Canton, Massachusetts · Saved source text
Fiscal Year 2020 Comprehensive Annual Financial Report
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Source page 121
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
General Revenues and other Changes in Net Position -
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable………………………………………………….$ 52,922,668 $ $ 54,892,887 $ 56,128,582 $ 58,966,309 $ 61,423,003 $ 63,720,607 $ 67,168,983 $ 72,087,049 $ 74,151,256 $ 79,891,756
Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
210,666 349,982 597,670 421,708 591,950 213,952 204,512 220,189 301,286 91,185
Motor vehicle excise taxes…………………………………………………… 3,082,341 3,286,609 3,101,266 3,914,171 3,380,408 4,385,878 4,376,168 4,581,480 4,707,385 4,906,443
Penalties and interest on taxes…………………………………………….. 317,161 305,814 263,511 323,695 344,012 310,740 254,164 314,625 364,795 240,078
Payments in lieu of taxes……………………………………………………………… 199,299 199,225 219,205 224,311 214,543 222,149 225,405 231,040 236,816 254,165
Hotel and meals taxes……………………………………………………………… - - 38,309 460,905 568,317 581,621 601,227 593,076 603,821 568,692
Grants and contributions not restricted to specific programs………………………………………………………………
2,165,199 2,201,430 2,026,227 2,202,728 2,776,692 2,213,169 2,013,767 2,099,870 2,180,123 2,315,718
Unrestricted investment income……………………………………………. 212,187 195,037 166,466 201,635 194,375 218,877 246,862 359,644 521,199 1,641,176
Insurance recoveries……………………………………………………………… - - - - - - 2,190,705 - - -
Miscellaneous……………………………………………………………… 312,573 471,501 382,614 188,275 - - - - - -
Transfers……………………………………………………………… 1,054,170 1,101,525 1,166,968 1,063,245 1,232,584 - (1,824,747) 34,042 (500,000) (965,229)
Total governmental activities…………………………………………………………………
60,476,264 63,004,010 64,090,818 67,966,982 70,725,884 71,866,993 75,457,046 80,521,015 82,566,681 88,943,984
Business-type activities:
Unrestricted investment income……………………………………………. - - - 16,768 20,083 27,019 38,296 50,296 98,038 121,838
Transfers……………………………………………………………… (1,054,170) (1,101,525) (1,166,968) (1,063,245) (1,232,584) - 1,824,747 (34,042) 500,000 965,229
Total business-type activities….………..………………………………….. (1,054,170) (1,101,525) (1,166,968) (1,046,477) (1,212,501) 27,019 1,863,043 16,254 598,038 1,087,067
Total primary government general revenues and other
changes in net position…………………………………………………. $ 59,422,094 $ 61,902,485 $ 62,923,850 $ 66,920,505 $ 69,513,383 $ 71,894,012 $ 77,320,089 $ 80,537,269 $ 83,164,719 $ 90,031,051
Changes in Net Position
Governmental activities……………………....…………………………….. $ (8,739,650) $ (4,638,223) $ (8,010,836) $ (5,217,795) $ 6,096,948 $ 42,603 $ (4,352,455) $ 541,828 $ (2,521,809) $ 6,608,407
Business-type activities……………………....…………………………….. 1,014,859 208,402 (104,463) 1,897,173 1,687,858 1,933,325 3,039,096 957,511 1,391,427 3,651,069
Total primary government changes in net position……………………………………….
$ (7,724,791) $ (4,429,821) $ (8,115,299) $ (3,320,622) $ 7,784,806 $ 1,975,928 $ (1,313,359) $ 1,499,339 $ (1,130,382) $ 10,259,476
(concluded)
Town of Canton, Massachusetts Page 113 of 129 Comprehensive Annual Financial ReportSource page 122
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
General Fund:
Nonspendable……………………………….$ - $ - $ - $ - $ - $ - $ - $ 7,252 $ 15,376 $ 115,915
Restricted………………………………. 6,595,314 6,033,902 5,483,092 5,160,240 - - - - 15,918 -
Committed…………………………….. 240,545 202,643 328,343 470,608 358,148 364,246 886,722 923,152 1,026,447 1,148,811
Assigned…………………………….. 1,363,064 1,165,952 456,548 361,035 893,993 793,408 1,846,942 876,862 1,599,273 1,354,167
Unassigned…………………………… 5,193,760 5,825,529 7,118,096 8,276,920 9,815,657 11,430,875 12,961,775 16,128,195 17,224,537 19,686,713
Total general fund…………………………….. $ 13,392,683 $ 13,228,026 $ 13,386,079 $ 14,268,803 $ 11,067,798 $ 12,588,529 $ 15,695,439 $ 17,935,461 $ 19,881,551 $ 22,305,606
All Other Governmental Funds:
Nonspendable……………………………….$ 356,385 $ 394,385 $ 404,785 $ 419,585 $ 432,785 $ 445,985 $ 471,585 $ 489,185 $ 511,185 $ 554,785
Restricted………………………………. 7,744,716 6,504,706 7,000,533 8,707,938 11,544,545 10,939,315 10,584,773 11,869,527 14,510,055 16,302,552
Unassigned…………………………… (1,116,827) (1,301,454) (1,735,507) (468,758) (1,187,828) (632,310) (2,674,755) (156,123) (117,756) (412,455)
Total all other governmental funds……………..$ 6,984,274 $ 5,597,637 $ 5,669,811 $ 8,658,765 $ 10,789,502 $ 10,752,990 $ 8,381,603 $ 12,202,589 $ 14,903,484 $ 16,444,882
Town of Canton, Massachusetts Page 114 of 129 Comprehensive Annual Financial ReportSource page 123
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Revenues:
Property taxes, net of tax refunds…………………………………………………….
$ 52,217,093 $ $ 55,345,629 $ 56,246,748 $ 59,063,932 $ 61,544,401 $ 63,767,588 $ 67,223,724 $ 71,943,571 $ 74,255,762 $ 78,939,407
Tax title……………………………………………………………………………. 193,859 224,631 371,909 219,962 782,539 351,721 147,456 172,988 297,266 235,221
Motor vehicle and other excise taxes………………………………………… 3,080,023 3,289,549 3,165,288 3,473,978 3,714,753 4,119,643 4,555,904 4,505,384 4,703,198 4,560,311
Hotel and meals taxes…………………………………………………… - - 38,309 460,905 568,317 581,621 601,227 593,076 603,821 568,692
Charges for services……………………………………………………… 1,611,311 1,704,553 1,598,646 1,474,669 1,580,929 1,627,494 1,747,854 2,028,754 2,108,925 1,725,842
Penalties and interest on taxes……………………………………… 317,161 305,814 263,511 323,695 344,012 310,740 254,164 314,625 364,795 240,078
Payments in lieu of taxes…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
199,299 199,225 219,205 224,311 214,543 222,149 225,405 231,040 236,816 254,165
Fines and forfeitures…………………………………………… 139,458 165,051 134,626 109,411 141,311 113,467 119,540 92,821 114,905 54,683
Intergovernmental…………………………………………………….. 18,613,887 17,825,334 20,571,148 19,712,460 20,403,915 16,564,548 19,102,008 20,785,945 22,693,271 27,275,657
Intergovernmental - school construction grants……………………………………..- - - - - 1,206,545 - - 600,762 -
Departmental and other………………………………………………. 3,394,781 2,768,345 2,971,011 3,456,976 4,073,470 4,119,749 4,506,265 3,539,653 4,423,606 5,020,499
Licenses and permits……………………………………….. 658,905 646,450 912,233 1,043,909 817,829 1,282,441 1,035,070 1,142,116 1,235,156 1,422,462
Contributions……………………………………………………………. 416,991 362,965 349,244 398,308 2,146,011 1,245,410 488,456 857,270 482,910 422,661
Investment income……………………………………………………….. 187,717 167,170 141,807 142,946 163,941 171,180 198,226 301,356 456,202 1,406,002
Total Revenue…………………………………………………
81,030,485 83,004,716 86,983,685 90,105,462 96,495,971 95,684,296 100,205,299 106,508,599 112,577,395 122,125,680
Expenditures:
General government…………………………………………………………….
4,187,558 4,062,501 3,811,225 3,905,506 4,255,876 3,980,026 3,936,471 3,938,757 3,480,942 4,970,542
Public safety……………………………………………………………… 9,364,149 9,427,684 9,579,726 10,087,953 10,630,184 10,724,190 11,138,061 11,386,263 12,781,717 13,794,925
Education………………………………………………………………… 34,967,636 36,008,019 35,975,887 37,524,669 39,417,729 40,479,930 42,896,291 44,863,583 47,531,743 51,595,264
Public works…………………………………………………………….. 4,125,380 4,353,404 3,845,990 4,449,435 4,503,498 5,515,513 5,592,699 5,494,358 5,665,258 5,803,062
Health and human services…………………………………………………………..
767,077 805,351 861,386 853,534 892,603 1,182,773 1,106,152 1,152,349 1,105,044 1,093,693
Culture and recreation…………………………………………………
1,771,572 1,830,239 1,818,050 1,793,002 1,880,085 2,062,646 2,647,844 2,493,339 2,587,654 2,700,234
Pension benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
10,482,808 11,104,953 11,325,041 11,733,329 11,915,349 7,321,245 9,802,225 12,480,279 13,538,094 16,800,589
Employee benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
9,107,798 9,973,437 10,403,739 10,327,387 11,152,708 11,675,327 11,482,452 12,083,049 13,061,838 13,448,532
State and county charges…………………………………………932,878 849,149 874,821 959,538 959,868 944,583 927,338 995,573 1,015,303 1,186,662
Capital outlay and other……………………………………………………………….
2,495,021 3,771,064 6,577,524 2,369,095 2,930,119 8,445,932 6,844,641 5,203,195 5,138,643 8,496,602
Debt service:
Principal……………………………………………………………… 3,947,750 4,029,141 4,306,220 4,385,178 4,520,404 3,819,900 3,931,624 3,821,850 3,871,933 3,884,816
Interest……………………………………………………………………. 1,955,945 1,838,977 1,661,391 1,677,804 1,619,994 1,166,454 1,061,042 970,237 995,903 957,771
Total Expenditures………………………………………………………..
84,105,572 88,053,919 91,041,000 90,066,430 94,678,417 97,318,519 101,366,840 104,882,832 110,774,072 124,732,692
Excess of revenues over (under) expenditures…………………………………………………
(3,075,087) (5,049,203) (4,057,315) 39,032 1,817,554 (1,634,223) (1,161,541) 1,625,767 1,803,323 (2,607,012)
Other Financing Sources (Uses):
Issuance of refunding bonds…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- 5,398,612 - - 15,185,400 - 515,000 1,596,000 414,000 -
Payments of refunded bonds…………………………………………………………….. - (5,540,000) - - (21,739,649) - (526,148) (1,619,000) (446,000) -
Issuance of bonds and notes………………...…………………………………………
1,087,261 1,964,388 2,932,908 2,603,159 175,000 2,861,150 1,367,000 5,455,000 1,792,000 7,700,000
Premium from bonds and notes………………...…………………………………………
69,122 261,192 136,455 166,242 2,258,843 153,042 11,148 305,990 246,871 969,603
Capital lease financing…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- 62,192 51,211 - - 104,250 - - - -
Insurance recoveries……………………………………………………………………………… - - - - - - 2,354,811 - - -
Transfers in……………………………………………………………………………… 2,445,096 2,865,322 2,854,525 3,835,589 3,988,699 1,856,376 2,294,746 2,421,242 2,829,878 2,845,110
Transfers out…………………………………………………………………………… (1,390,926) (1,513,797) (1,687,557) (2,772,344) (2,756,115) (1,856,376) (4,119,493) (2,387,200) (3,329,878) (3,810,339)
Total other financing sources (uses)…………………………………………………………………..
2,210,553 3,497,909 4,287,542 3,832,646 (2,887,822) 3,118,442 1,897,064 5,772,032 1,506,871 7,704,374
Net change in fund balance………………………………………………………………….
$ (864,534) $ (1,551,294) $ 230,227 $ 3,871,678 $ (1,070,268) $ 1,484,219 $ 735,523 $ 7,397,799 $ 3,310,194 $ 5,097,362
Debt service as a percentage of noncapital expenditures……………………………………………….
7.23% 6.96% 7.07% 6.91% 6.69% 5.61% 5.28% 4.81% 4.61% 4.17%
Town of Canton, Massachusetts Page 115 of 129 Comprehensive Annual Financial ReportSource page 124
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
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
2015 3,150,088,016 421,047,184 345,967,900 152,768,400 919,783,484 4,069,871,500 4,083,657,900 99.66% 12.82 26.36 15.88
2016 3,367,549,515 443,366,255 349,329,400 160,467,160 953,162,815 4,320,712,330 4,083,657,900 105.80% 12.79 26.36 15.78
2017 3,508,576,688 459,186,222 358,855,200 171,786,770 989,828,192 4,498,404,880 4,615,563,300 97.46% 12.79 26.34 15.77
2018 3,633,566,271 536,026,099 402,226,020 177,246,290 1,115,498,409 4,749,064,680 4,615,563,300 102.89% 12.42 25.86 15.58
2019 3,824,234,297 557,405,693 426,392,980 181,040,100 1,164,838,773 4,989,073,070 5,111,198,800 97.61% 12.40 25.77 15.52
2020 4,013,357,852 583,890,748 450,496,780 188,409,290 1,222,796,818 5,236,154,670 5,111,198,800 102.44% 12.23 25.42 15.31
Commercial Value as % of Total Value
26.0%
24.0%
22.0%
20.0%
18.0%
16.0%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: Official Statements, State Division of Local Services
Note: All property in the Commonwealth of Massachusetts is assessed at 100% of full and fair cash value. The State estimates this "equalized valuation" for all municipalities every two years.
Chapter 59, Section 21C of the Massachusetts General Laws, known as "Proposition 2 1/2", imposes 2 separate limits on the annual tax levy of the Town. The primary limitation is
that the tax levy cannot exceed 2 1/2% of the full and fair cash value. The secondary limitation is that the tax levy cannot exceed the maximum levy limit for the preceding fiscal year
as determined by the State Commissioner of Revenue by more than 2 1/2%, subject to an exception for property added to the tax rolls and for certain valuation increases. This
secondary limit may be exceeded in any fiscal year by majority approval of the voters, however, it cannot exceed the primary limitation.
Town of Canton, Massachusetts Page 116 of 129 Comprehensive Annual Financial ReportSource page 125
PRINCIPAL TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
2020 2011
Percentage of Percentage of
Total Taxable Total Taxable
Nature of Assessed Assessed Assessed Assessed
Taxpayer Business Valuation Rank Value Valuation Rank Value
Spear Street Capital Offices $ 86,649,400 1 1.65% 0.00%
Eversource (formerly NSTAR) Utility 64,128,330 2 1.22% 47,427,190 1 1.19%
The Seyon Group Offices 52,170,400 3 1.00% 0.00%
BAC Canton Holdings LLC (formerly
One Beacon Insurance) Offices 51,417,100 4 0.98% 36,382,900 3 0.92%
Medical Information Tech., Inc. Offices 46,929,800 5 0.90% 33,934,200 4 0.85%
Boston Mutual Offices 36,997,850 6 0.71% 16,470,700 8 0.41%
Canton Village Shoppes Retail 31,401,300 7 0.60% 28,539,400 5 0.72%
Spirit Master Funding VIII Canton LLC Offices 24,434,100 8 0.47% 0.00%
Columbia Gas Utility 22,758,090 9 0.43%
Campanelli Trigate Royal Offices 22,366,900 10 0.43%
Reebok Offices 40,270,200 2 1.01%
ComputerShare Offices 23,428,900 6 0.59%
Verizon Utility 22,837,600 7 0.57%
Casual Male Offices 16,367,100 9 0.41%
Dan Road Building, LLC Offices 15,500,000 10 0.39%
Totals $ 439,253,270 8.39% $ 281,158,190 7.07%
Source: Official Statements
Town of Canton, Massachusetts Page 117 of 129 Comprehensive Annual Financial ReportSource page 126
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
2011 $ 56,595,429 $ 945,610 $ 55,649,819 $ 54,980,240 98.80% $ 636,552 $ 55,616,705 99.94%
2012 58,074,485 545,175 57,529,310 56,783,097 98.70% 424,995 57,208,092 99.44%
2013 60,155,267 637,338 59,517,929 58,747,142 98.70% 338,628 59,085,770 99.27%
2014 62,465,167 920,724 61,544,443 61,056,268 99.21% 251,763 61,308,031 99.62%
2015 64,629,621 753,677 63,875,944 63,380,847 99.22% 341,165 63,722,012 99.76%
2016 68,196,330 729,299 67,467,031 66,960,492 99.25% 352,125 67,312,617 99.77%
2017 70,946,770 533,230 70,413,540 69,940,713 99.33% 262,970 70,203,683 99.70%
2018 73,975,682 967,591 73,008,091 72,812,949 99.73% 6,781 (1) 72,819,730 99.74%
2019 77,438,400 959,224 76,479,176 76,374,966 99.86% (148,025) (1) 76,226,941 99.67%
2020 80,166,862 1,009,257 79,157,605 77,780,712 98.26% - 77,780,712 98.26%
(1) In 2020, the Town refunded several commercial tax collections.
Source: Accounting Records
Town of Canton, Massachusetts Page 118 of 129 Comprehensive Annual Financial ReportSource page 127
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Governmental Activities Business-type Activities
General Direct General Direct Total Percentage Debt
Fiscal Obligation Borrowings and Capital Obligation Borrowings and Outstanding Personal of Personal U.S Census Per
Year Bonds (1) Placements Leases Bonds (1) Placements Debt Income Income Population Capita
2011 $ 43,253,178 $ - $ 61,227 $ 18,945,585 $ 4,155,695 $ 66,415,685 $ 968,993,208 6.85% 20,097 $ 3,305
2012 41,835,011 - 58,547 23,231,805 4,460,844 69,586,207 969,066,640 7.18% 20,159 3,452
2013 40,010,850 - 25,634 24,947,875 4,212,885 69,197,244 993,466,795 6.97% 20,708 3,342
2014 31,039,890 - 13,022 25,562,439 5,618,255 62,233,606 1,049,031,660 5.93% 21,932 2,838
2015 29,331,327 335,000 104,250 24,633,842 5,141,590 59,546,009 1,084,774,372 5.49% 22,276 2,673
2016 26,426,780 321,226 84,246 22,970,109 4,661,625 54,463,986 1,107,131,165 4.92% 22,510 2,420
2017 28,000,477 307,176 63,827 23,466,201 4,178,293 56,015,974 1,125,784,923 4.98% 22,551 2,484
2018 25,868,216 292,843 42,986 21,261,941 3,691,526 51,157,512 1,156,150,065 4.42% 22,817 2,242
2019 26,215,007 278,222 21,713 19,095,011 3,201,255 48,811,208 1,205,739,311 4.05% 23,444 2,082
2020 30,693,449 263,306 - 21,056,912 2,820,709 54,834,376 1,251,711,593 4.38% 23,629 2,321
Source: U. S. Census, State Division of Local Services
(1) Presented net of original issuance discounts and premiums.
Town of Canton, Massachusetts Page 119 of 129 Comprehensive Annual Financial ReportSource page 128
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
General Less: Percentage Debt
Fiscal Obligation Amounts Assessed of Assessed U.S Census Per
Year Bonds (1) Available (2) Total Value Value Population Capita
2011 $ 62,198,763 $ (9,431,541) $ 52,767,222 $ 3,974,669,080 1.33% 20,097 $ 2,626
2012 65,066,816 (8,540,706) 56,526,110 3,954,593,860 1.43% 20,159 2,804
2013 64,958,725 (7,260,823) 57,697,902 3,971,663,460 1.45% 20,708 2,786
2014 56,602,329 (2,860,353) 53,741,976 3,884,619,110 1.38% 21,932 2,450
2015 53,965,169 (2,499,064) 51,466,105 4,069,871,500 1.26% 22,276 2,310
2016 49,396,889 (2,125,785) 47,271,104 4,320,712,330 1.09% 22,510 2,100
2017 51,466,678 (1,740,116) 49,726,562 4,498,404,880 1.11% 22,551 2,205
2018 47,130,157 (1,341,647) 45,788,510 4,749,064,680 0.96% 22,817 2,007
2019 45,310,018 (929,952) 44,380,066 4,989,073,070 0.89% 23,444 1,893
2020 51,750,361 (504,594) 51,245,767 5,236,154,670 0.98% 23,629 2,169
Source: U. S. Census, State Division of Local Services
(1) General obligation bonds consist of debt of both governmental and business-type activities, net of original issuance discounts and premiums.
(2) These are restricted resources from the Massachusetts School Building Authority for debt principal on school construction.
Town of Canton, Massachusetts Page 120 of 129 Comprehensive Annual Financial ReportSource page 129
COMPUTATION OF LEGAL DEBT MARGIN
LAST TEN FISCAL YEARS
(Amounts in Thousands)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Equalized Valuation…………………………………..
$ 4,386,215 $ 4,386,215 $ 4,131,231 $ 4,131,231 $ 4,083,658 $ 4,083,658 $ 4,615,563 $ 4,615,563 $ 5,111,199 $ 5,111,199
Debt Limit…………………………..…………………. 219,311 219,311 206,562 206,562 204,183 204,183 230,778 230,778 255,560 255,560
Outstanding general obligation bonds………………. 62,199 65,067 64,959 56,602 53,965 49,397 51,467 47,130 45,310 51,750
Authorized and unissued debt…………………………. 18,405 9,305 10,144 6,547 22,881 16,695 15,992 20,072 29,086 24,704
Debt not applicable to debt limit………………………….(22,111) (28,735) (30,364) (31,263) (30,212) (28,533) (28,457) (25,574) (24,193) (22,651)
Legal debt margin…………………………………………..
$ 160,818 $ 173,674 $ 161,823 $ 174,676 $ 157,549 $ 166,624 $ 191,776 $ 189,150 $ 205,357 $ 201,757
Total debt applicable to the limit
as a percentage of debt limit…………………………………..
26.67% 20.81% 21.66% 15.44% 22.84% 18.39% 16.90% 18.04% 19.64% 21.05%
Source: State Division of Local Services, Accounting Records
Town of Canton, Massachusetts Page 121 of 129 Comprehensive Annual Financial ReportSource page 130
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF JUNE 30, 2020
Estimated
Estimated Share of
Debt Percentage Overlapping
Outstanding (a) Applicable Debt
Debt repaid with property taxes:
Norfolk County…………………………………………………….. $ 16,130,000 3.68% (b) $ 593,584
Blue Hills Regional Vocational School District……………………………………………………..
36,350,000 7.07% (c) 2,569,945
Subtotal, overlapping debt………………………………………………………………………….. 3,163,529
Town direct debt……………………………………………………………. 30,956,755
Total direct and overlapping debt…………………………………………… $ 34,120,284
(a) Outstanding debt as of May 1, 2020.
(b) Based on the Town's weighted percentage of total equalized valuation.
(c) Based on the District's enabling agreement which primarily relies on enrollment.
Source: Official Statements, Accounting Records
Town of Canton, Massachusetts Page 122 of 129 Comprehensive Annual Financial ReportSource page 131
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
Per
Capita
Fiscal Population Personal Personal Median School Unemployment
Year Estimates Income Income Age Enrollment Rate (a)
2011 20,097 $ 968,993,208 $ 48,216 42.3 3,267 6.70%
2012 20,159 969,066,640 48,071 42.3 3,298 5.80%
2013 20,708 993,466,795 47,975 42.3 3,312 5.50%
2014 21,932 1,049,031,660 47,831 42.3 3,321 5.20%
2015 22,276 1,084,774,372 48,697 42.3 3,385 4.20%
2016 22,510 1,107,131,165 49,184 42.3 3,375 3.40%
2017 22,551 1,125,784,923 49,922 42.3 3,379 3.50%
2018 22,817 1,156,150,065 50,671 42.3 3,353 2.50%
2019 23,444 1,205,739,311 51,431 42.3 3,329 2.40%
2020 23,629 1,251,711,593 52,974 42.3 3,397 2.10%
(a) Full year averages except for 2020 which is for December 2019.
Source: U. S. Census, Division of Local Services, Massachusetts
Department of Elementary and Secondary Education
Median age is based on most recent census data
Town of Canton, Massachusetts Page 123 of 129 Comprehensive Annual Financial ReportSource page 132
PRINCIPAL EMPLOYERS (EXCLUDING TOWN)
CURRENT YEAR AND NINE YEARS AGO
2020 2011
Nature Percentage Percentage
of of Total Town of Total Town
Employer Business Employees Rank Employment Employees Rank Employment
Dunkin Brands, Inc. Food and Beverages 633 1 2.82% 576 4 2.81%
ComputerShare Operations Center 540 2 2.40% 830 2 4.06%
Meditech Hospital Software 504 3 2.24% 702 3 3.43%
Destination XL Group (Casual Male) Retail/Wholesale 446 4 1.99% 468 5 2.29%
FIS Global Financial Services 350 5 1.56%
Stoneridge Control Devices (Pollak) Automotive Engineering 255 6 1.14% 288 8 1.41%
Boston Mutual Inurance Insurance Sales and Service 229 7 1.02% 256 9 1.25%
Pappas Rehablitation Hospital Pediatric Hospital 220 8 0.98% 0.00%
Gray, Gray and Gray LLP Accounting 107 9 0.48%
Bank of Canton Banking 104 10 0.46%
Reebok International Footwear 1,124 1 5.49%
One Beacon Insurance Insurance Sales and Service 435 6 2.13%
Organogenesis Regenerative Medicine 291 7 1.42%
Tower Group Companies Insurance 200 10 0.98%
Totals 3,388 15.08% 5,170 24.28%
Source: Official Statements
Town of Canton, Massachusetts Page 124 of 129 Comprehensive Annual Financial ReportSource page 133
FULL-TIME EQUIVALENT TOWN EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
Function 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
General government…………………………………………………………….
27 27 27 26 26 24 27 26 27 32
Public safety…………………………………………….. 103 104 104 103 99 101 103 103 105 108
Education…………………………………………………… 429 416 423 440 426 443 474 503 483 483
Public works……………………………………………………………..
43 43 43 46 43 43 42 43 46 46
Health and human services…………………………………………………………..
9 9 9 9 9 10 9 10 11 11
Culture and recreation…………………………………………………
22 22 22 23 24 22 24 24 24 24
Total Town employees…………….…………………...……..
633 621 628 647 627 643 679 709 696 704
Source: Town personnel records
Town of Canton, Massachusetts Page 125 of 129 Comprehensive Annual Financial ReportSource page 134
OPERATING INDICATORS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
General Government:
Population…………………………………….. 21,529 20,159 20,708 20,853 20,717 20,878 21,443 20,985 21,429 21,618
Registered voters…………………………………….. 14,624 12,529 14,241 14,467 14,734 14,984 15,694 15,877 16,482 16,247
Public Safety:
Police
Criminal offenses……………………………………………… 448 554 909 464 384 945 1,076 862 657 615
Fire
Fire calls……………………………………………….. 1,470 1,391 1,242 1,500 1,800 1,683 1,638 2,013 1,929 1,556
Ambulance calls………………………………………… 2,304 2,367 2,250 2,600 2,100 2,525 2,457 2,278 2,371 2,354
Permits issued……………………………………………….927 1,218 949 1,380 1,005 745 857 976 725 658
Building Department
Building permits issued…………………………………. 788 860 905 894 1,132 1,514 1,271 1,093 1,196 1,093
Other permits issued…………………………………. 1,406 1,536 1,670 2,062 2,030 1,885 1,951 1,753 1,712 1,506
Education:
Number of students…………………………………. 3,229 3,252 3,262 3,338 3,427 3,378 3,379 3,353 3,329 3,397
Public Works:
Highway
Roads paved (miles)……………………………………………… 1.4 3.9 0.8 1.7 3.6 2.5 3.1 4.2 3.4 3.0
Water
Water mains installed (miles)…………………………… 2.1 0.0 1.8 2.0 0.0 0.0 2.5 0.0 0.0 0.0
Sewer
Sanitary sewers installed (miles)…………………………… 1.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Health and Human Services:
Board of Health
Inspections and complaint investigations……… 742 520 661 680 673 652 925 760 714 500
Permits issued……………………………………………….. 627 636 645 647 641 644 644 652 575 329
Council on Aging
Bus trips………………………………………….. 9,200 9,550 9,825 8,500 7,863 8,200 10,180 8,830 11,369 8,029
Culture and Recreation:
Libaries
Circulation……………………………………………. 288,148 308,552 315,297 294,718 301,191 269,045 287,981 258,961 168,304 220,831
Children's programs held……………………………………………. 118 349 132 132 132 241 197 328 53 257
Children's programs attendance…………………………………………….
2,857 4,673 3,550 3,004 3,004 3,985 3,898 6,935 1,345 6,393
Recreation
Swimming pool attendance…………………………………………….
(1) 8,120 8,000 9,600 9,426 4,446 6,056 5,107 4,778 4,994 -
Playground program participants…………………………………………….
1,509 1,509 1,400 812 1,008 1,294 1,090 1,016 768 580
(1) Pool was closed for major renovations in fiscal year 2020.
N/A - Information not available
Source: Various Town Departments and State websites.
Town of Canton, Massachusetts Page 126 of 129 Comprehensive Annual Financial ReportSource page 135
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
General Government:
Number of buildings……………………………….. 1 1 1 1 1 1 1 1 1 1
Public Safety:
Police
Number of stations……………………………. 1 1 1 1 1 1 1 1 1 1
Fire
Number of stations……………………………. 2 2 2 2 2 2 2 2 2 2
Education:
Number of elementary schools…………………………………….
3 3 3 3 3 3 3 3 3 3
Number of middle schools…………………………………….1 1 1 1 1 1 1 1 1 1
Number of high schools………………………………………..1 1 1 1 1 1 1 1 1 1
Public Works:
Road miles………………………………………. 94 112 112 112 112 112 112 112 112 112
Water main (miles)…………………………………………. 123 123 123 123 123 123 123 123 123 123
Sanitary sewers (miles)…………………………………………. 66 82 82 82 82 82 82 82 82 82
Number of water towers…………………….. 5 5 5 5 5 5 5 5 5 5
Number of water treatment plants…………………….. - 1 2 2 2 2 2 2 2 2
Health and Human Services:
Number of senior centers…………………….. - - - - - 1 1 1 1 1
Culture and Recreation:
Number of libraries……………………………………………
1 1 1 1 1 1 1 1 1 1
Number of pools………………………………….. 1 1 1 1 1 1 1 1 1 1
N/A - Information not available
Source: Various Town Departments and State websites.
Town of Canton, Massachusetts Page 127 of 129 Comprehensive Annual Financial ReportSource page 136
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Source page 137
DEDICATION
The 2020 Town of Canton Comprehensive Annual Financial Report is dedicated to the services of
recently retired Finance Director, James “Jim” Murgia. Jim’s leadership of the Town’s Finance Office
for almost 30 years led to many improvements and accomplishments that the Town will always be
grateful for. These included the implementation of numerous financial policies and procedures that
directly led to significant increases in the Town’s reserves. In addition, he was instrumental in the
completion of the Town’s first comprehensive annual financial report in 2006. This in turn led to the
Town receiving its first ever AAA bond rating. His motivation and dedication will always impact the
way the Town administers its finances, and he will be greatly missed.
Town of Canton, Massachusetts Page 129 of 129 Comprehensive Annual Financial Report