Canton, Massachusetts · Saved source text
Enterprise Funds 2017 Year End Reports (PDF)
Saved text from 3 source pages. Transcription and OCR may contain errors; verify figures and wording against the original. Retrieved 2026-10-15.
Source page 1
~~ ~obnr~ of ~C~r~tor~, ,~~~~~c~ju~ett~
D
~ r. DEPARTMENT OF FINANCE
KATHLEEN D. BUTTERS
AHiON'~~ MEMORIAL HALL TOWN ACCOUNTANT
801 WASHINGTON STREET kbuttersCto~~~n.canton.ma.us
CANTON, MA 02021 (781)575-6605
J AMES R. MURGIA PHONE: 781-575-6610
FINANCE DIRECTOR FAX: 781-575-6608 SUSAN E. DESJARDINS
J murgiaC'to~vn.canton.ma.us to~~~n.canton.ma.us ASST. TREASURER/COLLECTOR
(781)575-6612 sdesjardinsC~to~~~n.canton.ma.us
(781)821-5006
MEMORANDUM LOUIS M.JUTRAS
INFORMATION
SYS'T'EMS MANAGER
julrasC`to~vn.canlon.ma.us
Board of Selectmen (781)821-5069
FROM James Murgia, Finance Director ". ~y
DATE August 30, 2017
SUBJECT: Enterprise Funds' Fiscal 2017 Operating Results
The attached report shows the enterprise funds' operating results for fiscal 2017. Also attached
is a balance sheet report showing all the enterprise funds which was prepared for the
Department of Revenue to certify the enterprise funds' "free cash reserve" balances as of June
30, 2017.
Water enterprise's fiscal 2017 operating deficit was $27,677 which is better than budget
primarily due to higher usage amounts due to last summer's drought and additional revenue
received from collecting prior year water bills. After considering the fiscal 2017's results, the
water enterprise fund ended the year with an estimated cash reserve of $1.9 million which is a
healthy 26% of expenses.
The sewer enterprise finished fiscal 2017 operating with a deficit of $85,306 primarily due to
reduced spending. Sewer's end of year contingency reserve is estimated to be $1.3 million
which is a healthy 20% of expenses.
The rink enterprise experienced an operating surplus of $53,604 during fiscal 2017 primarily due
to proceeds from the sale of the rink Zamboni. Due to the roof collapse in February 2015, the
facility has remained closed for all of fiscal 2017. The rink's end of year contingency reserve
amounted to an estimated $44,350.
The rink enterprise has received approximately $2.2 million from the Town's insurance company
due to the 2015 roof collapse. These insurance funds have been set aside while the Town
investigates the costs to build a new rink.
Please let me know if you have any questions or comments concerning this information.
JRM/ej
Attachment
cc: Charles Aspinwall, Town Administrator
Rob Barker, Chair, Finance Committee
Kathy Butters, Town Accountant
Liz Francis, Parks &Recreation Director
Mike Trotta, DPW SuperintendentSource page 2
ENTERPRISE FUNDS'OPERATING RESULTS FOR FISCAL 2017
FISCAL FISCAL
2017 2017 ACTUALS
DESCRIPTION Revised Budget ACTUALS VS. BUDGET
WATER REVENUE 6,396,172 7,026,536 630,364
SALARIES &WAGES 911,854 801,199 110,655
MWRA ASSESSMENT 1,680,349 1,731,331 (50,982)
CHARGES FROM GENERAL FUND 510,539 510,539 (0)
DEBT SERVICE 2,305,670 2,301,260 4,410
CASH CAPITAL 804,500 801,143 3,357
OTHER EXPENSES 987,760 908,741 79,019
TOTAL WATER OPERATING EXPENSES 7,200,672 7,054,213 146,459
WATER SURPLUS/(DEFICIT) (804,500) - (27,677) 776,823
END OF YEAR CASH RESERVE 1,855,585
RESERVE AS % OF EXPENSES 26.3%
SEWER REVENUE 6,496,640 6,408,747 (87,893)
SALARIES &WAGES 427,412 286,500 140,912
MWRAASSESSMEMT 4,178,270 4,137,162 41,108
CHARGES FROM GENERAL FUND 356,442 356,442 0
DEBT SERVICE 1,186,517 1,163,732 22,785
CASH CAPITAL 207,500 207,331 169
OTHER EXPENSES 347,999 342,884 5,115
TOTAL SEWER OPERATING EXPENSES 6,704,140 6,494,052 210,088
SEWER SURPLUS/(DEFICIT) (207,500) (85,306) 122,194
END OF YEAR CASH RESERVE 1,312,335
RESERVE AS % OF EXPENSES 20.2%
RINK REVENUE 1 13,444 70,555 (42,889)
SALARIES &WAGES 29,324 5,488 23,836
CHARGES FROM GENERAL FUND 0 0 0
DEBT SERVICE 6,540 6,540 0
CASH CAPITAL 0 0 0
OTHER EXPENSES 77,580 5,123 72,457
TOTAL RINK OPERATING EXPENSES 113,444 17,151 96,293
RINK SURPLUS/(DEFICIT) 0 53,404 53,404
END OF YEAR CASH RESERVE 44,350
RESERVE AS % OF EXPENSES 258.6%
ATM DATA.xlsx enterprises 8/30/2017Source page 3
TOWN OF CANTON -ENTERPRISE FUNDS
COMBINED BALANCE SHEET AS OF JUNE 30, 2017
SEWER SEWER TOTAL WATER WATER TOTAL SKATING SKATING RINK TOTAL
OPERATIONS CAP PROJ SEWER OPERATIONS caa PROJIGRNrs WATER ~ RINK CAP PROJ RINK TOTALS
ASSETS ~
CASH AND SHORT TERM INVESTMENTS 1,982,051.83 1,127,865.96 3,109,917.79 3,327,309.16 357,043.08 3,684,35224 78,239.94 2,153,009.80 2,231,249.74 9,025,519.77
OTHER RECEIVABLES 0.00 0.00 0.00 0.00 0.00 0.00 19,710.00 0.00 19,710.00 19,710.00
TAX LIENS 20,046.51 0.00 20,046.51 19,013.21 0.00 19,013.21 0.00 0.00 0.00 39,059.72
USER CHARGES RECEIVABLE 248,955.97 0.00 248,955.97 232,326.98 0.00 232,326.98 0.00 0.00 0.00 481,282.95
UTILITY LIENS ADDED TO TAXES 297,878.68 0.00 297,878.68 306,500.33 0.00 306,500.33 0.00 0.00 0.00 604,379.01
AMOUNT PROVIDED FOR BONDS PAYABLE 7,065,393.00 0.00 7,065,393.00 20,180,900.00 0.00 20,180,900.00 0.00 13,000.00 13,000.00 27,259,293.00
TOTAL ASSETS 9,614,325.99 1,127,865.96 10,742,191.95 24,066,049.68 357,043.08 24,423,092.76 97,949.94 2,166,009.80 2,263,959.74 37,429,244.45
LIABILITIES
ACCOUNTS PAYABLE 5,405.34 0.00 5,405.34 33,955.03 20,243.96 54,198.99 180.12 0.00 180.12 59,784.45
ACCRUED PAYROLL 4,559.71 0.00 4,559.71 15,746.30 0.00 15,746.30 800.00 0.00 800.00 21,106.01
BONDS PAYABLE 7,065,393.00 0.00 7,065,393.00 20,180,900.00 0.00 20,180,900.00 0.00 13,000.00 13,000.00 27,259,293.00
DEFERRED REVENUES 566,881.16 0.00 566,881.16 557,840.52 0.00 557,840.52 19,710.00 0.00 19,710.00 1,144,431.68
OTHER LIABILITIES 0.00 0.00 0.00 8,521.82 0.00 8,521.82 0.00 0.00 0.00 8,521.82
TOTAL LIABILITIES 7,642,239.21 0.00 7,642,239.21 20,796,963.67 , 20,243.96 20,817,207.63 20,690.12 13,000.00 33,690.12 28,493,136.96
FUND EQUITY
RESERVE FOR ENCUMBRANCES 255,726.59 241,219.54 496,946.13 358,476.04 110,721.68 469,197.72 0.00 0.00 0.00 966,143.85
RESERVE FOR EXPENDITURES 404,000.00 0.00 404,000.00 1,055,000.00 0.00 1,055,000.00 32,910.00 0.00 32,910.00 1,491,910.00
RESERVE FOR PETTY CASH 25.00 0.00 25.00 25.00 0.00 25.00 0.00 0.00 0.00 50.00
RESERVE FOR UNSPENT CONSTRUCTION PROCEEDS 0.00 886,646.42 886,646.42 0.00 226,077.44 226,077.44 0.00 2,153,009.80 2,153,009.80 3,265,733.66
UNRESERVED FUND BALANCE 1,312,335.19 ~ 0.00 1,312,335.19 1,855,584.97 0.00 , 1,855,584.97 44,349.82 0.00 44,349.82 3,212,269.98
TOTAL FUND EQUITY 1,972,086.78 1,127,865.96 3,099,952.74 ~ 3,269,086.01 336,799.12 3,605,885.13 77,259.82 2,153,009.80 2,230,269.62 8,936,107.49
TOTAL LIABILITIES AND FUND EQUITY 9,614,325.99 1,127,865.96 10,742,191.95 24,066,049.68 357,043.08 24,423,092.76 97,949.94 2,166,009.80 2,263,959.74 37,429,244.45
I
Fy 17 balance sheets.xlsx Enterprise Funds-Balance Sheets 8/30/2017