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Enterprise Funds 2018 Year End Reports (PDF)
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Source page 1
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DEPARTMENT OF FINANCE
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KATHLEEN D. BUTTERS
~Akrox-~~ ~ , MEMORIAL HALL TOWN ACCOUNTANT
801 WASHINGTON STREET kbuttersC~to~vn.canton.ma.us
CANTON, MA 02021 (781)575-6605
JAMES R. MURGIA PHONE: 781-575-6610
FINANCE DIRECTOR FAX: 781-575-6608 SUSAN E. DESJARDINS
jmurgiaC to~vn.canton.ma.us to~vn.canton.ma.us ASST. TREASURER/COLLECTOR
(781) 575-6612 sdesjardins@to~vn.canton.ma.us
(781) 821-5006
MEMORANDUM
LOUIS M.JUTRAS
TO Board of Selectmen INFORMATION
SYSTEMS MANAGER
FROM: James Murgia, Finance Director ]jutras@to«~n.canton.ma.us
(781)821-5069
DATE August 14, 2018
SUBJECT: Enterprise Funds' Fiscal 2018 Operating Results
The attached report shows the enterprise funds' operating results for fiscal 2018 compared to
fiscal 2017. Also attached is a balance sheet report which was prepared for the Department of
Revenue to certify the enterprise funds' "free cash reserve" balances as of June 30, 2018.
The water enterprise's budgeted deficit of $1,385,000 was due to cash reserves earmarked for
cash capital ($655,000), easements ($80,000), MWRA assessment ($400,000) and a budget
supplement ($250,000). The actual fiscal 2018 operating deficit was $931,531 which is less
than budgeted primarily due to higher revenues received. After considering the fiscal 2018's
results, the water enterprise fund ended the year with an estimated cash reserve of $1.6 million
which is a healthy 19% of expenses.
The sewer enterprise's budgeted deficit of $404,000 was due to cash reserves earmarked for
cash capital. The actual fiscal 2018 operating surplus was $511,750 primarily due to higher
revenues. Sewer's end of year cash reserve is estimated to be $2.0 million which is a healthy
29% of expenses.
The rink enterprise's budgeted deficit of $19,910 was due to cash reserves used to fund on-
going operating expenses while the rink remained closed from the February 2015 roof collapse.
The rink enterprise experienced an operating surplus of $17,192 during fiscal 2018 primarily due
to interest income earned on the insurance proceeds received. The rink's end of year cash
reserve amounted to an estimated $73,000.
The rink enterprise has received approximately $2.7 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 or repair the existing one.
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
CURRENT FISCAL YEAR PRIOR FISCAL YEAR
FY 2018 j_ FY 2018 ACTUALS 1 _ FY 2017 ~ FY 2017 L ACTUALS
DESCRIPTION BUDGET ACTUALS VS. BUDGET BUDGET ACTUALS VS. BUDGET
WATER REVENUE 6,957,882 7,365,806 407,924 6,396,172 7,026,536 630,364
SALARIES &WAGES 948,271 874,844 73,427 911,854 801,199 110,655
MWRAASSESSMENT 2,548,346 2,551,203 (2,857) 1,680,349 1,731,331 (50,982)
DEBT SERVICE 2,358,680 2,352,219 6,461 2,305,670 2,301,260 4,410
CHARGES FROM GENERAL FUND 514,825 514,825 0 510,539 510,539 (0)
CASH CAPITAL/SPECIAL APPROPRIATIONS 735,000 ~ 732,332 2,668 804,500 801,143 3,357
OTHER EXPENSES 1,237,760 1,271,914 (34,154) 987,760 908,741 79,019
TOTAL WATER OPERATING EXPENSES 8,342,882 8,297,337 45,545 7,200,672 7,054,213 146,459
WATER SURPLUS/(DEFICIT) (1,385,000) (931,531)1~ 453,469 (804,500) (27,677) 776,823
- --~- --
SEWER REVENUE 6,536,733 7,423,938 887,205 6,496,640 6,408,747 (87,893)
SALARIES &WAGES 459,130 ' 304,448 154,682 427,412 286,500 140,912
MWRA ASSESSMENT 4,244,707 4,252,646 (7,939) 4,178,270 4,137,162 41,108
DEBT SERVICE 1,126,032 1,126,658 (626) 1,186,517 1,163,732 22,785
CHARGES FROM GENERAL FUND 358,865 358,865 0 356,442 356,442 0
CASH CAPITAL 404,000 403,380 620 207,500 207,331 169
OTHER EXPENSES 347,999 466,191 (118,192) I 347,999 342,884 5,115
TOTAL SEWER OPERATING EXPENSES 6,940,733 6,912,188 28,545 , 6,704,140 6,494,052 210,088
SEWER SURPLUS/(DEFICIT) (404,000) 511,750 915,750 (207,500) (85,306) 122,195
RINK REVENUE 0 29,351 29,351 1 13,444 70,555 (42,889)
i
SALARIES &WAGES 0 0 (0) 29,324 5,488 23,836
CHARGES FROM GENERAL FUND 0 0 0 0 0 0
DEBT SERVICE 6,360 7,289 (929) 6,540 6,540 0
CASH CAPITAL 0 0 0 0 0 0
OTHER EXPENSES 13,550 4,870 8,680 77,580 5,123 72,457
l -- ~
TOTAL RINK OPERATING EXPENSES 19,910 12,159 7,751 113,444 17,151 96,293
RINK SURPLUS/(DEFICIT) (19,910) 17,192 37,102 0 53,404 53,404Source page 3
TOWN OF CANTON, MASSACHUSETTS
Combining Balance Sheet -Enterprise Funds
as of June 30,2018(Unaudited)
Water Water Total Sewer Sewer Total Rink Rink Total Total
Operations Capital Projects Water Operations ~ Capital Projects~ Sewer Operations Capital Projects Rink Enterprises
ASSETS
Cash and cash equivalents 2,842,791.89 321,597.48 3,164,38937 2,513,046.41 1,062,582.03 3,575,628.44 95,514.27 2,622,402.30 2,717,916.57 9,457,93438
Receivables:
Special assessments 269,002.21 - 269,002.21 253,272.55 - 253,272.55 - - - 522,274.76
Tax liens 25,077.85 - 25,077.85 26,298.54 - 26,298.54 - - - 51,37639
Utility Charges 234,949.28 - 234,949.28 213,268.48 - 213,268.48 - - - 448,217.76
Departmental - - - - - - 19,710.00 - 19,710.00 19,710.00
Amounts to be provided -payment of bonds 18,286,100.00 - 18,286,100.00 6,123,026.00 - 6,123,026.00 - 6,000.00 C 6,000.00 24,415,126.00
Total Assets 21,657,921.23 321,597.48 ' 21,979,518.71 9,128,911.98 1,062,582.03 10,191,494.01 115,~Z4.27 '~, 2,628,402.30 2,743,626.57 34,914,639.29
LIABILITIES AND FUND EQUITY
Liabilities:
Deferred revenue
Special assessments 269,002.69 - 269,002.69 253,272.55 - 253,272.55 - - - 522,275.24
Tax liens 25,077.85 - 25,077.85 26,298.54 - 26,298.54 - - - 51,376.39
Utility Charges 234,949.28 - 234,949.28 213,268.48 - 213,268.48 - - - 448,217.76
Departmental - - - - - - 19,710.00 - 19,710.00 19,710.00
Accounts payable 44,357.26 7,620.29 51,977.55 3,985.13 - 3,985.13 1,062.43 55,327.20 56,389.63 112,352.31
Accrued payroll and withholdings 14,343.14 14,343.14 5,421.41 - 5,421.41 - - - 19,764.55
Other liabilities 8,596.82 - 8,596.82 - - - - - - 8,596.82
Bonds payable 18,286,100.00 - 18,286,100.00 6,123,026.00 - 6,123,026.00 - 6,000.00 6,000.00 24,415,126.00
Total Liabilities 18,882,427.04 7,620.29 18,890,047.33 6,625,272.11 - 6,625,272.11 20,772.43 61,327.20 82,099.63 25,597,419.07
Fund Equity:
Reserved for encumbrances 796,415.30 - 796,415.30 275,529.30 - 275,529.30 - - - 1,071,944.60
Reserved for expenditures 364,000.00 - 364,000.00 200,000.00 - 200,000.00 21,430.00 - 21,430.00 585,430.00
Reserved for continuing appropriations - 313,977.19 313,977.19 - 1,062,582.03 1,062,582.03 - 2,567,075.10 2,567,075.10 3,943,63432
Reserved for petty cash 25.00 25.00 25.00 _ - 25.00 - __ - - 50.00
U nreserved retained earnings 1,615,053.89 - 1,615,053.89 2,028,085.57 - 2,028,085.57 73,021.84 - 73,021.84 3,716,161.30
Total Fund Equity 2,775,494.19 313,977.19 3,089,471.38 2,503,639.87 1,062,582.03 3,566,221.90 94,451.84 2,567,075.10 2,661,526.94 ~ 9,317,220.22
Total Liabilities and Fund Equity 21,657,921.23 321,597.48 21,979,518.71 9,128,911.98 1,062,582.03 10,191,494.01 115,224.27 2,628,402.30 2,743,626.57 34,914,639.29
Fy 18 balance sheets.xlsx Combined Enterprises 8/13/2018