. 2 2 2 2 2 2 2 2 2 2
Education:
Number of elementary schools…………………………………….
3 3 3 3 3 3 3 3 3 3
Number of middle schools…………………………………….1 1 1 1 1 1 1 1 1 1
Number of high schools………………………………………..1 1 1 1 1 1 1 1 1 1
Public Works:
Road miles………………………………………. 94 94 94 94 94 94 112 112 112 112
Water main (miles)…………………………………………. 122 122 122 122 122 123 123 123 123 123
Sanitary sewers (miles)…………………………………………. 66 66 66 66 66 66 82 82 82 82
Number of water towers…………………….. 5 5 5 5 5 5 5 5 5 5
Number of water treatment plants…………………….. - - - - - - 1 2 2 2
Culture and Recreation:
Number of libraries……………………………………………
1 1 1 1 1 1 1 1 1 1
Number of pools………………………………….. 1 1 1 1 1 1 1 1 1 1
N/A - Information not available
Source: Various Town Departments and State websites.
Town of Canton, Massachusetts Page 119 of 119 Comprehensive Annual Financial ReportSource page 192
With funds provided by the Community Preservation Act along with donations made to the Town’s Veterans’ Services Department, the statue of a civil war soldier known as the Infantryman was restored and relocated onto the pedestal in front of Canton’s Memorial Hall. The cast zinc statue was donated to the Town in 1890 by philanthropist Elijah Morse.
Source page 193
PROPOSED FORM OF LEGAL OPINION APPENDIX C
(Date of Delivery)
James R. Murgia, Finance Director/Treasurer
Town of Canton
Canton, Massachusetts
$3,689,150
Town of Canton, Massachusetts
General Obligation Municipal Purpose Loan of 2015 Bonds
Dated March 15, 2015
We have acted as bond counsel to the Town of Canton, Massachusetts (the “Town”) in
connection with the issuance by the Town of the above-referenced bonds (the “Bonds”). In such
capacity, we have examined the law and such certified proceedings and other papers as we have
deemed necessary to render this opinion.
As to questions of fact material to our opinion we have relied upon representations and
covenants of the Town contained in the certified proceedings and other certifications of public
officials furnished to us, without undertaking to verify the same by independent investigation.
Based on our examination, we are of the opinion, under existing law, as follows:
1. The Bonds are valid and binding general obligations of the Town and, except to
the extent they are paid from other sources, the principal of and interest on the Bonds are payable
from taxes which may be levied upon all taxable property in the Town, subject to the limit
imposed by Chapter 59, Section 21C of the General Laws.
2. Interest on the Bonds is excluded from the gross income of the owners of the
Bonds for federal income tax purposes. In addition, interest on the Bonds is not a specific
preference item for purposes of the federal individual or corporate alternative minimum taxes.
However, such interest is included in adjusted current earnings when calculating corporate
alternative minimum taxable income. In rendering the opinions set forth in this paragraph, we
have assumed compliance by the Town with all requirements of the Internal Revenue Code of
1986 that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon
be, and continue to be, excluded from gross income for federal income tax purposes. The Town
has covenanted to comply with all such requirements. Failure by the Town to comply with
C-1Source page 194
certain of such requirements may cause interest on the Bonds to become included in gross
income for federal income tax purposes retroactive to the date of issuance of the Bonds. Except
as expressed in paragraph 4 below, we express no opinion regarding any other federal tax
consequences arising with respect to the Bonds.
3. Interest on the Bonds is exempt from Massachusetts personal income taxes and
the Bonds are exempt from Massachusetts personal property taxes. We express no opinion
regarding any other Massachusetts tax consequences arising with respect to the Bonds or any tax
consequences arising with respect to the Bonds under the laws of any state other than
Massachusetts.
4. The Bonds are qualified tax-exempt obligations within the meaning of Section
265(b)(3) of the Code.
This opinion is expressed as of the date hereof, and we neither assume nor undertake any
obligation to update, revise, supplement or restate this opinion to reflect any action taken or
omitted, or any facts or circumstances or changes in law or in the interpretation thereof, that may
hereafter arise or occur, or for any other reason.
The rights of the holders of the Bonds and the enforceability of the Bonds may be subject to
bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’
rights heretofore or hereafter enacted to the extent constitutionally applicable, and their
enforcement may also be subject to the exercise of judicial discretion in appropriate cases.
LOCKE LORD LLP
AM 46092956.1
__-2Source page 195
APPENDIX D
PROPOSED FORM OF
CONTINUING DISCLOSURE CERTIFICATE
This Continuing Disclosure Certificate (the “Disclosure Certificate”) is executed and
delivered by the Town of Canton, Massachusetts (the “Issuer”) in connection with the issuance
of its $3,689,150 General Obligation Municipal Purpose Loan of 2015 Bonds dated March 15,
2015 (the “Bonds”). The Issuer covenants and agrees as follows:
SECTION 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being
executed and delivered by the Issuer for the benefit of the Owners of the Bonds and in order to
assist the Participating Underwriters in complying with the Rule.
SECTION 2. Definitions. For purposes of this Disclosure Certificate the following
capitalized terms shall have the following meanings:
“Annual Report” shall mean any Annual Report provided by the Issuer pursuant to, and
as described in, Sections 3 and 4 of this Disclosure Certificate.
“Listed Events” shall mean any of the events listed in Section 5(a) of this Disclosure
Certificate.
“MSRB” shall mean the Municipal Securities Rulemaking Board as established pursuant
to Section 15B(b)(1) of the Securities Exchange Act of 1934, or any successor thereto or to the
functions of the MSRB contemplated by this Disclosure Certificate. Filing information relating
to the MSRB is set forth in Exhibit A attached hereto.
“Owners of the Bonds” shall mean the registered owners, including beneficial owners, of
the Bonds.
“Participating Underwriter” shall mean any of the original underwriters of the Bonds
required to comply with the Rule in connection with offering of the Bonds.
“Rule” shall mean Rule 15c2-12 adopted by the Securities and Exchange Commission
under the Securities Exchange Act of 1934, as the same may be amended from time to time.
SECTION 3. Provision of Annual Reports.
(a) The Issuer shall, not later than 270 days after the end of each fiscal year, provide
to the MSRB an Annual Report which is consistent with the requirements of Section 4 of this
Disclosure Certificate. The Annual Report may be submitted as a single document or as separate
documents comprising a package, and may cross-reference other information as provided in
Section 4 of this Disclosure Certificate; provided that the audited financial statements of the
Issuer may be submitted when available separately from the balance of the Annual Report.
D-1Source page 196
(b) If the Issuer is unable to provide to the MSRB an Annual Report by the date
required in subsection (a), the Issuer shall send a notice to the MSRB, in substantially the form
attached as Exhibit B.
SECTION 4. Content of Annual Reports. The Issuer's Annual Report shall contain or
incorporate by reference the following:
(a) quantitative information for the preceding fiscal year of the type presented in the
Issuer's Official Statement dated March 5, 2015 relating to the Bonds regarding (i) the revenues
and expenditures of the Issuer relating to its operating budget, (ii) capital expenditures, (iii) fund
balances, (iv) property tax information, (v) outstanding indebtedness and overlapping debt of the
Issuer, (vi) pension obligations of the Issuer, and (vii) other post-employment benefits liability of
the Issuer, and
(b) the most recently available audited financial statements of the Issuer, prepared in
accordance with generally accepted accounting principles, with certain exceptions permitted by
the Massachusetts Uniform Municipal Accounting System promulgated by the Department of
Revenue of the Commonwealth. If audited financial statements for the preceding fiscal year are
not available when the Annual Report is submitted, the Annual Report will include unaudited
financial statements for the preceding fiscal year and audited financial statements for such fiscal
year shall be submitted when available.
Any or all of the items listed above may be incorporated by reference from other documents,
including official statements of debt issues of the Issuer or related public entities, which (i) are
available to the public on the MSRB internet website or (ii) have been filed with the Securities
and Exchange Commission. The Issuer shall clearly identify each such other document so
incorporated by reference.
SECTION 5. Reporting of Significant Events.
(a) The Issuer shall give notice, in accordance with the provisions of this Section 5,
of the occurrence of any of the following events with respect to the Bonds:
1. Principal and interest payment delinquencies.
2. Non-payment related defaults, if material.
3. Unscheduled draws on debt service reserves reflecting financial difficulties.
4. Unscheduled draws on credit enhancements reflecting financial difficulties.
5. Substitution of credit or liquidity providers, or their failure to perform.
6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed
or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other
material notices or determinations with respect to the tax status of the Bonds, or other material
events affecting the tax status of the Bonds.
D-2Source page 197
7. Modifications to rights of the Owners of the Bonds, if material.
8. Bond calls, if material, and tender offers.
9. Defeasances.
10. Release, substitution or sale of property securing repayment of the Bonds, if
material.
11. Rating changes.
12. Bankruptcy, insolvency, receivership or similar event of the Issuer. *
13. The consummation of a merger, consolidation, or acquisition involving the Issuer
or the sale of all or substantially all of the assets of the Issuer, other than in the ordinary course
of business, the entry into a definitive agreement to undertake such an action or the termination
of a definitive agreement relating to any such actions, other than pursuant to its terms, if
material.
14. Appointment of a successor or additional trustee or the change of name of a
trustee, if material.
(b) Upon the occurrence of a Listed Event, the Issuer shall, in a timely manner not in
excess of ten (10) business days after the occurrence of the event, file a notice of such occurrence
with the MSRB.
SECTION 6. Transmission of Information and Notices. Unless otherwise required by
law, all notices, documents and information provided to the MSRB shall be provided in
electronic format as prescribed by the MSRB and shall be accompanied by identifying
information as prescribed by the MSRB.
SECTION 7. Termination of Reporting Obligation. The Issuer's obligations under this
Disclosure Certificate shall terminate upon the legal defeasance in accordance with the terms of
the Bonds, prior redemption or payment in full of all of the Bonds. If such termination occurs
prior to the final maturity of the Bonds, the Issuer shall give notice of such termination in the
same manner as for a Listed Event under Section 5(b).
SECTION 8. Amendment; Waiver. Notwithstanding any other provision of this
Disclosure Certificate, the Issuer may amend this Disclosure Certificate and any provision of this
*
As noted in the Rule, this event is considered to occur when any of the following occur: (i) the appointment of a
receiver, fiscal agent or similar officer for the Issuer in a proceeding under the U.S. Bankruptcy Code or in any
proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over
substantially all of the assets or business of the Issuer, or if such jurisdiction has been assumed by leaving the
existing governing body and officials or officers in possession but subject to the supervision and orders of a court or
governmental authority, or (ii) the entry of an order confirming a plan of reorganization, arrangement or liquidation
by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or
business of the Issuer.
D-3Source page 198
Disclosure Certificate may be waived if such amendment or waiver is permitted by the Rule, as
evidenced by an opinion of counsel expert in federal securities law (which may include bond
counsel to the Issuer), to the effect that such amendment or waiver would not cause the
Disclosure Certificate to violate the Rule. The first Annual Report filed after enactment of any
amendment to or waiver of this Disclosure Certificate shall explain, in narrative form, the
reasons for the amendment or waiver and the impact of the change in the type of information
being provided in the Annual Report.
If the amendment provides for a change in the accounting principles to be followed in
preparing financial statements, the Annual Report for the year in which the change is made shall
present a comparison between the financial statements or information prepared on the basis of
the new accounting principles and those prepared on the basis of the former accounting
principles. The comparison shall include a qualitative discussion of the differences in the
accounting principles and the impact of the change in the accounting principles on the
presentation of the financial information in order to provide information to investors to enable
them to evaluate the ability of the Issuer to meet its obligations. To the extent reasonably
feasible, the comparison shall also be quantitative. A notice of the change in the accounting
principles shall be sent to the MSRB.
SECTION 9. Default. In the event of a failure of the Issuer to comply with any
provision of this Disclosure Certificate any Owner of the Bonds may seek a court order for
specific performance by the Issuer of its obligations under this Disclosure Certificate. A default
under this Disclosure Certificate shall not constitute a default with respect to the Bonds, and the
sole remedy under this Disclosure Certificate in the event of any failure of the Issuer to comply
with this Disclosure Certificate shall be an action for specific performance of the Issuer's
obligations hereunder and not for money damages in any amount.
D-4Source page 199
SECTION 10. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit
of the Owners of the Bonds from time to time, and shall create no rights in any other person or
entity.
Date: March 18, 2015 TOWN OF CANTON, MASSACHUSETTS
By______________________________
Treasurer
______________________________
______________________________
______________________________
______________________________
______________________________
Selectmen
[EXHIBIT A: Filing Information for the MSRB]
[EXHIBIT B: Form of Notice of Failure to File Annual Report]
AM 46093037.1
D-5Source page 200
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Source page 201
APPENDIX E
This form is provided for the convenience of bidders
but its use is not required
PROPOSAL FOR
$3,689,150
TOWN OF CANTON, MASSACHUSETTS
GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2015 BONDS
Mr. James R. Murgia, Finance Director/Treasurer March 5, 2015
Town of Canton
c/o UniBank Fiscal Advisory Services, Inc.
49 Church Street
Whitinsville, Massachusetts 01588
Dear Mr. Murgia:
Subject to the provisions and in accordance with the terms of the Notice of Sale dated February 24, 2015, which is hereby
made a part of this proposal, we hereby offer to purchase all of the $3,689,150 General Obligation Municipal Purpose
Loan of 2015 Bonds, Book-Entry Only, dated March 15, 2015 of the Town of Canton, Massachusetts described in said
Notice of Sale, and to pay the Town $3,689,150 plus a premium of $______________, plus interest accrued on said
Bonds to the date of their delivery, provided that the Bonds maturing in the several years set forth below shall bear
interest from their dated date until maturity at the respective rates per annum stated in the following table:
Year Rate* Year Rate* Year Rate*
2016 2021 2026
2017 2022 2027
2018 2023 2028
2019 2024
2020 2025
* Complete for maturing serial bonds
TERM BONDS
$____________ Term Bond maturing on March 15, ______, at ______% per annum
$____________ Term Bond maturing on March 15, ______, at ______% per annum
$____________ Term Bond maturing on March 15, ______, at ______% per annum
The undersigned hereby acknowledges the receipt of and the opportunity to examine the Preliminary Official Statement
accompanying the said Notice of Sale.
By
The following is our computation of the true interest cost and percent true interest cost, made as provided in the above
mentioned Notice of Sale, but not constituting any part of the foregoing proposal, of the purchase of $3,689,150
General Obligation Municipal Purpose Loan of 2015 Bonds under the foregoing proposal:
True Interest Cost. $ Percent True Interest Cost %
(four decimals)
***********************************************************
UniBank Fiscal Advisory Services, Inc. will assist in submitting bids on this issue if desired. Please sign a blank bid form and mail
it in advance of the sale to Lisa N. Dickinson at the above address or fax it to (508) 234-1938. UniBank Fiscal Advisory Services,
Inc. will act as agent for bidders if they will telephone final figures to (508) 849-4221 approximately one-half hour before the sale.
Bidders are responsible for any errors in bids submitted in this manner.
E-1