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2013 Comprehensive Annual Financial Report (PDF)
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Required Supplementary Information Town of Canton, Massachusetts Page 73 of 120 Comprehensive Annual Financial Report
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TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED JUNE 30, 2013
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)
1/1/2010 $ 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%
1/1/2003 415,150,776 675,275,257 260,124,481 61.5% 185,281,985 140.4%
1/1/2000 371,646,793 533,959,970 162,313,177 69.6% 163,542,978 99.2%
Other Post Employment 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)
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%
2008 33,104,903 33,104,903 100% 2,297,249 6.94%
Other Post Employment Benefits
Annual
Year Ended OPEB Actual Percentage
June 30, Cost Contributions Contributed
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 75 of 120 Comprehensive Annual Financial ReportSource page 86
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2013
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Revenues:
Taxes:
Real estate and personal property taxes $ 58,834,458 $ 58,834,458 $ 58,943,238 58,943,238 108,780
Tax title - - 219,962 219,962 219,962
Payments in lieu of taxes 224,686 224,686 224,311 224,311 (375)
Motor vehicle excise 3,000,000 3,000,000 3,473,978 3,473,978 473,978
Meals taxes - - 236,669 236,669 236,669
Room occupancy excise 50,000 50,000 224,236 224,236 174,236
62,109,144 62,109,144 63,322,394 - 63,322,394 1,213,250
Intergovernmental:
State aid - chapter 70 4,580,646 4,580,646 4,580,646 4,580,646 -
State aid - charter school 20,725 20,725 54,945 54,945 34,220
State aid - unrestricted 1,813,812 1,813,812 1,813,812 1,813,812 -
State aid - veterans 109,666 109,666 106,829 106,829 (2,837)
State aid - exemptions 150,757 150,757 64,758 64,758 (85,999)
State aid - state owned land 149,947 149,947 149,947 149,947 -
State aid - other 250,000 250,000 390,105 390,105 140,105
MSBA school construction reimbursement 456,305 456,305 673,218 673,218 216,913
7,531,858 7,531,858 7,834,260 - 7,834,260 302,402
Departmental fees, charges, and other:
Municipal lien fees 40,000 40,000 53,200 - 53,200 13,200
Public safety detail fees 30,000 30,000 35,052 - 35,052 5,052
Other departmental fees 80,000 80,000 78,258 - 78,258 (1,742)
Rental of municipal property 350,000 350,000 476,454 - 476,454 126,454
Fire department revenues 20,000 20,000 31,356 - 31,356 11,356
Other departmental revenues 105,000 105,000 114,758 - 114,758 9,758
625,000 625,000 789,078 - 789,078 164,078
Licenses and permits:
Alcohol licenses 65,000 65,000 74,040 - 74,040 9,040
Other licenses 70,000 70,000 91,849 - 91,849 21,849
Building permits 350,000 350,000 656,051 - 656,051 306,051
Wire, gas and plumbing permits 90,000 90,000 184,719 - 184,719 94,719
Other permits 10,000 10,000 37,250 - 37,250 27,250
585,000 585,000 1,043,909 - 1,043,909 458,909
Fines and forfeitures:
Motor vehicle fines 80,000 80,000 92,937 - 92,937 12,937
Other fines 20,000 20,000 16,474 - 16,474 (3,526)
100,000 100,000 109,411 - 109,411 9,411
Penalties and interest on taxes 300,000 300,000 323,695 - 323,695 23,695
Interest and investment income 100,000 100,000 82,772 - 82,772 (17,228)
Total Revenues 71,351,002 71,351,002 73,505,519 - 73,505,519 2,154,517
Town of Canton, Massachusetts Page 76 of 120 Comprehensive Annual Financial ReportSource page 87
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2013
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Expenditures:
Current:
General Government:
Executive Branch 1,470,364 1,223,127 1,222,835 - 1,222,835 292
Executive Branch articles 76,238 76,238 - 76,238 76,238 -
Commitees and Commissions 28,324 28,324 14,471 6,989 21,460 6,864
Reserve Fund 500,000 9 - - - 9
Finance Department 908,472 922,431 852,729 69,464 922,193 238
Fianance Department Articles 71,376 71,376 70,978 - 70,978 398
Assessors 238,392 241,239 240,868 - 240,868 371
Assessors Articles - 120,000 - 120,000 120,000 -
Town Clerk & Elections 202,443 231,480 231,252 - 231,252 228
Town Clerk & Elections articles 42,500 42,500 - 42,500 42,500 -
Conservation Commission 71,139 71,568 63,462 3,072 66,534 5,034
Planning Board 57,184 58,142 45,314 6,050 51,364 6,778
Town Insurance 827,950 847,950 846,674 - 846,674 1,276
Total General Government 4,494,382 3,934,384 3,588,583 324,313 3,912,896 21,488
Public Safety
Fire Department 4,544,849 4,672,861 4,672,377 25 4,672,402 459
Fire Department articles 129,000 129,000 132,112 - 132,112 (3,112)
Police Department 4,059,909 4,139,319 4,138,332 - 4,138,332 987
Police Department articles 304,176 304,176 173,182 130,911 304,093 83
Building & Zoning 330,320 336,876 322,091 5,573 327,664 9,212
Total Public Safety 9,368,254 9,582,232 9,438,094 136,509 9,574,603 7,629
Education:
School 32,016,948 32,107,940 31,892,386 215,554 32,107,940 -
School Articles 395,513 395,513 354,866 39,751 394,617 896
Blue Hill Regional 1,173,074 1,173,074 1,173,074 - 1,173,074 -
Norfolk County Agricultural HS 10,000 10,000 6,000 - 6,000 4,000
Total Education 33,595,535 33,686,527 33,426,326 255,305 33,681,631 4,896
Public Works:
Public Works 1,982,283 2,033,533 2,027,831 4,046 2,031,877 1,656
Public Works Articles 69,623 69,623 56,444 12,623 69,067 556
Street Lighting 210,961 210,961 117,457 9,137 126,594 84,367
Snow & Ice 264,735 644,735 644,641 - 644,641 94
Trash Collection 1,462,874 1,462,874 1,461,279 6,125 1,467,404 (4,530)
Total Public Works 3,990,476 4,421,726 4,307,652 31,931 4,339,583 82,143
Health and Human Services:
Health Department 320,293 326,422 308,574 - 308,574 17,848
Health Department Articles 14,000 14,000 14,000 - 14,000 -
Council on Aging 210,436 213,587 213,518 - 213,518 69
Veteran's Services 204,175 235,457 233,918 - 233,918 1,539
Total Health and Human Services 748,904 789,466 770,010 - 770,010 19,456
(continued)
Town of Canton, Massachusetts Page 77 of 120 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, 2013
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Culture and Recreation:
Recreation & Playground 426,459 432,314 432,312 - 432,312 2
Recreation & Playground Articles 49,643 49,643 37,202 9,973 47,175 2,468
Public Library 1,013,011 1,030,294 1,030,188 - 1,030,188 106
Public Library Articles 51,920 51,920 13,308 38,612 51,920 -
Total Culture and Recreation 1,541,033 1,564,171 1,513,010 48,585 1,561,595 2,576
Pension Benefits: 3,145,759 3,145,759 3,085,292 - 3,085,292 60,467
Employee Benefits:
Unemployment Compensation 100,000 100,000 100,000 - 100,000 -
Employer Share- Health 10,457,018 10,147,018 10,018,636 - 10,018,636 128,382
Employer Share- Life 60,000 60,000 57,696 - 57,696 2,304
Employer Share- OPEB 50,000 50,000 50,000 - 50,000 -
Total Employee Benefits 10,667,018 10,357,018 10,226,332 - 10,226,332 130,686
State and County Charges: 909,240 909,240 959,538 - 959,538 (50,298)
Debt Service: 6,026,878 6,066,878 6,062,982 - 6,062,982 3,896
Total Expenditures 74,487,479 74,457,401 73,377,819 796,643 74,174,462 282,939
Other Financing Sources (Uses)
Premium from debt issurance - - 101,385 101,385 101,385
Transfers in 2,239,456 2,239,456 2,259,575 2,259,575 20,119
Transfers out (216,014) (2,126,092) (2,126,092) (2,126,092) -
Total Other Financing Sources (Uses) 2,023,442 113,364 234,868 $ 234,868 121,504
Excess (Deficiency) of Revenues and Other
Financing Sources Over Expenditures/Uses
Of Prior Year Budgetary Fund Balance (1,113,035) (2,993,035) $ 362,568 $ 2,558,960
Other Budgetary Items
Use of unassigned fund balance $ - $ 1,880,000
Amortization of MSBA excess 539,765 539,765
Prior year encumbrances 784,888 784,888
Overlay deficits (211,618) (211,618)
Total Other Budgetary Items 1,113,035 2,993,035
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 78 of 120 Comprehensive Annual Financial ReportSource page 89
TOWN OF CANTON, MASSACHUSETTS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED JUNE 30, 2013
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 2013, Town Meeting approved various supplemental budgetary
appropriations which resulted in a net increase of approximately $1,880,000 from the original voted
budget. These appropriations were utilized for assessor’s revaluation services ($120,000), increased
stabilization reserves ($400,000) and senior center construction ($1,360,000) and were funded from
unassigned fund balance.
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 to conform to the Uniform Municipal Accounting System basis of accounting as
prescribed by the Massachusetts Department of Revenue. A reconciliation of the budgetary-basis to
GAAP-basis results for the General Fund for the fiscal year ended June 30, 2013, is as follows:
Basis of
Accounting Fund Perspective
Differences Differences Total
Revenues on a budgetary basis $ 73,505,519
Stabilization revenue $ - $ (538) (538)
Change in accruing revenues to GAAP basis 52,694 - 52,694
Change in recording tax refunds payable 68,000 - 68,000
On behalf payments 8,648,037 - 8,648,037
Revenues on a GAAP basis $ 8,648,037 $ - $ 82,273,712
Expenditures on a budgetary basis $ 73,377,819
On behalf payments $ 8,648,037 $ - 8,648,037
Expenditures on a GAAP basis $ 8,648,037 $ - $ 82,025,856
Other financing sources (uses) on a budgetary basis $ 234,868
Stabilization transfers $ - $ 400,000 400,000
Other financing sources (uses) on a GAAP basis $ - $ 400,000 $ 634,868
Town of Canton, Massachusetts Page 79 of 120 Comprehensive Annual Financial ReportSource page 90
Appropriation Deficits – During fiscal year 2013, expenditures exceeded appropriations in the
General Fund for state and county assessments, which were funded from available funds.
Town of Canton, Massachusetts Page 80 of 120 Comprehensive Annual Financial ReportSource page 91
Combining Statements Town of Canton, Massachusetts Page 81 of 120 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. 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 83 of 120 Comprehensive Annual Financial Report
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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 84 of 120 Comprehensive Annual Financial Report
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NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2013
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Assets:
Cash and cash equivalents $ 294,129 $ 620,027 $ 333,263 $ 966,449 $ 95,902
Receivables, net of allowance for uncollectibles:
Departmental and other - - - - -
Intergovernmental 24,988 - - - -
Total Assets $ 319,117 $ 620,027 $ 333,263 $ 966,449 $ 95,902
Liabilities and Fund Balances:
Liabilities:
Warrants and accounts payable $ 6,942 $ 14,104 $ 5,889 $ 12,246 $ 4,026
Accrued payroll and withholdings 28,483 - 39 12,211 1,124
Deferred revenues - - - - -
Other liabilities - - 694 - -
Due to other funds - - - - -
Bond anticipation notes payable - - - - -
Total Liabilities 35,425 14,104 6,622 24,457 5,150
Fund Balances:
Nonspendable - - - - -
Restricted 283,692 605,923 326,641 941,992 90,752
Unassigned - - - - -
Total Fund Balances 283,692 605,923 326,641 941,992 90,752
Total Liabilities and Fund Balances $ 319,117 $ 620,027 $ 333,263 $ 966,449 $ 95,902
Town of Canton, Massachusetts Page 86 of 120 Comprehensive Annual Financial ReportSource page 97
Sub-total
Town School Roadway Other Special
Ambulance Grants Grants Improvements Departmental Revenue Funds
$ 1,175,696 $ 737,618 $ 601,906 $ - $ 1,659,316 $ 6,484,306
238,441 - - - 205,757 444,198
- 103,741 319,827 550,999 - 999,555
$ 1,414,137 $ 841,359 $ 921,733 $ 550,999 $ 1,865,073 $ 7,928,059
$ - $ 16,464 $ 33,325 $ 76,564 $ 80,009 $ 249,569
- 12,579 169,905 - 26,112 250,453
238,441 - - - 205,757 444,198
- - - - - 694
- - - 472,315 - 472,315
- - - - - -
238,441 29,043 203,230 548,879 311,878 1,417,229
- - - - - -
1,175,696 1,009,574 718,503 2,120 1,553,195 6,708,088
- (197,258) - - - (197,258)
1,175,696 812,316 718,503 2,120 1,553,195 6,510,830
$ 1,414,137 $ 841,359 $ 921,733 $ 550,999 $ 1,865,073 $ 7,928,059
(Continued)
Town of Canton, Massachusetts Page 87 of 120 Comprehensive Annual Financial ReportSource page 98
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2013
Capital Project Funds
Public High Sub-total
Building Works School Capital Project
Improvements Improvements Equipment Construction Funds
Assets:
Cash and cash equivalents $ 1,581,891 $ 76,254 $ 31,615 $ 52,175 $ 1,741,935
Receivables, net of allowance for uncollectibles:
Departmental and other - - - - -
Intergovernmental - - - - -
Total Assets $ 1,581,891 $ 76,254 $ 31,615 $ 52,175 $ 1,741,935
Liabilities and Fund Balances:
Liabilities:
Warrants and accounts payable $ 1,371 $ - $ - $ 14,385 $ 15,756
Accrued payroll and withholdings - - - - -
Deferred revenues - - - - -
Other liabilities - - - - -
Due to other funds - - - - -
Bond anticipation notes payable 134,000 175,000 25,800 - 334,800
Total Liabilities 135,371 175,000 25,800 14,385 350,556
Fund Balances:
Nonspendable - - - - -
Restricted 1,600,080 19,194 5,815 37,790 1,662,879
Unassigned (153,560) (117,940) - - (271,500)
Total Fund Balances 1,446,520 (98,746) 5,815 37,790 1,391,379
Total Liabilities and Fund Balances $ 1,581,891 $ 76,254 $ 31,615 $ 52,175 $ 1,741,935
Town of Canton, Massachusetts Page 88 of 120 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
$ 410,777 $ 181,114 $ 165,536 $ 757,427 $ 8,983,668
- - - - 444,198
- - - - 999,555
$ 410,777 $ 181,114 $ 165,536 $ 757,427 $ 10,427,421
$ - $ 871 $ - $ 871 $ 266,196
- - - - 250,453
- - - - 444,198
- - - - 694
- - - - 472,315
- - - - 334,800
- 871 - 871 1,768,656
385,797 21,553 12,235 419,585 419,585
24,980 158,690 153,301 336,971 8,707,938
- - - - (468,758)
410,777 180,243 165,536 756,556 8,658,765
$ 410,777 $ 181,114 $ 165,536 $ 757,427 $ 10,427,421
(Concluded)
Town of Canton, Massachusetts Page 89 of 120 Comprehensive Annual Financial ReportSource page 100
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2013
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Revenues:
Intergovernmental $ 249,120 $ - $ 14,040 $ - $ -
Charges for services 667,521 - - - -
Departmental and other - - 162,149 1,480,122 327,712
Investment income 1,155 - - - 201
Contributions and donations - - 17,197 - -
Total Revenues 917,796 - 193,386 1,480,122 327,913
Expenditures:
Current:
General government - 149,436 13,991 - -
Public safety - - 1,277 - -
Education 838,026 - - 1,434,753 -
Public works - - - - -
Health and human services - - 65,209 - -
Culture and recreation - - 23,199 - 287,960
Employee benefits - - - - -
Total Expenditures 838,026 149,436 103,676 1,434,753 287,960
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 79,770 (149,436) 89,710 45,369 39,953
Other Financing Sources (Uses):
Proceeds from bonds and notes - - - - -
Premium from bonds and notes - - - - -
Transfers in - - - - -
Transfers out (102,224) - (49,000) (707) -
Total Other Financing Sources (Uses) (102,224) - (49,000) (707) -
Net Change in Fund Balances (22,454) (149,436) 40,710 44,662 39,953
Fund Balances - Beginning of Year 306,146 755,359 285,931 897,330 50,799
Fund Balances - End of Year $ 283,692 $ 605,923 $ 326,641 $ 941,992 $ 90,752
Town of Canton, Massachusetts Page 90 of 120 Comprehensive Annual Financial ReportSource page 101
Sub-total
Town School Roadway Other Special
Ambulance Grants Grants Improvements Departmental Revenue Funds
$ - $ 193,851 $ 2,212,450 $ 550,999 $ 9,703 $ 3,230,163
807,148 - - - - 1,474,669
- - - - 697,915 2,667,898
- 4,192 - - 18,671 24,219
- - - - 365,976 383,173
807,148 198,043 2,212,450 550,999 1,092,265 7,780,122
- 4,421 - - 144,487 312,335
- 196,091 - - 740,580 937,948
- - 1,905,562 - 274,868 4,453,209
- 197,245 - 550,999 592 748,836
- 31,623 - - 9,925 106,757
- - - - 506 311,665
- - - - 101,055 101,055
- 429,380 1,905,562 550,999 1,272,013 6,971,805
807,148 (231,337) 306,888 - (179,748) 808,317
- - - - - -
- - - - 64,857 64,857
- - - - 80,000 80,000
(758,960) - (19,412) - (100,949) (1,031,252)
(758,960) - (19,412) - 43,908 (886,395)
48,188 (231,337) 287,476 - (135,840) (78,078)
1,127,508 1,043,653 431,027 2,120 1,689,035 6,588,908
$ 1,175,696 $ 812,316 $ 718,503 $ 2,120 $ 1,553,195 $ 6,510,830
(Continued)
Town of Canton, Massachusetts Page 91 of 120 Comprehensive Annual Financial ReportSource page 102
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2013
Capital Project Funds
Public High Sub-total
Building Works School Capital Project
Improvements Improvements Equipment Construction Funds
Revenues:
Intergovernmental $ - $ - $ - $ - $ -
Charges for services - - - - -
Departmental and other - - - - -
Investment income - - - - -
Contributions and donations - - - - -
Total Revenues - - - - -
Expenditures:
Current:
General government 4,473 - 115 - 4,588
Public safety 409 - 2,015 - 2,424
Education 173,758 - - 53,163 226,921
Public works - 363,770 - - 363,770
Health and human services 465,537 - - - 465,537
Culture and recreation - - - - -
Employee benefits - - - - -
Total Expenditures 644,177 363,770 2,130 53,163 1,063,240
Excess (Deficiency) Of Revenues
Over (Under) Expenditures (644,177) (363,770) (2,130) (53,163) (1,063,240)
Other Financing Sources (Uses):
Proceeds from bonds and notes 2,300,159 303,000 - - 2,603,159
Premium from bonds and notes - - - - -
Transfers in 1,450,214 - 45,800 - 1,496,014
Transfers out - - - - -
Total Other Financing Sources (Uses) 3,750,373 303,000 45,800 - 4,099,173
Net Change in Fund Balances 3,106,196 (60,770) 43,670 (53,163) 3,035,933
Fund Balances - Beginning of Year (1,659,676) (37,976) (37,855) 90,953 (1,644,554)
Fund Balances - End of Year $ 1,446,520 $ (98,746) $ 5,815 $ 37,790 $ 1,391,379
Town of Canton, Massachusetts Page 92 of 120 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
$ - $ - $ - $ - $ 3,230,163
- - - - 1,474,669
- - - - 2,667,898
21,239 7,797 7,457 36,493 60,712
14,800 335 - 15,135 398,308
36,039 8,132 7,457 51,628 7,831,750
- - - - 316,923
- - - - 940,372
- - - - 4,680,130
- - - - 1,112,606
- - - - 572,294
- 5,529 - 5,529 317,194
- - - - 101,055
- 5,529 - 5,529 8,040,574
36,039 2,603 7,457 46,099 (208,824)
- - - - 2,603,159
- - - - 64,857
- - - - 1,576,014
(15,000) - - (15,000) (1,046,252)
(15,000) - - (15,000) 3,197,778
21,039 2,603 7,457 31,099 2,988,954
389,738 177,640 158,079 725,457 5,669,811
$ 410,777 $ 180,243 $ 165,536 $ 756,556 $ 8,658,765
(Concluded)
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Internal Service Funds Narrative Internal service funds are used to account for the financing of services provided by one department to other departments or governmental units. The Town’s risk financing activities accounts for in the internal service funds can be distinctly categorized into the following groupings: Health Claims – This fund accounts for the group health and dental insurance activity for active Town employees and retirees. Workers’ Compensation Claims – This fund accounts for workers’ compensation benefits, replacement wages and medical claims expenses of employees that qualify for such benefits. Unemployment Claims – This fund accounts for unemployment benefits for eligible employees. Building Insurance – This fund accounts for resource accumulated to pay for damage to Town property that is not covered by liability insurance. Town of Canton, Massachusetts Page 95 of 120 Comprehensive Annual Financial Report
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INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2013
Total
Health Workers' Unemployment Building Internal
Claims Compensation Claims Insurance Service Funds
Assets:
Current assets:
Cash and cash equivalents $ 4,166,386 $ 32,939 $ 55,455 $ 466,853 $ 4,721,633
Receivables, net of allowance for uncollectibles:
Departmental and other 264,283 - - - 264,283
Deposit held by third party 58,400 - - - 58,400
Total Current Assets 4,489,069 32,939 55,455 466,853 5,044,316
Liabilities:
Current liabilities:
Warrants and accounts payable 293,029 535 - - 293,564
Health claims incurred but not reported 912,916 - - - 912,916
Total Current Liabilities 1,205,945 535 - - 1,206,480
Net Position:
Unrestricted 3,283,124 32,404 55,455 466,853 3,837,836
TOTAL NET POSITION $ 3,283,124 $ 32,404 $ 55,455 $ 466,853 $ 3,837,836
Town of Canton, Massachusetts Page 97 of 120 Comprehensive Annual Financial ReportSource page 108
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FISCAL YEAR ENDED JUNE 30, 2013
Total
Health Workers' Unemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Operating Revenues:
Employee contributions $ 3,311,389 $ - $ - $ - $ 3,311,389
Employer contributions 9,371,272 - 100,000 - 9,471,272
Stop loss reimbursements 907,452 - - - 907,452
Total Operating Revenues 13,590,113 - 100,000 - 13,690,113
Operating Expenditures:
Employee benefits 14,435,305 3,316 93,285 - 14,531,906
Operating Income (Loss) (845,192) (3,316) 6,715 - (841,793)
Nonoperating Revenues (Expenses):
Investment Income 15,749 1,864 16,844 24,232 58,689
Income (Loss) Before Transfers (829,443) (1,452) 23,559 24,232 (783,104)
Change in Net Position (829,443) (1,452) 23,559 24,232 (783,104)
Fund Balances - Beginning of Year 4,112,567 33,856 31,896 442,621 4,620,940
Fund Balances - End of Year $ 3,283,124 $ 32,404 $ 55,455 $ 466,853 $ 3,837,836
Town of Canton, Massachusetts Page 98 of 120 Comprehensive Annual Financial ReportSource page 109
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2013
Total
Health Workers' Umemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Cash Flows From Operating Activities:
Receipts from interfund services provided $ 13,325,830 $ - $ 100,000 $ - $ 13,425,830
Payments for interfund services used (13,741,192) (2,807) (93,285) - (13,837,284)
Net Cash Provided by (Used in) Operating Activities (415,362) (2,807) 6,715 - (411,454)
Cash Flows From Investing Activities:
Investment income 15,749 1,864 16,844 24,232 58,689
Investment of operating cash 626,712 - - - 626,712
Net Cash Provided By Investing Activities 642,461 1,864 16,844 24,232 685,401
Net Change in Cash and Cash Equivalents 227,099 (943) 23,559 24,232 273,947
Cash and Cash Equivalents:
Beginning of the Year 4,365,902 33,882 31,896 16,006 4,447,686
End of the Year $ 4,593,001 $ 32,939 $ 55,455 $ 40,238 $ 4,721,633
Reconciliation of Operating Income (Loss) to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss) (845,192) (3,316) 6,715 - (841,793)
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Changes in assets and liablities:
Receivables (264,283) - - - (264,283)
Amounts held by insurance carrier 227,074 - - - 227,074
Accounts payable and accrued expenses 237,918 509 - - 238,427
Health claims incurred but not reported 229,121 - - - 229,121
Net Cash Provided by (Used in) Operating Activities $ (415,362) $ (2,807) $ 6,715 $ - $ (411,454)
Town of Canton, Massachusetts Page 99 of 120 Comprehensive Annual Financial ReportSource page 110
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 100 of 120 Comprehensive Annual Financial Report
Source page 111
AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED JUNE 30, 2013
Beginning End
of Year Additions Deletions of Year
Assets
Current assets:
Cash and cash equivalents $ 745,892 $ 382,637 $ (303,996) $ 824,533
Liabilities
Current liabilities:
Warrants payable $ 5,629 $ 292,990 $ (293,906) $ 4,713
Agency liabilities 740,263 382,637 (303,080) 819,820
Total Liabilities $ 745,892 $ 675,627 $ (596,986) $ 824,533
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Statistical Section Statistical tables differ from financial statements since they usually cover more than one fiscal year and present non-accounting data. The following tables reflect social and economic data, financials trends, and fiscal capacity. The Town’s 570,000 gallon Ponkapoag water tank was completely rehabilitated utilizing a $500,000 interest free loan from the Massachusetts Water Resource Authority.
Source page 115
Statistical Section This part of the comprehensive annual financial report presents information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the Town’s overall financial health. Financial Trends These schedules contain trend information to help the reader understand how the Town’s financial performance and well-being have changed over time. Revenue Capacity These schedules contain information to help the reader assess the Town’s most significant local revenue source, the property tax. Debt Capacity These schedules present information to help the reader assess the affordability of the Town’s current levels of outstanding debt, and the Town’s ability to issue additional debt in the future. Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the Town’s financial activities take place. Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the Town’s financial report relates to the services the Town provides and the activities it performs. Sources: Unless otherwise noted, the information in these schedules is derived from the financial statements for the relevant year. Town of Canton, Massachusetts Page 103 of 120 Comprehensive Annual Financial Report
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NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2004 2005 2006 2007 2008 2009 2010 2011 2012 (1) 2013
Governmental activities:
Invested in capital assets, net of related debt………………….
$ 36,942,344 $ $ 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
Restricted………………………………………………………………………….. 3,295,679 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
Unrestricted……………………………………………………………… 12,671,374 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)
Total governmental activities net position………………………………………..
$ 52,909,397 $ 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
Business-type activities:
Invested in capital assets, net of related debt………………………
$ 12,618,526 $ 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
Unrestricted………………………………………………………………. 2,523,732 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
Total business-type activities net position…………………………….
$ 15,142,258 $ 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
Primary government:
Invested in capital assets, net of related debt……………………………..
$ 49,560,870 $ 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
Restricted………………………………………………………………………. 3,295,679 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
Unrestricted…………………………………………………………… 15,195,106 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)
Total primary government net position………………………………………………….
$ 68,051,655 $ 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
(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 104 of 120 Comprehensive Annual Financial ReportSource page 117
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Expenses -
Governmental activities:
General government…...…………………………………………………… $ 3,267,986 $ $ 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
Public safety…..……………………………………………………………… 12,048,004 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
Education……..…………………………………………………………………. 38,093,179 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
Public works……...………………………………………………………………. 5,553,924 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
Health and human services……………...…………………………………………………………….
752,548 781,948 810,338 850,334 810,319 983,217 1,094,171 1,133,985 1,221,862 1,314,086
Culture and recreation………...…………………………………………………………..
1,652,270 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
Interest…………………………………………………………………… 1,054,013 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
Total government activities expenses…………………………………….. 62,421,924 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
Business-type activities:
Water…………………………………………………………………… 3,017,581 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
Sewer…………………………………………………………………… 3,772,077 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
Rink…………………………………………………………………… 348,677 271,389 314,637 344,198 357,203 458,269 486,775 504,265 496,394 390,072
Total business-type activities expenses…………………………………….. 7,138,335 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
Total primary government expenses………………………………………. $ 69,560,259 $ 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
Program Revenues -
Governmental activities:
Charges for services:
General government………………………………………………… $ 1,380,744 $ $ 229,506 $ $ 355,302 $ $ 371,696 $ $ 368,111 $ $ 400,721 $ $ 919,070 $ $ 385,778 $ 325,814 $ 554,773
Public safety……………………………………………………………….. 1,413,265 995,622 2,893,607 2,392,923 2,253,015 1,867,319 2,076,797 2,036,855 2,292,477 2,790,608
Education………………………………………………………………. 1,229,743 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
Public works………………………………………………………………. 11,113 62,211 58,111 85,033 71,911 69,082 129,056 92,920 125,694 210,642
Human services………………………………………………………………. - 49,775 45,012 42,808 50,162 42,354 41,527 46,661 66,462 85,978
Culture and recreation………………………………………………………1,045,450 470,989 378,055 343,737 376,991 377,306 379,669 346,254 528,937 396,771
Operating grants and contributions…………………………………… 10,997,337 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
Capital grants and contributions………………………………………….. 13,746,919 12,931,018 653,971 1,011,723 2,251,419 3,291,089 1,170,098 162,497 1,659,561 550,999
Total government activities program revenues...…………………………….. 29,824,571 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
Business-type activities:
Charges for services - Water…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
3,314,271 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
Charges for services - Sewer…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
3,904,950 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
Charges for services - Rink…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
337,010 335,215 372,609 370,110 356,953 391,991 404,449 430,878 446,111 431,671
Capital grant and contributions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- - 184,570 46,294 39,941 2,362 497,305 - - -
Operating grants and contributions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
50,495 - - - - - - - - -
Total business-type activities program revenues……………………………………..
7,606,726 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
Total primary government program revenues……………………………………….
$ 37,431,297 $ 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
Net (Expense)/Program Revenue
Governmental activities……………………....……………………………..
$ (32,597,353) $ (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)
Business-type activities……………………....…………………………….. 468,391 877,818 1,475,781 1,099,876 1,934,325 385,453 1,661,369 2,069,029 1,309,927 1,062,505
Total primary government net (expense)/program revenue……………………………………….
$ (32,128,962) $ (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)
(continued)
Town of Canton, Massachusetts Page 105 of 120 Comprehensive Annual Financial ReportSource page 118
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
General Revenues and other Changes in Net Position -
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable…………………………………………………. $ 39,376,066 $ $ 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
Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- - 68,545 137,473 204,174 186,291 210,666 349,982 597,670 421,708
Motor vehicle excise taxes…………………………………………………… 3,642,186 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
Penalties and interest on taxes…………………………………………….. 230,825 218,730 259,454 206,817 188,163 246,950 317,161 305,814 263,511 323,695
Payments in lieu of taxes……………………………………………………………… 160,827 160,827 160,827 160,827 191,827 194,559 199,299 199,225 219,205 224,311
Hotel and meals taxes……………………………………………………………… - - - - - - - - 38,309 460,905
Grants and contributions not restricted to specific programs………………………………………………………………
2,152,678 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
Unrestricted investment income……………………………………………. 288,328 633,337 728,000 955,736 909,900 488,112 212,187 195,037 166,466 201,635
Gain (loss) on sale of capital assets……………………………………………. - (87,704) - (3,087) - - - - - -
Miscellaneous……………………………………………………………… 174,526 464,695 283,334 202,070 189,784 245,317 312,573 471,501 382,614 188,275
Transfers……………………………………………………………… 424,923 804,205 882,119 907,569 969,101 1,009,929 1,054,170 1,101,525 1,166,968 1,063,245
Total governmental activities…………………………………………………………………
46,450,359 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
Business-type activities:
Penalties and interest on taxes……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
26,432 - - - - - - - - -
Unrestricted investment income……………………………………………. - - - - - - - - - 16,768
Transfers……………………………………………………………… (424,923) (804,205) (882,119) (907,569) (969,101) (1,009,929) (1,054,170) (1,101,525) (1,166,968) (1,063,245)
Total business-type activities….………..………………………………….. (398,491) (804,205) (882,119) (907,569) (969,101) (1,009,929) (1,054,170) (1,101,525) (1,166,968) (1,046,477)
Total primary government general revenues and other
changes in net position…………………………………………………. $ 46,051,868 $ 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
Changes in Net Assets
Governmental activities……………………....…………………………….. $ 13,853,006 $ 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)
Business-type activities……………………....…………………………….. 69,900 73,613 593,662 192,307 965,224 (624,476) 607,199 967,504 142,959 16,028
Total primary government changes in net position……………………………………….
$ 13,922,906 $ 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)
(concluded)
Town of Canton, Massachusetts Page 106 of 120 Comprehensive Annual Financial ReportSource page 119
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
General Fund:
Restricted………………………………. $ - $ - $ - $ - $ - $ 7,167,329 $ 6,595,314 $ 6,033,902 $ 5,483,092 $ 5,160,240
Committed…………………………….. 1,098,286 678,548 627,350 249,985 279,918 166,540 240,545 202,643 328,343 470,608
Assigned…………………………….. 2,675,668 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
Unassigned…………………………… 8,500,282 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
Total general fund……………………………..$ 12,274,236 $ 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
All Other Governmental Funds:
Nonspendable……………………………….$ 326,942 $ $ 281,729 $ $ 289,192 $ $ 294,174 $ $ 325,985 $ $ 338,785 $ $ 356,385 $ 394,385 $ 404,785 $ 419,585
Restricted………………………………. 14,407,701 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
Unassigned…………………………… (14,595,933) (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)
Total all other governmental funds……………..
$ 138,710 $ (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
Note: The Town implemented GASB 54 in fiscal year 2011. All previous years (2004 - 2010) data presented were restated to conform to the GASB 54 presentation.
Town of Canton, Massachusetts Page 107 of 120 Comprehensive Annual Financial ReportSource page 120
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Revenues:
Property taxes, net of tax refunds…………………………………………………….
$ 38,291,597 $ $ 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
Tax title……………………………………………………………………………. 239,705 349,106 198,779 313,789 62,100 187,083 193,859 224,631 371,909 219,962
Motor vehicle and other excise taxes………………………………………… 3,245,634 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
Hotel and meals taxes…………………………………………………… - - - - - - - - 38,309 460,905
Charges for services……………………………………………………… 894,901 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
Penalties and interest on taxes………………………………………196,674 218,730 259,454 206,817 188,163 246,950 317,161 305,814 263,511 323,695
Payments in lieu of taxes…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
160,827 160,827 160,827 160,827 191,827 194,559 199,299 199,225 219,205 224,311
Fines and forfeitures…………………………………………… 139,100 140,964 155,917 200,872 189,562 165,991 139,458 165,051 134,626 109,411
Intergovernmental…………………………………………………….. 11,892,324 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
Intergovernmental - school construction grants…………………………………….. - - 17,620,000 1,300,000 - 7,167,329 - - - -
Departmental and other………………………………………………. 3,318,668 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
Licenses and permits……………………………………….. 774,319 582,327 1,120,175 626,776 669,240 452,758 658,905 646,450 912,233 1,043,909
Contributions……………………………………………………………. 284,162 399,655 381,326 1,082,522 624,919 256,730 416,991 362,965 349,244 398,308
Investment income……………………………………………………….. 274,630 602,630 712,388 844,984 794,586 429,449 187,717 167,170 141,807 142,946
Total Revenue…………………………………………………
59,712,541 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
Expenditures:
General government…………………………………………………………….
2,896,184 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
Public safety……………………………………………………………… 9,074,652 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
Education………………………………………………………………… 26,325,164 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
Public works…………………………………………………………….. 4,075,214 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
Health and human services…………………………………………………………..
596,218 547,133 592,563 627,328 626,827 697,221 767,077 805,351 861,386 853,534
Culture and recreation…………………………………………………1,830,902 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
Pension benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
5,700,793 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
Employee benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
6,854,916 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
State and county charges………………………………………… 735,257 720,767 736,659 811,346 894,634 924,550 932,878 849,149 874,821 959,538
Capital outlay and other……………………………………………………………….
28,372,249 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
Debt service:
Principal……………………………………………………………… 1,632,000 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
Interest……………………………………………………………………. 1,203,106 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
Total Expenditures………………………………………………………..
89,296,655 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
Excess of revenues over (under) expenditures…………………………………………………
(29,584,114) (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
Other Financing Sources (Uses):
Issuance of refunding bonds…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
3,359,170 - - - 1,084,000 - - 5,398,612 - -
Payments of refunded bonds…………………………………………………………….. - - - - - - - (5,540,000) - -
Payments to refunded bond escrow agent……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
(3,342,853) - - - (1,070,000) - - - - -
Proceeds from bonds and notes………………...…………………………………………
34,561,000 - 8,001,000 - 1,907,000 3,541,000 1,087,261 1,964,388 2,932,908 2,603,159
Premium from bonds and notes………………...…………………………………………
1,012,551 244,578 21,407 13,360 81,480 85,862 69,122 261,192 136,455 166,242
Capital lease financing…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- 565,553 399,440 - - 82,362 - 62,192 51,211 -
Proceeds from sale of capital assets………………………………………………… - - - 268,063 - - - - - -
Transfers in……………………………………………………………………………… 2,652,106 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
Transfers out…………………………………………………………………………… (1,894,579) (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)
Total other financing sources (uses)…………………………………………………………………..
36,347,395 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
Net change in fund balance………………………………………………………………….
$ 6,763,281 $ (12,745,543) $ 19,055,373 $ (2,886,830) $ (67,951) $ 5,935,291 $ (864,534) $ (1,551,294) $ 230,227 $ 3,871,678
Debt service as a percentage of noncapital expenditures……………………………………………….
4.65% 7.60% 8.75% 8.41% 8.07% 7.56% 7.23% 6.96% 7.07% 6.91%
Town of Canton, Massachusetts Page 108 of 120 Comprehensive Annual Financial ReportSource page 121
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
2004 $ 2,613,432,533 $ 365,829,167 $ 365,939,000 $ 66,383,800 $ 798,151,967 $ 3,411,584,500 $ 2,833,786,800 120.39% $ 9.16 $ 18.81 $ 11.42
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
Commercial Value as % of Total Value
26.0%
24.0%
22.0%
20.0%
18.0%
16.0%
14.0%
12.0%
10.0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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 109 of 120 Comprehensive Annual Financial ReportSource page 122
PRINCIPAL TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
2013 2004
Percentage of Percentage of
Total Taxable Total Taxable
Nature of Assessed Assessed Assessed Assessed
Taxpayer Business Valuation Rank Value Valuation Rank Value
NSTAR Utility $ 46,716,920 1 1.18% $ 20,235,300 7 0.59%
Reebok Offices 39,983,400 2 1.01% 37,917,100 1 1.11%
One Beacon Insurance Offices 36,382,900 3 0.92%
Medical Information Tech., Inc. Offices 33,934,200 4 0.85% 35,285,600 3 1.03%
Canton Village Shoppes Retail 28,539,400 5 0.72% 27,942,000 6 0.82%
250 Royall LLC Offices 23,428,800 6 0.59%
Verizon Utility 21,650,400 7 0.55%
Boston Mutual Offices 16,470,700 8 0.41% 16,888,500 9 0.50%
Spirit Canton LLC Offices 16,367,100 9 0.41%
Dan Road LLC Offices 13,000,000 10 0.33% 17,618,300 8 0.52%
Metropolitan Life Insurance Co. Industrial Park 37,159,200 2 1.09%
Blue Hills Office Park LLC Office Park 31,146,000 4 0.91%
ASN-Mass Holdings, Inc. Apartments 27,993,100 5 0.82%
Designs Canton Property Corp. Offices 14,102,600 10 0.41%
Totals $ 276,473,820 6.96% $ 266,287,700 7.81%
Source: Official Statements
Town of Canton, Massachusetts Page 110 of 120 Comprehensive Annual Financial ReportSource page 123
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
2004 $ 38,952,281 $ 544,964 $ 38,407,317 $ 38,313,769 99.76% $207,801 $ 38,521,570 100.30%
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% 441,116 50,073,048 99.77%
2010 53,681,761 1,001,535 52,680,226 52,019,666 98.75% 371,459 52,391,125 99.45%
2011 56,595,429 893,930 55,701,499 54,980,240 98.71% 643,641 55,623,881 99.86%
2012 58,074,485 591,708 57,482,777 56,783,097 98.78% 407,847 57,190,944 99.49%
2013 60,155,267 591,984 59,563,283 58,747,142 98.63% - 58,747,142 98.63%
Source: Accounting Records
Town of Canton, Massachusetts Page 111 of 120 Comprehensive Annual Financial Report