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Fiscal Year 2021 Annual Comprehensive Financial Report pdf file

Budgets & Finance · Fiscal year 2021 · Record 9afc650fffac0f0dd0

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Saved text from 133 source pages. Transcription and OCR may contain errors; verify figures and wording against the original. Retrieved 2026-10-15.

Source page 81

Total OPEB        Plan Fiduciary         Net OPEB
                                                             Liability         Net Position           Liability
                                                                (a)                 (b)               (a) - (b)

              Balances at June 30, 2020                    $ 88,952,265       $   6,380,381         $ 82,571,884

              Changes for the year:
                 Service cost                                  2,115,184                 -             2,115,184
                 Interest                                      5,342,271                 -             5,342,271
                 Changes of assumptions                        8,820,874                 -             8,820,874
                 Difference between expected
                     and actual experience                    (5,176,153)                -             (5,176,153)
                 Net investment income                               -             1,771,991           (1,771,991)
                 Employer contributions                              -             5,033,198           (5,033,198)
                 Benefit payments withdrawn from trust               -            (4,119,198)           4,119,198
                 Benefit payments                             (4,119,198)                -             (4,119,198)

              Net changes                                      6,982,978          2,685,991            4,296,987

              Balances at June 30, 2021                    $ 95,935,243       $   9,066,372         $ 86,868,871


              OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB – For the year
              ended June 30, 2021, the Town recognized OPEB expense of $5,055,914. Deferred outflows of
              resources and deferred inflows of resources related to OPEB as of June 30, 2021 were reported as
              follows:

                                                                       Deferred Outflows        Deferred Inflows
                                                                          of Resources            of Resources
              Differences between expected and actual earnings          $           -           $        885,069
              Changes of assumptions                                          7,333,375                3,602,459
              Differences between expected and actual experience                    -                  7,037,665

                                                                         $     7,333,375        $     11,525,193


              Amounts reported as deferred outflows of resources and deferred inflows of resources related to
              OPEB will be recognized in OPEB expense (benefit) as follows:

                                               June 30
                                                2022            $     (1,956,895)
                                                2023                  (1,948,958)
                                                2024                    (960,891)
                                                2025                     103,325
                                                2026                     571,601

                                                                $     (4,191,818)




Town of Canton, Massachusetts                     Page 73 of 125             Annual Comprehensive Financial Report

Source page 82

GASB Statement No. 74

              OPEB Plan disclosures that impact the Town’s net OPEB liability using a measurement date of
              June 30, 2021 are summarized in this section except disclosures under GASB 74 that are identical
              to GASB 75 are not repeated.

              Investment Custody – In accordance with Massachusetts General Laws, the Town Treasurer is the
              custodian of the OPEB Plan and since the Town has not designated a Board of Trustees, the
              Town Treasurer is also the Trustee and as such is responsible for the general supervision of the
              management, investment and reinvestment of the OPEB Plan assets. OPEB Plan assets may be
              invested and reinvested by the custodian consistent with the prudent investor rule established in
              Chapter 203C and may, with the approval of the State Retiree Benefits Trust Fund Board of
              Trustees, be invested in the State Retiree Benefits Trust Fund established in Section 24 of Chapter
              32A. OPEB Plan assets must be segregated from other funds and not be subject to the claims of
              any general creditor of the Town.

              Investment Policy – The OPEB Plan has a formal investment policy to invest in Domestic Equity,
              Domestic Fixed Income, International Equity, International Fixed Income, Alternative
              Investments and Cash Equivalents with target allocations highlighted previously under the
              caption long-term expected rate of return.

              Investment Rate of Return – For the year ended June 30, 2021 the annual money-weighted rate of
              return on investments, net of investment expense, was 26.1%. The money-weighted rate of return
              expresses investment performance, net of investment expense, adjusted for the changing amounts
              actually invested.

          D. Risk Financing

              The Town is exposed to various risks of loss related to torts: theft of, damage to and destruction
              of assets; errors and omissions; and natural disasters for which the Town carries commercial
              insurance. The amount of claim settlements has not exceeded insurance coverage in any of the
              previous three years.

              Group Health Insurance Plan – The Town maintains a "reinsured cost reimbursement program"
              which covers the group health and dental insurance requirements of the Town employees. The
              Plan is essentially a self-insurance program and employee claims in excess of $150,000 are
              reinsured by the Plan. The Plan allows employees to participate in a Health Maintenance
              Organization (HMO) or Preferred Provider Organization (PPO). The Town reimburses the costs
              of the HMO and PPO 75 percent. The Town accrues an amount representing claims incurred but
              not reported (IBNR), which is based on historical claims paid averages for the twelve months
              prior to fiscal year end. At June 30, 2021, the amount of the liability for incurred but not reported
              (IBNR) health insurance claims totaled $1,127,863. This liability is the best estimate based on
              available information. In the fund-wide financial statements, the Town reports the activities of
              the Group Insurance Health Plan in the Internal Service Fund where revenues are recorded when
              earned and expenses are recorded when the liability is incurred.




Town of Canton, Massachusetts                       Page 74 of 125             Annual Comprehensive Financial Report

Source page 83

Changes in the reported liability since July 1, 2019, are as follows:

                                     Balance at      Claims and
                                     Beginning       Changes in         Claims         Balance at       Current
                                      of Year        Estimates         Payments       End of Year       Portion

               Fiscal Year 2021        $ 544,440    $ 14,474,431 $(13,891,008)        $ 1,127,863      $ 1,127,863
               Fiscal Year 2020        $ 884,633    $ 12,743,722 $(13,083,915)          $ 544,440        $ 544,440

              Workers’ Compensation – The Town is also self-insured for their workers’ compensation
              activities which are accounted for in the Internal Service Fund. Workers’ compensation claims
              are administered by a third-party and are funded on a pay-as-you-go basis from annual
              appropriations. The Town is premium based for all claims after July 1, 2009. The Town
              purchases individual stop loss insurance in excess of the coverage provided in the amount of
              $300,000. The estimated future workers’ compensation liability is not material at June 30, 2021
              and is therefore not reported.

          E. Commitments

              The Town has entered or is planning to enter into contracts for various projects for which it has
              authorized approximately $25.0 million in debt.

          F. Contingencies

              The Town is party to other certain legal claims, which are subject to many uncertainties, and the
              outcome of individual litigation matters in these situations cannot be reasonably estimated.
              Although the amount of liability, if any, in these situations at June 30, 2021, cannot be
              ascertained, management believes that the resulting liability, if any, should not materially affect
              the basic financial statements of the Town at June 30, 2021. Other amounts received or
              receivable from grantor agencies are subject to audit and adjustment by grantor agencies,
              principally the federal and state governments. Any disallowed claims, including amounts already
              collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures
              which may be disallowed by the grantor cannot be determined at this time although the Town
              expects such amounts, if any, to be immaterial.

              The Town is subject to certain Federal arbitrage laws in accordance with long-term borrowing
              agreements. Failure to comply with the rules could result in the payment of penalties. The Town
              does not believe it has failed to comply with any of these agreements.

          G. Implementation of GASB pronouncements

              Current Year Implementations –

              In January 2017, the GASB issued GASB Statement No. 84, Fiduciary Activities. The objective
              of the Statement was to improve guidance regarding the identification of fiduciary activities for
              accounting and financial reporting purposes and how these activities should be reported. The
              provisions of this Statement became effective for the Town in fiscal year 2021. In connection
              with the adoption of this accounting standard, certain previously reported agency balances are
              now reported in the governmental funds and government-wide financial statements. Refer to
              Note IV for the financial impact of the adoption of this accounting standard.




Town of Canton, Massachusetts                       Page 75 of 125             Annual Comprehensive Financial Report

Source page 84

In August 2018, the GASB issued GASB Statement No. 90, Majority Equity Interest – An
              Amendment of GASB Statements No. 14 and No. 61. The objective of this Statement was to
              improve the consistency and comparability of reporting a government’s majority equity interest in
              a legally separate organization and to improve the relevance of financial statement information
              for certain component units. The provisions of this Statement became effective for the Town in
              fiscal year 2021. The adoption of this standard did not have an impact on the Town’s financial
              statements.

              In March 2020, the GASB issued GASB Statement No. 93, Replacement of Interbank Offered
              Rates. In addition to accounting and financial reporting implications that result from the
              replacement of an interbank offered rate (which become effective in fiscal year 2022), this
              Statement eliminated the use of LIBOR as an appropriate benchmark interest rate for derivative
              instruments that hedge interest rate risk of taxable debt for reporting periods effective fiscal year
              2021. The adoption of this standard did not have an impact on the Town’s financial statements.

              Future Implementations –

              In June 2017, the GASB issued GASB Statement No. 87, Leases. This Statement redefines the
              manner in which long-term leases are accounted and reported. As amended, the provisions of this
              Statement are effective for financial reporting periods beginning after June 15, 2021 (fiscal year
              2022). The Town is currently evaluating whether adoption will have a material impact on the
              financial statements.

              In June 2018, the GASB issued GASB Statement No. 89, Accounting for Interest Cost Incurred
              Before the End of a Construction Period. This statement establishes accounting requirements for
              interest costs incurred before the end of a construction period. As amended, the provisions of this
              Statement are effective for financial reporting periods beginning after December 15, 2020 (fiscal
              year 2022). The Town is currently evaluating whether adoption will have a material impact on
              the financial statements.

              In May 2019, the GASB issued GASB Statement No. 91, Conduit Debt Obligations. The
              objective of this Statement is to standardize the reporting of conduit debt obligations by issuers
              by clarifying the existing definition of conduit debt obligation, among other matters. As
              amended, the provisions of this Statement are effective for financial reporting periods beginning
              after December 15, 2021 (fiscal year 2023). The Town is currently evaluating whether adoption
              will have a material impact on the financial statements.

              In March 2020, the GASB issued GASB Statement No. 93, Replacement of Interbank Offered
              Rates. The objective of this Statement is to address accounting and financial reporting
              implications that result from the replacement of an interbank offered rate. The reporting
              provisions of this Statement are effective for financial reporting periods beginning after June 15,
              2020 (fiscal year 2022). The Town is currently evaluating whether adoption will have a material
              impact on the financial statements.

              In March 2020, the GASB issued GASB Statement No. 94, Public-Private and Public-Public
              Partnerships and Availability Payment Arrangements. The objective of this Statement is to
              improve financial reporting by addressing issues related to public-private and public-public
              partnership arrangements. The provisions of this Statement are effective for financial reporting
              periods beginning after June 15, 2022 (fiscal year 2023). The Town is currently evaluating
              whether adoption will have a material impact on the financial statements.




Town of Canton, Massachusetts                       Page 76 of 125              Annual Comprehensive Financial Report

Source page 85

In May 2020, the GASB issued GASB Statement No. 96, Subscription-Based Information
              Technology Arrangements. The objective of this Statement is to address accounting for
              subscription-based information technology arrangements to government end users based on the
              standards established in Statement No. 87, as amended. The provisions of this Statement are
              effective for financial reporting periods beginning after June 15, 2022 (fiscal year 2023). The
              Town is currently evaluating whether adoption will have a material impact on the financial
              statements.

              In June 2020, the GASB issued GASB Statement No. 97, Certain Component Unit Criteria, and
              Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred
              Compensation Plans – An Amendment of GASB Statements No. 14 and No. 84, and a
              Supersession of GASB Statement No. 32. The objective of this Statement is to (1) increase
              consistency and comparability related to the reporting of fiduciary component units in
              circumstances in which a potential component unit does not have a governing board and the
              primary government performs the duties that a governing board typically would perform; (2)
              mitigate costs associated with the reporting of certain defined contribution pension plans, defined
              contribution OPEB plans, and employee benefit plans other than pension plans or OPEB plans
              (other employee benefit plans) as fiduciary component units in fiduciary fund financial
              statements; and (3) enhance the relevance, consistency, and comparability of the accounting and
              financial reporting for Internal Revenue Code Section 457 deferred compensation plans that meet
              the definition of a pension plan and for benefits provided through those plans. The provisions of
              this Statement are effective for financial reporting periods beginning after June 15, 2021 (fiscal
              year 2022). The Town is currently evaluating whether adoption will have a material impact on
              the financial statements.

       IV.    Prior Period Restatement

              The adoption of GASB Statement No. 84 required certain accounts previously reported as agency
              accounts in the Statement of Fiduciary Activities to be reclassified into nonmajor governmental
              funds.

              The impact is illustrated in the table below:

                                               Governmental     Nonmajor
                                                 Activities    Governmental
                Prior year as presented        $ 5,038,592     $ 13,910,701
                Reclass agency funds               110,453          110,453
                   As restated                 $ 5,149,045     $ 14,021,154




Town of Canton, Massachusetts                       Page 77 of 125            Annual Comprehensive Financial Report

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Town of Canton, Massachusetts           Page 78 of 125                Annual Comprehensive Financial Report

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Required Supplementary Information




Town of Canton, Massachusetts     Page 79 of 125   Annual Comprehensive Financial Report

Source page 88

TOWN OF CANTON, MASSACHUSETTS

   REQUIRED SUPPLEMENTARY INFORMATION - PENSIONS
   YEAR ENDED JUNE 30, 2021



                                        SCHEDULE OF THE TOWN'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
                                                                (dollar amounts are in thousands)

                                                                                                      Year Ended June 30,
                                                           2021             2020            2019             2018               2017           2016           2015

   Town's proportion of the net pension
    liability (asset)                                        7.53%            7.52%               7.50%        7.49%              7.65%          7.65%          7.56%

   Town's proportionate share of the net
    pension liability (asset)                          $    38,466     $     44,172     $        48,811   $   41,437        $    39,940    $    41,562    $    39,227

   Town's covered payroll                              $    24,699      $    23,863     $        22,792   $   22,021        $    20,827    $    20,288    $    19,140

   Town's proportionate share of the net
    pension liability (asset) as a percentage
    of its covered payroll                                  155.7%           185.1%              214.2%       188.2%             191.8%         204.9%         204.9%


   Plan fiduciary net position as a percentage
    of the total pension liability                           70.2%            64.6%               58.3%        63.5%              61.6%          58.6%          60.1%

                                                     SCHEDULE OF THE TOWN'S CONTRIBUTIONS TO PENSION PLAN
                                                                   (dollar amounts are in thousands)

                                                                                                      Year Ended June 30,
                                                           2021             2020            2019             2018               2017           2016           2015

   Actuarially determined contribution                 $     6,032     $      5,635     $         5,246   $    4,796        $     4,394    $     3,991    $     3,571

   Contributions in relation to the
   actuarially determined contribution                       6,032            5,635               5,246        4,796              4,394          3,991          3,571

   Contribution deficiency (excess)                    $          -    $           -    $             -   $         -       $          -   $          -   $          -

   Town's covered payroll                              $    24,902      $    24,413     $        22,391   $   21,439        $    20,408    $    19,831    $    18,924

   Contributions as a percentage of
    covered payroll                                          24.2%            23.1%               23.4%        22.4%              21.5%          20.1%          18.9%

   This schedule is presented to illustrate the requirement to show information for ten years.
   However, until a full ten-year trend is compiled, information is presented for those years
   in which information is available.



   See accompanying independent auditor's report.




Town of Canton, Massachusetts                                               Page 80 of 125                      Annual Comprehensive Financial Report

Source page 89

TOWN OF CANTON, MASSACHUSETTS

   REQUIRED SUPPLEMENTARY INFORMATION - PENSIONS
   YEAR ENDED JUNE 30, 2021



                       SCHEDULE OF THE COMMONWEALTH'S COLLECTIVE SHARE OF THE NET PENSION LIABILITY
                                        MASSACHUSETTS TEACHER'S RETIREMENT SYSTEM
                                                 (dollar amounts are in thousands)

                                                                                              Year Ended June 30,
                                                        2020               2019              2018            2017          2016          2015

   Commonwealth's proportion of the
    collective net pension liability (asset)              100.0%             100.0%              100.0%        100.0%        100.0%        100.0%

   Town's proportion of the collective
    net pension liability (asset)                            0.0%               0.0%              0.0%            0.0%          0.0%          0.0%

   Commonwealth's proportionate share of
    the net pension liability (asset)                $28,544,844       $25,214,020        $23,711,289      $22,885,391   $22,357,928   $20,489,643

   Commonwealth's actuarially
   determined contribution                            $1,553,433        $1,443,710         $1,314,783       $1,235,515    $1,124,583    $1,021,930



   Contributions to MTRS are the responsibility of the Commonwealth of Massachusetts.

   This schedule is presented to illustrate the requirement to show information for ten years.
   However, until a full ten-year trend is compiled, information is presented for those years
   in which information is available.



   See accompanying independent auditor's report.




Town of Canton, Massachusetts                                          Page 81 of 125                     Annual Comprehensive Financial Report

Source page 90

TOWN OF CANTON, MASSACHUSETTS

       REQUIRED SUPPLEMENTARY INFORMATION - OPEB
       YEAR ENDED JUNE 30, 2021


                                            SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED RATIOS

                                                                                                               Year Ended June 30,
                                                                        2021                   2020                    2019              2018                2017
        Total OPEB liability:
            Service cost                                           $     2,115,184       $      2,011,440        $      2,040,579    $    2,675,741     $    2,515,860
            Interest                                                     5,342,271              5,105,363               5,463,438         4,809,630          4,590,666
            Difference between actual and plan experience               (5,176,153)               (61,259)             (5,996,352)              -                    -
            Changes of assumptions                                       8,820,874             (2,915,959)             (3,907,488)              -                    -
            Benefit payments                                            (4,119,198)            (3,875,429)             (3,723,578)       (3,179,556)        (3,013,880)
                 Net change in total OPEB liability                      6,982,978                264,156              (6,123,401)        4,305,815          4,092,646

        Total OPEB liability - beginning of year                        88,952,265             88,688,109             94,811,510         90,505,695         86,413,049
        Total OPEB liability - end of year (a)                     $    95,935,243       $     88,952,265        $    88,688,109     $   94,811,510     $   90,505,695

        Plan fiduciary net position:
             Contributions - employer                              $     5,033,198       $      4,905,429        $      4,523,578    $    4,179,556     $    3,783,880
             Net investment income                                       1,771,991                130,887                 263,700           175,423            221,830
             Benefit payments                                           (4,119,198)            (3,875,429)             (3,723,578)       (3,179,556)        (3,013,880)
                  Net change in Plan fiduciary net position              2,685,991              1,160,887               1,063,700         1,175,423            991,830

        Plan fiduciary net position - beginning of year                  6,380,381              5,219,494              4,155,794          2,980,371          1,988,541
        Plan fiduciary net position - end of year (b)              $     9,066,372       $      6,380,381        $     5,219,494     $    4,155,794     $    2,980,371

        Net OPEB liability - end of year (a) - (b)                 $    86,868,871       $     82,571,884        $    83,468,615     $   90,655,716     $   87,525,324

        Plan fiduciary net position as a percentage of the total
             OPEB liability                                                    9.45%                  7.17%                 5.89%               4.38%            3.29%

        Covered-employee payroll                                   $    50,059,589       $     47,989,715        $    46,591,956     $   45,486,461     $   44,161,613

        Net OPEB liability as a percentage of covered-
         employee payroll                                                  173.53%                172.06%                179.15%           199.30%            198.19%

        Note:     This schedule is presented to illustrate the requirement to show information for 10 years.
                  However, until a full 10-year trend is compiled, information is presented for those years
                  in which information is available.

       See accompanying independent auditor's report.




Town of Canton, Massachusetts                                                                    Page 82 of 125                                             Annual Comprehensive Financial Report

Source page 91

TOWN OF CANTON, MASSACHUSETTS

       REQUIRED SUPPLEMENTARY INFORMATION - OPEB
       YEAR ENDED JUNE 30, 2021


                                                               SCHEDULE OF CONTRIBUTIONS

                                                                                                 Year Ended June 30,
                                                              2021                 2020                 2019                 2018                  2017

        Actuarially-determined contribution             $      6,498,321     $     7,670,645       $     7,622,221     $       8,240,517    $      7,882,229
        Contributions in relation to the actuarially-
            determined contribution                           (5,033,198)          (4,905,429)          (4,523,578)          (4,179,556)          (3,783,880)

        Contribution deficiency (excess)                $      1,465,123     $     2,765,216       $     3,098,643     $       4,060,961    $      4,098,349

        Covered-employee payroll                        $    50,059,589      $    47,989,715       $   46,591,956      $     45,486,461     $     44,161,613

        Contribution as a percentage of covered-
            employee payroll                                      10.05%               10.22%                9.71%                  9.19%              8.57%

            Valuation Date                                 July 1, 2020        July 1, 2018          July 1, 2018          July 1, 2016         July 1, 2016
            Amortization Period                              30 years            30 years              30 years               30 years            30 years
            Investment rate of return                               6.51%               7.00%                 7.05%                 6.80%                6.97%
            Municipal bond rate                                     2.18%               2.66%                 2.79%                 3.45%                3.13%
            Single equivalent discount rate                         6.25%               6.00%                 5.75%                 5.25%                5.25%
            Inflation                                               2.50%               2.50%                 2.75%                 2.75%                2.75%
            Healthcare cost trend rates                             4.50%               4.50%                 4.50%                 5.00%                5.00%
            Salary increases                                        3.00%               3.00%                 3.00%                 3.00%                3.00%
            Actuarial Cost Method                       Individual Entry Age Normal (for all years presented)
            Asset Valuation Method                      Market Value of Assets as of Reporting Date (for all years presented)


                                                            SCHEDULE OF INVESTMENT RETURNS

                                                                                                 Year Ended June 30,
                                                              2021                 2020                 2019                 2018                  2017

       Annual money-weighted rate of return, net
       of investment expense                                 26.10%               2.35%                5.55%                5.05%                 8.23%



        Note: These schedules are presented to illustrate the requirement to show information for 10 years. However, until a
              full 10-year trend is compiled, information is presented for those years in which information is available.



       See accompanying independent auditor's report.




Town of Canton, Massachusetts                                                                          Page 83 of 125                                            Annual Comprehensive Financial Report

Source page 92

TOWN OF CANTON, MASSACHUSETTS

       SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
       BUDGET AND ACTUAL - GENERAL FUND
       YEAR ENDED JUNE 30, 2021



                                                          Budgeted Amounts          Actual                        Actual        Variance
                                                      Original         Final       Budgetary                     Budgetary      Positive
                                                      Budget          Budget       Amounts        Encumbrances   Adjusted      (Negative)
       Revenues:
        Taxes:
          Real estate and personal property taxes   $ 83,451,920   $ 83,451,920   $ 84,771,503    $          -    84,771,503     1,319,583
          Tax title                                            -              -        221,451               -       221,451       221,451
          Payments in lieu of taxes                      276,469        276,469        281,830               -       281,830         5,361
          Motor vehicle excise                         4,198,531      4,198,531      5,057,570               -     5,057,570       859,039
          Meals taxes                                    150,000        150,000        292,158               -       292,158       142,158
          Room occupancy excise                          200,000        200,000        129,655               -       129,655       (70,345)
                                                      88,276,920     88,276,920     90,754,167               -    90,754,167     2,477,247
        Intergovernmental:
          State aid - chapter 70                       6,516,115      6,516,115      6,516,115               -     6,516,115             -
          State aid - charter school                     173,325        173,325        151,538               -       151,538       (21,787)
          State aid - unrestricted                     2,153,576      2,153,576      2,277,134               -     2,277,134       123,558
          State aid - veterans                           115,022        115,022        110,741               -       110,741        (4,281)
          State aid - exemptions                         144,423        144,423         40,160               -        40,160      (104,263)
          State aid - state owned land                    36,876         36,876         39,686               -        39,686         2,810
          State aid - other                               10,162         10,162             40               -            40       (10,122)
          State aid - medicaid                           100,000        100,000        109,487                       109,487         9,487
          MSBA school construction reimbursement         456,305        456,305        456,305               -       456,305             -
                                                       9,705,804      9,705,804      9,701,206               -     9,701,206        (4,598)
        Departmental fees, charges, and other:
         Municipal lien fees                              25,000         25,000         71,100               -        71,100       46,100
         Town clerk fees                                  25,000         25,000         36,438               -        36,438       11,438
         Public safety detail fees                        25,000         25,000         60,145               -        60,145       35,145
         Other departmental fees                          50,000         50,000         90,555               -        90,555       40,555
         Rental of municipal property                    200,000        200,000        241,102               -       241,102       41,102
         Conservation department revenues                 55,000         55,000         53,840               -        53,840       (1,160)
         Solar revenues                                  465,521        465,521        401,124               -       401,124      (64,397)
         Other departmental revenues                      45,000         45,000        218,336               -       218,336      173,336
                                                         890,521        890,521      1,172,640               -     1,172,640      282,119
        Licenses and permits:
          Alcohol licenses                                70,000         70,000         72,756               -        72,756         2,756
          Other licenses                                 240,000        240,000        342,404               -       342,404       102,404
          Building permits                               590,000        590,000      1,529,362               -     1,529,362       939,362
                                                         900,000        900,000      1,944,522               -     1,944,522     1,044,522
        Fines and forfeitures:
         Motor vehicle fines                              50,000         50,000         49,113               -       49,113           (887)
         Other fines                                           -              -          3,905               -        3,905          3,905
                                                          50,000         50,000         53,018               -       53,018          3,018

        Penalties and interest on taxes                  200,000        200,000        382,088               -      382,088       182,088
                                                                              -
        Interest and investment income                   200,000        200,000        164,548               -      164,548        (35,452)

                         Total Revenues              100,223,245    100,223,245    104,172,189               -   104,172,189     3,948,944




Town of Canton, Massachusetts                                Page 84 of 125                    Annual Comprehensive Financial Report

Source page 93

TOWN OF CANTON, MASSACHUSETTS

           SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
           BUDGET AND ACTUAL - GENERAL FUND
           YEAR ENDED JUNE 30, 2021



                                                        Budgeted Amounts           Actual                      Actual       Variance
                                                    Original         Final        Budgetary                   Budgetary     Positive
                                                    Budget          Budget        Amounts      Encumbrances   Adjusted     (Negative)
           Expenditures:
            Current:
              General Government:
                 Executive Branch                    1,230,971        1,230,607    1,038,219        133,797    1,172,016       58,591
                 Executive Branch Articles              30,280           30,280        1,478         28,802       30,280            -
                 Commitees and Commissions              35,203           35,203       15,800              -       15,800       19,403
                 Reserve Fund                          600,000          162,829            -              -            -      162,829
                 Finance Department                  1,391,453        1,391,453    1,258,015        113,135    1,371,150       20,303
                 Finance Department Articles           176,202          176,202      165,156         10,410      175,566          636
                 Assessors                             540,013          540,013      307,987          8,000      315,987      224,026
                 Assessors Articles                          -                -            -              -            -            -
                 Town Clerk & Elections                282,697          289,837      289,499             52      289,551          286
                 Town Clerk & Elections Articles             -                -            -              -            -            -
                 Conservation Commission               143,673          143,673      136,832            750      137,582        6,091
                 Conservation Commission Articles        8,410            8,410            -          8,410        8,410            -
                 Planning Board                         70,734           70,734       63,638              -       63,638        7,096
                 Planning Board Articles                   582              582          582              -          582            -
                 Unpaid Bills                                -           70,072       70,327              -       70,327         (255)
                 Town Insurance                      1,327,368        1,262,203    1,218,901         35,866    1,254,767        7,436

            Total General Government                 5,837,586        5,412,098    4,566,434        339,222    4,905,656      506,442



               Public Safety
                 Fire Department                     6,837,100        6,836,877    6,509,876        126,396    6,636,272      200,605
                 Fire Department Articles              125,876          125,876       57,283         68,585      125,868            8
                 Police Department                   5,621,838        5,621,838    5,293,924         91,148    5,385,072      236,766
                 Police Department Articles            157,891          157,891      129,056         28,683      157,739          152
                 Building & Zoning                     387,264          387,264      373,474              -      373,474       13,790

            Total Public Safety                     13,129,969       13,129,746   12,363,613        314,812   12,678,425      451,321



              Education:
                School                              48,986,205       49,356,205   44,980,187      4,214,865   49,195,052      161,153
                School Articles                        578,117          578,117      431,031        146,632      577,663          454
                Blue Hill Regional                   1,477,309        1,477,309    1,476,512              -    1,476,512          797
                Norfolk County Agricultural HS          20,000           20,000       16,000              -       16,000        4,000

            Total Education                         51,061,631       51,431,631   46,903,730      4,361,497   51,265,227      166,404



              Public Works:
                Public Works                         3,141,749        3,201,749    3,113,766         81,335    3,195,101         6,648
                Public Works Articles                1,133,859        1,133,859      346,076        786,305    1,132,381         1,478
                Street Lighting                         91,000           91,000       79,317              -       79,317        11,683
                Snow & Ice                             650,500          850,500      835,317              -      835,317        15,183
                Trash Collection                     2,121,806        2,121,806    2,096,983         11,464    2,108,447        13,359

            Total Public Works                       7,138,914        7,398,914    6,471,459        879,104    7,350,563        48,351

              Health and Human Services:
                Health Department                     397,864          397,249       353,901         14,500      368,401        28,848
                Council on Aging                      468,055          468,670       432,245         15,358      447,603        21,067
                Veteran's Services                    268,653          268,653       198,400              -      198,400        70,253

            Total Health and Human Services          1,134,572        1,134,572      984,546         29,858    1,014,404      120,168



                                                                                                                           (continued)




Town of Canton, Massachusetts                                    Page 85 of 125                Annual Comprehensive Financial Report

Source page 94

TOWN OF CANTON, MASSACHUSETTS

       SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
       BUDGET AND ACTUAL - GENERAL FUND
       YEAR ENDED JUNE 30, 2021



                                                                        Budgeted Amounts                   Actual                             Actual             Variance
                                                                    Original         Final                Budgetary                          Budgetary           Positive
                                                                    Budget          Budget                Amounts         Encumbrances       Adjusted           (Negative)

          Culture and Recreation:
            Recreation & Playground                                    878,018             878,018            802,986           20,123           823,109             54,909
            Recreation & Playground Articles                            49,879              49,879             41,315            8,442            49,757                122
            Paul Revere Heritage Comm                                    5,652               5,652              5,324                -             5,324                328
            Public Library                                           1,387,095           1,387,095          1,391,853                -         1,391,853             (4,758)
            Public Library Articles                                     22,715              22,715                  -           22,715            22,715                  -

        Total Culture and Recreation                                 2,343,359           2,343,359          2,241,478           51,280         2,292,758             50,601

          Pension Benefits:                                          6,035,616           6,035,616          6,035,583                -         6,035,583                 33

          Employee Benefits:
            Unemployment Compensation                                  100,000             100,000            100,000                -           100,000                  -
            Employer Share- Health                                  12,898,607          12,894,318         12,898,486                -        12,898,486             (4,168)
            Employer Share- Life                                        62,250              62,250             59,193                -            59,193              3,057
            Employer Share- OPEB                                       914,000             914,000            914,000                -           914,000                  -

        Total Employee Benefits                                     13,974,857          13,970,568         13,971,679                -        13,971,679             (1,111)

          State and County Charges:                                  1,228,673           1,228,673          1,424,853                -         1,424,853           (196,180)

          Debt Service:                                              5,314,630           5,314,630          5,182,819                -         5,182,819            131,811

                      Total Expenditures                           107,199,807         107,399,807        100,146,194        5,975,773       106,121,967          1,277,840

       Other Financing Sources (Uses)
        Transfers in                                                 2,266,897           2,266,897          2,427,795                          2,427,795            160,898
        Transfers out                                                 (670,100)           (670,100)          (630,970)                          (630,970)           (39,130)

            Total Other Financing Sources (Uses)                     1,596,797           1,596,797          1,796,825                    $     1,796,825            121,768

       Excess (Deficiency) of Revenues and Other
       Financing Sources Over Expenditures/Uses
       Of Prior Year Budgetary Fund Balance                         (5,379,765)         (5,579,765)   $     5,822,820                                       $     5,348,552



       Other Budgetary Items
       Use of unassigned fund balance                          $       724,130     $       924,130
       Use of overlay surplus                                           27,500              27,500
       Prior year encumbrances                                       4,623,055           4,623,055
       Other                                                             5,080               5,080

            Total Other Budgetary Items                              5,379,765           5,579,765

            Net budget and actual                              $           -       $           -
                                                                                                                                                                (Concluded)
       The notes to the financial statements are an integral part of this statement.

       The notes to the required supplementary information are and integral part of this statement.




Town of Canton, Massachusetts                                                  Page 86 of 125                           Annual Comprehensive Financial Report

Source page 95

TOWN OF CANTON, MASSACHUSETTS

       NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
       YEAR ENDED JUNE 30, 2021

        I. Pension Plan

           Pension Contributions – The Town contributes to the Norfolk County Retirement System (the
           System), a cost-sharing multiple-employer contributory defined benefit pension plan established
           under Chapter 32 of Massachusetts General Law Chapter 32. Under provisions of this law,
           participating employers are assessed their share of the total retirement cost based on the entry age,
           normal actuarial cost method. The pension appropriations are established by the Public Employee
           Retirement Administration Commission (PERAC) based on a funding schedule approved by the
           System.

           Changes in Assumptions – None.

       II. Other Postemployment Benefit Plan

           The Town administers a single employer defined benefit healthcare plan that provides health, dental
           and life insurance benefits (other postemployment benefits) to retirees and their
           dependents/beneficiaries in accordance with Section 20 of Massachusetts General Law Chapter 32B.
           The Town is not required to fully fund the actuarially determined contribution.

           Methods and assumptions used to determine contribution rates are as follows:

            Investment rate of return   6.51%, net of OPEB plan investment expense,
                                        including inflation.

            Muncipal bond rate          2.18% as of June 30, 2021

            Discount Rate               6.25%, net of OPEB plan investment expense
                                        including inflation.

            Inflation                   2.50% annually as of June 30, 2021 and for future periods

            Health Care Trend Rate      4.5%

            Salary Increases            3.00% annually as of June 30, 2021 and for future periods

            Cost of Living Adjustment   Not applicable.

            Pre-Retirement Mortality    RP-2014 Mortality Table for Blue Collar Employees projected
                                        generationally with scale MP-2016, set forward one year
                                        for females

            Post-Retirement Mortality   RP-2014 Mortality Table for Blue Collar Healthy Annuitants
                                        projected generationally with scale MP-2016, set forward one
                                        year for females

            Disabled Mortality          RP-2014 Mortality Table for Blue Collar Healthy Annuitants
                                        projected generationally with scale MP-2016, set forward one
                                        year

            Actuarial Cost Method       Individual entry age normal




Town of Canton, Massachusetts                             Page 87 of 125                 Annual Comprehensive Financial Report

Source page 96

Changes in Assumptions – The discount rate increased from 6.0% to 6.25%. Mortality tables
           updated from the RP-2000 Employees Mortality Table projected generationally with scale BB and a
           base year 2009 to the RP-2014 Mortality Table projected generationally with scale MP-2016 for
           males and females.

       III. Budgetary Basis of Accounting

           Budgetary Information – An annual budget is legally adopted for the General Fund and the
           Enterprise Fund. The budget is recommended by the Finance Committee and approved by Town
           Meeting at the Town’s annual meeting in May. Changes subsequent to the approved Town Meeting
           budget require majority Town Meeting approval at a Special Town Meeting. Expenditures may not
           legally exceed appropriations at the department level. Department heads may transfer, without
           Town Meeting approval, appropriation balances from one account to another within their department
           or budget, and within the categories of salaries and expenses. At the close of each fiscal year,
           unencumbered appropriation balances lapse and revert to unassigned fund balance.

           The Town adopts an annual budget for the general fund in conformity with the guidelines described
           above. During fiscal year 2021, Town Meeting approved various supplemental budgetary
           appropriations which resulted in a $200,000 net increase from the original voted budget primarily
           used for snow and ice removal. 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, 2021, is as follows:

                                                                       Basis of
                                                                      Accounting        Fund Perspective
                                                                      Differences         Differences          Total
          Revenues on a budgetary basis                                                                    $ 104,172,189
           Stabilization revenue                                  $             -        $     667,578           667,578
           Change in accruing tax revenues                                 11,953                    -            11,953
           Change in recording tax refunds payable                       (649,634)                   -          (649,634)
           On behalf payments                                          13,098,409                    -        13,098,409
          Revenues on a GAAP basis                                $    12,460,728        $     667,578     $ 117,300,495

          Expenditures on a budgetary basis                                                                $ 100,146,194
           Reclass of enterprise indirects cost to expenditures   $    (1,016,879)       $           -        (1,016,879)
           Change in accruing payroll expenditures                         97,850                    -            97,850
           Internal service fund transfer                                       -             (100,000)         (100,000)
           On behalf payments                                          13,098,409                    -        13,098,409
          Expenditures on a GAAP basis                            $    12,179,380        $    (100,000)    $ 112,225,574

          Other financing sources (uses) on a budgetary basis                                              $    1,796,825
           Reclass of enterprise indirects cost to expenditures   $     (1,016,879)      $           -         (1,016,879)
           Internal service fund transfer                                        -            (100,000)          (100,000)
          Other financing sources (uses) on a GAAP basis          $     (1,016,879)      $    (100,000)    $      679,946

         Excess of Expenditures Over Appropriations – During fiscal year 2021, expenditures exceeded
         appropriations for state and county charges by $196,180 in the General Fund which was funded
         through available funds during the fiscal year.



Town of Canton, Massachusetts                          Page 88 of 125                 Annual Comprehensive Financial Report

Source page 97

Combining Statements




Town of Canton, Massachusetts        Page 89 of 125   Annual Comprehensive Financial Report

Source page 98

Nonmajor Governmental Funds
       Narrative
       Special Revenue Funds –

       Special revenue funds are used to account for certain revenue generating activities that are legally and/or
       programmatically restricted to expenditures for a specific purpose. From the Town’s financial ledgers,
       these activities can be distinctly categorized into the following groupings:

       School Lunch – This segregated revolving fund accounts for the activities of the child nutrition programs;
       amounts collected from services include federal and state meal reimbursements and meal charges.

       Private Grants – This fund accounts for grant funds received from private organizations that are to be
       used to fund various governmental programs.

       Town Revolving – This fund accounts for the non-school related activity within revolving funds
       established in accordance with MGL Chapter 44, Section 53E ½ and other applicable statutes.

       School Revolving – This fund accounts for educational-based activities within revolving funds established
       in accordance with MGL Chapter 44, Section 53E ½ and Chapter 71.

       Recreation – This fund accounts for self-supporting recreation programs and activities.

       Ambulance – This fund accounts for the fees generated by the operations of the fire department’s
       ambulance service that are used to fund specific operating costs of the department.

       Community Preservation – This fund accounts for assets that are restricted by state law for the purposes
       of acquiring or developing open space and recreational facilities, historic resources and affordable
       housing.

       Town Grants – This fund accounts for non-school grant programs received either directly from federal
       and state agencies or indirectly through pass-through entities.

       School Grants – This fund accounts for educational-based grant programs received either directly from
       federal and state agencies or indirectly through pass-through entities.

       Roadway Improvements – This fund accounts for certain roadway improvement projects which are fully
       reimbursed by the Commonwealth of Massachusetts.

       Other Departmental – This fund accounts for activity of donated funds, public safety details, and other
       restricted funds used to support governmental programs.




Town of Canton, Massachusetts                        Page 90 of 125            Annual Comprehensive Financial Report

Source page 99

Permanent Funds –

       Permanent funds are used to report resources that are legally restricted to the extent that only earnings, not
       principal, may be used for purposes that support governmental programs.

       Cemetery Trust Funds – This fund accounts for contributions earmarked for the perpetual care and
       maintenance of cemetery facilities and property.

       Library Trust Funds – This fund accounts for contributions earmarked for the support of the Town’s
       library.

       Other Municipal Trust Funds – This fund accounts for all contributions including: gifts, donations and
       bequests for which only earnings on the original trust corpus may be expended to benefit government
       approved programs, other than those associated with cemetery and library activities.




Town of Canton, Massachusetts                        Page 91 of 125             Annual Comprehensive Financial Report

Source page 100

NONMAJOR GOVERNMENTAL FUNDS

                                                                COMBINING BALANCE SHEET
                                                                      JUNE 30, 2021

                                                                                               Special Revenue Funds


                                                                School           Private                 Town               School
                                                                Lunch            Grants                Revolving           Revolving           Recreation
       Assets:

       Cash and cash equivalents                            $     136,722    $     567,974         $      779,504      $    1,854,848      $       338,665
       Investments                                                      -                -                      -                   -                    -
       Receivables, net of allowance for uncollectibles:
         Property taxes                                                 -                  -                       -                   -                    -
         Tax liens and foreclosures                                     -                  -                       -                   -                    -
         Departmental and other                                         -                  -                       -                   -                    -
         Intergovernmental                                         77,243                  -                       -                   -                    -

                        Total Assets                        $     213,965    $     567,974         $      779,504      $    1,854,848      $       338,665



       Liabilities, Deferred Inflows of Resources,
         and Fund Balances:

       Liabilities:
         Warrants and accounts payable                      $       2,869    $         289         $        6,434      $       13,413      $         6,176
         Accrued payroll and withholdings                          16,890                -                      -              24,292                4,651
         Unearned revenue                                               -                -                      -                   -                    -
         Other liabilities                                              -                -                    325                   -                    -
         Due to other funds                                             -                -                      -                   -                    -

                          Total Liabilities                        19,759              289                  6,759              37,705               10,827

       Deferred Inflows of Resources:
        Unavailable revenues - property taxes                            -                 -                       -                   -                    -
        Unavailable revenues - other                                     -                 -                       -                   -                    -

                 Total Deferred Inflows of Resources                     -                 -                       -                   -                    -

       Fund Balances:
        Nonspendable                                                    -                -                      -                   -                    -
        Restricted                                                194,206          567,685                772,745           1,817,143              327,838
        Unassigned                                                      -                -                      -                   -                    -

                      Total Fund Balances                         194,206          567,685                772,745           1,817,143              327,838

            Total Liabilities, Deferred Inflow of
               Resources, and Fund Balances                 $     213,965    $     567,974         $      779,504      $    1,854,848      $       338,665




Town of Canton, Massachusetts                                       Page 92 of 125                        Annual Comprehensive Financial Report

Source page 101

Sub-total
                                  Community              Town             School         Roadway          Other           Special
              Ambulance           Preservation           Grants           Grants       Improvements    Departmental    Revenue Funds


          $     1,776,279     $      2,248,649       $     850,514    $   1,987,759    $          -    $   3,154,367   $   13,695,281
                        -                    -             258,467                -               -                -          258,467

                       -                 7,099                   -                -               -               -             7,099
                       -                 5,665                   -                -               -               -             5,665
                 497,035                     -                   -                -               -         448,903           945,938
                       -                     -             376,705           14,915         810,990               -         1,279,853

          $     2,273,314     $      2,261,413       $   1,485,686    $   2,002,674    $    810,990    $   3,603,270   $   16,192,303




          $               -   $                  -   $     117,628    $       8,004    $          -    $     24,270    $      179,083
                          -                      -           2,724           13,627               -          32,065            94,249
                          -                      -       1,245,817                -               -               -         1,245,817
                          -                      -               -                -               -               -               325
                          -                      -               -                -         751,282               -           751,282

                          -                      -       1,366,169           21,631         751,282          56,335         2,270,756


                       -                12,764                    -                -              -               -           12,764
                 497,035                     -                    -                -              -          89,571          586,606

                 497,035                12,764                    -                -              -          89,571          599,370


                        -                    -                   -                -               -                -                -
                1,776,279            2,248,649             487,019        1,981,043          59,708        3,457,364       13,689,679
                        -                    -            (367,502)               -               -                -         (367,502)

                1,776,279            2,248,649             119,517        1,981,043          59,708        3,457,364       13,322,177


          $     2,273,314     $      2,261,413       $   1,485,686    $   2,002,674    $    810,990    $   3,603,270   $   16,192,303




Town of Canton, Massachusetts                                         Page 93 of 125                  Annual Comprehensive Financial Report

Source page 102

NONMAJOR GOVERNMENTAL FUNDS

                                                              COMBINING BALANCE SHEET
                                                                    JUNE 30, 2021

                                                                                        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                             $       52,677     $     193,315     $        19,339       $       265,331      $ 13,960,612
       Investments                                                  566,632           440,277             167,873             1,174,782         1,433,249
       Receivables, net of allowance for uncollectibles:
         Property taxes                                                     -                 -                     -                    -            7,099
         Tax liens and foreclosures                                         -                 -                     -                    -            5,665
         Departmental and other                                             -                 -                     -                    -          945,938
         Intergovernmental                                                  -                 -                     -                    -        1,279,853

                        Total Assets                         $      619,309     $     633,592     $       187,212       $     1,440,113      $ 17,632,416



       Liabilities, Deferred Inflows of Resources,
         and Fund Balances:

       Liabilities:
         Warrants and accounts payable                       $              -   $         440     $             -       $           440      $      179,523
         Accrued payroll and withholdings                                   -               -                 158                   158              94,407
         Unearned revenue                                                   -               -                   -                     -           1,245,817
         Other liabilities                                                  -               -                   -                     -                 325
         Due to other funds                                                 -               -                   -                     -             751,282

                          Total Liabilities                                 -             440                 158                   598           2,271,354

       Deferred Inflows of Resources:
        Unavailable revenues - property taxes                               -                 -                     -                    -           12,764
        Unavailable revenues - other                                        -                 -                     -                    -          586,606

                 Total Deferred Inflows of Resources                        -                 -                     -                    -          599,370

       Fund Balances:
        Nonspendable                                                540,197            21,553              12,235               573,985             573,985
        Restricted                                                   79,112           611,599             174,819               865,530          14,555,209
        Unassigned                                                        -                 -                   -                     -            (367,502)

                       Total Fund Balances                          619,309           633,152             187,054             1,439,515          14,761,692

            Total Liabilities and Fund Balances              $      619,309     $     633,592     $       187,212       $     1,440,113      $ 17,632,416

                                                                                                                                                 (Concluded)




Town of Canton, Massachusetts                                       Page 94 of 125                       Annual Comprehensive Financial Report

Source page 103

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Town of Canton, Massachusetts           Page 95 of 125                Annual Comprehensive Financial Report

Source page 104

NONMAJOR GOVERNMENTAL FUNDS

                               COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
                                                      FISCAL YEAR ENDED JUNE 30, 2021

                                                                                            Special Revenue Funds


                                                             School           Private                 Town               School
                                                             Lunch            Grants                Revolving           Revolving           Recreation

       Revenues:
        Property taxes                                   $           -    $             -       $            -      $            -      $             -
        Intergovernmental                                      598,949                  -               20,153                   -                    -
        Charges for services                                     7,243                  -                    -                   -                    -
        Departmental and other                                       -                  -               55,943             712,340              183,169
        Investment income                                          625                  -                   13                   -                    -
        Contributions and donations                                  -                  -               88,373                   -                7,020

                         Total Revenues                        606,817                  -              164,482             712,340              190,189

       Expenditures:
       Current:
        General government                                           -            4,200                  6,711                   -                    -
        Public safety                                                -                -                  5,236                   -                    -
        Education                                              629,686                -                      -           1,037,531                    -
        Public works                                                 -                -                      -                   -                    -
        Health and human services                                    -                -                 27,114                   -                    -
        Culture and recreation                                       -                -                 15,437                   -              137,134
        Employee benefits                                            -                -                      -                   -                    -
       Debt service:
        Principal                                                     -                 -                       -                   -                    -
        Interest                                                      -                 -                       -                   -                    -

                       Total Expenditures                      629,686            4,200                 54,498           1,037,531              137,134

       Excess (Deficiency) Of Revenues
        Over (Under) Expenditures                              (22,869)           (4,200)              109,984            (325,191)              53,055

       Other Financing Sources (Uses):
        Premium from bonds and notes                                  -                 -                    -                   -                       -
        Transfers in                                                  -                 -                    -             500,000                       -
        Transfers out                                                 -                 -              (70,000)                  -                       -

             Total Other Financing Sources (Uses)                     -                 -              (70,000)            500,000                       -

                 Net Change in Fund Balances                   (22,869)           (4,200)               39,984             174,809               53,055

       Fund Balances - Beginning of Year, as restated          217,075          571,885                732,761           1,642,334              274,783

       Fund Balances - End of Year                       $     194,206    $     567,685         $      772,745      $    1,817,143      $       327,838




Town of Canton, Massachusetts                                   Page 96 of 125                        Annual Comprehensive Financial Report

Source page 105

Sub-total
                                  Community              Town             School         Roadway          Other           Special
              Ambulance           Preservation           Grants           Grants       Improvements    Departmental    Revenue Funds


          $             -     $        686,288       $           -    $           -    $          -    $           -   $      686,288
                  101,008              181,402           3,496,244        4,886,677         844,972                -       10,129,405
                1,121,681                    -                   -                -               -                -        1,128,924
                        -                5,211                   -                -               -        1,782,579        2,739,242
                        -                9,499              13,597                -               -               23           23,757
                        -                    -                   -                -               -          291,768          387,161

                1,222,689              882,400           3,509,841        4,886,677         844,972        2,074,370       15,094,777




                          -             88,270           2,638,168                -               -          207,715        2,945,064
                          -                  -             539,608                -               -        1,104,285        1,649,129
                          -                  -                   -        5,003,547               -          144,563        6,815,327
                          -                  -               2,139                -         817,497                -          819,636
                          -                  -              48,780                -               -                -           75,894
                          -            270,228              30,927                -               -                -          453,726
                          -                  -                   -                -               -           73,332           73,332

                          -            186,000                    -                -              -                -         186,000
                          -             75,790                    -                -              -                -          75,790

                          -            620,288           3,259,622        5,003,547         817,497        1,529,895       13,093,898


                1,222,689              262,112             250,219         (116,870)         27,475         544,475         2,000,879


                        -                        -               -                -               -          32,697            32,697
                        -                        -               -                -          21,333         130,970           652,303
               (1,060,740)                       -        (147,639)        (160,692)              -        (583,785)       (2,022,856)

               (1,060,740)                       -        (147,639)        (160,692)         21,333        (420,118)       (1,337,856)

                 161,949               262,112             102,580         (277,562)         48,808         124,357          663,023

                1,614,330            1,986,537              16,937        2,258,605          10,900        3,333,007       12,659,154

          $     1,776,279     $      2,248,649       $     119,517    $   1,981,043    $     59,708    $   3,457,364   $   13,322,177

                                                                                                                           (Continued)




Town of Canton, Massachusetts                                         Page 97 of 125                  Annual Comprehensive Financial Report

Source page 106

NONMAJOR GOVERNMENTAL FUNDS

                              COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
                                                     FISCAL YEAR ENDED JUNE 30, 2021

                                                                                    Permanent Funds                                            Total

                                                             Cemetery           Library              Other               Sub-total        Nonmajor
                                                              Trust              Trust            Municipal             Permanent        Governmental
                                                              Funds             Funds             Trust Funds             Funds             Funds

       Revenues:
        Property taxes                                   $            -     $           -     $             -       $             -      $       686,288
        Intergovernmental                                             -                 -                   -                     -           10,129,405
        Charges for services                                          -                 -                   -                     -            1,128,924
        Departmental and other                                        -                 -                   -                     -            2,739,242
        Investment income                                        29,219            23,074               8,789                61,082               84,839
        Contributions and donations                              19,200                24                 850                20,074              407,235

                        Total Revenues                           48,419            23,098               9,639                81,156           15,175,933

       Expenditures:
       Current:
        General government                                              -               -               3,201                 3,201            2,948,265
        Public safety                                                   -               -                   -                     -            1,649,129
        Education                                                       -               -                   -                     -            6,815,327
        Public works                                                    -               -                   -                     -              819,636
        Health and human services                                       -               -                   -                     -               75,894
        Culture and recreation                                          -             440                   -                   440              454,166
        Employee benefits                                               -               -                   -                     -               73,332
       Debt service:
        Principal                                                       -                 -                     -                    -          186,000
        Interest                                                        -                 -                     -                    -           75,790

                      Total Expenditures                                -             440               3,201                 3,641           13,097,539

       Excess (Deficiency) Of Revenues
        Over (Under) Expenditures                                48,419            22,658               6,438                77,515            2,078,394

       Other Financing Sources (Uses):
        Premium from bonds and notes                                    -                 -                     -                    -            32,697
        Transfers in                                                    -                 -                     -                    -           652,303
        Transfers out                                                   -                 -                     -                    -        (2,022,856)

             Total Other Financing Sources (Uses)                       -                 -                     -                    -        (1,337,856)

                 Net Change in Fund Balances                     48,419            22,658               6,438                77,515             740,538

       Fund Balances - Beginning of Year, as restated           570,890           610,494             180,616             1,362,000           14,021,154

       Fund Balances - End of Year                       $      619,309     $     633,152     $       187,054       $     1,439,515      $ 14,761,692

                                                                                                                                             (Concluded)




Town of Canton, Massachusetts                                      Page 98 of 125                       Annual Comprehensive Financial Report

Source page 107

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 99 of 125            Annual Comprehensive Financial Report

Source page 108

INTERNAL SERVICE FUNDS

                                                               COMBINING STATEMENT OF NET POSITION
                                                                           JUNE 30, 2021

                                                                                                                                                  Total
                                                                Health                Workers'         Unemployment         Building              Internal
                                                                Claims              Compensation          Claims           Insurance           Service Funds
      Assets:

      Current assets:
       Cash and cash equivalents                           $     4,842,507      $            469       $     250,174   $        22,263     $       5,115,413
       Investments                                               4,789,901                     -                   -                 -             4,789,901
       Receivables, net of allowance for uncollectibles:
         Departmental and other                                    192,947                         -               -                   -             192,947
       Prepaid items                                               183,920                         -               -                   -             183,920
       Deposit held by third party                                  61,800                         -               -                   -              61,800

                     Total Current Assets                       10,071,075                   469             250,174            22,263            10,343,981

      Liabilities:

      Current liabilities:
       Warrants and accounts payable                               128,376                   860                   -                   -             129,236
       Health claims incurred but not reported                   1,127,863                     -                   -                   -           1,127,863

                     Total Current Liabilities                   1,256,239                   860                   -                   -           1,257,099

      Net Position:

        Unrestricted                                             8,814,836                   (391)           250,174            22,263             9,086,882

      TOTAL NET POSITION                                   $     8,814,836      $            (391)     $     250,174   $        22,263     $       9,086,882




Town of Canton, Massachusetts                                              Page 100 of 125                    Annual Comprehensive Financial Report

Source page 109

INTERNAL SERVICE FUNDS

                               COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
                                                  FISCAL YEAR ENDED JUNE 30, 2021

                                                                                                                            Total
                                                 Health            Workers'       Unemployment         Building       Internal Service
                                                 Claims          Compensation        Claims           Insurance            Funds

      Operating Revenues:
       Employee contributions                $    4,253,126     $            -    $          -    $               -   $    4,253,126
       Employer contributions                    11,741,150                  -         100,000                    -       11,841,150
       Stop loss reimbursements                   1,217,864                  -               -                    -        1,217,864

          Total Operating Revenues               17,212,140                  -         100,000                    -       17,312,140

      Operating Expenditures:
       Employee benefits                         16,474,152             2,023          146,617                    -       16,622,792

          Total Operating Expenditures           16,474,152             2,023          146,617                    -       16,622,792

          Operating Income (Loss)                  737,988              (2,023)        (46,617)                   -          689,348

      Nonoperating Revenues (Expenses):
       Investment Income                           248,530                134              435             1,045             250,144

      Income (Loss) Before Transfers               986,518              (1,889)        (46,182)            1,045             939,492

      Change in Net Position                       986,518              (1,889)        (46,182)            1,045             939,492

      Fund Balances - Beginning of Year           7,828,318             1,498          296,356            21,218           8,147,390

      Fund Balances - End of Year            $    8,814,836     $        (391)    $    250,174    $       22,263      $    9,086,882




Town of Canton, Massachusetts                                 Page 101 of 125             Annual Comprehensive Financial Report

Source page 110

INTERNAL SERVICE FUNDS

                                                                 COMBINING STATEMENT OF CASH FLOWS
                                                                   FISCAL YEAR ENDED JUNE 30, 2021



                                                                                                                                                 Total
                                                                       Health           Workers'       Umemployment          Building       Internal Service
                                                                       Claims         Compensation        Claims            Insurance            Funds

      Cash Flows From Operating Activities:
       Receipts from interfund services provided                   $    17,106,693    $           -    $     100,000    $               -   $    17,206,693
       Payments for interfund services used                            (15,283,245)          (1,513)        (146,617)                   -       (15,431,375)

          Net Cash Provided by (Used in) Operating Activities           1,823,448            (1,513)         (46,617)                   -        1,775,318

      Cash Flows From Investing Activities:
       Investment income                                                  248,530              134              435               1,045            250,144
       Investment of operating cash                                      (344,015)               -                -                   -           (344,015)

          Net Cash Provided By Investing Activities                        (95,485)            134              435               1,045             (93,871)

          Net Change in Cash and Cash Equivalents                       1,727,963            (1,379)         (46,182)             1,045          1,681,447

      Cash and Cash Equivalents:
        Beginning of the Year                                           3,114,544            1,848          296,356              21,218          3,433,966

        End of the Year                                            $    4,842,507     $        469     $    250,174     $        22,263     $    5,115,413

      Reconciliation of Operating Income (Loss) to Net Cash
       Provided by (Used in) Operating Activities:

       Operating income (loss)                                            737,988            (2,023)         (46,617)                   -          689,348

       Adjustments to reconcile operating income (loss) to net
         cash provided by (used in) operating activities:
            Changes in assets and liablities:
                 Receivables                                             (105,447)               -                 -                    -         (105,447)
                 Prepaid items                                            713,300                -                 -                    -          713,300
                 Accounts payable and accrued expenses                   (105,816)             510                 -                    -         (105,306)
                 Health claims incurred but not reported                  583,423                -                 -                    -          583,423

          Net Cash Provided by (Used in) Operating Activities      $    1,823,448     $      (1,513)   $     (46,617)   $               -   $    1,775,318




Town of Canton, Massachusetts                                             Page 102 of 125                  Annual Comprehensive Financial Report

Source page 111

STATISTICAL SECTION




        Above: The Copper Rolling Mill, the largest remaining structure within the Paul Heritage Site Park, site
        of the original Revere Copper Company. The building was recently renovated after decades of neglect.

        The ground floor of the preserved structure houses a restaurant, and the upper floor is home to Copper
        Mill Hall, a space used to preview exhibits of upcoming programs that will be housed in the Historic
        Barn and also serves as a venue for public and private programs and events.




Town of Canton, Massachusetts                     Page 103 of 125            Annual Comprehensive Financial Report

Source page 112

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Town of Canton, Massachusetts          Page 104 of 125                Annual Comprehensive Financial Report

Source page 113

Statistical Section
       This part of the comprehensive annual financial report presents information as a context for understanding
       what the information in the financial statements, note disclosures, and required supplementary
       information says about the Town’s overall financial health.

       Financial Trends

       These schedules contain trend information to help the reader understand how the Town’s financial
       performance and well-being have changed over time.

       Revenue Capacity

       These schedules contain information to help the reader assess the Town’s most significant local revenue
       source, the property tax.

       Debt Capacity

       These schedules present information to help the reader assess the affordability of the Town’s current
       levels of outstanding debt, and the Town’s ability to issue additional debt in the future.

       Demographic and Economic Information

       These schedules offer demographic and economic indicators to help the reader understand the
       environment within which the Town’s financial activities take place.

       Operating Information

       These schedules contain service and infrastructure data to help the reader understand how the information
       in the Town’s financial report relates to the services the Town provides and the activities it performs.



       Sources: Unless otherwise noted, the information in these schedules is derived from the financial
       statements for the relevant year.




Town of Canton, Massachusetts                      Page 105 of 125            Annual Comprehensive Financial Report

Source page 114

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Town of Canton, Massachusetts          Page 106 of 125                Annual Comprehensive Financial Report

Source page 115

NET POSITION BY COMPONENT

                                                                                                                                     LAST TEN FISCAL YEARS


                                                                       2012 (1)                 2013                    2014                 2015 (2)                2016                  2017                 2018 (3)               2019               2020             2021

     Governmental activities:
         Net investment in capital assets…………………………….
                                                   $ 63,962,326   $ 61,957,511                                    $    70,116,230        $    76,109,604        $ 78,591,436          $ 78,738,423          $ 81,317,923          $ 85,225,980      $    85,368,370    $ 85,708,813
         Restricted…………………………………………………………………………..      6,774,650     10,768,853                                         8,912,488              9,193,516            9,006,548            10,642,548            10,880,921            10,431,283          12,654,553       11,044,088
         Unrestricted………………………………………………………………         (8,796,940)   (14,921,000)                                      (23,682,247)           (57,308,073)         (55,970,281)          (57,041,754)          (86,179,993)          (97,227,078)        (92,984,331)     (83,683,692)

     Total governmental activities net position………………………………………..
                                                       $ 61,940,036                        $   57,805,364         $   55,346,471         $   27,995,047         $ 31,627,703          $ 32,339,217          $    6,018,851        $   (1,569,815)   $    5,038,592     $ 13,069,209

     Business-type activities:
          Net investment in capital assets…………………………….
                                                    $ 16,033,950                           $   16,381,614         $   15,743,697         $   16,386,618         $ 17,457,708          $ 18,785,822          $ 20,603,290          $ 23,248,847      $   28,388,654     $ 31,437,878
          Unrestricted……………………………………………………………….        4,362,212                                4,030,576              6,399,642              6,342,679            9,040,938             8,905,131             7,446,856             7,149,422           5,660,684        5,450,585

     Total business-type activities net position…………………………….
                                                         $ 20,396,162                      $   20,412,190         $   22,143,339         $   22,729,297         $ 26,498,646          $ 27,690,953          $ 28,050,146          $ 30,398,269      $   34,049,338     $ 36,888,463

     Primary government:
          Net investment in capital assets…………………………….
                                                    $ 79,996,276   $ 78,339,125                                   $    85,859,927        $    92,496,222        $ 96,049,144          $ 97,524,245          $ 101,921,213         $ 108,474,827     $ 113,757,024      $ 117,146,691
          Restricted……………………………………………………………………….        6,774,650     10,768,853                                        8,912,488              9,193,516            9,006,548            10,642,548            10,880,921            10,431,283        12,654,553         11,044,088
          Unrestricted……………………………………………………………          (4,434,728)   (10,890,424)                                     (17,282,605)           (50,965,394)         (46,929,343)          (48,136,623)          (78,733,137)          (90,077,656)      (87,323,647)       (78,233,107)

     Total primary government net position………………………………………………….
                                                    $ 82,336,198 $                             78,217,554         $   77,489,810         $   50,724,344         $ 58,126,349          $ 60,030,170          $ 34,068,997          $ 28,828,454      $   39,087,930     $ 49,957,672

     (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 other postemployment liability. This resulted in a prior period restatement decreasing governmental activities and business-type beginning balances by
         $28,907,860 and $1,180,102, respectively, as of July 1, 2017.




Town of Canton, Massachusetts                                                                                                      Page 107 of 125                                                                         Annual Comprehensive Financial Report

Source page 116

CHANGES IN NET POSITION

                                                                                                                                        LAST TEN FISCAL YEARS


                                                                                    2012                  2013                   2014                   2015                 2016 (1)                  2017 (1)         2018 (1)          2019 (1)          2020 (1)          2021 (1)

   Expenses -
   Governmental activities:
       General government…...……………………………………………………   $ 5,898,196  $ 5,809,111                                               $     6,231,894        $     5,683,805        $    5,764,062         $       5,965,196   $     5,578,489   $     6,597,325   $     6,967,692   $     9,078,637
       Public safety…..………………………………………………………………       15,490,670   16,060,024                                                   16,660,306             15,312,760            16,584,359                17,532,705        19,250,042        20,028,852        20,016,807        19,806,196
       Education……..………………………………………………………………….        58,649,480   61,782,205                                                   64,153,101             54,772,830            60,963,021                68,325,037        70,396,176        72,945,712        74,489,136        79,983,691
       Public works……...……………………………………………………………….      5,703,015    6,286,770                                                    6,419,350              7,227,459             7,581,355                 7,658,668         7,911,117         8,254,354         8,039,489         8,580,554
       Health and human services……………...…………………………………………………………….
                                                       1,221,862    1,314,086                                                    1,346,871              1,609,060             1,536,513                 1,684,833         1,635,120         1,598,126         1,620,371         1,622,066
       Culture and recreation………...…………………………………………………………..
                                                       2,944,861    2,985,722                                                    3,123,867              3,006,143             3,698,331                 3,683,115         3,768,025         4,763,997         3,868,895         3,503,774
       Interest…………………………………………………………………… 1,664,859                 1,668,538                                                    1,557,660                722,667               672,768                   636,035           659,834           595,390           638,638           660,193

   Total government activities expenses……………………………………..                            91,572,943            95,906,456             99,493,049             88,334,724            96,800,409             105,485,589         109,198,803       114,783,756       115,641,028       123,235,111

   Business-type activities:
        Water……………………………………………………………………                                             5,456,431             5,853,408              5,225,383              5,253,139             5,692,320                 6,141,278         7,105,456         6,656,972         7,398,151         6,323,100
        Sewer……………………………………………………………………                                             5,084,191             5,173,053              5,366,166              5,416,303             5,925,780                 6,191,663         6,275,549         6,415,007         6,473,346         6,652,823
        Rink……………………………………………………………………                                                496,394               390,072                353,666                405,752                79,670                    61,792            13,498            15,301            47,458           301,885

   Total business-type activities expenses……………………………………..                         11,037,016            11,416,533             10,945,215             11,075,194            11,697,770                12,394,733        13,394,503        13,087,280        13,918,955        13,277,808

   Total primary government expenses……………………………………….                           $ 102,609,959         $ 107,322,989         $ 110,438,264          $    99,409,918        $ 108,498,179          $ 117,880,322       $ 122,593,306     $ 127,871,036     $ 129,559,983     $ 136,512,919

   Program Revenues -
   Governmental activities:
        Charges for services:
         General government………………………………………………… $              325,814                                $      554,773        $       978,216        $       881,979        $      776,450         $         563,303   $       629,653   $     1,072,993   $       527,241   $       689,037
         Public safety……………………………………………………………….. 2,292,477                                                2,790,608              2,595,617              2,908,421             3,123,869                 2,778,390         3,575,574         3,553,243         4,102,459         4,476,260
         Education……………………………………………………………….                 2,155,031                                     2,253,878              2,632,798              2,640,969             2,788,752                 2,328,949         2,463,638         2,402,968         1,680,802           880,649
         Public works………………………………………………………………. 125,694                                                      210,642                227,108                281,025               316,164                   267,218           308,449           293,344           251,233           325,153
         Human services………………………………………………………………. 66,462                                                      85,978                 91,484                151,953                97,633                   101,977           107,678            95,143            96,066            51,869
         Culture and recreation……………………………………………………… 528,937                                                396,771                359,497                399,396               468,374                   460,175           436,273           490,079           269,575           219,549
        Operating grants and contributions……………………………………   16,776,734                                    16,961,153             18,811,622             13,609,976            15,841,950                18,253,254        19,405,225        20,992,327        23,414,891        29,450,495
        Capital grants and contributions………………………………………….. 1,659,561                                        550,999                611,930              2,832,069             1,562,827                   922,822         2,293,126           795,169         2,963,184         1,694,958

   Total government activities program revenues...……………………………..                    23,930,710            23,804,802             26,308,272             23,705,788            24,976,019                25,676,088        29,219,616        29,695,266        33,305,451        37,787,970

   Business-type activities:
        Charges for services - Water…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
                                                           6,672,927 6,702,942 6,943,731 7,011,223 7,084,917 6,929,539 7,186,664 6,631,764 7,007,031                                                                                                                            7,533,763
        Charges for services - Sewer…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
                                                           5,227,905 5,344,425 6,045,829 6,559,894 6,517,066 6,560,287 7,143,471 6,798,905 6,960,457                                                                                                                            7,320,462
        Charges for services - Rink…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
                                                             446,111   431,671   429,555   367,098         -         -         -         -         -                                                                                                                              166,875
        Capital grant and contributions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
                                                                   -         -   463,500         -         -         -     5,625   450,000 2,515,469                                                                                                                              204,450
        Operating grants and contributions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
                                                                   -         -     6,250    37,338     2,093    80,960         -         -         -                                                                                                                              150,000

   Total business-type activities program revenues……………………………………..
                                                               12,346,943                                12,479,038             13,888,865             13,975,553            13,604,076                13,570,786        14,335,760        13,880,669        16,482,957        15,375,550

   Total primary government program revenues……………………………………….
                                                         $ 36,277,653                                $ 36,283,840          $    40,197,137        $    37,681,341        $ 38,580,095           $      39,246,874   $    43,555,376   $    43,575,935   $    49,788,408   $    53,163,520

   Net (Expense)/Program Revenue
        Governmental activities……………………....……………………………..
                                                      $ (67,642,233)                                 $ (72,101,654)        $ (73,184,777)         $ (64,628,936)         $ (71,824,390)         $ (79,809,501)      $ (79,979,187)    $ (85,088,490)    $ (82,335,577)    $ (85,447,141)
        Business-type activities……………………....…………………………….. 1,309,927                                      1,062,505             2,943,650              2,900,359              1,906,306              1,176,053             941,257           793,389         2,564,002         2,097,742

   Total primary government net (expense)/program revenue……………………………………….
                                                                 $ (66,332,306)                      $ (71,039,149)        $ (70,241,127)         $ (61,728,577)         $ (69,918,084)         $ (78,633,448)      $ (79,037,930)    $ (84,295,101)    $ (79,771,575)    $ (83,349,399)

    (1) The roof of the Rink partially collapsed due to storm damage which has temporarily suspended operations from 2015 to 2021 and has led to a decrease in activity in the Rink Enterprise fund.                                                                      (continued)




Town of Canton, Massachusetts                                                                                                           Page 108 of 125                                                                       Annual Comprehensive Financial Report

Source page 117

CHANGES IN NET POSITION

                                                                                                         LAST TEN FISCAL YEARS


                                                                      2012             2013             2014              2015              2016            2017             2018             2019             2020             2021

    General Revenues and other Changes in Net Position -
    Governmental activities:
        Real estate and personal property taxes,
          net of tax refunds payable…………………………………………………. $ 54,892,887                  $ 56,128,582 $ 58,966,309 $ 61,423,003 $ 63,720,607 $ 67,168,983  $ 72,087,049 $ 74,151,256  $ 79,891,756                           $ 83,971,060
        Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
                                                                               349,982      597,670      421,708      591,950      213,952      204,512       220,189      301,286        91,185                                586,103
        Motor vehicle excise taxes…………………………………………………… 3,286,609                          3,101,266    3,914,171    3,380,408    4,385,878    4,376,168     4,581,480    4,707,385     4,906,443                              4,931,089
        Penalties and interest on taxes……………………………………………..                     305,814      263,511      323,695      344,012      310,740      254,164       314,625      364,795       240,078                                382,088
        Payments in lieu of taxes………………………………………………………………                      199,225      219,205      224,311      214,543      222,149      225,405       231,040      236,816       254,165                                281,830
        Hotel and meals taxes………………………………………………………………                                -       38,309      460,905      568,317      581,621      601,227       593,076      603,821       568,692                                421,813
        Grants and contributions not restricted to specific programs………………………………………………………………
                                                                             2,201,430    2,026,227    2,202,728    2,776,692    2,213,169    2,013,767     2,099,870    2,180,123     2,315,718                              2,316,820
        Unrestricted investment income…………………………………………….                       195,037      166,466      201,635      194,375      218,877      246,862       359,644      521,199     1,641,176                              1,167,109
        Insurance recoveries………………………………………………………………                                 -            -            -            -            -    2,190,705             -            -             -                                      -
        Miscellaneous………………………………………………………………                                  471,501      382,614      188,275            -            -            -             -            -             -                                      -
        Transfers………………………………………………………………                                    1,101,525    1,166,968    1,063,245    1,232,584            -   (1,824,747)       34,042     (500,000)     (965,229)                              (690,607)

    Total governmental activities…………………………………………………………………
                                                       63,004,010                    64,090,818       67,966,982         70,725,884        71,866,993     75,457,046        80,521,015      82,566,681        88,943,984       93,367,305

    Business-type activities:
         Unrestricted investment income…………………………………………….                     -                -           16,768            20,083           27,019          38,296            50,296          98,038          121,838           50,776
         Transfers………………………………………………………………                           (1,101,525)      (1,166,968)      (1,063,245)       (1,232,584)               -       1,824,747           (34,042)        500,000          965,229          690,607

    Total business-type activities….………..…………………………………..             (1,101,525)      (1,166,968)      (1,046,477)       (1,212,501)          27,019       1,863,043           16,254          598,038         1,087,067         741,383

    Total primary government general revenues and other
          changes in net position………………………………………………….             $ 61,902,485     $ 62,923,850     $ 66,920,505     $ 69,513,383      $ 71,894,012     $ 77,320,089    $ 80,537,269      $ 83,164,719    $ 90,031,051     $ 94,108,688

    Changes in Net Position
    Governmental activities……………………....……………………………..              $ (4,638,223)    $ (8,010,836)    $ (5,217,795)    $    6,096,948    $       42,603   $ (4,352,455)   $     541,828     $ (2,521,809)   $    6,608,407   $    7,920,164
    Business-type activities……………………....……………………………..                  208,402         (104,463)       1,897,173          1,687,858         1,933,325      3,039,096          957,511        1,391,427         3,651,069        2,839,125

    Total primary government changes in net position……………………………………….
                                                                 $ (4,429,821)     $ (8,115,299)    $ (3,320,622)    $    7,784,806    $    1,975,928   $ (1,313,359)   $    1,499,339    $ (1,130,382)   $ 10,259,476     $ 10,759,289

                                                                                                                                                                                                                           (concluded)




Town of Canton, Massachusetts                                                                           Page 109 of 125                                                         Annual Comprehensive Financial Report

Source page 118

FUND BALANCES - GOVERNMENTAL FUNDS

                                                                                               LAST TEN FISCAL YEARS


                                                2012             2013             2014              2015              2016              2017              2018                2019              2020              2021

    General Fund:
      Nonspendable……………………………….$                        -   $           -     $           -    $            -    $            -    $            -    $        7,252      $       15,376    $      115,915    $            -
      Restricted……………………………….                   6,033,902       5,483,092         5,160,240                 -                 -                 -                 -              15,918                 -                 -
      Committed……………………………..                      202,643         328,343           470,608           358,148           364,246           886,722           923,152           1,026,447         1,148,811         1,108,984
      Assigned……………………………..                     1,165,952         456,548           361,035           893,993           793,408         1,846,942           876,862           1,599,273         1,354,167         4,872,726
      Unassigned……………………………                     5,825,529       7,118,096         8,276,920         9,815,657        11,430,875        12,961,775        16,128,195          17,224,537        19,686,713        22,078,763

    Total general fund……………………………..$ 13,228,026             $ 13,386,079      $ 14,268,803     $ 11,067,798      $ 12,588,529      $ 15,695,439      $ 17,935,461        $ 19,881,551      $ 22,305,606      $ 28,060,473

    All Other Governmental Funds:
       Nonspendable……………………………….$    394,385                $      404,785    $     419,585    $      432,785    $      445,985    $      471,585    $      489,185      $      511,185    $      554,785    $      573,985
       Restricted……………………………….     6,504,706                     7,000,533        8,707,938        11,544,545        10,939,315        10,584,773        11,869,527          14,510,055        16,302,552        15,653,910
       Unassigned……………………………      (1,301,454)                   (1,735,507)        (468,758)       (1,187,828)         (632,310)       (2,674,755)         (156,123)           (117,756)         (412,455)         (367,502)

    Total all other governmental funds……………..
                                           $    5,597,637   $   5,669,811     $   8,658,765    $ 10,789,502      $ 10,752,990      $    8,381,603    $ 12,202,589        $ 14,903,484      $ 16,444,882      $ 15,860,393




Town of Canton, Massachusetts                                                                      Page 110 of 125                                                     Annual Comprehensive Financial Report

Source page 119

CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS

                                                                                                  LAST TEN FISCAL YEARS


                                                             2012           2013              2014            2015             2016               2017               2018              2019              2020               2021

       Revenues:
           Property taxes, net of tax refunds…………………………………………………….
                                                              $ 55,345,629 $ 56,246,748 $ 59,063,932 $ 61,544,401 $ 63,767,588 $ 67,223,724 $ 71,943,571 $ 74,255,762 $ 78,939,407 $ 84,820,110
           Tax title…………………………………………………………………………….                 224,631      371,909      219,962      782,539      351,721      147,456      172,988      297,266      235,221      221,451
           Motor vehicle and other excise taxes…………………………………………  3,289,549    3,165,288    3,473,978    3,714,753    4,119,643    4,555,904    4,505,384    4,703,198    4,560,311    5,057,570
           Hotel and meals taxes…………………………………………………… -                           38,309      460,905      568,317      581,621      601,227      593,076      603,821      568,692      421,813
           Charges for services………………………………………………………             1,704,553    1,598,646    1,474,669    1,580,929    1,627,494    1,747,854    2,028,754    2,108,925    1,725,842    1,128,924
           Penalties and interest on taxes………………………………………305,814                263,511      323,695      344,012      310,740      254,164      314,625      364,795      240,078      382,088
           Payments in lieu of taxes…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
                                                                   199,225      219,205      224,311      214,543      222,149      225,405      231,040      236,816      254,165      281,830
           Fines and forfeitures…………………………………………… 165,051                       134,626      109,411      141,311      113,467      119,540       92,821      114,905       54,683       53,018
           Intergovernmental……………………………………………………..              17,825,334   20,571,148   19,712,460   20,403,915   16,564,548   19,102,008   20,785,945   22,693,271   27,275,657   32,930,006
           Intergovernmental - school construction grants……………………………………..-            -            -            -    1,206,545            -            -      600,762            -            -
           Departmental and other……………………………………………….             2,768,345    2,971,011    3,456,976    4,073,470    4,119,749    4,506,265    3,539,653    4,423,606    5,020,499    3,911,882
           Licenses and permits………………………………………..                   646,450      912,233    1,043,909      817,829    1,282,441    1,035,070    1,142,116    1,235,156    1,422,462    1,944,522
           Contributions…………………………………………………………….                   362,965      349,244      398,308    2,146,011    1,245,410      488,456      857,270      482,910      422,661      407,235
           Investment income………………………………………………………..                167,170      141,807      142,946      163,941      171,180      198,226      301,356      456,202    1,406,002      916,965

               Total Revenue…………………………………………………
                                             83,004,716                    86,983,685        90,105,462     96,495,971        95,684,296        100,205,299        106,508,599       112,577,395       122,125,680        132,477,414

       Expenditures:
           General government…………………………………………………………….
                                                    4,062,501  3,811,225  3,905,506  4,255,876  3,980,026  3,936,471  3,938,757  3,480,942  4,970,542  7,045,493
           Public safety………………………………………………………………    9,427,684  9,579,726 10,087,953 10,630,184 10,724,190 11,138,061 11,386,263 12,781,717 13,794,925 13,921,079
           Education…………………………………………………………………      36,008,019 35,975,887 37,524,669 39,417,729 40,479,930 42,896,291 44,863,583 47,531,743 51,595,264 53,745,167
           Public works……………………………………………………………..    4,353,404  3,845,990  4,449,435  4,503,498  5,515,513  5,592,699  5,494,358  5,665,258  5,803,062  6,367,394
           Health and human services…………………………………………………………..
                                                      805,351    861,386    853,534    892,603  1,182,773  1,106,152  1,152,349  1,105,044  1,093,693  1,060,440
           Culture and recreation…………………………………………………1,830,239  1,818,050  1,793,002  1,880,085  2,062,646  2,647,844  2,493,339  2,587,654  2,700,234  2,350,181
           Pension benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
                                                   11,104,953 11,325,041 11,733,329 11,915,349  7,321,245  9,802,225 12,480,279 13,538,094 16,800,589 18,871,543
           Employee benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
                                                    9,973,437 10,403,739 10,327,387 11,152,708 11,675,327 11,482,452 12,083,049 13,061,838 13,448,532 13,699,142
           State and county charges………………………………………… 849,149      874,821    959,538    959,868    944,583    927,338    995,573  1,015,303  1,186,662  1,424,853
           Capital outlay and other……………………………………………………………….
                                                    3,771,064  6,577,524  2,369,095  2,930,119  8,445,932  6,844,641  5,203,195  5,138,643  8,496,602  3,650,678
           Debt service:
              Principal………………………………………………………………     4,029,141  4,306,220  4,385,178  4,520,404  3,819,900  3,931,624  3,821,850  3,871,933  3,884,816  4,370,415
              Interest…………………………………………………………………….   1,838,977  1,661,391  1,677,804  1,619,994  1,166,454  1,061,042    970,237    995,903    957,771  1,074,194

           Total Expenditures………………………………………………………..
                                               88,053,919                  91,041,000        90,066,430     94,678,417        97,318,519        101,366,840        104,882,832       110,774,072       124,732,692        127,580,579

           Excess of revenues over (under) expenditures…………………………………………………
                                                              (5,049,203) (4,057,315)           39,032       1,817,554        (1,634,223)        (1,161,541)         1,625,767         1,803,323        (2,607,012)         4,896,835

       Other Financing Sources (Uses):
            Issuance of refunding bonds…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
                                                        5,398,612           -           -   15,185,400           -     515,000   1,596,000     414,000           -   2,060,000
            Payments of refunded bonds……………………………………………………………..
                                                       (5,540,000)          -           -  (21,739,649)          -    (526,148) (1,619,000)   (446,000)          -  (2,305,382)
            Issuance of bonds and notes………………...…………………………………………
                                                        1,964,388   2,932,908   2,603,159      175,000   2,861,150   1,367,000   5,455,000   1,792,000   7,700,000     742,000
            Premium from bonds and notes………………...…………………………………………
                                                          261,192     136,455     166,242    2,258,843     153,042      11,148     305,990     246,871     969,603     357,079
            Capital lease financing…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
                                                           62,192      51,211           -            -     104,250           -           -           -           -           -
            Insurance recoveries………………………………………………………………………………  -           -           -            -           -   2,354,811           -           -           -           -
            Transfers in………………………………………………………………………………  2,865,322   2,854,525   3,835,589    3,988,699   1,856,376   2,294,746   2,421,242   2,829,878   2,845,110   1,963,219
            Transfers out…………………………………………………………………………… (1,513,797) (1,687,557) (2,772,344)  (2,756,115) (1,856,376) (4,119,493) (2,387,200) (3,329,878) (3,810,339) (2,653,826)

       Total other financing sources (uses)…………………………………………………………………..
                                                         3,497,909 4,287,542                  3,832,646     (2,887,822)        3,118,442          1,897,064          5,772,032         1,506,871         7,704,374           163,090

       Net change in fund balance………………………………………………………………….
                                                $ (1,551,294) $ 230,227                  $    3,871,678   $ (1,070,268)   $    1,484,219    $      735,523     $     7,397,799   $     3,310,194   $     5,097,362    $     5,059,925

       Debt service as a percentage of noncapital expenditures……………………………………………….
                                                                      6.96%   7.07%               6.91%          6.69%             5.61%              5.28%              4.81%             4.61%             4.17%              4.39%




Town of Canton, Massachusetts                                                                        Page 111 of 125                                                         Annual Comprehensive Financial Report

Source page 120

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            Direct
      Year             Value                   Value                 Value                Property                Value                  Value                Value                  Value            Tax Rate       Tax Rate            Tax Rate

      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
      2019          3,824,234,297             557,405,693           426,392,980           181,040,100           1,164,838,773        4,989,073,070         5,111,198,800               97.61%               12.40            25.77           15.52
      2020          4,013,357,852             583,890,748           450,496,780           188,409,290           1,222,796,818        5,236,154,670         5,111,198,800              102.44%               12.23            25.42           15.31
      2021          4,215,106,958             633,577,432           508,267,600           238,049,450           1,379,894,482        5,595,001,440         5,664,784,600               98.77%               12.20            24.29           15.18




                                                                                            Commercial Value as % of Total Value
                                                          26.0%

                                                          24.0%

                                                          22.0%

                                                          20.0%

                                                          18.0%

                                                          16.0%
                                                                      2012         2013         2014         2015          2016         2017         2018         2019         2020         2021



               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                                                                                   Page 112 of 125                                                           Annual Comprehensive Financial Report