Canton, Massachusetts · Saved source text
Latest Bond Issuance Report March 2017
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Source page 161
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ 1,134,112 $ 1,389,978 $ - $ 522,901 $ - $ 2,760,325 $ 9,286,086
- - 712,147 - - - 712,147
- 4,935 - - - - 4,935
- 2,312 - - - - 2,312
433,456 - - - - 99,033 532,489
- - 177,534 46,801 681,037 - 930,280
$ 1,567,568 $ 1,397,225 $ 889,681 $ 569,702 $ 681,037 $ 2,859,358 $ 11,468,249
$ - $ 1,137 $ 65,135 $ 40,310 $ 80,250 $ 18,221 $ 249,365
- 663 697 27,498 - 14,035 134,306
- - 100,357 - 598,667 - 699,024
- 1,800 166,189 67,808 678,917 32,256 1,082,695
- 7,247 - - - - 7,247
433,456 - - - - 99,033 532,489
433,456 7,247 - - - 99,033 539,736
- - - - - - -
1,134,112 1,388,178 845,425 501,894 2,120 2,840,184 10,079,866
- - (121,933) - - (112,115) (234,048)
1,134,112 1,388,178 723,492 501,894 2,120 2,728,069 9,845,818
$ 1,567,568 $ 1,397,225 $ 889,681 $ 569,702 $ 681,037 $ 2,859,358 $ 11,468,249
(Continued)
Town of Canton, Massachusetts Page 93 of 123 Comprehensive Annual Financial ReportSource page 162
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2016
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 $ 47,777 $ 183,029 $ 23,637 $ 254,443 $ 9,540,529
Investments 413,996 - 144,899 558,895 1,271,042
Receivables, net of allowance for uncollectibles:
Property taxes - - - - 4,935
Tax liens and foreclosures - - - - 2,312
Departmental and other - - - - 532,489
Intergovernmental - - - - 930,280
Total Assets $ 461,773 $ 183,029 $ 168,536 $ 813,338 $ 12,281,587
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Warrants and accounts payable $ - $ - $ - $ - $ 249,365
Accrued payroll and withholdings - - - - 134,306
Due to other funds - - - - 699,024
Total Liabilities - - - - 1,082,695
Deferred Inflows of Resources:
Unavailable revenues - property taxes - - - - 7,247
Unavailable revenues - other - - - - 532,489
Total Deferred Inflows of Resources - - - - 539,736
Fund Balances:
Nonspendable 437,797 21,553 12,235 471,585 471,585
Restricted 23,976 161,476 156,301 341,753 10,421,619
Unassigned - - - - (234,048)
Total Fund Balances 461,773 183,029 168,536 813,338 10,659,156
Total Liabilities and Fund Balances $ 461,773 $ 183,029 $ 168,536 $ 813,338 $ 12,281,587
(Concluded)
Town of Canton, Massachusetts Page 94 of 123 Comprehensive Annual Financial ReportSource page 163
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NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2016
Special Revenue Funds
School Private Town School
Lunch Grants Revolving Revolving Recreation
Revenues:
Property taxes $ - $ - $ - $ - $ -
Intergovernmental 345,507 - 24,971 - -
Charges for services 785,056 - - - -
Departmental and other - - 190,824 1,802,944 373,485
Investment income 1,356 - - - -
Contributions and donations - - 30,811 - -
Total Revenues 1,131,919 - 246,606 1,802,944 373,485
Expenditures:
Current:
General government - - 1,156 - -
Public safety - 19,146 9,834 - -
Education 1,003,515 - - 1,683,881 -
Public works - 588,975 - - -
Health and human services - - 95,428 - -
Culture and recreation - - 48,972 - 332,889
Employee benefits - - - - -
Total Expenditures 1,003,515 608,121 155,390 1,683,881 332,889
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 128,404 (608,121) 91,216 119,063 40,596
Other Financing Sources (Uses):
Insurance recoveries - - - - -
Transfers in - - - - -
Transfers out (120,770) - (35,000) - -
Total Other Financing Sources (Uses) (120,770) - (35,000) - -
Net Change in Fund Balances 7,634 (608,121) 56,216 119,063 40,596
Fund Balances - Beginning of Year 311,589 1,368,169 474,799 1,438,160 159,848
Fund Balances - End of Year $ 319,223 $ 760,048 $ 531,015 $ 1,557,223 $ 200,444
Town of Canton, Massachusetts Page 96 of 123 Comprehensive Annual Financial ReportSource page 165
Sub-total
Community Town School Roadway Other Special
Ambulance Preservation Grants Grants Improvements Departmental Revenue Funds
$ - $ 521,506 $ - $ - $ - $ - $ 521,506
- 145,336 662,964 2,515,518 1,216,132 - 4,910,428
962,798 - - - - - 1,747,854
- 883 - - - 861,006 3,229,142
- 5,741 13,405 - - 563 21,065
- - - - - 426,145 456,956
962,798 673,466 676,369 2,515,518 1,216,132 1,287,714 10,886,951
- - 3,065 - - 92,613 96,834
- - 353,150 - - 758,882 1,141,012
- - - 2,777,637 - 298,163 5,763,196
- - 190,666 - 1,216,132 19,882 2,015,655
- - 46,226 - - 19,585 161,239
- 350,566 26,060 - - 14,726 773,213
- - - - - 98,441 98,441
- 350,566 619,167 2,777,637 1,216,132 1,302,292 10,049,590
962,798 322,900 57,202 (262,119) - (14,578) 837,361
- - - - - 2,354,811 2,354,811
- - - - - 80,000 80,000
(1,083,325) - (43,759) - - (1,998,853) (3,281,707)
(1,083,325) - (43,759) - - 435,958 (846,896)
(120,527) 322,900 13,443 (262,119) - 421,380 (9,535)
1,254,639 1,065,278 710,049 764,013 2,120 2,306,689 9,855,353
$ 1,134,112 $ 1,388,178 $ 723,492 $ 501,894 $ 2,120 $ 2,728,069 $ 9,845,818
(Continued)
Town of Canton, Massachusetts Page 97 of 123 Comprehensive Annual Financial ReportSource page 166
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED JUNE 30, 2016
Permanent Funds Total
Cemetery Library Other Sub-total Nonmajor
Trust Trust Municipal Permanent Governmental
Funds Funds Trust Funds Funds Funds
Revenues:
Property taxes $ - $ - $ - $ - $ 521,506
Intergovernmental - - - - 4,910,428
Charges for services - - - - 1,747,854
Departmental and other - - - - 3,229,142
Investment income 5,362 1,734 2,057 9,153 30,218
Contributions and donations 25,600 5,900 - 31,500 488,456
Total Revenues 30,962 7,634 2,057 40,653 10,927,604
Expenditures:
Current:
General government - - - - 96,834
Public safety - - - - 1,141,012
Education - - - - 5,763,196
Public works - - - - 2,015,655
Health and human services - - - - 161,239
Culture and recreation - 10,862 - 10,862 784,075
Employee benefits - - - - 98,441
Total Expenditures - 10,862 - 10,862 10,060,452
Excess (Deficiency) Of Revenues
Over (Under) Expenditures 30,962 (3,228) 2,057 29,791 867,152
Other Financing Sources (Uses):
Insurance recoveries - - - - 2,354,811
Transfers in - - - - 80,000
Transfers out (5,000) - - (5,000) (3,286,707)
Total Other Financing Sources (Uses) (5,000) - - (5,000) (851,896)
Net Change in Fund Balances 25,962 (3,228) 2,057 24,791 15,256
Fund Balances - Beginning of Year 435,811 186,257 166,479 788,547 10,643,900
Fund Balances - End of Year $ 461,773 $ 183,029 $ 168,536 $ 813,338 $ 10,659,156
(Concluded)
Town of Canton, Massachusetts Page 98 of 123 Comprehensive Annual Financial ReportSource page 167
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 99 of 123 Comprehensive Annual Financial ReportSource page 168
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2016
Total
Health Workers' Unemployment Building Internal
Claims Compensation Claims Insurance Service Funds
Assets:
Current assets:
Cash and cash equivalents $ 2,225,012 $ 27,874 $ 197,088 $ - $ 2,449,974
Investments 3,093,680 - - 453,090 3,546,770
Receivables, net of allowance for uncollectibles:
Departmental and other 191,375 - - - 191,375
Deposit held by third party 122,921 - - - 122,921
Total Current Assets 5,632,988 27,874 197,088 453,090 6,311,040
Liabilities:
Current liabilities:
Warrants and accounts payable 167,567 - - - 167,567
Health claims incurred but not reported 740,988 - - - 740,988
Total Current Liabilities 908,555 - - - 908,555
Net Position:
Unrestricted 4,724,433 27,874 197,088 453,090 5,402,485
TOTAL NET POSITION $ 4,724,433 $ 27,874 $ 197,088 $ 453,090 $ 5,402,485
Town of Canton, Massachusetts Page 100 of 123 Comprehensive Annual Financial ReportSource page 169
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FISCAL YEAR ENDED JUNE 30, 2016
Total
Health Workers' Unemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Operating Revenues:
Employee contributions $ 3,424,160 $ - $ - $ - $ 3,424,160
Employer contributions 10,109,630 - 100,000 - 10,209,630
Stop loss reimbursements 497,643 - - - 497,643
Total Operating Revenues 14,031,433 - 100,000 - 14,131,433
Operating Expenditures:
Employee benefits 14,072,295 1,550 40,142 - 14,113,987
Total Operating Expenditures 14,072,295 1,550 40,142 - 14,113,987
Operating Income (Loss) (40,862) (1,550) 59,858 - 17,446
Nonoperating Revenues (Expenses):
Investment Income 40,887 274 1,309 6,166 48,636
Income (Loss) Before Transfers 25 (1,276) 61,167 6,166 66,082
Change in Net Position 25 (1,276) 61,167 6,166 66,082
Fund Balances - Beginning of Year 4,724,408 29,150 135,921 446,924 5,336,403
Fund Balances - End of Year $ 4,724,433 $ 27,874 $ 197,088 $ 453,090 $ 5,402,485
Town of Canton, Massachusetts Page 101 of 123 Comprehensive Annual Financial ReportSource page 170
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2016
Total
Health Workers' Umemployment Building Internal Service
Claims Compensation Claims Insurance Funds
Cash Flows From Operating Activities:
Receipts from interfund services provided $ 14,159,936 $ - $ 100,000 $ - $ 14,259,936
Payments for interfund services used (14,138,546) (1,810) (44,803) - (14,185,159)
Net Cash Provided by (Used in) Operating Activities 21,390 (1,810) 55,197 - 74,777
Cash Flows From Investing Activities:
Investment income 40,887 274 1,309 6,166 48,636
Investment of operating cash (835,310) - - (6,166) (841,476)
Net Cash Provided By Investing Activities (794,423) 274 1,309 - (792,840)
Net Change in Cash and Cash Equivalents (773,033) (1,536) 56,506 - (718,063)
Cash and Cash Equivalents:
Beginning of the Year 2,998,045 29,410 140,582 - 3,168,037
End of the Year $ 2,225,012 $ 27,874 $ 197,088 $ - $ 2,449,974
Reconciliation of Operating Income (Loss) to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss) (40,862) (1,550) 59,858 - 17,446
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Changes in assets and liablities:
Receivables 128,503 - - - 128,503
Deposits held by third party (64,521) - - - (64,521)
Accounts payable and accrued expenses (246,695) (260) (4,661) - (251,616)
Health claims incurred but not reported 244,965 - - - 244,965
Net Cash Provided by (Used in) Operating Activities $ 21,390 $ (1,810) $ 55,197 $ - $ 74,777
Town of Canton, Massachusetts Page 102 of 123 Comprehensive Annual Financial ReportSource page 171
Fiduciary Funds
Agency Funds –
Agency funds are used to account for assets maintained in a custodial capacity. Such activities primarily
consist of performance bonds, other escrow deposits, school student activity deposits.
Town of Canton, Massachusetts Page 103 of 123 Comprehensive Annual Financial ReportSource page 172
AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED JUNE 30, 2016
Beginning End
of Year Additions Deletions of Year
Assets
Current assets:
Cash and cash equivalents $ 1,322,170 $ 823,416 $ (771,768) $ 1,373,818
Liabilities
Current liabilities:
Warrants payable $ 30,013 $ 723,793 $ (740,537) $ 13,269
Agency liabilities 1,292,157 824,247 (755,855) 1,360,549
Total Liabilities $ 1,322,170 $ 1,548,040 $ (1,496,392) $ 1,373,818
Town of Canton, Massachusetts Page 104 of 123 Comprehensive Annual Financial ReportSource page 173
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 Ice House, a privately owned facility which features two regulation-sized ice skating rinks and a large concession area, plans to be remain open seven days a week throughout the year to help meet the increasing demand for available ice time.
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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 105 of 123 Comprehensive Annual Financial ReportSource page 176
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NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2007 2008 2009 2010 2011 2012 (1) 2013 2014 2015 (2) 2016
Governmental activities:
Net investment in capital assets…………………………….
$ 50,777,183 $ $ 51,291,396 $ $ 54,948,512 $ $ 57,942,064 $ $ 62,056,797 $ 63,962,326 $ 61,957,511 $ 70,116,230 $ 76,109,604 $ 78,591,436
Restricted………………………………………………………………………….. 3,824,685 4,432,975 8,844,047 7,781,249 7,457,544 6,774,650 10,768,853 8,912,488 9,193,516 9,006,548
Unrestricted……………………………………………………………… 23,955,254 25,253,777 14,125,826 6,141,042 (3,861,890) (8,796,940) (14,921,000) (23,682,247) (57,308,073) (55,970,281)
Total governmental activities net position………………………………………..
$ 78,557,122 $ 80,978,148 $ 77,918,385 $ 71,864,355 $ 65,652,451 $ 61,940,036 $ 57,805,364 $ 55,346,471 $ 27,995,047 $ 31,627,703
Business-type activities:
Net investment in capital assets…………………………….
$ 11,952,283 $ 13,948,369 $ 14,483,253 $ 15,188,472 $ 17,195,414 $ 16,033,950 $ 16,381,614 $ 15,743,697 $ 16,386,618 $ 17,457,708
Unrestricted………………………………………………………………. 6,124,469 5,093,607 3,934,247 3,836,227 2,796,789 4,362,212 4,030,576 6,399,642 6,342,679 9,040,938
Total business-type activities net position…………………………….
$ 18,076,752 $ 19,041,976 $ 18,417,500 $ 19,024,699 $ 19,992,203 $ 20,396,162 $ 20,412,190 $ 22,143,339 $ 22,729,297 $ 26,498,646
Primary government:
Net investment in capital assets…………………………….
$ 62,729,466 $ 65,239,765 $ 69,431,765 $ 73,130,536 $ 79,252,211 $ 79,996,276 $ 78,339,125 $ 85,859,927 $ 92,496,222 $ 96,049,144
Restricted………………………………………………………………………. 3,824,685 4,432,975 8,844,047 7,781,249 7,457,544 6,774,650 10,768,853 8,912,488 9,193,516 9,006,548
Unrestricted…………………………………………………………… 30,079,723 30,347,384 18,060,073 9,977,269 (1,065,101) (4,434,728) (10,890,424) (17,282,605) (50,965,394) (46,929,343)
Total primary government net position………………………………………………….
$ 96,633,874 $ 100,020,124 $ 96,335,885 $ 90,889,054 $ 85,644,654 $ 82,336,198 $ 78,217,554 $ 77,489,810 $ 50,724,344 $ 58,126,349
(1) In fiscal year 2012, the Town restated its liability for other post employment benefits. This resulted in a prior period restatement decreasing governmental activities beginning balance and increasing business-type
activities beginning balance by $161,000 and $262,000, respectively, as of July 1, 2011.
(2) In fiscal year 2015, the Town restated its liability for pension benefits. This resulted in a prior period restatement decreasing governmental activities and business-type activities beginning balance by
$34,589,481 and $2,341,420, respectively, as of July 1, 2014.
Town of Canton, Massachusetts Page 107 of 123 Comprehensive Annual Financial ReportSource page 178
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (1)
Expenses -
Governmental activities:
General government…...…………………………………………………… $ 4,365,873 $ $ 5,142,280 $ $ 6,440,728 $ $ 5,856,721 $ $ 6,012,221 $ 5,898,196 $ 5,809,111 $ 6,231,894 $ 5,683,805 $ 5,764,062
Public safety…..……………………………………………………………… 12,151,151 12,501,298 14,102,861 14,815,007 14,845,911 15,490,670 16,060,024 16,625,726 15,312,760 16,584,359
Education……..…………………………………………………………………. 42,723,738 45,669,483 52,111,533 56,105,191 57,174,814 58,649,480 61,782,205 64,153,101 54,772,830 60,963,021
Public works……...………………………………………………………………. 4,267,313 5,002,096 5,035,008 5,725,429 5,964,437 5,703,015 6,286,770 6,419,350 7,227,459 7,581,355
Health and human services……………...…………………………………………………………….
850,334 810,319 983,217 1,094,171 1,133,985 1,221,862 1,314,086 1,346,871 1,609,060 1,536,513
Culture and recreation………...…………………………………………………………..
2,397,635 2,498,364 2,715,016 2,762,453 2,882,803 2,944,861 2,985,722 3,123,867 3,006,143 3,698,331
Interest…………………………………………………………………… 2,654,749 2,105,670 1,996,528 1,919,708 1,797,797 1,664,859 1,668,538 1,557,660 722,667 672,768
Total government activities expenses…………………………………….. 69,410,793 73,729,510 83,384,891 88,278,680 89,811,968 91,572,943 95,906,456 99,458,469 88,334,724 96,800,409
Business-type activities:
Water…………………………………………………………………… 3,570,802 3,769,301 4,562,904 4,644,182 4,968,675 5,456,431 5,853,408 5,225,383 5,253,139 5,692,320
Sewer…………………………………………………………………… 4,202,101 4,643,878 4,462,173 4,575,414 4,819,406 5,084,191 5,173,053 5,366,166 5,416,303 5,925,780
Rink…………………………………………………………………… 344,198 357,203 458,269 486,775 504,265 496,394 390,072 353,666 405,752 79,670
Total business-type activities expenses…………………………………….. 8,117,101 8,770,382 9,483,346 9,706,371 10,292,346 11,037,016 11,416,533 10,945,215 11,075,194 11,697,770
Total primary government expenses………………………………………. $ 77,527,894 $ 82,499,892 $ 92,868,237 $ 97,985,051 $ 100,104,314 $ 102,609,959 $ 107,322,989 $ 110,403,684 $ 99,409,918 $ 108,498,179
Program Revenues -
Governmental activities:
Charges for services:
General government………………………………………………… $ 371,696 $ $ 368,111 $ $ 400,721 $ $ 919,070 $ $ 385,778 $ 325,814 $ 554,773 $ 978,216 $ 881,979 $ 776,450
Public safety……………………………………………………………….. 2,392,923 2,253,015 1,867,319 2,076,797 2,036,855 2,292,477 2,790,608 2,595,617 2,908,421 3,123,869
Education………………………………………………………………. 1,647,771 2,202,573 1,975,650 2,105,396 2,143,729 2,155,031 2,253,878 2,632,798 2,640,969 2,788,752
Public works………………………………………………………………. 85,033 71,911 69,082 129,056 92,920 125,694 210,642 227,108 281,025 316,164
Human services………………………………………………………………. 42,808 50,162 42,354 41,527 46,661 66,462 85,978 91,484 151,953 97,633
Culture and recreation……………………………………………………… 343,737 376,991 377,306 379,669 346,254 528,937 396,771 359,497 399,396 468,374
Operating grants and contributions…………………………………… 12,582,237 13,251,876 14,389,625 14,937,773 15,381,360 16,776,734 16,961,153 18,811,622 13,609,976 15,841,950
Capital grants and contributions………………………………………….. 1,011,723 2,251,419 3,291,089 1,170,098 162,497 1,659,561 550,999 611,930 2,832,069 1,562,827
Total government activities program revenues...…………………………….. 18,477,928 20,826,058 22,413,146 21,759,386 20,596,054 23,930,710 23,804,802 26,308,272 23,705,788 24,976,019
Business-type activities:
Charges for services - Water…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
4,308,918 5,148,323 4,727,025 5,693,293 6,965,364 6,672,927 6,702,942 6,943,731 7,011,223 7,084,917
Charges for services - Sewer…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
4,491,655 5,159,490 4,747,421 4,772,693 4,965,133 5,227,905 5,344,425 6,045,829 6,559,894 6,517,066
Charges for services - Rink…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
370,110 356,953 391,991 404,449 430,878 446,111 431,671 429,555 367,098 -
Capital grant and contributions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
46,294 39,941 2,362 497,305 - - - 463,500 - -
Operating grants and contributions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- - - - - - - 6,250 37,338 2,093
Total business-type activities program revenues……………………………………..
9,216,977 10,704,707 9,868,799 11,367,740 12,361,375 12,346,943 12,479,038 13,888,865 13,975,553 13,604,076
Total primary government program revenues……………………………………….
$ 27,694,905 $ 31,530,765 $ 32,281,945 $ 33,127,126 $ 32,957,429 $ 36,277,653 $ 36,283,840 $ 40,197,137 $ 37,681,341 $ 38,580,095
Net (Expense)/Program Revenue
Governmental activities……………………....……………………………..
$ (50,932,865) $ (52,903,452) $ (60,971,745) $ (66,519,294) $ (69,215,914) $ (67,642,233) $ (72,101,654) $ (73,150,197) $ (64,628,936) $ (71,824,390)
Business-type activities……………………....…………………………….. 1,099,876 1,934,325 385,453 1,661,369 2,069,029 1,309,927 1,062,505 2,943,650 2,900,359 1,906,306
Total primary government net (expense)/program revenue……………………………………….
$ (49,832,989) $ (50,969,127) $ (60,586,292) $ (64,857,925) $ (67,146,885) $ (66,332,306) $ (71,039,149) $ (70,206,547) $ (61,728,577) $ (69,918,084)
(1) The roof of the Rink partially collapsed due to storm damage which has temporarily suspended operations and has led to a decrease in activity in the Rink Enterprise fund in fiscal year 2016. (continued)
Town of Canton, Massachusetts Page 108 of 123 Comprehensive Annual Financial ReportSource page 179
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
General Revenues and other Changes in Net Position -
Governmental activities:
Real estate and personal property taxes,
net of tax refunds payable…………………………………………………. $ 45,318,005 $ $ 46,074,751 $ $ 49,643,467 $ $ 52,922,668 $ $ 54,892,887 $ 56,128,582 $ 58,966,309 $ 61,423,003 $ 63,720,607 $ 67,168,983
Tax liens………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
137,473 204,174 186,291 210,666 349,982 597,670 421,708 591,950 213,952 204,512
Motor vehicle excise taxes…………………………………………………… 3,364,215 3,622,335 3,170,275 3,082,341 3,286,609 3,101,266 3,914,171 3,380,408 4,385,878 4,376,168
Penalties and interest on taxes…………………………………………….. 206,817 188,163 246,950 317,161 305,814 263,511 323,695 344,012 310,740 254,164
Payments in lieu of taxes……………………………………………………………… 160,827 191,827 194,559 199,299 199,225 219,205 224,311 214,543 222,149 225,405
Hotel and meals taxes……………………………………………………………… - - - - - 38,309 460,905 568,317 581,621 601,227
Grants and contributions not restricted to specific programs………………………………………………………………
3,607,674 2,974,443 2,727,082 2,165,199 2,201,430 2,026,227 2,202,728 2,776,692 2,213,169 2,013,767
Unrestricted investment income……………………………………………. 955,736 909,900 488,112 212,187 195,037 166,466 201,635 194,375 218,877 246,862
Gain (loss) on sale of capital assets……………………………………………. (3,087) - - - - - - (34,580) - -
Insurance recoveries……………………………………………………………… - - - - - - - - - 2,190,705
Miscellaneous……………………………………………………………… 202,070 189,784 245,317 312,573 471,501 382,614 188,275 - - -
Transfers……………………………………………………………… 907,569 969,101 1,009,929 1,054,170 1,101,525 1,166,968 1,063,245 1,232,584 - (1,824,747)
Total governmental activities…………………………………………………………………
54,857,299 55,324,478 57,911,982 60,476,264 63,004,010 64,090,818 67,966,982 70,691,304 71,866,993 75,457,046
Business-type activities:
Unrestricted investment income……………………………………………. - - - - - - 16,768 20,083 27,019 38,296
Transfers……………………………………………………………… (907,569) (969,101) (1,009,929) (1,054,170) (1,101,525) (1,166,968) (1,063,245) (1,232,584) - 1,824,747
Total business-type activities….………..………………………………….. (907,569) (969,101) (1,009,929) (1,054,170) (1,101,525) (1,166,968) (1,046,477) (1,212,501) 27,019 1,863,043
Total primary government general revenues and other
changes in net position…………………………………………………. $ 53,949,730 $ 54,355,377 $ 56,902,053 $ 59,422,094 $ 61,902,485 $ 62,923,850 $ 66,920,505 $ 69,478,803 $ 71,894,012 $ 77,320,089
Changes in Net Assets
Governmental activities……………………....…………………………….. $ 3,924,434 $ 2,421,026 $ (3,059,763) $ (6,043,030) $ (6,211,904) $ (3,551,415) $ (4,134,672) $ (2,458,893) $ 7,238,057 $ 3,632,656
Business-type activities……………………....…………………………….. 192,307 965,224 (624,476) 607,199 967,504 142,959 16,028 1,731,149 2,927,378 3,769,349
Total primary government changes in net position……………………………………….
$ 4,116,741 $ 3,386,250 $ (3,684,239) $ (5,435,831) $ (5,244,400) $ (3,408,456) $ (4,118,644) $ (727,744) $ 10,165,435 $ 7,402,005
(concluded)
Town of Canton, Massachusetts Page 109 of 123 Comprehensive Annual Financial ReportSource page 180
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
General Fund:
Restricted………………………………. $ - $ - $ 7,167,329 $ 6,595,314 $ 6,033,902 $ 5,483,092 $ 5,160,240 $ - $ - $ -
Committed…………………………….. 249,985 279,918 166,540 240,545 202,643 328,343 470,608 358,148 364,246 886,722
Assigned…………………………….. 1,567,445 1,309,512 1,233,461 1,363,064 1,165,952 456,548 361,035 893,993 793,408 1,846,942
Unassigned…………………………… 6,078,459 6,585,875 5,784,251 5,193,760 5,825,529 7,118,096 8,276,920 9,815,657 11,430,875 12,961,775
Total general fund……………………………..$ 7,895,889 $ 8,175,305 $ 14,351,581 $ 13,392,683 $ 13,228,026 $ 13,386,079 $ 14,268,803 $ 11,067,798 $ 12,588,529 $ 15,695,439
All Other Governmental Funds:
Nonspendable……………………………….$ 294,174 $ 325,985 $ 338,785 $ 356,385 $ 394,385 $ 404,785 $ 419,585 $ 432,785 $ 445,985 $ 471,585
Restricted………………………………. 9,414,499 9,080,027 7,628,322 7,744,716 6,504,706 7,000,533 8,707,938 11,544,545 10,939,315 10,584,773
Unassigned…………………………… (2,230,411) (2,275,117) (1,077,197) (1,116,827) (1,301,454) (1,735,507) (468,758) (1,187,828) (632,310) (2,674,755)
Total all other governmental funds……………..
$ 7,478,262 $ 7,130,895 $ 6,889,910 $ 6,984,274 $ 5,597,637 $ 5,669,811 $ 8,658,765 $ 10,789,502 $ 10,752,990 $ 8,381,603
Note: The Town implemented GASB 54 in fiscal year 2011. All previous years (2007 - 2010) data presented were restated to conform to the GASB 54 presentation.
Town of Canton, Massachusetts Page 110 of 123 Comprehensive Annual Financial ReportSource page 181
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Revenues:
Property taxes, net of tax refunds…………………………………………………….
$ 45,259,651 $ $ 46,128,837 $ $ 49,516,225 $ $ 52,217,093 $ $ 55,345,629 $ 56,246,748 $ 59,063,932 $ 61,544,401 $ 63,767,588 $ 67,223,724
Tax title……………………………………………………………………………. 313,789 62,100 187,083 193,859 224,631 371,909 219,962 782,539 351,721 147,456
Motor vehicle and other excise taxes………………………………………… 3,364,215 3,426,512 3,515,812 3,080,023 3,289,549 3,165,288 3,473,978 3,714,753 4,119,643 4,555,904
Hotel and meals taxes…………………………………………………… - - - - - 38,309 460,905 568,317 581,621 601,227
Charges for services……………………………………………………… 1,633,782 1,488,941 1,552,111 1,611,311 1,704,553 1,598,646 1,474,669 1,580,929 1,627,494 1,747,854
Penalties and interest on taxes……………………………………… 206,817 188,163 246,950 317,161 305,814 263,511 323,695 344,012 310,740 254,164
Payments in lieu of taxes…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
160,827 191,827 194,559 199,299 199,225 219,205 224,311 214,543 222,149 225,405
Fines and forfeitures…………………………………………… 200,872 189,562 165,991 139,458 165,051 134,626 109,411 141,311 113,467 119,540
Intergovernmental…………………………………………………….. 15,337,495 17,973,491 20,586,005 18,613,887 17,825,334 20,571,148 19,712,460 20,403,915 16,564,548 19,102,008
Intergovernmental - school construction grants……………………………………..
1,300,000 - 7,167,329 - - - - - 1,206,545 -
Departmental and other………………………………………………. 3,215,566 2,836,910 2,827,470 3,394,781 2,768,345 2,971,011 3,456,976 4,073,470 4,119,749 4,506,265
Licenses and permits……………………………………….. 626,776 669,240 452,758 658,905 646,450 912,233 1,043,909 817,829 1,282,441 1,035,070
Contributions……………………………………………………………. 1,082,522 624,919 256,730 416,991 362,965 349,244 398,308 2,146,011 1,245,410 488,456
Investment income……………………………………………………….. 844,984 794,586 429,449 187,717 167,170 141,807 142,946 163,941 171,180 198,226
Total Revenue…………………………………………………
73,547,296 74,575,088 87,098,472 81,030,485 83,004,716 86,983,685 90,105,462 96,495,971 95,684,296 100,205,299
Expenditures:
General government…………………………………………………………….
3,119,956 3,728,731 4,706,731 4,187,558 4,062,501 3,811,225 3,905,506 4,255,876 3,980,026 3,936,471
Public safety……………………………………………………………… 9,899,016 8,907,119 9,285,602 9,364,149 9,427,684 9,579,726 10,087,953 10,630,184 10,724,190 11,138,061
Education………………………………………………………………… 30,676,469 30,142,662 33,314,956 34,967,636 36,008,019 35,975,887 37,524,669 39,417,729 40,479,930 42,896,291
Public works…………………………………………………………….. 3,173,939 4,048,452 3,548,575 4,125,380 4,353,404 3,845,990 4,449,435 4,503,498 5,515,513 5,592,699
Health and human services…………………………………………………………..
627,328 626,827 697,221 767,077 805,351 861,386 853,534 892,603 1,182,773 1,106,152
Culture and recreation…………………………………………………
1,732,136 1,742,977 1,784,546 1,771,572 1,830,239 1,818,050 1,793,002 1,880,085 2,062,646 2,647,844
Pension benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
8,036,169 9,252,069 9,901,744 10,482,808 11,104,953 11,325,041 11,733,329 11,915,349 7,321,245 9,802,225
Employee benefits…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
7,674,681 8,293,944 8,482,345 9,107,798 9,973,437 10,403,739 10,327,387 11,152,708 11,675,327 11,482,452
State and county charges………………………………………… 811,346 894,634 924,550 932,878 849,149 874,821 959,538 959,868 944,583 927,338
Capital outlay and other……………………………………………………………….
5,835,422 4,039,135 7,296,078 2,495,021 3,771,064 6,577,524 2,369,095 2,930,119 8,445,932 6,844,641
Debt service:
Principal……………………………………………………………… 3,851,275 3,827,020 3,929,020 3,947,750 4,029,141 4,306,220 4,385,178 4,520,404 3,819,900 3,931,624
Interest……………………………………………………………………. 2,185,381 2,111,050 2,010,966 1,955,945 1,838,977 1,661,391 1,677,804 1,619,994 1,166,454 1,061,042
Total Expenditures………………………………………………………..
77,623,118 77,614,620 85,882,334 84,105,572 88,053,919 91,041,000 90,066,430 94,678,417 97,318,519 101,366,840
Excess of revenues over (under) expenditures…………………………………………………
(4,075,822) (3,039,532) 1,216,138 (3,075,087) (5,049,203) (4,057,315) 39,032 1,817,554 (1,634,223) (1,161,541)
Other Financing Sources (Uses):
Issuance of refunding bonds…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- 1,084,000 - - 5,398,612 - - 15,185,400 - 515,000
Payments of refunded bonds…………………………………………………………….. - - - - (5,540,000) - - (21,739,649) - (526,148)
Payments to refunded bond escrow agent……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
- (1,070,000) - - - - - - - -
Issuance of bonds and notes………………...………………………………………… - 1,907,000 3,541,000 1,087,261 1,964,388 2,932,908 2,603,159 175,000 2,861,150 1,367,000
Premium from bonds and notes………………...…………………………………………
13,360 81,480 85,862 69,122 261,192 136,455 166,242 2,258,843 153,042 11,148
Capital lease financing…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
- - 82,362 - 62,192 51,211 - - 104,250 -
Proceeds from sale of capital assets…………………………………………………
268,063 - - - - - - - - -
Insurance recoveries……………………………………………………………………………… - - - - - - - - - 2,354,811
Transfers in……………………………………………………………………………… 2,343,853 2,827,203 2,728,433 2,445,096 2,865,322 2,854,525 3,835,589 3,988,699 1,856,376 2,294,746
Transfers out…………………………………………………………………………… (1,436,284) (1,858,102) (1,718,504) (1,390,926) (1,513,797) (1,687,557) (2,772,344) (2,756,115) (1,856,376) (4,119,493)
Total other financing sources (uses)…………………………………………………………………..
1,188,992 2,971,581 4,719,153 2,210,553 3,497,909 4,287,542 3,832,646 (2,887,822) 3,118,442 1,897,064
Net change in fund balance………………………………………………………………….
$ (2,886,830) $ (67,951) $ 5,935,291 $ (864,534) $ (1,551,294) $ 230,227 $ 3,871,678 $ (1,070,268) $ 1,484,219 $ 735,523
Debt service as a percentage of noncapital expenditures……………………………………………….
8.41% 8.07% 7.56% 7.23% 6.96% 7.07% 6.91% 6.69% 5.61% 5.28%
Town of Canton, Massachusetts Page 111 of 123 Comprehensive Annual Financial ReportSource page 182
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY BY CLASSIFICATION AND TAX RATES
LAST TEN FISCAL YEARS
Assessed Value Tax Rates
Ratio of
Total Total State Assessed to
Fiscal Residential Commercial Industrial Personal Commercial Town Equalized Equalized Residential Commercial Average
Year Value Value Value Property Value Value Value Value Tax Rate Tax Rate Tax Rate
2007 $ 3,283,433,296 $ 429,076,734 $ 409,121,100 $ 87,302,190 $ 925,500,024 $ 4,208,933,320 $ 4,384,334,700 96.00% $ 8.88 $ 17.94 $ 10.87
2008 3,203,773,709 435,216,821 399,643,400 91,515,750 926,375,971 4,130,149,680 4,384,334,700 94.20% 9.34 18.40 11.37
2009 3,234,696,626 429,321,664 389,319,700 120,258,560 938,899,924 4,173,596,550 4,487,449,500 93.01% 9.98 19.68 12.16
2010 3,032,221,732 455,712,638 378,970,320 122,726,290 957,409,248 3,989,630,980 4,487,449,500 88.91% 10.83 21.77 13.46
2011 3,044,468,807 442,405,763 360,889,000 126,905,510 930,200,273 3,974,669,080 4,386,215,300 90.62% 11.55 23.04 14.24
2012 3,063,743,888 432,654,082 333,946,500 124,249,390 890,849,972 3,954,593,860 4,386,215,300 90.16% 11.91 24.23 14.69
2013 3,080,898,534 433,793,536 330,412,500 126,558,890 890,764,926 3,971,663,460 4,131,231,300 96.14% 12.30 24.99 15.15
2014 2,971,728,949 427,533,191 343,409,000 141,947,970 912,890,161 3,884,619,110 4,131,231,300 94.03% 12.87 26.53 16.08
2015 3,150,088,016 421,047,184 345,967,900 152,768,400 919,783,484 4,069,871,500 4,083,657,900 99.66% 12.82 26.36 15.88
2016 3,367,549,515 443,366,255 349,329,400 160,467,160 953,162,815 4,320,712,330 4,083,657,900 105.80% 12.79 26.36 15.78
Commercial Value as % of Total Value
26.0%
24.0%
22.0%
20.0%
18.0%
16.0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Source: Official Statements, State Division of Local Services
Note: All property in the Commonwealth of Massachusetts is assessed at 100% of full and fair cash value. The State estimates this "equalized valuation" for all municipalities every two years.
Chapter 59, Section 21C of the Massachusetts General Laws, known as "Proposition 2 1/2", imposes 2 separate limits on the annual tax levy of the Town. The primary limitation is
that the tax levy cannot exceed 2 1/2% of the full and fair cash value. The secondary limitation is that the tax levy cannot exceed the maximum levy limit for the preceding fiscal year
as determined by the State Commissioner of Revenue by more than 2 1/2%, subject to an exception for property added to the tax rolls and for certain valuation increases. This
secondary limit may be exceeded in any fiscal year by majority approval of the voters, however, it cannot exceed the primary limitation.
Town of Canton, Massachusetts Page 112 of 123 Comprehensive Annual Financial ReportSource page 183
PRINCIPAL TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
2016 2007
Percentage of Percentage of
Total Taxable Total Taxable
Nature of Assessed Assessed Assessed Assessed
Taxpayer Business Valuation Rank Value Valuation Rank Value
Eversource (formerly NSTAR) Utility $ 66,458,390 1 1.54% $ 38,479,350 2 0.91%
Randolph Properties Housing 42,755,200 2 0.99%
Reebok Offices 42,361,400 3 0.98% 44,572,300 1 1.06%
Atlantic Specialty Insurance Offices 38,194,900 4 0.88%
Waterfalls Hills Housing 35,736,100 5 0.83%
Medical Information Tech., Inc. Offices 34,098,200 6 0.79% 37,191,600 3 0.88%
Canton Village Shoppes Retail 28,505,600 7 0.66% 30,435,300 5 0.72%
Boston Mutual Offices 27,134,100 8 0.63%
Hines Global 250 Royall Offices 23,012,200 9 0.53% 18,476,300 8 0.44%
Spirit Canton LLC Offices 17,158,500 10 0.40%
One Beacon Insurance Office 33,862,100 4 0.80%
Shawmut Park LLC Offices 22,590,200 6 0.54%
Dan Road Building LLC Offices 19,347,800 7 0.46%
JMS Realty Trust Offices 17,900,500 9 0.43%
Dunkin Brands, Inc. Offices 16,739,900 10 0.40%
Totals $ 355,414,590 8.23% $ 279,595,350 6.64%
Source: Official Statements
Town of Canton, Massachusetts Page 113 of 123 Comprehensive Annual Financial ReportSource page 184
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Tax Levy Collections
Percent of
Less First Year Percent of Delinquent Total Total Tax
Fiscal Total Abatements & Net Current Net Levy Tax Tax Collections to
Year Tax Levy Exemptions Tax Levy Tax Collections Collected Collections Collections Net Tax Levy
2007 $ 45,760,358 $ 725,537 $ 45,034,821 $ 45,004,223 99.93% $ 30,685 $ 45,034,821 100.00%
2008 46,968,564 446,902 46,521,662 46,095,704 99.08% 347,730 46,443,434 99.83%
2009 50,759,823 280,732 50,479,091 49,631,932 98.32% 441,490 50,073,422 99.20%
2010 53,681,761 568,052 53,113,709 52,019,666 97.94% 371,521 52,391,187 98.64%
2011 56,595,429 907,814 55,687,615 54,980,240 98.73% 636,552 55,616,792 99.87%
2012 58,074,485 508,362 57,566,123 56,783,097 98.64% 409,817 57,192,914 99.35%
2013 60,155,267 599,465 59,555,802 58,747,142 98.64% 322,953 59,070,095 99.18%
2014 62,465,167 830,046 61,635,121 61,056,268 99.06% 240,661 61,296,929 99.45%
2015 64,629,621 721,861 63,907,760 63,380,847 99.18% 328,618 63,709,465 99.69%
2016 68,196,330 624,151 67,572,179 66,960,492 99.09% - 66,960,492 99.09%
Source: Accounting Records
Town of Canton, Massachusetts Page 114 of 123 Comprehensive Annual Financial ReportSource page 185
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Business-type
Governmental Activities Activities
General General Total Percentage Debt
Fiscal Obligation Capital Obligation Outstanding Personal of Personal U.S Census Per
Year Bonds (1) Leases Bonds (1) Debt Income Income Population Capita
2007 $ 50,817,629 $ - $ 8,505,075 $ 59,322,704 $ 1,075,018,000 5.52% 21,772 $ 2,725
2008 48,857,465 - 9,554,055 58,411,520 1,022,343,000 5.71% 21,916 2,665
2009 48,417,350 59,764 11,623,368 60,100,482 942,403,000 6.38% 22,048 2,726
2010 45,506,780 41,097 18,914,008 64,461,885 1,050,979,000 6.13% 21,732 2,966
2011 43,253,178 61,227 23,101,280 66,415,685 968,993,208 6.85% 20,097 3,305
2012 41,835,011 58,547 27,692,649 69,586,207 969,066,640 7.18% 20,159 3,452
2013 40,010,850 25,634 29,160,760 69,197,244 993,466,795 6.97% 20,708 3,342
2014 31,039,890 13,022 31,180,694 62,233,606 1,049,031,660 5.93% 21,932 2,838
2015 29,666,327 104,250 29,775,432 59,546,009 1,066,052,475 5.59% 22,221 2,680
2016 26,748,006 84,246 27,631,734 54,463,986 1,090,716,423 4.99% 22,510 2,420
Source: U. S. Census, State Division of Local Services
(1) Presented net of original issuance discounts and premiums.
Town of Canton, Massachusetts Page 115 of 123 Comprehensive Annual Financial ReportSource page 186
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
General Less: Percentage Debt
Fiscal Obligation Amounts Assessed of Assessed U.S Census Per
Year Bonds (1) Available (2) Total Value Value Population Capita
2007 $ 59,322,704 $ (5,581,453) $ 53,741,251 $ 4,208,933,320 1.28% 21,772 $ 2,468
2008 58,411,520 (5,186,347) 53,225,173 4,130,149,680 1.29% 21,916 2,429
2009 60,040,718 (11,241,837) 48,798,881 4,173,596,550 1.17% 22,048 2,213
2010 64,420,788 (10,331,918) 54,088,870 3,989,630,980 1.36% 21,732 2,489
2011 66,354,458 (9,431,541) 56,922,917 3,974,669,080 1.43% 20,097 2,832
2012 69,527,660 (8,540,706) 60,986,954 3,954,593,860 1.54% 20,159 3,025
2013 69,171,610 (7,260,823) 61,910,787 3,971,663,460 1.56% 20,708 2,990
2014 62,220,584 (2,860,353) 59,360,231 3,884,619,110 1.53% 21,932 2,707
2015 59,441,759 (2,499,064) 56,942,695 4,069,871,500 1.40% 22,221 2,563
2016 54,379,740 (2,125,785) 52,253,955 4,320,712,330 1.21% 22,510 2,321
Source: U. S. Census, State Division of Local Services
(1) General obligation bonds consist of debt of both governmental and business-type activities, net of original issuance discounts and premiums.
(2) These are restricted resources from the Massachusetts School Building Authority for debt principal on school construction.
Town of Canton, Massachusetts Page 116 of 123 Comprehensive Annual Financial ReportSource page 187
COMPUTATION OF LEGAL DEBT MARGIN
LAST TEN FISCAL YEARS
(Amounts in Thousands)
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Equalized Valuation…………………………………..
$ 4,384,335 $ 4,384,335 $ 4,487,450 $ 4,487,450 $ 4,386,215 $ 4,386,215 $ 4,131,231 $ 4,131,231 $ 4,083,658 $ 4,083,658
Debt Limit…………………………..…………………. 219,217 219,217 224,372 224,372 219,311 219,311 206,562 206,562 204,183 204,183
Outstanding general obligation bonds………………. 59,323 58,412 60,041 64,421 66,354 69,528 69,172 62,221 59,442 54,380
Authorized and unissued debt…………………………. 29,146 26,237 26,434 18,071 18,405 9,305 10,144 6,547 22,881 16,695
Debt not applicable to debt limit………………………….(10,905) (11,810) (12,780) (15,481) (22,111) (28,735) (30,364) (31,263) (30,212) (28,533)
Legal debt margin…………………………………………..
$ 141,653 $ 146,378 $ 150,677 $ 157,361 $ 156,663 $ 169,213 $ 157,610 $ 169,057 $ 152,072 $ 161,641
Total debt applicable to the limit
as a percentage of debt limit…………………………………..
35.38% 33.23% 32.84% 29.87% 28.57% 22.84% 23.70% 18.16% 25.52% 20.84%
Source: State Division of Local Services, Accounting Records
Town of Canton, Massachusetts Page 117 of 123 Comprehensive Annual Financial ReportSource page 188
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF JUNE 30, 2016
Estimated
Estimated Share of
Debt Percentage Overlapping
Outstanding Applicable Debt
Debt repaid with property taxes:
Norfolk County…………………………………………………….. 11,830,000 (a) 3.68% (c) $ 435,344
Subtotal, overlapping debt………………………………………………………………………….. 435,344
Town direct debt……………………………………………………………. 26,832,252
Total direct and overlapping debt…………………………………………… $ 27,702,940
(a) Outstanding debt as of March 17, 2016.
(c) Based on the Town's weighted percentage of total equalized valuation.
Source: Official Statements, Accounting Records
Town of Canton, Massachusetts Page 118 of 123 Comprehensive Annual Financial ReportSource page 189
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
Per
Capita
Fiscal Population Personal Personal Median School Unemployment
Year Estimates Income Income Age Enrollment Rate
2007 21,772 $ 1,075,018,000 $ 49,376 39.8 3,131 4.00%
2008 21,916 1,022,343,000 46,648 39.8 3,103 5.60%
2009 22,048 942,403,000 42,743 39.8 3,137 7.20%
2010 21,732 1,050,979,000 48,361 42.3 3,172 6.60%
2011 20,097 968,993,208 48,216 42.3 3,267 6.70%
2012 20,159 969,066,640 48,071 42.3 3,298 5.80%
2013 20,708 993,466,795 47,975 42.3 3,312 5.50%
2014 21,932 1,049,031,660 47,831 42.3 3,321 4.70%
2015 22,221 1,066,052,475 47,975 42.3 3,385 3.80%
2016 22,510 1,090,716,423 48,455 42.3 3,375 3.80%
Source: U. S. Census, Division of Local Services, Massachusetts
Department of Elementary and Secondary Education
Median age is based on most recent census data
Town of Canton, Massachusetts Page 119 of 123 Comprehensive Annual Financial ReportSource page 190
PRINCIPAL EMPLOYERS (EXCLUDING TOWN)
CURRENT YEAR AND NINE YEARS AGO
2016 2007
Nature Percentage Percentage
of of Total Town of Total Town
Employer Business Employees Rank Employment Employees Rank Employment
Reebok International Footwear 1,032 1 4.65% 1,200 1 5.83%
Computershare (Equiserve) Operations Center 737 2 3.32% 900 3 4.37%
Dunkin Brands, Inc. Food and Beverages 639 3 2.88% 555 5 2.70%
Meditech Hospital Software 387 4 1.75% 698 4 3.39%
Stoneridge Control Devices (Pollak) Automotive Engineering 300 5 1.35% 450 7 2.19%
Boston Mutual Inurance Insurance Sales and Service 274 6 1.24% 271 9 1.32%
One Beacon Insurance Insurance Sales and Service 225 7 1.01% 1,000 2 4.86%
Lojack Recovery Systems 191 8 0.86%
CB&I (Shaw Group) Engineering 180 9 0.81%
Harbar Food Manufacturer 150 10 0.68%
Casual Male Big & Tall Retail, Clothing 475 6 2.31%
Cumberland Farms Milk and Dairy Products, Gasoline 350 8 1.70%
Tweeter, Etc. Retail Audio and Video Equipment 230 10 1.12%
Totals 1,707 7.70% 3,474 16.87%
Source: Official Statements
Town of Canton, Massachusetts Page 120 of 123 Comprehensive Annual Financial ReportSource page 191
FULL-TIME EQUIVALENT TOWN EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
Function 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
General government…………………………………………………………….
28 27 28 28 27 27 27 26 26 24
Public safety…………………………………………….. 105 100 104 104 103 104 104 103 99 101
Education…………………………………………………… 402 391 427 427 429 416 423 440 426 443
Public works……………………………………………………………..
42 43 43 43 43 43 43 46 43 43
Health and human services…………………………………………………………..
9 9 9 10 9 9 9 9 9 10
Culture and recreation…………………………………………………
22 22 22 22 22 22 22 23 24 22
Total Town employees…………….…………………...……..
608 592 633 634 633 621 628 647 627 643
Source: Town personnel records
Town of Canton, Massachusetts Page 121 of 123 Comprehensive Annual Financial ReportSource page 192
OPERATING INDICATORS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
General Government:
Population…………………………………….. 20,063 20,767 20,985 21,003 21,529 20,159 20,708 20,853 20,717 20,878
Registered voters……………………………………..13,852 14,104 14,539 14,376 14,624 12,529 14,241 14,467 14,734 14,984
Public Safety:
Police
Criminal offenses……………………………………………… 663 623 419 422 448 554 909 464 384 945
Fire
Fire calls………………………………………………..1,137 1,023 930 1,000 1,470 1,391 1,242 1,500 1,800 1,683
Ambulance calls………………………………………… 2,653 2,471 2,729 2,600 2,304 2,367 2,250 2,600 2,100 2,525
Permits issued………………………………………………. 866 803 823 950 927 1,218 949 1,380 1,005 745
Building Department
Building permits issued………………………………….864 712 837 771 788 860 905 894 1,132 1,514
Other permits issued…………………………………. 1,636 1,629 1,478 1,497 1,406 1,536 1,670 2,062 2,030 1,885
Education:
Number of students…………………………………. 3,089 3,083 3,118 3,061 3,229 3,252 3,262 3,338 3,427 3,378
Public Works:
Highway
Roads paved (miles)……………………………………………… 1.3 0.0 2.4 0.6 1.4 3.9 0.8 1.7 3.6 2.5
Water
Water mains installed (miles)…………………………… 0.0 0.0 0.0 1.0 2.1 0.0 1.8 2.0 0.0 0.0
Sewer
Sanitary sewers installed (miles)……………………………
0.0 0.0 0.0 0.0 1.5 0.0 0.0 0.0 0.0 0.0
Health and Human Services:
Board of Health
Inspections and complaint investigations……… 635 656 680 730 742 520 661 680 673 652
Permits issued……………………………………………….. 587 582 590 612 627 636 645 647 641 644
Council on Aging
Bus trips………………………………………….. 8,900 6,500 9,000 9,000 9,200 9,550 9,825 8,500 7,863 8,200
Culture and Recreation:
Libaries
Circulation……………………………………………. 255,276 266,498 261,512 262,132 288,148 308,552 315,297 294,718 301,191 269,045
Children's programs held……………………………………………. 104 100 107 117 118 349 132 132 132 241
Children's programs attendance…………………………………………….
2,128 1,895 2,510 2,811 2,857 4,673 3,550 3,004 3,004 3,985
Recreation
Swimming pool attendance…………………………………………….
9,837 8,960 10,962 7,360 8,120 8,000 9,600 9,426 4,446 6,056
Playground program participants…………………………………………….
1,397 1,253 1,599 1,509 1,509 1,509 1,400 812 1,008 1,294
N/A - Information not available
Source: Various Town Departments and State websites.
Town of Canton, Massachusetts Page 122 of 123 Comprehensive Annual Financial ReportSource page 193
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
General Government:
Number of buildings……………………………….. 2 2 2 2 2 2 2 2 2 2
Public Safety:
Police
Number of stations……………………………. 1 1 1 1 1 1 1 1 1 1
Fire
Number of stations……………………………. 2 2 2 2 2 2 2 2 2 2
Education:
Number of elementary schools…………………………………….
3 3 3 3 3 3 3 3 3 3
Number of middle schools…………………………………….1 1 1 1 1 1 1 1 1 1
Number of high schools………………………………………..1 1 1 1 1 1 1 1 1 1
Public Works:
Road miles………………………………………. 94 94 94 94 112 112 112 112 112 112
Water main (miles)…………………………………………. 122 122 122 123 123 123 123 123 123 123
Sanitary sewers (miles)…………………………………………. 66 66 66 66 82 82 82 82 82 82
Number of water towers…………………….. 5 5 5 5 5 5 5 5 5 5
Number of water treatment plants…………………….. - - - - 1 2 2 2 2 2
Health and Human Services:
Number of senior centers…………………….. - - - - - - - - 1 1
Culture and Recreation:
Number of libraries……………………………………………
1 1 1 1 1 1 1 1 1 1
Number of pools………………………………….. 1 1 1 1 1 1 1 1 1 1
N/A - Information not available
Source: Various Town Departments and State websites.
Town of Canton, Massachusetts Page 123 of 123 Comprehensive Annual Financial ReportSource page 194
The Town’s Veteran Services Department honored the memory and generosity of Canton resident Albert J. Meda with a plaque on the Meda family bench located at the Veterans Memorial Park at Canton Corner Cemetery. Mr. Meda passed away in 2011 and left $50,000 to the Canton Veterans’ Fund which will be used to improve the Veterans’ Memorial Park.
Source page 195
PROPOSED FORM OF LEGAL OPINION APPENDIX C
(Date of Delivery)
James R. Murgia, Finance Director/Treasurer
Town of Canton
Canton, Massachusetts
$8,085,000
Town of Canton, Massachusetts
General Obligation Municipal Purpose Loan of 2017 Bonds
Dated March 16, 2017
We have acted as bond counsel to the Town of Canton, Massachusetts (the “Town”) in
connection with the issuance by the Town of the above-referenced bonds (the “Bonds”). In such
capacity, we have examined the law and such certified proceedings and other papers as we have
deemed necessary to render this opinion.
As to questions of fact material to our opinion we have relied upon representations and
covenants of the Town contained in the certified proceedings and other certifications of public
officials furnished to us, without undertaking to verify the same by independent investigation.
Based on our examination, we are of the opinion, under existing law, as follows:
1. The Bonds are valid and binding general obligations of the Town and, except to
the extent they are paid from other sources, the principal of and interest on the Bonds are payable
from taxes which may be levied upon all taxable property in the Town, subject to the limit
imposed by Chapter 59, Section 21C of the General Laws.
2. Interest on the Bonds is excluded from the gross income of the owners of the
Bonds for federal income tax purposes. In addition, interest on the Bonds is not a specific
preference item for purposes of the federal individual or corporate alternative minimum taxes.
However, such interest is included in adjusted current earnings when calculating corporate
alternative minimum taxable income. In rendering the opinions set forth in this paragraph, we
have assumed compliance by the Town with all requirements of the Internal Revenue Code of
1986 that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon
be, and continue to be, excluded from gross income for federal income tax purposes. The Town
has covenanted to comply with all such requirements. Failure by the Town to comply with
certain of such requirements may cause interest on the Bonds to become included in gross
C-1Source page 196
income for federal income tax purposes retroactive to the date of issuance of the Bonds. Except
as expressed in paragraph 4 below, we express no opinion regarding any other federal tax
consequences arising with respect to the Bonds.
3. Interest on the Bonds is exempt from Massachusetts personal income taxes and
the Bonds are exempt from Massachusetts personal property taxes. We express no opinion
regarding any other Massachusetts tax consequences arising with respect to the Bonds or any tax
consequences arising with respect to the Bonds under the laws of any state other than
Massachusetts.
4. The Bonds are qualified tax exempt obligations within the meaning of Section
265(b)(3) of the Code.
This opinion is expressed as of the date hereof, and we neither assume nor undertake any
obligation to update, revise, supplement or restate this opinion to reflect any action taken or
omitted, or any facts or circumstances or changes in law or in the interpretation thereof, that may
hereafter arise or occur, or for any other reason.
The rights of the holders of the Bonds and the enforceability of the Bonds may be subject to
bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’
rights heretofore or hereafter enacted to the extent constitutionally applicable, and their
enforcement may also be subject to the exercise of judicial discretion in appropriate cases.
LOCKE LORD LLP
AM 65666525.1
C-2Source page 197
APPENDIX D
PROPOSED FORM OF
CONTINUING DISCLOSURE CERTIFICATE
This Continuing Disclosure Certificate (the “Disclosure Certificate”) is executed and
delivered by the Town of Canton, Massachusetts (the “Issuer”) in connection with the issuance of
its $8,085,000 General Obligation Municipal Purpose Loan of 2017 Bonds dated March 16, 2017
(the “Bonds”). The Issuer covenants and agrees as follows:
SECTION 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being
executed and delivered by the Issuer for the benefit of the Owners of the Bonds and in order to
assist the Participating Underwriters in complying with the Rule.
SECTION 2. Definitions. For purposes of this Disclosure Certificate the following
capitalized terms shall have the following meanings:
“Annual Report” shall mean any Annual Report provided by the Issuer pursuant to, and as
described in, Sections 3 and 4 of this Disclosure Certificate.
“Listed Events” shall mean any of the events listed in Section 5(a) of this Disclosure
Certificate.
“MSRB” shall mean the Municipal Securities Rulemaking Board as established pursuant
to Section 15B(b)(1) of the Securities Exchange Act of 1934, or any successor thereto or to the
functions of the MSRB contemplated by this Disclosure Certificate. Filing information relating to
the MSRB is set forth in Exhibit A attached hereto.
“Obligated Person” shall mean the Issuer.
“Owners of the Bonds” shall mean the registered owners, including beneficial owners, of
the Bonds.
“Participating Underwriter” shall mean any of the original underwriters of the Bonds
required to comply with the Rule in connection with offering of the Bonds.
“Rule” shall mean Rule 15c2-12 adopted by the Securities and Exchange Commission
under the Securities Exchange Act of 1934, as the same may be amended from time to time.
SECTION 3. Provision of Annual Reports.
(a) The Issuer shall, not later than 270 days after the end of each fiscal year, provide to
the MSRB an Annual Report which is consistent with the requirements of Section 4 of this
Disclosure Certificate. The Annual Report may be submitted as a single document or as separate
documents comprising a package, and may cross-reference other information as provided in
Section 4 of this Disclosure Certificate; provided that the audited financial statements of the Issuer
may be submitted when available separately from the balance of the Annual Report.
D-1Source page 198
(b) If the Issuer is unable to provide to the MSRB an Annual Report by the date
required in subsection (a), the Issuer shall send a notice to the MSRB, in substantially the form
attached as Exhibit B.
SECTION 4. Content of Annual Reports. The Issuer's Annual Report shall contain or
incorporate by reference the following:
(a) quantitative information for the preceding fiscal year of the type presented in the
Issuer's Official Statement dated February 27, 2017 relating to the Bonds regarding (i) the revenues
and expenditures of the Issuer relating to its operating budget, (ii) capital expenditures, (iii) fund
balances, (iv) property tax information, (v) outstanding indebtedness and overlapping debt of the
Issuer, (vi) pension obligations of the Issuer, and (vii) other post-employment benefits liability of
the Issuer, and
(b) the most recently available audited financial statements of the Issuer, prepared in
accordance with generally accepted accounting principles, with certain exceptions permitted by
the Massachusetts Uniform Municipal Accounting System promulgated by the Department of
Revenue of the Commonwealth. If audited financial statements for the preceding fiscal year are
not available when the Annual Report is submitted, the Annual Report will include unaudited
financial statements for the preceding fiscal year and audited financial statements for such fiscal
year shall be submitted when available.
Any or all of the items listed above may be incorporated by reference from other
documents, including official statements of debt issues of the Issuer or related public entities,
which (i) are available to the public on the MSRB internet website or (ii) have been filed with the
Securities and Exchange Commission. The Issuer shall clearly identify each such other document
so incorporated by reference.
SECTION 5. Reporting of Significant Events.
(a) The Issuer shall give notice, in accordance with the provisions of this Section 5, of
the occurrence of any of the following events with respect to the Bonds:
1. Principal and interest payment delinquencies.
2. Non-payment related defaults, if material.
3. Unscheduled draws on debt service reserves reflecting financial difficulties.
4. Unscheduled draws on credit enhancements reflecting financial difficulties.
5. Substitution of credit or liquidity providers, or their failure to perform.
6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or
final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other
material notices or determinations with respect to the tax status of the Bonds, or other material
events affecting the tax status of the Bonds.
D-2Source page 199
7. Modifications to rights of the Owners of the Bonds, if material.
8. Bond calls, if material, and tender offers.
9. Defeasances.
10. Release, substitution or sale of property securing repayment of the Bonds, if
material.
11. Rating changes.
12. Bankruptcy, insolvency, receivership or similar event of the Obligated Person.*
13. The consummation of a merger, consolidation, or acquisition involving an
Obligated Person or the sale of all or substantially all of the assets of the Obligated Person, other
than in the ordinary course of business, the entry into a definitive agreement to undertake such an
action or the termination of a definitive agreement relating to any such actions, other than pursuant
to its terms, if material.
14. Appointment of a successor or additional trustee or the change of name of a trustee,
if material.
(b) Upon the occurrence of a Listed Event, the Issuer shall, in a timely manner not in
excess of ten (10) business days after the occurrence of the event, file a notice of such occurrence
with the MSRB.
SECTION 6. Transmission of Information and Notices. Unless otherwise required by
law, all notices, documents and information provided to the MSRB shall be provided in electronic
format as prescribed by the MSRB and shall be accompanied by identifying information as
prescribed by the MSRB.
SECTION 7. Termination of Reporting Obligation. The Issuer's obligations under this
Disclosure Certificate shall terminate upon the prior redemption or payment in full of all of the
Bonds. If such termination occurs prior to the final maturity of the Bonds, the Issuer shall give
notice of such termination in the same manner as for a Listed Event under Section 5(b).
SECTION 8. Amendment; Waiver. Notwithstanding any other provision of this
Disclosure Certificate, the Issuer may amend this Disclosure Certificate and any provision of this
Disclosure Certificate may be waived if such amendment or waiver is permitted by the Rule, as
*
As noted in the Rule, this event is considered to occur when any of the following occur: (i) the appointment of a
receiver, fiscal agent or similar officer for the Obligated Person in a proceeding under the U.S. Bankruptcy Code or
in any proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction
over substantially all of the assets or business of the Obligated Person, or if such jurisdiction has been assumed by
leaving the existing governing body and officials or officers in possession but subject to the supervision and orders
of a court or governmental authority, or (ii) the entry of an order confirming a plan of reorganization, arrangement or
liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets
or business of the Obligated Person.
D-3Source page 200
evidenced by an opinion of counsel expert in federal securities law (which may include bond
counsel to the Issuer), to the effect that such amendment or waiver would not cause the Disclosure
Certificate to violate the Rule. The first Annual Report filed after enactment of any amendment
to or waiver of this Disclosure Certificate shall explain, in narrative form, the reasons for the
amendment or waiver and the impact of the change in the type of information being provided in
the Annual Report.
If the amendment provides for a change in the accounting principles to be followed in
preparing financial statements, the Annual Report for the year in which the change is made shall
present a comparison between the financial statements or information prepared on the basis of the
new accounting principles and those prepared on the basis of the former accounting principles.
The comparison shall include a qualitative discussion of the differences in the accounting
principles and the impact of the change in the accounting principles on the presentation of the
financial information in order to provide information to investors to enable them to evaluate the
ability of the Issuer to meet its obligations. To the extent reasonably feasible, the comparison shall
also be quantitative. A notice of the change in the accounting principles shall be sent to the MSRB.
SECTION 9. Default. In the event of a failure of the Issuer to comply with any provision
of this Disclosure Certificate any Owner of the Bonds may seek a court order for specific
performance by the Issuer of its obligations under this Disclosure Certificate. A default under this
Disclosure Certificate shall not constitute a default with respect to the Bonds, and the sole remedy
under this Disclosure Certificate in the event of any failure of the Issuer to comply with this
Disclosure Certificate shall be an action for specific performance of the Issuer's obligations
hereunder and not for money damages in any amount.
D-4