Canton, Massachusetts · Saved source text
Fiscal Year 2023 Annual Comprehensive Financial Report pdf file
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Source page 81
Investment rate of return 6.09%, net of OPEB plan investment expense,
including inflation.
Muncipal bond rate 4.13% as of June 30, 2023
Discount Rate 5.87%, net of OPEB plan investment expense
including inflation.
Inflation 2.50% annually as of June 30, 2023 and for future periods
Health Care Trend Rate 9.00% trending to an ultimate rate of 3.63%
Salary Increases 3.00% annually as of June 30, 2023 and for future periods
Cost of Living Adjustment Not applicable.
Pre-Retirement Mortality RP-2014 Mortality Table for Blue Collar Employees projected
generationally with scale MP-2016, set forward one year
for females
Post-Retirement Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2016, set forward one
year for females
Disabled Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2016, set forward one
year
Actuarial Cost Method Individual entry age normal
Key assumption changes effective Fiscal Year ending June 30, 2023
Investment Rate of Return 6.09% previously 5.88%
Single Equivalent Discount Rate 5.87% previously 5.83%
Healthcare Cost Trend Rates 9.00% trending to 3.63% previously 4.50%
Long Term Expected Rate of Return – The long-term expected rate of return on OPEB Plan
investments was determined using a building-block method in which best-estimate ranges of
expected future real rates of return (expected returns, net of OPEB Plan investment expense and
inflation) are developed for each major asset class.
These ranges are combined to produce the long-term expected rate of return by weighting the
expected future real rates of return by the target asset allocation percentage and by adding
expected inflation.
The target allocation and best estimates of arithmetic real rates of return were as reflected in the
following table:
Town of Canton, Massachusetts Page 73 of 126 Annual Comprehensive Financial ReportSource page 82
Expected
Target Investment Rate
Asset Class Allocation of Return
Domestic Equity - Large Cap 26.25% 4.10%
Domestic Equity - Small/Mid Cap 14.75% 4.55%
Interntional Equity - Developed Market 13.25% 4.64%
Interntional Equity - Emerging Market 8.25% 5.45%
Domestic Fixed Income 19.50% 1.05%
International Fixed Income 4.50% 0.96%
Alternatives 10.25% 5.95%
Real Estate 2.75% 6.25%
Cash 0.50% 0.00%
100.00%
Real rate of return 3.84%
Inflation assumption 2.50%
Total nominal rate of return 6.34%
Investment expense -0.25%
Net investment return 6.09%
Sensitivity Analyses – The following presents the Town’s net OPEB liability as well as what the
Town’s net OPEB liability would be if it were calculated using a discount rate that is 1% lower or
1% higher than the current discount rate as well as if the healthcare cost trend rates are 1% lower
or higher than the current healthcare cost trend rates:
Discount Rate
Current Rate 1% Decrease At Current Rate 1% Increase
Net OPEB liability 5.87% $ 109,237,368 $ 94,087,828 $ 81,865,634
Health Care Trend Rate
Net OPEB liability 9.00%>3.63% $ 80,477,416 $ 94,087,828 $ 111,130,222
Changes in the Net OPEB Liability – The following table summarizes the changes in the net
OPEB liability for the year ended June 30, 2023:
Town of Canton, Massachusetts Page 74 of 126 Annual Comprehensive Financial ReportSource page 83
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a) (b) (a) - (b)
Balances at June 30, 2022 $ 105,269,904 $ 8,620,248 $ 96,649,656
Changes for the year:
Service cost 2,397,412 - 2,397,412
Interest 6,153,508 - 6,153,508
Changes of assumptions 3,131,698 - 3,131,698
Difference between expected
and actual experience (8,032,680) - (8,032,680)
Net investment income - 764,306 (764,306)
Employer contributions - 5,447,460 (5,447,460)
Benefit payments withdrawn from trust - (4,297,460) 4,297,460
Benefit payments (4,297,460) - (4,297,460)
Net changes (647,522) 1,914,306 (2,561,828)
Balances at June 30, 2023 $ 104,622,382 $ 10,534,554 $ 94,087,828
OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB – For the year ended June
30, 2023, the Town recognized OPEB expense of $6,526,970. Deferred outflows of resources and deferred
inflows of resources related to OPEB as of June 30, 2023 were reported as follows:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and actual earnings $ 615,876 $ -
Changes of assumptions 10,486,265 1,098,445
Differences between expected and actual experience - 9,778,278
$ 11,102,141 $ 10,876,723
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will
be recognized in OPEB expense (benefit) as follows:
June 30
2024 $ (495,432)
2025 568,784
2026 1,037,062
2027 (21,069)
2028 (807,411)
Thereafter (56,516)
$ 225,418
GASB Statement No. 74
Town of Canton, Massachusetts Page 75 of 126 Annual Comprehensive Financial ReportSource page 84
OPEB Plan disclosures that impact the Town’s net OPEB liability using a measurement date of
June 30, 2023 are summarized in this section except disclosures under GASB 74 that are identical
to GASB 75 are not repeated.
Investment Custody – In accordance with Massachusetts General Laws, the Town Treasurer is the
custodian of the OPEB Plan and since the Town has not designated a Board of Trustees, the
Town Treasurer is also the Trustee and as such is responsible for the general supervision of the
management, investment and reinvestment of the OPEB Plan assets. OPEB Plan assets may be
invested and reinvested by the custodian consistent with the prudent investor rule established in
Chapter 203C and may, with the approval of the State Retiree Benefits Trust Fund Board of
Trustees, be invested in the State Retiree Benefits Trust Fund established in Section 24 of Chapter
32A. OPEB Plan assets must be segregated from other funds and not be subject to the claims of
any general creditor of the Town.
Investment Policy – The OPEB Plan has a formal investment policy to invest in Domestic Equity,
Domestic Fixed Income, International Equity, International Fixed Income, Alternative
Investments and Cash Equivalents with target allocations highlighted previously under the
caption long-term expected rate of return.
Investment Rate of Return – For the year ended June 30, 2023 the annual money-weighted rate of
return on investments, net of investment expense, was 8.26%. The money-weighted rate of return
expresses investment performance, net of investment expense, adjusted for the changing amounts
actually invested.
D. Risk Financing
The Town is exposed to various risks of loss related to torts: theft of, damage to and destruction
of assets; errors and omissions; and natural disasters for which the Town carries commercial
insurance. The amount of claim settlements has not exceeded insurance coverage in any of the
previous three years.
Group Health Insurance Plan – The Town maintains a "reinsured cost reimbursement program"
which covers the group health and dental insurance requirements of the Town employees. The
Plan is essentially a self-insurance program and employee claims in excess of $200,000 are
reinsured by the Plan. The Plan allows employees to participate in a Health Maintenance
Organization (HMO) or Preferred Provider Organization (PPO). The Town reimburses the costs
of the HMO and PPO 75 percent. The Town accrues an amount representing claims incurred but
not reported (IBNR), which is based on historical claims paid averages for the twelve months
prior to fiscal year end. At June 30, 2023, the amount of the liability for incurred but not reported
(IBNR) health insurance claims totaled $1,236,615. This liability is the best estimate based on
available information. In the fund-wide financial statements, the Town reports the activities of
the Group Insurance Health Plan in the Internal Service Fund where revenues are recorded when
earned and expenses are recorded when the liability is incurred.
Town of Canton, Massachusetts Page 76 of 126 Annual Comprehensive Financial ReportSource page 85
Changes in the reported liability since July 1, 2021, are as follows:
Balance at Claims and
Beginning Changes in Claims Balance at Current
of Year Estimates Payments End of Year Portion
Fiscal Year 2023 $ 993,078 $ 14,356,751 $(14,113,214) $ 1,236,615 $1,236,615
Fiscal Year 2022 $ 1,127,863 $ 13,474,843 $(13,609,628) $ 993,078 $ 993,078
Workers’ Compensation – The Town is also self-insured for their workers’ compensation
activities which are accounted for in the Internal Service Fund. Workers’ compensation claims
are administered by a third-party and are funded on a pay-as-you-go basis from annual
appropriations. The Town is premium based for all claims after July 1, 2009. The Town
purchases individual stop loss insurance in excess of the coverage provided in the amount of
$300,000. The estimated future workers’ compensation liability is not material at June 30, 2023
and is therefore not reported.
E. Commitments
The Town has entered or is planning to enter into contracts for various projects for which it has
authorized approximately $11.0 million in debt.
F. Contingencies
The Town is party to other certain legal claims, which are subject to many uncertainties, and the
outcome of individual litigation matters in these situations cannot be reasonably estimated.
Although the amount of liability, if any, in these situations at June 30, 2023, cannot be
ascertained, management believes that the resulting liability, if any, should not materially affect
the basic financial statements of the Town at June 30, 2023. Other amounts received or
receivable from grantor agencies are subject to audit and adjustment by grantor agencies,
principally the federal and state governments. Any disallowed claims, including amounts already
collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures
which may be disallowed by the grantor cannot be determined at this time although the Town
expects such amounts, if any, to be immaterial.
The Town is subject to certain Federal arbitrage laws in accordance with long-term borrowing
agreements. Failure to comply with the rules could result in the payment of penalties. The Town
does not believe it has failed to comply with any of these agreements.
G. Implementation of GASB pronouncements
Current Year Implementations –
In May 2019, the GASB issued GASB Statement No. 91, Conduit Debt Obligations. The
objective of this Statement was to standardize the reporting of conduit debt obligations by issuers
by clarifying the existing definition of conduit debt obligation, among other matters. As
amended, the provisions of this Statement became effective for financial reporting periods
beginning after December 15, 2021 (fiscal year 2023). The adoption of this standard did not have
a material impact on the Town’s financial statements.
In March 2020, the GASB issued GASB Statement No. 94, Public-Private and Public-Public
Partnerships and Availability Payment Arrangements. The objective of this Statement was to
Town of Canton, Massachusetts Page 77 of 126 Annual Comprehensive Financial ReportSource page 86
improve financial reporting by addressing issues related to public-private and public-public
partnership arrangements. The provisions of this Statement became effective for financial
reporting periods beginning after June 15, 2022 (fiscal year 2023). The adoption of this standard
did not have a material impact on the Town’s financial statements.
In May 2020, the GASB issued GASB Statement No. 96, Subscription-Based Information
Technology Arrangements. The objective of this Statement was to address accounting for
subscription-based information technology arrangements to government end users based on the
standards established in Statement No. 87, as amended. The provisions of this Statement became
effective for financial reporting periods beginning after June 15, 2022 (fiscal year 2023). The
adoption of this standard did not have a material impact on the Town’s financial statements.
Future Implementations –
In June 2022, the GASB issued GASB Statement No. 100, Accounting Changes and Error
Corrections – An Amendment of GASB Statement No 62. The objective of this Statement is to
enhance accounting and financial reporting requirements for accounting changes and error
corrections to provide more understandable, reliable, relevant, consistent and comparable
information for decision making or assessing accountability. The provisions of this Statement are
effective for financial reporting periods beginning after June 15, 2023 (fiscal year 2024). The
Town is currently evaluating whether adoption will have a material impact on the financial
statements.
In June 2022, the GASB issued GASB Statement No. 101, Compensated Absences. The
objective of this Statement is to update the recognition and measurement guidance for
compensated absences by aligning the recognition and measurement guidance under a unified
model and by amending certain previously required disclosures. The provisions of this Statement
are effective for financial reporting periods beginning after December 15, 2023 (fiscal year 2025).
The Town is currently evaluating whether adoption will have a material impact on the financial
statements.
Town of Canton, Massachusetts Page 78 of 126 Annual Comprehensive Financial ReportSource page 87
Required Supplementary Information Town of Canton, Massachusetts Page 79 of 126 Annual Comprehensive Financial Report
Source page 88
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - PENSIONS
YEAR ENDED JUNE 30, 2023
SCHEDULE OF THE TOWN'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
Proportionate Share Plan Fiduciary Net
of the Net Pension Position as a
Proportionate Share Liability as a Percentage of the
Year Ended Proportion of the Net of the Net Pension Covered Percentage of Total Pension
December 31, Pension Liability Liability Payroll Covered Payroll Liability
2022 7.54% $ 43,608,995 $ 27,012,254 161.44% 68.60%
2021 7.54% 27,788,518 26,098,796 106.47% 79.40%
2020 7.53% 38,466,459 24,698,673 155.74% 70.20%
2019 7.52% 44,172,062 23,863,452 185.10% 64.60%
2018 7.50% 48,810,765 22,791,591 214.16% 58.30%
2017 7.49% 41,436,616 22,020,861 188.17% 63.50%
2016 7.65% 39,940,473 20,827,226 191.77% 61.60%
2015 7.65% 41,561,656 20,463,151 203.10% 58.60%
2014 7.56% 39,226,903 18,661,216 210.21% 60.10%
SCHEDULE OF THE TOWN'S CONTRIBUTIONS TO PENSION PLAN
Contributions in
Relation to the
Actuarially Actuarially Contributions as a
Year Ended Determined Determined Contribution Covered Percentage of
June 30, Contribution Contribution Deficiency (Excess) Payroll Covered Payroll
2023 $ 6,929,184 $ 6,929,184 $ - $ 27,012,254 25.65%
2022 6,460,105 6,460,105 - 26,099,782 24.75%
2021 6,031,916 6,031,916 - 24,902,224 24.22%
2020 5,635,051 5,635,051 - 24,413,943 23.08%
2019 5,245,794 5,245,794 - 22,391,238 23.43%
2018 4,796,247 4,796,247 - 21,439,046 22.37%
2017 4,393,622 4,393,622 - 20,408,753 21.53%
2016 3,990,657 3,990,657 - 19,831,701 20.12%
2015 3,570,734 3,570,734 - 18,924,483 18.87%
This schedule is presented to illustrate the requirement to show information for ten years.
However, until a full ten-year trend is compiled, information is presented for those years
in which information is available.
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 80 of 126 Annual Comprehensive Financial ReportSource page 89
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - PENSIONS
YEAR ENDED JUNE 30, 2023
SCHEDULE OF THE COMMONWEALTH'S COLLECTIVE SHARE OF THE NET PENSION LIABILITY
MASSACHUSETTS TEACHER'S RETIREMENT SYSTEM
Commonwealth's Commonwealth's Expense and Plan Fiduciary Net
Proportionate Share Town's Proportionate Share Revenue Position as a
of the Collective Proportion Share of of the Net Pension Recognized for the Percentage of the
Year Ended Net Pension the Collective Net Liability Associated Commonwealth's Total Pension
June 30, * Liability Pension Liability with the Town Support Liability
2023 100.0% 0.0% $ 90,986,654 $ 7,484,540 57.75%
2022 100.0% 0.0% 86,829,924 6,967,740 62.03%
2021 100.0% 0.0% 106,047,688 13,098,409 50.67%
2020 100.0% 0.0% 93,579,605 11,348,151 53.95%
2019 100.0% 0.0% 89,963,752 9,116,524 54.84%
2018 100.0% 0.0% 85,595,564 8,933,858 54.25%
2017 100.0% 0.0% 81,158,195 8,278,668 52.73%
2016 100.0% 0.0% 74,445,117 6,038,162 55.38%
2015 100.0% 0.0% 56,880,811 3,951,783 61.64%
* Amounts determined for the previous year ended June 30.
Contributions to the MTRS are the responsibilty of the Commonwealth of Massachusetts. Accordingly, the Town has not recognized
any portion of the net pension liability relative to Town employees covered under the MTRS pension plan.
These schedules are presented to illustrate the requirement to show information for ten years.
However, until a full ten-year trend is completed, information is presented for those years in which information is available.
See accompanying independent auditors' report.
Town of Canton, Massachusetts Page 81 of 126 Annual Comprehensive Financial ReportSource page 90
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - OPEB
YEAR ENDED JUNE 30, 2023
SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED RATIOS
Year Ended June 30,
2023 2022 2021 2020 2019 2018 2017
Total OPEB liability:
Service cost $ 2,397,412 $ 2,091,699 $ 2,115,184 $ 2,011,440 $ 2,040,579 $ 2,675,741 $ 2,515,860
Interest 6,153,508 6,001,785 5,342,271 5,105,363 5,463,438 4,809,630 4,590,666
Difference between actual and plan experience (8,032,680) - (5,176,153) (61,259) (5,996,352) - -
Changes of assumptions 3,131,698 5,299,458 8,820,874 (2,915,959) (3,907,488) - -
Benefit payments (4,297,460) (4,058,281) (4,119,198) (3,875,429) (3,723,578) (3,179,556) (3,013,880)
Net change in total OPEB liability (647,522) 9,334,661 6,982,978 264,156 (6,123,401) 4,305,815 4,092,646
Total OPEB liability - beginning of year 105,269,904 95,935,243 88,952,265 88,688,109 94,811,510 90,505,695 86,413,049
Total OPEB liability - end of year (a) $ 104,622,382 $ 105,269,904 $ 95,935,243 $ 88,952,265 $ 88,688,109 $ 94,811,510 $ 90,505,695
Plan fiduciary net position:
Contributions - employer $ 5,447,460 $ 5,108,281 $ 5,033,198 $ 4,905,429 $ 4,523,578 $ 4,179,556 $ 3,783,880
Net investment income 764,306 (1,496,124) 1,771,991 130,887 263,700 175,423 221,830
Benefit payments (4,297,460) (4,058,281) (4,119,198) (3,875,429) (3,723,578) (3,179,556) (3,013,880)
Net change in Plan fiduciary net position 1,914,306 (446,124) 2,685,991 1,160,887 1,063,700 1,175,423 991,830
Plan fiduciary net position - beginning of year 8,620,248 9,066,372 6,380,381 5,219,494 4,155,794 2,980,371 1,988,541
Plan fiduciary net position - end of year (b) $ 10,534,554 $ 8,620,248 $ 9,066,372 $ 6,380,381 $ 5,219,494 $ 4,155,794 $ 2,980,371
Net OPEB liability - end of year (a) - (b) $ 94,087,828 $ 96,649,656 $ 86,868,871 $ 82,571,884 $ 83,468,615 $ 90,655,716 $ 87,525,324
Plan fiduciary net position as a percentage of the total
OPEB liability 10.07% 8.19% 9.45% 7.17% 5.89% 4.38% 3.29%
Covered-employee payroll $ 55,159,472 $ 51,561,377 $ 50,059,589 $ 47,989,715 $ 46,591,956 $ 45,486,461 $ 44,161,613
Net OPEB liability as a percentage of covered-
employee payroll 170.57% 187.45% 173.53% 172.06% 179.15% 199.30% 198.19%
Note: This schedule is presented to illustrate the requirement to show information for 10 years.
However, until a full 10-year trend is compiled, information is presented for those years
in which information is available.
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 82 of 126 Annual Comprehensive Financial ReportSource page 91
TOWN OF CANTON, MASSACHUSETTS
REQUIRED SUPPLEMENTARY INFORMATION - OPEB
YEAR ENDED JUNE 30, 2023
SCHEDULE OF CONTRIBUTIONS
Year Ended June 30,
2023 2022 2021 2020 2019 2018 2017
Actuarially-determined contribution $ 6,939,560 $ 6,735,572 $ 6,498,321 $ 7,670,645 $ 7,622,221 $ 8,240,517 $ 7,882,229
Contributions in relation to the actuarially-
determined contribution (5,447,460) (5,108,281) (5,033,198) (4,905,429) (4,523,578) (4,179,556) (3,783,880)
Contribution deficiency (excess) $ 1,492,100 $ 1,627,291 $ 1,465,123 $ 2,765,216 $ 3,098,643 $ 4,060,961 $ 4,098,349
Covered-employee payroll $ 55,159,472 $ 51,561,377 $ 50,059,589 $ 47,989,715 $ 46,591,956 $ 45,486,461 $ 44,161,613
Contribution as a percentage of covered-
employee payroll 9.88% 9.91% 10.05% 10.22% 9.71% 9.19% 8.57%
Valuation Date July 1, 2022 July 1, 2020 July 1, 2020 July 1, 2018 July 1, 2018 July 1, 2016 July 1, 2016
Amortization Period 30 years 30 years 30 years 30 years 30 years 30 years 30 years
Investment rate of return 6.09% 5.88% 6.51% 7.00% 7.05% 6.80% 6.97%
Municipal bond rate 4.13% 4.09% 2.18% 2.66% 2.79% 3.45% 3.13%
Single equivalent discount rate 5.87% 5.83% 6.25% 6.00% 5.75% 5.25% 5.25%
Inflation 2.50% 2.50% 2.50% 2.50% 2.75% 2.75% 2.75%
Healthcare cost trend rates 9.00>3.63% 4.50% 4.50% 4.50% 4.50% 5.00% 5.00%
Salary increases 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Actuarial Cost Method Individual Entry Age Normal (for all years presented)
Asset Valuation Method Market Value of Assets as of Reporting Date (for all years presented)
SCHEDULE OF INVESTMENT RETURNS
Year Ended June 30,
2023 2022 2021 2020 2019 2018 2017
Annual money-weighted rate of return, net
of investment expense 8.26% -15.55% 26.10% 2.35% 5.55% 5.05% 8.23%
Note: These schedules are presented to illustrate the requirement to show information for 10 years. However, until a
full 10-year trend is compiled, information is presented for those years in which information is available.
See accompanying independent auditor's report.
Town of Canton, Massachusetts Page 83 of 126 Annual Comprehensive Financial ReportSource page 92
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2023
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Revenues:
Taxes:
Real estate and personal property taxes $ 90,254,522 $ 90,254,522 $ 90,024,636 $ - 90,024,636 (229,886)
Tax title - - 222,957 - 222,957 222,957
Payments in lieu of taxes 1,937,915 1,937,915 1,937,379 - 1,937,379 (536)
Motor vehicle excise 4,241,000 4,241,000 5,290,490 - 5,290,490 1,049,490
Meals taxes 250,000 250,000 486,134 - 486,134 236,134
Room occupancy excise 100,000 100,000 537,469 - 537,469 437,469
96,783,437 96,783,437 98,499,065 - 98,499,065 1,715,628
Intergovernmental:
State aid - chapter 70 7,890,436 7,890,436 7,890,436 - 7,890,436 -
State aid - charter school 132,770 132,770 131,141 - 131,141 (1,629)
State aid - unrestricted 2,484,103 2,484,103 2,484,103 - 2,484,103 -
State aid - veterans 32,014 32,014 50,956 - 50,956 18,942
State aid - exemptions 116,405 116,405 152,581 - 152,581 36,176
State aid - state owned land 57,582 57,582 57,582 - 57,582 -
State aid - other - - 61,330 - 61,330 61,330
State aid - medicaid 100,000 100,000 243,868 243,868 143,868
MSBA school construction reimbursement 34,272 34,272 34,272 - 34,272 -
10,847,582 10,847,582 11,106,269 - 11,106,269 258,687
Departmental fees, charges, and other:
Municipal lien fees 45,000 45,000 25,550 - 25,550 (19,450)
Town clerk fees 40,000 40,000 41,476 - 41,476 1,476
Public safety detail fees 40,000 40,000 37,311 - 37,311 (2,689)
Other departmental fees 45,000 45,000 54,816 - 54,816 9,816
Rentals 200,000 200,000 176,005 - 176,005 (23,995)
Conservation department revenues 55,000 55,000 20,917 - 20,917 (34,083)
Grave openings and care 30,000 30,000 35,475 - 35,475 5,475
Solar revenues 384,026 384,026 963,108 - 963,108 579,082
Other departmental revenues 115,000 115,000 320,207 - 320,207 205,207
954,026 954,026 1,674,865 - 1,674,865 720,839
Licenses and permits:
Alcohol licenses 65,000 65,000 82,400 - 82,400 17,400
Other licenses 75,000 75,000 85,253 - 85,253 10,253
Building permits 796,085 796,085 1,225,783 - 1,225,783 429,698
Other permits 160,000 160,000 332,225 - 332,225 172,225
1,096,085 1,096,085 1,725,661 - 1,725,661 629,576
Fines and forfeitures:
Motor vehicle fines 50,000 50,000 50,446 - 50,446 446
Other fines 5,000 5,000 7,760 - 7,760 2,760
55,000 55,000 58,206 - 58,206 3,206
Penalties and interest on taxes 275,000 275,000 313,655 - 313,655 38,655
-
Interest and investment income 175,000 175,000 1,544,776 - 1,544,776 1,369,776
Total Revenues 110,186,130 110,186,130 114,922,497 - 114,922,497 4,736,367
Town of Canton, Massachusetts Page 84 of 126 Annual Comprehensive Financial ReportSource page 93
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2023
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Expenditures:
Current:
General Government:
Executive Branch 1,784,449 1,302,073 1,201,167 19,280 1,220,447 81,626
Executive Branch Articles 45,671 65,171 8,401 56,770 65,171 -
Commitees and Commissions 48,082 48,082 33,648 5,850 39,498 8,584
Reserve Fund 600,000 423,288 - - - 423,288
Finance Department 1,580,418 1,609,877 1,472,478 121,993 1,594,471 15,406
Finance Department Articles 194,706 198,706 173,388 25,318 198,706 -
Assessors 402,311 406,227 300,885 8,000 308,885 97,342
Town Clerk & Elections 307,382 313,799 308,668 1,533 310,201 3,598
Conservation Commission 173,152 175,063 153,902 9,525 163,427 11,636
Planning Board 75,079 76,826 69,692 - 69,692 7,134
Unpaid Bills - 336 336 - 336 -
Town Insurance 1,533,847 1,533,847 1,333,831 113,598 1,447,429 86,418
Total General Government 6,745,097 6,153,295 5,056,396 361,867 5,418,263 735,032
Public Safety
Fire Department 7,449,296 7,593,460 7,295,513 116,145 7,411,658 181,802
Fire Department Articles 275,173 275,173 181,616 93,557 275,173 -
Police Department 6,040,349 6,272,141 6,200,521 63,741 6,264,262 7,879
Police Department Articles 455,190 455,190 258,386 196,804 455,190 -
Building & Zoning 416,963 434,023 428,808 - 428,808 5,215
Total Public Safety 14,636,971 15,029,987 14,364,844 470,247 14,835,091 194,896
Education:
School 55,298,495 55,298,495 50,482,477 4,773,056 55,255,533 42,962
School Articles 3,254,653 3,254,653 864,437 2,390,216 3,254,653 -
Blue Hill Regional 1,603,337 1,570,837 1,570,786 - 1,570,786 51
Norfolk County Agricultural HS 50,000 50,000 38,196 - 38,196 11,804
Total Education 60,206,485 60,173,985 52,955,896 7,163,272 60,119,168 54,817
Public Works:
Public Works 3,485,487 3,546,152 3,320,230 123,015 3,443,245 102,907
Public Works Articles 2,539,369 2,522,369 1,376,790 1,145,191 2,521,981 388
Street Lighting 75,000 75,000 74,999 - 74,999 1
Snow & Ice 650,500 510,500 510,500 - 510,500 -
Trash Collection 2,465,431 2,525,431 2,501,536 27,746 2,529,282 (3,851)
Total Public Works 9,215,787 9,179,452 7,784,055 1,295,952 9,080,007 99,445
Health and Human Services:
Health Department 418,942 424,979 349,159 16,593 365,752 59,227
Council on Aging 505,428 511,351 507,569 124 507,693 3,658
Council on Aging Articles 61,000 61,000 61,000 - 61,000 -
Veteran's Services 312,373 312,373 229,420 2,654 232,074 80,299
Total Health and Human Services 1,297,743 1,309,703 1,147,148 19,371 1,166,519 143,184
(continued)
Town of Canton, Massachusetts Page 85 of 126 Annual Comprehensive Financial ReportSource page 94
TOWN OF CANTON, MASSACHUSETTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2023
Budgeted Amounts Actual Actual Variance
Original Final Budgetary Budgetary Positive
Budget Budget Amounts Encumbrances Adjusted (Negative)
Culture and Recreation:
Recreation & Playground 987,216 1,003,281 895,692 23,854 919,546 83,735
Recreation & Playground Articles 113,785 148,785 68,504 80,281 148,785 -
Paul Revere Heritage Comm 41,704 41,704 41,698 - 41,698 6
Paul Revere Heritage Comm Articles 41,639 41,639 8,000 33,639 41,639 -
Public Library 1,478,676 1,503,933 1,483,388 - 1,483,388 20,545
Public Library Articles 57,147 57,147 49,204 7,943 57,147 -
Total Culture and Recreation 2,720,167 2,796,489 2,546,486 145,717 2,692,203 104,286
Pension Benefits: 6,932,851 6,932,851 6,932,851 - 6,932,851 -
Employee Benefits:
Unemployment Compensation 100,000 100,000 100,000 - 100,000 -
Employer Share- Health 13,045,159 12,967,659 12,967,658 - 12,967,658 1
Employer Share- Life 62,250 62,250 58,882 - 58,882 3,368
Employer Share- OPEB 1,150,000 1,150,000 1,150,000 - 1,150,000 -
Total Employee Benefits 14,357,409 14,279,909 14,276,540 - 14,276,540 3,369
State and County Charges: 1,511,088 1,511,088 1,513,485 - 1,513,485 (2,397)
Debt Service: 4,821,895 4,821,895 4,765,358 - 4,765,358 56,537
Total Expenditures 122,445,493 122,188,654 111,343,059 9,456,426 120,799,485 1,389,169
Other Financing Sources (Uses)
Transfers in 2,486,591 2,486,591 2,491,791 2,491,791 5,200
Transfers out (1,986,011) (3,096,350) (3,101,549) (3,101,549) 5,199
Total Other Financing Sources (Uses) 500,580 (609,759) (609,758) $ (609,758) 10,399
Excess (Deficiency) of Revenues and Other
Financing Sources Over Expenditures/Uses
Of Prior Year Budgetary Fund Balance (11,758,783) (12,612,283) $ 2,969,680 $ 6,135,935
Other Budgetary Items
Use of unassigned fund balance $ 2,750,000 $ 3,603,500
Prior year encumbrances 9,008,783 9,008,783
Total Other Budgetary Items 11,758,783 12,612,283
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 86 of 126 Annual Comprehensive Financial ReportSource page 95
TOWN OF CANTON, MASSACHUSETTS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED JUNE 30, 2023
I. Pension Plan
Pension Contributions – The Town contributes to the Norfolk County Retirement System (the
System), a cost-sharing multiple-employer contributory defined benefit pension plan established
under Chapter 32 of Massachusetts General Law Chapter 32. Under provisions of this law,
participating employers are assessed their share of the total retirement cost based on the entry age,
normal actuarial cost method. The pension appropriations are established by the Public Employee
Retirement Administration Commission (PERAC) based on a funding schedule approved by the
System.
Changes in Assumptions – None.
II. Other Postemployment Benefit Plan
The Town administers a single employer defined benefit healthcare plan that provides health, dental
and life insurance benefits (other postemployment benefits) to retirees and their
dependents/beneficiaries in accordance with Section 20 of Massachusetts General Law Chapter 32B.
The Town is not required to fully fund the actuarially determined contribution.
Methods and assumptions used to determine contribution rates are as follows:
Investment rate of return 6.09%, net of OPEB plan investment expense,
including inflation.
Muncipal bond rate 4.13% as of June 30, 2023
Discount Rate 5.87%, net of OPEB plan investment expense
including inflation.
Inflation 2.50% annually as of June 30, 2023 and for future periods
Health Care Trend Rate 9.00% trending to an ultimate rate of 3.63%
Salary Increases 3.00% annually as of June 30, 2023 and for future periods
Cost of Living Adjustment Not applicable.
Pre-Retirement Mortality RP-2014 Mortality Table for Blue Collar Employees projected
generationally with scale MP-2016, set forward one year
for females
Post-Retirement Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2016, set forward one
year for females
Disabled Mortality RP-2014 Mortality Table for Blue Collar Healthy Annuitants
projected generationally with scale MP-2016, set forward one
year
Actuarial Cost Method Individual entry age normal
Town of Canton, Massachusetts Page 87 of 126 Annual Comprehensive Financial ReportSource page 96
Key assumption changes effective Fiscal Year ending June 30, 2023
Investment Rate of Return 6.09% previously 5.88%
Single Equivalent Discount Rate 5.87% previously 5.83%
Healthcare Cost Trend Rates 9.00% trending to 3.63% previously 4.50%
III. 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 2023, Town Meeting approved various supplemental budgetary
appropriations which resulted in a $853,500 net increase from the original voted budget primarily
used for public safety salaries and for roadway capital. The Town Accountant has the responsibility
to ensure that budgetary control is maintained in the manner in which the appropriations were voted
by Town Meeting. Budgetary control is exercised through the Town’s accounting system.
Budgetary-to-GAAP Reconciliation – The Town’s general fund is prepared on a basis of accounting
other than GAAP. A reconciliation of the budgetary-basis to GAAP-basis results for the General
Fund for the fiscal year ended June 30, 2023, is as follows:
Basis of
Accounting Fund Perspective
Differences Differences Total
Revenues on a budgetary basis $ 114,922,497
Stabilization revenue $ - $ 302,865 302,865
Change in accruing tax revenues 318,336 - 318,336
Change in recording tax refunds payable (793,028) - (793,028)
On behalf payments 7,484,540 - 7,484,540
Revenues on a GAAP basis $ 7,009,848 $ 302,865 $ 122,235,210
Expenditures on a budgetary basis $ 111,343,059
Reclass of enterprise indirects cost to expenditures $ (1,200,121) $ - (1,200,121)
Change in accruing payroll expenditures 96,233 - 96,233
On behalf payments 7,484,540 - 7,484,540
Expenditures on a GAAP basis $ 6,380,652 $ - $ 117,723,711
Other financing sources (uses) on a budgetary basis $ (609,758)
Reclass of enterprise indirects cost to expenditures $ (1,200,121) $ - (1,200,121)
Stabilization transfers - 1,000,000 1,000,000
Other financing sources (uses) on a GAAP basis $ (1,200,121) $ 1,000,000 $ (809,879)
Town of Canton, Massachusetts Page 88 of 126 Annual Comprehensive Financial ReportSource page 97
Combining Statements Town of Canton, Massachusetts Page 89 of 126 Annual Comprehensive Financial Report
Source page 98
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 and capital costs of the department.
Community Preservation – This fund accounts for assets that are restricted by state law for the purposes
of acquiring or developing open space and recreational facilities, historic resources and affordable
housing.
Town Grants – This fund accounts for non-school grant programs received either directly from federal
and state agencies or indirectly through pass-through entities.
School Grants – This fund accounts for educational-based grant programs received either directly from
federal and state agencies or indirectly through pass-through entities.
Roadway Improvements – This fund accounts for certain roadway improvement projects which are fully
reimbursed by the Commonwealth of Massachusetts.
Other Departmental – This fund accounts for activity of donated funds, public safety details, and other
restricted funds used to support governmental programs.
Town of Canton, Massachusetts Page 90 of 126 Annual Comprehensive Financial ReportSource page 99
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 91 of 126 Annual Comprehensive Financial ReportSource page 100
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2023
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Assets:
Cash and cash equivalents $ 1,038,124 $ 343,138 $ 1,099,697 $ 1,860,284 $ 725,090
Investments - - - - -
Receivables, net of allowance for uncollectibles:
Tax liens and foreclosures - - - - -
Departmental and other - - - - -
Intergovernmental 168,868 - - - -
Total Assets $ 1,206,992 $ 343,138 $ 1,099,697 $ 1,860,284 $ 725,090
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ 2,336 $ 5,275 $ 165,981 $ 672 $ 52,435
Accrued payroll and withholdings 8,344 - 74 8,591 19,527
Other liabilities - - 325 - -
Total Liabilities 10,680 5,275 166,380 9,263 71,962
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - -
Unavailable revenues - other - - - - -
Total Deferred Inflows of Resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted 1,196,312 337,863 933,317 1,851,021 653,128
Unassigned - - - - -
Total Fund Balances 1,196,312 337,863 933,317 1,851,021 653,128
Total Liabilities, Deferred Inflow of
Resources, and Fund Balances $ 1,206,992 $ 343,138 $ 1,099,697 $ 1,860,284 $ 725,090
Town of Canton, Massachusetts Page 92 of 126 Annual Comprehensive Financial ReportSource page 101
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ 2,451,226 $ 2,460,968 $ 211,528 $ 826,550 $ 277,607 $ 6,602,106 $ 17,896,318
- - 202,399 - - - 202,399
- 6,703 - - - - 6,703
516,051 - - - - 349,682 865,733
- - 123,927 - - - 292,795
$ 2,967,277 $ 2,467,671 $ 537,854 $ 826,550 $ 277,607 $ 6,951,788 $ 19,263,948
$ - $ 11,567 $ 82,336 $ 11,180 $ 406,773 $ 7,010 $ 745,565
- 1,001 2,541 8,325 3,660 18,481 70,544
- - - - - - 325
- 12,568 84,877 19,505 410,433 25,491 816,434
- 6,703 - - - - 6,703
516,051 - - - - 57,852 573,903
516,051 6,703 - - - 57,852 580,606
- - - - - - -
2,451,226 2,448,400 452,977 807,045 35,786 6,959,518 18,126,593
- - - - (168,612) (91,073) (259,685)
2,451,226 2,448,400 452,977 807,045 (132,826) 6,868,445 17,866,908
$ 2,967,277 $ 2,467,671 $ 537,854 $ 826,550 $ 277,607 $ 6,951,788 $ 19,263,948
Town of Canton, Massachusetts Page 93 of 126 Annual Comprehensive Financial ReportSource page 102
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2023
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
Assets:
Cash and cash equivalents $ 81,077 $ 203,471 $ 37,789 $ 322,337 $ 18,218,655
Investments 591,597 430,194 175,270 1,197,061 1,399,460
Receivables, net of allowance for uncollectibles:
Tax liens and foreclosures - - - - 6,703
Departmental and other - - - - 865,733
Intergovernmental - - - - 292,795
Total Assets $ 672,674 $ 633,665 $ 213,059 $ 1,519,398 $ 20,783,346
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ - $ - $ 9,000 $ 9,000 $ 754,565
Accrued payroll and withholdings - - - - 70,544
Other liabilities - - - - 325
Total Liabilities - - 9,000 9,000 825,434
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - 6,703
Unavailable revenues - other - - - - 573,903
Total Deferred Inflows of Resources - - - - 580,606
Fund Balances:
Nonspendable 578,597 21,553 12,235 612,385 612,385
Restricted 94,077 612,112 191,824 898,013 19,024,606
Unassigned - - - - (259,685)
Total Fund Balances 672,674 633,665 204,059 1,510,398 19,377,306
Total Liabilities and Fund Balances $ 672,674 $ 633,665 $ 213,059 $ 1,519,398 $ 20,783,346
(Concluded)
Town of Canton, Massachusetts Page 94 of 126 Annual Comprehensive Financial ReportSource page 103
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NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2023
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Revenues:
Property taxes $ - $ - $ - $ - $ -
Intergovernmental 1,749,069 - 38,325 - -
Charges for services 87,038 - - - -
Departmental and other - - 239,713 1,563,760 692,580
Investment income 26,093 - - - -
Contributions and donations - - 64,849 - 11,078
Total Revenues 1,862,200 - 342,887 1,563,760 703,658
Expenditures:
Current:
General government - 106,847 3,972 - -
Public safety - - 10,828 - -
Education 1,441,355 - - 2,257,654 -
Public works - - - - -
Health and human services - - 110,554 - -
Culture and recreation - - 128,716 - 529,262
Employee benefits - - - - -
Debt service:
Principal - - - - -
Interest - - - - -
Total Expenditures 1,441,355 106,847 254,070 2,257,654 529,262
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 420,845 (106,847) 88,817 (693,894) 174,396
Other Financing Sources (Uses):
Proceeds from bonds and notes - - - - -
Premium from bonds and notes - - - - -
Sale of property - - - - -
Transfers in - - - 250,000 -
Transfers out (40,125) - (35,000) - -
Total Other Financing Sources (Uses) (40,125) - (35,000) 250,000 -
Net Change in Fund Balances 380,720 (106,847) 53,817 (443,894) 174,396
Fund Balances - Beginning of Year 815,592 444,710 879,500 2,294,915 478,732
Fund Balances - End of Year $ 1,196,312 $ 337,863 $ 933,317 $ 1,851,021 $ 653,128
Town of Canton, Massachusetts Page 96 of 126 Annual Comprehensive Financial ReportSource page 105
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ - $ 755,097 $ - $ - $ - $ - $ 755,097
142,427 275,006 1,465,799 5,184,489 877,935 - 9,733,050
1,482,818 - - - - - 1,569,856
- 1,935 - - - 1,073,704 3,571,692
- 78,791 17,808 - - 560 123,252
- - - - - 595,828 671,755
1,625,245 1,110,829 1,483,607 5,184,489 877,935 1,670,092 16,424,702
- 456,655 354,720 - - 364,837 1,287,031
- - 773,905 - - 1,087,692 1,872,425
- 273,004 - 5,858,205 - 167,758 9,997,976
- 71,807 - - 1,051,524 3,777,000 4,900,331
- - 91,374 - - - 201,928
- 185,577 123,410 - - - 966,965
- - - - - 120,406 120,406
- 185,000 - - - - 185,000
- 57,240 - - - - 57,240
- 1,229,283 1,343,409 5,858,205 1,051,524 5,517,693 19,589,302
1,625,245 (118,454) 140,198 (673,716) (173,589) (3,847,601) (3,164,600)
- - - - - 6,044,000 6,044,000
- - - - - 642,830 642,830
- - - - - - -
- - 83,000 - 13,437 986,011 1,332,448
(1,187,550) (25,000) (13,436) - - (643,996) (1,945,107)
(1,187,550) (25,000) 69,564 - 13,437 7,028,845 6,074,171
437,695 (143,454) 209,762 (673,716) (160,152) 3,181,244 2,909,571
2,013,531 2,591,854 243,215 1,480,761 27,326 3,687,201 14,957,337
$ 2,451,226 $ 2,448,400 $ 452,977 $ 807,045 $ (132,826) $ 6,868,445 $ 17,866,908
(Continued)
Town of Canton, Massachusetts Page 97 of 126 Annual Comprehensive Financial ReportSource page 106
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2023
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
Revenues:
Property taxes $ - $ - $ - $ - $ 755,097
Intergovernmental - - - - 9,733,050
Charges for services - - - - 1,569,856
Departmental and other - - - - 3,571,692
Investment income 21,342 24,466 7,175 52,983 176,235
Contributions and donations 20,000 2,717 50 22,767 694,522
Total Revenues 41,342 27,183 7,225 75,750 16,500,452
Expenditures:
Current:
General government - - 11,871 11,871 1,298,902
Public safety - - - - 1,872,425
Education - - - - 9,997,976
Public works - - - - 4,900,331
Health and human services - - 789 789 202,717
Culture and recreation - 8,901 - 8,901 975,866
Employee benefits - - - - 120,406
Debt service:
Principal - - - - 185,000
Interest - - - - 57,240
Total Expenditures - 8,901 12,660 21,561 19,610,863
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 41,342 18,282 (5,435) 54,189 (3,110,411)
Other Financing Sources (Uses):
Proceeds from bonds and notes - - - - 6,044,000
Premium from bonds and notes - - - - 642,830
Sale of property - - 216,900 216,900 216,900
Transfers in - - 30,199 30,199 1,362,647
Transfers out (5,000) - - (5,000) (1,950,107)
Total Other Financing Sources (Uses) (5,000) - 247,099 242,099 6,316,270
Net Change in Fund Balances 36,342 18,282 241,664 296,288 3,205,859
Fund Balances - Beginning of Year 636,332 615,383 (37,605) 1,214,110 16,171,447
Fund Balances - End of Year $ 672,674 $ 633,665 $ 204,059 $ 1,510,398 $ 19,377,306
(Concluded)
Town of Canton, Massachusetts Page 98 of 126 Annual Comprehensive Financial ReportSource page 107
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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 100 of 126 Annual Comprehensive Financial ReportSource page 109
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2023
Total
Health Workers' Unemployment Building Internal
Claims Compensation Claims Insurance Service Funds
Assets:
Current assets:
Cash and cash equivalents $ 5,546,294 $ 121 $ 378,821 $ 23,156 $ 5,948,392
Investments 6,115,431 - - - 6,115,431
Receivables, net of allowance for uncollectibles:
Departmental and other 105,577 - - - 105,577
Prepaid items 327,173 - - - 327,173
Deposit held by third party 61,800 - - - 61,800
Total Current Assets 12,156,275 121 378,821 23,156 12,558,373
Liabilities:
Current liabilities:
Warrants and accounts payable 137,214 - - - 137,214
Health claims incurred but not reported 1,295,362 - - - 1,295,362
Total Current Liabilities 1,432,576 - - - 1,432,576
Net Position:
Unrestricted 10,723,699 121 378,821 23,156 11,125,797
TOTAL NET POSITION $ 10,723,699 $ 121 $ 378,821 $ 23,156 $ 11,125,797
Town of Canton, Massachusetts Page 101 of 126 Annual Comprehensive Financial ReportSource page 110
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FISCAL YEAR ENDED JUNE 30, 2023
Total
Health Workers' Unemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Operating Revenues:
Employee contributions $ 4,253,320 $ - $ - $ - $ 4,253,320
Employer contributions 11,927,870 - 100,000 - 12,027,870
Stop loss reimbursements 1,091,866 - - - 1,091,866
Total Operating Revenues 17,273,056 - 100,000 - 17,373,056
Operating Expenditures:
Employee benefits 16,996,859 - 71,306 - 17,068,165
Total Operating Expenditures 16,996,859 - 71,306 - 17,068,165
Operating Income (Loss) 276,197 - 28,694 - 304,891
Nonoperating Revenues (Expenses):
Investment Income 221,161 62 12,110 763 234,096
Income (Loss) Before Transfers 497,358 62 40,804 763 538,987
Change in Net Position 497,358 62 40,804 763 538,987
Fund Balances - Beginning of Year 10,226,341 59 338,017 22,393 10,586,810
Fund Balances - End of Year $ 10,723,699 $ 121 $ 378,821 $ 23,156 $ 11,125,797
Town of Canton, Massachusetts Page 102 of 126 Annual Comprehensive Financial ReportSource page 111
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2023
Total
Health Workers' Umemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Cash Flows From Operating Activities:
Receipts from interfund services provided $ 17,291,821 $ - $ 100,000 $ - $ 17,391,821
Payments for interfund services used (16,381,470) - (71,306) - (16,452,776)
Net Cash Provided by (Used in) Operating Activities 910,351 - 28,694 - 939,045
Cash Flows From Investing Activities:
Investment income 221,161 62 12,110 763 234,096
Investment of operating cash (235,215) - - - (235,215)
Net Cash Provided By Investing Activities (14,054) 62 12,110 763 (1,119)
Net Change in Cash and Cash Equivalents 896,297 62 40,804 763 937,926
Cash and Cash Equivalents:
Beginning of the Year 4,649,997 59 338,017 22,393 5,010,466
End of the Year $ 5,546,294 $ 121 $ 378,821 $ 23,156 $ 5,948,392
Reconciliation of Operating Income (Loss) to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss) 276,197 - 28,694 - 304,891
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Changes in assets and liablities:
Receivables 18,765 - - - 18,765
Prepaid items 380,008 - - - 380,008
Accounts payable and accrued expenses (66,903) - - - (66,903)
Health claims incurred but not reported 302,284 - - - 302,284
Net Cash Provided by (Used in) Operating Activities $ 910,351 $ - $ 28,694 $ - $ 939,045
Town of Canton, Massachusetts Page 103 of 126 Annual Comprehensive Financial ReportSource page 112
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STATISTICAL SECTION
Above: Granular Activated Carbon filters received at the Moran Water Treatment facility. The filters
are used to remove organic chemicals including PFAS from the Town’s drinking water. At a cost of
$2.4 million, approximately $1.1 million was funded from the Town’s ARPA allotment.
Town of Canton, Massachusetts Page 105 of 126 Annual Comprehensive Financial ReportSource page 114
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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 107 of 126 Annual Comprehensive Financial ReportSource page 116
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2014 2015 (1) 2016 2017 2018 (2) 2019 2020 2021 2022 2023
Governmental activities:
Net investment in capital assets…………………………….
$ 70,116,230 $ 76,109,604 $ 78,591,436 $ 78,738,423 $ 81,317,923 $ 85,225,980 $ 85,368,370 $ 85,708,813 $ 86,070,110 $ 88,058,941
Restricted………………………………………………………………………….. 8,912,488 9,193,516 9,006,548 10,642,548 10,880,921 10,431,283 12,654,553 11,044,088 9,983,304 10,020,827
Unrestricted……………………………………………………………… (23,682,247) (57,308,073) (55,970,281) (57,041,754) (86,179,993) (97,227,078) (92,984,331) (83,683,692) (74,402,367) (68,725,554)
Total governmental activities net position………………………………………..
$ 55,346,471 $ 27,995,047 $ 31,627,703 $ 32,339,217 $ 6,018,851 $ (1,569,815) $ 5,038,592 $ 13,069,209 $ 21,651,047 $ 29,354,214
Business-type activities:
Net investment in capital assets…………………………….
$ 15,743,697 $ 16,386,618 $ 17,457,708 $ 18,785,822 $ 20,603,290 $ 23,248,847 $ 28,388,654 $ 31,437,878 $ 31,934,615 $ 35,054,700
Unrestricted………………………………………………………………. 6,399,642 6,342,679 9,040,938 8,905,131 7,446,856 7,149,422 5,660,684 5,450,585 7,296,141 7,256,048
Total business-type activities net position…………………………….
$ 22,143,339 $ 22,729,297 $ 26,498,646 $ 27,690,953 $ 28,050,146 $ 30,398,269 $ 34,049,338 $ 36,888,463 $ 39,230,756 $ 42,310,748
Primary government:
Net investment in capital assets…………………………….
$ 85,859,927 $ 92,496,222 $ 96,049,144 $ 97,524,245 $ 101,921,213 $ 108,474,827 $ 113,757,024 $ 117,146,691 $ 118,004,725 $ 123,113,641
Restricted………………………………………………………………………. 8,912,488 9,193,516 9,006,548 10,642,548 10,880,921 10,431,283 12,654,553 11,044,088 9,983,304 10,020,827
Unrestricted…………………………………………………………… (17,282,605) (50,965,394) (46,929,343) (48,136,623) (78,733,137) (90,077,656) (87,323,647) (78,233,107) (67,106,226) (61,469,506)
Total primary government net position………………………………………………….
$ 77,489,810 $ 50,724,344 $ 58,126,349 $ 60,030,170 $ 34,068,997 $ 28,828,454 $ 39,087,930 $ 49,957,672 $ 60,881,803 $ 71,664,962
(1) In fiscal year 2015, the Town restated its net pension liability. This resulted in a prior period restatement decreasing governmental activities and business-type activities beginning balances by
$34,589,481 and $2,341,420, respectively, as of July 1, 2014.
(2) In fiscal year 2018, the Town restated its net other postemployment liability. This resulted in a prior period restatement decreasing governmental activities and business-type beginning balances by
$28,907,860 and $1,180,102, respectively, as of July 1, 2017.
Town of Canton, Massachusetts Page 108 of 126 Annual Comprehensive Financial ReportSource page 117
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2014 2015 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 2023
Expenses -
Governmental activities:
General government…...…………………………………………………… $ 6,231,894 $ 5,683,805 $ 5,764,062 $ 5,965,196 $ 5,578,489 $ 6,597,325 $ 6,967,692 $ 9,078,637 $ 6,554,007 $ 8,414,945
Public safety…..………………………………………………………………16,660,306 15,312,760 16,584,359 17,532,705 19,250,042 20,028,852 20,016,807 19,806,196 19,436,666 22,240,345
Education……..…………………………………………………………………. 64,153,101 54,772,830 60,963,021 68,325,037 70,396,176 72,945,712 74,489,136 79,983,691 78,799,564 84,131,157
Public works……...………………………………………………………………. 6,419,350 7,227,459 7,581,355 7,658,668 7,911,117 8,254,354 8,039,489 8,580,554 8,388,727 9,017,362
Health and human services……………...…………………………………………………………….
1,346,871 1,609,060 1,536,513 1,684,833 1,635,120 1,598,126 1,620,371 1,622,066 1,775,067 1,802,950
Culture and recreation………...…………………………………………………………..
3,123,867 3,006,143 3,698,331 3,683,115 3,768,025 4,763,997 3,868,895 3,503,774 4,212,611 4,554,275
Interest…………………………………………………………………… 1,557,660 722,667 672,768 636,035 659,834 595,390 638,638 660,193 582,509 749,150
Total government activities expenses…………………………………….. 99,493,049 88,334,724 96,800,409 105,485,589 109,198,803 114,783,756 115,641,028 123,235,111 119,749,151 130,910,184
Business-type activities:
Water…………………………………………………………………… 5,225,383 5,253,139 5,692,320 6,141,278 7,105,456 6,656,972 7,398,151 6,323,100 6,361,192 7,371,999
Sewer…………………………………………………………………… 5,366,166 5,416,303 5,925,780 6,191,663 6,275,549 6,415,007 6,473,346 6,652,823 6,782,774 6,920,834
Rink…………………………………………………………………… 353,666 405,752 79,670 61,792 13,498 15,301 47,458 301,885 561,725 723,685
Total business-type activities expenses…………………………………….. 10,945,215 11,075,194 11,697,770 12,394,733 13,394,503 13,087,280 13,918,955 13,277,808 13,705,691 15,016,518
Total primary government expenses………………………………………. $ 110,438,264 $ 99,409,918 $ 108,498,179 $ 117,880,322 $ 122,593,306 $ 127,871,036 $ 129,559,983 $ 136,512,919 $ 133,454,842 $ 145,926,702
Program Revenues -
Governmental activities:
Charges for services:
General government………………………………………………… $ 978,216 $ 881,979 $ 776,450 $ 563,303 $ 629,653 $ 1,072,993 $ 527,241 $ 689,037 $ 583,866 $ 620,199
Public safety……………………………………………………………….. 2,595,617 2,908,421 3,123,869 2,778,390 3,575,574 3,553,243 4,102,459 4,476,260 4,168,858 4,136,074
Education………………………………………………………………. 2,632,798 2,640,969 2,788,752 2,328,949 2,463,638 2,402,968 1,680,802 880,649 1,745,173 1,973,611
Public works………………………………………………………………. 227,108 281,025 316,164 267,218 308,449 293,344 251,233 325,153 305,621 448,187
Human services………………………………………………………………. 91,484 151,953 97,633 101,977 107,678 95,143 96,066 51,869 122,012 235,498
Culture and recreation……………………………………………………… 359,497 399,396 468,374 460,175 436,273 490,079 269,575 219,549 582,852 892,702
Operating grants and contributions…………………………………… 18,811,622 13,609,976 15,841,950 18,253,254 19,405,225 20,992,327 23,414,891 29,450,495 22,498,270 26,572,865
Capital grants and contributions………………………………………….. 611,930 2,832,069 1,562,827 922,822 2,293,126 795,169 2,963,184 1,694,958 1,434,480 1,200,441
Total government activities program revenues...…………………………….. 26,308,272 23,705,788 24,976,019 25,676,088 29,219,616 29,695,266 33,305,451 37,787,970 31,441,132 36,079,577
Business-type activities:
Charges for services - Water…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
6,943,731 7,011,223 7,084,917 6,929,539 7,186,664 6,631,764 7,007,031 7,533,763 7,712,653 8,542,336
Charges for services - Sewer…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
6,045,829 6,559,894 6,517,066 6,560,287 7,143,471 6,798,905 6,960,457 7,320,462 7,105,979 7,260,942
Charges for services - Rink…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
429,555 367,098 - - - - - 166,875 364,818 411,450
Capital grant and contributions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
463,500 - - - 5,625 450,000 2,515,469 204,450 1,235,807 155,752
Operating grants and contributions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
6,250 37,338 2,093 80,960 - - - 150,000 - -
Total business-type activities program revenues……………………………………..
13,888,865 13,975,553 13,604,076 13,570,786 14,335,760 13,880,669 16,482,957 15,375,550 16,419,257 16,370,480
Total primary government program revenues……………………………………….
$ 40,197,137 $ 37,681,341 $ 38,580,095 $ 39,246,874 $ 43,555,376 $ 43,575,935 $ 49,788,408 $ 53,163,520 $ 47,860,389 $ 52,450,057
Net (Expense)/Program Revenue
Governmental activities……………………....……………………………..
$ (73,184,777) $ (64,628,936) $ (71,824,390) $ (79,809,501) $ (79,979,187) $ (85,088,490) $ (82,335,577) $ (85,447,141) $ (88,308,019) $ (94,830,607)
Business-type activities……………………....…………………………….. 2,943,650 2,900,359 1,906,306 1,176,053 941,257 793,389 2,564,002 2,097,742 2,713,566 1,353,962
Total primary government net (expense)/program revenue……………………………………….
$ (70,241,127) $ (61,728,577) $ (69,918,084) $ (78,633,448) $ (79,037,930) $ (84,295,101) $ (79,771,575) $ (83,349,399) $ (85,594,453) $ (93,476,645)
(1) The roof of the Rink partially collapsed due to storm damage which temporarily suspended operations from 2015 to 2021 and led to a decrease in activity in the Rink Enterprise fund. (continued)
Town of Canton, Massachusetts Page 109 of 126 Annual Comprehensive Financial ReportSource page 118
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General Revenues and other Changes in Net Position -
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable…………………………………………………. $ 58,966,309 $ 61,423,003 $ 63,720,607 $ 67,168,983 $ 72,087,049 $ 74,151,256 $ 79,891,756 $ 83,971,060 $ 85,661,392 $ 90,082,372
Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
421,708 591,950 213,952 204,512 220,189 301,286 91,185 586,103 264,810 240,526
Motor vehicle excise taxes…………………………………………………… 3,914,171 3,380,408 4,385,878 4,376,168 4,581,480 4,707,385 4,906,443 4,931,089 4,935,611 5,265,734
Penalties and interest on taxes…………………………………………….. 323,695 344,012 310,740 254,164 314,625 364,795 240,078 382,088 284,510 313,655
Payments in lieu of taxes……………………………………………………………… 224,311 214,543 222,149 225,405 231,040 236,816 254,165 281,830 1,882,844 1,937,379
Hotel and meals taxes………………………………………………………………460,905 568,317 581,621 601,227 593,076 603,821 568,692 421,813 718,256 1,023,603
Grants and contributions not restricted to specific programs………………………………………………………………
2,202,728 2,776,692 2,213,169 2,013,767 2,099,870 2,180,123 2,315,718 2,316,820 2,401,522 2,541,685
Unrestricted investment income……………………………………………. 201,635 194,375 218,877 246,862 359,644 521,199 1,641,176 1,167,109 327,074 2,365,442
Insurance recoveries……………………………………………………………… - - - 2,190,705 - - - - - -
Miscellaneous……………………………………………………………… 188,275 - - - - - - - - -
Transfers……………………………………………………………… 1,063,245 1,232,584 - (1,824,747) 34,042 (500,000) (965,229) (690,607) 413,838 (1,236,622)
Total governmental activities…………………………………………………………………
67,966,982 70,725,884 71,866,993 75,457,046 80,521,015 82,566,681 88,943,984 93,367,305 96,889,857 102,533,774
Business-type activities:
Unrestricted investment income……………………………………………. 16,768 20,083 27,019 38,296 50,296 98,038 121,838 50,776 42,565 489,408
Transfers……………………………………………………………… (1,063,245) (1,232,584) - 1,824,747 (34,042) 500,000 965,229 690,607 (413,838) 1,236,622
Total business-type activities….………..………………………………….. (1,046,477) (1,212,501) 27,019 1,863,043 16,254 598,038 1,087,067 741,383 (371,273) 1,726,030
Total primary government general revenues and other
changes in net position…………………………………………………. $ 66,920,505 $ 69,513,383 $ 71,894,012 $ 77,320,089 $ 80,537,269 $ 83,164,719 $ 90,031,051 $ 94,108,688 $ 96,518,584 $ 104,259,804
Changes in Net Position
Governmental activities……………………....…………………………….. $ (5,217,795) $ 6,096,948 $ 42,603 $ (4,352,455) $ 541,828 $ (2,521,809) $ 6,608,407 $ 7,920,164 $ 8,581,838 $ 7,703,167
Business-type activities……………………....…………………………….. 1,897,173 1,687,858 1,933,325 3,039,096 957,511 1,391,427 3,651,069 2,839,125 2,342,293 3,079,992
Total primary government changes in net position……………………………………….
$ (3,320,622) $ 7,784,806 $ 1,975,928 $ (1,313,359) $ 1,499,339 $ (1,130,382) $ 10,259,476 $ 10,759,289 $ 10,924,131 $ 10,783,159
(concluded)
Town of Canton, Massachusetts Page 110 of 126 Annual Comprehensive Financial ReportSource page 119
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General Fund:
Nonspendable……………………………….$ - $ - $ - $ - $ 7,252 $ 15,376 $ 115,915 $ - $ - $ -
Restricted………………………………. 5,160,240 - - - - 15,918 - - - -
Committed…………………………….. 470,608 358,148 364,246 886,722 923,152 1,026,447 1,148,811 1,108,984 3,628,842 4,029,719
Assigned…………………………….. 361,035 893,993 793,408 1,846,942 876,862 1,599,273 1,354,167 4,872,726 3,688,869 4,598,262
Unassigned…………………………… 8,276,920 9,815,657 11,430,875 12,961,775 16,128,195 17,224,537 19,686,713 22,078,763 22,779,583 25,170,933
Total general fund……………………………..$ 14,268,803 $ 11,067,798 $ 12,588,529 $ 15,695,439 $ 17,935,461 $ 19,881,551 $ 22,305,606 $ 28,060,473 $ 30,097,294 $ 33,798,914
All Other Governmental Funds:
Nonspendable……………………………….$ 419,585 $ 432,785 $ 445,985 $ 471,585 $ 489,185 $ 511,185 $ 554,785 $ 573,985 $ 592,385 $ 612,385
Restricted………………………………. 8,707,938 11,544,545 10,939,315 10,584,773 11,869,527 14,510,055 16,302,552 15,653,910 19,789,226 22,712,118
Unassigned…………………………… (468,758) (1,187,828) (632,310) (2,674,755) (156,123) (117,756) (412,455) (367,502) (725,266) (259,685)
Total all other governmental funds……………..
$ 8,658,765 $ 10,789,502 $ 10,752,990 $ 8,381,603 $ 12,202,589 $ 14,903,484 $ 16,444,882 $ 15,860,393 $ 19,656,345 $ 23,064,818
Town of Canton, Massachusetts Page 111 of 126 Annual Comprehensive Financial ReportSource page 120
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2014 2015 2016 2017 2018 2019 2020 2021 (1) 2022 2022
Revenues:
Property taxes, net of tax refunds…………………………………………………….
$ 59,063,932 $ 61,544,401 $ 63,767,588 $ 67,223,724 $ 71,943,571 $ 74,255,762 $ 78,939,407 $ 84,820,110 $ 85,240,433 $ 90,305,041
Tax title……………………………………………………………………………. 219,962 782,539 351,721 147,456 172,988 297,266 235,221 221,451 148,855 222,957
Motor vehicle and other excise taxes………………………………………… 3,473,978 3,714,753 4,119,643 4,555,904 4,505,384 4,703,198 4,560,311 5,057,570 5,014,394 5,290,490
Hotel and meals taxes…………………………………………………… 460,905 568,317 581,621 601,227 593,076 603,821 568,692 421,813 718,256 1,023,603
Charges for services……………………………………………………… 1,474,669 1,580,929 1,627,494 1,747,854 2,028,754 2,108,925 1,725,842 1,128,924 1,606,246 1,569,856
Penalties and interest on taxes……………………………………… 323,695 344,012 310,740 254,164 314,625 364,795 240,078 382,088 284,510 313,655
Payments in lieu of taxes…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
224,311 214,543 222,149 225,405 231,040 236,816 254,165 281,830 1,882,844 1,937,379
Fines and forfeitures…………………………………………… 109,411 141,311 113,467 119,540 92,821 114,905 54,683 53,018 39,461 58,206
Intergovernmental…………………………………………………….. 19,712,460 20,403,915 16,564,548 19,102,008 20,785,945 22,693,271 27,275,657 32,930,006 25,579,266 29,653,558
Intergovernmental - school construction grants……………………………………..- - 1,206,545 - - 600,762 - - - -
Departmental and other………………………………………………. 3,456,976 4,073,470 4,119,749 4,506,265 3,539,653 4,423,606 5,020,499 3,911,882 4,329,962 5,139,087
Licenses and permits……………………………………….. 1,043,909 817,829 1,282,441 1,035,070 1,142,116 1,235,156 1,422,462 1,944,522 1,609,982 1,725,661
Contributions……………………………………………………………. 398,308 2,146,011 1,245,410 488,456 857,270 482,910 422,661 407,235 541,992 694,522
Investment income……………………………………………………….. 142,946 163,941 171,180 198,226 301,356 456,202 1,406,002 916,965 236,315 2,131,346
Total Revenue…………………………………………………
90,105,462 96,495,971 95,684,296 100,205,299 106,508,599 112,577,395 122,125,680 132,477,414 127,232,516 140,065,361
Expenditures:
General government…………………………………………………………….
3,905,506 4,255,876 3,980,026 3,936,471 3,938,757 3,480,942 4,970,542 7,045,493 4,743,725 6,168,319
Public safety……………………………………………………………… 10,087,953 10,630,184 10,724,190 11,138,061 11,386,263 12,781,717 13,794,925 13,921,079 14,780,385 15,644,781
Education………………………………………………………………… 37,524,669 39,417,729 40,479,930 42,896,291 44,863,583 47,531,743 51,595,264 53,745,167 58,470,260 62,152,136
Public works…………………………………………………………….. 4,449,435 4,503,498 5,515,513 5,592,699 5,494,358 5,665,258 5,803,062 6,367,394 6,380,865 6,557,800
Health and human services…………………………………………………………..
853,534 892,603 1,182,773 1,106,152 1,152,349 1,105,044 1,093,693 1,060,440 1,317,046 1,212,226
Culture and recreation…………………………………………………1,793,002 1,880,085 2,062,646 2,647,844 2,493,339 2,587,654 2,700,234 2,350,181 3,144,400 3,211,664
Pension benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
11,733,329 11,915,349 7,321,245 9,802,225 12,480,279 13,538,094 16,800,589 18,871,543 13,094,149 14,084,015
Employee benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
10,327,387 11,152,708 11,675,327 11,482,452 12,083,049 13,061,838 13,448,532 13,699,142 13,972,775 14,112,017
State and county charges………………………………………… 959,538 959,868 944,583 927,338 995,573 1,015,303 1,186,662 1,424,853 1,461,597 1,513,485
Capital outlay and other……………………………………………………………….
2,369,095 2,930,119 8,445,932 6,844,641 5,203,195 5,138,643 8,496,602 3,650,678 6,478,828 10,424,335
Debt service:
Principal……………………………………………………………… 4,385,178 4,520,404 3,819,900 3,931,624 3,821,850 3,871,933 3,884,816 4,370,415 3,892,822 4,000,576
Interest……………………………………………………………………. 1,677,804 1,619,994 1,166,454 1,061,042 970,237 995,903 957,771 1,074,194 927,000 1,007,022
Total Expenditures………………………………………………………..
90,066,430 94,678,417 97,318,519 101,366,840 104,882,832 110,774,072 124,732,692 127,580,579 128,663,852 140,088,376
Excess of revenues over (under) expenditures…………………………………………………
39,032 1,817,554 (1,634,223) (1,161,541) 1,625,767 1,803,323 (2,607,012) 4,896,835 (1,431,336) (23,015)
Other Financing Sources (Uses):
Issuance of refunding bonds…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- 15,185,400 - 515,000 1,596,000 414,000 - 2,060,000 - -
Payments of refunded bonds…………………………………………………………….. - (21,739,649) - (526,148) (1,619,000) (446,000) - (2,305,382) - -
Issuance of bonds and notes………………...………………………………………… 2,603,159 175,000 2,861,150 1,367,000 5,455,000 1,792,000 7,700,000 742,000 6,265,500 7,379,500
Premium from bonds and notes………………...………………………………………… 166,242 2,258,843 153,042 11,148 305,990 246,871 969,603 357,079 584,771 773,330
Capital lease financing…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- - 104,250 - - - - - - -
Insurance recoveries……………………………………………………………………………… - - - 2,354,811 - - - - - -
Sale of capital assets…............................................................. - - - - - - - - - 216,900
Transfers in……………………………………………………………………………… 3,835,589 3,988,699 1,856,376 2,294,746 2,421,242 2,829,878 2,845,110 1,963,219 3,496,749 3,394,317
Transfers out…………………………………………………………………………… (2,772,344) (2,756,115) (1,856,376) (4,119,493) (2,387,200) (3,329,878) (3,810,339) (2,653,826) (3,082,911) (4,630,939)
Total other financing sources (uses)…………………………………………………………………..
3,832,646 (2,887,822) 3,118,442 1,897,064 5,772,032 1,506,871 7,704,374 163,090 7,264,109 7,133,108
Net change in fund balance………………………………………………………………….
$ 3,871,678 $ (1,070,268) $ 1,484,219 $ 735,523 $ 7,397,799 $ 3,310,194 $ 5,097,362 $ 5,059,925 $ 5,832,773 $ 7,110,093
Debt service as a percentage of noncapital expenditures……………………………………………….
6.91% 6.69% 5.61% 5.28% 4.81% 4.61% 4.17% 4.39% 3.94% 3.86%
Town of Canton, Massachusetts Page 112 of 126 Annual Comprehensive Financial Report