Canton, Massachusetts · Saved source text
2014 Comprehensive Annual Financial Report (PDF)
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Employers and Statement No. 50, Pension Disclosures, as they relate to governments that provide
pensions through pension plans administered as trusts or similar arrangements that meet certain
criteria. Statement 68 requires governments providing defined benefit pensions to recognize their
long-term obligation for pension benefits as a liability for the first time, and to more
comprehensively and comparably measure the annual costs of pension benefits. The Statement
also enhances accountability and transparency through revised and new note disclosures and
required supplementary information. The provisions of this Statement are effective for financial
statements for periods beginning after June 15, 2014 (fiscal year 2015). The Town believes the
adoption of this statement will have a material impact on the financial statements.
In January 2013, the GASB issued GASB Statement No. 69, Government Combinations and
Disposals of Government Operations. GASB 69 established accounting and financial reporting
standards to government combinations and disposals of government operations. The provisions
of this Statement are effective for financial reporting periods beginning after December 15, 2013
(fiscal year 2015). The Town is currently evaluating whether adoption will have a material
impact on the financial statements.
In November 2013, the GASB issued GASB Statement No. 71, Pension Transition for
Contributions Made Subsequent to the Measurement Date—an amendment of GASB Statement
No. 68. The objective of GASB 71 is to address an issue regarding application of the transition
provisions of GASB 68. The issue relates to amounts associated with contributions, if any, made
by a state or local government employer or nonemployer contributing entity to a defined pension
plan after the measurement date of the government’s beginning net pension liability. The
provisions of this Statement are effective for financial statements for periods beginning after June
15, 2014 (fiscal year 2015). The Town is currently evaluating whether adoption will have a
material impact on the financial statements.
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Required Supplementary Information Town of Canton, Massachusetts Page 75 of 119 Comprehensive Annual Financial Report
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TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED JUNE 30, 2014
SCHEDULES OF FUNDING PROGRESS
Pension System - Norfolk County Contributory Retirement System
UAAL as a
Actuarial Actuarial Actuarial Unfunded Percentage
Valuation Value of Accrued AAL Funded Covered of Covered
Date Assets Liability (AAL) (UAAL) Ratio Payroll Payroll
(a) (b) (b-a) (a/b) (c) ((b-a)/c)
1/1/2014 $ 696,682,779 $ 1,247,596,772 $ 550,913,993 55.8% $ 246,722,941 223.3%
1/1/2012 608,235,096 1,128,960,288 520,725,192 53.9% 229,095,409 227.3%
1/1/2010 600,790,835 1,001,881,055 401,090,220 60.0% 223,332,595 179.6%
1/1/2008 596,157,147 907,719,124 311,561,977 65.7% 223,814,977 139.2%
1/1/2007 533,077,948 855,677,413 322,599,465 62.3% 219,620,865 146.9%
1/1/2005 467,186,566 762,900,650 295,714,084 61.2% 196,639,163 150.4%
Other Postemployment Benefits
UAAL as a
Actuarial Actuarial Actuarial Unfunded Percentage
Valuation Value of Accrued AAL Funded Covered of Covered
Date Assets Liability (AAL) (UAAL) Ratio Payroll Payroll
(a) (b) (b-a) (a/b) (c) ((b-a)/c)
1/1/2013 $ 100,000 $ 142,752,366 142,652,366 0.07% $ 36,479,000 391.1%
1/1/2011 - 130,885,254 130,885,254 0% 34,416,000 380.3%
1/1/2009 - 138,978,486 138,978,486 0% 32,236,000 431.1%
SCHEDULES OF CONTRIBUTION FUNDING
Pension System
Norfolk County Contributory Retirement System Town
Annual Town's Percentage
Year Ended Required Actual Percentage Actual of System-Wide
June 30, Contributions Contributions Contributed Contribution Actual Contributions
(a) (b) (b/a)
2014 $ 44,800,000 $ 44,800,000 100% $ 3,169,146 7.07%
2013 42,714,639 42,714,639 100% 3,041,784 7.12%
2012 41,206,587 41,206,587 100% 2,957,615 7.18%
2011 39,749,857 39,749,857 100% 2,992,977 7.53%
2010 41,242,373 41,242,373 100% 2,826,638 6.85%
2009 38,920,499 38,920,499 100% 2,672,418 6.87%
Other Postemployment Benefits
Annual
Year Ended OPEB Actual Percentage
June 30, Cost Contributions Contributed
2014 $ 12,935,961 $ 5,179,872 40%
2013 12,195,572 4,526,092 37%
2012 12,639,000 4,457,000 35%
2011 11,610,000 4,262,000 37%
2010 11,431,000 4,842,000 42%
2009 10,717,000 4,413,000 41%
The Town implemented GASB Statement No. 45 for the fiscal year ending June 30, 2009. Information from prior years is unavailable.
See accompanying independent auditors' report.
Town of Canton, Massachusetts Page 77 of 119 Comprehensive Annual Financial ReportSource page 88
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2014
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Revenues:
Taxes:
Real estate and personal property taxes $ 60,697,486 $ 60,697,486 $ 61,389,516 61,389,516 692,030
Tax title - - 782,539 782,539 782,539
Payments in lieu of taxes 214,543 214,543 214,543 214,543 -
Motor vehicle excise 3,000,000 3,000,000 3,714,753 3,714,753 714,753
Meals taxes 250,000 250,000 322,256 322,256 72,256
Room occupancy excise 200,000 200,000 246,061 246,061 46,061
64,362,029 64,362,029 66,669,668 - 66,669,668 2,307,639
Intergovernmental:
State aid - chapter 70 4,751,687 4,751,687 4,751,687 4,751,687 -
State aid - charter school 16,066 16,066 36,456 36,456 20,390
State aid - unrestricted 1,856,687 1,856,687 1,856,687 1,856,687 -
State aid - veterans 123,322 123,322 129,968 129,968 6,646
State aid - exemptions 152,121 152,121 232,205 232,205 80,084
State aid - state owned land 152,912 152,912 152,912 152,912 -
State aid - other 250,000 250,000 301,333 301,333 51,333
Federal disaster aid - - 251,643 251,643 251,643
MSBA school construction reimbursement 456,305 456,305 456,305 456,305 -
7,759,100 7,759,100 8,169,196 - 8,169,196 410,096
Departmental fees, charges, and other:
Municipal lien fees 40,000 40,000 34,650 - 34,650 (5,350)
Public safety detail fees 30,000 30,000 38,014 - 38,014 8,014
Other departmental fees 80,000 80,000 105,004 - 105,004 25,004
Rental of municipal property 200,000 200,000 218,135 - 218,135 18,135
Conservation department revenues 35,000 35,000 45,371 - 45,371 10,371
Solar revenues 150,000 150,000 413,585 - 413,585 263,585
Other departmental revenues 40,000 40,000 96,108 - 96,108 56,108
575,000 575,000 950,867 - 950,867 375,867
Licenses and permits:
Alcohol licenses 65,000 65,000 72,915 - 72,915 7,915
Other licenses 70,000 70,000 94,133 - 94,133 24,133
Building permits 425,000 425,000 485,673 - 485,673 60,673
Other permits 100,000 100,000 165,108 - 165,108 65,108
660,000 660,000 817,829 - 817,829 157,829
Fines and forfeitures:
Motor vehicle fines 80,000 80,000 126,455 - 126,455 46,455
Other fines 20,000 20,000 14,856 - 14,856 (5,144)
100,000 100,000 141,311 - 141,311 41,311
Penalties and interest on taxes 250,000 250,000 344,012 - 344,012 94,012
Interest and investment income 75,000 75,000 91,250 - 91,250 16,250
Total Revenues 73,781,129 73,781,129 77,184,133 - 77,184,133 3,403,004
Town of Canton, Massachusetts Page 78 of 119 Comprehensive Annual Financial ReportSource page 89
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2014
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Expenditures:
Current:
General Government:
Executive Branch 1,253,162 1,318,162 1,315,742 2,271 1,318,013 149
Executive Branch articles 76,238 16,438 327 16,111 16,438 -
Commitees and Commissions 33,038 33,038 18,651 - 18,651 14,387
Reserve Fund 500,000 287,000 - - - 287,000
Finance Department 969,536 969,536 904,213 65,133 969,346 190
Fianance Department Articles 187,000 187,000 163,404 23,254 186,658 342
Assessors 225,801 225,801 225,640 - 225,640 161
Assessors Articles 120,000 120,000 120,000 - 120,000 -
Town Clerk & Elections 210,537 210,537 198,974 1,600 200,574 9,963
Town Clerk & Elections articles 42,500 42,500 - 42,500 42,500 -
Conservation Commission 89,068 89,068 88,653 - 88,653 415
Planning Board 59,125 59,125 52,676 4,800 57,476 1,649
Town Insurance 877,950 924,950 910,457 - 910,457 14,493
Total General Government 4,643,955 4,483,155 3,998,737 155,669 4,154,406 328,749
Public Safety
Fire Department 4,764,368 4,917,844 4,916,136 1,200 4,917,336 508
Fire Department articles 45,000 45,000 42,646 2,354 45,000 -
Police Department 4,331,128 4,361,128 4,360,271 496 4,360,767 361
Police Department articles 178,911 238,711 99,350 139,361 238,711 -
Building & Zoning 337,923 337,924 326,348 - 326,348 11,576
Total Public Safety 9,657,330 9,900,607 9,744,751 143,411 9,888,162 12,445
Education:
School 33,385,589 33,462,609 33,461,659 950 33,462,609 -
School Articles 482,751 482,751 412,354 69,277 481,631 1,120
Blue Hill Regional 1,059,042 1,059,042 1,059,042 - 1,059,042 -
Norfolk County Agricultural HS 10,000 10,000 8,589 - 8,589 1,411
Total Education 34,937,382 35,014,402 34,941,644 70,227 35,011,871 2,531
Public Works:
Public Works 2,068,193 2,080,192 2,073,536 6,003 2,079,539 653
Public Works Articles 159,623 159,623 145,859 12,431 158,290 1,333
Street Lighting 159,137 159,137 106,204 3,074 109,278 49,859
Snow & Ice 364,735 850,329 839,895 - 839,895 10,434
Trash Collection 1,455,117 1,490,789 1,483,863 6,875 1,490,738 51
Total Public Works 4,206,805 4,740,070 4,649,357 28,383 4,677,740 62,330
Health and Human Services:
Health Department 331,760 331,760 314,635 - 314,635 17,125
Health Department Articles - - - - - -
Council on Aging 217,870 217,870 217,509 - 217,509 361
Veteran's Services 218,930 262,256 261,593 - 261,593 663
Total Health and Human Services 768,560 811,886 793,737 - 793,737 18,149
(continued)
Town of Canton, Massachusetts Page 79 of 119 Comprehensive Annual Financial ReportSource page 90
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2014
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Culture and Recreation:
Recreation & Playground 467,277 492,277 491,383 591 491,974 303
Recreation & Playground Articles 79,973 114,973 100,564 14,248 114,812 161
Public Library 1,111,874 1,111,874 1,085,902 - 1,085,902 25,972
Public Library Articles 64,612 64,612 24,771 38,612 63,383 1,229
Total Culture and Recreation 1,723,736 1,783,736 1,702,620 53,451 1,756,071 27,665
Pension Benefits: 3,212,846 3,212,846 3,202,606 - 3,202,606 10,240
Employee Benefits:
Unemployment Compensation 150,000 150,000 150,000 - 150,000 -
Employer Share- Health 10,498,160 10,498,160 10,473,152 - 10,473,152 25,008
Employer Share- Life 60,000 60,000 58,289 - 58,289 1,711
Employer Share- OPEB 400,000 400,000 400,000 - 400,000 -
Total Employee Benefits 11,108,160 11,108,160 11,081,441 - 11,081,441 26,719
State and County Charges: 945,652 958,652 959,868 - 959,868 (1,216)
Debt Service: 6,050,134 6,140,398 6,140,398 - 6,140,398 -
Total Expenditures 77,254,560 78,153,912 77,215,159 451,141 77,666,300 487,612
Other Financing Sources (Uses)
Premium from debt issurance - - 351,317 351,317 351,317
Transfers in 2,223,581 2,452,057 2,458,532 2,458,532 6,475
Transfers out (127,800) (1,507,902) (1,507,902) (1,507,902) -
Total Other Financing Sources (Uses) 2,095,781 944,155 1,301,947 $ 1,301,947 357,792
Excess (Deficiency) of Revenues and Other
Financing Sources Over Expenditures/Uses
Of Prior Year Budgetary Fund Balance (1,377,650) (3,428,628) $ 1,270,921 $ 4,248,408
Other Budgetary Items
Use of unassigned fund balance $ 35,000 $ 2,085,978
Amortization of MSBA excess 550,537 550,537
Prior year encumbrances 796,643 796,643
Other amounts (4,530) (4,530)
Total Other Budgetary Items 1,377,650 3,428,628
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 80 of 119 Comprehensive Annual Financial ReportSource page 91
TOWN OF CANTON, MASSACHUSETTS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED JUNE 30, 2014
I. Budgetary Basis of Accounting
Budgetary Information – An annual budget is legally adopted for the General Fund and the Enterprise
Fund. The budget is recommended by the Finance Committee and approved by Town Meeting at the
Town’s annual meeting in May. Changes subsequent to the approved Town Meeting budget require
majority Town Meeting approval at a Special Town Meeting. Expenditures may not legally exceed
appropriations at the department level. Department heads may transfer, without Town Meeting
approval, appropriation balances from one account to another within their department or budget, and
within the categories of salaries and expenses. At the close of each fiscal year, unencumbered
appropriation balances lapse and revert to unassigned fund balance.
The Town adopts an annual budget for the general fund in conformity with the guidelines described
above. During fiscal year 2014, Town Meeting approved various supplemental budgetary
appropriations which resulted in a net increase of approximately $2,300,000 from the original voted
budget. These appropriations were utilized for public safety ($200,000), snow and ice removal costs
($500,000), increased stabilization reserves ($500,000) and dam repairs ($900,000).
The Town Accountant has the responsibility to ensure that budgetary control is maintained in the
manner in which the appropriations were voted by Town Meeting. Budgetary control is exercised
through the Town’s accounting system.
Budgetary-to-GAAP Reconciliation – The Town’s general fund is prepared on a basis of accounting
other than GAAP. A reconciliation of the budgetary-basis to GAAP-basis results for the General Fund
for the fiscal year ended June 30, 2014, is as follows:
Basis of
Accounting Fund Perspective
Differences Differences Total
Revenues on a budgetary basis $ 77,184,133
Stabilization revenue $ - $ 53,886 53,886
Change in accruing revenues to GAAP basis (3,109) - (3,109)
Change in recording tax refunds payable (323,000) - (323,000)
On behalf payments 8,712,743 - 8,712,743
Revenues on a GAAP basis $ 8,712,743 $ - $ 85,624,653
Expenditures on a budgetary basis $ 77,215,159
Costs from refunding transactions $ 256,777 $ - 256,777
On behalf payments 8,712,743 - 8,712,743
Expenditures on a GAAP basis $ 8,712,743 $ - $ 86,184,679
Other financing sources (uses) on a budgetary basis $ 1,301,947
Refunding transactions $ (4,352,926) $ - (4,352,926)
Stabilization transfers - 410,000 410,000
Other financing sources (uses) on a GAAP basis $ - $ 410,000 $ (2,640,979)
Appropriation Deficits – During fiscal year 2014, expenditures exceeded appropriations in the General
Fund for state and county assessments, which were funded from available funds.
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Combining Statements Town of Canton, Massachusetts Page 83 of 119 Comprehensive Annual Financial Report
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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 84 of 119 Comprehensive Annual Financial ReportSource page 95
Capital Projects Funds –
Capital project funds are used to account for the overall financial activities related to the acquisition,
renovation, or construction of significant capital assets, excluding those associated with business-type
funds. Significant project activities can be categorized as:
Building Improvements – This fund accounts for specific building acquisition and construction activities.
Public Works Improvements – This funds accounts for specific roadway, drainage and landfill
improvements that are not funded by the Commonwealth.
Equipment – This funds accounts for equipment acquisitions for various Town activities.
High School Construction – This fund accounts for the residual funds of the new Canton High School
construction 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 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 85 of 119 Comprehensive Annual Financial ReportSource page 96
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2014
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Assets:
Cash and cash equivalents $ 305,917 $ 1,848,195 $ 428,566 $ 1,264,616 $ 139,871
Investments - - - - -
Receivables, net of allowance for uncollectibles:
Property taxes - - - - -
Tax liens and foreclosures - - - - -
Departmental and other - - - - -
Intergovernmental 26,195 - - - -
Total Assets $ 332,112 $ 1,848,195 $ 428,566 $ 1,264,616 $ 139,871
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ 34,183 $ 820 $ 8,115 $ 1,314 $ 6,634
Accrued payroll and withholdings 32,390 - 231 21,696 3,900
Retainage payable - - - - -
Due to other funds - - - - -
Bond anticipation notes payable - - - - -
Total Liabilities 66,573 820 8,346 23,010 10,534
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - -
Unavailable revenues - other - - - - -
Total Deferred Inflows of Resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted 265,539 1,847,375 420,220 1,241,606 129,337
Unassigned - - - - -
Total Fund Balances 265,539 1,847,375 420,220 1,241,606 129,337
Total Liabilities, Deferred Inflow of
Resources, and Fund Balances $ 332,112 $ 1,848,195 $ 428,566 $ 1,264,616 $ 139,871
Town of Canton, Massachusetts Page 86 of 119 Comprehensive Annual Financial ReportSource page 97
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ 1,098,829 $ 476,812 $ 969,190 $ 358,892 $ - $ 1,544,765 $ 8,435,653
- - - - - - -
- 3,485 - - - - 3,485
- 1,986 - - - - 1,986
261,071 - - - - 117,117 378,188
- - 9,319 274,830 55,860 - 366,204
$ 1,359,900 $ 482,283 $ 978,509 $ 633,722 $ 55,860 $ 1,661,882 $ 9,185,516
$ - $ - $ 17,317 $ 14,795 $ 8,694 $ 9,779 $ 101,651
- 191 918 96,437 5,428 18,641 179,832
- - - - - - -
- - - - 39,618 - 39,618
- - - - - - -
- 191 18,235 111,232 53,740 28,420 321,101
- 5,471 - - - - 5,471
261,071 - - - - 117,117 378,188
261,071 5,471 - - - 117,117 383,659
- - - - - - -
1,098,829 476,621 1,120,411 522,490 2,120 1,654,851 8,779,399
- - (160,137) - - (138,506) (298,643)
1,098,829 476,621 960,274 522,490 2,120 1,516,345 8,480,756
$ 1,359,900 $ 482,283 $ 978,509 $ 633,722 $ 55,860 $ 1,661,882 $ 9,185,516
(Continued)
Town of Canton, Massachusetts Page 87 of 119 Comprehensive Annual Financial ReportSource page 98
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2014
Capital Project Funds
Public High Sub-total
Building Works School Capital Project
Improvements Improvements Equipment Construction Funds
Assets:
Cash and cash equivalents $ 1,892,937 $ 961,731 $ 828,448 $ 2 $ 3,683,118
Investments - - - - -
Receivables, net of allowance for uncollectibles:
Property taxes - - - - -
Tax liens and foreclosures - - - - -
Departmental and other - - - - -
Intergovernmental 327,103 - - - 327,103
Total Assets $ 2,220,040 $ 961,731 $ 828,448 $ 2 $ 4,010,221
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ 460,864 $ - $ 1,999 $ - $ 462,863
Accrued payroll and withholdings 120 - - - 120
Retainage payable 22,779 - - - 22,779
Due to other funds - - - - -
Bond anticipation notes payable 995,950 190,000 800,000 - 1,985,950
Total Liabilities 1,479,713 190,000 801,999 - 2,471,712
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - -
Unavailable revenues - other - - - - -
Total Deferred Inflows of Resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted 1,629,512 771,731 26,449 2 2,427,694
Unassigned (889,185) - - - (889,185)
Total Fund Balances 740,327 771,731 26,449 2 1,538,509
Total Liabilities and Fund Balances $ 2,220,040 $ 961,731 $ 828,448 $ 2 $ 4,010,221
Town of Canton, Massachusetts Page 88 of 119 Comprehensive Annual Financial ReportSource page 99
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
$ 18,987 $ 180,962 $ 25,754 $ 225,703 $ 12,344,474
403,356 - 141,178 544,534 544,534
- - - - 3,485
- - - - 1,986
- - - - 378,188
- - - - 693,307
$ 422,343 $ 180,962 $ 166,932 $ 770,237 $ 13,965,974
$ - $ - $ - $ - $ 564,514
- - - - 179,952
- - - - 22,779
- - - - 39,618
- - - - 1,985,950
- - - - 2,792,813
- - - - 5,471
- - - - 378,188
- - - - 383,659
398,997 21,553 12,235 432,785 432,785
23,346 159,409 154,697 337,452 11,544,545
- - - - (1,187,828)
422,343 180,962 166,932 770,237 10,789,502
$ 422,343 $ 180,962 $ 166,932 $ 770,237 $ 13,965,974
(Concluded)
Town of Canton, Massachusetts Page 89 of 119 Comprehensive Annual Financial ReportSource page 100
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2014
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Revenues:
Property taxes $ - $ - $ - $ - $ -
Intergovernmental 276,940 - 17,455 - -
Charges for services 722,340 - - - -
Departmental and other - - 202,102 1,763,917 285,957
Investment income 896 - - - 228
Contributions and donations - 1,350,000 16,716 - -
Total Revenues 1,000,176 1,350,000 236,273 1,763,917 286,185
Expenditures:
Current:
General government - 108,548 690 - -
Public safety - - 8,779 - -
Education 916,105 - - 1,463,596 -
Public works - - - - -
Health and human services - - 57,275 - -
Culture and recreation - - 35,950 - 247,600
Employee benefits - - - - -
Total Expenditures 916,105 108,548 102,694 1,463,596 247,600
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 84,071 1,241,452 133,579 300,321 38,585
Other Financing Sources (Uses):
Proceeds from bonds and notes - - - - -
Transfers in - - - - -
Transfers out (102,224) - (40,000) (707) -
Total Other Financing Sources (Uses) (102,224) - (40,000) (707) -
Net Change in Fund Balances (18,153) 1,241,452 93,579 299,614 38,585
Fund Balances - Beginning of Year 283,692 605,923 326,641 941,992 90,752
Fund Balances - End of Year $ 265,539 $ 1,847,375 $ 420,220 $ 1,241,606 $ 129,337
Town of Canton, Massachusetts Page 90 of 119 Comprehensive Annual Financial ReportSource page 101
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ - $ 480,994 $ - $ - $ - $ - $ 480,994
- - 406,334 2,097,757 396,387 - 3,194,873
858,589 - - - - - 1,580,929
- 364 - - - 870,263 3,122,603
- 514 9,092 - - 1,471 12,201
- - - - - 735,270 2,101,986
858,589 481,872 415,426 2,097,757 396,387 1,607,004 10,493,586
- 5,251 1,800 - - 18,477 134,766
- - 211,775 - - 806,875 1,027,429
- - - 2,288,002 - 220,736 4,888,439
- - - - 396,387 - 396,387
- - 41,591 - - - 98,866
- - 12,302 - - - 295,852
- - - - - 71,267 71,267
- 5,251 267,468 2,288,002 396,387 1,117,355 6,913,006
858,589 476,621 147,958 (190,245) - 489,649 3,580,580
- - - - - - -
- - - - - 80,000 80,000
(935,456) - - (5,768) - (606,499) (1,690,654)
(935,456) - - (5,768) - (526,499) (1,610,654)
(76,867) 476,621 147,958 (196,013) - (36,850) 1,969,926
1,175,696 - 812,316 718,503 2,120 1,553,195 6,510,830
$ 1,098,829 $ 476,621 $ 960,274 $ 522,490 $ 2,120 $ 1,516,345 $ 8,480,756
(Continued)
Town of Canton, Massachusetts Page 91 of 119 Comprehensive Annual Financial ReportSource page 102
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2014
Capital Project Funds
Public High Sub-total
Building Works School Capital Project
Improvements Improvements Equipment Construction Funds
Revenues:
Property taxes $ - $ - $ - $ - $ -
Intergovernmental 327,103 - - - 327,103
Charges for services - - - - -
Departmental and other - - - - -
Investment income - - - - -
Contributions and donations 25,000 - - - 25,000
Total Revenues 352,103 - - - 352,103
Expenditures:
Current:
General government - - 2,500 - 2,500
Public safety - - 2,666 - 2,666
Education 757,625 - - 37,788 795,413
Public works - 237,184 - - 237,184
Health and human services 530,961 - - - 530,961
Culture and recreation 5,060 - - - 5,060
Employee benefits - - - - -
Total Expenditures 1,293,646 237,184 5,166 37,788 1,573,784
Excess (Deficiency) Of Revenues
Over (Under) Expenditures (941,543) (237,184) (5,166) (37,788) (1,221,681)
Other Financing Sources (Uses):
Proceeds from bonds and notes - 175,000 - - 175,000
Transfers in 272,909 932,661 25,800 - 1,231,370
Transfers out (37,559) - - - (37,559)
Total Other Financing Sources (Uses) 235,350 1,107,661 25,800 - 1,368,811
Net Change in Fund Balances (706,193) 870,477 20,634 (37,788) 147,130
Fund Balances - Beginning of Year 1,446,520 (98,746) 5,815 37,790 1,391,379
Fund Balances - End of Year $ 740,327 $ 771,731 $ 26,449 $ 2 $ 1,538,509
Town of Canton, Massachusetts Page 92 of 119 Comprehensive Annual Financial ReportSource page 103
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
$ - $ - $ - $ - $ 480,994
- - - - 3,521,976
- - - - 1,580,929
- - - - 3,122,603
3,366 1,842 1,396 6,604 18,805
13,200 5,825 - 19,025 2,146,011
16,566 7,667 1,396 25,629 10,871,318
- - - - 137,266
- - - - 1,030,095
- - - - 5,683,852
- - - - 633,571
- - - - 629,827
- 6,948 - 6,948 307,860
- - - - 71,267
- 6,948 - 6,948 8,493,738
16,566 719 1,396 18,681 2,377,580
- - - - 175,000
- - - - 1,311,370
(5,000) - - (5,000) (1,733,213)
(5,000) - - (5,000) (246,843)
11,566 719 1,396 13,681 2,130,737
410,777 180,243 165,536 756,556 8,658,765
$ 422,343 $ 180,962 $ 166,932 $ 770,237 $ 10,789,502
(Concluded)
Town of Canton, Massachusetts Page 93 of 119 Comprehensive Annual Financial ReportSource page 104
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Internal Service Funds
Narrative
Internal service funds are used to account for the financing of services provided by one department to
other departments or governmental units. The Town’s risk financing activities accounts for in the internal
service funds can be distinctly categorized into the following groupings:
Health Claims – This fund accounts for the group health and dental insurance activity for active Town
employees and retirees.
Workers’ Compensation Claims – This fund accounts for workers’ compensation benefits, replacement
wages and medical claims expenses of employees that qualify for such benefits.
Unemployment Claims – This fund accounts for unemployment benefits for eligible employees.
Building Insurance – This fund accounts for resource accumulated to pay for damage to Town property
that is not covered by liability insurance.
Town of Canton, Massachusetts Page 95 of 119 Comprehensive Annual Financial ReportSource page 106
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2014
Total
Health Workers' Unemployment Building Internal
Claims Compensation Claims Insurance Service Funds
Assets:
Current assets:
Cash and cash equivalents $ 1,881,090 $ 30,562 $ 113,325 $ - $ 2,024,977
Investments 2,120,708 - - 440,866 2,561,574
Receivables, net of allowance for uncollectibles:
Departmental and other 64,885 - - - 64,885
Deposit held by third party 58,400 - - - 58,400
Total Current Assets 4,125,083 30,562 113,325 440,866 4,709,836
Liabilities:
Current liabilities:
Warrants and accounts payable 300,971 789 3,485 - 305,245
Health claims incurred but not reported 938,586 - - - 938,586
Total Current Liabilities 1,239,557 789 3,485 - 1,243,831
Net Position:
Unrestricted 2,885,526 29,773 109,840 440,866 3,466,005
TOTAL NET POSITION $ 2,885,526 $ 29,773 $ 109,840 $ 440,866 $ 3,466,005
Town of Canton, Massachusetts Page 96 of 119 Comprehensive Annual Financial ReportSource page 107
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FISCAL YEAR ENDED JUNE 30, 2014
Total
Health Workers' Unemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Operating Revenues:
Employee contributions $ 3,412,106 $ - $ - $ - $ 3,412,106
Employer contributions 9,792,023 - 150,000 - 9,942,023
Stop loss reimbursements 1,125,727 - - - 1,125,727
Total Operating Revenues 14,329,856 - 150,000 - 14,479,856
Operating Expenditures:
Property insurance - - - 29,859 29,859
Employee benefits 14,753,120 2,962 96,180 - 14,852,262
Total Operating Expenditures 14,753,120 2,962 96,180 29,859 14,882,121
Operating Income (Loss) (423,264) (2,962) 53,820 (29,859) (402,265)
Nonoperating Revenues (Expenses):
Investment Income 25,666 331 565 3,872 30,434
Income (Loss) Before Transfers (397,598) (2,631) 54,385 (25,987) (371,831)
Change in Net Position (397,598) (2,631) 54,385 (25,987) (371,831)
Fund Balances - Beginning of Year 3,283,124 32,404 55,455 466,853 3,837,836
Fund Balances - End of Year $ 2,885,526 $ 29,773 $ 109,840 $ 440,866 $ 3,466,005
Town of Canton, Massachusetts Page 97 of 119 Comprehensive Annual Financial ReportSource page 108
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2014
Total
Health Workers' Umemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Cash Flows From Operating Activities:
Receipts from interfund services provided $ 14,529,254 $ - $ 150,000 $ - $ 14,679,254
Payments for interfund services used (14,719,508) (2,708) (92,695) (29,859) (14,844,770)
Net Cash Provided by (Used in) Operating Activities (190,254) (2,708) 57,305 (29,859) (165,516)
Cash Flows From Investing Activities:
Investment income 25,666 331 565 3,872 30,434
Investment of operating cash (2,120,708) - - (440,866) (2,561,574)
Net Cash Provided By Investing Activities (2,095,042) 331 565 (436,994) (2,531,140)
Net Change in Cash and Cash Equivalents (2,285,296) (2,377) 57,870 (466,853) (2,696,656)
Cash and Cash Equivalents:
Beginning of the Year 4,166,386 32,939 55,455 466,853 4,721,633
End of the Year $ 1,881,090 $ 30,562 $ 113,325 $ - $ 2,024,977
Reconciliation of Operating Income (Loss) to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss) (423,264) (2,962) 53,820 (29,859) (402,265)
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Changes in assets and liablities:
Receivables 199,398 - - - 199,398
Accounts payable and accrued expenses 7,942 254 3,485 - 11,681
Health claims incurred but not reported 25,670 - - - 25,670
Net Cash Provided by (Used in) Operating Activities $ (190,254) $ (2,708) $ 57,305 $ (29,859) $ (165,516)
Town of Canton, Massachusetts Page 98 of 119 Comprehensive Annual Financial ReportSource page 109
Fiduciary Funds
Agency Funds –
Agency funds are used to account for assets maintained in a custodial capacity. Such activities primarily
consist of performance bonds, other escrow deposits, school student activity deposits.
Town of Canton, Massachusetts Page 99 of 119 Comprehensive Annual Financial ReportSource page 110
AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED JUNE 30, 2014
Beginning End
of Year Additions Deletions of Year
Assets
Current assets:
Cash and cash equivalents $ 824,533 $ 865,375 $ (436,985) $ 1,252,923
Liabilities
Current liabilities:
Warrants payable $ 4,713 $ 433,428 $ (419,724) $ 18,417
Agency liabilities 819,820 1,046,766 (632,080) 1,234,506
Total Liabilities $ 824,533 $ 1,480,194 $ (1,051,804) $ 1,252,923
Town of Canton, Massachusetts Page 100 of 119 Comprehensive Annual Financial ReportSource page 111
Statistical Section Statistical tables differ from financial statements since they usually cover more than one fiscal year and present non- accounting data. The following tables reflect social and economic data, financials trends, and fiscal capacity. A six acre park, located on the former site of the Canton Airport and built by the state’s Department of Conservation and Recreation, was dedicated to Lieutenant Arthur E. Farnham Jr. and Tech Sergeant Thomas M. Connolly Jr. who had worked as mechanics at the Neponset Street site. Farnham and Connolly were World War II airmen and members of the same B-24 bomber crew. After their plane was shot down over Serbia, they were among the more than 500 American airmen rescued in a mission viewed as one of the greatest rescue missions of World War II.
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.
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NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2005 2006 2007 2008 2009 2010 2011 2012 (1) 2013 2014
Governmental activities:
Net investment in capital assets…………………. $ 50,497,888 $ $ 47,354,438 $ $ 50,777,183 $ $ 51,291,396 $ $ 54,948,512 $ $ 57,942,064 $ $ 62,056,797 $ 63,962,326 $ 61,957,511 $ 70,116,230
Restricted………………………………………………………………………….. 3,467,154 3,077,412 3,824,685 4,432,975 8,844,047 7,781,249 7,457,544 6,774,650 10,768,853 8,912,488
Unrestricted……………………………………………………………… 18,735,148 24,200,838 23,955,254 25,253,777 14,125,826 6,141,042 (3,861,890) (8,796,940) (14,921,000) (23,682,247)
Total governmental activities net position………………………………………..
$ 72,700,190 $ 74,632,688 $ 78,557,122 $ 80,978,148 $ 77,918,385 $ 71,864,355 $ 65,652,451 $ 61,940,036 $ 57,805,364 $ 55,346,471
Business-type activities:
Net investment in capital assets…………………. $ 12,537,255 $ 12,340,271 $ 11,952,283 $ 13,948,369 $ 14,483,253 $ 15,188,472 $ 17,195,414 $ 16,033,950 $ 16,381,614 $ 15,743,697
Unrestricted………………………………………………………………. 4,753,528 5,544,174 6,124,469 5,093,607 3,934,247 3,836,227 2,796,789 4,362,212 4,030,576 6,399,642
Total business-type activities net position…………………………….
$ 17,290,783 $ 17,884,445 $ 18,076,752 $ 19,041,976 $ 18,417,500 $ 19,024,699 $ 19,992,203 $ 20,396,162 $ 20,412,190 $ 22,143,339
Primary government:
Net investment in capital assets…………………. $ 63,035,143 $ 59,694,709 $ 62,729,466 $ 65,239,765 $ 69,431,765 $ 73,130,536 $ 79,252,211 $ 79,996,276 $ 78,339,125 $ 85,859,927
Restricted………………………………………………………………………. 3,467,154 3,077,412 3,824,685 4,432,975 8,844,047 7,781,249 7,457,544 6,774,650 10,768,853 8,912,488
Unrestricted…………………………………………………………… 23,488,676 29,745,012 30,079,723 30,347,384 18,060,073 9,977,269 (1,065,101) (4,434,728) (10,890,424) (17,282,605)
Total primary government net position………………………………………………….
$ 89,990,973 $ 92,517,133 $ 96,633,874 $ 100,020,124 $ 96,335,885 $ 90,889,054 $ 85,644,654 $ 82,336,198 $ 78,217,554 $ 77,489,810
(1) In fiscal year 2012, the Town restated its liability for other post employment benefits. This resulted in a prior period restatement decreasing governmental activities beginning balance and increasing business-type
activities beginning balance by $161,000 and $262,000, respectively, as of July 1, 2011.
Town of Canton, Massachusetts Page 103 of 119 Comprehensive Annual Financial ReportSource page 116
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Expenses -
Governmental activities:
General government…...…………………………………………………… $ 4,901,258 $ $ 4,246,023 $ $ 4,365,873 $ $ 5,142,280 $ $ 6,440,728 $ $ 5,856,721 $ $ 6,012,221 $ 5,898,196 $ 5,809,111 $ 6,231,894
Public safety…..……………………………………………………………… 11,343,820 11,964,710 12,151,151 12,501,298 14,102,861 14,815,007 14,845,911 15,490,670 16,060,024 16,625,726
Education……..…………………………………………………………………. 38,644,927 40,105,376 42,723,738 45,669,483 52,111,533 56,105,191 57,174,814 58,649,480 61,782,205 64,153,101
Public works……...………………………………………………………………. 4,785,491 4,567,438 4,267,313 5,002,096 5,035,008 5,725,429 5,964,437 5,703,015 6,286,770 6,419,350
Health and human services……………...…………………………………………………………….
781,948 810,338 850,334 810,319 983,217 1,094,171 1,133,985 1,221,862 1,314,086 1,346,871
Culture and recreation………...…………………………………………………………..
2,561,766 2,437,118 2,397,635 2,498,364 2,715,016 2,762,453 2,882,803 2,944,861 2,985,722 3,123,867
Interest…………………………………………………………………… 2,632,669 2,363,454 2,654,749 2,105,670 1,996,528 1,919,708 1,797,797 1,664,859 1,668,538 1,557,660
Total government activities expenses…………………………………….. 65,651,879 66,494,457 69,410,793 73,729,510 83,384,891 88,278,680 89,811,968 91,572,943 95,906,456 99,458,469
Business-type activities:
Water…………………………………………………………………… 3,260,655 3,587,009 3,570,802 3,769,301 4,562,904 4,644,182 4,968,675 5,456,431 5,853,408 5,225,383
Sewer…………………………………………………………………… 4,005,172 3,983,341 4,202,101 4,643,878 4,462,173 4,575,414 4,819,406 5,084,191 5,173,053 5,366,166
Rink…………………………………………………………………… 271,389 314,637 344,198 357,203 458,269 486,775 504,265 496,394 390,072 353,666
Total business-type activities expenses…………………………………….. 7,537,216 7,884,987 8,117,101 8,770,382 9,483,346 9,706,371 10,292,346 11,037,016 11,416,533 10,945,215
Total primary government expenses………………………………………. $ 73,189,095 $ 74,379,444 $ 77,527,894 $ 82,499,892 $ 92,868,237 $ 97,985,051 $ 100,104,314 $ 102,609,959 $ 107,322,989 $ 110,403,684
Program Revenues -
Governmental activities:
Charges for services:
General government………………………………………………… $ 229,506 $ $ 355,302 $ $ 371,696 $ $ 368,111 $ $ 400,721 $ $ 919,070 $ $ 385,778 $ 325,814 $ 554,773 $ 978,216
Public safety……………………………………………………………….. 995,622 2,893,607 2,392,923 2,253,015 1,867,319 2,076,797 2,036,855 2,292,477 2,790,608 2,595,617
Education………………………………………………………………. 1,260,813 1,567,706 1,647,771 2,202,573 1,975,650 2,105,396 2,143,729 2,155,031 2,253,878 2,632,798
Public works………………………………………………………………. 62,211 58,111 85,033 71,911 69,082 129,056 92,920 125,694 210,642 227,108
Human services………………………………………………………………. 49,775 45,012 42,808 50,162 42,354 41,527 46,661 66,462 85,978 91,484
Culture and recreation……………………………………………………… 470,989 378,055 343,737 376,991 377,306 379,669 346,254 528,937 396,771 359,497
Operating grants and contributions…………………………………… 12,719,732 10,678,040 12,582,237 13,251,876 14,389,625 14,937,773 15,381,360 16,776,734 16,961,153 18,811,622
Capital grants and contributions………………………………………….. 12,931,018 653,971 1,011,723 2,251,419 3,291,089 1,170,098 162,497 1,659,561 550,999 611,930
Total government activities program revenues...…………………………….. 28,719,666 16,629,804 18,477,928 20,826,058 22,413,146 21,759,386 20,596,054 23,930,710 23,804,802 26,308,272
Business-type activities:
Charges for services - Water…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
3,929,821 4,337,211 4,308,918 5,148,323 4,727,025 5,693,293 6,965,364 6,672,927 6,702,942 6,943,731
Charges for services - Sewer…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
4,149,998 4,466,378 4,491,655 5,159,490 4,747,421 4,772,693 4,965,133 5,227,905 5,344,425 6,045,829
Charges for services - Rink…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
335,215 372,609 370,110 356,953 391,991 404,449 430,878 446,111 431,671 429,555
Capital grant and contributions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- 184,570 46,294 39,941 2,362 497,305 - - - 463,500
Operating grants and contributions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- - - - - - - - - 6,250
Total business-type activities program revenues……………………………………..
8,415,034 9,360,768 9,216,977 10,704,707 9,868,799 11,367,740 12,361,375 12,346,943 12,479,038 13,888,865
Total primary government program revenues……………………………………….
$ 37,134,700 $ 25,990,572 $ 27,694,905 $ 31,530,765 $ 32,281,945 $ 33,127,126 $ 32,957,429 $ 36,277,653 $ 36,283,840 $ 40,197,137
Net (Expense)/Program Revenue
Governmental activities……………………....……………………………..
$ (36,932,213) $ (49,864,653) $ (50,932,865) $ (52,903,452) $ (60,971,745) $ (66,519,294) $ (69,215,914) $ (67,642,233) $ (72,101,654) $ (73,150,197)
Business-type activities……………………....…………………………….. 877,818 1,475,781 1,099,876 1,934,325 385,453 1,661,369 2,069,029 1,309,927 1,062,505 2,943,650
Total primary government net (expense)/program revenue……………………………………….
$ (36,054,395) $ (48,388,872) $ (49,832,989) $ (50,969,127) $ (60,586,292) $ (64,857,925) $ (67,146,885) $ (66,332,306) $ (71,039,149) $ (70,206,547)
(continued)
Town of Canton, Massachusetts Page 104 of 119 Comprehensive Annual Financial ReportSource page 117
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
General Revenues and other Changes in Net Position -
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable…………………………………………………. $ 41,551,652 $ $ 43,523,919 $ $ 45,318,005 $ $ 46,074,751 $ $ 49,643,467 $ $ 52,922,668 $ $ 54,892,887 $ 56,128,582 $ 58,966,309 $ 61,423,003
Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- 68,545 137,473 204,174 186,291 210,666 349,982 597,670 421,708 591,950
Motor vehicle excise taxes…………………………………………………… 3,430,854 3,340,893 3,364,215 3,622,335 3,170,275 3,082,341 3,286,609 3,101,266 3,914,171 3,380,408
Penalties and interest on taxes…………………………………………….. 218,730 259,454 206,817 188,163 246,950 317,161 305,814 263,511 323,695 344,012
Payments in lieu of taxes……………………………………………………………… 160,827 160,827 160,827 191,827 194,559 199,299 199,225 219,205 224,311 214,543
Hotel and meals taxes……………………………………………………………… - - - - - - - 38,309 460,905 568,317
Grants and contributions not restricted to specific programs………………………………………………………………
2,260,017 2,550,060 3,607,674 2,974,443 2,727,082 2,165,199 2,201,430 2,026,227 2,202,728 2,776,692
Unrestricted investment income……………………………………………. 633,337 728,000 955,736 909,900 488,112 212,187 195,037 166,466 201,635 194,375
Gain (loss) on sale of capital assets……………………………………………. (87,704) - (3,087) - - - - - - (34,580)
Miscellaneous……………………………………………………………… 464,695 283,334 202,070 189,784 245,317 312,573 471,501 382,614 188,275 -
Transfers……………………………………………………………… 804,205 882,119 907,569 969,101 1,009,929 1,054,170 1,101,525 1,166,968 1,063,245 1,232,584
Total governmental activities…………………………………………………………………
49,436,613 51,797,151 54,857,299 55,324,478 57,911,982 60,476,264 63,004,010 64,090,818 67,966,982 70,691,304
Business-type activities:
Unrestricted investment income……………………………………………. - - - - - - - - 16,768 20,083
Transfers……………………………………………………………… (804,205) (882,119) (907,569) (969,101) (1,009,929) (1,054,170) (1,101,525) (1,166,968) (1,063,245) (1,232,584)
Total business-type activities….………..………………………………….. (804,205) (882,119) (907,569) (969,101) (1,009,929) (1,054,170) (1,101,525) (1,166,968) (1,046,477) (1,212,501)
Total primary government general revenues and other
changes in net position…………………………………………………. $ 48,632,408 $ 50,915,032 $ 53,949,730 $ 54,355,377 $ 56,902,053 $ 59,422,094 $ 61,902,485 $ 62,923,850 $ 66,920,505 $ 69,478,803
Changes in Net Assets
Governmental activities……………………....…………………………….. $ 12,504,400 $ 1,932,498 $ 3,924,434 $ 2,421,026 $ (3,059,763) $ (6,043,030) $ (6,211,904) $ (3,551,415) $ (4,134,672) $ (2,458,893)
Business-type activities……………………....…………………………….. 73,613 593,662 192,307 965,224 (624,476) 607,199 967,504 142,959 16,028 1,731,149
Total primary government changes in net position……………………………………….
$ 12,578,013 $ 2,526,160 $ 4,116,741 $ 3,386,250 $ (3,684,239) $ (5,435,831) $ (5,244,400) $ (3,408,456) $ (4,118,644) $ (727,744)
(concluded)
Town of Canton, Massachusetts Page 105 of 119 Comprehensive Annual Financial ReportSource page 118
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
General Fund:
Restricted………………………………. $ - $ - $ - $ - $ 7,167,329 $ 6,595,314 $ 6,033,902 $ 5,483,092 $ 5,160,240 $ -
Committed…………………………….. 678,548 627,350 249,985 279,918 166,540 240,545 202,643 328,343 470,608 358,148
Assigned…………………………….. 4,155,131 2,290,343 1,567,445 1,309,512 1,233,461 1,363,064 1,165,952 456,548 361,035 893,993
Unassigned…………………………… 4,127,904 5,333,431 6,078,459 6,585,875 5,784,251 5,193,760 5,825,529 7,118,096 8,276,920 9,815,657
Total general fund……………………………..$ 8,961,583 $ 8,251,124 $ 7,895,889 $ 8,175,305 $ 14,351,581 $ 13,392,683 $ 13,228,026 $ 13,386,079 $ 14,268,803 $ 11,067,798
All Other Governmental Funds:
Nonspendable……………………………….$ 281,729 $ $ 289,192 $ $ 294,174 $ $ 325,985 $ $ 338,785 $ $ 356,385 $ 394,385 $ 404,785 $ 419,585 $ 432,785
Restricted………………………………. 7,033,428 10,030,842 9,414,499 9,080,027 7,628,322 7,744,716 6,504,706 7,000,533 8,707,938 11,544,545
Unassigned…………………………… (17,071,132) (310,177) (2,230,411) (2,275,117) (1,077,197) (1,116,827) (1,301,454) (1,735,507) (468,758) (1,187,828)
Total all other governmental funds……………..
$ (9,755,975) $ 10,009,857 $ 7,478,262 $ 7,130,895 $ 6,889,910 $ 6,984,274 $ 5,597,637 $ 5,669,811 $ 8,658,765 $ 10,789,502
Note: The Town implemented GASB 54 in fiscal year 2011. All previous years (2005 - 2010) data presented were restated to conform to the GASB 54 presentation.
Town of Canton, Massachusetts Page 106 of 119 Comprehensive Annual Financial ReportSource page 119
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Revenues:
Property taxes, net of tax refunds…………………………………………………….
$ 41,734,335 $ $ 43,440,386 $ $ 45,259,651 $ $ 46,128,837 $ $ 49,516,225 $ $ 52,217,093 $ $ 55,345,629 $ 56,246,748 $ 59,063,932 $ 61,544,401
Tax title……………………………………………………………………………. 349,106 198,779 313,789 62,100 187,083 193,859 224,631 371,909 219,962 782,539
Motor vehicle and other excise taxes………………………………………… 3,222,639 3,438,271 3,364,215 3,426,512 3,515,812 3,080,023 3,289,549 3,165,288 3,473,978 3,714,753
Hotel and meals taxes…………………………………………………… - - - - - - - 38,309 460,905 568,317
Charges for services……………………………………………………… 1,279,566 1,555,340 1,633,782 1,488,941 1,552,111 1,611,311 1,704,553 1,598,646 1,474,669 1,580,929
Penalties and interest on taxes………………………………………218,730 259,454 206,817 188,163 246,950 317,161 305,814 263,511 323,695 344,012
Payments in lieu of taxes…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
160,827 160,827 160,827 191,827 194,559 199,299 199,225 219,205 224,311 214,543
Fines and forfeitures…………………………………………… 140,964 155,917 200,872 189,562 165,991 139,458 165,051 134,626 109,411 141,311
Intergovernmental…………………………………………………….. 13,401,598 14,233,010 15,337,495 17,973,491 20,586,005 18,613,887 17,825,334 20,571,148 19,712,460 20,403,915
Intergovernmental - school construction grants…………………………………….. - 17,620,000 1,300,000 - 7,167,329 - - - - -
Departmental and other………………………………………………. 4,759,749 2,673,219 3,215,566 2,836,910 2,827,470 3,394,781 2,768,345 2,971,011 3,456,976 4,073,470
Licenses and permits……………………………………….. 582,327 1,120,175 626,776 669,240 452,758 658,905 646,450 912,233 1,043,909 817,829
Contributions……………………………………………………………. 399,655 381,326 1,082,522 624,919 256,730 416,991 362,965 349,244 398,308 2,146,011
Investment income……………………………………………………….. 602,630 712,388 844,984 794,586 429,449 187,717 167,170 141,807 142,946 163,941
Total Revenue…………………………………………………
66,852,126 85,949,092 73,547,296 74,575,088 87,098,472 81,030,485 83,004,716 86,983,685 90,105,462 96,495,971
Expenditures:
General government…………………………………………………………….
3,582,135 3,059,080 3,119,956 3,728,731 4,706,731 4,187,558 4,062,501 3,811,225 3,905,506 4,255,876
Public safety……………………………………………………………… 8,083,251 9,086,158 9,899,016 8,907,119 9,285,602 9,364,149 9,427,684 9,579,726 10,087,953 10,630,184
Education………………………………………………………………… 26,927,124 28,855,385 30,676,469 30,142,662 33,314,956 34,967,636 36,008,019 35,975,887 37,524,669 39,417,729
Public works…………………………………………………………….. 3,822,229 3,674,813 3,173,939 4,048,452 3,548,575 4,125,380 4,353,404 3,845,990 4,449,435 4,503,498
Health and human services…………………………………………………………..
547,133 592,563 627,328 626,827 697,221 767,077 805,351 861,386 853,534 892,603
Culture and recreation…………………………………………………1,825,845 1,818,703 1,732,136 1,742,977 1,784,546 1,771,572 1,830,239 1,818,050 1,793,002 1,880,085
Pension benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
6,802,508 7,421,416 8,036,169 9,252,069 9,901,744 10,482,808 11,104,953 11,325,041 11,733,329 11,915,349
Employee benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
7,730,393 7,786,377 7,674,681 8,293,944 8,482,345 9,107,798 9,973,437 10,403,739 10,327,387 11,152,708
State and county charges………………………………………… 720,767 736,659 811,346 894,634 924,550 932,878 849,149 874,821 959,538 959,868
Capital outlay and other……………………………………………………………….
15,056,229 7,124,585 5,835,422 4,039,135 7,296,078 2,495,021 3,771,064 6,577,524 2,369,095 2,930,119
Debt service:
Principal……………………………………………………………… 3,399,535 3,313,275 3,851,275 3,827,020 3,929,020 3,947,750 4,029,141 4,306,220 4,385,178 4,520,404
Interest……………………………………………………………………. 2,714,856 2,728,671 2,185,381 2,111,050 2,010,966 1,955,945 1,838,977 1,661,391 1,677,804 1,619,994
Total Expenditures………………………………………………………..
81,212,005 76,197,685 77,623,118 77,614,620 85,882,334 84,105,572 88,053,919 91,041,000 90,066,430 94,678,417
Excess of revenues over (under) expenditures…………………………………………………
(14,359,879) 9,751,407 (4,075,822) (3,039,532) 1,216,138 (3,075,087) (5,049,203) (4,057,315) 39,032 1,817,554
Other Financing Sources (Uses):
Issuance of refunding bonds…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- - - 1,084,000 - - 5,398,612 - - 15,185,400
Payments of refunded bonds…………………………………………………………….. - - - - - - (5,540,000) - - (21,739,649)
Payments to refunded bond escrow agent……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- - - (1,070,000) - - - - - -
Proceeds from bonds and notes………………...………………………………………… - 8,001,000 - 1,907,000 3,541,000 1,087,261 1,964,388 2,932,908 2,603,159 175,000
Premium from bonds and notes………………...…………………………………………
244,578 21,407 13,360 81,480 85,862 69,122 261,192 136,455 166,242 2,258,843
Capital lease financing…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
565,553 399,440 - - 82,362 - 62,192 51,211 - -
Proceeds from sale of capital assets………………………………………………… - - 268,063 - - - - - - -
Transfers in……………………………………………………………………………… 4,481,387 3,561,999 2,343,853 2,827,203 2,728,433 2,445,096 2,865,322 2,854,525 3,835,589 3,988,699
Transfers out…………………………………………………………………………… (3,677,182) (2,679,880) (1,436,284) (1,858,102) (1,718,504) (1,390,926) (1,513,797) (1,687,557) (2,772,344) (2,756,115)
Total other financing sources (uses)…………………………………………………………………..
1,614,336 9,303,966 1,188,992 2,971,581 4,719,153 2,210,553 3,497,909 4,287,542 3,832,646 (2,887,822)
Net change in fund balance………………………………………………………………….
$ (12,745,543) $ 19,055,373 $ (2,886,830) $ (67,951) $ 5,935,291 $ (864,534) $ (1,551,294) $ 230,227 $ 3,871,678 $ (1,070,268)
Debt service as a percentage of noncapital expenditures……………………………………………….
7.60% 8.75% 8.41% 8.07% 7.56% 7.23% 6.96% 7.07% 6.91% 6.69%
Town of Canton, Massachusetts Page 107 of 119 Comprehensive Annual Financial ReportSource page 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 Average
Year Value Value Value Property Value Value Value Value Tax Rate Tax Rate Tax Rate
2005 $ 2,805,680,375 $ 367,284,365 $ 362,683,800 $ 71,194,260 $ 801,162,425 $ 3,606,842,800 $ 3,542,563,900 101.81% $ 9.42 $ 20.02 $ 11.77
2006 3,062,033,400 371,465,220 359,086,100 70,616,260 801,167,580 3,863,200,980 3,542,693,900 109.05% 9.33 19.39 11.42
2007 3,283,433,296 429,076,734 409,121,100 87,302,190 925,500,024 4,208,933,320 4,384,334,700 96.00% 8.88 17.94 10.87
2008 3,203,773,709 435,216,821 399,643,400 91,515,750 926,375,971 4,130,149,680 4,384,334,700 94.20% 9.34 18.40 11.37
2009 3,234,696,626 429,321,664 389,319,700 120,258,560 938,899,924 4,173,596,550 4,487,449,500 93.01% 9.98 19.68 12.16
2010 3,032,221,732 455,712,638 378,970,320 122,726,290 957,409,248 3,989,630,980 4,487,449,500 88.91% 10.83 21.77 13.46
2011 3,044,468,807 442,405,763 360,889,000 126,905,510 930,200,273 3,974,669,080 4,386,215,300 90.62% 11.55 23.04 14.24
2012 3,063,743,888 432,654,082 333,946,500 124,249,390 890,849,972 3,954,593,860 4,386,215,300 90.16% 11.91 24.23 14.69
2013 3,080,898,534 433,793,536 330,412,500 126,558,890 890,764,926 3,971,663,460 4,131,231,300 96.14% 12.30 24.99 15.15
2014 2,971,728,949 427,533,191 343,409,000 141,947,970 912,890,161 3,884,619,110 4,131,231,300 94.03% 12.87 26.53 16.08
Commercial Value as % of Total Value
26.0%
24.0%
22.0%
20.0%
18.0%
16.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: Official Statements, State Division of Local Services
Note: All property in the Commonwealth of Massachusetts is assessed at 100% of full and fair cash value. The State estimates this "equalized valuation" for all municipalities every two years.
Chapter 59, Section 21C of the Massachusetts General Laws, known as "Proposition 2 1/2", imposes 2 separate limits on the annual tax levy of the City. The primary limitation is
that the tax levy cannot exceed 2 1/2% of the full and fair cash value. The secondary limitation is that the tax levy cannot exceed the maximum levy limit for the preceding fiscal year
as determined by the State Commissioner of Revenue by more than 2 1/2%, subject to an exception for property added to the tax rolls and for certain valuation increases. This
secondary limit may be exceeded in any fiscal year by majority approval of the voters, however, it cannot exceed the primary limitation.
Town of Canton, Massachusetts Page 108 of 119 Comprehensive Annual Financial ReportSource page 121
PRINCIPAL TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
2014 2005
Percentage of Percentage of
Total Taxable Total Taxable
Nature of Assessed Assessed Assessed Assessed
Taxpayer Business Valuation Rank Value Valuation Rank Value
NSTAR Utility $ 49,214,820 1 1.27% $ 22,510,400 6 0.62%
Reebok Offices 39,084,000 2 1.01% 37,107,542 1 1.03%
One Beacon Insurance Offices 35,657,100 3 0.92%
Medical Information Tech., Inc. Offices 32,996,200 4 0.85% 35,285,600 2 0.98%
Canton Village Shoppes Retail 27,393,700 5 0.71% 27,942,000 5 0.77%
Boston Mutual Offices 26,865,100 6 0.69% 17,260,100 9 0.48%
250 Royall LLC Offices 22,428,200 7 0.58%
Verizon Utility 18,947,300 8 0.49%
Spirit Canton LLC Offices 16,365,500 9 0.42%
Computershare Offices 11,827,440 10 0.30%
Dan Road LLC Offices 17,618,300 8 0.49%
Metropolitan Life Insurance Co. Industrial Park 33,164,300 3 0.92%
Blue Hills Office Park LLC Office Park 31,146,000 4 0.86%
Trinet Property Partners Offices 19,748,200 7 0.55%
Designs Canton Property Corp. Offices 14,422,400 10 0.40%
Totals $ 280,779,360 7.23% $ 256,204,842 7.10%
Source: Official Statements
Town of Canton, Massachusetts Page 109 of 119 Comprehensive Annual Financial ReportSource page 122
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Tax Levy Collections
Percent of
Less First Year Percent of Delinquent Total Total Tax
Fiscal Total Abatements & Net Current Net Levy Tax Tax Collections to
Year Tax Levy Exemptions Tax Levy Tax Collections Collected Collections Collections Net Tax Levy
2005 $ 42,468,781 $ 522,771 $ 41,946,010 $ 41,841,563 99.75% $62,825 $ 41,904,388 99.90%
2006 44,103,411 427,388 43,676,023 43,423,142 99.42% 365,493 43,788,635 100.26%
2007 45,760,358 570,842 45,189,516 45,004,223 99.59% 76,682 45,080,905 99.76%
2008 46,968,564 441,542 46,527,022 46,095,704 99.07% 393,814 46,489,518 99.92%
2009 50,759,823 572,249 50,187,574 49,631,932 98.89% 441,163 50,073,095 99.77%
2010 53,681,761 1,001,762 52,679,999 52,019,666 98.75% 371,521 52,391,187 99.45%
2011 56,595,429 797,233 55,798,196 54,980,240 98.53% 646,552 55,626,792 99.69%
2012 58,074,485 498,319 57,576,166 56,783,097 98.62% 413,341 57,196,438 99.34%
2013 60,155,267 643,515 59,511,752 58,747,142 98.72% 324,734 59,071,876 99.26%
2014 62,465,167 743,501 61,721,666 61,056,268 98.92% - 61,056,268 98.92%
Source: Accounting Records
Town of Canton, Massachusetts Page 110 of 119 Comprehensive Annual Financial ReportSource page 123
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Business-type
Governmental Activities Activities
General General Total Percentage Debt
Fiscal Obligation Capital Obligation Outstanding Personal of Personal U.S Census Per
Year Bonds (1) Leases Bonds (1) Debt Income Income Population Capita
2005 $ 50,094,946 $ 565,553 $ 7,536,769 $ 58,197,268 $ 935,043,000 6.22% 21,475 $ 2,710
2006 54,724,873 933,526 9,202,542 64,860,941 955,977,000 6.78% 21,536 3,012
2007 50,817,629 - 8,505,075 59,322,704 1,075,018,000 5.52% 21,772 2,725
2008 48,857,465 - 9,554,055 58,411,520 1,022,343,000 5.71% 21,916 2,665
2009 48,417,350 59,764 11,623,368 60,100,482 942,403,000 6.38% 22,048 2,726
2010 45,506,780 41,097 18,914,008 64,461,885 1,050,979,000 6.13% 21,732 2,966
2011 43,253,178 61,227 23,101,280 66,415,685 968,993,208 6.85% 20,097 3,305
2012 41,835,011 58,547 27,692,649 69,586,207 969,066,640 7.18% 20,159 3,452
2013 40,010,850 25,634 29,160,760 69,197,244 993,466,795 6.97% 20,708 3,342
2014 31,039,890 13,022 31,180,694 62,233,606 1,062,604,358 5.86% 21,932 2,838
Source: U. S. Census, State Division of Local Services
Town of Canton, Massachusetts Page 111 of 119 Comprehensive Annual Financial Report