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Comprehensive Annual Financial Report

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Comprehensive Annual Financial Report TOWN OF DEDHAM MASSACHUSETTS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2015 On the Cover: The Endicott Estate The Endicott Estate was built in 1904 by Henry Bradford Endicott, founder of the Endicott- Johnson Shoe Corporation, after fire destroyed the original home on the site. The Estate remained in the Endicott family until 1967. After the death of Henry's adopted daughter Katherine, it was willed to the Town of Dedham to be used for "educational, civic and recreational purposes." The graceful three-story, 25 room Colonial Revival mansion with Georgian overtones is situated on 15 acres of rolling lawns surrounded by stately elm, spruce and weeping willow trees. The Estate has the distinction of being listed on the National Register of Historic Places. TOWN OF DEDHAM, MASSACHUSETTS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2015 Prepared by: The Finance Department of the Town of Dedham, Massachusetts TOWN OF DEDHAM, MASSACHUSETTS COMPREHENSIVE ANNUAL FINANCIAL REPORT JUNE 30, 2015 TABLE OF CONTENTS Introductory Section ...................................................................................................................................................... 1 Letter of Transmittal.................................................................................................................................................... 3 Certificate of Achievement for Excellence in Financial Reporting .............................................................................. 9 Organizational Chart ................................................................................................................................................ 10 Principal Town Officials ............................................................................................................................................ 11 Financial Section ......................................................................................................................................................... 13 Independent Auditor’s Report ................................................................................................................................... 15 Management’s Discussion and Analysis .................................................................................................................. 19 Basic Financial Statements ...................................................................................................................................... 28 Statement of Net Position ................................................................................................................................... 29 Statement of Activities ......................................................................................................................................... 30 Governmental Funds – Balance Sheet ............................................................................................................... 32 Reconciliation of the Governmental Funds Balance Sheet Total Fund Balances to the Statement of Net Position .......................................................................................................................................................... 33 Governmental Funds – Statement of Revenues, Expenditures and Changes in Fund Balances ...................... 34 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ...................................................................................... 35 Proprietary Funds – Statement of Net Position ...................................................................................................36 Proprietary Funds – Statement of Revenues, Expenses and Changes in Net Position ..................................... 37 Proprietary Funds – Statement of Cash Flows ................................................................................................... 38 Fiduciary Funds – Statement of Fiduciary Net Position ...................................................................................... 39 Fiduciary Funds – Statement of Changes in Fiduciary Net Position ................................................................... 40 Notes to Basic Financial Statements .................................................................................................................. 41 Required Supplementary Information....................................................................................................................... 71 General Fund Budgetary Comparison Schedule ................................................................................................ 72 General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual . 73 Pension Plan Schedules – Retirement System .................................................................................................. 79 Schedule of Changes in the Net Pension Liability and Related Ratios ......................................................... 80 Schedule of Contributions .............................................................................................................................. 81 Schedule of Investment Income .....................................................................................................................82 Pension Plan Schedules - Town ......................................................................................................................... 83 Schedule of the Town’s Proportionate Share of the Net Pension Liability .................................................... 84 Schedule of the Town’s Contributions ........................................................................................................... 85 Schedule of Special Funding Amounts of the Net Pension Liability .............................................................. 86 Other Postemployment Benefit Plan Schedules ................................................................................................. 87 Other Postemployment Benefit Plan Schedule of Funding Progress and Employer Contributions .............. 88 Other Postemployment Benefit Plan Actuarial Methods and Assumptions ................................................... 89 Notes to Required Supplementary Information ................................................................................................... 90 Combining and Individual Fund Statements ............................................................................................................ 93 Nonmajor Governmental Funds .......................................................................................................................... 94 Nonmajor Governmental Funds – Combining Balance Sheet ....................................................................... 96 Nonmajor Governmental Funds – Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ....................................................................................................................................... 100 Fiduciary Funds ................................................................................................................................................. 103 Agency Fund – Statement of Changes in Assets and Liabilities .................................................................104 Statistical Section ...................................................................................................................................................... 105 Net Position by Component .................................................................................................................................... 106 Changes in Net Position ......................................................................................................................................... 108 Fund Balances, Governmental Funds .................................................................................................................... 112 Changes in Fund Balances, Governmental Funds ................................................................................................ 114 Assessed Value and Actual Value of Taxable Property by Classification and Tax Rates ..................................... 116 Principal Taxpayers ................................................................................................................................................ 117 Property Tax Levies and Collections ...................................................................................................................... 118 Ratio of Outstanding Debt and General Bonded Debt ........................................................................................... 119 Direct and Overlapping Governmental Activities Debt ........................................................................................... 120 Computation of Legal Debt Margin .........................................................................................................................121 Demographic and Economic Statistics ................................................................................................................... 122 Principal Employers ................................................................................................................................................ 123 Full-time Equivalent Town Employees
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