Canton, Massachusetts · Saved source text
2012 Comprehensive Annual Financial Report (PDF)
Saved text from 121 source pages. Transcription and OCR may contain errors; verify figures and wording against the original. Retrieved 2026-10-15.
Source page 81
OTHER POSTEMPLOYMENT BENEFIT PLAN
SCHEDULE OF FUNDING PROGRESS AND EMPLOYER CONTRIBUTIONS
JUNE 30, 2012
Actuarial UAAL as a
Actuarial Accrued Unfunded Percentage
Actuarial Value of Liability (AAL) AAL Funded Covered of Covered
Valuation Assets Projected Unit Credit (UAAL) Ratio Payroll Payroll
Date (A) (B) (B-A) (A/B) (C) ((B-A)/C)
1/1/2011 $ - $ 130,885,000 $ 130,885,000 0% $ 34,416,000 380.3%
1/1/2009 - 138,978,000 138,978,000 0% 32,236,000 431.1%
Schedule of Employer Contributions
Fiscal Annual Actual Percentage of
Year Required Contributions the ARC
Ended Contribution (ARC) Made Contributed
2012 $ 12,626,000 $ 4,457,000 35%
2011 11,585,000 4,262,000 37%
2010 11,388,000 4,842,000 43%
See notes to required supplementary information.
Town of Canton, Massachusetts 74 Comprehensive Annual Financial ReportSource page 82
OTHER POSTEMPLOYMENT BENEFIT PLAN
ACTUARIAL METHODS AND ASSUMPTIONS
FISCAL YEAR ENDED JUNE 30, 2012
Actuarial Methods:
Valuation date January 1, 2011
Actuarial cost method Projected Unit Credit
Amortization method Level dollar amount over a 28 year period
Remaining amortization period 26 years as of June 30, 2012, closed basis
Actuarial Assumptions:
Investment rate of return 4.25% for an unfunded plan
Medical/drug cost trend rate 10% graded to 5% over 10 years
Plan Membership:
Current retirees, beneficiaries, and dependents 553
Current active members 616
Terminated vested 1
Total 1,170
See notes to required supplementary information.
Town of Canton, Massachusetts 75 Comprehensive Annual Financial ReportSource page 83
Notes to Required Supplementary Information Fiscal Year Ended June 30, 2012
NOTE A – BUDGETARY BASIS OF ACCOUNTING
Notes to Required Supplementary Information
A. Budgetary Information
Municipal Law requires the adoption of a balanced budget that is approved by the Finance Committee
(Committee). The Committee presents an annual budget to the Open Town Meeting, which includes estimates of
revenues and other financing sources and recommendations of expenditures and other financing uses. The
Town, which has full authority to amend and/or reject the budget or any line item, adopts the expenditure budget
by majority vote at the Annual Town Meeting. Changes subsequent to the approved annual budget require
majority vote at a Special Town Meeting.
The majority of the Town’s appropriations are non-continuing, which lapse at the end of each fiscal year. Others
are continuing appropriations for which the governing body has authorized that an unspent balance from a prior
fiscal year be carried forward and made available for spending in the current fiscal year. These carry forwards
are included as part of the subsequent fiscal year’s original budget.
Generally, expenditures may not exceed the legal level of spending (salaries, expenses and capital) authorized
for an appropriation account. However, the payment of debt service is statutorily required, regardless of whether
such amounts are appropriated. Additionally, expenditures for disasters, natural or otherwise, and final claims
and judgments may exceed the level of spending authorized by two-thirds majority vote at a special town meeting.
The Town adopts an annual budget for the general fund in conformity with the guidelines described above. The
fiscal year 2012 final budget includes approximately $73.6 million in current year authorized appropriations and
other amounts to be raised.
The Town Accountant has the responsibility to ensure that budgetary control is maintained in the manner in which
the appropriations were voted at Town Meeting. Budgetary control is exercised through the Town’s accounting
system.
B. Budgetary – GAAP Reconciliation
For budgetary financial reporting purposes, the Uniform Municipal Accounting System basis of accounting
(established by the Commonwealth) is followed, which differs from the GAAP basis of accounting. A
reconciliation of budgetary-basis to GAAP-basis results for the general fund for the fiscal year ended June 30,
2012, is presented as follows:
Net change in fund balance, budgetary basis…………………… $ 184,934
Perspective difference:
Activity of the stabilization fund recorded in the
general fund for GAAP…………………………………………… 747,018
Basis of accounting differences:
Net change in recording 60-day receipts………………………… 101
Net change in recording tax refunds payable…………………… (774,000)
Recognition of revenue for on-behalf payment………………… 8,383,000
Recognition of expenditure for on-behalf payment…………… (8,383,000)
Net change in fund balance, GAAP basis………………………… $ 158,053
Town of Canton, Massachusetts 76 Comprehensive Annual Financial ReportSource page 84
Notes to Required Supplementary Information Fiscal Year Ended June 30, 2012
C. Appropriation Deficits
At June 30, 2012 there were no expenditures that exceeded budgeted appropriations.
NOTE B – PENSION PLAN
The Town contributes to the Norfolk County Contributory Retirement System ("Retirement System"), a cost-
sharing, multiple-employer defined benefit pension plan ("Plan") administered by the Norfolk County Retirement
Board. The Retirement System provides retirement, disability and death benefits to members and beneficiaries.
Chapter 32 of the MGL assigns authority to establish and amend benefit provisions of the Plan. Plan members
are required to contribute to the Retirement System at rates ranging from 5% to 11% of annual covered
compensation. The Town is required to pay into the Retirement System its share of the system wide actuarially
determined contribution which is apportioned among the employers based on active covered payroll.
The schedule of funding progress, presented as required supplementary information, presents multiyear trend
information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the
actuarial accrued liability for benefits. Additionally, the schedule of employer contributions, presented as required
supplementary information, presents multiyear trend information for required and actual contributions relating to
the cost-sharing plan as a whole, of which the Town is one participating employer, as well as the Town’s
proportionate share of the plan’s annual contributions. This information is designed to be helpful for
understanding the scale of the information presented relative to the Town.
The following actuarial methods and assumptions were used in the Retirement System’s most recent actuarial
valuation:
Actuarial Methods and Assumptions:
Valuation Date……………………………… January 1, 2010
Actuarial Cost Method………………………Entry Age Normal Cost Method
Amortization Method…………………………Increasing at 4.0% per year, level dollar for ERI liability for certain units
Remaining Amortization Period……………20 years remaining as of January 1, 2010, closed basis
Asset Valuation Method…………………… The actuarial value of assets is determined by projecting the actuarial
value of assets as of the beginning of the prior plan year with the
assumed rate of return during that year (8.5%) and accounting
for deposits and disbursements with interest at the assumed rate of
return. An adjustment is then applied to recognize the difference
between the actual investment return and expected return over
a five year period. This preliminary actuarial value is not allowed to
differ from the market value of assets by more than 20%.
Actuarial Assumptions:
Investment rate of return………………… 8.25%
Projected salary increases…………………4.00%
Cost of living adjustments…………………3.00% of the lesser of the pension amount and $12,000 per year
Plan Membership:
Retired participants and beneficiaries receiving benefits…… 2,557
Inactive participants……………………………………………… 2,059
Disabled…………………………………………………………… 313
Active participants………………………………………………… 5,526
Total………………………………………………………………… 10,455
Town of Canton, Massachusetts 77 Comprehensive Annual Financial ReportSource page 85
Notes to Required Supplementary Information Fiscal Year Ended June 30, 2012 NOTE C – OTHER POSTEMPLOYMENT BENEFITS The Town of Canton administers a single-employer defined benefit healthcare plan (“the Retiree Health Plan”). The plan provides lifetime healthcare for eligible retirees and their spouses through the Town’s health insurance plan, which covers both active and retired members, including teachers. The Town currently finances its other postemployment benefits (OPEB) on a pay-as-you-go basis. As a result, the funded ratio (actuarial value of assets expressed as a percentage of the actuarial accrued liability) is 0%. In accordance with Governmental Accounting Standards, the Town has recorded its OPEB cost equal to the actuarial determined annual required contribution (ARC) which includes the normal cost of providing benefits for the year and a component for the amortization of the total unfunded actuarial accrued liability of the plan. The Schedule of Funding Progress presents multi-year trend information which compares, over time, the actuarial accrued liability for benefits with the actuarial value of accumulated plan assets. Projections of benefits for financial reporting purposes are based on the substantive plan and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. The Schedule of Actuarial Methods and Assumptions presents factors that significantly affect the identification of trends in the amounts reported. Town of Canton, Massachusetts 78 Comprehensive Annual Financial Report
Source page 86
Combining Statements Combining Statements Town of Canton, Massachusetts 79 Comprehensive Annual Financial Report
Source page 87
Nonmajor Governmental Funds Special Revenue Funds Special revenue funds are used to account for the proceeds of specific revenue sources (other than permanent funds or capital project funds) that are restricted by law or administrative action to expenditures for specified purposes. The Town’s special revenue funds are grouped into the following categories: School Lunch – This fund is used to account for the activity of the school lunch program, which includes charges for services and state and federal reimbursements for meals served. Private Grants – This fund is used to account for grant funds received from private organizations that are to be used to fund various governmental programs. Town Revolving Funds – This fund is used to account for the non-school related activity of revolving funds established in accordance with MGL Chapter 44, Section 53E ½ and other applicable statutes. School Revolving Funds – This fund is used to account for the school department’s revolving funds established in accordance with MGL Chapter 44, Section 53E ½ and Chapter 71. Recreation – This fund is used to account for self-supporting recreational programs and activities. Ambulance – This fund is used to account for the fees generated by the operations of the fire department’s ambulance service that are designated to fund and supplement specific operating costs of the department. Town Grants – This fund is used to account for grant funds received from state and federal governments which are designated for specific non-school related programs. School Grants – This fund is used to account for grant funds received from state and federal governments which are designated for specific school related programs. Roadway Improvements Fund – This fund is used to account for roadway improvements for which expenditures are reimbursed 100% by the Commonwealth. Other Departmental Funds – This fund is used to account for the activity of donated funds, public safety details, and other receipts reserved for future appropriation. Town of Canton, Massachusetts 80 Comprehensive Annual Financial Report
Source page 88
Capital Projects Funds Capital projects funds are used to account for financial resources to be used for the acquisition, construction or improvement of major capital facilities and equipment (other than those financed by enterprise funds). Such resources are derived principally from proceeds of general obligation bonds and grants. The capital projects funds are grouped into the following categories: Building Improvements – This fund is used to account for the construction and renovation of various buildings. Public Works Improvements – This fund is used to account for roadway, drainage and landfill improvements that are not funded by the Roadway Improvements special revenue fund. Equipment – This fund is used to account for the acquisition of capital equipment that is not funded by operating budgets. High School Construction – This fund is used to account for the residual funds of the new high school project. Permanent Funds Permanent funds are used to report resources that are legally restricted to the extent that only earnings, not principal, may be used for purposes that support governmental programs. Cemetery Trust Funds – This fund accounts for contributions associated with cemetery care and maintenance. Library Trust Funds – This fund accounts for gifts, bequests and contributions held for which only earnings may be expended for purposes specified by the donor in relation to library activities. Other Municipal Trust Funds – This fund accounts for all non-cemetery and library related gifts, contributions and bequests for which only earnings may be expended to benefit the government. Town of Canton, Massachusetts 81 Comprehensive Annual Financial Report
Source page 89
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2012
Special Revenue Funds
School Private Town School
ASSETS Lunch Grants Revolving Revolving Recreation
Cash and cash equivalents…………………………………… $ 338,191 $ 801,130 $ 293,325 $ 968,718 $ 90,281
Investments……………………………………………………… - - - - -
Receivables, net of uncollectibles:
Departmental and other…………………………………… - - - - -
Intergovernmental…………………………………………… - - - - -
Due from other funds…………………………………………… - - - - -
TOTAL ASSETS……………………………………………… $ 338,191 $ 801,130 $ 293,325 $ 968,718 $ 90,281
LIABILITIES AND FUND BALANCES
LIABILITIES:
Warrants payable……………………………………………$ 2,880 $ 45,771 $ 5,757 $ 9,007 $ 27,835
Accrued payroll……………………………………………… 29,165 - 37 62,381 11,647
Other liabilities……………………………………………… - - 1,600 - -
Deferred revenues………………………………………… - - - - -
Due to other funds………………………………………… - - - - -
Notes payable……………………………………………… - - - - -
TOTAL LIABILITIES…………………………………………… 32,045 45,771 7,394 71,388 39,482
FUND BALANCES:
Nonspendable……………………………………………… - - - - -
Restricted…………………………………………………… 306,146 755,359 285,931 897,330 50,799
Unassigned………………………………………………… - - - - -
TOTAL FUND BALANCES…………………………………… 306,146 755,359 285,931 897,330 50,799
TOTAL LIABILITIES AND FUND BALANCES………………$ 338,191 $ 801,130 $ 293,325 $ 968,718 $ 90,281
Town of Canton, Massachusetts 82 Comprehensive Annual Financial ReportSource page 90
Town School Roadway Other
Ambulance Grants Grants Improvements Departmental Sub-total
$ 1,127,509 $ 1,044,115 $ 555,164 $ - $ 1,020,310 $ 6,238,743
- - - - 660,857 660,857
214,479 - - - - 214,479
- 45,809 - 423,449 - 469,258
- - - - 36,200 36,200
$ 1,341,988 $ 1,089,924 $ 555,164 $ 423,449 $ 1,717,367 $ 7,619,537
$ - $ 37,475 $ 19,271 $ - $ 14,738 $ 162,734
- 5,182 104,866 - 13,342 226,620
- - - - 252 1,852
214,480 - - - - 214,480
- 3,614 - 421,329 - 424,943
- - - - - -
214,480 46,271 124,137 421,329 28,332 1,030,629
- - - - - -
1,127,508 1,043,653 431,027 2,120 1,689,035 6,588,908
- - - - - -
1,127,508 1,043,653 431,027 2,120 1,689,035 6,588,908
$ 1,341,988 $ 1,089,924 $ 555,164 $ 423,449 $ 1,717,367 $ 7,619,537
(Continued)
Town of Canton, Massachusetts 83 Comprehensive Annual Financial ReportSource page 91
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2012
Capital Projects
Public High
Building Works School
ASSETS Improvements Improvements Equipment Construction Sub-total
Cash and short-term investments……………………… $ 277,896 $ 199,724 $ 33,745 $ 90,953 $ 602,318
Investments………………………………………………… - - - - -
Receivables, net of uncollectibles: -
Departmental and other……………………………… - - - - -
Intergovernmental……………………………………… - - - - -
Due from other funds……………………………………… - - - - -
TOTAL ASSETS……………………………………………$ 277,896 $ 199,724 $ 33,745 $ 90,953 $ 602,318
LIABILITIES AND FUND BALANCES
LIABILITIES:
Warrants payable………………………………………$ 841 $ 2,700 $ - $ - $ 3,541
Accrued payroll………………………………………… - - - - -
Other liabilities………………………………………… - - - - -
Deferred revenues…………………………………… - - - - -
Due to other funds……………………………………… - - - - -
Notes payable………………………………………… 1,936,731 235,000 71,600 - 2,243,331
TOTAL LIABILITIES……………………………………… 1,937,572 237,700 71,600 - 2,246,872
FUND BALANCES:
Nonspendable………………………………………… - - - - -
Restricted……………………………………………… - - - 90,953 90,953
Unassigned……………………………………………… (1,659,676) (37,976) (37,855) - (1,735,507)
TOTAL FUND BALANCES……………………………… (1,659,676) (37,976) (37,855) 90,953 (1,644,554)
TOTAL LIABILITIES AND FUND BALANCES………… $ 277,896 $ 199,724 $ 33,745 $ 90,953 $ 602,318
Town of Canton, Massachusetts 84 Comprehensive Annual Financial ReportSource page 92
Permanent Funds Total
Cemetery Library Other Nonmajor
Trust Trust Municipal Governmental
Funds Funds Trust Funds Sub-total Funds
$ 16,032 $ 153,519 $ 25,390 $ 194,941 $ 7,036,002
373,706 24,121 132,689 530,516 1,191,373
- - - - 214,479
- - - - 469,258
- - - - 36,200
$ 389,738 $ 177,640 $ 158,079 $ 725,457 $ 8,947,312
$ - $ - $ - $ - $ 166,275
- - - - 226,620
- - - - 1,852
- - - - 214,480
- - - - 424,943
- - - - 2,243,331
- - - - 3,277,501
370,997 21,553 12,235 404,785 404,785
18,741 156,087 145,844 320,672 7,000,533
- - - - (1,735,507)
389,738 177,640 158,079 725,457 5,669,811
$ 389,738 $ 177,640 $ 158,079 $ 725,457 $ 8,947,312
(Concluded)
Town of Canton, Massachusetts 85 Comprehensive Annual Financial ReportSource page 93
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2012
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
REVENUES:
Charges for services……………………………………………$ 737,587 $ - $ - $ - $ -
Fines and forfeitures…………………………………………… - - 35,126 - -
Intergovernmental……………………………………………… 226,511 - 9,892 - -
Departmental and other……………………………………… - - 89,115 1,388,995 338,436
Contributions…………………………………………………… - - 47,497 15,267 14,787
Investment income (loss)……………………………………… 1,748 - 22 - 195
TOTAL REVENUES……………………………………… 965,846 - 181,652 1,404,262 353,418
EXPENDITURES:
Current:
General government………………………………………… - 660,600 10,725 - -
Public safety………………………………………………… - - 1,209 - -
Education……………………………………………………… 882,207 - 3,102 1,321,376 -
Public works………………………………………………… - - - - -
Human services……………………………………………… - - 40,594 - -
Culture and recreation……………………………………… - - 44,700 - 332,693
Employee benefits…………………………………………… - - - - -
TOTAL EXPENDITURES………………………………… 882,207 660,600 100,330 1,321,376 332,693
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES……………………………………… 83,639 (660,600) 81,322 82,886 20,725
OTHER FINANCING SOURCES (USES):
Issuance of bonds and notes………………………………… - - - - -
Premium from issuance of debt……………………………… - - - - -
Capital lease financing…………………………………………… - - - 51,211 -
Transfers in……………………………………………………… - - - - -
Transfers out…………………………………………………… (115,165) - (50,000) (707) -
TOTAL OTHER FINANCING SOURCES (USES)…… (115,165) - (50,000) 50,504 -
NET CHANGE IN FUND BALANCES…………………………… (31,526) (660,600) 31,322 133,390 20,725
FUND BALANCES AT BEGINNING OF YEAR………………… 337,672 1,415,959 254,609 763,940 30,074
FUND BALANCES AT END OF YEAR………………………… $ 306,146 $ 755,359 $ 285,931 $ 897,330 $ 50,799
Town of Canton, Massachusetts 86 Comprehensive Annual Financial ReportSource page 94
Town School Roadway Other
Ambulance Grants Grants Improvements Departmental Sub-total
$ 854,054 $ - $ - $ - $ 7,005 $ 1,598,646
- - - - - 35,126
- 1,354,454 2,101,612 1,239,863 - 4,932,332
- - - - 669,910 2,486,456
- - - - 255,813 333,364
- 17 - - 6,542 8,524
854,054 1,354,471 2,101,612 1,239,863 939,270 9,394,448
- 101,505 - - 149,852 922,682
- 272,961 - - 548,235 822,405
- - 1,711,701 - 214,511 4,132,897
- 8,969 - 1,239,863 - 1,248,832
- 52,379 - - 11,426 104,399
- 16,306 - - 7,900 401,599
- 100,000 - - - 100,000
- 552,120 1,711,701 1,239,863 931,924 7,732,814
854,054 802,351 389,911 - 7,346 1,661,634
- - - - - -
- - - - 80,804 80,804
- - - - - 51,211
- - - - 80,000 80,000
(853,160) (31,146) (26,603) - (250,731) (1,327,512)
(853,160) (31,146) (26,603) - (89,927) (1,115,497)
894 771,205 363,308 - (82,581) 546,137
1,126,614 272,448 67,719 2,120 1,771,616 6,042,771
$ 1,127,508 $ 1,043,653 $ 431,027 $ 2,120 $ 1,689,035 $ 6,588,908
(Continued)
Town of Canton, Massachusetts 87 Comprehensive Annual Financial ReportSource page 95
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2012
Capital Projects
Public High
Building Works School
Improvements Improvements Equipment Construction Sub-total
REVENUES:
Charges for services………………………………………………$ - $ - $ - $ - $ -
Fines and forfeitures……………………………………………… - - - - -
Intergovernmental………………………………………………… 410,995 - - - 410,995
Departmental and other………………………………………… - - - - -
Contributions……………………………………………………… - - - - -
Investment income (loss)………………………………………… - - - - -
TOTAL REVENUES…………………………………… 410,995 - - - 410,995
EXPENDITURES:
Current:
General government………………………………………… 162,278 - 17,277 - 179,555
Public safety………………………………………………… - - - - -
Education……………………………………………………… 3,076,118 - - 101,672 3,177,790
Public works………………………………………………… 218,015 615,789 - - 833,804
Human services……………………………………………… 23,295 - - - 23,295
Culture and recreation……………………………………… 5,552 - - - 5,552
Employee benefits…………………………………………… - - - - -
TOTAL EXPENDITURES……………………………… 3,485,258 615,789 17,277 101,672 4,219,996
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES………………………………………… (3,074,263) (615,789) (17,277) (101,672) (3,809,001)
OTHER FINANCING SOURCES (USES):
Issuance of bonds and notes…………………………………… 2,432,908 500,000 - - 2,932,908
Premium from issuance of debt………………………………… - - - - -
Capital lease financing…………………………………………… - - - - -
Transfers in………………………………………………………… 223,000 - 45,800 125,301 394,101
Transfers out……………………………………………………… (6,245) - - - (6,245)
TOTAL OTHER FINANCING SOURCES (USES)…… 2,649,663 500,000 45,800 125,301 3,320,764
NET CHANGE IN FUND BALANCES……………………………… (424,600) (115,789) 28,523 23,629 (488,237)
FUND BALANCES AT BEGINNING OF YEAR…………………… (1,235,076) 77,813 (66,378) 67,324 (1,156,317)
FUND BALANCES AT END OF YEAR………………………………$ (1,659,676) $ (37,976) $ (37,855) $ 90,953 $ (1,644,554)
Town of Canton, Massachusetts 88 Comprehensive Annual Financial ReportSource page 96
Permanent Funds Total
Cemetery Library Other Nonmajor
Trust Trust Municipal Governmental
Funds Funds Trust Funds Sub-total Funds
$ - $ - $ - $ - $ 1,598,646
- - - - 35,126
- - - - 5,343,327
- - - - 2,486,456
10,400 5,480 - 15,880 349,244
7,409 1,008 2,499 10,916 19,440
17,809 6,488 2,499 26,796 9,832,239
- - - - 1,102,237
- - - - 822,405
- - - - 7,310,687
- - - - 2,082,636
- - - - 127,694
- 7,522 - 7,522 414,673
- - - - 100,000
- 7,522 - 7,522 11,960,332
17,809 (1,034) 2,499 19,274 (2,128,093)
- - - - 2,932,908
- - - - 80,804
- - - - 51,211
- - - - 474,101
(5,000) - - (5,000) (1,338,757)
(5,000) - - (5,000) 2,200,267
12,809 (1,034) 2,499 14,274 72,174
376,929 178,674 155,580 711,183 5,597,637
$ 389,738 $ 177,640 $ 158,079 $ 725,457 $ 5,669,811
(Concluded)
Town of Canton, Massachusetts 89 Comprehensive Annual Financial ReportSource page 97
This page intentionally left blank. Town of Canton, Massachusetts 90 Comprehensive Annual Financial Report
Source page 98
Internal Service Funds 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 accounted for in the internal service funds are grouped into the following categories: Health Claims – This fund accounts for the group health and dental insurance activity for active and retired employees of the Town. Workers’ Compensation Claims – This fund accounts for workers’ compensation benefits, replacement wages and medical 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 resources accumulated to pay for damage to Town property that is not covered by liability insurance. Town of Canton, Massachusetts 91 Comprehensive Annual Financial Report
Source page 99
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET ASSETS
JUNE 30, 2012
Total
Internal
Health Workers' Unemployment Building Service
Claims Compensation Claims Insurance Funds
ASSETS
CURRENT:
Cash and cash equivalents…………………$ 4,365,902 $ 33,882 $ 31,896 $ 16,006 $ 4,447,686
Investments………………………………… 200,097 - - 426,615 626,712
Amounts held by insurance carrier……… 227,074 - - - 227,074
Working capital deposit…………………… 58,400 - - - 58,400
Total current assets………………… 4,851,473 33,882 31,896 442,621 5,359,872
LIABILITIES
CURRENT:
Warrants payable…………………………… 55,111 26 - - 55,137
Health claims payable……………………… 683,795 - - - 683,795
Total current liabilities……………… 738,906 26 - - 738,932
NET ASSETS
Unrestricted……………………………………… 4,112,567 33,856 31,896 442,621 4,620,940
TOTAL NET ASSETS………………………… $ 4,112,567 $ 33,856 $ 31,896 $ 442,621 $ 4,620,940
Town of Canton, Massachusetts 92 Comprehensive Annual Financial ReportSource page 100
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEAR ENDED JUNE 30, 2012
Total
Internal
Health Workers' Unemployment Building Service
Claims Compensation Claims Insurance Funds
OPERATING REVENUES:
Employee contributions …………………………$ 3,571,341 $ - $ - $ - $ 3,571,341
Employer contributions ………………………… 9,541,219 - 100,000 - 9,641,219
TOTAL OPERATING REVENUES ………… 13,112,560 - 100,000 - 13,212,560
OPERATING EXPENSES:
Employee benefits ……………………………… 12,593,600 2,442 133,438 - 12,729,480
OPERATING INCOME (LOSS)……………… 518,960 (2,442) (33,438) - 483,080
NONOPERATING REVENUES (EXPENSES):
Investment income……………………………… 9,924 664 5,610 8,461 24,659
Other revenues…………………………………… - 3,954 - - 3,954
TOTAL NONOPERATING
REVENUES (EXPENSES), NET…………… 9,924 4,618 5,610 8,461 28,613
INCOME (LOSS) BEFORE
TRANSFERS………………………………… 528,884 2,176 (27,828) 8,461 511,693
CHANGE IN NET ASSETS………………… 528,884 2,176 (27,828) 8,461 511,693
NET ASSETS AT BEGINNING OF YEAR……… 3,583,683 31,680 59,724 434,160 4,109,247
NET ASSETS AT END OF YEAR…………………$ 4,112,567 $ 33,856 $ 31,896 $ 442,621 $ 4,620,940
Town of Canton, Massachusetts 93 Comprehensive Annual Financial ReportSource page 101
INTERNAL FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2012
Total
Internal
Health Worker's Unemployment Building Service
Claims Compensation Claims Insurance Funds
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from interfund services provided…………………………………$ 13,112,560 $ - $ 100,000 $ - $ 13,212,560
Receipts from other revenues……………………………………………… - 3,954 - - 3,954
Payments for interfund services used…………………………………… (12,698,643) (2,416) (133,438) - (12,834,497)
NET CASH FROM OPERATING ACTIVITIES……………………………… 413,917 1,538 (33,438) - 382,017
CASH FLOWS FROM INVESTING ACTIVITIES:
Sale (purchase) of investments…………………………………………… 248 - - 48 296
Investment income…………………………………………………………… 9,924 664 5,610 8,461 24,659
NET CASH FROM INVESTING ACTIVITIES………………………………… 10,172 664 5,610 8,509 24,955
NET CHANGE IN CASH AND CASH EQUIVALENTS……………………… 424,089 2,202 (27,828) 8,509 406,972
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR…… 3,941,813 31,680 59,724 7,497 4,040,714
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR…………$ 4,365,902 $ 33,882 $ 31,896 $ 16,006 $ 4,447,686
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
FROM OPERATING ACTIVITIES:
Operating income (loss)…………………………………………………… $ 518,960 $ (2,442) $ (33,438) $ - $ 483,080
Adjustments to reconcile operating income (loss) to net
Receipts from other revenues………………………………………… - 3,954 - - 3,954
Changes in assets and liabilities:
Amounts held by insurance carrier………………………………… (227,074) - - - (227,074)
Working capital deposit……………………………………………… 990,002 - - - 990,002
Warrants payable…………………………………………………… (731,721) 26 - - (731,695)
Health claims payable……………………………………………… (136,250) - - - (136,250)
Total adjustments………………………………………………… (105,043) 3,980 - - (101,063)
NET CASH FROM OPERATING ACTIVITIES……………………………… $ 413,917 $ 1,538 $ (33,438) $ - $ 382,017
Town of Canton, Massachusetts 94 Comprehensive Annual Financial ReportSource page 102
Fiduciary Funds Agency Fund Agency funds are used to account for assets held in a purely custodial capacity. The Town’s Agency Fund consists primarily of performance bonds, student activity funds, security deposits and licenses and fees collected on-behalf of the Commonwealth. Town of Canton, Massachusetts 95 Comprehensive Annual Financial Report
Source page 103
AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED JUNE 30, 2012
Beginning End
of Year Additions Deletions of Year
ASSETS
CURRENT:
Cash and cash equivalents………………… $ 792,210 $ 373,106 $ (419,424) $ 745,892
LIABILITIES
Warrants payable…………………………… $ 19,474 $ 349,051 $ (362,896) $ 5,629
Liabilities due depositors…………………… 772,736 299,417 (331,890) 740,263
TOTAL LIABILITIES………………………………$ 792,210 $ 648,468 $ (694,786) $ 745,892
Town of Canton, Massachusetts 96 Comprehensive Annual Financial ReportSource page 104
Statistical Section Statistical tables differ from financial statements since they usually cover more than one fiscal year and present non-accounting data. The following tables reflect social and economic data, financials trends, and fiscal capacity. The renovation of Canton’s public works garage on Bolivar Street was completed in fiscal 2012. The renovated four-building facility, which is now code compliant and more energy efficient due to new windows, upgraded HVAC system and ADA-compliant bathroom and shower facilities, will provide employees a safer environment and more protection for the Town’s heavy duty vehicles.
Source page 105
Statistical Section
Statistical Section
This part of the comprehensive annual financial report presents detailed 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 comprehensive
annual financial reports for the relevant year. The Town implemented GASB Statement 34 in 2003; schedules
presenting government-wide information include information beginning in that year.
Town of Canton, Massachusetts 97 Comprehensive Annual Financial ReportSource page 106
Net Assets By Component
Last Ten Fiscal Years
Fiscal Year
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Governmental activities
Invested in capital assets, net of related debt… $ 25,364,346 $ 36,942,344 $ 50,497,888 $ 47,354,438 $ 50,777,183 $ 51,291,396 $ 54,948,512 $ 57,942,064 $ 62,056,797 $ 63,962,326
Restricted………………………………………… 3,510,012 3,295,679 3,467,154 3,077,412 3,824,685 4,432,975 8,844,047 7,781,249 7,457,544 6,774,650
Unrestricted………………………………………… 9,317,486 12,671,374 18,735,148 24,200,838 23,955,254 25,253,777 14,125,826 6,141,042 (3,861,890) (8,635,940)
Total governmental activities net assets………… $ 38,191,844 $ 52,909,397 $ 72,700,190 $ 74,632,688 $ 78,557,122 $ 80,978,148 $ 77,918,385 $ 71,864,355 $ 65,652,451 $ 62,101,036
Business-type activities
Invested in capital assets, net of related debt… 11,167,239 12,618,526 12,537,255 12,340,271 11,952,283 13,948,369 14,483,253 15,188,472 17,195,414 16,033,950
Unrestricted………………………………………… 3,905,119 2,523,732 4,753,528 5,544,174 6,124,469 5,093,607 3,934,247 3,836,227 2,796,789 4,101,212
Total business-type activities net assets………… $ 15,072,358 $ 15,142,258 $ 17,290,783 $ 17,884,445 $ 18,076,752 $ 19,041,976 $ 18,417,500 $ 19,024,699 $ 19,992,203 $ 20,135,162
Primary government
Invested in capital assets, net of related debt… 36,531,585 49,560,870 63,035,143 59,694,709 62,729,466 65,239,765 69,431,765 73,130,536 79,252,211 79,996,276
Restricted………………………………………… 3,510,012 3,295,679 3,467,154 3,077,412 3,824,685 4,432,975 8,844,047 7,781,249 7,457,544 6,774,650
Unrestricted………………………………………… 13,222,605 15,195,106 23,488,676 29,745,012 30,079,723 30,347,384 18,060,073 9,977,269 (1,065,101) (4,534,728)
Total primary government net assets………………$ 53,264,202 $ 68,051,655 $ 89,990,973 $ 92,517,133 $ 96,633,874 $ 100,020,124 $ 96,335,885 $ 90,889,054 $ 85,644,654 $ 82,236,198
Town of Canton, Massachusetts 98 Comprehensive Annual Financial ReportSource page 107
Changes in Net Assets
Last Ten Fiscal Years
Fiscal Year
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Expenses
Governmental activities:
General government………………………………$ 3,724,451 $ 3,267,986 $ 4,901,258 $ 4,246,023 $ 4,365,873 $ 5,142,280 $ 6,440,728 $ 5,856,721 $ 6,012,221 $ 5,898,196
Public safety……………………………………… 11,144,645 12,048,004 11,343,820 11,964,710 12,151,151 12,501,298 14,102,861 14,815,007 14,845,911 15,490,670
Education…………………………………………… 37,297,785 38,093,179 38,644,927 40,105,376 42,723,738 45,669,483 52,111,533 56,105,191 57,174,814 58,649,480
Public works……………………………………… 5,794,690 5,553,924 4,785,491 4,567,438 4,267,313 5,002,096 5,035,008 5,725,429 5,964,437 5,703,015
Human services…………………………………… 656,368 752,548 781,948 810,338 850,334 810,319 983,217 1,094,171 1,133,985 1,221,862
Culture and recreation…………………………… 1,803,954 1,652,270 2,561,766 2,437,118 2,397,635 2,498,364 2,715,016 2,762,453 2,882,803 2,944,861
Interest……………………………………………… 637,102 1,054,013 2,632,669 2,363,454 2,654,749 2,105,670 1,996,528 1,919,708 1,797,797 1,664,859
Total government activities expenses……………… 61,058,995 62,421,924 65,651,879 66,494,457 69,410,793 73,729,510 83,384,891 88,278,680 89,811,968 91,572,943
Business-type activities:
Water…………………………………..…………… 2,767,810 3,017,581 3,260,655 3,587,009 3,570,802 3,769,301 4,562,904 4,644,182 4,968,675 5,456,431
Sewer……………………………………………… 3,739,303 3,772,077 4,005,172 3,983,341 4,202,101 4,643,878 4,462,173 4,575,414 4,819,406 5,084,191
Rink………………………………………………… 335,284 348,677 271,389 314,637 344,198 357,203 458,269 486,775 504,265 496,394
Total business-type activities expenses…………… 6,842,397 7,138,335 7,537,216 7,884,987 8,117,101 8,770,382 9,483,346 9,706,371 10,292,346 11,037,016
Total primary government expenses……………… $ 67,901,392 $ 69,560,259 $ 73,189,095 $ 74,379,444 $ 77,527,894 $ 82,499,892 $ 92,868,237 $ 97,985,051 $ 100,104,314 $ 102,609,959
Program Revenues
Governmental activities:
Charges for services:
General government…………………………… $ 1,129,049 $ 1,380,744 $ 229,506 $ 355,302 $ 371,696 $ 368,111 $ 400,721 $ 919,070 $ 385,778 $ 325,814
Public safety……………………………………… 1,289,699 1,413,265 995,622 2,893,607 2,392,923 2,253,015 1,867,319 2,076,797 2,036,855 2,292,477
Education………………………………………… 1,156,046 1,229,743 1,260,813 1,567,706 1,647,771 2,202,573 1,975,650 2,105,396 2,143,729 2,155,031
Public works……………………………………… 16,680 11,113 62,211 58,111 85,033 71,911 69,082 129,056 92,920 125,694
Human services………………………………… - - 49,775 45,012 42,808 50,162 42,354 41,527 46,661 66,462
Culture and recreation…………………………… 310,485 1,045,450 470,989 378,055 343,737 376,991 377,306 379,669 346,254 528,937
Operating grants and contributions……………… 14,492,198 10,997,337 12,719,732 10,678,040 12,582,237 13,251,876 14,389,625 14,937,773 15,381,360 16,776,734
Capital grant and contributions………………… 1,340,638 13,746,919 12,931,018 653,971 1,011,723 2,251,419 3,291,089 1,170,098 162,497 1,659,561
Total government activities program revenues...… 19,734,795 29,824,571 28,719,666 16,629,804 18,477,928 20,826,058 22,413,146 21,759,386 20,596,054 23,930,710
Business-type activities:
Charges for services - Water…………………… 3,322,576 3,314,271 3,929,821 4,337,211 4,308,918 5,148,323 4,727,025 5,693,293 6,965,364 6,672,927
Charges for services - Sewer…………………… 3,658,243 3,904,950 4,149,998 4,466,378 4,491,655 5,159,490 4,747,421 4,772,693 4,965,133 5,227,905
Charges for services - Rink……………………… 325,631 337,010 335,215 372,609 370,110 356,953 391,991 404,449 430,878 446,111
Capital grant and contributions………………… - - - 184,570 46,294 39,941 2,362 497,305 - -
Operating grants and contributions……………… 27,079 50,495 - - - - - - - -
Total business-type activities program revenues… 7,333,529 7,606,726 8,415,034 9,360,768 9,216,977 10,704,707 9,868,799 11,367,740 12,361,375 12,346,943
Total primary government program revenues…… $ 27,068,324 $ 37,431,297 $ 37,134,700 $ 25,990,572 $ 27,694,905 $ 31,530,765 $ 32,281,945 $ 33,127,126 $ 32,957,429 $ 36,277,653
Net (Expense)/Program Revenue
Governmental activities……………………....………$ (41,324,200) $ (32,597,353) $ (36,932,213) $ (49,864,653) $ (50,932,865) $ (52,903,452) $ (60,971,745) $ (66,519,294) $ (69,215,914) $ (67,642,233)
Business-type activities……………………....……… 491,132 468,391 877,818 1,475,781 1,099,876 1,934,325 385,453 1,661,369 2,069,029 1,309,927
Total primary government
net (expense)/program revenue…………………$ (40,833,068) $ (32,128,962) $ (36,054,395) $ (48,388,872) $ (49,832,989) $ (50,969,127) $ (60,586,292) $ (64,857,925) $ (67,146,885) $ (66,332,306)
General Revenues and
other Changes in Net Assets
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable………………………$ 37,012,751 $ 39,376,066 $ 41,551,652 $ 43,523,919 $ 45,318,005 $ 46,074,751 $ 49,643,467 $ 52,922,668 $ 54,892,887 $ 56,128,582
Tax liens…………………………………………… - - - 68,545 137,473 204,174 186,291 210,666 349,982 597,670
Motor vehicle excise taxes……………………… 3,316,984 3,642,186 3,430,854 3,340,893 3,364,215 3,622,335 3,170,275 3,082,341 3,286,609 3,101,266
Penalties and interest on taxes………………… 178,932 230,825 218,730 259,454 206,817 188,163 246,950 317,161 305,814 263,511
Payments in lieu of taxes………………………… 170,291 160,827 160,827 160,827 160,827 191,827 194,559 199,299 199,225 219,205
Hotel/motel tax…………………………………… - - - - - - - - - 38,309
Grants and contributions not restricted to
specific programs………………………………… 2,298,362 2,152,678 2,260,017 2,550,060 3,607,674 2,974,443 2,727,082 2,165,199 2,201,430 2,026,227
Unrestricted investment income………………… 276,835 288,328 633,337 728,000 955,736 909,900 488,112 212,187 195,037 166,466
Gain (loss) on sale of capital assets…………… - - (87,704) - (3,087) - - - - -
Miscellaneous……………………………………… 198,634 174,526 464,695 283,334 202,070 189,784 245,317 312,573 471,501 382,614
Transfers…………………………………………… 368,428 424,923 804,205 882,119 907,569 969,101 1,009,929 1,054,170 1,101,525 1,166,968
Total governmental activities………………………… 43,821,217 46,450,359 49,436,613 51,797,151 54,857,299 55,324,478 57,911,982 60,476,264 63,004,010 64,090,818
Business-type activities:
Penalties and interest on taxes………………… 46,222 26,432 - - - - - - - -
Transfers…………………………………………… (368,428) (424,923) (804,205) (882,119) (907,569) (969,101) (1,009,929) (1,054,170) (1,101,525) (1,166,968)
Total business-type activities….…………………… (322,206) (398,491) (804,205) (882,119) (907,569) (969,101) (1,009,929) (1,054,170) (1,101,525) (1,166,968)
Total primary government general revenues
and other changes in net assets…………………$ 43,499,011 $ 46,051,868 $ 48,632,408 $ 50,915,032 $ 53,949,730 $ 54,355,377 $ 56,902,053 $ 59,422,094 $ 61,902,485 $ 62,923,850
Changes in Net Assets
Governmental activities……………………....………$ 2,497,017 $ 13,853,006 $ 12,504,400 $ 1,932,498 $ 3,924,434 $ 2,421,026 $ (3,059,763) $ (6,043,030) $ (6,211,904) $ (3,551,415)
Business-type activities……………………....……… 168,926 69,900 73,613 593,662 192,307 965,224 (624,476) 607,199 967,504 142,959
Total primary government changes in net assets…$ 2,665,943 $ 13,922,906 $ 12,578,013 $ 2,526,160 $ 4,116,741 $ 3,386,250 $ (3,684,239) $ (5,435,831) $ (5,244,400) $ (3,408,456)
Town of Canton, Massachusetts 99 Comprehensive Annual Financial ReportSource page 108
Fund Balances, Governmental Funds
Last Ten Fiscal Years
Fiscal Year
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
General Fund
Reserved………………………………… $ 1,699,225 $ 1,676,357 $ 1,023,368 $ 899,941 $ 849,128 $ 689,430 $ 7,967,330 $ 7,058,923 $ - $ -
Unreserved……………………………… 10,789,236 9,662,403 6,986,569 5,248,803 5,032,226 4,849,482 3,282,155 3,099,548 - -
Restricted………………………………… - - - - - - - - 6,033,902 5,483,092
Assigned………………………………… - - - - - - - - 1,368,595 784,891
Unassigned……………………………… - - - - - - - - 5,825,529 7,118,096
Total general fund………………………… $ 12,488,461 $ 11,338,760 $ 8,009,937 $ 6,148,744 $ 5,881,354 $ 5,538,912 $ 11,249,485 $ 10,158,471 $ 13,228,026 $ 13,386,079
All Other Governmental Funds
Reserved………………………………… $ 315,624 $ 326,942 $ 39,805 $ 289,192 $ 294,174 $ 325,985 $ 338,785 $ 356,385 $ - $ -
Unreserved, reported in:
Special revenue funds……………… 2,686,690 13,544,497 7,565,201 8,217,843 10,531,749 10,819,169 9,870,598 10,091,323 - -
Capital projects funds………………… (11,657,697) (14,595,933) (17,071,132) 3,191,957 (1,761,732) (1,834,484) (675,935) (698,823) - -
Permanent funds……………………… 1,816,587 1,798,680 661,797 413,245 428,606 456,618 458,558 469,601 - -
Nonspendable…………………………… - - - - - - - - 394,385 404,785
Restricted………………………………… - - - - - - - - 6,504,706 7,000,533
Unassigned……………………………… - - - - - - - - (1,301,454) (1,735,507)
Total all other governmental funds……… $ (6,838,796) $ 1,074,186 $ (8,804,329) $ 12,112,237 $ 9,492,797 $ 9,767,288 $ 9,992,006 $ 10,218,486 $ 5,597,637 $ 5,669,811
Town of Canton, Massachusetts 100 Comprehensive Annual Financial ReportSource page 109
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
Fiscal Year
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Revenues:
Real estate and personal property taxes,
net of tax refunds………………………………………… $ 36,463,084 $ 38,291,597 $ 41,734,335 $ 43,440,386 $ 45,259,651 $ 46,128,837 $ 49,516,225 $ 52,217,093 $ 55,345,629 $ 56,246,748
Tax liens……………………………………………………… 171,254 239,705 349,106 198,779 313,789 62,100 187,083 193,859 224,631 371,909
Motor vehicle and excise taxes…………………………… 3,366,984 3,245,634 3,222,639 3,438,271 3,364,215 3,426,512 3,515,812 3,080,023 3,289,549 3,165,288
Hotel/motel tax……………………………………………… - - - - - - - - - 38,309
Charges for Service………………………………………… 954,215 894,901 1,279,566 1,555,340 1,633,782 1,488,941 1,552,111 1,611,311 1,704,553 1,598,646
Penalties and interest on taxes…………………………… 175,014 196,674 218,730 259,454 206,817 188,163 246,950 317,161 305,814 263,511
Payments in lieu of taxes…………………………………… 170,291 160,827 160,827 160,827 160,827 191,827 194,559 199,299 199,225 219,205
Fines and forfeitures………………………………………… 153,985 139,100 140,964 155,917 200,872 189,562 165,991 139,458 165,051 134,626
Intergovernmental…………………………………………… 15,521,414 11,892,324 13,401,598 14,233,010 15,337,495 17,973,491 20,586,005 18,613,887 17,825,334 20,571,148
Intergovernmental - school construction grants………… - - - 17,620,000 1,300,000 - 7,167,329 - - -
Departmental and other…………………………………… 2,354,197 3,318,668 4,759,749 2,673,219 3,215,566 2,836,910 2,827,470 3,394,781 2,768,345 2,971,011
Licenses and permits……………………………………… 517,747 774,319 582,327 1,120,175 626,776 669,240 452,758 658,905 646,450 912,233
Contributions………………………………………………… 396,891 284,162 399,655 381,326 1,082,522 624,919 256,730 416,991 362,965 349,244
Investment income………………………………………… 282,596 274,630 602,630 712,388 844,984 794,586 429,449 187,717 167,170 141,807
Total Revenue……………………………………………… 60,527,672 59,712,541 66,852,126 85,949,092 73,547,296 74,575,088 87,098,472 81,030,485 83,004,716 86,983,685
Expenditures:
General government………………………………………… 2,870,710 2,896,184 3,582,135 3,059,080 3,119,956 3,728,731 4,706,731 4,187,558 4,062,501 3,811,225
Public safety………………………………………………… 8,155,913 9,074,652 8,083,251 9,086,158 9,899,016 8,907,119 9,285,602 9,364,149 9,427,684 9,579,726
Education…………………………………………………… 25,510,021 26,325,164 26,927,124 28,855,385 30,676,469 30,142,662 33,314,956 34,967,636 36,008,019 35,975,887
Public works………………………………………………… 4,197,230 4,075,214 3,822,229 3,674,813 3,173,939 4,048,452 3,548,575 4,125,380 4,353,404 3,845,990
Human services……………………………………………… 497,370 596,218 547,133 592,563 627,328 626,827 697,221 767,077 805,351 861,386
Culture and recreation……………………………………… 1,520,183 1,830,902 1,825,845 1,818,703 1,732,136 1,742,977 1,784,546 1,771,572 1,830,239 1,818,050
Pension benefits…………………………………………… 5,011,020 5,700,793 6,802,508 7,421,416 8,036,169 9,252,069 9,901,744 10,482,808 11,104,953 11,325,041
Employee benefits…………………………………………… 5,559,531 6,854,916 7,730,393 7,786,377 7,674,681 8,293,944 8,482,345 9,107,798 9,973,437 10,403,739
State and county charges…………………………………… 743,620 735,257 720,767 736,659 811,346 894,634 924,550 932,878 849,149 874,821
Capital outlay………………………………………………… 12,099,348 28,372,249 15,056,229 7,124,585 5,835,422 4,039,135 7,296,078 2,495,021 3,771,064 6,577,524
Debt service:
Principal…………………………………………………… 1,692,000 1,632,000 3,399,535 3,313,275 3,851,275 3,827,020 3,929,020 3,947,750 4,029,141 4,306,220
Interest…………………………………………………… 1,109,101 1,203,106 2,714,856 2,728,671 2,185,381 2,111,050 2,010,966 1,955,945 1,838,977 1,661,391
Total Expenditures………………………………………… 68,966,047 89,296,655 81,212,005 76,197,685 77,623,118 77,614,620 85,882,334 84,105,572 88,053,919 91,041,000
Excess of revenues over (under) expenditures………… (8,438,375) (29,584,114) (14,359,879) 9,751,407 (4,075,822) (3,039,532) 1,216,138 (3,075,087) (5,049,203) (4,057,315)
Other Financing Sources (Uses)
Issuance of refunding bonds……………………………… - 3,359,170 - - - 1,084,000 - - 5,398,612 -
Payment of refunded bonds………………………………… - - - - - - - - (5,540,000) -
Payments to refunded bond escrow agent……………… - (3,342,853) - - - (1,070,000) - - - -
Issuance of bonds………………...………………………… - 34,561,000 - 8,001,000 - 1,907,000 3,541,000 1,087,261 1,964,388 2,932,908
Premium from issuance of bonds and notes…………… 133,580 1,012,551 244,578 21,407 13,360 81,480 85,862 69,122 261,192 136,455
Capital lease financing……………………………………… - - 565,553 399,440 - - 82,362 - 62,192 51,211
Sale of capital assets……………………………………… - - - - 268,063 - - - - -
Transfers in…………………………………………………… 2,128,532 2,652,106 4,481,387 3,561,999 2,343,853 2,827,203 2,728,433 2,445,096 2,865,322 2,854,525
Transfers out………………………………………………… (1,615,758) (1,894,579) (3,677,182) (2,679,880) (1,436,284) (1,858,102) (1,718,504) (1,390,926) (1,513,797) (1,687,557)
Total other financing sources (uses)…………………… 646,354 36,347,395 1,614,336 9,303,966 1,188,992 2,971,581 4,719,153 2,210,553 3,497,909 4,287,542
$
Net change in fund balance…………………………………… (7,792,021) $ 6,763,281 $ (12,745,543) $ 19,055,373 $ (2,886,830) $ (67,951) $ 5,935,291 $ (864,534) $ (1,551,294) $ 230,227
Debt service as a percentage of noncapital expenditures… 4.93% 4.65% 9.24% 8.75% 8.41% 8.07% 7.56% 7.23% 6.96% 7.07%
Town of Canton, Massachusetts 101 Comprehensive Annual Financial ReportSource page 110
Assessed Value and Actual Value of Taxable Property by Classification and Tax Rates
Last Ten Fiscal Years
Assessed and Actual Values and Tax Rates
Total Total
Fiscal Residential Residential Commercial Industrial Personal Commercial Commercial Town Direct
Year Value Tax Rate Value Value Property Value Tax Rate Value Tax Rate
2003 $1,803,051,300 $12.56 $280,791,100 $301,049,100 $55,517,100 $637,357,300 $22.89 $2,440,408,600 $15.26
2004 $2,613,432,533 $9.16 $365,829,167 $365,939,000 $66,383,800 $798,151,967 $18.81 $3,411,584,500 $11.42
2005 $2,805,680,375 $9.42 $367,284,365 $362,683,800 $71,194,260 $801,162,425 $20.02 $3,606,842,800 $11.77
2006 $3,062,033,400 $9.33 $371,465,220 $359,086,100 $70,616,260 $801,167,580 $19.39 $3,863,200,980 $11.42
2007 $3,283,433,296 $8.88 $429,076,734 $409,121,100 $87,302,190 $925,500,024 $17.94 $4,208,933,320 $10.87
2008 $3,203,773,709 $9.34 $435,216,821 $399,643,400 $91,515,750 $926,375,971 $18.40 $4,130,149,680 $11.37
2009 $3,234,696,626 $9.98 $429,321,664 $389,319,700 $120,258,560 $938,899,924 $19.68 $4,173,596,550 $12.16
2010 $3,032,221,732 $10.83 $455,712,638 $378,970,320 $122,726,290 $957,409,248 $21.77 $3,989,630,980 $13.46
2011 $3,044,468,807 $11.55 $442,405,763 $360,889,000 $126,905,510 $930,200,273 $23.04 $3,974,669,080 $14.24
2012 $3,063,743,888 $11.91 $432,654,082 $333,946,500 $124,249,390 $890,849,972 $24.23 $3,954,593,860 $14.69
Total Assessed Value by Classification Total Assessed Value by Classification
Fiscal Year Ended June 30, 2003 Fiscal Year Ended June 30, 2012
2%
3%
8%
12%
11%
12%
74%
78%
Residential Commercial Industrial Personal Property
Residential Commercial Industrial Personal Property
Commercial Value as % of Total Value
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
2003 2004 2005 2006 2006 2007 2008 2009 2010 2011 2012
Source: Official Statements
All property in the Commonwealth of Massachusetts is assessed at 100% of fair cash value.
Note: 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 percent 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 percent, subject to an exception for property added to the tax rolls and
for certain substantial valuation increases other than as part of a general revaluation. The secondary limit may be exceeded in any
year by a majority vote of the voters, however it cannot exceed the primary limitation.
Town of Canton, Massachusetts 102 Comprehensive Annual Financial ReportSource page 111
Principal Taxpayers
Current Year and Nine Years Ago
2012 2003
Percentage of Percentage of
Total Taxable Total Taxable
Nature of Assessed Assessed Assessed Assessed
Taxpayer Business Valuation Rank Value Valuation Rank Value
NSTAR (formerly Boston Edison) Utility $46,696,300 1 1.2% $16,065,365 6 0.7%
Reebok International Headquarters $46,291,600 2 1.2% $30,137,050 2 1.2%
One Beacon Insurance Office $36,382,900 3 0.9%
Medical Information Tech., Inc. Office $33,934,200 4 0.9% $27,930,600 3 1.1%
Canton Village Shops Retail $28,940,900 5 0.7% 15,000,000.00 7 0.6%
Chestnut Hill Realty Residential $28,416,700 6 0.7%
ComputerShare Offices $23,428,800 7 0.6%
Verizon (formerly Bell Atlantic) Utility $21,337,300 8 0.5%
Boston Mutual Offices $16,470,700 9 0.4%
Casual Male Offices $16,367,100 10 0.4%
Metropolitan Life Insurance Industrial Park $38,368,300 1 1.6%
Blue Hills Office Park Industrial Park $26,002,700 4 1.1%
ASN-Mass Holdings Apartments $21,731,000 5 0.9%
Liberty LB Canton LLC Offices $13,382,800 8 0.5%
Dan Road Building LLC Offices $13,051,500 9 0.5%
Designs Canton Property Corp. Offices $12,598,000 10 0.5%
Totals $298,266,500 7.5% $214,267,315 9%
Source: Official Statements
Town of Canton, Massachusetts 103 Comprehensive Annual Financial ReportSource page 112
Property Tax Levies and Collections
Last Ten Fiscal Years
(1) Percent of
Less First Year Percent of Delinquent Total Total Tax
Fiscal Total Abatements & Net Net as % Current Net Levy Tax Tax Collections to
Year Tax Levy Exemptions Tax Levy of Total Tax Collections Collected Collections Collections Net Tax Levy
2003 $37,235,433 $431,108 $36,804,325 98.84% $36,547,442 99.30% $241,055 $36,788,497 99.96%
2004 $38,952,281 $544,915 $38,407,366 98.60% $38,313,769 99.76% $207,801 $38,521,570 100.30%
2005 $42,468,781 $522,771 $41,946,010 98.77% $41,841,563 99.75% $62,825 $41,904,388 99.90%
2006 $44,103,411 $427,388 $43,676,023 99.03% $43,423,142 99.42% $365,493 $43,788,635 100.26%
2007 $45,760,358 $565,734 $45,194,624 98.76% $45,004,223 99.58% $76,682 $45,080,905 99.75%
2008 $46,968,564 $432,275 $46,536,289 99.08% $46,095,704 99.05% $393,814 $46,489,518 99.90%
2009 $50,759,823 $544,640 $50,215,183 98.93% $49,631,932 98.84% $441,116 $50,073,048 99.72%
2010 $53,681,761 $1,031,907 $52,649,854 98.08% $52,019,666 98.80% $362,264 $52,381,930 99.49%
2011 $56,595,429 $709,468 $55,885,961 98.75% $54,980,240 98.38% $627,339 $55,607,579 99.50%
2012 $58,074,485 $543,866 $57,530,619 99.06% $56,783,097 98.70% $0 $56,783,097 98.70%
Real Estate Tax Levies vs. First Year Collections
Last Ten Fiscal Years
$60,000,000
$55,000,000
$50,000,000
$45,000,000
$40,000,000
$35,000,000
$30,000,000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Real Estate Tax Levy First Year Current Tax Collections
Town of Canton, Massachusetts 104 Comprehensive Annual Financial ReportSource page 113
Ratios of Outstanding Debt and General Bonded Debt
Last Ten Fiscal Years
Governmental Activities Debt
General Less Percentage Percentage
Fiscal U. S. Census Personal Assessed Obligation Capital Amounts Per of Personal of Assessed
Year Population Income Value Bonds Leases Available (2) Capita Income Value
2003 21,288 $781,136,976 $2,440,408,600 $19,495,000 $0 ($5,806,089) $643 1.75% 0.56%
2004 21,375 $799,388,457 $3,411,584,500 $52,863,170 $0 ($5,721,324) $2,205 5.90% 1.38%
2005 21,475 $822,323,052 $3,606,842,800 $49,463,635 $565,553 ($5,636,561) $2,067 5.40% 1.23%
2006 21,536 $876,694,846 $3,863,200,980 $54,151,360 $933,526 ($5,551,800) $2,300 5.65% 1.28%
2007 21,772 $906,775,591 $4,208,933,320 $50,300,085 $0 ($5,581,453) $2,054 4.93% 1.06%
2008 21,916 $941,227,399 $4,130,149,680 $48,394,065 $0 ($5,186,347) $1,972 4.59% 1.05%
2009 22,048 $960,263,262 $4,173,596,550 $48,006,045 $59,764 ($11,241,837) $1,670 3.83% 0.88%
2010 21,732 $937,025,798 $3,989,630,980 $45,145,556 $41,097 ($10,331,918) $1,604 3.72% 0.87%
2011 20,097 $931,877,793 $3,974,669,080 $64,005,210 $61,227 ($9,431,541) $2,719 5.86% 1.37%
2012 20,159 $881,129,731 $3,954,593,860 $41,738,817 $58,547 ($8,540,706) $1,650 3.77% 0.84%
Business-type Activities (1) Total Primary Government
General Total Percentage Percentage
Fiscal Obligation Capital Net Debt Per of Personal of Assessed
Year Bonds Leases Outstanding Capita Income Value
2003 $6,935,094 $0 $20,624,005 $969 2.64% 0.85%
2004 $8,337,936 $0 $55,479,782 $2,596 6.94% 1.63%
2005 $7,536,769 $0 $51,929,396 $2,418 6.31% 1.44%
2006 $9,652,542 $0 $59,185,628 $2,748 6.75% 1.53%
2007 $8,505,075 $0 $53,223,707 $2,445 5.87% 1.26%
2008 $9,554,055 $0 $52,761,773 $2,407 5.61% 1.28%
2009 $11,623,368 $0 $48,447,340 $2,197 5.05% 1.16%
2010 $18,914,008 $0 $53,768,743 $2,474 5.74% 1.35%
2011 $22,980,648 $0 $77,615,544 $3,862 8.33% 1.95%
2012 $27,596,813 $0 $60,853,471 $3,019 6.91% 1.54%
(1) Water, Sewer and Rink Funds
(2) Amounts available are restricted resources from the Massachusetts School Building Administration.
Town of Canton, Massachusetts 105 Comprehensive Annual Financial ReportSource page 114
Town of Canton, Massachusetts
Direct and Overlapping Governmental Activities Debt
As of June 30, 2012
Estimated
Estimated Share of
Debt Percentage Overlapping
Town of Canton, Massachusetts Outstanding Applicable Debt
Overlapping debt repaid with property taxes
Norfolk County…………………………………………………… $ 700,000 (a) 3.68% $ 25,760
Town debt………………………………………………………………… 41,738,817
Town capital leases…………………………………………………… 58,547
Total Town direct debt………………………………………………… 41,797,364
Total direct and overlapping debt……………………………………… $ 41,823,124
(a) Outstanding debt as of March 15, 2012
Note: Overlapping governments are those that coincide, at least in part, with geographic boundaries of the Town. This schedule
estimates the portion of the outstanding debt of those overlapping governments that is borne by the taxpayers of Town. This
process recognizes that, when considering the government's ability to issue and repay long-term debt, the entire debt burden
borne by the property taxpayers should be taken into account. However, this does not imply that every taxpayer is a resident,
and therefore responsible for repaying the debt, of each overlapping government.
Source: Official Statement
Town of Canton, Massachusetts 106 Comprehensive Annual Financial ReportSource page 115
Computation of Legal Debt Margin
Last Ten Fiscal Years
(Amounts in Thousands)
Fiscal Year
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Equalized Valuation………………………… $ 2,833,787 $ 2,833,787 $ 3,542,564 $ 3,542,564 $ 4,384,335 $ 4,384,335 $ 4,487,450 $ 4,487,450 $ 4,386,215 $ 4,386,215
Debt Limit -5% of Equalized Valuation………… 141,689 141,689 177,128 177,128 219,217 219,217 224,373 224,373 219,311 219,311
Less:
Outstanding debt applicable to limit………… 15,733 49,543 46,317 51,608 47,900 46,138 46,850 44,148 41,930 40,524
Authorized and unissued debt………………… 70,487 13,776 9,372 13,167 29,146 26,237 26,434 26,434 18,405 9,305
Legal debt margin…………………………… $ 55,469 $ 78,370 $ 121,439 $ 112,353 $ 142,171 $ 146,842 $ 151,089 $ 153,791 $ 158,976 $ 169,482
Total debt applicable to the limit
as a percentage of debt limit………………… 60.85% 44.69% 31.44% 36.57% 35.15% 33.02% 32.66% 31.46% 27.51% 22.72%
Town of Canton, Massachusetts 107 Comprehensive Annual Financial ReportSource page 116
Demographic and Economic Statistics
Last Ten Fiscal Years
Per
Capita
Fiscal Population Personal Personal Median School Unemployment
Year Estimates Income Income Age Enrollment Rate
2003 21,288 $ 781,136,976 $ 36,694 39.8 3,005 4.90%
2004 21,375 $ 799,388,457 $ 37,398 39.8 3,020 4.40%
2005 21,475 $ 822,323,052 $ 38,292 39.8 3,060 3.90%
2006 21,536 $ 876,694,846 $ 40,708 39.8 3,112 4.10%
2007 21,772 $ 906,775,591 $ 41,649 39.8 3,131 3.70%
2008 22,048 $ 941,227,399 $ 42,690 39.8 3,103 4.50%
2009 22,382 $ 960,263,262 $ 42,903 39.8 3,137 7.10%
2010 21,561 $ 937,025,798 $ 43,118 39.8 3,172 7.90%
2011 20,097 $ 931,877,793 $ 46,369 39.8 3,267 7.20%
2012 20,159 $ 881,129,731 $ 43,709 39.8 3,298 5.10%
Source: U. S. Census, Division of Local Services, Official Statements
Median age is based on most recent census data
Town of Canton, Massachusetts 108 Comprehensive Annual Financial ReportSource page 117
Principal Employers (excluding Town)
Current Year and Nine Years Ago
2012 2003
Nature Percentage of Percentage of
of Total Town Total Town
Employer Business Employees Rank Employment Employees Rank Employment
Reebok International Corporate Headquarters 1,124 1 5.5% 1,400 1 6.6%
Computershare (Equiserve) Operations Center 830 2 4.1% 1,125 2 6.0%
Meditech Hospital Software 702 3 3.4% 698 3 3.4%
Dunkin Brands, Inc. Corporate Headquarters 576 4 2.8% - - 0.0%
Casual Male Big & Tall Retail, Clothing 468 5 2.3% 475 4 2.3%
One Beacon Insurance Insurance Sales & Service 435 6 2.1% - - 0.0%
Organogenesis Regenerative Medicine 291 7 1.4% - - 0.0%
Pollak Engineering Products Automotive Engineering 288 8 1.4% 400 5 1.9%
Boston Mutual Insurance Insurance Sales & Service 256 9 1.3% 261 10 1.2%
Tower Group Companies Property & Casualty Insurance 200 10 1.0% - - 0.0%
Cumberland Farms Milk and Dairy Products, Gasoline - - 0.0% 350 6 1.7%
Plymouth Rubber Company Rubber and Plastic Products - - 0.0% 324 7 1.5%
Instron Corporation Electronic Testing Equipment - - 0.0% 320 8 1.5%
Stream International Software Support - - 0.0% 273 9 1.3%
Totals 5,170 25.3% 5,626 27.4%
Source: Official Statements
Town of Canton, Massachusetts 109 Comprehensive Annual Financial ReportSource page 118
Full-time Equivalent Town Employees by Function
Last Ten Fiscal Years
Fiscal Year
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Function
General government………………… 30 30 29 29 28 27 28 28 27 27
Public Safety………………………… 108 106 106 106 105 100 104 104 103 104
Public works………………………… 41 41 41 42 42 43 43 43 43 43
Human services……………………… 9 9 9 9 9 9 9 10 9 9
Culture and recreation……………… 22 22 22 22 22 22 22 22 22 22
sub-total ………………………… 210 208 207 208 206 201 206 207 204 205
Education…………………………… 405 387 381 390 402 391 427 427 429 416
Total Town employees……………. 615 595 588 598 608 592 633 634 633 621
Source: Town personnel records
Town of Canton, Massachusetts 110 Comprehensive Annual Financial ReportSource page 119
Operating Indicators by Function/Program
Last Ten Fiscal Years
Fiscal Year
Function/Program 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
General Government:
Population…………………………………………… 19,704 19,815 19,723 20,184 20,063 20,767 20,985 21,003 21,529 20,159
Registered voters………………………………… 13,754 13,478 13,758 14,073 13,852 14,104 14,539 14,376 14,624 12,529
Public Safety:
Police
Criminal offenses……………………………… 481 300 553 521 663 623 419 422 448 554
Fire
Fire calls………………………………………… 984 1,259 1,259 1,139 1,137 1,023 930 1,000 1,470 1,768
Ambulance calls……………………………… 2,637 2,561 2,562 2,641 2,653 2,471 2,729 2,600 2,304 2,443
Permits issued………………………………… 801 889 915 973 866 803 823 950 927 1,218
Building Department
Building permits issued……………………… 731 793 760 865 864 712 837 771 788 860
Other permits issued………………………… 1,469 1,550 1,720 1,682 1,636 1,629 1,478 1,497 1,406 1,536
Education:
Number of students………………………………… 3,044 3,006 3,095 3,062 3,089 3,083 3,118 3,061 3,229 3,252
Public Works:
Highway
Roads paved (miles)………………………… 1.4 2.6 1.8 1.7 1.3 0.0 2.4 0.6 1.4 3.9
Water
Water mains installed (miles)………………… 0.5 1.5 0.8 0.0 0.0 0.0 0.0 1.0 2.1 -
Sewer
Sanitary sewers installed (miles)…………… 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.0 1.5 -
Human Services:
Board of Health
Inspections and complaint investigations…… 255 611 730 875 635 656 680 730 742 520
Permits issued………………………………… 522 522 556 576 587 582 590 612 627 636
Council on Aging
Bus trips………………………………………… N/A 4,560 4,350 8,728 8,900 6,500 9,000 9,000 9,200 9,550
Culture and Recreation:
Libraries
Circulation……………………………………… 220,924 173,315 136,927 233,706 255,276 266,498 261,512 262,132 288,148 308,552
Children's programs held……...……………… 85 84 33 105 104 100 107 117 118 349
Children's program attendance……………… 2,182 1,458 507 2,269 2,128 1,895 2,510 2,811 2,857 4,673
Recreation
Swimming pool attendance…………………… 12,444 9,963 10,902 10,971 9,837 8,960 10,962 7,360 8,120 8,000
Playground program participants…………… 340 425 1,600 1,497 1,397 1,253 1,599 1,509 1,509 1,509
Source: Various Town Departments
N/A - Information not available
Town of Canton, Massachusetts 111 Comprehensive Annual Financial ReportSource page 120
Town of Canton, Massachusetts
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Fiscal Year
Function/Program 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
General Government
Number of buildings………………………… 2 2 2 2 2 2 2 2 2 2
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…………………………………… N/A N/A 94 94 94 94 94 94 112 112
Water mains (miles)………………………… N/A N/A 122 122 122 122 122 123 123 123
Sanitary sewers (miles)…………………… N/A N/A 66 66 66 66 66 66 82 82
Number of water towers……………..…… 5 5 5 5 5 5 5 5 5 5
Number of water treatment plants…… - - - - - - - - 1 2
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
Source: Various Town Departments
Town of Canton, Massachusetts 112 Comprehensive Annual Financial Report