Canton, Massachusetts · Saved source text
2009 Comprehensive Annual Financial Report (PDF)
Saved text from 120 source pages. Transcription and OCR may contain errors; verify figures and wording against the original. Retrieved 2026-10-15.
Source page 81
OTHER POST-EMPLOYMENT BENEFIT PLAN
ACTUARIAL METHODS AND ASSUMPTIONS
FISCAL YEAR ENDED JUNE 30, 2009
Actuarial Methods:
Valuation date January 1, 2009
Actuarial cost method Projected Unit Credit
Amortization method Level dollar amount over a 30 year period at transition
Remaining amortization period 30 years as of June 30, 2009, closed basis
Actuarial Assumptions:
Investment rate of return 4.25% for an unfunded plan
Medical/drug cost trend rate 10% graded to 5% over 10 years
Plan Membership:
Current retirees, beneficiaries, and dependents 545
Current active members 604
Total 1,149
See notes to required supplementary information.
Town of Canton, Massachusetts 73 Comprehensive Annual Financial ReportSource page 82
Notes to Required Supplementary Information Fiscal Year Ended June 30, 2009
NOTE A – BUDGETARY BASIS OF ACCOUNTING
Notes to Required Supplementary Information
A. Budgetary Information
Municipal Law requires the adoption of a balanced budget that is approved by the Finance Committee
(Committee). The Committee presents an annual budget to the Open Town Meeting, which includes estimates of
revenues and other financing sources and recommendations of expenditures and other financing uses. The
Town, which has full authority to amend and/or reject the budget or any line item, adopts the expenditure budget
by majority vote at the Annual Town Meeting. Changes subsequent to the approved annual budget require
majority vote at a Special Town Meeting.
The majority of the Town’s appropriations are non-continuing, which lapse at the end of each fiscal year. Others
are continuing appropriations for which the governing body has authorized that an unspent balance from a prior
fiscal year be carried forward and made available for spending in the current fiscal year. These carry forwards
are included as part of the subsequent fiscal year’s original budget.
Generally, expenditures may not exceed the legal level of spending authorized for an appropriation account.
However, the payment of debt service is statutorily required, regardless of whether such amounts are
appropriated. Additionally, expenditures for disasters, natural or otherwise, and final claims and judgments may
exceed the level of spending authorized by two-thirds majority vote at a special town meeting.
The Town adopts an annual budget for the general fund in conformity with the guidelines described above. The
fiscal year 2009 final budget includes approximately $67,447,000 in current year authorized appropriations and
other amounts to be raised.
The Town Accountant has the responsibility to ensure that budgetary control is maintained in the manner in which
the appropriations were voted at Town Meeting. Budgetary control is exercised through the Town’s accounting
system.
B. Budgetary – GAAP Reconciliation
For budgetary financial reporting purposes, the Uniform Municipal Accounting System basis of accounting
(established by the Commonwealth) is followed, which differs from the GAAP basis of accounting. A
reconciliation of budgetary-basis to GAAP-basis results for the general fund for the fiscal year ended June 30,
2009, is presented as follows:
Net change in fund balance, budgetary basis…………………… $ 6,079,039
Basis of accounting differences:
Net change in recording 60-day receipts……………………… 28,534
Net change in recording tax refunds payable…………………… (397,000)
Recognition of revenue for on-behalf payment………………… 7,222,254
Recognition of expenditure for on-behalf payment…………… (7,222,254)
Net change in fund balance, GAAP basis…………………………$ 5,710,573
C. Appropriation Deficits
At June 30, 2009 there were no expenditures that exceeded budgeted appropriations.
Town of Canton, Massachusetts 74 Comprehensive Annual Financial ReportSource page 83
Notes to Required Supplementary Information Fiscal Year Ended June 30, 2009
NOTE B – PENSION PLAN
The Town contributes to the Norfolk County Contributory Retirement System ("Retirement System"), a cost-
sharing, multiple-employer defined benefit pension plan ("Plan") administered by the Norfolk County Retirement
Board. The Retirement System provides retirement, disability and death benefits to members and beneficiaries.
Chapter 32 of the MGL assigns authority to establish and amend benefit provisions of the Plan. Plan members
are required to contribute to the Retirement System at rates ranging from 5% to 11% of annual covered
compensation. The Town is required to pay into the Retirement System its share of the system wide actuarially
determined contribution which is apportioned among the employers based on active covered payroll.
The schedule of funding progress, presented as required supplementary information, presents multiyear trend
information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the
actuarial accrued liability for benefits. Additionally, the schedule of employer contributions, presented as required
supplementary information, presents multiyear trend information for required and actual contributions relating to
the cost-sharing plan as a whole, of which the Town is one participating employer, as well as the Town’s
proportionate share of the plan’s annual contributions. This information is designed to be helpful for
understanding the scale of the information presented relative to the Town.
The following actuarial methods and assumptions were used in the Retirement System’s most recent actuarial
valuation:
Actuarial Methods and Assumptions:
Valuation Date………………………………January 1, 2008
Actuarial Cost Method………………………Entry Age Normal Cost Method
Amortization Method………………………… Increasing at 4.5% per year, level dollar for ERI liability for certain units
Remaining Amortization Period……………20 years remaining as of January 1, 2008, closed basis
Asset Valuation Method……………………The actuarial value of assets is determined by projecting the actuarial
value of assets as of the beginning of the prior plan year with the
assumed rate of return during that year (8.5%) and accounting
for deposits and disbursements with interest at the assumed rate of
return. An adjustment is then applied to recognize the difference
between the actual investment return and expected return over
a five year period. This preliminary actuarial value is not allowed to
differ from the market value of assets by more than 20%.
Actuarial Assumptions:
Investment rate of return………………… 8.50%
Projected salary increases……………… 4.00%
Cost of living adjustments…………………3.0% of the lesser of the pension amount and $12,000 per year
Plan Membership:
Retired participants and beneficiaries receiving benefits…… 2,495
Inactive participants……………………………………………… 2,043
Disabled…………………………………………………………… 299
Active participants………………………………………………… 5,832
Total………………………………………………………………… 10,669
Town of Canton, Massachusetts 75 Comprehensive Annual Financial ReportSource page 84
Notes to Required Supplementary Information Fiscal Year Ended June 30, 2009 NOTE C – OTHER POST-RETIREMENT BENEFITS The Town of Canton administers a single-employer defined benefit healthcare plan (“the Retiree Health Plan”). The plan provides lifetime healthcare for eligible retirees and their spouses through the Town’s health insurance plan, which covers both active and retired members, including teachers. The Town currently finances its other post-employment benefits (OPEB) on a pay-as-you-go basis. As a result, the funded ratio (actuarial value of assets expressed as a percentage of the actuarial accrued liability) is 0%. In accordance with Governmental Accounting Standards, the Town has recorded its OPEB cost equal to the actuarial determined annual required contribution (ARC) which includes the normal cost of providing benefits for the year and a component for the amortization of the total unfunded actuarial accrued liability of the plan. The Schedule of Funding Progress presents multi-year trend information which compares, over time, the actuarial accrued liability for benefits with the actuarial value of accumulated plan assets. Projections of benefits for financial reporting purposes are based on the substantive plan and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. The Schedule of Actuarial Methods and Assumptions presents factors that significantly affect the identification of trends in the amounts reported. Town of Canton, Massachusetts 76 Comprehensive Annual Financial Report
Source page 85
Combining Statements Combining Statements Town of Canton, Massachusetts 77 Comprehensive Annual Financial Report
Source page 86
Nonmajor Governmental Funds Special Revenue Funds Special revenue funds are used to account for the proceeds of specific revenue sources (other than permanent funds or capital project funds) that are restricted by law or administrative action to expenditures for specified purposes. The Town’s special revenue funds are grouped into the following categories: School Lunch – This fund is used to account for the activity of the school lunch program, which includes charges for services and state and federal reimbursements for meals served. Private Grants – This fund is used to account for grant funds received from private organizations that are to be used to fund various governmental programs. Town Revolving Funds – This fund is used to account for the non-school related activity of revolving funds established in accordance with MGL Chapter 44, Section 53E ½ and other applicable statutes. School Revolving Funds – This fund is used to account for the school department’s revolving funds established in accordance with MGL Chapter 44, Section 53E ½ and Chapter 71. Recreation – This fund is used to account for self-supporting recreational programs and activities. Stabilization – This fund is used to account for the accumulation of resources to provide general and/or capital reserves. Ambulance – This fund is used to account for the fees generated by the operations of the fire department’s ambulance service that are designated to fund and supplement specific operating costs of the department. Town Grants – This fund is used to account for grant funds received from state and federal governments which are designated for specific non-school related programs. School Grants – This fund is used to account for grant funds received from state and federal governments which are designated for specific school related programs. State Fiscal Stabilization Fund – Recovery Act – This fund is used to account for the federal funds passed through the state to stabilize local education expenditures. Other Departmental Funds – This fund is used to account for the activity of donated funds, public safety details, and other receipts reserved for future appropriation. Town of Canton, Massachusetts 78 Comprehensive Annual Financial Report
Source page 87
Capital Projects Funds Capital projects funds are used to account for financial resources to be used for the acquisition, construction or improvement of major capital facilities and equipment (other than those financed by enterprise funds). Such resources are derived principally from proceeds of general obligation bonds and grants. The capital projects funds are grouped into the following categories: Building Improvements – This fund is used to account for the construction and renovation of various buildings. Public Works Improvements – This fund is used to account for roadway, drainage and landfill improvements that are not funded by the Roadway Improvements special revenue fund. Equipment – This fund is used to account for the acquisition of capital equipment that are not funded by operating budgets. High School Construction – This fund is used to account for the residual funds of the new high school project. 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 associated with cemetery care and maintenance. Library Trust Funds – This fund accounts for gifts, bequests and contributions held for which only earnings may be expended for purposes specified by the donor in relation to library activities. Other Municipal Trust Funds – This fund accounts for all non cemetery and library related gifts, contributions and bequests for which only earnings may be expended to benefit the government. Town of Canton, Massachusetts 79 Comprehensive Annual Financial Report
Source page 88
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2009
Special Revenue Funds
School Private Town School
ASSETS Lunch Grants Revolving Revolving
Cash and cash equivalents……………………………………$ 415,654 $ 2,212,768 $ 244,218 $ 610,712
Investments……………………………………………………… - - - -
Receivables, net of uncollectibles:
Departmental and other…………………………………… - - - -
Due from other funds…………………………………………… - - - -
TOTAL ASSETS…………………………………………………$ 415,654 $ 2,212,768 $ 244,218 $ 610,712
LIABILITIES AND FUND BALANCES
LIABILITIES:
Warrants payable……………………………………………$ 23,027 $ - $ 5,029 $ 4,080
Accrued payroll……………………………………………… 26,306 - - 63,951
Other liabilities……………………………………………… - - 6,291 -
Deferred revenues………………………………………… - - - -
Notes payable……………………………………………… - - - -
TOTAL LIABILITIES…………………………………………… 49,333 - 11,320 68,031
FUND BALANCES:
Reserved for:
Perpetual permanent funds…………………………… - - - -
Unreserved:
Undesignated, reported in:
Special revenue funds……………………………… 366,321 2,212,768 232,898 542,681
Capital projects funds……………………………… - - - -
Permanent funds…………………………………… - - - -
TOTAL FUND BALANCES…………………………………… 366,321 2,212,768 232,898 542,681
TOTAL LIABILITIES AND FUND BALANCES………………$ 415,654 $ 2,212,768 $ 244,218 $ 610,712
Town of Canton, Massachusetts 80 Comprehensive Annual Financial ReportSource page 89
State Fiscal
Town School Stabilization Fund - Other
Recreation Stabilization Ambulance Grants Grants Recovery Act Departmental Sub-total
$ 49,461 $ 3,079,751 $ 870,288 $ 134,779 $ 224,423 $ - $ 970,877 $ 8,812,931
- 22,345 - - - - 1,429,487 1,451,832
- - 214,255 - - - - 214,255
- - - - - - 144,800 144,800
$ 49,461 $ 3,102,096 $ 1,084,543 $ 134,779 $ 224,423 $ - $ 2,545,164 $ 10,623,818
$ 13,864 $ - $ - $ 20,400 $ 4,662 $ - $ 269,365 $ 340,427
6,136 - - 1,933 75,800 - 12,665 186,791
- - - - - - 5,456 11,747
- - 214,255 - - - - 214,255
- - - - - - - -
20,000 - 214,255 22,333 80,462 - 287,486 753,220
- - - - - - - -
29,461 3,102,096 870,288 112,446 143,961 - 2,257,678 9,870,598
- - - - - - - -
- - - - - - - -
29,461 3,102,096 870,288 112,446 143,961 - 2,257,678 9,870,598
$ 49,461 $ 3,102,096 $ 1,084,543 $ 134,779 $ 224,423 $ - $ 2,545,164 $ 10,623,818
(Continued)
Town of Canton, Massachusetts 81 Comprehensive Annual Financial ReportSource page 90
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2009
Capital Projects
Public High
Building Works School
ASSETS Improvements Improvements Equipment Construction Sub-total
Cash and short-term investments……………………… $ 367,486 $ 232,064 $ 84,443 $ 394,198 $ 1,078,191
Investments………………………………………………… - - - - -
Receivables, net of uncollectibles: -
Departmental and other……………………………… - - - - -
Due from other funds……………………………………… - - - - -
TOTAL ASSETS……………………………………………$ 367,486 $ 232,064 $ 84,443 $ 394,198 $ 1,078,191
LIABILITIES AND FUND BALANCES
LIABILITIES:
Warrants payable………………………………………$ 3,050 $ - $ 76 $ - $ 3,126
Accrued payroll………………………………………… - - - - -
Other liabilities………………………………………… - - - - -
Deferred revenues…………………………………… - - - - -
Notes payable………………………………………… 1,317,000 225,000 209,000 - 1,751,000
TOTAL LIABILITIES……………………………………… 1,320,050 225,000 209,076 - 1,754,126
FUND BALANCES:
Reserved for:
Perpetual permanent funds……………………… - - - - -
Unreserved:
Undesignated, reported in:
Special revenue funds………………………… - - - - -
Capital projects funds………………………… (952,564) 7,064 (124,633) 394,198 (675,935)
Permanent funds……………………………… - - - - -
TOTAL FUND BALANCES……………………………… (952,564) 7,064 (124,633) 394,198 (675,935)
TOTAL LIABILITIES AND FUND BALANCES………… $ 367,486 $ 232,064 $ 84,443 $ 394,198 $ 1,078,191
Town of Canton, Massachusetts 82 Comprehensive Annual Financial ReportSource page 91
Permanent Funds Total
Cemetery Library Other Nonmajor
Trust Trust Municipal Governmental
Funds Funds Trust Funds Sub-total Funds
$ 52,248 $ 172,617 $ 258,618 $ 483,483 $ 10,374,605
298,993 17,177 - 316,170 1,768,002
- - - - 214,255
- - - - 144,800
$ 351,241 $ 189,794 $ 258,618 $ 799,653 $ 12,501,662
$ - $ 687 $ 791 $ 1,478 $ 345,031
- - 832 832 187,623
- - - - 11,747
- - - - 214,255
- - - - 1,751,000
- 687 1,623 2,310 2,509,656
304,997 21,553 12,235 338,785 338,785
- - - - 9,870,598
- - - - (675,935)
46,244 167,554 244,760 458,558 458,558
351,241 189,107 256,995 797,343 9,992,006
$ 351,241 $ 189,794 $ 258,618 $ 799,653 $ 12,501,662
(Concluded)
Town of Canton, Massachusetts 83 Comprehensive Annual Financial ReportSource page 92
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2009
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving
REVENUES:
Charges for services………………………………………………$ 724,677 $ - $ - $ -
Fines and forfeitures……………………………………………… - - 16,124 -
Intergovernmental………………………………………………… 175,455 - 10,462 -
Departmental and other………………………………………… - - 92,097 1,235,047
Contributions……………………………………………………… - - 18,440 -
Investment income (loss)………………………………………… 6,840 - 145 -
TOTAL REVENUES……………………………………… 906,972 - 137,268 1,235,047
EXPENDITURES:
Current:
General government………………………………………… - 711,388 23,228 -
Public safety…………………………………………………… - - 2,666 -
Education……………………………………………………… 846,171 - 3,421 1,321,035
Public works…………………………………………………… - - - -
Human services……………………………………………… - - 16,901 -
Culture and recreation………………………………………… - - 32,300 -
TOTAL EXPENDITURES………………………………… 846,171 711,388 78,516 1,321,035
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES………………………………………… 60,801 (711,388) 58,752 (85,988)
OTHER FINANCING SOURCES (USES):
Issuance of bonds and notes…………………………………… - - - -
Premium from issuance of debt………………………………… - - - -
Capital lease financing……………………………………………… - - - -
Transfers in………………………………………………………… - - - -
Transfers out……………………………………………………… (88,000) - (13,367) (673)
TOTAL OTHER FINANCING SOURCES (USES)……… (88,000) - (13,367) (673)
NET CHANGE IN FUND BALANCES……………………………… (27,199) (711,388) 45,385 (86,661)
FUND BALANCES AT BEGINNING OF YEAR…………………… 393,520 2,924,156 187,513 629,342
FUND BALANCES AT END OF YEAR…………………………… $ 366,321 $ 2,212,768 $ 232,898 $ 542,681
Town of Canton, Massachusetts 84 Comprehensive Annual Financial ReportSource page 93
State Fiscal
Town School Stabilization Fund - Other
Recreation Stabilization Ambulance Grants Grants Recovery Act Departmental Sub-total
$ - $ - $ 820,949 $ - $ - $ - $ 6,485 $ 1,552,111
- - - - - - - 16,124
- - - 403,295 1,835,887 395,442 - 2,820,541
349,057 - - - - - 660,324 2,336,525
- - - - - - 217,730 236,170
386 65,703 - - - - 15,081 88,155
349,443 65,703 820,949 403,295 1,835,887 395,442 899,620 7,049,626
- - - 104,232 - - 386,858 1,225,706
- - - 334,822 - - 511,719 849,207
- - - - 1,712,123 395,442 331,389 4,609,581
- - - - - - 255,782 255,782
- - - 41,732 - - 7,522 66,155
360,393 - - 37,084 - - 15,280 445,057
360,393 - - 517,870 1,712,123 395,442 1,508,550 7,451,488
(10,950) 65,703 820,949 (114,575) 123,764 - (608,930) (401,862)
- - - - - - - -
- - - - - - 58,795 58,795
- - - - - - - -
- 400,000 - - - - 80,000 480,000
- - (784,000) - (50,223) - (149,241) (1,085,504)
- 400,000 (784,000) - (50,223) - (10,446) (546,709)
(10,950) 465,703 36,949 (114,575) 73,541 - (619,376) (948,571)
40,411 2,636,393 833,339 227,021 70,420 - 2,877,054 10,819,169
$ 29,461 $ 3,102,096 $ 870,288 $ 112,446 $ 143,961 $ - $ 2,257,678 $ 9,870,598
(Continued)
Town of Canton, Massachusetts 85 Comprehensive Annual Financial ReportSource page 94
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2009
Capital Projects
Public High
Building Works School
Improvements Improvements Equipment Construction Sub-total
REVENUES:
Charges for services………………………………………………$ - $ - $ - $ - $ -
Fines and forfeitures……………………………………………… - - - - -
Intergovernmental………………………………………………… - - - - -
Departmental and other………………………………………… - - - - -
Contributions……………………………………………………… - - - - -
Investment income (loss)………………………………………… - - - - -
TOTAL REVENUES…………………………………… - - - - -
EXPENDITURES:
Current:
General government………………………………………… 110,895 - 25,859 - 136,754
Public safety………………………………………………… 87,217 - 355,095 - 442,312
Education……………………………………………………… 1,537,537 - - 23,656 1,561,193
Public works………………………………………………… - 336,400 - - 336,400
Human services……………………………………………… - - - - -
Culture and recreation……………………………………… 3,168 - 46,986 - 50,154
TOTAL EXPENDITURES……………………………… 1,738,817 336,400 427,940 23,656 2,526,813
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES………………………………………… (1,738,817) (336,400) (427,940) (23,656) (2,526,813)
OTHER FINANCING SOURCES (USES):
Issuance of bonds and notes…………………………………… 2,588,000 338,000 615,000 - 3,541,000
Premium from issuance of debt………………………………… - - - - -
Capital lease financing…………………………………………… - 42,763 39,599 - 82,362
Transfers in………………………………………………………… 42,000 - 95,000 - 137,000
Transfers out……………………………………………………… - - (75,000) - (75,000)
TOTAL OTHER FINANCING SOURCES (USES)…… 2,630,000 380,763 674,599 - 3,685,362
NET CHANGE IN FUND BALANCES……………………………… 891,183 44,363 246,659 (23,656) 1,158,549
FUND BALANCES AT BEGINNING OF YEAR…………………… (1,843,747) (37,299) (371,292) 417,854 (1,834,484)
FUND BALANCES AT END OF YEAR………………………………$ (952,564) $ 7,064 $ (124,633) $ 394,198 $ (675,935)
Town of Canton, Massachusetts 86 Comprehensive Annual Financial ReportSource page 95
Permanent Funds Total
Cemetery Library Other Nonmajor
Trust Trust Municipal Governmental
Funds Funds Trust Funds Sub-total Funds
$ - $ - $ - $ - $ 1,552,111
- - - - 16,124
- - 34,343 34,343 2,854,884
- - - - 2,336,525
17,600 1,960 - 19,560 255,730
11,746 4,743 2,270 18,759 106,914
29,346 6,703 36,613 72,662 7,122,288
- - - - 1,362,460
- - 33,057 33,057 1,324,576
- - - - 6,170,774
- - - - 592,182
- - - - 66,155
- 8,865 - 8,865 504,076
- 8,865 33,057 41,922 10,020,223
29,346 (2,162) 3,556 30,740 (2,897,935)
- - - - 3,541,000
- - - - 58,795
- - - - 82,362
- - - - 617,000
(16,000) - - (16,000) (1,176,504)
(16,000) - - (16,000) 3,122,653
13,346 (2,162) 3,556 14,740 224,718
337,895 191,269 253,439 782,603 9,767,288
$ 351,241 $ 189,107 $ 256,995 $ 797,343 $ 9,992,006
(Concluded)
Town of Canton, Massachusetts 87 Comprehensive Annual Financial ReportSource page 96
Internal Service Funds 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 accounted for in the internal service funds are grouped into the following categories: Health Claims – This fund accounts for the group health and dental insurance activity for active and retired employees of the Town. Workers’ Compensation Claims – This fund accounts for workers’ compensation benefits, replacement wages and medical 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 resources accumulated to pay for damage to Town property that is not covered by liability insurance. Town of Canton, Massachusetts 88 Comprehensive Annual Financial Report
Source page 97
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET ASSETS
JUNE 30, 2009
Total
Internal
Health Workers' Unemployment Building Service
Claims Compensation Claims Insurance Funds
ASSETS
CURRENT:
Cash and cash equivalents………$ 3,954,561 $ 20,490 $ 301,306 $ 63,688 $ 4,340,045
Investments………………………… - - - 347,867 347,867
Working capital deposit…………… 1,465,400 - - - 1,465,400
Total current assets………… 5,419,961 20,490 301,306 411,555 6,153,312
LIABILITIES
CURRENT:
Warrants payable………………… 823,762 417 1,646 - 825,825
Health claims payable…………… 1,220,000 - - - 1,220,000
Workers' compensation…………… - 20,000 - - 20,000
Total current liabilities……… 2,043,762 20,417 1,646 - 2,065,825
NONCURRENT:
Workers' compensation…………… - 20,000 - - 20,000
TOTAL LIABILITIES………………… 2,043,762 40,417 1,646 - 2,085,825
NET ASSETS
Unrestricted…………………………… 3,376,199 (19,927) 299,660 411,555 4,067,487
TOTAL NET ASSETS…………………$ 3,376,199 $ (19,927) $ 299,660 $ 411,555 $ 4,067,487
Town of Canton, Massachusetts 89 Comprehensive Annual Financial ReportSource page 98
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEAR ENDED JUNE 30, 2009
Total
Internal
Health Workers' Unemployment Building Service
Claims Compensation Claims Insurance Funds
OPERATING REVENUES:
Employee contributions ………………………… $ 2,664,332 $ - $ - $ - $ 2,664,332
Employer contributions ………………………… 7,896,943 - 100,000 - 7,996,943
Other……………………………………………… 305,335 - - - 305,335
TOTAL OPERATING REVENUES ………… 10,866,610 - 100,000 - 10,966,610
OPERATING EXPENSES:
Employee benefits ……………………………… 10,038,138 16,161 27,749 - 10,082,048
OPERATING INCOME (LOSS)……………… 828,472 (16,161) 72,251 (3,621) 880,941
NONOPERATING REVENUES (EXPENSES):
Investment income……………………………… 42,792 572 1,829 13,470 58,663
INCOME (LOSS) BEFORE
TRANSFERS…………………………………… 871,264 (15,589) 74,080 9,849 939,604
CHANGE IN NET ASSETS…………………… 871,264 (15,589) 74,080 9,849 939,604
NET ASSETS AT BEGINNING OF YEAR……… 2,504,935 (4,338) 225,580 401,706 3,127,883
NET ASSETS AT END OF YEAR…………………$ 3,376,199 $ (19,927) $ 299,660 $ 411,555 $ 4,067,487
Town of Canton, Massachusetts 90 Comprehensive Annual Financial ReportSource page 99
INTERNAL FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2009
Total
Internal
Health Worker's Unemployment Building Service
Claims Compensation Claims Insurance Funds
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from interfund services provided…………………………………$ 10,866,610 $ - $ 100,000 $ - $ 10,966,610
Payments to vendors………………………………………………………… - - - (3,621) (3,621)
Payments for interfund services used…………………………………… (9,959,225) (46,636) (26,103) - (10,031,964)
NET CASH FROM OPERATING ACTIVITIES……………………………… 907,385 (46,636) 73,897 (3,621) 931,025
CASH FLOWS FROM INVESTING ACTIVITIES:
Sale (purchase) of investments…………………………………………… - - - (15,471) (15,471)
Investment income…………………………………………………………… 42,792 572 1,829 13,470 58,663
NET CASH FROM INVESTING ACTIVITIES………………………………… 42,792 572 1,829 (2,001) 43,192
NET CHANGE IN CASH AND CASH EQUIVALENTS……………………… 950,177 (46,064) 75,726 (5,622) 974,217
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR…… 3,004,384 66,554 225,580 69,310 3,365,828
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR…………$ 3,954,561 $ 20,490 $ 301,306 $ 63,688 $ 4,340,045
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
FROM OPERATING ACTIVITIES:
Operating income (loss)…………………………………………………… $ 828,472 $ (16,161) $ 72,251 $ (3,621) $ 880,941
Adjustments to reconcile operating income (loss) to net
cash from operating activities:
Changes in assets and liabilities:
Working capital deposit……………………………………………… (3,800) - - - (3,800)
Warrants payable…………………………………………………… 83,713 (29,473) 1,646 - 55,886
Accrued payroll……………………………………………………… - (1,002) - - (1,002)
Health claims payable……………………………………………… (1,000) - - - (1,000)
Total adjustments………………………………………………… 78,913 (30,475) 1,646 - 50,084
NET CASH FROM OPERATING ACTIVITIES……………………………… $ 907,385 $ (46,636) $ 73,897 $ (3,621) $ 931,025
Town of Canton, Massachusetts 91 Comprehensive Annual Financial ReportSource page 100
Fiduciary Funds Agency Fund Agency funds are used to account for assets held in a purely custodial capacity. The Town’s Agency Fund consists primarily of performance bonds, student activity funds, security deposits and licenses and fees collected on-behalf of the Commonwealth. Town of Canton, Massachusetts 92 Comprehensive Annual Financial Report
Source page 101
AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED JUNE 30, 2009
Beginning End
of Year Additions Deletions of Year
ASSETS
CURRENT:
Cash and cash equivalents………………… $ 1,030,995 $ 308,409 $ (549,814) $ 789,590
LIABILITIES
Warrants payable…………………………… $ 21,798 $ 315,122 $ (319,978) $ 16,942
Liabilities due depositors…………………… 1,009,197 633,243 (869,792) 772,648
TOTAL LIABILITIES………………………………$ 1,030,995 $ 948,365 $ (1,189,770) $ 789,590
Town of Canton, Massachusetts 93 Comprehensive Annual Financial ReportSource page 102
This page intentionally left blank. Town of Canton, Massachusetts 94 Comprehensive Annual Financial Report
Source page 103
Statistical Section
Statistical tables differ from financial statements since they usually cover more than one fiscal year and present
nonaccounting data. The following tables reflect social and economic data, financials trends, and fiscal capacity.
The Town purchased this electric Zamboni for use at the Metropolis Skating Rink which is operated by the
Recreation Department.Source page 104
Statistical Section
Statistical Section
This part of the comprehensive annual financial report presents detailed 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 comprehensive
annual financial reports for the relevant year. The Town implemented GASB Statement 34 in 2003; schedules
presenting government-wide information include information beginning in that year.
Town of Canton, Massachusetts 95 Comprehensive Annual Financial ReportSource page 105
Net Assets By Component
Last Seven Fiscal Years
Fiscal Year
2003 2004 2005 2006 2007 2008 2009
Governmental activities
Invested in capital assets, net of related debt………$ 25,364,346 $ 36,942,344 $ 50,497,888 $ 47,654,438 $ 50,777,183 $ 51,291,396 $ 54,948,512
Restricted……………………………………………… 3,510,012 3,295,679 3,467,154 3,077,412 3,824,685 4,432,975 8,844,047
Unrestricted…………………………………………… 9,317,486 12,671,374 18,735,148 24,200,838 23,955,254 25,253,777 17,149,826
Total governmental activities net assets………………… $ 38,191,844 $ 52,909,397 $ 72,700,190 $ 74,932,688 $ 78,557,122 $ 80,978,148 $ 80,942,385
Business-type activities
Invested in capital assets, net of related debt……… 11,167,239 12,618,526 12,537,255 12,340,271 11,952,283 13,948,369 14,483,253
Unrestricted…………………………………………… 3,905,119 2,523,732 4,753,528 5,544,174 6,124,469 5,093,607 4,076,247
Total business-type activities net assets………………… $ 15,072,358 $ 15,142,258 $ 17,290,783 $ 17,884,445 $ 18,076,752 $ 19,041,976 $ 18,559,500
Primary government
Invested in capital assets, net of related debt……… 36,531,585 49,560,870 63,035,143 59,994,709 62,729,466 65,239,765 69,431,765
Restricted……………………………………………… 3,510,012 3,295,679 3,467,154 3,077,412 3,824,685 4,432,975 8,844,047
Unrestricted…………………………………………… 13,222,605 15,195,106 23,488,676 29,745,012 30,079,723 30,347,384 21,226,073
Total primary government net assets…………………… $ 53,264,202 $ 68,051,655 $ 89,990,973 $ 92,817,133 $ 96,633,874 $ 100,020,124 $ 99,501,885
Town of Canton, Massachusetts 96 Comprehensive Annual Financial ReportSource page 106
Changes in Net Assets
Last Seven Fiscal Years
Fiscal Year
2003 2004 2005 2006 2007 2008 2009
Expenses
Governmental activities:
General government……………………………………………… $ 3,724,451 $ 3,267,986 $ 4,901,258 $ 4,246,023 $ 4,365,873 $ 5,142,280 $ 6,292,728
Public safety……………………………………………………… 11,144,645 12,048,004 11,343,820 11,964,710 12,151,151 12,501,298 13,435,861
Education………………………………………………………… 37,297,785 38,093,179 38,644,927 40,105,376 42,723,738 45,669,483 50,203,533
Public works……………………………………………………… 5,794,690 5,553,924 4,785,491 4,567,438 4,267,313 5,002,096 4,868,008
Human services…………………………………………………… 656,368 752,548 781,948 810,338 850,334 810,319 941,217
Culture and recreation…………………………………………… 1,803,954 1,652,270 2,561,766 2,437,118 2,397,635 2,498,364 2,623,016
Interest……………………………………………………………… 637,102 1,054,013 2,632,669 2,363,454 2,654,749 2,105,670 1,996,528
Total government activities expenses……………………………… 61,058,995 62,421,924 65,651,879 66,494,457 69,410,793 73,729,510 80,360,891
Business-type activities:
Water…………………………………..…………………………… 2,767,810 3,017,581 3,260,655 3,587,009 3,570,802 3,769,301 4,521,904
Sewer……………………………………………………………… 3,739,303 3,772,077 4,005,172 3,983,341 4,202,101 4,643,878 4,442,173
Rink………………………………………………………………… 335,284 348,677 271,389 314,637 344,198 357,203 377,269
Total business-type activities expenses……………………………… 6,842,397 7,138,335 7,537,216 7,884,987 8,117,101 8,770,382 9,341,346
Total primary government expenses………………………………… $ 67,901,392 $ 69,560,259 $ 73,189,095 $ 74,379,444 $ 77,527,894 $ 82,499,892 $ 89,702,237
Program Revenues
Governmental activities:
Charges for services:
General government…………………………………………… $ 1,129,049 $ 1,380,744 $ 229,506 $ 355,302 $ 371,696 $ 368,111 $ 400,721
Public safety……………………………………………………… 1,289,699 1,413,265 995,622 2,893,607 2,392,923 2,253,015 1,867,319
Education………………………………………………………… 1,156,046 1,229,743 1,260,813 1,567,706 1,647,771 2,202,573 1,975,650
Public works……………………………………………………… 16,680 11,113 62,211 58,111 85,033 71,911 69,082
Human services………………………………………………… - - 49,775 45,012 42,808 50,162 42,354
Culture and recreation………………………………………… 310,485 1,045,450 470,989 378,055 343,737 376,991 377,306
Operating grants and contributions……………………………… 14,492,198 10,997,337 12,719,732 10,678,040 12,582,237 13,251,876 14,389,625
Capital grant and contributions………………………………… 1,340,638 13,746,919 12,931,018 653,971 1,011,723 2,251,419 3,291,089
Total government activities program revenues...…………………… 19,734,795 29,824,571 28,719,666 16,629,804 18,477,928 20,826,058 22,413,146
Business-type activities:
Charges for services……………………………………………. 7,306,450 7,556,231 8,415,034 9,176,198 9,170,683 10,664,766 9,866,437
Capital grant and contributions………………………………… - - - 184,570 46,294 39,941 2,362
Operating grants and contributions……………………………… 27,079 50,495 - - - - -
Total business-type activities program revenues…………………… 7,333,529 7,606,726 8,415,034 9,360,768 9,216,977 10,704,707 9,868,799
Total primary government program revenues……………………… $ 27,068,324 $ 37,431,297 $ 37,134,700 $ 25,990,572 $ 27,694,905 $ 31,530,765 $ 32,281,945
Net (Expense)/Program Revenue
Governmental activities……………………....……………………… $ (41,324,200) $ (32,597,353) $ (36,932,213) $ (49,864,653) $ (50,932,865) $ (52,903,452) $ (57,947,745)
Business-type activities……………………....……………………… 491,132 468,391 877,818 1,475,781 1,099,876 1,934,325 527,453
Total primary government net (expense)/program revenue……… $ (40,833,068) $ (32,128,962) $ (36,054,395) $ (48,388,872) $ (49,832,989) $ (50,969,127) $ (57,420,292)
General Revenues and other Changes in Net Assets
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable……………………………………… $ 37,012,751 $ 39,376,066 $ 41,551,652 $ 43,523,919 $ 45,318,005 $ 46,074,751 $ 49,643,467
Tax liens…………………………………………………………… - - - 68,545 137,473 204,174 186,291
Motor vehicle excise taxes……………………………………… 3,316,984 3,642,186 3,430,854 3,340,893 3,364,215 3,622,335 3,170,275
Penalties and interest on taxes………………………………… 178,932 230,825 218,730 259,454 206,817 188,163 246,950
Payments in lieu of taxes……………………………………….… 170,291 160,827 160,827 160,827 160,827 191,827 194,559
Grants and contributions not restricted to
specific programs………………………………………………… 2,298,362 2,152,678 2,260,017 2,550,060 3,607,674 2,974,443 2,727,082
Unrestricted investment income………………………………… 276,835 288,328 633,337 728,000 955,736 909,900 488,112
Gain (loss) on sale of capital assets…………………………… - - (87,704) - (3,087) - -
Miscellaneous……………………………………………………… 198,634 174,526 464,695 283,334 202,070 189,784 245,317
Transfers…………………………………………………………… 368,428 424,923 804,205 882,119 907,569 969,101 1,009,929
Total governmental activities………………………………………… 43,821,217 46,450,359 49,436,613 51,797,151 54,857,299 55,324,478 57,911,982
Business-type activities:
Penalties and interest on taxes………………………………… 46,222 26,432 - - - - -
Transfers…………………………………………………………… (368,428) (424,923) (804,205) (882,119) (907,569) (969,101) (1,009,929)
Total business-type activities….…………………………………….. (322,206) (398,491) (804,205) (882,119) (907,569) (969,101) (1,009,929)
Total primary government general revenues and other
changes in net assets…………………………………………… $ 43,499,011 $ 46,051,868 $ 48,632,408 $ 50,915,032 $ 53,949,730 $ 54,355,377 $ 56,902,053
Changes in Net Assets
Governmental activities……………………....……………………… $ 2,497,017 $ 13,853,006 $ 12,504,400 $ 1,932,498 $ 3,924,434 $ 2,421,026 $ (35,763)
Business-type activities……………………....……………………… 168,926 69,900 73,613 593,662 192,307 965,224 (482,476)
Total primary government changes in net assets…………………… $ 2,665,943 $ 13,922,906 $ 12,578,013 $ 2,526,160 $ 4,116,741 $ 3,386,250 $ (518,239)
Town of Canton, Massachusetts 97 Comprehensive Annual Financial ReportSource page 107
Fund Balances, Governmental Funds
Last Ten Fiscal Years
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
General Fund
Reserved…………………………… $ 1,380,578 $ 1,654,619 $ 1,747,512 $ 1,699,225 $ 1,676,357 $ 1,023,368 $ 899,941 $ 849,128 $ 689,430 $ 7,967,330
Unreserved………………………… 6,827,958 9,070,597 10,266,767 10,789,236 9,662,403 6,986,569 5,248,803 5,032,226 4,849,482 3,282,155
Total general fund………………………$ 8,208,536 $ 10,725,216 $ 12,014,279 $ 12,488,461 $ 11,338,760 $ 8,009,937 $ 6,148,744 $ 5,881,354 $ 5,538,912 $ 11,249,485
All Other Governmental Funds
Reserved…………………………… $ - $ - $ - $ 315,624 $ 326,942 $ 39,805 $ 289,192 $ 294,174 $ 325,985 $ 338,785
Unreserved, reported in:
Special revenue funds………… 1,655,821 1,724,288 1,384,549 2,686,690 13,544,497 7,565,201 8,217,843 10,531,749 10,819,169 9,870,598
Capital projects funds………… (6,786,571) (10,582,904) (2,477,571) (11,657,697) (14,595,933) (17,071,132) 3,191,957 (1,761,732) (1,834,484) (675,935)
Permanent funds……………… - - - 1,816,587 1,798,680 661,797 413,245 428,606 456,618 458,558
Total all other governmental funds…. $ (5,130,750) $ (8,858,616) $ (1,093,022) $ (6,838,796) $ 1,074,186 $ (8,804,329) $ 12,112,237 $ 9,492,797 $ 9,767,288 $ 9,992,006
Fiscal years 2000 through 2002 exclude Expendable and Nonexpendable Trust Funds which were reported under the pre-GASB 34 format.
Town of Canton, Massachusetts 98 Comprehensive Annual Financial ReportSource page 108
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Revenues:
Real estate and personal property taxes,
net of tax refunds…………………………………………… $ 30,809,587 $ 33,598,811 $ 34,885,873 $ 36,463,084 $ 38,291,597 $ 41,734,335 $ 43,440,386 $ 45,259,651 $ 46,128,837 $ 49,516,225
Tax liens…………………………………………………………… 579,726 153,982 162,131 171,254 239,705 349,106 198,779 313,789 62,100 187,083
Motor vehicle and excise taxes………………………………… 2,701,012 3,038,961 3,506,108 3,366,984 3,245,634 3,222,639 3,438,271 3,364,215 3,426,512 3,515,812
Charges for Service……………………………………………… 776,435 849,754 962,675 954,215 894,901 1,279,566 1,555,340 1,633,782 1,488,941 1,552,111
Penalties and interest on taxes………………………………… 276,541 155,634 117,518 175,014 196,674 218,730 259,454 206,817 188,163 246,950
Payments in lieu of taxes……………………………………… 160,827 160,827 160,827 170,291 160,827 160,827 160,827 160,827 191,827 194,559
Fines and forfeitures…………………………………………… 147,284 184,490 172,869 153,985 139,100 140,964 155,917 200,872 189,562 165,991
Intergovernmental……………………………………………… 9,555,757 10,644,445 11,325,245 15,521,414 11,892,324 13,401,598 14,233,010 15,337,495 17,973,491 20,586,005
Intergovernmental - school construction grants……………… - - - - - - 17,620,000 1,300,000 - 7,167,329
Departmental and other………………………………………… 1,695,483 1,653,511 1,798,581 2,354,197 3,318,668 4,759,749 2,673,219 3,215,566 2,836,910 2,827,470
Licenses and permits…………………………………………… 614,849 788,099 469,973 517,747 774,319 582,327 1,120,175 626,776 669,240 452,758
Contributions……………………………………………………… 239,861 106,489 81,337 396,891 284,162 399,655 381,326 1,082,522 624,919 256,730
Investment income……………………………………………… 821,577 915,044 440,135 282,596 274,630 602,630 712,388 844,984 794,586 429,449
Total Revenue…………………………………………… 48,378,939 52,250,047 54,083,272 60,527,672 59,712,541 66,852,126 85,949,092 73,547,296 74,575,088 87,098,472
Expenditures:
General government…………………………………………… 2,592,364 2,512,218 2,602,293 2,870,710 2,896,184 3,582,135 3,059,080 3,119,956 3,728,731 4,706,731
Public safety……………………………………………………… 6,602,232 7,106,152 7,675,549 8,155,913 9,074,652 8,083,251 9,086,158 9,899,016 8,907,119 9,285,602
Education………………………………………………………… 20,430,479 22,323,151 23,486,172 25,510,021 26,325,164 26,927,124 28,855,385 30,676,469 30,142,662 33,314,956
Public works……………………………………………………… 3,030,850 3,701,297 4,185,364 4,197,230 4,075,214 3,822,229 3,674,813 3,173,939 4,048,452 3,548,575
Human services………………………………………………… 431,781 553,904 494,284 497,370 596,218 547,133 592,563 627,328 626,827 697,221
Culture and recreation…………………………………………… 1,401,125 1,443,977 1,512,423 1,520,183 1,830,902 1,825,845 1,818,703 1,732,136 1,742,977 1,784,546
Pension benefits………………………………………………… 4,404,930 4,454,036 4,569,656 5,011,020 5,700,793 6,802,508 7,421,416 8,036,169 9,252,069 9,901,744
Employee benefits………………………………………… 3,838,512 4,132,877 4,784,629 5,559,531 6,854,916 7,730,393 7,786,377 7,674,681 8,293,944 8,482,345
Claims and judgments…………………………………………… 108,996 - - - - - - - - -
State and county charges……………………………………… 792,194 773,233 766,398 743,620 735,257 720,767 736,659 811,346 894,634 924,550
Capital outlay…………………………………………………… 6,681,573 4,297,159 4,059,978 12,099,348 28,372,249 15,056,229 7,124,585 5,835,422 4,039,135 7,296,078
Debt service:
Principal………………………………………………………… 961,000 1,355,000 1,861,000 1,692,000 1,632,000 3,399,535 3,313,275 3,851,275 3,827,020 3,929,020
Interest………………………………………………………… 1,010,783 1,324,179 1,061,204 1,109,101 1,203,106 2,714,856 2,728,671 2,185,381 2,111,050 2,010,966
Total Expenditures……………………………………………… 52,286,819 53,977,183 57,058,950 68,966,047 89,296,655 81,212,005 76,197,685 77,623,118 77,614,620 85,882,334
Excess of revenues over (under) expenditures……………… (3,907,880) (1,727,136) (2,975,678) (8,438,375) (29,584,114) (14,359,879) 9,751,407 (4,075,822) (3,039,532) 1,216,138
Other Financing Sources (Uses)
Issuance of refunding bonds…………………………………… - - - - 3,359,170 - - - 1,084,000 -
Payments to refunded bond escrow agent…………………… - - - - (3,342,853) - - - (1,070,000) -
Issuance of bonds………………...……………………………… 9,470,000 - 11,434,000 - 34,561,000 - 8,001,000 - 1,907,000 3,541,000
Premium from issuance of bonds and notes………………… 46,787 22,705 92,571 133,580 1,012,551 244,578 21,407 13,360 81,480 85,862
Capital lease financing………………………………………… - - - - - 565,553 399,440 - - 82,362
Sale of capital assets…………………………………………… - - - - - - - 268,063 - -
Transfers in……………………………………………………… 4,245,316 1,812,254 1,702,993 2,128,532 2,652,106 4,481,387 3,561,999 2,343,853 2,827,203 2,728,433
Transfers out……………………………………………………… (4,025,353) (1,319,009) (1,199,229) (1,615,758) (1,894,579) (3,677,182) (2,679,880) (1,436,284) (1,858,102) (1,718,504)
Total other financing sources (uses)………………………………… 9,736,750 515,950 12,030,335 646,354 36,347,395 1,614,336 9,303,966 1,188,992 2,971,581 4,719,153
Net change in fund balance………………………………………… $ 5,828,870 $ (1,211,186) $ 9,054,657 $ (7,792,021) $ 6,763,281 $ (12,745,543) $ 19,055,373 $ (2,886,830) $ (67,951) $ 5,935,291
Debt service as a percentage of noncapital expenditures………… 4.32% 5.39% 5.51% 4.93% 4.65% 9.24% 8.75% 8.41% 8.07% 7.56%
Notes:
Fiscal years 2000 through 2002 exclude Expendable and Nonexpendable Trust Funds which were reported under the pre-GASB 34 format.
Town of Canton, Massachusetts 99 Comprehensive Annual Financial ReportSource page 109
Assessed Value and Actual Value of Taxable Property by Classification and Tax Rates
Last Ten Fiscal Years
Assessed and Actual Values and Tax Rates
Total Total
Fiscal Residential Residential Commercial Industrial Personal Commercial Commercial Town Direct
Year Value Tax Rate Value Value Property Value Tax Rate Value Tax Rate
2000 $1,380,886,300 $14.21 $196,590,900 $215,728,000 $44,552,600 $456,871,500 $25.54 $1,837,757,800 $17.03
2001 $1,774,925,500 $11.92 $263,674,800 $291,814,900 $46,375,900 $601,865,600 $21.53 $2,376,791,100 $14.35
2002 $1,788,936,500 $12.24 $265,571,700 $298,252,100 $54,209,000 $618,032,800 $22.20 $2,406,969,300 $14.80
2003 $1,803,051,300 $12.56 $280,791,100 $301,049,100 $55,517,100 $637,357,300 $22.89 $2,440,408,600 $15.26
2004 $2,613,432,533 $9.16 $365,829,167 $365,939,000 $66,383,800 $798,151,967 $18.81 $3,411,584,500 $11.42
2005 $2,805,680,375 $9.42 $367,284,365 $362,683,800 $71,194,260 $801,162,425 $20.02 $3,606,842,800 $11.77
2006 $3,062,033,400 $9.33 $371,465,220 $359,086,100 $70,616,260 $801,167,580 $19.39 $3,863,200,980 $11.42
2007 $3,283,433,296 $8.88 $429,076,734 $409,121,100 $87,302,190 $925,500,024 $17.94 $4,208,933,320 $10.87
2008 $3,203,773,709 $9.34 $435,216,821 $399,643,400 $91,515,750 $926,375,971 $18.40 $4,130,149,680 $11.37
2009 $3,234,696,626 $9.98 $429,321,664 $389,319,700 $120,258,560 $938,899,924 $19.68 $4,173,596,550 $12.16
Total Assessed Value by Classification Total Assessed Value by Classification
Fiscal Year Ended June 30, 2000 Fiscal Year Ended June 30, 2009
2% 3%
9%
12%
10%
11%
75%
78%
Residential Commercial Industrial Personal Property Residential Commercial Industrial Personal Property
Commercial Value as % of Total Value
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source: Official Statements
All property in the Commonwealth of Massachusetts is assessed at 100% of fair cash value.
Note: 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 percent 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 percent, subject to an exception for property added to the tax rolls and
for certain substantial valuation increases other than as part of a general revaluation. The secondary limit may be exceeded in any
year by a majority vote of the voters, however it cannot exceed the primary limitation.
Town of Canton, Massachusetts 100 Comprehensive Annual Financial ReportSource page 110
Principal Taxpayers
Current Year and Nine Years Ago
2009 2000
Percentage of Percentage of
Total Taxable Total Taxable
Nature of Assessed Assessed Assessed Assessed
Taxpayer Business Valuation Rank Value Valuation Rank Value
NSTAR (formerly Boston Edison) Utility $45,120,978 1 1.08% $14,936,300 4 0.81%
Reebok International Headquarters $38,956,800 2 0.93% - - -
One Beacon Insurance Office $38,956,800 3 0.93% - - -
Medical Information Tech., Inc. Office $37,191,600 4 0.89% $23,629,800 2 1.29%
Canton Village Shops Retail $30,435,300 5 0.73% - - -
Verizon Utility $23,458,900 6 0.56% - - -
ComputerShare Office $23,428,900 7 0.56% - - -
Dan Road Building LLC Offices $19,581,200 8 0.47% - - -
JMS Realty Trust Offices $18,265,200 9 0.44% - - -
Boston Mutual Offices $16,739,900 10 0.40% - - -
Royall Associates Realty Trust Office Park - - - $23,679,200 1 1.29%
AEW #1 Corporation Industrial Park - - - $21,923,700 3 1.19%
JBAK Canton Realty Warehouse - - - $13,450,300 5 0.73%
Bolivar Pond Trust Apartments - - - $13,123,100 6 0.71%
Copley Pharmaceutical Research & Development - - - $11,551,800 7 0.63%
Canton Hill Trust Slater Offices - - - $9,431,400 8 0.51%
JFS Realty Warehouse - - - $8,983,300 9 0.49%
Instron Realty Trust Manufacturing - - - $8,111,300 10 0.44%
Totals $292,135,578 7.00% $148,820,200 8.10%
Source: Official Statements
Town of Canton, Massachusetts 101 Comprehensive Annual Financial ReportSource page 111
Property Tax Levies and Collections
Last Ten Fiscal Years
Percent of
Less First Year Percent of Delinquent Total Total Tax
Fiscal Total Abatements & Net Net as % Current Net Levy Tax Tax Collections to
Year Tax Levy Exemptions Tax Levy of Total Tax Collections Collected Collections Collections Net Tax Levy
2000 $31,290,892 $364,685 $30,926,207 98.83% $30,401,500 98.30% $507,580 $30,909,080 99.94%
2001 $34,115,278 $459,357 $33,655,921 98.65% $33,621,488 99.90% $23,010 $33,644,498 99.97%
2002 $35,616,911 $629,520 $34,987,391 98.23% $34,892,174 99.73% $82,298 $34,974,472 99.96%
2003 $37,235,433 $409,638 $36,825,795 98.90% $36,547,442 99.24% $252,771 $36,800,213 99.93%
2004 $38,952,281 $531,364 $38,420,917 98.64% $38,313,769 99.72% $94,531 $38,408,300 99.97%
2005 $42,468,781 $517,535 $41,951,246 98.78% $41,841,563 99.74% $100,091 $41,941,654 99.98%
2006 $44,103,411 $421,796 $43,681,615 99.04% $43,423,142 99.41% $248,198 $43,671,340 99.98%
2007 $45,760,358 $520,681 $45,239,677 98.86% $45,004,223 99.48% $227,855 $45,232,078 99.98%
2008 $46,968,564 $370,484 $46,598,080 99.21% $46,095,555 98.92% $488,042 $46,583,597 99.97%
2009 $50,759,823 $404,083 $50,355,740 99.20% $49,631,932 98.56% $0 $49,631,932 98.56%
Real Estate Tax Levies vs. First Year Collections
Last Ten Fiscal Years
$55,000,000
$50,000,000
$45,000,000
$40,000,000
$35,000,000
$30,000,000
$25,000,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Real Estate Tax Levy First Year Current Tax Collections
Town of Canton, Massachusetts 102 Comprehensive Annual Financial ReportSource page 112
Ratios of Outstanding Debt and General Bonded Debt
Last Ten Fiscal Years
Governmental Activities Debt
General Percentage Percentage
Fiscal U. S. Census Personal Assessed Obligation Capital Per of Personal of Assessed
Year Population Income Value Bonds Leases Capita Income Value
2000 20,775 696,170,250 $1,837,757,800 $13,169,000 $0 $634 1.89% 0.72%
2001 20,847 729,739,770 $2,376,791,100 $11,614,000 $0 $557 1.59% 0.49%
2002 21,087 771,283,386 $2,406,969,300 $21,187,000 $0 $1,005 2.75% 0.88%
2003 21,288 781,126,845 $2,440,408,600 $19,495,000 $0 $916 2.50% 0.80%
2004 21,375 799,378,090 $3,411,584,500 $52,863,170 $0 $2,473 6.61% 1.55%
2005 21,475 822,312,387 $3,606,842,800 $49,463,635 $565,553 $2,330 6.08% 1.39%
2006 21,536 876,683,476 $3,863,200,980 $54,151,360 $933,526 $2,558 6.28% 1.43%
2007 21,772 906,763,831 $4,208,933,320 $50,300,085 $0 $2,310 5.55% 1.20%
2008 21,916 935,580,195 $4,130,149,680 $48,394,065 $0 $2,208 5.17% 1.17%
2009 22,048 945,921,268 $4,173,596,550 $48,006,045 $59,764 $2,180 5.08% 1.15%
Business-type Activities (1) Total Primary Government
General Total Percentage Percentage
Fiscal Obligation Capital Debt Per of Personal of Assessed
Year Bonds Leases Outstanding Capita Income Value
2000 $7,619,251 $0 $20,788,251 $1,001 2.99% 1.13%
2001 $6,828,034 $0 $18,442,034 $885 2.53% 0.78%
2002 $7,737,328 $0 $28,924,328 $1,372 3.75% 1.20%
2003 $6,935,094 $0 $26,430,094 $1,242 3.38% 1.08%
2004 $8,337,936 $0 $61,201,106 $2,863 7.66% 1.79%
2005 $7,536,769 $0 $57,565,957 $2,681 7.00% 1.60%
2006 $9,652,542 $0 $64,737,428 $3,006 7.38% 1.68%
2007 $8,505,075 $0 $58,805,160 $2,701 6.49% 1.40%
2008 $9,554,055 $0 $57,948,120 $2,644 6.19% 1.40%
2009 $11,623,368 $0 $59,689,177 $2,707 6.31% 1.43%
(1) Water and Sewer Fund
Source: Audited Financial Statements, U. S. Census
Town of Canton, Massachusetts 103 Comprehensive Annual Financial ReportSource page 113
Town of Canton, Massachusetts
Direct and Overlapping Governmental Activities Debt
As of June 30, 2009
Estimated
Estimated Share of
Debt Percentage Overlapping
Town of Canton, Massachusetts Outstanding Applicable Debt
Debt repaid with property taxes
Norfolk County…………………………………………………………… 1,000,000 (a) 4.15% $ 41,500
Blue Hills Regional Vocational School District………………………… 510,000 (a) 8.65% 44,115
MBTA……………………………………………………………………… 5,079,400,000 (b) 1.50% 76,191,000
Subtotal, overlapping debt……………………………………………………… 76,276,615
Town direct debt………………………………………………………………… 48,006,045
Total direct and overlapping debt……………………………………………… $ 124,282,660
(a) Outstanding debt as of May 15, 2009.
(b) Outstanding debt as of June 30, 2007.
Source: Official Statement and MBTA audited financial statements
Town of Canton, Massachusetts 104 Comprehensive Annual Financial ReportSource page 114
Computation of Legal Debt Margin
Last Ten Fiscal Years
(Amounts in Thousands)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Equalized Valuation………………………… $ 1,883,189 $ 2,134,910 $ 2,134,910 $ 2,833,787 $ 2,833,787 $ 3,542,564 $ 3,542,564 4,384,335 $ 4,384,335 $ 4,487,450
Debt Limit -5% of Equalized Valuation…… 94,159 106,746 106,746 141,689 141,689 177,128 177,128 219,217 219,217 224,373
Less:
Outstanding debt applicable to limit……… 17,718 15,952 17,315 15,733 49,543 46,317 51,608 47,900 46,138 46,850
Authorized and unissued debt…………… 41,295 75,742 67,740 70,487 13,776 9,372 13,167 29,146 26,237 26,434
Legal debt margin…………………………… $ 35,146 $ 15,052 $ 21,691 $ 55,469 $ 78,370 $ 121,439 $ 112,353 142,171 $ 146,842 $ 151,089
Total debt applicable to the limit
as a percentage of debt limit……………… 62.67% 85.90% 79.68% 60.85% 44.69% 31.44% 36.57% 35.15% 33.02% 32.66%
Town of Canton, Massachusetts 105 Comprehensive Annual Financial ReportSource page 115
Demographic and Economic Statistics
Last Ten Fiscal Years
Per
Capita
Fiscal Population Personal Personal Median School Unemployment
Year Estimates Income Income Age Enrollment Rate
2000 20,775 $ 696,170,250 $ 33,510 39.8 2,871 1.90%
2001 20,847 $ 729,739,770 $ 35,005 39.8 2,928 3.00%
2002 21,087 $ 771,283,386 $ 36,576 39.8 2,939 4.30%
2003 21,288 $ 781,126,845 $ 36,693 39.8 3,005 4.90%
2004 21,375 $ 799,378,090 $ 37,398 39.8 3,020 4.40%
2005 21,475 $ 822,312,387 $ 38,292 39.8 3,060 3.90%
2006 21,536 $ 876,683,476 $ 40,708 39.8 3,112 4.10%
2007 21,772 $ 906,763,831 $ 41,648 39.8 3,131 3.70%
2008 21,916 $ 935,580,195 $ 42,689 39.8 3,103 4.50%
2009 22,048 $ 945,921,268 $ 42,903 39.8 3,137 7.10%
Source: U. S. Census, Division of Local Services, Official Statements
Median age is based on most recent census data
Town of Canton, Massachusetts 106 Comprehensive Annual Financial ReportSource page 116
Principal Employers (excluding Town)
Current Year and Nine Years Ago
2009 2000
Nature Percentage of Percentage of
of Total Town Total Town
Employer Business Employees Rank Employment Employees Rank Employment
Reebok International Corporate Headquarters 1,040 1 4.43% - - 0.00%
One Beacon Insurance Insurance Sales & Service 970 2 4.13% - - 0.00%
Computershare (Equiserve) Operations Center 880 3 3.75% 775 3 3.67%
Meditech Hospital Software 600 4 2.55% 560 4 2.65%
Dunkin Brands, Inc. Corporate Headquarters 586 5 2.49% - - 0.00%
Casual Male Big & Tall Retail, Clothing 475 6 2.02% - - 0.00%
Pollak Engineering Products Automotive Engineering 320 7 1.36% 554 5 2.63%
Boston Mutual Insurance Insurance Sales & Service 264 8 1.12% 500 6 2.37%
Organogenesis Regenerative Medicine 230 9 0.98% - - 0.00%
Massachusetts Hospital School Educational & Vocational Services 224 10 0.95% - - 0.00%
J. Baker Co. Shoe Distribution - - - 820 1 3.89%
Stream International Software Support - - - 788 2 3.74%
Copley Pharmaceutical, Inc. Drug Manufacturer - - - 475 7 2.25%
Plymouth Rubber Company Rubber and Plastic Products - - - 425 8 2.01%
Instron Corporation Electronic Testing Equipment - - - 370 9 1.75%
Massassoit College State College - - - 365 10 1.73%
Source: Official Statements
Town of Canton, Massachusetts 107 Comprehensive Annual Financial ReportSource page 117
Full-time Equivalent Town Employees by Function
Last Ten Fiscal Years
Fiscal Year
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Function
General government……………… 29 29 30 30 30 29 29 28 27 28
Public Safety……………………… 99 100 109 108 106 106 106 105 100 104
Public works……………………… 42 43 43 41 41 41 42 42 43 43
Human services…………………… 9 9 9 9 9 9 9 9 9 9
Culture and recreation…………… 33 33 33 33 33 32 32 32 30 31
sub-total ………………………… 212 214 224 221 219 217 218 216 209 215
Education………………………… 382 393 399 405 387 381 390 402 391 427
Total town employees…………… 594 607 623 626 606 598 608 618 600 642
Source: Town personnel records
Town of Canton, Massachusetts 108 Comprehensive Annual Financial ReportSource page 118
Operating Indicators by Function/Program
Last Ten Fiscal Years
Function/Program 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
General Government:
Registered voters…………………………………… 13,458 13,886 13,676 13,754 13,478 13,787 14,073 13,852 14,104 14,194
Public Safety:
Police
Criminal offenses……………………………… 454 366 351 481 300 553 521 663 623 419
Fire
Fire calls………………………………………… 1,349 1,212 1,398 984 1,259 1,259 1,139 1,137 1,023 930
Ambulance calls………………………………… 1,986 2,108 2,267 2,637 2,561 2,562 2,641 2,653 2,471 2,729
Permits issued………………………………… N/A N/A 791 801 889 915 973 866 803 823
Building Department
Building permits issued………………………… 794 748 753 731 793 760 865 864 712 837
Other permits issued…………………………… 1,526 1,592 1,565 1,469 1,550 1,720 1,682 1,636 1,629 1,478
Education:
Number of students………………………………… 2,897 2,900 2,973 3,044 3,006 3,095 3,062 3,089 3,083 3,118
Public Works:
Highway
Roads paved (miles)…………………………… 3.7 3.1 1.7 1.4 2.6 1.8 1.7 1.3 0.0 2.4
Water
Water mains installed (miles)………………… 0.1 0.1 0.3 0.5 1.5 0.8 0.0 0.0 0.0 0.0
Sewer
Sanitary sewers installed (miles)…………… 1.5 1.4 0.9 0.1 0.2 0.1 0.0 0.0 0.0 0.0
Human Services:
Board of Health
Inspections and complaint investigations…… 306 230 260 255 611 730 875 635 656 680
Permits issued………………………………… N/A N/A 522 522 522 556 576 587 582 590
Council on Aging
Bus trips………………………………………… 4,259 4,040 4,456 N/A 4,560 4,350 8,728 8,900 6,500 9,000
Culture and Recreation:
Libaries
Circulation……………………………………… 263,842 244,737 224,981 220,924 173,315 136,927 233,706 255,276 266,498 261,512
Childrens programs held……...……………… 81 84 95 85 84 33 105 104 100 107
Childrens program attendance……………… 1,752 1,790 3,400 2,182 1,458 507 2,269 2,128 1,895 2,510
Recreation
Swimming pool attendance…………………… 10,219 10,442 11,489 12,444 9,963 10,902 10,971 9,837 8,960 10,962
Playground program participants…………… 400 375 360 340 425 1,600 1,497 1,397 1,253 1,599
Source: Various Town Departments
N/A - Information not available
Town of Canton, Massachusetts 109 Comprehensive Annual Financial ReportSource page 119
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Function/Program 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
General Government
Number of buildings……………………… 2 2 2 2 2 2 2 2 2 2
Police
Number of stations……………………… 1 1 1 1 1 1 1 1 1 1
Fire
Number of stations……………………… 2 2 2 2 2 2 2 2 2 2
Education
Number of elementary schools………… 3 3 3 3 3 3 3 3 3 3
Number of middle schools……………… 1 1 1 1 1 1 1 1 1 1
Number of high schools………………… 1 1 1 1 1 1 1 1 1 1
Public Works
Road miles……………………………… N/A N/A N/A N/A N/A 94 94 94 94 94
Water mains (miles)……………………… N/A N/A N/A N/A N/A 122 122 122 122 122
Sanitary sewers (miles)………………… N/A N/A N/A N/A N/A 66 66 66 66 66
Number of water towers……………..… 5 5 5 5 5 5 5 5 5 5
Culture and Recreation
Number of libraries……………………… 1 1 1 1 1 1 1 1 1 1
Number of pools………………………… 1 1 1 1 1 1 1 1 1 1
Source: Various Town Departments
Town of Canton, Massachusetts 110 Comprehensive Annual Financial ReportSource page 120
River Village is a new 3 story, 56 unit condominium development that overlooks the Canton River.