HomeMy WebLinkAbout2015 Comprehensive Annual Financial ReportTOWN OF COHASSET, MASSACHUSETTS
Comprehensive Annual Financial Report
For the fiscal year ended June 30, 2015
Prepared By:
The Fiscal Team
TOWN OF COHASSET, MASSACHUSETTS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Year Ended June 30, 2015
Prepared by:
The Fiscal Team
Town of Cohasset, Massachusetts
TOWN OF COHASSET, MASSACHUSETTS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
JUNE 30, 2015
TABLE OF CONTENTS
Introductory Section ...................................................................................................................................................... 1
Letter of Transmittal ..................................................................................................................................................... 2
GFOA Certificate of Achievement ................................................................................................................................ 7
Organizational Chart .................................................................................................................................................... 8
Principal Town Officials ................................................................................................................................................ 9
Financial Section ......................................................................................................................................................... 11
Independent Auditor’s Report .................................................................................................................................... 13
Management’s Discussion and Analysis ................................................................................................................... 15
Basic Financial Statements ........................................................................................................................................ 25
Statement of Net Position ....................................................................................................................................... 27
Statement of Activities ............................................................................................................................................ 28
Governmental Funds – Balance Sheet .................................................................................................................. 30
Reconciliation of the Governmental Funds Balance Sheet Total Fund Balances to the Statement of Net
Position .............................................................................................................................................................. 31
Governmental Funds – Statement of Revenues, Expenditures and Changes in Fund Balances ......................... 32
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental
Funds to the Statement of Activities ................................................................................................................. 33
Proprietary Funds – Statement of Net Position ...................................................................................................... 34
Proprietary Funds – Statement of Revenues, Expenses and Changes in Net Position ........................................ 35
Proprietary Funds – Statement of Cash Flows ...................................................................................................... 36
Fiduciary Funds – Statement of Fiduciary Net Position ......................................................................................... 37
Fiduciary Funds – Statement of Changes in Fiduciary Net Position ...................................................................... 38
Notes to Basic Financial Statements ..................................................................................................................... 39
Required Supplementary Information ........................................................................................................................ 71
General Fund Budgetary Comparison Schedule ................................................................................................... 73
General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ...... 74
Pension Plan Schedules - Town ............................................................................................................................ 78
Schedule of the Town’s proportionate share of the net pension liability ............................................................ 79
Schedule of the Town contributions ................................................................................................................... 80
Schedule of the special funding amounts of the net pension liability ................................................................. 81
Other Postemployment Benefits Plan Schedules .................................................................................................. 82
Other Postemployment Benefits Plan Schedule of Funding Progress and Employer Contributions ................. 83
Other Postemployment Benefits Plan Actuarial Methods and Assumptions ...................................................... 84
Notes to Required Supplementary Information ...................................................................................................... 85
Combining and Individual Fund Statements .............................................................................................................. 89
Nonmajor Governmental Funds ............................................................................................................................. 90
Nonmajor Governmental Funds – Combining Balance Sheet............................................................................ 92
Nonmajor Governmental Funds – Combining Statement of Revenues, Expenditures, and Changes in Fund
Balances ............................................................................................................................................................. 96
Agency Fund ........................................................................................................................................................ 100
Agency Fund – Statement of Changes in Assets and Liabilities ...................................................................... 101
Statistical Section ...................................................................................................................................................... 103
Net Position By Component ..................................................................................................................................... 104
Changes in Net Position .......................................................................................................................................... 105
Fund Balances, Governmental Funds ..................................................................................................................... 106
Changes in Fund Balances, Governmental Funds .................................................................................................. 107
Assessed Value and Actual Value of Taxable Property by Classification and Tax Rates ....................................... 108
Principal Taxpayers ................................................................................................................................................. 109
Property Tax Levies and Collections ....................................................................................................................... 110
Ratios of Outstanding Debt and General Bonded Debt ........................................................................................... 111
Direct and Overlapping Governmental Activities Debt............................................................................................. 112
Computation of Legal Debt Margin .......................................................................................................................... 113
Demographic and Economic Statistics .................................................................................................................... 114
Principal Employers ................................................................................................................................................. 115
Full-Time Equivalent Town Employees by Function ................................................................................................ 116
Operating Indicators by Function/Program .............................................................................................................. 117
Capital Asset Statistics by Function/Program .......................................................................................................... 118
Introductory Section
Cohasset John Smith Day
Town of Cohasset, Massachusetts 1 Comprehensive Annual Financial Report
Introductory Section
Town of Cohasset, Massachusetts 2 Comprehensive Annual Financial Report
Letter of Transmittal
Letter of Transmittal
December 23, 2015
To the Honorable Members of the Board of Selectmen and the Citizens of the Town of Cohasset:
It is with pleasure that the Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30,
2015 for the Town of Cohasset, Massachusetts is hereby presented for review.
This report is the primary means of reporting the Town’s financial activities, and the financial reports contained
within have been prepared and presented in conformity with generally accepted accounting principles (GAAP).
Management assumes full responsibility for the accuracy of the presented data and the completeness and
fairness of the presentation, including all disclosures, based upon an internal control framework that has been
established for this purpose. Recognizing that the cost of a system of internal control should not exceed its
anticipated benefits, this system has been designed to provide reasonable rather than absolute assurance that
the financial statements are free of any material misstatements. To the best of management’s knowledge and
belief, this report is complete and reliable in all material respects.
The Town’s financial statements have been audited by Powers & Sullivan, LLC, a firm of licensed certified public
accountants. The goal of the independent audit was to provide reasonable assurance that the financial
statements of the Town for the fiscal year ended June 30, 2015, are free of material misstatement. The
independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements; assessing the accounting principles used and significant estimates made by management;
and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the
audit, that there was a reasonable basis for rendering an unmodified opinion that the Town of Cohasset’s financial
statements for the fiscal year ended June 30, 2015 are fairly presented in conformity with GAAP. The
independent auditors report is presented as the first component of the financial section of this report.
The independent audit of the financial statements of the Town of Cohasset was part of a broader, federally
mandated “Single Audit” designed to meet the special needs of federal grantor agencies. The standards
governing Single Audit engagements require the independent auditor to report not only on the fair presentation of
the financial statements, but also on the audited government’s internal controls and compliance with legal
requirements, with special emphasis on internal controls and legal requirements involving the administration of
federal awards. These reports are available in the Town of Cohasset’s separately issued Single Audit Report.
This CAFR is presented in three sections: Introductory, Financial and Statistical. This Introductory Section
contains this transmittal letter with a Town profile, local economic conditions and outlook, and highlights of
financial and general management initiatives. The Financial Section contains a Management’s Discussion and
Analysis (MD&A) section. GAAP standards require that management provide a narrative introduction, overview
and analysis to accompany the basic financial statements in the form of an MD&A. This letter of transmittal is
designed to complement the MD&A. The Town’s MD&A can be found immediately following the independent
auditor’s report from Powers & Sullivan, LLC. The Statistical Section contains, in most cases, a ten-year history
of trends of both financial and demographic data.
CHRISTOPHER G. SENIOR
TOWN MANAGER
EMAIL: csenior@cohassetma.org
OFFICE: 781-383-4105
FAX: 781-383-0228
OFFICE OF THE TOWN MANAGER
COHASSET TOWN HALL
41 HIGHLAND AVENUE
COHASSET, MA 02025
Town of Cohasset, Massachusetts 3 Comprehensive Annual Financial Report
Profile of the Town
The Town of Cohasset was incorporated in 1770, some 150 years after its first recorded mention in the logs of
English explorer Captain John Smith, and its early development as part of the Town of Hingham.
Located in Norfolk County (as a non-geographically contiguous member community, along with the Town of
Brookline), Cohasset is a coastal community 20 miles south of Boston, and is bordered by Hull to the north,
Hingham to the west, Scituate to the south, and Massachusetts Bay to the east. Cohasset’s 9.89 square miles
were home to 7,542 residents according to the 2010 US Census, and 8,084 residents according to the 2015
census conducted by the Cohasset Town Clerk.
While the Town remains home to an active fishing fleet, it is primarily a residential community. The main
highways include State routes 3A and 228, with connecting access to Route 3, the primary north-south highway
on the South Shore. The Massachusetts Bay Transportation Authority (MBTA) provides easy access to Boston
through a commuter rail station in Cohasset, a subway station in Braintree, and commuter boat service in
Hingham. Logan International Airport, which can be reached via all three MBTA mass transit options, is
approximately 22 miles away by car.
The Town operates under an Open Town Meeting form of government, which is vested with all legislative and
budgetary approval authority. A five-member Board of Selectmen is responsible for general policy
implementation, and appoints a Town Manager who directs all day-to-day governmental operations, other than
schools, as Chief Administrative and Chief Financial Officer. A five-member School Committee oversees a K-12
school system, and appoints a full-time Superintendent. Elected Water and Sewer boards oversee the water and
sewer enterprise funds, respectively.
General governmental services provided within the Town’s boundaries include police and fire protection,
collection and treatment of sewage, water distribution, public works (including roads, cemeteries, and tree and
park maintenance), harbor management, recreation, health, veteran’s services, aging support services, and a
public library. The water and sewer enterprise funds are self-supporting. The Town also maintains a solid waste
recycling and transfer station.
Local Economy
Cohasset’s unemployment rate of 4.0% in June, 2015 was 23% lower than the statewide average (according to
data from the Massachusetts Department of Labor and Workforce Development), a figure influenced by a highly-
educated workforce (67.7% of residents have a Bachelor’s degree or higher according to Metropolitan Area
Planning Council data), and proximity to high tech, higher education, health care and financial sector employers in
metropolitan Boston. The Town’s per capita income of more than $83,236 is more than twice the statewide
average, according to the Massachusetts Department of Revenue.
While many of the Town’s residents work in other communities, Cohasset is home to diverse mix of local
businesses, including the South Shore Music Circus, the South Shore Arts Center, the headquarters of Pilgrim
Bank, an active fishing fleet, the Sunrise assisted living facility, and Wicked Good Cupcakes, which was featured
on the show “Shark Tank.” The Cohasset Village district, which includes a mix of small businesses including
restaurants, shops and realtors, has no retail vacancies. There are two new developments proposed for the
Village district, both currently before the Planning Board for review. One is mixed use, the other residential.
The community’s natural beauty and abundant opportunities for outdoor activities, including a fine harbor, two
beaches, the Whitney Woods Reservation, and Wompatuck State Park, have not only attracted active residents
drawn to hiking, running, biking, swimming and sailing, but have also begun influencing the local economy.
Cohasset now plays host to more than a dozen charitable and for-profit road race events, among them the
Town of Cohasset, Massachusetts 4 Comprehensive Annual Financial Report
Cohasset Triathlon which attracts 1,000 racers and supporters to Town, the Road Race by the Sea, a pre-Boston
Marathon 10K event run since 1975, which has grown to some 1,200 participants, and a Town-sponsored
Thanksgiving Day 5K which draws some 750 annual racers. During the past year, the community has seen the
addition of dedicated parking spaces at the Cohasset Commuter rail station for visitors looking to hike and bike
the trails of Wompatuck Park, the doubling in size of a local business catering to the active lifestyle, and the
expansion of a Town employee wellness program with an emphasis on healthy living.
The commuter rail station is adjacent to the Town’s first transit-oriented development, Old Colony Square, which
saw the doubling in size of a co-working location called Workspace which provides office and meeting space, as
well as support services, to the burgeoning local population that work from home. The complex, which is fully
leased, also includes the headquarters of Wicked Good Cupcakes, a newly opened juice bar, a gourmet wine
store, a health club, and sixteen living units.
Two luxury residential subdivisions are also underway in Town: a 41-unit complex of single-family homes being
built by Toll brothers; and a 27-unit complex known as Cook Estates. The Town Assessor is projecting that these
two complexes, coupled with a strong local market for existing home renovation and expansion, will provide
steady increases to the Town’s tax base over the next several years.
Financial Planning and Management
Policy and Program Development
The Town’s administrative team welcomed a new Director of Public Health and a new Chief Information Officer,
joining an experienced team of managers already in place. Town Meeting also approved a reorganization of the
Public Works division, centralizing oversite of highways, cemeteries, tree and park, engineering, and water and
sewer operations for the first time. These steps are part of the Town Manager’s ongoing efforts to improve
operations and enhance the delivery of services.
A Human Resources Director has been included in the FY 16 budget for the first time, taking the Town’s
commitment to modernizing its HR management to a new level. The ongoing focus on employees included
improved relations with the Town’s unions, leading to the successful negotiation and ratification of new contracts
for police and fire. New contracts with administrative and library staff were also approaching conclusion, with
ratification expected before the end of summer.
During FY15 the Finance Department continued to improve best practices, from improvements to payroll
processing (a phased in move to direct deposit/electronic advice; streamlining payroll forms and data entry) to full
implementation of new standardized cash handling procedures (speeding the deposit and data entry of cash
collections). The Treasurer-Collector also initiated a new quarterly investment report to the Board of Selectmen,
and completed the implementation of the updated investment plan adopted by the Selectmen in FY14. In
addition, the Town implemented ‘Visual Budget,’ a software tool which allows residents to explore the Town’s
budget in a user-friendly manner, including a feature which shows how much of a property tax bill goes to support
any particular service.
The year also saw the initial rollout of “Cohasset Connects,” a software program (and smart phone app) which
allows residents to report issues such as potholes and non-working street lights to the Town, receive email
updates, and allow departments to both schedule and track their response to the problem. Powered by the
software “See, Click, Fix,” the program was initiated through a grant obtained from the Metropolitan Area Planning
Council (MAPC), and implemented with assistance from the Collins Center at UMass Boston. This initiative is
part of the Town Manager’s ongoing objective to integrate performance management into regular Town
operations.
Town of Cohasset, Massachusetts 5 Comprehensive Annual Financial Report
OPEB/Employee Health Care
Following up on a successful plan change for Town workforce retirees which resulted in both short and long term
premium reductions, the Board of Selectmen approved the transfer of retired teachers from the state-run GIC to
the health plans currently provided to Town workforce retirees. These changes were part of the Town’s ongoing
efforts to address its long term OPEB liability. The Town is a member of the MIIA public sector health benefits
trust, and representatives from MIIA were instrumental in implementing the retired teacher transfer.
The Town’s OPEB trust fund has been placed in an actively managed investment program under the direction of
the Treasurer-Collector. This strategy is expected to generate increased growth for the fund. In FY15 the Town
contributed $300,000 to this fund.
A wellness program for active employees was fully implemented during the year. This effort included programs
on healthy eating, exercise, and how to be a better health care consumer. One program, a ‘biggest winner’
weight loss challenge between competing groups of employees, resulted in the loss of 140 lbs. – the weight of an
entire person. The winning team received prizes from local businesses geared to a healthy lifestyle. Over time,
wellness programs have been shown to both increase employee productivity and decrease long term costs for
chronic medical conditions.
Technology Planning and Implementation
In addition to customer friendly improvements like ‘Visual Budget’ and ‘Cohasset Connects’ mentioned above, the
Town continued to make significant investments in educational technology and supporting infrastructure. Town
Meeting approved a digital learning initiative which will increase the technology capabilities of all the Town’s
schools over the next several years, including new devices at the elementary level, and support for a one-to-one
program for all students at the secondary level.
During the year the Town moved to upgrade its overall support for technology improvements, and the Town’s new
CIO has been provided a budget for FY16 which provides for more staff and contract support, improvements to
switching gear and wireless access points, and an expansion of the Town’s GIS mapping and management
capabilities.
Infrastructure Planning
As part of its long term capital planning program, the Town is exploring a partnership with the MAPC on two fronts
– a municipal space needs analysis, and a master plan. Both initiatives are expected to kick-off early in FY16,
and will help long term planning for both Town facilities and critical infrastructure such as water, sewer and roads.
A water rate study was completed during FY15, which was presented to and accepted by Town Meeting. The
program provides a five-year plan to both strengthen the Water Enterprise Fund’s operating budget, as well as
support a series of important capital projects. The Water Enterprise Fund ended FY15 with retained earnings of
$380,225.
Successful negotiations with the Our World center will enable the Recreation Department to operate its highly
successful summer program out of expanded space during the summer of 2015. The agreement provided a path
for Recreation to permanently occupy the space, allowing the Department to meet increasing demands for both
youth and adult programs. At the same time the Town is actively negotiating for acquisition of a new Senior
Center building to meet increasing demands for services for the Town’s elderly population. Discussions on that
project are expected to conclude in FY16.
Town of Cohasset, Massachusetts 6 Comprehensive Annual Financial Report
Awards and Acknowledgments
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in
Financial Reporting to the Town of Cohasset for its CAFR for the fiscal year ended June 30, 2014. This was the
third time that the Town submitted a CAFR to the GFOA. The Town was awarded this Certificate in each year. In
order to receive this prestigious award, a government had to publish an easily readable and efficiently organized
CAFR that satisfied both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR continues to
meet the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to determine
its eligibility for another certificate.
The preparation of this report on a timely basis could not be accomplished without efficient and dedicated staff. I
would like to express my appreciation to all members of the Town’s staff who assisted and contributed to the
preparation of this report. I would particularly like to thank Director of Finance Mary Gallagher, and the staff at
Powers & Sullivan, LLC. I would also like to thank the Board of Selectmen and the Advisory Committee for their
strong interest and support in planning and conducting the financial operations of the Town.
Respectfully Submitted
Christopher Senior
Cohasset Town Manager
Town of Cohasset, Massachusetts 7 Comprehensive Annual Financial Report
GFOA Certificate of Achievement
Town of Cohasset, Massachusetts 8 Comprehensive Annual Financial Report
Organizational Chart
Town of Cohasset, Massachusetts 9 Comprehensive Annual Financial Report
Principal Town Officials
Elected Officials Term Expires
Board of Selectmen Diane M. Kennedy, Chairperson 2017
Steve R. Gaumer, Vice Chairperson 2016
Paul J. Schubert, Selectman 2018
Kevin McCarthy, Selectman 2017
Karen Quigley, Selectman 2016
Moderator Daniel Evans 2017
Town Clerk Carol L. St. Pierre 2017
Board of Assessors Mary E. Granville 2017
Debra J. Krupczak 2018
Elsa J. Miller 2016
School Committee Jeanne M. Astino 2016
Katherine C. Dugan 2018
Ellen M. Maher 2018
Mary McGoldrick 2016
Paul Ognibene 2017
Sewer Commission Bryan T. Baldwin 2018
William B. McGowan, Jr. 2016
Wayne Sawchuk 2017
Water Commission Rolf N. Gjesteby 2017
Leonora C. Jenkins 2018
John W. Steinmetz 2016
Appointed Officials
Town Manager Christopher G. Senior 2017
Director of Finance/Town Accountant Mary J. Gallagher
Treasurer/Collector Paula M. Linhares
Director of Assessing Mary Quill
Superintendent of Schools Barbara Cataldo
School Business Manager David DeGennaro
Police Chief William Quigley
Fire Chief Robert Silvia
Director of Public Works Brian Joyce
Town of Cohasset, Massachusetts 10 Comprehensive Annual Financial Report
This page intentionally left blank.
Financial Section
Farmers Market Pond
Town of Cohasset, Massachusetts 11 Comprehensive Annual Financial Report
Financial Section
Financial Section
Town of Cohasset, Massachusetts 12 Comprehensive Annual Financial Report
This page intentionally left blank.
Town of Cohasset, Massachusetts 13 Comprehensive Annual Financial Report
Independent Auditor’s Report
To the Honorable Board of Selectmen
Town of Cohasset, Massachusetts
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of the Town of Cohasset,
Massachusetts as of and for the year ended June 30, 2015, and the related notes to the financial statements,
which collectively comprise the Town’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our
audit in accordance with auditing standards generally accepted in the United States of America and the standards
applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of
the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no
such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities, the business-type activities, each major fund, and the aggregate
remaining fund information of the Town of Cohasset, Massachusetts, as of June 30, 2015, and the respective
changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with
accounting principles generally accepted in the United States of America.
Town of Cohasset, Massachusetts 14 Comprehensive Annual Financial Report
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis and required supplementary information, as listed in the table of contents, be presented
to supplement the basic financial statements. Such information, although not a part of the basic financial
statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part
of financial reporting for placing the basic financial statements in an appropriate operational, economic, or
historical context. We have applied certain limited procedures to the required supplementary information in
accordance with auditing standards generally accepted in the United States of America, which consisted of
inquiries of management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge
we obtained during our audit of the basic financial statements. We do not express an opinion or provide any
assurance on the information because the limited procedures do not provide us with sufficient evidence to
express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the Town of Cohasset, Massachusetts’ basic financial statements. The introductory section, combining and
individual fund statements, and statistical section are presented for purposes of additional analysis and are not a
required part of the basic financial statements.
The combining and individual fund statements are the responsibility of management and were derived from and
relate directly to the underlying accounting and other records used to prepare the basic financial statements.
Such information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information directly to the
underlying accounting and other records used to prepare the basic financial statements or to the basic financial
statements themselves, and other additional procedures in accordance with auditing standards generally
accepted in the United States of America. In our opinion, the combining and individual fund statements are fairly
stated, in all material respects, in relation to the basic financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of
the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 23, 2015,
on our consideration of the Town of Cohasset, Massachusetts’ internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over
financial reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the Town of Cohasset, Massachusetts’ internal control over
financial reporting and compliance.
December 23, 2015
Town of Cohasset, Massachusetts 15 Comprehensive Annual Financial Report
Management’s Discussion and Analysis
Town of Cohasset, Massachusetts 16 Comprehensive Annual Financial Report
This page intentionally left blank.
Town of Cohasset, Massachusetts 17 Comprehensive Annual Financial Report
Management’s Discussion and Analysis
As management of the Town of Cohasset, Massachusetts, we offer readers of these financial statements this
narrative overview and analysis of the financial activities of the Town of Cohasset for the year ended June 30,
2015. We encourage readers to consider the information presented in this report in conjunction with additional
information that we have furnished in our letter of transmittal.
The Governmental Accounting Standards Board (GASB) is the authoritative standard setting body that provides
guidance on how to prepare financial statements in conformity with generally accepted accounting principles
(GAAP). Users of these financial statements (such as investors and rating agencies) rely on the GASB to
establish consistent reporting standards for all governments in the United States. This consistent application is
the only way users (including citizens, the media, legislators and others) can assess the financial condition of one
government compared to others.
Governments must adhere to GASB pronouncements in order to issue their financial statements in conformity
with GAAP. The users of financial statements also rely on the independent auditor’s opinion. If the Town’s
financial statements have significant departures from GAAP the independent auditors may issue a qualified
opinion or a disclaimer (where no opinion is given). These types of opinions may have an adverse effect on the
Town’s bond rating and our ability to borrow money at favorable interest rates. The Town has enjoyed an
unmodified opinion on its financial statements for many years.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the Town of Cohasset’s basic financial
statements. The Town’s basic financial statements comprise three components: 1) government-wide financial
statements 2) fund financial statements, and 3) notes to the financial statements. This report also contains other
supplementary information in addition to the basic financial statements.
Government-wide financial statements. The government-wide financial statements are designed to provide
readers with a broad overview of the Town’s finances, in a manner similar to private-sector businesses.
The statement of net position presents information on all of the Town’s assets, deferred outflows, liabilities and
deferred inflows, with the difference reported as net position. Over time, increases or decreases in net position
may serve as a useful indicator of whether the financial position of the Town is improving or deteriorating.
The statement of activities presents information showing how the Town’s net position changed during the most
recent year. All changes in net position are reported as soon as the underlying event giving rise to the change
occurs, regardless of the timing or the related cash flows. Thus, revenues and expenses are reported in this
statement for some items that will only result in cash flows in future periods (e.g., uncollected taxes and earned
but unused vacation leave).
Both of the government-wide financial statements distinguish functions that are principally supported by taxes and
intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a
significant portion of their costs through user fees and charges (business-type activities). The governmental
activities include administration, public safety, education, public works, health and welfare, culture and recreation,
community preservation, and interest. The business-type activities include the activities of the sewer and water
enterprise funds.
Town of Cohasset, Massachusetts 18 Comprehensive Annual Financial Report
Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over
resources that have been segregated for specific activities or objectives. The Town, like other state and local
governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal
requirements. All of the funds of the Town can be divided into three categories: governmental funds, proprietary
funds, and fiduciary funds.
Governmental funds. Governmental funds are used to account for essentially the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the government-wide
financial statements, governmental fund statements focus on near-term inflows and outflows of spendable
resources, as well as on balances of spendable resources available at the end of the year. Such information may
be useful in evaluating a government’s near-term financing requirements.
Because the focus of governmental funds is narrower than that of government-wide financial statements, it is
useful to compare the information presented for governmental funds with similar information presented for
governmental activities in the government-wide financial statements. By doing so, readers may better understand
the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance
sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a
reconciliation to facilitate this comparison between governmental funds and governmental activities.
The Town adopts an annual appropriated budget for its general fund. A budgetary comparison schedule has
been provided for the general fund to demonstrate compliance with this budget.
Proprietary funds. The Town maintains one type of proprietary fund.
Enterprise funds are used to report the same functions as business-type activities in the government-wide
financial statements. The Town uses enterprise funds to account for its sewer and water activities.
Proprietary funds provide the same type of information as the government-wide financial statements, only in more
detail. The proprietary fund financial statements provide separate information for sewer and water activities, all of
which are considered major funds of the Town.
Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the
government. Fiduciary funds are not reflected in the government-wide financial statements because the
resources of those funds are not available to support the Town’s own programs. The accounting used for
fiduciary funds is much like that used for proprietary funds.
Notes to financial statements. The notes provide additional information that is essential to a full understanding
of the data provided in the government-wide and fund financial statements.
Government-wide Financial Analysis
Governmental Activities
As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. For
governmental activities, assets and deferred outflows of resources exceeded liabilities and deferred inflows of
resources by $40.2 million at the close of year 2015. The overall financial condition of the Town’s governmental
activities remained stable during year 2015.
Town of Cohasset, Massachusetts 19 Comprehensive Annual Financial Report
Governmental net position of $46.8 million (116%), reflects its investment in capital assets (e.g., land, buildings,
machinery, and equipment), less any related debt used to acquire those assets that are still outstanding. The
Town uses these capital assets to provide services to citizens; consequently, these assets are not available for
future spending. Although the investment in its capital assets is reported net of its related debt, it should be noted
that the resources needed to repay this debt must be provided from other sources, since the capital assets
themselves cannot be used to liquidate these liabilities.
An additional portion of the net position, $7 million (17%), represents resources that are subject to external
restrictions on how they may be used. The remaining balance of unrestricted net position has a year-end deficit
balance of ($13.6 million). This deficit balance is primarily due to the recognition of the $17 million net pension
liability in connection with the implementation of GASB Statement #68, Accounting and Financial Reporting for
Pensions. In connection with the implementation of GASB Statement #68, the financial statements also
recognized a revision of beginning net position to reflect the net pension liability at the beginning of the year.
Previously reported governmental net position of $55,033,890 has been revised to $38,818,593.
The governmental net position increased by $1.4 million during the current year due to several offsetting factors.
Net position increased due to $496,000 of positive budgetary results in the general fund, $696,000 of capital grant
revenue used to acquire long-term capital assets, as well as principal payments on long-term debt exceeding
depreciation expense by $712,000. Net position decreased as a result of a $980,000 increase in the Town’s
OPEB liability. The Town currently funds the other postemployment benefits on a pay-as-you-go basis which is
lower than the annual required contribution.
The governmental expenses totaled $46.1 million of which $11.5 million (25%) was directly supported by program
revenues. General revenues and transfers totaled $36 million, primarily coming from property taxes, motor
vehicle excise and non-restricted state aid.
Condensed financial data for years 2015 and 2014 is presented below.
2014
2015 (As Revised)
Assets:
Current assets………………………………………………$ 20,233,321 $ 18,243,454
Noncurrent assets (excluding capital)…………………… 5,266,132 6,126,555
Capital assets, not being depreciated…………………… 7,513,471 7,313,854
Capital assets, net of accumulated depreciation……… 56,441,389 58,451,133
Total assets……………………………………………89,454,313 90,134,996
Deferred Outflows of Resources…………………………1,293,240 731,853
Liabilities:
Current liabilities (excluding debt)……………………… 1,666,016 1,505,154
Noncurrent liabilities (excluding debt)…………………… 27,399,236 25,659,997
Current debt………………………………………………… 3,588,998 3,659,601
Noncurrent debt…………………………………………… 17,871,306 21,223,504
Total liabilities…………………………………………50,525,556 52,048,256
Net Position:
Net investment in capital assets………………………… 46,801,586 45,942,136
Restricted…………………………………………………… 6,995,791 6,742,197
Unrestricted………………………………………………… (13,575,380) (13,865,740)
Total net position……………………………………$40,221,997 $38,818,593
Town of Cohasset, Massachusetts 20 Comprehensive Annual Financial Report
2014
2015 (As Revised)
Program revenues:
Charges for services………………………………………$ 3,208,756 $ 3,081,673
Operating grants and contributions……………………… 7,583,649 8,814,016
Capital grants and contributions………………………… 695,888 470,004
General revenues:
Real estate, personal property taxes, and tax liens…… 33,093,668 31,786,548
Motor vehicle and other excise taxes…………………… 1,539,272 1,396,984
Community preservation taxes…………………………… 436,967 416,990
Penalties and interest on taxes…………………………… 166,014 189,395
Nonrestricted grants and contributions………………… 457,801 445,448
Unrestricted investment income………………………… 147,933 426,962
Total revenues…………………………………………47,329,948 47,028,020
Expenses:
Administration……………………………………………… 3,997,974 3,680,617
Public safety………………………………………………… 6,991,258 6,623,281
Education…………………………………………………… 27,464,152 28,305,008
Public works………………………………………………… 4,136,781 3,476,400
Health and welfare………………………………………… 735,795 743,217
Culture and recreation…………………………………… 1,673,178 1,582,372
Community preservation………………………………… 271,225 438,778
Interest……………………………………………………… 810,989 966,501
Total expenses………………………………………… 46,081,352 45,816,174
Excess (Deficiency) before transfers…………………… 1,248,596 1,211,846
Transfers………………………………………………………154,808 152,423
Change in net position……………………………………… 1,403,404 1,364,269
Net position, beginning of year (as revised)…………… 38,818,593 37,454,324
Net position, end of year……………………………………$40,221,997 $38,818,593
Business-type Activities
The Town’s business-type activities include water and sewer services. They are self-supporting and each fund
maintained their financial condition in year 2015.
Business-type sewer net position of $17.9 million (61%) represents the net investment in capital assets, while
$11.4 million (39%) is unrestricted. Net position decreased by $565,000 which is primarily due to the planned use
of $231,000 of reserves, as well as depreciation expense exceeding principal payments on long term debt by
$114,000.
Business-type water net position of $7.9 million (82%) represents the net investment in capital assets, while $1.7
million (18%) is unrestricted. Net position increased by $1.6 million which was primarily due to debt principal
payments on long-term debt exceeding depreciation expense by $1.2 million.
The 2014 net position of business-type activities has been revised to reflect the implementation of GASB
Statement #68 and the associated net pension liability totaling $112,169. As a result, previously reported net
position of $37,944,806 has been revised to $37,832,637.
At the end of the current year all business-type activities were able to report positive balances in all categories of
net position. The same situation held true for the prior year.
Town of Cohasset, Massachusetts 21 Comprehensive Annual Financial Report
Condensed financial data for years 2015 and 2014 is presented below.
2014
2015 (As Revised)
Assets:
Current assets……………………………………………$ 5,850,233 $ 5,040,966
Noncurrent assets (excluding capital)………………… 8,266,715 8,967,269
Capital assets, not being depreciated………………… 1,308,558 1,308,558
Capital assets, net of accumulated depreciation…… 65,056,508 66,776,316
Total assets…………………………………………80,482,014 82,093,109
Deferred outflows of resources…………………………4,856 -
Liabilities:
Current liabilities (excluding debt)……………………… 686,986 453,892
Noncurrent liabilities (excluding debt)………………… 117,584 112,169
Current debt……………………………………………… 2,997,595 3,104,280
Noncurrent debt………………………………………… 37,782,537 40,590,131
Total liabilities………………………………………41,584,702 44,260,472
Net Position:
Net investment in capital assets……………………… 25,773,697 24,552,663
Unrestricted……………………………………………… 13,128,471 13,279,974
Total net position……………………………………$38,902,168 $37,832,637
Program revenues:
Charges for services - Sewer………………………… $ 1,807,723 $ 1,840,085
Charges for services - Water…………………………… 5,143,208 4,507,575
Capital grants and contributions - Sewer……………… - 4,152
General Revenues:
Unrestricted investment income……………………… 36,228 39,862
Total revenues………………………………………6,987,159 6,391,674
Expenses:
Sewer………………………………………………..…… 2,315,178 2,379,793
Water………………………………………………..…… 3,447,642 3,553,676
Total expenses……………………………………… 5,762,820 5,933,469
Excess (Deficiency) before transfers…………………… 1,224,339 458,205
Transfers……………………………………………………(154,808) (152,423)
Change in net position…………………………………… 1,069,531 305,782
Net position, beginning of year (as revised)………… 37,832,637 37,526,855
Net position, end of year…………………………………$38,902,168 $37,832,637
Town of Cohasset, Massachusetts 22 Comprehensive Annual Financial Report
Financial Analysis of the Government’s Funds
As noted earlier, the Town uses fund accounting to ensure and demonstrate compliance with finance-related legal
requirements.
Governmental funds. The focus of governmental funds is to provide information on near-term inflows, outflows
and balances of spendable resources. Such information is useful in assessing financing requirements. In
particular, unassigned fund balance may serve as a useful measure of a government’s net resources available for
spending at the end of the year.
The General Fund is the chief operating fund. At the end of the current year, unassigned fund balance of the
General Fund was $5.2 million, assigned fund balance was $351,000, committed fund balance was $472,000 and
total fund balance was $6.0 million. Unassigned fund balance represents 13% of total general fund expenditures,
while total fund balance represents 15% of that same amount. The General Fund’s fund balance increased by
$736,000 which was primarily due to $1.5 million of transfers to stabilization funds funded through the tax levy.
Massachusetts General Law Ch.40 §5B allows for the establishment of Stabilization funds for one or more
different purposes. The creation of a fund requires a two-thirds vote of the legislative body and must clearly
define the purpose of the fund. Any changes to the purpose of the fund along with any additions to or
appropriations from the fund required a two-thirds vote of the legislative body. At year end the balance of the
General Stabilization fund is $2,288,168, the Facilities Stabilization fund is $2,296, and the Capital Stabilization
fund is $1,145,998. All stabilization balances have been reported as unassigned fund balance within the General
Fund.
General Fund Budgetary Highlights
The Town has adopted a budget for the General Fund. Actual revenues exceeded budget amounts by $761,000.
Unexpended appropriations totaled $1.3 million of which $823,000 was carried forward to year 2016. During
2015, $430,000 of supplemental appropriations were approved primarily for snow and ice costs.
Capital Asset and Debt Administration
In conjunction with the operating budget, the Town annually prepares a capital budget for the upcoming year.
Governmental capital assets, net of accumulated depreciation, at year end amounted to $64.0 million which
represented a net decrease of $1.8 million from the prior year. Major additions included the purchase of police
vehicles, street paving, as well as building improvements.
Enterprise capital assets, net of accumulated depreciation, were valued at $66.4 million at year end. Current year
additions totaled $60,000, all of which were related to water building improvements. Depreciation of $1.8 million
was recorded in 2015.
Outstanding long-term debt of governmental activities, as of June 30, 2015, totaled $20.6 million, a decrease of
$3.2 million from the prior year. This decrease was entirely due to principal payments on long term debt.
The Water Enterprise fund had $28.4 million of long-term debt outstanding at year-end, a decrease of $2.3 million
from the prior year. This decrease was entirely due to principal payments on long term debt.
The Sewer Enterprise fund had $12.2 million of long-term debt outstanding at year-end, a decrease of $655,000
from the prior year. This decrease was entirely due to principal payments on long term debt.
Town of Cohasset, Massachusetts 23 Comprehensive Annual Financial Report
Please refer to footnotes 4, 6, and 7 for further discussion of the major capital asset and debt activity.
Requests for Information
This financial report is designed to provide a general overview of the Town of Cohasset’s finances for all those
with an interest in the government’s finances. Questions concerning any of the information provided in this report
or requests for additional financial information should be addressed to the Office of the Finance Director, Town
Hall, 41 Highland Avenue, Cohasset, Massachusetts 02025.
Town of Cohasset, Massachusetts 24 Comprehensive Annual Financial Report
This page intentionally left blank.
Town of Cohasset, Massachusetts 25 Comprehensive Annual Financial Report
Basic Financial Statements
Town of Cohasset, Massachusetts 26 Comprehensive Annual Financial Report
This page intentionally left blank.
STATEMENT OF NET POSITION
JUNE 30, 2015
Primary Government
Governmental Business-type
Activities Activities Total
ASSETS
CURRENT:
Cash and cash equivalents…………………………………………………$ 11,775,404 $ 2,072,626 $ 13,848,030
Investments…………………………………………………………………… 5,028,553 1,148,427 6,176,980
Receivables, net of allowance for uncollectibles:
Real estate, personal property and tax deferrals……………………… 543,491 - 543,491
Tax liens……………………………………...…………………………… 994,096 - 994,096
Motor vehicle and other excise taxes…………………………………… 72,512 - 72,512
User charges……………………………………………………………… - 1,948,154 1,948,154
Departmental and other………………………………………………… 148,298 - 148,298
Special assessments…………………………………………………… 228,040 681,026 909,066
Intergovernmental………………………………………………………… 1,442,927 - 1,442,927
Total Current Assets……………………………………………………… 20,233,321 5,850,233 26,083,554
NONCURRENT:
Receivables, net of allowance for uncollectibles:
Special assessments…………………………………………………… 2,486,246 8,266,715 10,752,961
Intergovernmental………………………………………………………… 2,779,886 - 2,779,886
Capital assets, non depreciable…………………………….……………… 7,513,471 1,308,558 8,822,029
Capital assets, net of accumulated depreciation………………………… 56,441,389 65,056,508 121,497,897
Total Noncurrent Assets………………………………………………… 69,220,992 74,631,781 143,852,773
TOTAL ASSETS………………………………………………………………… 89,454,313 80,482,014 169,936,327
DEFERRED OUTFLOWS OF RESOURCES
Deferred charges on refunding……………………………………………… 591,308 - 591,308
Deferred outflows of resources related to pensions……………………… 701,932 4,856 706,788
TOTAL DEFERRED OUTFLOWS OF RESOURCES……………………… 1,293,240 4,856 1,298,096
LIABILITIES
CURRENT:
Warrants payable…………………………………………………………… 954,300 348,757 1,303,057
Accrued payroll……………………………………………………………… 458,854 2,696 461,550
Accrued interest……………………………………………………………… 207,197 335,533 542,730
Other liabilities………………………………………………………………… 25,665 - 25,665
Landfill closure……………………………………………………………… 20,000 - 20,000
Notes payable………………………………………………………………… 236,800 190,000 426,800
Bonds payable……………………………………………………………… 3,352,198 2,807,595 6,159,793
Total Current Liabilities…………………………………………………… 5,255,014 3,684,581 8,939,595
NONCURRENT:
Landfill closure……………………………………………………………… 217,226 - 217,226
Other postemployment benefits…………………………………………… 10,184,000 - 10,184,000
Net pension liability…………………………………………………………… 16,998,010 117,584 17,115,594
Bonds payable……………………………………………………………… 17,871,306 37,782,537 55,653,843
Total Noncurrent Liabilities………………………………………………… 45,270,542 37,900,121 83,170,663
TOTAL LIABILITIES…………………………………………………………… 50,525,556 41,584,702 92,110,258
NET POSITION
Net investment in capital assets……………………………………………… 46,801,586 25,773,697 72,575,283
Restricted for:
Debt service……………………………………………………...…………… 548,047 - 548,047
Permanent funds:
Nonexpendable…………………………………………………………… 424,735 - 424,735
Expendable……….……………………………………………………… 1,976,348 - 1,976,348
Grants and gifts……………………………………………………………… 2,088,984 - 2,088,984
Community preservation…………………………………………………… 1,957,677 - 1,957,677
Unrestricted……………………………………………………………………… (13,575,380) 13,128,471 (446,909)
TOTAL NET POSITION…………………………………………………………$ 40,221,997 $ 38,902,168 $ 79,124,165
See notes to basic financial statements.
Town of Cohasset, Massachusetts 27 Comprehensive Annual Financial Report
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2015
Operating Capital
Charges for Grants and Grants and Net (Expense)
Functions/Programs Expenses Services Contributions Contributions Revenue
Primary Government:
Governmental Activities:
Administration…………………………………$ 3,997,974 $ 685,031 $ 269,881 $ - $ (3,043,062)
Public safety…………………………………… 6,991,258 1,058,895 73,431 - (5,858,932)
Education……………………………………… 27,464,152 1,129,365 5,948,648 - (20,386,139)
Public works…………………………………… 4,136,781 292,558 161,443 564,749 (3,118,031)
Health and welfare…………………………… 735,795 32,907 204,437 - (498,451)
Culture and recreation……………………… 1,673,178 10,000 641,623 - (1,021,555)
Community preservation…………………… 271,225 - - 131,139 (140,086)
Interest………………………………………… 810,989 - 284,186 - (526,803)
Total Governmental Activities……………… 46,081,352 3,208,756 7,583,649 695,888 (34,593,059)
Business-Type Activities:
Sewer…………………………………………… 2,315,178 1,807,723 - - (507,455)
Water…………………………………………… 3,447,642 5,143,208 - - 1,695,566
Total Business-Type Activities…………… 5,762,820 6,950,931 - - 1,188,111
Total Primary Government…………………$ 51,844,172 $ 10,159,687 $ 7,583,649 $ 695,888 $(33,404,948)
See notes to basic financial statements.(Continued)
Program Revenues
Town of Cohasset, Massachusetts 28 Comprehensive Annual Financial Report
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2015
Governmental Business-Type
Activities Activities Total
Changes in net position:
Net (expense) revenue from previous page………………………$(34,593,059) $1,188,111 $(33,404,948)
General revenues:
Real estate and personal property taxes,
net of tax refunds……………………………………………… 33,093,668 - 33,093,668
Motor vehicle and other excise taxes………………………… 1,539,272 - 1,539,272
Community preservation tax………...………………………… 436,967 - 436,967
Penalties and interest on taxes………………………………… 166,014 - 166,014
Grants and contributions not restricted to
specific programs……………………………………………… 457,801 - 457,801
Unrestricted investment income………………………………… 147,933 36,228 184,161
Transfers, net ………………………………………………………… 154,808 (154,808) -
Total general revenues and transfers……………………………… 35,996,463 (118,580) 35,877,883
Change in net position………………………………………… 1,403,404 1,069,531 2,472,935
Net Position:
Beginning of year, as revised………………..…………………… 38,818,593 37,832,637 76,651,230
End of year…………………………………………………………$ 40,221,997 $ 38,902,168 $ 79,124,165
See notes to basic financial statements.(Concluded)
Primary Government
Town of Cohasset, Massachusetts 29 Comprehensive Annual Financial Report
GOVERNMENTAL FUNDS
BALANCE SHEET
JUNE 30, 2015
Nonmajor Total
Governmental Governmental
General Funds Funds
ASSETS
Cash and cash equivalents……………………………………$ 4,683,253 $ 7,092,151 $ 11,775,404
Investments…………………………………………………… 2,255,133 2,773,420 5,028,553
Receivables, net of uncollectibles:
Real estate, personal property and tax deferrals ……… 543,491 - 543,491
Tax liens…………………………………….……………… 988,674 5,422 994,096
Motor vehicle and other excise taxes…………………… 72,512 - 72,512
Departmental and other…………………………………… 141,930 6,368 148,298
Special assessments……………………………………… 1,831,093 883,193 2,714,286
Intergovernmental………………………………………… 3,366,782 856,031 4,222,813
Due from other funds………………………………………… 8,978 - 8,978
TOTAL ASSETS………………………………………………$ 13,891,846 $ 11,616,585 $ 25,508,431
LIABILITIES
Warrants payable………………………………………… $ 623,599 $ 330,701 $ 954,300
Accrued payroll…………………………………………… 428,664 30,190 458,854
Other liabilities……………………………………………… 25,665 - 25,665
Due to other funds………………………………………… - 8,978 8,978
Notes payable……………………………………………… - 236,800 236,800
TOTAL LIABILITIES…………………………………………… 1,077,928 606,669 1,684,597
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues……………………………………… 6,795,168 1,451,830 8,246,998
FUND BALANCES
Nonspendable……………………………………………… - 424,735 424,735
Restricted…………………………………………………… - 9,133,351 9,133,351
Committed………………………………………………… 471,938 - 471,938
Assigned…………………………………………………… 351,097 - 351,097
Unassigned………………………………………………… 5,195,715 - 5,195,715
TOTAL FUND BALANCES…………………………………… 6,018,750 9,558,086 15,576,836
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES……………$ 13,891,846 $ 11,616,585 $ 25,508,431
See notes to basic financial statements.
Town of Cohasset, Massachusetts 30 Comprehensive Annual Financial Report
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TOTAL FUND BALANCES TO THE STATEMENT OF NET POSITION
JUNE 30, 2015
Total governmental fund balances……………………………………………………………………… $ 15,576,836
Capital assets (net) used in governmental activities are not financial resources
and, therefore, are not reported in the funds…………………………………………………… 63,954,860
Certain changes in the net pension liability are required to be included in pension
expense over future periods. These changes are reported as deferred outflows of
resources or (deferred inflows of resources) related to pensions…………………………… 701,932
Accounts receivable are not available to pay for current-period
expenditures and, therefore, are unearned in the funds……………………………………… 8,246,998
In the statement of activities, interest is accrued on outstanding long-term debt,
whereas in governmental funds interest is not reported until due…………………………… (207,197)
Long-term liabilities are not due and payable in the current period and, therefore,
are not reported in the governmental funds
Bonds payable……………………………………..…………………………………………… (20,617,799)
Unamortized premium on bonds payable……………………………………………………… (605,705)
Unamortized deferred loss on refunding……………………………………………………… 591,308
Landfill closure…………………………………………………………………………………… (237,226)
Other postemployment benefits………………………………………………………………… (10,184,000)
Net pension liability……………………………………………………………………………… (16,998,010)
Net effect of reporting long-term liabilities……………………………………………… (48,051,432)
Net position of governmental activities………………………………………………………………… $ 40,221,997
See notes to basic financial statements.
Town of Cohasset, Massachusetts 31 Comprehensive Annual Financial Report
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
YEAR ENDED JUNE 30, 2015
Nonmajor Total
Governmental Governmental
General Funds Funds
REVENUES:
Real estate and personal property taxes,
net of tax refunds………………………………………………$ 33,054,033 $ - $ 33,054,033
Motor vehicle and other excise taxes…………………………… 1,561,442 - 1,561,442
Fees and rentals………………………………………………… 976,186 - 976,186
Penalties and interest on taxes………………………………… 163,479 2,535 166,014
Fines and forfeitures……………………………………………… 36,523 - 36,523
Licenses and permits…………………………………………… 652,504 - 652,504
Charges for services……………………………………………… - 1,090,181 1,090,181
Intergovernmental………………………………………………… 5,762,140 1,882,761 7,644,901
Departmental and other………………………………………… 315,006 534,256 849,262
Community preservation taxes………………………………… - 430,473 430,473
Contributions……………………………………………………… - 811,760 811,760
Special assessments…………………………………………… 403,783 150,912 554,695
Investment income……………………………………………… 99,530 48,403 147,933
TOTAL REVENUES……………………………………… 43,024,626 4,951,281 47,975,907
EXPENDITURES:
Current:
Administration………………………………………………… 2,524,755 569,590 3,094,345
Public safety…………………………………………………… 4,791,406 116,880 4,908,286
Education……………………………………………………… 17,135,774 2,903,902 20,039,676
Public works…………………………………………………… 2,757,732 531,957 3,289,689
Health and welfare…………………………………………… 534,692 44,366 579,058
Culture and recreation………………………………………… 685,125 559,321 1,244,446
Pension benefits……………………………………………… 3,611,380 - 3,611,380
Employee benefits…………………………………………… 4,366,746 - 4,366,746
Community preservation……………………………………… - 271,225 271,225
State and county charges………………………………………… 1,015,079 - 1,015,079
Debt service:
Principal………………………………………………………… 3,219,630 - 3,219,630
Interest………………………………………………………… 846,574 - 846,574
TOTAL EXPENDITURES………………………………… 41,488,893 4,997,241 46,486,134
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES…………………………… 1,535,733 (45,960) 1,489,773
OTHER FINANCING SOURCES (USES):
Transfers in……………………………………………………… 357,484 1,126,048 1,483,532
Transfers out……………………………………………………… (1,157,486) (171,238) (1,328,724)
TOTAL OTHER FINANCING SOURCES (USES)…… (800,002) 954,810 154,808
NET CHANGE IN FUND BALANCES……………………………… 735,731 908,850 1,644,581
FUND BALANCES AT BEGINNING OF YEAR…………………… 5,283,019 8,649,236 13,932,255
FUND BALANCES AT END OF YEAR……………………………$ 6,018,750 $ 9,558,086 $ 15,576,836
See notes to basic financial statements.
Town of Cohasset, Massachusetts 32 Comprehensive Annual Financial Report
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2015
Net change in fund balances - total governmental funds…………………………………………………… $ 1,644,581
Governmental funds report capital outlays as expenditures. However, in the
Statement of Activities the cost of those assets is allocated over their
estimated useful lives and reported as depreciation expense.
Capital outlay………………………………………………………………………………………… 697,665
Depreciation expense………………………………………………………………………………… (2,507,792)
Net effect of reporting capital assets………………………………………………………… (1,810,127)
Revenues in the Statement of Activities that do not provide current financial
resources are fully unearned in the Statement of Revenues, Expenditures and
Changes in Fund Balances. Therefore, the recognition of revenue for various
types of accounts receivable (i.e., real estate and personal property, motor
vehicle excise, etc.) differ between the two statements. This amount represents
the net change in unearned revenue…………………………………………………………………… (645,960)
The issuance of long-term debt (e.g., bonds and leases) provides current financial
resources to governmental funds, while the repayment of the principal of long-
term debt consumes the financial resources of governmental funds. Neither
transaction, however, has any effect on net position. Also, governmental funds
report the effect of premiums, discounts, and similar items when debt is
first issued, whereas these amounts are deferred and amortized in the
Statement of Activities.
Debt service principal payments…………………………………………………………………… 3,219,632
Amortization of bond premiums……………………………………………………………………… 143,969
Amortization of deferred charge on refunding……………………………………………………… (140,545)
Net effect of reporting long-term debt……………………………………………………… 3,223,056
Some expenses reported in the Statement of Activities do not require the use of
current financial resources and, therefore, are not reported as expenditures
in the governmental funds.
Net change in accrued interest on long-term debt………………………………………………… 32,161
Net change in landfill closure accrual……………………………………………………………… 20,474
Net change in other postemployment benefits accrual…………………………………………… (980,000)
Net change in deferred outflow/(inflow) of resources related to pensions……………………… 701,932
Net change in net pension liability…………………………………………………………………… (782,713)
Net effect of recording long-term liabilities………………………………………………… (1,008,146)
Change in net position of governmental activities…………………………………………………………… $ 1,403,404
See notes to basic financial statements.
Town of Cohasset, Massachusetts 33 Comprehensive Annual Financial Report
PROPRIETARY FUNDS
STATEMENT OF NET POSITION
JUNE 30, 2015
Business-type Activities - Enterprise Funds
Sewer Water Total
ASSETS
CURRENT:
Cash and cash equivalents…………………………………… $ 1,479,945 $ 592,681 $ 2,072,626
Investments……………………………………………………… 1,148,427 - 1,148,427
Receivables, net of allowance for uncollectibles:
User charges………………………………………………… 522,815 1,425,339 1,948,154
Special assessments………………………………………… 681,026 - 681,026
Total current assets……………………………………… 3,832,213 2,018,020 5,850,233
NONCURRENT:
Receivables, net of allowance for uncollectibles:
Special assessments………………………………………… 8,266,715 - 8,266,715
Capital assets, nondepreciable………………………………… 1,009 1,307,549 1,308,558
Capital assets, net of accumulated depreciation…………… 30,123,833 34,932,675 65,056,508
Total noncurrent assets………………………………… 38,391,557 36,240,224 74,631,781
TOTAL ASSETS…………………………………………………… 42,223,770 38,258,244 80,482,014
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources related to pensions………… 4,856 - 4,856
LIABILITIES
CURRENT:
Warrants payable………………………………………………… 308,820 39,937 348,757
Accrued payroll…………………………………………………… 2,696 - 2,696
Accrued interest………………………………………………… 110,085 225,448 335,533
Notes payable…………………………………………………… 190,000 - 190,000
Bonds payable…………………………………………………… 666,137 2,141,458 2,807,595
Total current liabilities…………………………………… 1,277,738 2,406,843 3,684,581
NONCURRENT:
Net pension liability……………………………………………… 117,584 - 117,584
Bonds payable…………………………………………………… 11,513,655 26,268,882 37,782,537
TOTAL LIABILITIES………………………………………………… 12,908,977 28,675,725 41,584,702
NET POSITION
Net investment in capital assets…………………………………… 17,920,824 7,852,873 25,773,697
Unrestricted………………………………………………………… 11,398,825 1,729,646 13,128,471
TOTAL NET POSITION……………………………………………$ 29,319,649 $ 9,582,519 $ 38,902,168
See notes to basic financial statements.
Town of Cohasset, Massachusetts 34 Comprehensive Annual Financial Report
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
YEAR ENDED JUNE 30, 2015
Business-type Activities - Enterprise Funds
Sewer Water Total
OPERATING REVENUES:
Charges for services …………………………………………$ 1,578,867 $ 5,143,208 $ 6,722,075
OPERATING EXPENSES:
Cost of service and administration…………………………… 1,258,554 1,513,974 2,772,528
Depreciation…………………………………………………… 768,937 1,010,940 1,779,877
TOTAL OPERATING EXPENSES ……………………… 2,027,491 2,524,914 4,552,405
OPERATING INCOME (LOSS)…………………………… (448,624) 2,618,294 2,169,670
NONOPERATING REVENUES (EXPENSES):
Investment income…………………………………………… 35,550 678 36,228
Interest expense……………………………………………… (287,687) (922,728) (1,210,415)
Penalties and interest…………………………………….…… 228,856 - 228,856
TOTAL NONOPERATING
REVENUES (EXPENSES), NET………………………… (23,281) (922,050) (945,331)
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS………………………………………… (471,905) 1,696,244 1,224,339
TRANSFERS:
Transfers in…………………………………………………… - 31,438 31,438
Transfers out…………………………………………………… (93,123) (93,123) (186,246)
TOTAL TRANSFERS……………………………………… (93,123) (61,685) (154,808)
CHANGE IN NET POSITION……………………………… (565,028) 1,634,559 1,069,531
NET POSITION AT BEGINNING OF YEAR, AS REVISED… 29,884,677 7,947,960 37,832,637
NET POSITION AT END OF YEAR…………………………… $ 29,319,649 $ 9,582,519 $ 38,902,168
See notes to basic financial statements.
Town of Cohasset, Massachusetts 35 Comprehensive Annual Financial Report
Sewer Water
Fund Fund Total
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers and users……………………………………………$ 1,827,946 $ 5,064,342 $ 6,892,288
Payments to vendors…………………………………………………………… (938,331) (1,514,341) (2,452,672)
Payments to employees………………………………………………………… (57,478) - (57,478)
NET CASH FROM OPERATING ACTIVITIES…………………………………… 832,137 3,550,001 4,382,138
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Transfers in……………………………………………………………………… - 31,438 31,438
Transfers out……………………………………………………………………… (93,123) (93,123) (186,246)
NET CASH FROM NONCAPITAL FINANCING ACTIVITIES…………………… (93,123) (61,685) (154,808)
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Proceeds from the issuance of bonds and notes……………………………… 190,000 - 190,000
Special assessments…………………………………………………………… 720,135 - 720,135
Acquisition and construction of capital assets………………………………… - (60,069) (60,069)
Principal payments on bonds and notes……………………………………… (845,034) (2,259,246) (3,104,280)
Interest expense………………………………………………………………… (293,390) (945,749) (1,239,139)
NET CASH FROM CAPITAL AND RELATED FINANCING ACTIVITIES……… (228,289) (3,265,064) (3,493,353)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments………………………………………………………… (368,865) - (368,865)
Investment income……………………………………………………………… 35,550 678 36,228
NET CASH FROM INVESTING ACTIVITIES…………………………………… (333,315) 678 (332,637)
NET CHANGE IN CASH AND CASH EQUIVALENTS………………………… 177,410 223,930 401,340
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR…… 1,302,535 368,751 1,671,286
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR…………… $ 1,479,945 $ 592,681 $ 2,072,626
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
FROM OPERATING ACTIVITIES:
Operating income (loss)…………………………………………………………$ (448,624) $ 2,618,294 $ 2,169,670
Adjustments to reconcile operating income (loss) to net
cash from operating activities:
Depreciation…………………………………………………………………… 768,937 1,010,940 1,779,877
Deferred (outflows)/inflows related to pensions…………………………… (4,856) - (4,856)
Penalties and interest receipts…………………………………….………… 228,856 - 228,856
Changes in assets and liabilities:
User fees…………………………………………………………………… 20,223 (78,866) (58,643)
Warrants payable………………………………………………………… 261,793 (367) 261,426
Accrued payroll…………………………………………………………… 393 - 393
Net pension liability……………………………………………………… 5,415 - 5,415
Total adjustments……………………………………………………… 1,280,761 931,707 2,212,468
NET CASH FROM OPERATING ACTIVITIES……………………………………$ 832,137 $ 3,550,001 $ 4,382,138
See notes to basic financial statements.
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS
YEAR ENDED JUNE 30, 2015
Business-type Activities - Enterprise Funds
Town of Cohasset, Massachusetts 36 Comprehensive Annual Financial Report
Other
Postemployment Private
Benefit Purpose Agency
Trust Fund Trust Funds Fund
ASSETS
Cash and cash equivalents……...…………………………………………$ 1,836 $ 17,604 $ 626,870
Investments:
Mutual funds……………………………………………………………… 499,058 - -
PRIT……………………………………………………………………… 399,827 - -
Equity securities………………………………………………………… - 785,001 -
Receivables, net of allowance for uncollectibles:
Departmental and other receivables…………………………………… - - 200,626
TOTAL ASSETS………………………………………………………………… 900,721 802,605 827,496
LIABILITIES
Accrued liabilities…………………………………………………………… - - 28,570
Payroll withholdings………………………………………………………… - - 531,737
Liabilities due depositors…………………………………………………… - - 267,189
TOTAL LIABILITIES…………………………………………………………… - - 827,496
NET POSITION
Held in trust for OPEB benefits and other purposes……………………$ 900,721 $ 802,605 $ -
See notes to basic financial statements.
FIDUCIARY FUNDS
STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2015
Town of Cohasset, Massachusetts 37 Comprehensive Annual Financial Report
Other
Postemployment Private
Benefit Purpose
Trust Fund Trust Funds
ADDITIONS:
Contributions:
Employer……………………………………………………………………………………$ 300,000 $ -
Private donations………………………………………………………………………… - 300
Total contributions…………………………………………………………………… 300,000 300
Net investment income:
Interest……………………………………………………………………………………… 17,580 27,412
TOTAL ADDITIONS…………………………………………………………………… 317,580 27,712
DEDUCTIONS:
Educational scholarships………………………………………………………………… - 13,501
CHANGE IN NET POSITION………………………………………………………… 317,580 14,211
NET POSITION AT BEGINNING OF YEAR……………………………………………… 583,141 788,394
NET POSITION AT END OF YEAR…………………………………………………………$ 900,721 $ 802,605
See notes to basic financial statements.
FIDUCIARY FUNDS
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
YEAR ENDED JUNE 30, 2015
Town of Cohasset, Massachusetts 38 Comprehensive Annual Financial Report
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 39 Comprehensive Annual Financial Report
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Notes to Basic Financial Statements
The accompanying basic financial statements of the Town of Cohasset, Massachusetts (the Town) have been
prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
The Governmental Accounting Standards Board (GASB) is the recognized standard-setting body for establishing
governmental accounting and financial reporting principles. The significant accounting policies are described
herein.
A. Reporting Entity
The Town of Cohasset, Massachusetts, was incorporated in 1770, and has an open Town Meeting form of
government with administrative authority vested in a five member Board of Selectmen and an appointed Town
Manager. The Town’s major operations include police and fire protection, parks, library, recreation, public works,
education, and general administrative services. In addition, the Town owns and operates a water system and
sewer system.
For financial reporting purposes, the Town has included all funds, organizations, agencies, boards, commissions
and institutions. The Town has also considered all potential component units for which it is financially
accountable as well as other organizations for which the nature and significance of their relationship with the
Town are such that exclusion would cause the basic financial statements to be misleading or incomplete. As
required by GAAP, these basic financial statements present the Town (the primary government) and its
component units. Pursuant to these criteria, the Town includes one entity, The Cohasset Library Trust, as a
blended component unit within the basic financial statements.
Blended Component Unit
Chapter 368 of the Acts of 2006 of the Massachusetts General Court granted the Cohasset Board of Library
Trustees the right to establish a nonprofit corporation to be called the Cohasset Library Trust, Inc. under chapter
180 of the General Laws. Chapter 368 requires the Town Treasurer to serve as ex officio Treasurer of the Trust.
The criteria used to determine the Trust being reported as a blended component unit within the permanent funds
include the following. The legislation granted the Trustees the power to appoint the board of directors and remove
any director with or without cause. The Town is financially accountable for the Trust as it has access to the
resources and a financial benefit exists. Upon establishment of the Trust, the legislation required the Town
Treasurer to turn over the Town Library Endowment funds. The Board of Library Trustees solicits donations to
increase the endowment and directs the donors to make the donations directly to the Trust. The Trust’s purpose
is to invest endowment funds and ultimately provide resources to support the capital and operating needs of the
Town Library as determined by the Trustees. This support can be in the form of a transfer to the Town or minor
expenses made directly from the Trust. The Trust is blended primarily due to the fact the directors of the Trust
provide services exclusively to the Town Treasurer to assist in management of the endowment fund of the Paul
Pratt Memorial Library, the public library of the Town. The legislation states that the Trust shall have no role in
the governance of the Library. The Trust does not issue publically available financial statements.
Joint Venture
The Town is a member of the South Shore Vocational Technical High School that provides educational services
to eight area communities. This joint venture assesses each community its share of operating and debt service
costs based on student population and other factors. In 2015, Cohasset’s share of the operating and debt
expenses was $84,250. There is no equity interest reported in these financial statements. Complete audited
financial statements can be obtained directly from the School’s administrative office located at 476 Webster
Street, Hanover, MA 02339.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 40 Comprehensive Annual Financial Report
B. Government-Wide and Fund Financial Statements
Government-Wide Financial Statements
The government-wide financial statements (i.e., statement of net position and the statement of changes in net
position) report information on all of the non-fiduciary activities of the primary government and its component
units.
Governmental activities, which are primarily supported by taxes and intergovernmental revenues, are reported
separately from business-type activities, which are supported primarily by user fees and charges.
Fund Financial Statements
Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even
though fiduciary funds are excluded from the government-wide financial statements. Major individual
governmental funds and major individual enterprise funds are reported as separate columns in the fund financial
statements. Non-major funds are aggregated and displayed in a single column.
Major Fund Criteria
Major funds must be reported if the following criteria are met:
• If total assets and deferred outflows of resources, liabilities and deferred inflows of resources,
revenues, or expenditures/expenses of an individual governmental or enterprise fund are at least
10 percent of the corresponding element (assets and deferred outflows of resources, liabilities
and deferred inflows or resources, etc.) for all funds of that category or type (total governmental
or total enterprise funds), and
• If the total assets and deferred outflows of resources, liabilities and deferred inflows of resources,
revenues, or expenditures/expenses of the individual governmental fund or enterprise fund are at
least 5 percent of the corresponding element for all governmental and enterprise funds combined.
Additionally, any other governmental or enterprise fund that management believes is particularly
significant to the basic financial statements may be reported as a major fund.
Fiduciary funds are reported by fund type.
C. Measurement Focus, Basis of Accounting and Financial Statement Presentation
Government-Wide Financial Statements
The government-wide financial statements are reported using the economic resources measurement focus and
the accrual basis of accounting. Under this method, revenues are recorded when earned and expenses are
recorded when the liabilities are incurred. Real estate and personal property taxes are recognized as revenues in
the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility
requirements imposed by the provider have been met.
The statement of activities demonstrates the degree to which the direct expenses of a particular function or
segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific
function or segment. Program revenues include the following:
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 41 Comprehensive Annual Financial Report
• Charges to customers or applicants who purchase, use, or directly benefit from goods, services, or
privileges provided by a given function or segment.
• Grants and contributions that are restricted to meeting the operational requirements of a particular
function or segment.
• Grants and contributions that are restricted to meeting the capital requirements of a particular function or
segment.
Taxes and other items not identifiable as program revenues are reported as general revenues.
For the most part, the effect of interfund activity has been removed from the government-wide financial
statements. Exceptions are charges between the general fund and sewer and water funds. Elimination of these
charges would distort the direct costs and program revenues reported for the functions affected.
Fund Financial Statements
Governmental fund financial statements are reported using the flow of current financial resources measurement
focus and the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues
are recognized when susceptible to accrual (i.e., when measurable and available). Measurable means the
amount of the transaction can be determined and available means collectible within the current period or soon
enough thereafter to pay liabilities of the current period. Expenditures are recorded when a liability is incurred, as
under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated
absences, and claims and judgments are recorded only when payment is due. General capital asset acquisitions
are reported as expenditures in governmental funds. Issuance of long-term debt and acquisitions under capital
leases are reported as other financing sources.
Real estate and personal property tax revenues are considered available if they are collected within 60 days after
year-end. Investment income is susceptible to accrual. Other receipts and tax revenues become measurable
and available when the cash is received and are recognized as revenue at that time.
Entitlements and shared revenues are recorded at the time of receipt or earlier if the susceptible to accrual criteria
is met. Expenditure driven grants recognize revenue when the qualifying expenditures are incurred and all other
grant requirements are met.
The following major governmental funds are reported:
The General fund is the primary operating fund. It is used to account for all financial resources, except those that
are required to be accounted for in another fund.
The nonmajor governmental funds consist of special revenue and permanent funds that are aggregated and
presented in the nonmajor governmental funds column on the governmental funds financial statements. The
following describes the general use of these fund types:
The special revenue fund is used to account for and report the proceeds of specific revenue sources that are
restricted or committed to expenditure for specified purposes other than permanent funds or capital projects.
The capital projects fund is used to account for financial resources that are restricted, committed or assigned to
expenditures for capital outlays.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 42 Comprehensive Annual Financial Report
The permanent fund is used to account for and report financial resources that are legally restricted to the extent
that only earnings, not principal, may be used for purposes that support the governmental programs.
Proprietary fund financial statements are reported using the flow of economic resources measurement focus and
use the accrual basis of accounting. Under this method, revenues are recorded when earned and expenses are
recorded when the liabilities are incurred.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues
and expenses generally result from providing services and producing and delivering goods in connection with the
proprietary funds principal ongoing operations. All revenues and expenses not meeting this definition are
reported as nonoperating revenues and expenses.
The following major proprietary funds are reported:
The Sewer enterprise fund is used to account for sewage treatment operations of the department of public works
that are financed and operated in a manner similar to private business enterprises where the intent of the
governing body is that the costs (expenses, including depreciation) of providing goods and services to the general
public on a continuing basis be financed or recovered primarily through user charges.
The Water enterprise fund is used to account for water distribution operations of the department of public works
that are financed and operated in a manner similar to private business enterprises where the intent of the
governing body is that the costs (expenses, including depreciation) of providing goods and services to the general
public on a continuing basis be financed or recovered primarily through user charges.
Fiduciary fund financial statements are reported using the flow of economic resources measurement focus and
use the accrual basis of accounting. Fiduciary funds are used to account for assets held in a trustee capacity for
others that cannot be used to support the governmental programs.
The following fiduciary fund types are reported:
The other postemployment benefit trust fund is used to accumulate resources to provide funding for future OPEB
liabilities.
The private purpose trust fund is used to account for trust arrangements that exclusively benefit individuals,
private organizations, or other governments. Some of these trusts have donor restrictions and trustee policies
that do not allow the endowment portion and any unrealized appreciation to be spent. The restrictions and trustee
policies only allows the trustees to approve spending of the realized investment earnings. The Town’s mainly
uses this fund to account for educational scholarships.
The agency fund is used to account for assets held in a purely custodial capacity. The Town’s agency funds
consist of off-duty work details, performance bonds, and fees collected on behalf of other governments. Agency
funds apply the accrual basis of accounting but do not have a measurement focus.
D. Cash and Investments
Government-Wide and Fund Financial Statements
Cash and cash equivalents are considered to be cash on hand, demand deposits and short-term investments with
an original maturity of three months or less from the date of acquisition.
Investments are carried at fair value. The fair values were determined by the closing price for those securities
traded on national stock exchanges and the average bid-and-ask quotation for those securities traded in the over-
the-counter market.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 43 Comprehensive Annual Financial Report
E. Accounts Receivable
Government-Wide and Fund Financial Statements
The recognition of revenue related to accounts receivable reported in the government-wide financial statements
and the proprietary funds and fiduciary funds financial statements are reported under the accrual basis of
accounting. The recognition of revenue related to accounts receivable reported in the governmental funds
financial statements are reported under the modified accrual basis of accounting.
Real Estate, Personal Property Taxes and Tax Liens
Real estate and personal property taxes are levied and based on values assessed on January 1st of every year.
Assessed values are established by the Board of Assessor’s for 100% of the estimated fair market value. Real
estate and personal property taxes are billed on a quarterly basis. The first two quarters (August 1st and
November 1st) are preliminary tax bills based upon the previous year’s total annual tax. The second two quarters
(February 1st and May 1st) are actual tax, reflecting the current year assessment and the current tax rate. Taxes
due and unpaid are subject to penalties and interest if they are not paid by the respective due date. The Town has
an ultimate right to foreclose on property for which taxes have not been paid. Real estate and personal property
taxes levied are recorded as receivables in the year of the levy and are recorded under the modified accrual basis
of accounting.
Real estate tax liens are processed after the tax bills are sent and are recorded as receivables in the year they
are processed.
Real estate receivables are secured via the tax lien process and are considered 100% collectible. Accordingly,
an allowance for uncollectible accounts is not reported.
Personal property taxes cannot be secured through the lien process. The allowance of uncollectible accounts is
estimated based on historical trends and specific account analysis.
Motor Vehicle and Other Excise Taxes
Motor vehicle excise taxes are assessed annually for each vehicle registered and are recorded as receivables in
the year of the levy. The Commonwealth is responsible for reporting the number of vehicles registered and the
fair values of those vehicles. The tax calculation is the fair value of the vehicle multiplied by $25 per $1,000 of
value.
Boat excise taxes are assessed annually for each boat registered and are recorded as receivables in the year of
the levy. The Commonwealth is responsible for reporting the number of boats registered and the fair value of
those boats. The tax calculation is the fair value of the boat multiplied by $10 per $1,000 of value. The allowance
for uncollectible accounts is estimated based on historical trends and specific account analysis.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 44 Comprehensive Annual Financial Report
User Charges
User fees are levied quarterly based on individual meter readings and are subject to penalties and interest if they
are not paid by the respective due date. Unbilled user fees are estimated at year-end and are recorded as
revenue in the current period. Water and Sewer liens are processed in December of every year and included as
a lien on the property owner’s tax bill. Water and Sewer charges and liens are recorded as receivables in the
year of the levy. Since the receivables are secured via the lien process, these accounts are considered 100%
collectible and therefore do not report an allowance for uncollectible accounts.
Departmental and Other
Departmental and other receivables consist primarily of ambulance charges and veterans benefits and are
recorded as receivables in the year accrued. The allowance of uncollectible accounts is estimated based on
historical trends and specific account analysis.
Special Assessments
Special assessments consist of sewer construction and particular apportioned street and water line betterments.
These receivables are considered to be 100% collectible and therefore do not report an allowance for
uncollectible accounts.
Intergovernmental
Various federal and state grants for operating and capital purposes are applied for and received annually. For
non-expenditure driven grants, receivables are recorded as soon as all eligibility requirements imposed by the
provider have been met. For expenditure driven grants, receivables are recorded when the qualifying
expenditures are incurred and all other grant requirements are met.
These receivables are considered 100% collectible and therefore do not report an allowance for uncollectible
accounts.
F. Inventories
Government-Wide and Fund Financial Statements
Inventories are recorded as expenditures at the time of purchase. Such inventories are not material in total to the
government-wide and fund financial statements, and therefore are not reported.
G. Capital Assets
Government-Wide and Proprietary Fund Financial Statements
Capital assets, which include land, land improvements, buildings, machinery and equipment, vehicles and
infrastructure (e.g., roads, water mains, sewer mains, and similar items), are reported in the applicable
governmental or business-type activity column of the government-wide financial statements, and the proprietary
fund financial statements. Capital assets are recorded at historical cost, or at estimated historical cost, if actual
historical cost is not available. Donated capital assets are recorded at the estimated fair market value at the date
of donation. Except for the capital assets of the governmental activities column in the government-wide financial
statements, construction period interest is capitalized on constructed capital assets.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 45 Comprehensive Annual Financial Report
All purchases and construction costs in excess of $25,000 are capitalized at the date of acquisition or
construction, respectively, with expected useful lives of greater than one year.
Capital assets (excluding land and construction-in-progress) are depreciated on a straight-line basis over the
estimated useful life of the assets. The estimated useful lives of capital assets are as follows:
Estimated
Useful
Life
Capital Asset Type (in years)
Land improvements…………………………… 20
Buildings and improvements…………………… 40
Machinery and equipment……………………… 5
Vehicles………………………………………… 5
Infrastructure…………………………………… 40
The cost of normal maintenance and repairs that do not add to the value of the assets or materially extend asset
lives are not capitalized and are treated as expenses when incurred. Improvements are capitalized.
Governmental Fund Financial Statements
Capital asset costs are recorded as expenditures in the acquiring fund in the year of the purchase.
H. Deferred Outflows/Inflows of Resources
Government-Wide Financial Statements (Net Position)
In addition to assets, the statement of financial position will sometimes report a separate section for deferred
outflows of resources. This separate financial statement element, deferred outflows of resources, represents a
consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of
resources (expense/expenditure) until then. As of June 30, 2015 the Town reported both deferred charges on
refunding, as well as deferred outflows related to pensions within this category.
In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred
inflows of resources. This separate financial statement element, deferred inflows of resources, represents an
acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources
(revenue) until that time. As of June 30, 2015 the Town did not report deferred inflow of resources.
Governmental Fund Financial Statements
Unavailable revenue at the governmental fund financial statement level represents outstanding receivables that
do not meet the available criterion for revenue recognition in accordance with the current financial resources
measurement focus and the modified accrual basis of accounting. Unavailable revenues are reported as deferred
inflows of resources. Unavailable revenues are recognized as revenue during the conversion to the government-
wide (full accrual) financial statements.
I. Interfund Receivables and Payables
During the course of its operations, transactions occur between and within individual funds that may result in
amounts owed between funds.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 46 Comprehensive Annual Financial Report
Government-Wide Financial Statements
Transactions of a buyer/seller nature between and within governmental funds are eliminated from the
governmental activities in the statement of net position. Any residual balances outstanding between the
governmental activities and business-type activities are reported in the statement of net position as “internal
balances”.
Fund Financial Statements
Transactions of a buyer/seller nature between and within funds are not eliminated from the individual fund
statements. Receivables and payables resulting from these transactions are classified as “Due from other funds”
or “Due to other funds” on the balance sheet.
J. Interfund Transfers
During the course of its operations, resources are permanently reallocated between and within funds. These
transactions are reported as transfers in and transfers out.
Government-Wide Financial Statements
Transfers between and within governmental funds and internal service funds are eliminated from the
governmental activities in the statement of net position. Any residual balances outstanding between the
governmental activities and business-type activities are reported in the statement of activities as “Transfers, net”.
Fund Financial Statements
Transfers between and within funds are not eliminated from the individual fund statements and are reported as
transfers in and transfers out.
K. Net Position and Fund Equity
Government-Wide Financial Statements (Net Position)
Net position reported as “net investment in capital assets” includes capital assets, net of accumulated
depreciation, less the principal balance of outstanding debt used to acquire capital assets. Unspent proceeds of
capital related debt are not considered to be capital assets. Outstanding receivables related to future subsidies
from the Massachusetts Water Pollution Abatement Trust are not considered to be capital related debt.
Net position is reported as restricted when amounts are not available for appropriation or are legally restricted by
outside parties for a specific future use.
Net position has been “restricted for” the following:
“Debt service” represents a capital grant to fund debt service on the school debt that will be amortized over the
remaining life of the debt in accordance with state governmental regulations
“Permanent funds – expendable” represents the amount of realized and unrealized investments earnings of donor
restricted trusts. The restrictions and trustee policies only allows the trustees to approve spending of the realized
investment earnings.
“Permanent funds – nonexpendable” represent the endowment portion of donor restricted trusts.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 47 Comprehensive Annual Financial Report
“Grants and Gifts” represents restrictions placed on assets from outside parties.
“Community preservation” represents amounts held for uses restricted by law for community preservation
purposes.
Sometimes the Town will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant
proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted – net position and
unrestricted – net position in the government-wide and proprietary fund financial statements, a flow assumption
must be made about the order in which the resources are considered to be applied. It is the Town’s policy to
consider restricted – net position to have been depleted before unrestricted – net position is applied.
Fund Financial Statements (Fund Balances)
Governmental fund balances are classified as nonspendable, restricted, committed, assigned, or unassigned
based on the extent to which the government is bound to honor constraints on the specific purposes for which
amounts in those funds can be spent.
The governmental fund balance classifications are as follows:
“Nonspendable” fund balance includes amounts that cannot be spent because they are either not in spendable
form or they are legally or contractually required to be maintained intact.
“Restricted” fund balance includes amounts subject to constraints placed on the use of resources that is either
externally imposed by creditors, grantors, contributors, or laws or regulations of other governments; or that are
imposed by law through constitutional provisions or enabling legislation.
“Committed” fund balance includes amounts that can only be used for specific purposes pursuant to constraints
imposed by formal action of the government’s highest level of decision-making authority. Town Meeting is the
highest level of decision-making authority for the government that can, by adoption of a Town Meeting article
(resolution) prior to the end of the year, commit fund balance. Once adopted, the limitation imposed by the article
remains in place until a similar action is taken to remove or revise the limitation.
“Assigned” fund balance includes amounts that are constrained by the Town’s intent to be used for specific
purposes, but are neither restricted nor committed. The Board of Selectmen has by resolution authorized the
Finance Director to assign fund balance. The Board may also assign fund balance as it does when appropriating
fund balance to cover a gap between estimated revenue and appropriations in the subsequent year’s budget.
Unlike commitments, assignments generally only exist temporarily. In other words, an additional action does not
normally have to be taken for the removal of an assignment.
“Unassigned” fund balance includes the residual classification for the general fund. This classification represents
fund balance that has not been assigned to other funds and that has not been restricted, committed, or assigned
to specific purposes within the general fund.
The Town’s spending policy is to spend restricted fund balance first, followed by committed, assigned and
unassigned fund balance. Most governmental funds are designated for one purpose at the time of their creation.
Therefore, any expenditure from the fund will be allocated to the applicable fund balance classifications in the
order of the aforementioned spending policy. The general fund and certain other funds may have more than one
purpose.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 48 Comprehensive Annual Financial Report
L. Unavailable Revenue
Unavailable revenue at the governmental fund financial statement level represents billed receivables that do not
meet the availability criterion in accordance with the current financial resources measurement focus and the
modified accrual basis of accounting. Unavailable revenue is recognized as revenue in the conversion to the
entity-wide (full accrual) financial statements.
M. Pensions
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of
resources related to pensions, and pension expense, information about the fiduciary net position of the Norfolk
County Contributory Retirement System and the Massachusetts Teachers Retirement System and additions
to/deductions from the System’s fiduciary net position have been determined on the same basis as they are
reported by the Systems. For this purpose, benefit payments (including refunds of employee contributions) are
recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
N. Long-term debt
Government-Wide and Proprietary Fund Financial Statements
Long-term debt is reported as liabilities in the government-wide and proprietary fund statement of net position.
Material bond premiums and discounts are deferred and amortized over the life of the bonds using the effective
interest method. Bonds payable are reported net of the applicable bond premium or discount.
Governmental Fund Financial Statements
The face amount of governmental funds long-term debt is reported as other financing sources. Bond premiums
and discounts, as well as issuance costs, are recognized in the current period. Bond premiums are reported as
other financing sources and bond discounts are reported as other financing uses. Issuance costs, whether or not
withheld from the actual bond proceeds received, are reported as administration expenditures.
O. Investment Income
Excluding the permanent funds, investment income derived from major and nonmajor governmental funds is
legally assigned to the general fund unless otherwise directed by Massachusetts General Law (MGL).
Investment income from Enterprise Funds is retained in their respective funds.
P. Compensated Absences
Employees are granted vacation and sick leave in varying amounts based on collective bargaining agreements,
state laws and executive policies.
Government-Wide and Proprietary Fund Financial Statements
Vested or accumulated vacation and sick leave are reported as liabilities and expensed as incurred.
Governmental Fund Financial Statements
Vested or accumulated vacation and sick leave, which will be liquidated with expendable available financial
resources, are reported as expenditures and fund liabilities upon maturity of the liability, i.e. unused reimbursable
leave still outstanding following an employee’s resignation or retirement.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 49 Comprehensive Annual Financial Report
Q. Use of Estimates
Government-Wide and Fund Financial Statements
The preparation of basic financial statements in conformity with GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure for contingent assets
and liabilities at the date of the basic financial statements and the reported amounts of the revenues and
expenditures/expenses during the year. Actual results could vary from estimates that were used.
R. Total Column
Government-Wide Financial Statements
The total column presented on the government-wide financial statements represents consolidated financial
information.
Fund Financial Statements
The total column on the fund financial statements is presented only to facilitate financial analysis. Data in this
column is not the equivalent of consolidated financial information.
NOTE 2 – CASH AND INVESTMENTS
A cash and investment pool is maintained that is available for use by all funds. Each fund type's portion of this
pool is displayed on the balance sheet as "Cash and Cash Equivalents". The deposits and investments of the
trust funds are held separately from those of other funds.
Statutes authorize the investment in obligations of the U.S. Treasury, agencies, and instrumentalities, certificates
of deposit, repurchase agreements, money market accounts, bank deposits and the State Treasurer's Investment
Pool (the Pool). The Treasurer may also invest trust funds in securities, other than mortgages or collateral loans,
which are legal for the investment of funds of savings banks under the laws of the Commonwealth. The Pool
meets the criteria of an external investment pool. The Pool is administered by the Massachusetts Municipal
Depository Trust (MMDT), which was established by the Treasurer of the Commonwealth who serves as Trustee.
The fair value of the position in the Pool is the same as the value of the Pool shares.
Custodial Credit Risk – Deposits
In the case of deposits, this is the risk that in the event of a bank failure, the Town of Cohasset’s deposits may not
be returned to it. The Town does not have a deposit policy for custodial credit risk. At year-end, the carrying
amount of deposits totaled $14,004,791 and the bank balance totaled $13,917,875. Of the bank balance,
$1,289,122 was covered by Federal Depository Insurance, $2,259,591 was covered by DIF Insurance,
$4,145,741 was covered by SIF Insurance, and $6,223,421 was exposed to custodial credit risk because it was
uninsured and uncollateralized.
At year-end the carrying amount of deposits for the Pratt Memorial Library Trust totaled $67,044. The bank
balance totaled $67,044, all of which was covered by Federal Depository Insurance.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 50 Comprehensive Annual Financial Report
Investments
As of June 30, 2015, the Town had the following investments:
Under
Fair Value 1 Year 1 - 5 Years 6-10 Years Rating
Investment Type
Debt Securities
Government Sponsored Enterprises……… $ 1,973,474 $ 171,405 $ 1,429,053 $ 373,016 AAA
U.S. Treasury Notes………………………… 933,417 121,481 499,445 312,491 AAA
Corporate Bonds……………………………… 375,068 50,836 324,232 - AA-BAA
Total Debt Securities............................... 3,281,959 $ 343,722 $ 2,252,730 $ 685,507
Other Investments
Equity Securities................................... 2,128,473
Mutual Funds........................................ 626,268
PRIT……………………………………… 399,827
Money Market Mutual Funds…………… 422,505
Total Investments.............................. $ 6,859,032
Maturity
The Other Postemployment Benefit Trust Fund participates in PRIT. The effective weighted duration rate for
PRIT investments ranged from 1.33 to 21.81 years.
As of June 30, 2015, the Pratt Memorial Library Trust had the following investments:
Other Investments
Mutual Funds………………………………$ 1,424,339
Custodial Credit Risk – Investments
For an investment, this is the risk that, in the event of a failure by the counterparty, the Town will not be able to
recover the value of its investments or collateral security that are in the possession of an outside party. Of the
Town’s investments, $3,281,959 of debt securities, and $2,128,473 of equity securities are exposed to custodial
credit risk because the related securities are uninsured, unregistered and held by the counterparty.
The Town has formally adopted an investment policy for custodial credit risk.
Interest Rate Risk
Interest rate risk exists when there is a possibility that changes in interest rates could adversely affect the fair
value of the Town’s investments. The Town has formally adopted an investment policy that limits investment
maturities as a means of managing its exposure to fair value losses arising from increasing interest rates.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 51 Comprehensive Annual Financial Report
Credit Risk
The Town has adopted a formal policy related to Credit Risk. Moody’s Investors Service rated the Town’s debt
securities; their ratings ranged from BAA to AAA.
Concentration of Credit Risk
The Town will minimize the concentration of credit risk by diversifying the investment portfolio, so that the impact
of potential losses from any one type of security or issuer will be minimized. No more than 5% of the Town’s
investments are invested in any one issuer.
NOTE 3 – RECEIVABLES
At June 30, 2015, receivables for the individual major and non-major governmental funds in the aggregate,
including the applicable allowances for uncollectible accounts, are as follows:
Gross Allowance for Net
Amount Uncollectibles Amount
Receivables:
Real estate, personal property and tax deferrals ………$ 551,290 $ (7,799) $ 543,491
Tax liens…………………………………………………… 994,096 - 994,096
Motor vehicle and other excise taxes…………………… 116,196 (43,684) 72,512
Departmental and other………………………………… 542,418 (394,120) 148,298
Special assessments……………………………………… 2,714,286 - 2,714,286
Intergovernmental…………………….…………………… 4,222,813 - 4,222,813
Total………………………………………………………$ 9,141,099 $ (445,603) $ 8,695,496
At June 30, 2015, receivables for the sewer and water enterprise funds consist of the following:
Gross Allowance for Net
Amount Uncollectibles Amount
Receivables:
Sewer user charges……………………………………… $ 522,815 $ - $ 522,815
Water user charges………………………………………… 1,425,339 - 1,425,339
Special assessments……………………………………… 8,947,741 - 8,947,741
Total………………………………………………………$ 10,895,895 $- $ 10,895,895
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 52 Comprehensive Annual Financial Report
Governmental funds report unavailable revenue in connection with receivables for revenues that are not
considered to be available to liquidate liabilities of the current period. At the end of the current year, the various
components of unavailable revenue reported in the governmental funds were as follows:
Nonmajor
General Governmental
Fund Funds Total
Receivable and other asset type:
Real estate and personal property taxes…………………$ 394,177 $ 998 $ 395,175
Tax liens…………………………………………………… 988,675 5,421 994,096
Motor vehicle and other excise…………………………… 72,512 - 72,512
Departmental and other…………………………………… 141,930 6,368 148,298
Special assessments……………………………………… 1,831,092 883,194 2,714,286
Intergovernmental………………………………………… 3,366,782 555,849 3,922,631
Total……………………………………………………… $ 6,795,168 $ 1,451,830 $ 8,246,998
NOTE 4 – CAPITAL ASSETS
Capital asset activity for the year ended June 30, 2015, was as follows:
Governmental Activities:Beginning Ending
Balance Increases Decreases Balance
Capital assets not being depreciated:
Land……………………………………………………………$ 6,947,032 $ - $ - $ 6,947,032
Construction in progress…………………………………… 366,822 210,029 (10,412) 566,439
Total capital assets not being depreciated………………… 7,313,854 210,029 (10,412) 7,513,471
Capital assets being depreciated:
Land improvements………………………………………… 964,468 57,694 - 1,022,162
Buildings and improvements………………………………… 66,624,201 188,079 - 66,812,280
Machinery and equipment…………………………………… 2,218,293 40,275 - 2,258,568
Vehicles……………………………………………………… 3,735,283 62,000 (482,653) 3,314,630
Infrastructure………………………………………………… 27,370,215 150,000 - 27,520,215
Total capital assets being depreciated…………………… 100,912,460 498,048 (482,653) 100,927,855
Less accumulated depreciation for:
Land improvements………………………………………… (155,045) (33,620) - (188,665)
Buildings and improvements………………………………… (23,339,316) (1,549,677) - (24,888,993)
Machinery and equipment…………………………………… (1,580,401) (128,223) - (1,708,624)
Vehicles……………………………………………………… (3,057,924) (119,020) 482,653 (2,694,291)
Infrastructure………………………………………………… (14,328,641) (677,252) - (15,005,893)
Total accumulated depreciation…………………………… (42,461,327) (2,507,792) 482,653 (44,486,466)
Total capital assets being depreciated, net…………………… 58,451,133 (2,009,744) - 56,441,389
Total governmental activities capital assets, net………………$ 65,764,987 $ (1,799,715) $ (10,412) $ 63,954,860
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 53 Comprehensive Annual Financial Report
Business-Type Activities
Sewer Enterprise Fund:Beginning Ending
Balance Increases Decreases Balance
Capital assets not being depreciated:
Land……………………………………………………………$1,009 $ - $ - $ 1,009
Capital assets being depreciated:
Buildings and improvements………………………………… 1,121,784 - - 1,121,784
Machinery and equipment…………………………………… 4,827,061 - - 4,827,061
Infrastructure………………………………………………… 33,351,017 - - 33,351,017
Total capital assets being depreciated…………………… 39,299,862 - - 39,299,862
Less accumulated depreciation for:
Buildings and improvements………………………………… (293,905) (18,696) - (312,601)
Machinery and equipment……………………………………(2,020,366) (135,175) - (2,155,541)
Infrastructure………………………………………………… (6,092,821) (615,066) - (6,707,887)
Total accumulated depreciation…………………………… (8,407,092) (768,937) - (9,176,029)
Total capital assets being depreciated, net…………………… 30,892,770 (768,937) - 30,123,833
Total sewer activities capital assets, net………………………$ 30,893,779 $ (768,937) $- $ 30,124,842
Water Enterprise Fund:Beginning Ending
Balance Increases Decreases Balance
Capital assets not being depreciated:
Land……………………………………………………………$ 1,307,549 $ - $ - $ 1,307,549
Capital assets being depreciated:
Buildings and improvements………………………………… - 60,069 - 60,069
Machinery, equipment and vehicles……………………… 132,912 - - 132,912
Vehicles……………………………………………………… - - - -
Infrastructure………………………………………………… 48,916,983 - - 48,916,983
Total capital assets being depreciated…………………… 49,049,895 60,069 - 49,109,964
Less accumulated depreciation for:
Buildings and improvements………………………………… - (2,503) - (2,503)
Machinery, equipment and vehicles……………………… (41,256) (10,675) - (51,931)
Infrastructure………………………………………………… (13,125,093) (997,762) - (14,122,855)
Total accumulated depreciation…………………………… (13,166,349) (1,010,940) - (14,177,289)
Total capital assets being depreciated, net…………………… 35,883,546 (950,871) - 34,932,675
Total water activities capital assets, net……………………… $ 37,191,095 $ (950,871) $- $ 36,240,224
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 54 Comprehensive Annual Financial Report
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental Activities:
Administration……………………………………………………………………… $ 92,727
Public safety………………………………………………………………………… 188,367
Education…………………………………………………………………………… 1,375,951
Public works………………………………………………………………………… 698,170
Culture and recreation……………………………………………………………… 152,577
Total depreciation expense - governmental activities……………………………… $ 2,507,792
Business-Type Activities:
Sewer…………………………………………………………………………………$ 768,937
Water………………………………………………………………………………… 1,010,940
Total depreciation expense - business-type activities……………………………… $ 1,779,877
NOTE 5 – INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS
Interfund receivables and payables for the year ended June 30, 2015 are summarized as follows:
Receivable Fund Payable Fund Amount
General Fund………… Chapter 90…………… $ 8,978 (1)
(1) Represents an advance to the Chapter 90 fund to meet temporary cash flow needs.
Interfund transfers for the year ended June 30, 2015, are summarized as follows:
Nonmajor Water
General Governmental Enterprise
Transfers Out: Fund Funds Fund Total
General Fund………………………………………$- $ 1,126,048 $ 31,438 $ 1,157,486 (1)
Nonmajor Governmental Funds………………… 171,238 - - 171,238 (2)
Sewer Enterprise Fund…………………………… 93,123 - - 93,123 (3)
Water Enterprise Fund…………………………… 93,123 - - 93,123 (3)
Total……………………………………………… $ 357,484 $ 1,126,048 $ 31,438 $ 1,514,970
Transfers In:
(1) Budgeted transfers from the general fund and the capital stabilization fund to various capital project
funds.
(2) Budgeted transfers from school construction surplus, wetlands, open space, and Title V betterments to
the general fund.
(3) Budgeted transfers from the sewer and water enterprise funds for indirect costs.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 55 Comprehensive Annual Financial Report
NOTE 6 – SHORT-TERM FINANCING
Short-term debt may be authorized and issued to fund the following:
• Current operating costs prior to the collection of revenues through issuance of revenue or tax anticipation
notes (RANS or TANS).
• Capital project costs and other approved expenditures incurred prior to obtaining permanent financing
through issuance of bond anticipation notes (BANS) or grant anticipation notes (GANS).
Short-term loans are general obligation of the Town and carry maturity dates that are limited by statute. Interest
expenditures for short-term borrowings are accounted for in the General Fund and the Enterprise funds, where
applicable.
Details related to the Town’s short-term debt activity for the year ended June 30, 2015, is as follows:
Balance at Balance at
Rate June 30, Renewed/ Retired/ June 30,
Type Purpose (%) Due Date 2014 Issued Redeemed 2015
Governmental funds
BAN Bond Anticipation Note…………… 0.50% 5/29/2015 $ 296,000 $ - $ 296,000 $ -
BAN Bond Anticipation Note…………… 0.55% 5/27/2016 - 236,800 - 236,800
Total governmental funds………………………………… 296,000 236,800 296,000 236,800
Business-type funds
Sewer enterprise funds:
BAN Bond Anticipation Note…………… 0.50% 5/29/2015 190,000 - 190,000 -
BAN Bond Anticipation Note…………… 0.55% 5/27/2016 - 190,000 - 190,000
Total sewer enterprise funds……………………………… 190,000 190,000 190,000 190,000
Total notes payable…………………………………………$ 486,000 $ 426,800 $ 486,000 $ 426,800
NOTE 7 – LONG-TERM DEBT
Under the provisions of Chapter 44, Section 10, Municipal Law authorizes indebtedness up to a limit of 5% of the
equalized valuation. Debt issued in accordance with this section of the law is designated as being "inside the
debt limit". In addition, however, debt may be authorized in excess of that limit for specific purposes. Such debt,
when issued, is designated as being "outside the debt limit".
In prior years, certain general obligation bonds were defeased by placing the proceeds of bonds in an irrevocable
trust to provide for all future debt service payments on the refunded bonds. Accordingly, the trust account’s
assets and liabilities for the defeased bonds are not included in the basic financial statements. At June 30, 2015,
$3,535,000 of bonds outstanding from the advance refunding transactions is considered defeased.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 56 Comprehensive Annual Financial Report
Details related to the Town’s outstanding general obligation indebtedness at June 30, 2015, and the debt service
requirements are as follow:
Bonds and Notes Payable Schedule – Governmental Funds
Original Interest Outstanding Outstanding
Maturities Loan Rate at June 30, at June 30,
Project Through Amount (%) 2014 Issued Redeemed 2015
MCWT………………………………………………… 2033 $ 20,206,877 0.00 - 5.30 $ 10,610,445 $- $ 1,324,453 $ 9,285,992
General Obligation Bonds of 2005……………….. 2022 1,540,000 3.00 - 4.00 100,000 - 100,000 -
General Obligation Refunding Bonds of 2005…… 2017 1,397,120 2.50 - 3.50 241,536 - 76,679 164,857
General Obligation Bonds of 2006………………… 2025 596,400 4.00 60,000 - 30,000 30,000
General Obligation Refunding Bonds of 2008…… 2018 3,041,600 3.00 1,320,000 - 315,000 1,005,000
General Obligation Bonds of 2009………………… 2027 669,000 1.50 - 4.00 365,000 - 45,000 320,000
General Obligation Bonds of 2010………………… 2030 1,726,000 1.00 - 3.50 780,000 - 164,000 616,000
General Obligation Refunding Bonds of 2010…… 2021 987,000 1.50 - 2.50 600,000 - 115,000 485,000
General Obligation Refunding Bonds of 2012…… 2024 9,039,000 1.80 8,914,000 - 994,500 7,919,500
General Obligation Refunding Bonds of 2013…… 2026 696,450 2.00-3.00 696,450 - - 696,450
General Obligation Bonds of 2013………………… 2033 215,000 2.00-3.00 150,000 - 55,000 95,000
Total governmental bonds payable………………………………………………………………………… 23,837,431 - 3,219,632 20,617,799
Add: unamortized premium………………………………………………………………………………… 749,674 - 143,969 605,705
Total governmental bonds payable, net……………………………………………………………………$ 24,587,105 $- $ 3,363,601 $ 21,223,504
Debt service requirements for principal and interest for governmental bonds payable in future years are as
follows:
Year Principal Interest Total
2016……………$ 3,223,085 $ 705,426 $ 3,928,511
2017…………… 3,200,622 581,453 3,782,075
2018…………… 2,953,980 450,711 3,404,691
2019…………… 2,605,622 343,804 2,949,426
2020…………… 2,298,381 243,134 2,541,515
2021…………… 2,060,657 151,268 2,211,925
2022…………… 1,064,351 88,422 1,152,773
2023…………… 1,048,264 54,770 1,103,034
2024…………… 1,026,194 26,066 1,052,260
2025…………… 172,944 10,437 183,381
2026…………… 147,912 7,975 155,887
2027…………… 143,900 5,932 149,832
2028…………… 129,908 4,089 133,997
2029…………… 130,937 2,900 133,837
2030…………… 131,986 1,691 133,677
2031…………… 129,056 - 129,056
2032…………… 75,000 - 75,000
2033…………… 75,000 - 75,000
Total……………$ 20,617,799 $ 2,678,078 $ 23,295,877
The Town receives subsidy assistance from the Massachusetts Clean Water Trust (MCWT). Future subsidies of
capital expenses are structured as principal subsidies of principal payments. Interest on the outstanding bonds
for MCWT is subsidized over the life of the bonds to assist the Town in repayment of this future debt. Future
principal subsidies of $3,366,782 have been recorded as an intergovernmental receivable in the general fund.
Future interest subsidies total $834,162 and will be recognized as revenue when received. During 2015, the
Town’s principal and interest subsidy amounted to approximately $866,000.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 57 Comprehensive Annual Financial Report
Bonds and Notes Payable Schedule – Sewer Enterprise Fund
Original Interest Outstanding Outstanding
Maturities Loan Rate at June 30, at June 30,
Project Through Amount (%) 2014 Issued Redeemed 2015
MCWT………………………………………………… 2031 $ 12,600,000 2.00 $ 11,015,826 $- $ 549,534 $ 10,466,292
General Obligation Bonds of 2004………...……… 2015 98,288 4.40 - - - -
General Obligation Bonds of 2009………………… 2029 350,000 4.00 275,000 - 15,000 260,000
General Obligation Bonds of 2010………………… 2030 1,071,000 3.30 - 3.40 858,000 - 55,000 803,000
General Obligation Refunding Bonds of 2012…… 2023 46,000 1.80 46,000 - 5,500 40,500
General Obligation Bonds of 2013………………… 2033 669,348 2.00-3.00 640,000 - 30,000 610,000
Total sewer bonds payable…………………………………………………………………………………$ 12,834,826 $ - $ 655,034 $ 12,179,792
Debt service requirements for principal and interest for Sewer Enterprise Fund bonds payable in future years are
as follows:
Year Principal Interest Total
2016……………$ 666,137 $ 261,702 $ 927,839
2017…………… 681,963 246,650 928,613
2018…………… 693,518 230,845 924,363
2019…………… 705,306 215,132 920,438
2020…………… 717,333 199,105 916,438
2021…………… 729,603 183,027 912,630
2022…………… 743,121 158,775 901,896
2023…………… 750,890 151,120 902,010
2024…………… 758,918 134,688 893,606
2025…………… 770,209 118,078 888,287
2026…………… 788,769 101,168 889,937
2027…………… 800,603 83,882 884,485
2028…………… 828,716 66,150 894,866
2029…………… 839,114 47,528 886,642
2030…………… 828,803 28,634 857,437
2031…………… 796,789 3,000 799,789
2032…………… 40,000 1,800 41,800
2033…………… 40,000 600 40,600
Total……………$ 12,179,792 $ 2,231,884 $ 14,411,676
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 58 Comprehensive Annual Financial Report
Bonds and Notes Payable Schedule – Water Enterprise Fund
Original Interest Outstanding Outstanding
Maturities Loan Rate at June 30, at June 30,
Project Through Amount (%) 2014 Issued Redeemed 2015
MCWT………………………………………………… 2027 $ 8,318,031 2.00 $ 7,010,571 $ - $ 369,924 $ 6,640,647
General Obligation Bonds of 2005………………… 2025 2,617,000 3.00 - 4.00 115,000 - 115,000 -
General Obligation Refunding Bonds of 2005…… 2017 1,311,060 3.30 343,464 - 123,321 220,143
General Obligation Bonds of 2006………………… 2026 5,245,000 3.40 - 4.10 690,000 - 345,000 345,000
General Obligation Refunding Bonds of 2008…… 2018 474,700 3.00 180,000 - 45,000 135,000
General Obligation Bonds of 2009………………… 2029 1,051,000 4.00 860,000 - 40,000 820,000
General Obligation Bonds of 2010………………… 2030 16,379,000 3.50 14,112,000 - 866,000 13,246,000
General Obligation Refunding Bonds of 2010…… 2021 1,705,000 1.50 - 2.50 935,000 - 215,000 720,000
General Obligation Refunding Bonds of 2012…… 2017 50,000 1.80 30,000 - 10,000 20,000
General Obligation Refunding Bonds of 2013…… 2026 4,533,550 2.00-3.00 4,533,550 - - 4,533,550
General Obligation Bonds of 2013………………… 2033 2,004,652 2.00-3.00 1,860,000 - 130,000 1,730,000
Total water bonds payable………………………………………………………...…………………………$ 30,669,585 $ - $ 2,259,245 $ 28,410,340
Debt service requirements for principal and interest for Water Enterprise Fund bonds payable in future years are
as follows:
Year Principal Interest Total
2016……………$ 2,141,458 $ 860,173 $ 3,001,631
2017…………… 2,095,752 790,546 2,886,298
2018…………… 1,989,100 723,868 2,712,968
2019…………… 1,824,335 662,327 2,486,662
2020…………… 1,863,829 603,773 2,467,602
2021…………… 1,915,689 546,830 2,462,519
2022…………… 1,815,316 492,064 2,307,380
2023…………… 1,840,912 436,892 2,277,804
2024…………… 1,887,682 381,813 2,269,495
2025…………… 1,947,829 326,440 2,274,269
2026…………… 1,892,956 269,799 2,162,755
2027…………… 1,654,269 213,872 1,868,141
2028…………… 1,631,655 158,053 1,789,708
2029…………… 1,618,568 101,800 1,720,368
2030…………… 1,591,085 44,524 1,635,609
2031…………… 494,905 7,650 502,555
2032…………… 100,000 4,650 104,650
2033…………… 105,000 1,575 106,575
Total……………$ 28,410,340 $ 6,626,649 $ 35,036,989
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 59 Comprehensive Annual Financial Report
The Town is subject to various debt limits by statute and may issue additional general obligation debt under the
normal debt limit. At June 30, 2015, the Town had the following authorized and unissued debt:
Purpose Amount
Septic System………………………………………………$ 1,500,000
Sewer………………………………………………………… 570,000
Water System Improvements……………………………… 53,632
Fire/Ambulance……………………………………………… 184,000
Dump Truck for Department of Public Works…………… 61,800
Bound Brook Dam………………………………………… 1,191,400
Senior Center……………………………………………… 1,030,000
Total…………………………………………………………$ 4,590,832
Changes in Long-term Liabilities
During the year ended June 30, 2015, the following changes occurred in long-term liabilities:
Balance Balance Due
June 30, June 30, Within
2014 Additions Reductions 2015 One Year
Governmental Activities:
Long-term bonds payable………………………… $ 23,837,431 $ - $ (3,219,632) $ 20,617,799 $ 3,223,085
Unamortized premium on bonds payable……… 749,674 - (143,969) 605,705 129,113
Total bonds payable………………………………… 24,587,105 - (3,363,601) 21,223,504 3,352,198
Landfill closure……………………………………… 257,700 - (20,474) 237,226 20,000
Other postemployment benefits…………………… 9,204,000 2,492,000 (1,512,000) 10,184,000 -
Net pension liability………………………………… 16,215,297 782,713 - 16,998,010 -
.
Total Governmental Activities………………………$ 50,264,102 $ 3,274,713 $ (4,896,075) $ 48,642,740 $ 3,372,198
Business-Type Activities:
Long-term bonds payable………………………… $ 43,504,411 $ - $ (2,914,279) $ 40,590,132 $ 2,807,595
Net pension liability………………………………… 112,169 5,415 - 117,584 -
Total Business Type Activities….…………………$ 43,616,580 $ 5,415 $ (2,914,279) $ 40,707,716 $ 2,807,595
The governmental activities liabilities will be liquidated by the general fund. The business-type liabilities will be
liquidated by the enterprise fund reporting the liability.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 60 Comprehensive Annual Financial Report
NOTE 8 – GOVERNMENTAL FUND BALANCE CLASSIFICATIONS
The Town has adopted GASB Statement No. 54 Fund Balance Reporting and Governmental Fund Types
Definitions. The intention of the GASB is to provide a more structured classification of fund balance and to
improve the usefulness of fund balance reporting to the users of the Town’s financial statements. The reporting
standard establishes a hierarchy for fund balance classifications and the constraints imposed on the uses of those
resources.
Massachusetts General Law Ch.40 §5B allows for the establishment of Stabilization funds for one or more
different purposes. The creation of a fund requires a two-thirds vote of the legislative body and must clearly
define the purpose of the fund. Any changes to the purpose of the fund along with any additions to or
appropriations from the fund required a two-thirds vote of the legislative body. At year end the balance of the
General Stabilization fund is $2,288,168, the Facilities Stabilization fund is $2,296, and the Capital Stabilization
fund is $1,145,998. All stabilization balances have been reported as unassigned fund balance within the General
Fund.
GASB 54 provides for two major types of fund balance, which are nonspendable and spendable and are more
fully discussed in Note 1.
Nonspendable fund balances are balances that cannot be spent because they are not expected to be converted
to cash or they are legally or contractually required to remain intact. Examples of this classification are prepaid
items, inventories, and principal (corpus) of an endowment fund. The Town has reported principal portions of
endowment funds as nonspendable.
The general fund is the only fund that reports a positive unassigned fund balance amount. In other governmental
funds it is not appropriate to report a positive unassigned fund balance amount. However, in the governmental
funds other than the general fund, if expenditures incurred for specific purposes exceed the amounts that are
restricted, committed, or assigned to other purposes, it may be necessary to report a negative unassigned fund
balance in that fund.
In addition to the nonspendable fund balances, GASB 54 has provided a hierarchy of spendable fund balances,
based on a hierarchy of spending constraints.
• Restricted: fund balances that are constrained by external parties, constitutional provisions, or enabling
legislation.
• Committed: fund balances that contain self-imposed constraints of the government from its highest level
of decision making authority.
• Assigned: fund balances that contain self-imposed constraints of the government to be used for a
particular purpose.
• Unassigned: fund balance of the general fund that is not constrained for any particular purpose.
The Town’s spending policy is to spend restricted fund balance first, followed by committed, assigned and
unassigned fund balance. Most governmental funds are designated for one purpose at the time of their creation.
Therefore, any expenditure from the fund will be allocated to the applicable fund balance classifications in the
order of the aforementioned spending policy. The general fund and certain other funds may have more than one
purpose.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 61 Comprehensive Annual Financial Report
As of June 30, 2015, the governmental fund balance consisted of the following:
Nonmajor Total
Governmental Governmental
General Funds Funds
Fund Balances
Nonspendable:
Permanent fund principal………………………$- $ 424,735 $ 424,735
Restricted for:
Town grants…………………………………… - 208,597 208,597
School grants…………………………………… - 439,703 439,703
Receipts reserved for appropriation………… - 469,306 469,306
School construction…………………………… - 653,373 653,373
MCWT septic loan program…………………… - 196,595 196,595
Town revolving funds…………………………… - 249,638 249,638
School revolving funds………………………… - 610,247 610,247
School lunch…………………………………… - 195,670 195,670
Community preservation……………………… - 1,957,677 1,957,677
Gifts and donations…………………………… - 833,926 833,926
Gifts and donations recreation………………… - 410,163 410,163
Other Town special revenue………………… - 5,393 5,393
Capital projects bonded……………………… - 112,140 112,140
Capital projects non-bonded………………… - 814,575 814,575
Library expendable trust funds……………… - 1,267,969 1,267,969
Other expendable trust funds………………… - 708,379 708,379
Committed to:
Administration……………………………………169,951 - 169,951
Public safety…………………………………… 12,638 - 12,638
Education…………………………………………151,019 - 151,019
Public works…………………………………… 137,230 - 137,230
Culture and recreation………………………… 1,100 - 1,100
Assigned to:
Encumbrances:
Administration…………………………………… 107,048 - 107,048
Public safety…………………………………… 8,062 - 8,062
Education………………………………………… 87,936 - 87,936
Public works…………………………………… 146,782 - 146,782
Health & welfare………………………………… 669 - 669
Culture and recreation………………………… 600 - 600
Unassigned…………………………………………… 5,195,715 - 5,195,715
Total Fund Balances………………………………………$ 6,018,750 $ 9,558,086 $ 15,576,836
Governmental Funds
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 62 Comprehensive Annual Financial Report
NOTE 9 – RISK FINANCING
The Town is exposed to various risks of loss related to torts: theft of, damage to and destruction of assets; errors
and omissions; and natural disasters for which the Town carries commercial insurance. The amount of claim
settlements has not exceeded insurance coverage in any of the previous three years.
The Town is part of a premium-based self-insurance group which insures for health insurance, as well as general
and personal liability, through the Massachusetts Inter-Local Insurance Association (MIIA). The Town essentially
transfers risk through payment of its annual assessment which is adjusted according to the Town’s experience
history.
The Town is self-insured for worker’s compensation and unemployment benefits which are funded on a pay-as-
you-go basis from annual appropriations. The estimated future workers’ compensation liability is based on history
and injury type. At June 30, 2015, the amount of the liability for workers’ compensation claims and unemployment
benefits were immaterial and are therefore not reported.
NOTE 10 – PENSION PLAN
The Town is a member of the Norfolk County Contributory Retirement System (System), a cost-sharing multiple-
employer defined benefit pension plan covering eligible employees of the 43 member units. The system is
administered by five board members (Board) on behalf of all current employees and retirees except for current
teachers and retired teachers. Chapter 32 of the MGL assigns authority to establish and amend benefit
provisions of the plan. The System issues a publicly available unaudited financial report in accordance with
guidelines established by the Commonwealth’s Public Employee Retirement Administration Commission. That
report may be obtained by contacting the System located at 480 Neponset Street, Building 15, Canton, MA
02021; or by visiting http:// http://www.norfolkcountyretirement.org/.
The Town is a member of the Massachusetts Teachers’ Retirement System (MTRS), a cost-sharing multi-
employer defined benefit plan. MTRS is managed by the Commonwealth of Massachusetts (Commonwealth) on
behalf of municipal teachers and municipal teacher retirees. The Commonwealth is a nonemployer contributor
and is responsible for 100% of the contributions and future benefit requirements of the MTRS. The MTRS covers
certified teachers in cities (except Boston), towns, regional school districts, charter schools, educational
collaboratives and Quincy College. The MTRS is part of the Commonwealth’s reporting entity and the audited
financial report may be obtained by visiting http://www.mass.gov/osc/publications-and-reports/financial-reports/.
Special Funding Situation
The Commonwealth is a nonemployer contributor and is required by statute to make 100% of all actuarially
determined employer contributions on behalf of the Town to the MTRS. Therefore, the Town is considered to be
in a special funding situation as defined by GASB Statement No. 68, Accounting and Financial Reporting for
Pensions and the Commonwealth is a nonemployer contributor in MTRS. Since the Town does not contribute
directly to MTRS, there is no net pension liability to recognize. The total of the Commonwealth provided
contributions have been allocated based on each employer’s covered payroll to the total covered payroll of
employers in MTRS as of the measurement date of June 30, 2014. The Town’s portion of the collective pension
expense, contributed by the Commonwealth, of $2,053,387 is reported in the general fund as intergovernmental
revenue and pension expense in the current fiscal year. The portion of the Commonwealth’s collective net
pension liability associated with the Town is $29,555,851 as of the measurement date.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 63 Comprehensive Annual Financial Report
Benefits Provided
Both Systems provide retirement, disability, survivor and death benefits to plan members and beneficiaries.
Massachusetts Contributory Retirement System benefits are, with certain minor exceptions, uniform from system
to system. The System provides for retirement allowance benefits up to a maximum of 80% of a member's
highest three-year average annual rate of regular compensation. For persons who became members on or after
April 2, 2012, average salary is the average annual rate of regular compensation received during the five
consecutive years that produce the highest average, or, if greater, during the last five years (whether or not
consecutive) preceding retirement. Benefit payments are based upon a member's age, length of creditable
service, level of compensation, and group classification. Members become vested after ten years of creditable
service. There were no changes in benefit terms that affected the measurement of the total pension liability at
December 31, 2014.
Employees who resign from service and who are not eligible to receive a retirement allowance or are under the
age of 55 are entitled to request a refund of their accumulated total deductions. Survivor benefits are extended to
eligible beneficiaries of members whose death occurs prior to or following retirement.
Cost-of-living adjustments granted between 1981 and 1997 and any increase in other benefits imposed by the
Commonwealth’s state law during those years are borne by the Commonwealth and are deposited into the
pension fund. Cost-of-living adjustments granted after 1997 must be approved by the Board and are borne by the
System.
Contributions
Chapter 32 of the MGL governs the contributions of plan members and member units. Active plan members are
required to contribute to the System at rates ranging from 5% to 9% of gross regular compensation with an
additional 2% contribution required for compensation exceeding $30,000. The percentage rate is keyed to the
date upon which an employee's membership commences. The member units are required to pay into the ERRS
a legislatively mandated actuarial determined contribution that is apportioned among the employers based on
active current payroll. The Town’s proportionate share of the required contribution equaled its actual contribution
for the year ended December 31, 2014 was $1,596,748, (19.75%) of covered payroll, actuarially determined as an
amount that, when combined with plan member contributions, is expected to finance the costs of benefits earned
by plan members during the year, with an additional amount to finance any unfunded accrued liability.
Pension Liabilities
At June 30, 2015, the Town reported a liability of $17,115,594 for its proportionate share of the net pension
liability. The net pension liability was measured as of December 31, 2014, and the total pension liability used to
calculate the net pension liability was determined by an actuarial valuation as of January 1, 2014. Accordingly,
update procedures were used to roll forward the total pension liability to the measurement date. The Town’s
proportion of the net pension liability was based on a projection of the Town’s long-term share of contributions to
the pension plan relative to the projected contributions of all participating members. At December 31, 2014, the
Town’s proportion was 3.3%, which did not change from its proportion measured at December 31, 2013.
Pension Expense
For the year ended June 30, 2015, the Town recognized pension expense of $1,678,088. At June 30, 2015, the
Town reported deferred outflows of resources related to pensions of $706,788 from the net difference between
projected and actual investment earnings on pension plan investments. Since the System performs an actuarial
valuation bi-annually, there are no reported differences between expected and actual experience or a change of
assumptions as of December 31, 2014.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 64 Comprehensive Annual Financial Report
The Town’s deferred outflows of resources related to pensions will be recognized in pension expense as follows:
Year ended June 30:
2016………………………………………………$ 176,697
2017……………………………………………… 176,697
2018……………………………………………… 176,697
2019……………………………………………… 176,697
Total………………………………………………$ 706,788
Actuarial Assumptions
The total pension liability in the January 1, 2014 actuarial valuation was determined using the following actuarial
assumptions, applied to all periods included in the measurement that was updated to December 31, 2014:
Valuation date…………………………… January 1, 2014
Actuarial cost method…………………… Entry Age Normal Cost Method.
Asset valuation method………………… Market value
Investment rate of return………………… 8.25%
Projected salary increases……………… 4.00%
Inflation rate……………………………… 4.50%
Cost of living adjustments……………… 3.0% of the first $15,000 of retirement income.
Mortality…………………………………… The RP-2000 Mortality Table adjusted with Scale AA.
Investment policy
The pension plan’s policy in regard to the allocation of invested assets is established and may be amended by the
Board. Plan assets are managed on a total return basis with a long-term objective of achieving and maintaining a
fully funded status for the benefits provided through the pension plan.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 65 Comprehensive Annual Financial Report
The long-term expected rate of return on pension plan investments was determined using a building-block method
in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan
investment expense and inflation) are developed for each major asset class. These ranges are combined to
produce the long-term expected rate of return by weighting the expected future real rates of return by the target
asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for
each major asset class included in the pension plan’s target asset allocation as of January 1, 2014 are
summarized in the following table:
Target Long-Term Expected
Asset Class Allocation Real Rate of Return
Domestic equity……………… 32.00% 7.70%
International equities………… 17.50% 6.40%
Fixed income…………………… 19.00% 1.90%
Real estate……………………… 9.00% 5.20%
Private equity…………………… 8.50% 11.90%
Hedge funds…………………… 9.00% 5.50%
Real assets…………………… 5.00% 5.50%
100.00%
Rate of return
For the year ended December 31, 2014, the annual money-weighted rate of return on pension plan investments,
net of pension plan investment expense, was 5.07%. The money-weighted rate of return expresses investment
performance, net of investment expense, adjusted for the changing amounts actually invested.
Discount rate
The discount rate used to measure the total pension liability was 8.25%. The projection of cash flows used to
determine the discount rate assumed plan member contributions will be made at the current contribution rate and
that contributions will be made at rates equal to the actuarially determined contribution rated. Based on those
assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future
benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan
investments was applied to all periods of projected benefit payments to determine the total pension liability.
Sensitivity of the net position liability to changes in the discount rate
The following presents the net position liability, calculated using the discount rate of 8.25%, as well as what the
net position liability would be if it were calculated using a discount rate that is 1-percentage-point lower (7.25%) or
1-percentage-point higher (8.25%) than the current rate:
Current
1% Decrease Discount 1% Increase
(7.25%) (8.25%) (9.25%)
The Town's proportionate share of the net pension liability………$ 21,479,318 $ 17,115,595 $ 13,365,228
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 66 Comprehensive Annual Financial Report
NOTE 11 – POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS
Plan Description – The Town of Cohasset administers a single-employer defined benefit healthcare plan (“the
Retiree Health Plan”). The plan provides lifetime healthcare insurance for eligible retirees and their spouses
through the Town’s group health insurance plan, which covers both active and retired members. Chapter 32B of
the MGL assigns authority to establish and amend benefit provisions of the plan. Benefit provisions are
negotiated between the Town and the unions representing Town employees and are renegotiated each
bargaining period. The Retiree Health Plan does not issue a publicly available financial report.
At year end the membership of the plan is as follows:
Current retirees, beneficiaries, and dependents…… 192
Current active members………………………………… 319
Total………………………………………………………511
Funding Policy – Contribution requirements are also negotiated between the Town and union representatives.
The required contribution is based on a pay-as-you-go financing requirement. The Town contributes between 50
- 90 percent of the cost of current-year premiums for eligible retired plan members and their spouses. Plan
members receiving benefits contribute the remaining percent of their premium costs. For 2015, the Town
contributed $1.5 million to the plan. Administrative costs of the Plan are included in both the rates and Town
appropriations.
The Town accepted legislation that established a Postemployment Benefit Trust and enables the Town to
contribute funds to begin pre-funding the OPEB liability. In 2015 the Town contributed $300,000 to the Trust.
Annual OPEB Cost and Net OPEB Obligation – The Town’s annual other postemployment benefit (OPEB) cost
(expense) is calculated based on the annual required contribution of the employer (ARC), an amount actuarially
determined in accordance with the parameters of GASB Statement 45. The ARC represents a level of funding
that, if paid on an ongoing basis, is projected to cover the normal cost each year and amortize any unfunded
actuarial liabilities (or funding excess) over a period not to exceed thirty years. The components of the Town’s
annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the Town’s net OPEB
obligation are summarized in the following table:
Annual required contribution………………………………………$ 2,454,000
Interest on net OPEB obligation………………………………… 368,000
Adjustments to annual required contribution…………………… (330,000)
Annual OPEB cost/expense…………………..………………… 2,492,000
Contributions made………………………………………………… (1,512,000)
Increase/(Decrease) in net OPEB obligation…………………… 980,000
Net OPEB obligation - beginning of year………………………… 9,204,000
Net OPEB obligation - end of year……………………………… $ 10,184,000
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 67 Comprehensive Annual Financial Report
The Town’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB
obligation for year 2015 and preceding two years are as follows:
Percentage of
Year Annual Annual OPEB Net OPEB
Ended OPEB Cost Cost Contributed Obligation
6/30/2015 $ 2,492,000 61% $ 10,184,000
6/30/2014 3,239,000 50% 9,204,000
6/30/2013 3,099,000 46% 7,569,000
Funded Status and Funding Progress – The funded status of the Plan as of the most recent actuarial valuation
date is as follows:
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)
7/1/2014 $ 583,141 $ 32,942,616 $ 32,359,475 1.77% $ 20,324,842 159.21%
Schedule of Funding Progress
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions
about the probability of occurrence of events far into the future. Examples include assumptions about future
employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the
plan and the annual required contributions of the employer are subject to continual revision as actual results are
compared with past expectations and new estimates are made about the future. The schedule of funding
progress, presented as required supplementary information following the notes to the financial statements,
presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing
over time relative to the actuarial accrued liabilities for benefits.
Actuarial Methods and Assumptions – Projections of benefits for financial reporting purposes are based on the
substantive plan (the plan as understood by the employer and the plan members) 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.
In the July 1, 2014 actuarial valuation, actuarial liabilities were determined using the projected unit credit cost
method. The actuarial assumptions included a 4.75% investment return assumption, which is based on the
expected yield on the assets of the Town, calculated based on the funded level of the plan at the valuation date,
an inflation rate of 3.0%, and an annual medical/drug cost trend rate of 8% initially, graded to 5% over 4 years.
The UAAL is being amortized over a 30 year open period using a level percentage of projected payroll with
amortization payments increasing at 3.5% per year. The remaining amortization period at July 1, 2014 is 30
years.
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 68 Comprehensive Annual Financial Report
NOTE 12 – LANDFILL CLOSURE
State and federal laws and regulations require the Town to construct a final capping system on its landfill site
when it stops accepting waste and to perform certain maintenance and monitoring functions at the site after
closure. The Town closed and capped its landfill in 1997. The Town has reflected a $237,000 post-closure care
liability at June 30, 2015 as an obligation of governmental funds. This amount is based upon estimates of what it
would cost to perform all post-closure care. Actual costs may be higher due to inflation, changes in technology, or
changes in regulations. Its cost was estimated based on annual sampling for the current monitoring network at
the site and estimated costs to maintain the integrity of the landfill cap during the post-closure period.
NOTE 13 – CONTINGENCIES
The Town participates in a number of federal award programs. Although the grant programs have been audited
in accordance with the provisions of the Single Audit Act Amendments of 1996 through June 30, 2015, these
programs are still subject to financial and compliance audits. The amount, if any, of expenditures which may be
disallowed by the granting agencies cannot be determined at this time, although it is expected such amounts, if
any, to be immaterial.
Various legal actions and claims are pending. Litigation is subject to many uncertainties, and the outcome of
individual litigated matters is not always predictable. Although the amount of liability, if any, at June 30, 2015,
cannot be ascertained, management believes any resulting liability should not materially affect the financial
position at June 30, 2015.
NOTE 14 – SUBSEQUENT EVENTS
Management has evaluated subsequent events through December 23, 2015, which is the date the financial
statements were available to be issued.
NOTE 15 – REVISION OF NET POSITION PREVIOUSLY REPORTED
Beginning net position of governmental activities, business-type activities and each applicable enterprise fund has
been revised to reflect the implementation of GASB Statement #68. The revised balances are summarized in the
following table:
6/30/2014
Previously 6/30/2014
Reported Implementation Revised
Balances of GASB #68 Balances
Government-Wide Financial Statements
Governmental activities………………………………………………$ 55,033,890 $ (16,215,297) $ 38,818,593
Business-type activities……………………………………………… 37,944,806 (112,169) 37,832,637
Total……………………………………………………………………$ 92,978,696 $ (16,327,466) $ 76,651,230
Proprietary Fund Financial Statements
Sewer enterprise………………………………………………………$ 29,996,846 $ (112,169) $ 29,884,677
Water enterprise……………………………………………………… 7,947,960 - 7,947,960
Total……………………………………………………………………$ 37,944,806 $ (112,169) $ 37,832,637
Notes to Basic Financial Statements Year Ended June 30, 2015
Town of Cohasset, Massachusetts 69 Comprehensive Annual Financial Report
NOTE 16 – IMPLEMENTATION OF NEW GASB PRONOUNCEMENTS
During 2015, the following GASB pronouncements were implemented:
• GASB Statement #67, Financial Reporting for Pension Plans; GASB Statement #68, Accounting and
Financial Reporting for Pensions; and GASB Statement #71 Pension Transition for Contributions Made
Subsequent to the Measurement Date. Financial statement changes include the recognition of a net
pension liability, pension expense and deferred outflows/inflows of resources depending on the nature of
the change each year. The financial statements also recognized a restatement of the beginning net
position to reflect the net pension liability at the beginning of the year. The notes to the basic financial
statements and the required supplementary information were expanded to include additional required
schedules and disclosures.
• GASB Statement #69, Governmental Combinations and Disposals of Government Operations. This
pronouncement did not impact the basic financial statements.
The following GASB pronouncements will be implemented in the future:
• The GASB issued Statement #72, Fair Value Measurement and Application, which is required to be
implemented in 2016.
• The GASB issued Statement #73, Accounting and Financial Reporting for Pensions and Related Assets
That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB
Statements 67 and 68. The provisions of this Statement are effective for 2016—except those provisions
that address employers and governmental non-employer contributing entities for pensions that are not
within the scope of Statement 68, which is required to be implemented in 2017.
• The GASB issued Statement #74, Financial Reporting for Postemployment Benefit Plans Other Than
Pension Plans, which is required to be implemented in 2017.
• The GASB issued Statement #75, Accounting and Financial Reporting for Postemployment Benefits
Other Than Pensions, which is required to be implemented in 2018.
• The GASB issued Statement #76, The Hierarchy of Generally Accepted Accounting Principles for State
and Local Governments, which is required to be implemented in 2016.
• The GASB issued Statement #77, Tax Abatement Disclosures, which is required to be implemented in
2017.
Management is currently assessing the impact the implementation of these pronouncements will have on the
basic financial statements.
Town of Cohasset, Massachusetts 70 Comprehensive Annual Financial Report
This page intentionally left blank.
Town of Cohasset, Massachusetts 71 Comprehensive Annual Financial Report
Required Supplementary Information
Town of Cohasset, Massachusetts 72 Comprehensive Annual Financial Report
This page intentionally left blank.
Town of Cohasset, Massachusetts 73 Comprehensive Annual Financial Report
General Fund Budgetary Comparison
Schedule
The General Fund is the general operating fund of the Town. It is used to account for the entire Town’s financial
resources, except those required to be accounted for in another fund.
General Fund Budgetary Comparison Schedule
Actual Amounts
Original Final Budgetary Carried Forward Variance to
Budget Budget Amounts To Next Year Final Budget
REVENUES:
Real estate and personal property taxes,
net of tax refunds……………………………………………$ 32,942,548 $ 32,942,548 $ 33,054,835 $ - $ 112,287
Motor vehicle and other excise taxes………………………… 1,208,300 1,208,300 1,561,442 - 353,142
Penalties and interest on taxes……………………………… 147,061 147,061 163,479 - 16,418
Fees and rentals………………………………………………… 958,727 958,727 976,186 - 17,459
Licenses and permits…………………………………………… 541,129 541,129 652,504 - 111,375
Fines and forfeitures…………………………………………… 52,336 52,336 36,523 - (15,813)
Intergovernmental……………………………………………… 2,816,160 2,816,160 2,842,492 - 26,332
Departmental and other………………………………………… 190,345 190,345 315,006 - 124,661
Special assessments…………………………………………… 400,000 400,000 403,783 - 3,783
Investment income……………………………………………… 19,361 19,361 30,908 - 11,547
TOTAL REVENUES…………………………………… 39,275,967 39,275,967 40,037,158 - 761,191
EXPENDITURES:
ADMINISTRATION
Moderator:
Personal Services……………………………………… 500 500 - - 500
Selectmen:
Personal Services……………………………………… 8,100 8,100 7,957 - 143
General Expenses……………………………………… 262,217 259,232 204,795 39,816 14,621
TOTAL…………………………………………………… 270,317 267,332 212,752 39,816 14,764
Town Manager
Personal Services……………………………………… 390,465 390,465 380,718 - 9,747
General Expenses……………………………………… 98,227 340,227 102,281 225,583 12,363
TOTAL…………………………………………………… 488,692 730,692 482,999 225,583 22,110
Human Resource Management:
Salaries and Expenses………………………………… 50,000 50,000 43,500 - 6,500
Advisory Committee:
General Expenses……………………………………… 360 360 211 - 149
Reserve Fund…………………………………………… 200,000 - - - -
TOTAL…………………………………………………… 200,360 360 211 - 149
Director of Finance:
Personal Services……………………………………… 164,011 158,833 158,832 - 1
General Expenses……………………………………… 106,624 114,709 106,708 8,000 1
TOTAL…………………………………………………… 270,635 273,542 265,540 8,000 2
Board of Assessors:
Personal Services……………………………………… 201,265 174,197 172,725 - 1,472
General Expenses……………………………………… 21,000 21,568 14,950 - 6,618
TOTAL…………………………………………………… 222,265 195,765 187,675 - 8,090
Treasurer/Collector:
Personal Services……………………………………… 243,757 244,508 244,506 - 2
General Expenses……………………………………… 49,990 50,290 45,110 800 4,380
TOTAL…………………………………………………… 293,747 294,798 289,616 800 4,382
Legal:
Town Counsel Services………………………………… 175,000 207,946 207,945 - 1
Chief Technology Office:
Personal Services……………………………………… 174,874 93,414 86,764 - 6,650
General Expenses……………………………………… 25,876 43,876 43,181 644 51
TOTAL…………………………………………………… 200,750 137,290 129,945 644 6,701
Town Clerk:
Personal Services……………………………………… 139,865 139,865 137,333 - 2,532
General Expenses……………………………………… 10,000 10,000 7,299 2,156 545
TOTAL…………………………………………………… 149,865 149,865 144,632 2,156 3,077
(Continued)
Budgeted Amounts
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
YEAR ENDED JUNE 30, 2015
Town of Cohasset, Massachusetts 74 Comprehensive Annual Financial Report
Actual Amounts
Original Final Budgetary Carried Forward Variance to
Budget Budget Amounts To Next Year Final Budget
Budgeted Amounts
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
YEAR ENDED JUNE 30, 2015
Planning Board:
General Expenses……………………………………… 560 560 - - 560
Permits & Inspections:
Personnel Services……………………………………… 143,783 123,784 122,249 - 1,535
General Expenses……………………………………… 27,040 28,315 27,428 - 887
TOTAL…………………………………………………… 170,823 152,099 149,677 - 2,422
Other General Government:
General Expenses……………………………………… 420,506 413,407 410,263 - 3,144
Total Administration…………………………………………… 2,914,020 2,874,156 2,524,755 276,999 72,402
PUBLIC SAFETY
Police:
Personal Services……………………………………… 1,804,301 1,885,101 1,877,484 - 7,617
General Expenses……………………………………… 472,297 455,887 449,478 6,370 39
TOTAL…………………………………………………… 2,276,598 2,340,988 2,326,962 6,370 7,656
Fire:
Personal Services……………………………………… 2,023,497 2,023,497 2,017,945 - 5,552
General Expenses……………………………………… 189,666 189,666 181,829 7,473 364
Hydrant Services………………………………………… 53,000 - - - -
TOTAL…………………………………………………… 2,266,163 2,213,163 2,199,774 7,473 5,916
Inspections:
Personal Services……………………………………… 86,893 86,893 85,843 - 1,050
General Expenses……………………………………… 50,500 50,500 40,646 114 9,740
TOTAL…………………………………………………… 137,393 137,393 126,489 114 10,790
Emergency Management:
Personal Services……………………………………… 3,000 3,000 3,000 - -
General Expenses……………………………………… 23,000 28,795 28,554 - 241
TOTAL…………………………………………………… 26,000 31,795 31,554 - 241
Harbor Master:
Personal Services……………………………………… 88,132 88,132 88,132 - -
General Expenses……………………………………… 29,902 29,902 18,495 6,268 5,139
TOTAL…………………………………………………… 118,034 118,034 106,627 6,268 5,139
Shellfish:
Personal Services……………………………………… 475 475 - 475 -
Total Public Safety……………………………………………… 4,824,663 4,841,848 4,791,406 20,700 29,742
EDUCATION
Cohasset Schools:
Salaries and Expenditures……………………………… 17,291,769 17,291,769 17,051,524 238,955 1,290
South Shore VocTech:
Vocational Assessment………………………………… 84,721 84,721 84,250 - 471
Total Education………………………………………………… 17,376,490 17,376,490 17,135,774 238,955 1,761
(Continued)
Town of Cohasset, Massachusetts 75 Comprehensive Annual Financial Report
Actual Amounts
Original Final Budgetary Carried Forward Variance to
Budget Budget Amounts To Next Year Final Budget
Budgeted Amounts
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
YEAR ENDED JUNE 30, 2015
PUBLIC WORKS/FACILITIES
Department of Public Works:
Personal Services……………………………………… 738,312 709,312 703,162 - 6,150
General Expenses……………………………………… 385,968 385,968 203,559 146,782 35,627
Other Appropriations…………………………………… 250,000 - - - -
TOTAL…………………………………………………… 1,374,280 1,095,280 906,721 146,782 41,777
Snow and Ice Control:
General Expenses……………………………………… 125,000 580,404 580,404 - -
Street Lighting:
General Expenses……………………………………… 75,000 94,525 94,525 - -
Transfer Station:
Personal Services……………………………………… 181,382 167,482 144,334 - 23,148
General Expenses……………………………………… 285,672 287,502 287,502 - -
TOTAL…………………………………………………… 467,054 454,984 431,836 - 23,148
Facilities Management:
Personal Services……………………………………… 286,727 319,629 319,629 - -
General Expenses……………………………………… 678,838 607,738 424,617 137,230 45,891
TOTAL…………………………………………………… 965,565 927,367 744,246 137,230 45,891
Total Public Works/Facilities…………………………………… 3,006,899 3,152,560 2,757,732 284,012 110,816
HEALTH & WELFARE
Board of Health:
Personal Services……………………………………… 128,980 128,980 114,192 - 14,788
General Expenses……………………………………… 19,300 19,300 12,216 669 6,415
TOTAL…………………………………………………… 148,280 148,280 126,408 669 21,203
Elder Affairs:
Personal Services……………………………………… 231,700 231,700 227,008 - 4,692
General Expenses……………………………………… 43,592 43,592 41,184 - 2,408
TOTAL…………………………………………………… 275,292 275,292 268,192 - 7,100
Veterans Services:
Personal Services……………………………………… 16,400 16,460 16,460 - -
General Expenses……………………………………… 117,850 132,985 123,632 - 9,353
TOTAL…………………………………………………… 134,250 149,445 140,092 - 9,353
Total Health & Welfare………………………………………… 557,822 573,017 534,692 669 37,656
CULTURE AND RECREATION
Library Services:
Personal Services……………………………………… 463,601 465,265 465,264 - 1
General Expenses……………………………………… 102,772 102,772 101,596 1,100 76
TOTAL…………………………………………………… 566,373 568,037 566,860 1,100 77
Recreation:
Personal Services……………………………………… 113,902 118,266 118,265 - 1
Common Historical Commission:
General Expenses……………………………………… 50 50 - - 50
Historical Preservation:
Personal Services……………………………………… 600 600 - 600 -
Total Culture and Recreation………………………………… 680,925 686,953 685,125 1,700 128
DEBT SERVICE
Debt Service Principal……………………………………… 2,639,354 2,639,354 2,637,555 - 1,799
Debt Service Interest……………………………………… 623,164 563,964 562,388 - 1,576
Total Debt Service……………………………………………… 3,262,518 3,203,318 3,199,943 - 3,375
(Continued)
Town of Cohasset, Massachusetts 76 Comprehensive Annual Financial Report
Actual Amounts
Original Final Budgetary Carried Forward Variance to
Budget Budget Amounts To Next Year Final Budget
Budgeted Amounts
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
YEAR ENDED JUNE 30, 2015
BENEFITS & INSURANCE
Pension Assessment:
County Assessment…………………………………… 1,591,141 1,571,043 1,557,993 - 13,050
Workers Compensation:
General Expenses……………………………………… 122,508 122,508 122,508 - -
Unemployment:
General Expenses……………………………………… 7,500 7,500 2,115 - 5,385
Health Insurance:
General Expenses……………………………………… 3,870,467 3,870,467 3,641,602 - 228,865
Life Insurance:
General Expenses……………………………………… 9,360 9,360 5,223 - 4,137
Medicare:
General Expenses……………………………………… 284,920 309,646 309,645 - 1
Property & Liability Insurance:
General Expenses……………………………………… 295,301 295,301 285,653 - 9,648
Total Benefits & Insurance…………………………………… 6,181,197 6,185,825 5,924,739 - 261,086
State and County Assessment………………………………… 1,004,674 1,004,674 1,015,079 - (10,405)
TOTAL EXPENDITURES……………………………… 39,809,208 39,898,841 38,569,245 823,035 506,561
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES…………………………………… (533,241) (622,874) 1,467,913 (823,035) 1,267,752
OTHER FINANCING SOURCES (USES):
Transfers in……………………………………………………… 565,263 868,701 868,701 - -
Transfers out…………………………………………….……… (1,500,000) (1,840,638) (1,840,638) - -
TOTAL OTHER FINANCING SOURCES (USES)…… (934,737) (971,937) (971,937) - -
NET CHANGE IN FUND BALANCE……………………………… (1,467,978) (1,594,811) 495,976 (823,035) 1,267,752
BUDGETARY FUND BALANCE, Beginning of year…………… 1,868,394 1,868,394 1,868,394 - -
BUDGETARY FUND BALANCE, End of year……………………$ 400,416 $ 273,583 $ 2,364,370 $ (823,035) $ 1,267,752
See notes to required supplementary information.(Concluded)
Town of Cohasset, Massachusetts 77 Comprehensive Annual Financial Report
Town of Cohasset, Massachusetts 78 Comprehensive Annual Financial Report
Pension Plan Schedules - Town
The Schedule of the Town’s Proportionate Share of the Net Pension Liability presents multi-year trend information
on the Town’s net pension liability and related ratios.
The Schedule of Town Contributions presents multi-year trend information on the Town’s required and actual
contributions to the pension plan and related ratios.
The Schedule of the Special Funding Amounts of the Net Pension Liability for the Massachusetts Teachers
Contributory Retirement System presents multi-year trend information on the liability and expense assumed by
the Commonwealth of Massachusetts on behalf of the Town along with related ratios.
These schedules are intended to present information for ten years. Until a ten year trend is compiled, information
is presented for those years for which information is available.
Pension Plan Schedules - Town
December 31,
2014
Town's proportion of the net pension liability (asset)…………………… 3.30%
Town's proportionate share of the net pension liability (asset)………$ 17,115,594
Town's covered employee payroll (*)……………………………………$ 8,086,454
Net pension liability as a percentage of covered-employee
payroll……………………………………………………………………… 211.66%
Plan fiduciary net position as a percentage of the
total pension liability……………………………………………………… 60.10%
Note: this schedule is intended to present information for 10 years.
Until a 10-year trend is compiled, information is presented for those years for
which information is available.
*Covered employee payroll as reported in the January 1, 2014 funding
valuation report.
See notes to required supplementary information.
SCHEDULE OF THE TOWN'S PROPORTIONATE SHARE
OF THE NET PENSION LIABILITY
NORFOLK COUNTY CONTRIBUTORY RETIREMENT SYSTEM
Town of Cohasset, Massachusetts 79 Comprehensive Annual Financial Report
2014
Actuarially determined contribution (a)…………………$ 1,596,748
Contributions in relation to the actuarially
determined contribution……………………………… 1,596,748
Contribution deficiency (excess)……………………$-
Covered-employee payroll (*)……………………………$ 8,086,454
Contributions as a percentage of covered-
employee payroll……………………………………… 19.75%
Note: this schedule is intended to present information for 10 years.
Until a 10-year trend is compiled, information is presented for those
years for which information is available.
(a) Based on the results of the January 1, 2014 actuarial
valuation (including assumptions and methods) which
determined budgeted appropriations for fiscal 2015.
*Covered employee payroll as reported in the January 1, 2014
funding valuation report.
See notes to required supplementary information.
SCHEDULE OF TOWN CONTRIBUTIONS
NORFOLK COUNTY CONTRIBUTORY RETIREMENT SYSTEM
Town of Cohasset, Massachusetts 80 Comprehensive Annual Financial Report
Fiscal Year
Commonwealth's
100% Share of the
Net Pension
Liability
Associated with
the Town
Town's Expense
and Revenue
Recognized for
the
Commonwealth's
Support
Plan Fiduciary Net
Position as a
Percentage of the
Total Liability
2015 $ 29,555,851 $ 2,053,387 61.64%
Note: this schedule is intended to present information for 10 years.
Until a 10-year trend is compiled, information is presented for those years for
which information is available.
See notes to required supplementary information.
SCHEDULE OF THE SPECIAL FUNDING AMOUNTS
OF THE NET PENSION LIABILITY
MASSACHUSETTS TEACHERS' RETIREMENT SYSTEM
The Commonwealth of Massachusetts is a nonemployer contributor and is required by statute to
make all actuarially determined employer contributions on behalf of the member employers which
creates a special funding situation. Since the Town does not contribute directly to MTRS, there is
no net pension liability to recognize. This schedule discloses the Commonwealth's 100% share of
the collective net pension liability that is associated with the Town; the portion of the collective
pension expense as both a revenue and pension expense recognized by the Town; and the Plan's
fiduciary net position as a percentage of the total liability.
Town of Cohasset, Massachusetts 81 Comprehensive Annual Financial Report
Town of Cohasset, Massachusetts 82 Comprehensive Annual Financial Report
Other Postemployment Benefits Plan
Schedules
The Schedule of Funding Progress compares, over time, the actuarial accrued liability for benefits with the
actuarial value of accumulated plan assets.
The Schedule of Employer Contributions compares, over time, the annual required contributions to the actual
contribution made.
The Schedule of Actuarial Methods and Assumptions presents factors that significantly affect the identification of
trends in the amounts reported.
Other Postemployment Benefits Plan Schedules
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)
7/1/2014 $ 583,141 $ 32,942,616 $ 32,359,475 1.77% $ 20,324,842 159.2%
7/1/2012 147,649 36,227,021 36,079,372 0.41% 16,716,994 215.8%
7/1/2010 - 32,380,795 32,380,795 0.00% 16,972,461 190.8%
7/1/2008 - 27,570,365 27,570,365 0.00% 15,431,785 178.7%
Annual Actual Percentage of
Year Required Contributions the ARC
Ended Contribution (ARC) Made Contributed
2015 $ 2,454,000 $ 1,512,000 61.6%
2014 3,208,000 1,604,000 50.0%
2013 3,075,000 1,435,000 46.7%
2012 3,311,000 1,274,000 38.5%
2011 2,542,000 1,112,000 43.7%
2010 2,180,000 1,360,000 62.4%
See notes to required supplementary information.
Schedule of Employer Contributions
OTHER POSTEMPLOYMENT BENEFITS PLAN
SCHEDULE OF FUNDING PROGRESS AND EMPLOYER CONTRIBUTIONS
Schedule of Funding Progress
Town of Cohasset, Massachusetts 83 Comprehensive Annual Financial Report
Actuarial Methods:
Valuation date…………………………………………… July 1, 2014
Actuarial cost method…………………………………… Projected Unit Credit
Amortization method…………………………………… Increasing at 3.50% over thirty years on an open amortization
period.
Remaining amortization period………………………… 30 years at July 1, 2014.
Asset valuation method………………………………… Market value
Actuarial Assumptions:
Investment rate of return……………………………… 4.75% per annum.
Inflation rate……………………………………………… 3.0% per annum.
Medical/drug cost trend rate…………………………… 8% initially, graded to 5% over 4 years.
Plan Membership:
Current retirees, beneficiaries, and dependents…… 271
Current active members………………………………… 319
Total………………………………………………………590
See notes to required supplementary information.
OTHER POSTEMPLOYMENT BENEFITS PLAN
ACTUARIAL METHODS AND ASSUMPTIONS
Town of Cohasset, Massachusetts 84 Comprehensive Annual Financial Report
Notes to Required Supplementary Information Year Ended June 30, 2015
Town of Cohasset, Massachusetts 85 Comprehensive Annual Financial Report
NOTE A – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
Notes to Required Supplementary Information
A. Budgetary Information
Municipal Law requires the adoption of a balanced budget that is approved by the Advisory 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.
Increases or transfers between and within departments subsequent to the approval of the annual budget, requires
majority vote at a Special Town Meeting.
The majority of appropriations are non-continuing which lapse at the end of each year. Others are continuing
appropriations for which the governing body has authorized that an unspent balance from a prior year be carried
forward and made available for spending in the current year. These carry forwards are included as part of the
subsequent year’s original budget.
Generally, expenditures may not exceed the legal level of spending (salaries and expenses) 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 majority vote at a Special Town Meeting.
An annual budget is adopted for the general fund in conformity with the guidelines described above. The original
2015 approved budget authorized $41.3 million in appropriations and other amounts to be raised. During 2015,
$430,000 of supplemental appropriations were approved primarily for snow and ice costs.
The Finance Director/Town Accountant’s office has the responsibility to ensure that budgetary control is
maintained. Budgetary control is exercised through the accounting system.
B. Budgetary - GAAP Reconciliation
For budgetary financial reporting purposes, the Uniform Municipal Accounting System basis of accounting
(established by the Commonwealth) is followed, which differs from the GAAP basis of accounting. A
reconciliation of budgetary-basis to GAAP-basis results for the general fund for the year ended June 30, 2015, is
presented below:
Net change in fund balance, budgetary basis…………………$ 495,976
Perspective difference:
Activity of the stabilization fund recorded in the
general fund for GAAP………………………………………… 240,557
Basis of accounting differences:
Net change in recording revenue accruals…………………… (802)
Recognition of revenue for on-behalf payments…………… 2,053,387
Recognition of expenditures for on-behalf payments……… (2,053,387)
Net change in fund balance - GAAP basis…………………… $ 735,731
Notes to Required Supplementary Information Year Ended June 30, 2015
Town of Cohasset, Massachusetts 86 Comprehensive Annual Financial Report
NOTE B – PENSION PLAN
Pension Plan Schedules
A. Schedule of the Town’s Proportionate Share of the Net Pension Liability
The Schedule of the Town’s Proportionate Share of the Net Pension Liability details the allocated percentage of
the net pension liability (asset), the proportionate share of the net pension liability, and the covered employee
payroll. It also demonstrates the net position as a percentage of the pension liability and the net pension liability
as a percentage of covered payroll.
B. Schedule of Town’s Contributions
Governmental employers are required to pay an annual appropriation as established by PERAC. The
appropriation includes the amounts to pay the pension portion of each member’s retirement allowance, an amount
to amortize the actuarially determined unfunded liability to zero in accordance with the system’s funding schedule,
and additional appropriations in accordance with adopted early retirement incentive programs. The
appropriations are payable on July 1 and January 1. The Town may choose to pay the entire appropriation in July
at a discounted rate. Accordingly, actual contributions may be less than the “total appropriation”. The pension
fund appropriation is allocated to the Town based on covered payroll.
C. Schedule of the Special Funding Amounts of the Net Pension Liabilities
The Commonwealth of Massachusetts is a nonemployer contributor and is required by statute to make all
actuarially determined employer contributions on behalf of the member employers which creates a special funding
situation. Since the Town does not contribute directly to MTRS, there is no net pension liability to recognize. This
schedule discloses the Commonwealth's 100% share of the collective net pension liability that is associated with
the Town; the portion of the collective pension expense as both a revenue and pension expense recognized by
the Town; and the Plan's fiduciary net position as a percentage of the total liability.
D. Changes in Assumptions:
There were no changes in the assumptions as part of the updated actuarial valuation through the measurement
date of December 31, 2014.
E. Changes in Plan Provisions:
There were no changes in plan provisions as part of the updated actuarial valuation through the measurement
date of December 31, 2014.
Notes to Required Supplementary Information Year Ended June 30, 2015
Town of Cohasset, Massachusetts 87 Comprehensive Annual Financial Report
NOTE C – OTHER POSTEMPLOYMENT BENEFITS
The Town 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 plus an
additional contribution to the Trust. As a result, the funded ratio (actual value of assets expressed as a
percentage of the actuarial accrued liability) is low. 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 multiyear trend information which compares, over time, the actuarial
accrued liability for benefits with the actuarial value of accumulated plan assets.
The Schedule of Employer Contributions presents multi-year trend information for required and actual
contributions relating to the plan.
Projections of benefits for financial reporting purposes are based on the substantive plan and included the types
of benefits provided at the time of each valuation and the historical pattern of sharing of benefit cost 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 Cohasset, Massachusetts 88 Comprehensive Annual Financial Report
This page intentionally left blank.
Town of Cohasset, Massachusetts 89 Comprehensive Annual Financial Report
Combining and Individual Fund
Statements
Combining and Individual Fund Statements
Town of Cohasset, Massachusetts 90 Comprehensive Annual Financial Report
Nonmajor Governmental Funds
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:
Town Grants – This fund accounts for all federal and state grants used for Town related projects and activities.
School Grants – This fund is used to account for all federal and state grants used for school related projects and
activities.
Receipts Reserved for Appropriation – This fund is used to account for receipts from a specific revenue source
that by law is accounted for separately from the general fund and must be spent by appropriation.
MCWT Septic Loan Program – This fund is used to account for the activities related to septic loans issued to
citizens, funded through the MCWT.
Town Revolving Funds – This fund accounts for various Town operations such as insurance recoveries, and the
law enforcement trust.
School Revolving Fund – This fund accounts for school activity, such as transportation receipts, athletic receipts
and tuition costs.
School Lunch – This fund is used to account for all cafeteria activities and is funded by user charges, federal and
state grants, and commodities received.
Community Preservation – This fund is used to account for the 1.5% local real estate tax surcharge on
nonexempt property (and matching state trust fund distribution) that can be used for open space, historic resource
and affordable housing purposes. Property exempt from the surcharge consists of the first $100,000 of all
residential property and also property owned by low income seniors with a low or moderate income as defined by
Massachusetts Department of Revenue (DOR) guidelines. Disbursements from this fund must originate from the
Community Preservation Committee and be approved by Town Meeting.
Gifts and Donations – This fund is used to account for the activities of donated funds.
Other Town Special Revenue Funds – This fund accounts for activities related to various Treasury bond
premiums.
Town of Cohasset, Massachusetts 91 Comprehensive Annual Financial Report
Capital Project Funds
Capital projects funds are used to account for the acquisition and construction of major capital facilities other than
those financed by proprietary funds and trust funds.
Chapter 90 – This fund accounts for roadway improvements for which expenditures are reimbursed 100% by the
Commonwealth.
Capital Projects Bonded – This fund is used to account for major Town and school capital acquisition and
construction projects. These projects will be funded through the issuance of long-term bonds and notes.
Capital Projects Non-Bonded – This fund is used to account for major Town and school capital acquisition and
construction projects. These projects will be funded through available funds.
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.
Library Trust Fund – This fund accounts for all endowment funds managed by the Treasurer and the Cohasset
Library Trust, Inc., a blended component unit. The expendable portion of the endowment can only be spent to
support the Paul Pratt Memorial Library.
Other Trust Funds – These funds account for all contributions and bequests for which only earnings may be
expended to benefit the government.
Receipts MCWT Town
Town School Reserved For Septic Loan Revolving
Grants Grants Appropriation Program Funds
ASSETS
Cash and cash equivalents…………………………………………$ 134,247 $ 489,651 $ 1,122,680 $ 196,595 $ 257,704
Investments…………………………………………………………… - - - - -
Receivables, net of uncollectibles:
Tax liens…………………………………………………………… - - - - -
Departmental and other………………………………………… -- ---
Special assessments…………………………………………… - - 883,193 - -
Intergovernmental………………………………………………… 110,858 24,112 - - -
TOTAL ASSETS…………………………………………………… $ 245,105 $ 513,763 $ 2,005,873 $ 196,595 $ 257,704
LIABILITIES
Warrants payable…………………………………………………$ 36,508 $ 74,060 $ - $ - $ 7,960
Accrued payroll…………………………………………………… - - - - 106
Due to other funds……………………………………………… - - - - -
Notes payable…………………………………………………… - - - - -
TOTAL LIABILITIES………………………………………………… 36,508 74,060 - - 8,066
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues…………………………………………… - - 883,194 - -
FUND BALANCES
Nonspendable…………………………………………………… - - - - -
Restricted………………………………………………………… 208,597 439,703 1,122,679 196,595 249,638
TOTAL FUND BALANCES………………………………………… 208,597 439,703 1,122,679 196,595 249,638
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES…………………$ 245,105 $ 513,763 $ 2,005,873 $ 196,595 $ 257,704
Special Revenue Funds
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2015
Town of Cohasset, Massachusetts 92 Comprehensive Annual Financial Report
School Other
Revolving School Community Gifts and Town Special
Funds Lunch Preservation Donations Revenue Funds Sub-total
$ 630,105 $ 211,437 $ 1,958,772 $ 770,356 $ 5,693 $ 5,777,240
- - - 519,818 - 519,818
- - 5,422 - - 5,422
- - 6,368 - - 6,368
-----883,193
- - - - - 134,970
$ 630,105 $ 211,437 $ 1,970,562 $ 1,290,174 $ 5,693 $ 7,327,011
$ 17,122 $ 1,683 $ 98 $ 32,821 $ 300 $ 170,552
2,736 14,084 - 13,264 - 30,190
- - - - - -
- - - - - -
19,858 15,767 98 46,085 300 200,742
- - 12,787 - - 895,981
- - - - - -
610,247 195,670 1,957,677 1,244,089 5,393 6,230,288
610,247 195,670 1,957,677 1,244,089 5,393 6,230,288
$ 630,105 $ 211,437 $ 1,970,562 $ 1,290,174 $ 5,693 $ 7,327,011
(Continued)
Special Revenue Funds
Town of Cohasset, Massachusetts 93 Comprehensive Annual Financial Report
Capital Projects Capital Projects
Chapter 90 Bonded Non-Bonded Sub-total
ASSETS
Cash and cash equivalents……………………………………………$- $ 348,940 $ 818,490 $ 1,167,430
Investments…………………………………………………………… - - - -
Receivables, net of uncollectibles:
Tax liens…………………………………………………………… - - - -
Departmental and other…………………………………………… - - - -
Special assessments……………………………………………… - - - -
Intergovernmental………………………………………………… 721,061 - - 721,061
TOTAL ASSETS………………………………………………………$ 721,061 $ 348,940 $ 818,490 $ 1,888,491
LIABILITIES
Warrants payable………………………………………………… $ 156,234 $ - $ 3,915 $ 160,149
Accrued payroll…………………………………………………… - - - -
Due to other funds………………………………………………… 8,978 - - 8,978
Notes payable……………………………………………………… - 236,800 - 236,800
TOTAL LIABILITIES…………………………………………………… 165,212 236,800 3,915 405,927
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues……………………………………………… 555,849 - - 555,849
FUND BALANCES
Nonspendable……………………………………………………… - - - -
Restricted…………………………………………………………… - 112,140 814,575 926,715
TOTAL FUND BALANCES…………………………………………… - 112,140 814,575 926,715
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES……………………$ 721,061 $ 348,940 $ 818,490 $ 1,888,491
Capital Project Funds
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2015
Town of Cohasset, Massachusetts 94 Comprehensive Annual Financial Report
Total
Nonmajor
Library Other Governmental
Trust Fund Trust Funds Sub-total Funds
$ 67,044 $ 80,437 $ 147,481 $ 7,092,151
1,424,339 829,263 2,253,602 2,773,420
- - - 5,422
- - - 6,368
- - - 883,193
- - - 856,031
$ 1,491,383 $ 909,700 $ 2,401,083 $ 11,616,585
$- $ - $ - $ 330,701
- - - 30,190
- - - 8,978
- - - 236,800
- - - 606,669
- - - 1,451,830
223,414 201,321 424,735 424,735
1,267,969 708,379 1,976,348 9,133,351
1,491,383 909,700 2,401,083 9,558,086
$ 1,491,383 $ 909,700 $ 2,401,083 $ 11,616,585
(Concluded)
Permanent Funds
Town of Cohasset, Massachusetts 95 Comprehensive Annual Financial Report
Receipts MCWT Town
Town School Reserved For Septic Loan Revolving
Grants Grants Appropriation Program Funds
REVENUES:
Charges for services………………………………………………………$- $ - $ 1,136 $ - $ -
Penalties and interest on taxes………………………………………… - - 992 - -
Intergovernmental………………………………………………………… 208,049 1,315,254 - - -
Departmental and other…………………………………………………… - - 41,236 600 409,167
Community preservation tax……………………………………………… - - - - -
Contributions……………………………………………………………… - - - - -
Special assessments……………………………………………………… - - 150,912 - -
Investment income………………………………………………………… - - - - -
TOTAL REVENUES……………………………………………… 208,049 1,315,254 194,276 600 409,167
EXPENDITURES:
Current:
Administration………………………………………………………… 20,124 - 4,976 - 207,975
Public safety…………………………………………………………… 26,253 - - - 1,295
Education……………………………………………………………… - 1,385,933 - - -
Public works…………………………………………………………… 143,281 - - - 8,941
Health and welfare…………………………………………………… 19,880 - - 1,000 -
Culture and recreation………………………………………………… 18,779 - - - 133,483
Community preservation……………………………………………… - - - - -
TOTAL EXPENDITURES………………………………………… 228,317 1,385,933 4,976 1,000 351,694
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES……………………………………… (20,268) (70,679) 189,300 (400) 57,473
OTHER FINANCING SOURCES (USES):
Transfers in………………………………………………………………… - - - - -
Transfers out……………………………………………………………… - - (145,338) - -
TOTAL OTHER FINANCING SOURCES (USES)……………… - - (145,338) - -
NET CHANGE IN FUND BALANCES……………………………………… (20,268) (70,679) 43,962 (400) 57,473
FUND BALANCES AT BEGINNING OF YEAR…………………………… 228,865 510,382 1,078,717 196,995 192,165
FUND BALANCES AT END OF YEAR…………………………………… $ 208,597 $ 439,703 $ 1,122,679 $ 196,595 $ 249,638
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
YEAR ENDED JUNE 30, 2015
Special Revenue Funds
Town of Cohasset, Massachusetts 96 Comprehensive Annual Financial Report
School Other
Revolving School Community Gifts and Town Special
Funds Lunch Preservation Donations Revenue Funds Sub-total
$ 746,455 $ 342,590 $ - $ - $ - $ 1,090,181
- - 1,543 - - 2,535
- 63,107 131,139 - - 1,717,549
74,503 - - - 8,750 534,256
- - 430,473 - - 430,473
165,416 - - 628,894 - 794,310
- - - - - 150,912
- - 6,552 14,304 - 20,856
986,374 405,697 569,707 643,198 8,750 4,741,072
- - - 125,653 - 358,728
- - - 7,005 - 34,553
1,030,219 368,779 - - - 2,784,931
- - - - - 152,222
- - - 16,136 7,350 44,366
- - - 385,997 - 538,259
- - 271,225 - - 271,225
1,030,219 368,779 271,225 534,791 7,350 4,184,284
(43,845) 36,918 298,482 108,407 1,400 556,788
- - - 32,190 - 32,190
- - (25,900) (190) - (171,428)
- - (25,900) 32,000 - (139,238)
(43,845) 36,918 272,582 140,407 1,400 417,550
654,092 158,752 1,685,095 1,103,682 3,993 5,812,738
$ 610,247 $ 195,670 $ 1,957,677 $ 1,244,089 $ 5,393 $ 6,230,288
(Continued)
Special Revenue Funds
Town of Cohasset, Massachusetts 97 Comprehensive Annual Financial Report
Capital Projects Capital Projects
Chapter 90 Bonded Non-Bonded Sub-total
REVENUES:
Charges for services……………………………………………$- $ - $ - $ -
Penalties and interest on taxes………………………………… - - - -
Intergovernmental……………………………………………… 165,212 - - 165,212
Departmental and other………………………………………… - - - -
Community preservation tax…………………………………… - - - -
Contributions…………………………………………………… - - - -
Special assessments…………………………………………… - - - -
Investment income……………………………………………… - - - -
TOTAL REVENUES……………………………………… 165,212 - - 165,212
EXPENDITURES:
Current:
Administration………………………………………………… - 18,101 192,761 210,862
Public safety………………………………………………… - 975 81,352 82,327
Education…………………………………………………… - - 118,721 118,721
Public works………………………………………………… 315,212 - 60,625 375,837
Health and human services………………………………… - - - -
Culture and recreation……………………………………… - 5,058 - 5,058
Community preservation…………………………………… - - - -
TOTAL EXPENDITURES……………………………… 315,212 24,134 453,459 792,805
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES…………………………… (150,000) (24,134) (453,459) (627,593)
OTHER FINANCING SOURCES (USES):
Transfers in……………………………………………………… 150,000 20,540 923,318 1,093,858
Transfers out…………………………………………………… - 32,190 - 32,190
TOTAL OTHER FINANCING SOURCES (USES)…… 150,000 52,730 923,318 1,126,048
NET CHANGE IN FUND BALANCES…………………………… - 28,596 469,859 498,455
FUND BALANCES AT BEGINNING OF YEAR………………… - 83,544 344,716 428,260
FUND BALANCES AT END OF YEAR……………………………$- $ 112,140 $ 814,575 $ 926,715
YEAR ENDED JUNE 30, 2015
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
Capital Project Funds
Town of Cohasset, Massachusetts 98 Comprehensive Annual Financial Report
Total
Library Nonmajor
Expendable Other Governmental
Trust Fund Trust Funds Sub-total Funds
$- $ - $ - $ 1,090,181
- - - 2,535
- - - 1,882,761
- - - 534,256
- - - 430,473
12,450 5,000 17,450 811,760
- - - 150,912
- 27,547 27,547 48,403
12,450 32,547 44,997 4,951,281
- - - 569,590
- - - 116,880
- 250 250 2,903,902
- 3,898 3,898 531,957
- - - 44,366
16,004 - 16,004 559,321
- - - 271,225
16,004 4,148 20,152 4,997,241
(3,554) 28,399 24,845 (45,960)
- - - 1,126,048
(30,000) (2,000) (32,000) (171,238)
(30,000) (2,000) (32,000) 954,810
(33,554) 26,399 (7,155) 908,850
1,524,937 883,301 2,408,238 8,649,236
$ 1,491,383 $ 909,700 $ 2,401,083 $ 9,558,086
(Concluded)
Permanent Funds
Town of Cohasset, Massachusetts 99 Comprehensive Annual Financial Report
Town of Cohasset, Massachusetts 100 Comprehensive Annual Financial Report
Agency Fund
Agency Fund
The Agency Fund is used to account for assets held in a purely custodial capacity. The Town’s agency funds
consist of off-duty work details, payroll withholdings, performance bonds, and fees collected on behalf of other
governments.
AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
YEAR ENDED JUNE 30, 2015
Beginning End
of Year Additions Deletions of Year
Cash and cash equivalents……………$ 632,778 $ 441,887 $ (447,795) $ 626,870
Special details receivables…………… 91,014 747,508 (637,896) 200,626
TOTAL ASSETS……………………………$ 723,792 $ 1,189,395 $ (1,085,691) $ 827,496
Accrued liabilities………………………$ 18,634 $ 28,570 $ (18,634) $ 28,570
Payroll withholdings…………………… 473,935 416,136 (358,334) 531,737
Liabilities due depositors……………… 231,223 744,689 (708,723) 267,189
TOTAL LIABILITIES………………………$ 723,792 $ 1,189,395 $ (1,085,691) $ 827,496
ASSETS
LIABILITIES
Town of Cohasset, Massachusetts 101 Comprehensive Annual Financial Report
Town of Cohasset, Massachusetts 102 Comprehensive Annual Financial Report
This page intentionally left blank.
Statistical Section
Cohasset Foam Day
Town of Cohasset, Massachusetts 103 Comprehensive Annual Financial Report
Statistical Section
This part of the Town of Cohasset’s 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 Town’s financial
reports for the relevant year.
Statistical Section
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015Governmental activitiesNet investment in capital assets…………………………$ 39,898,511 $ 48,068,232 $ 50,643,262 $ 51,522,827 $ 51,634,686 $ 52,393,141 $ 45,256,816 $ 45,149,347 $ 45,942,136 $ 46,801,586 Restricted………………………………………………… 3,730,297 5,834,583 3,913,860 4,516,539 5,582,944 6,107,623 4,904,201 5,941,619 6,742,197 6,995,791 Unrestricted……………………………………………… 4,304,057 5,216,169 5,134,722 2,953,254 1,356,625 (867,326) 2,963,690 2,578,655 (13,865,740) (13,575,380) Total governmental activities net position…………………$ 47,932,865 $ 59,118,984 $ 59,691,844 $ 58,992,620 $ 58,574,255 $ 57,633,438 $ 53,124,707 $ 53,669,621 $ 38,818,593 $ 40,221,997 Business-type activitiesNet investment in capital assets…………………………$ 22,264,775 $ 19,555,307 $ 15,134,636 $ 14,652,348 $ 18,013,611 $ 30,478,145 $ 23,986,222 $ 23,598,624 $ 24,552,663 $ 25,773,697 Restricted………………………………………………… 711,110 - - 4,824,658 - - - - - - Unrestricted……………………………………………… (735,417) 326,249 4,809,853 498,502 2,446,486 1,593,511 13,812,098 14,040,400 13,279,974 13,128,471 Total business-type activities net position…………………$ 22,240,468 $ 19,881,556 $ 19,944,489 $ 19,975,508 $ 20,460,097 $ 32,071,656 $ 37,798,320 $ 37,639,024 $ 37,832,637 $ 38,902,168 Primary governmentNet investment in capital assets…………………………$ 62,163,286 $ 67,623,539 $ 65,777,898 $ 66,175,175 $ 69,648,297 $ 82,871,286 $ 69,243,038 $ 68,747,971 $ 70,494,799 $ 72,575,283 Restricted………………………………………………… 4,441,407 5,834,583 3,913,860 9,341,197 5,582,944 6,107,623 4,904,201 5,941,619 6,742,197 6,995,791 Unrestricted……………………………………………… 3,568,640 5,542,418 9,944,575 3,451,756 3,803,111 726,185 16,775,788 16,619,055 (585,766) (446,909) Total primary government net position……………………$ 70,173,333 $ 79,000,540 $ 79,636,333 $ 78,968,128 $ 79,034,352 $ 89,705,094 $ 90,923,027 $ 91,308,645 $ 76,651,230 $ 79,124,165 Last Ten YearsNet Position By ComponentTown of Cohasset, Massachusetts104Comprehensive Annual Financial Report
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Expenses
Governmental activities:
Administration…………………………………………………$ 2,270,168 $ 2,411,532 $ 2,247,822 $ 2,077,306 $ 2,996,631 $ 3,194,742 $ 3,664,574 $ 3,447,387 $ 3,680,617 $ 3,997,974
Public safety………………………………………………… 5,083,546 5,064,012 5,241,554 5,603,698 6,078,695 6,622,695 6,643,418 6,455,507 6,623,281 6,991,258
Education……………………………………………………… 20,135,117 21,182,820 22,824,221 24,592,648 24,660,716 25,743,937 26,247,926 27,666,185 28,305,008 27,464,152
Public works………………………………………………… 2,308,523 2,985,226 3,000,931 3,303,838 3,319,593 3,740,913 3,014,490 3,378,422 3,476,400 4,136,781
Health and human services………………………………… - - - - 534,902 537,404 582,648 1,924,232 743,217 735,795
Culture and recreation……………………………………… 1,276,040 1,018,967 1,463,622 2,149,442 1,573,707 1,125,988 1,542,483 1,543,186 1,582,372 1,673,178
Community preservation…………………………………… 134,102 698,478 979,560 389,070 - - 46,183 161,798 438,778 271,225
Interest………………………………………………………… 2,012,455 1,240,749 1,728,188 1,138,051 902,237 921,343 1,244,644 1,146,440 966,501 810,989
Total governmental activities expenses……………………… 33,219,951 34,601,784 37,485,898 39,254,053 40,066,481 41,887,022 42,986,366 45,723,157 45,816,174 46,081,352
Business-type activities:
Water and Sewer…………………………………………… 4,594,389 4,931,421 4,872,635 - - - - - - -
Sewer………………………………………………………… - - - 2,574,878 3,247,261 4,165,164 2,810,623 2,741,823 2,379,793 2,315,178
Water………………………………………………………… - - - 3,107,783 4,058,435 4,339,973 3,937,565 3,796,075 3,553,676 3,447,642
Total business-type activity expenses………………………… 4,594,389 4,931,421 4,872,635 5,682,661 7,305,696 8,505,137 6,748,188 6,537,898 5,933,469 5,762,820
Total primary government expenses…………………………$ 37,814,340 $ 39,533,205 $ 42,358,533 $ 44,936,714 $ 47,372,177 $ 50,392,159 $ 49,734,554 $ 52,261,055 $ 51,749,643 $ 51,844,172
Program Revenues
Governmental activities:
Charges for services:
Administration………………………………………………$ 557,733 $ 590,840 $ 608,963 $ 568,125 $ 326,584 $ 360,593 $ 495,669 $ 570,288 $ 594,218 $ 685,031
Public safety charges for services……………………… 780,673 619,502 542,269 728,561 1,123,285 1,147,747 878,441 954,524 1,034,736 1,058,895
Education charges for services………………………… 813,769 1,134,297 1,046,450 1,111,911 1,111,911 1,145,164 975,482 1,064,381 1,090,505 1,129,365
Public works charges for services……………………… 826,425 345,301 348,594 332,941 338,641 178,356 238,427 314,016 303,932 292,558
Health and human Services……………………………… - - - - 16,103 21,499 46,623 44,208 37,433 32,907
Culture and recreation…………………………………… 171,910 192,252 220,554 329,764 306,237 332,205 77,414 15,219 20,849 10,000
Operating grants and contributions………………………… 5,270,910 6,150,388 5,937,188 6,549,047 7,839,025 6,417,307 7,713,034 9,315,471 8,814,016 7,583,649
Capital grants and contributions…………………………… 1,762,729 252,305 621,442 1,118,972 470,782 662,105 928,013 517,534 470,004 695,888
Total government activities program revenues...…………… 10,184,149 9,284,885 9,325,460 10,739,321 11,532,568 10,264,976 11,353,103 12,795,641 12,365,693 11,488,293
Business-type activities:
Charges for services:
Water and Sewer………………………………………… 2,917,392 3,231,311 4,317,447 - - - - - - -
Sewer……………………………………………………… - - - 1,132,954 3,994,707 1,684,014 2,175,548 1,936,177 1,840,085 1,807,723
Water……………………………………………………… - - - 3,103,861 938,375 4,732,701 5,102,955 4,562,181 4,507,575 5,143,208
Capital grants and contributions…………………………… 2,474,295 711,849 729,889 521,528 772,599 13,875,299 222,911 37,676 4,152 -
Total business-type activities program revenues...………… 5,391,687 3,943,160 5,047,336 4,758,343 5,705,681 20,292,014 7,501,414 6,536,034 6,351,812 6,950,931
Total primary government program revenues………………$ 15,575,836 $ 13,228,045 $ 14,372,796 $ 15,497,664 $ 17,238,249 $ 30,556,990 $ 18,854,517 $ 19,331,675 $ 18,717,505 $ 18,439,224
Net (Expense)/Revenue
Governmental activities…………………………………………$ (23,035,802) $ (25,316,899) $ (28,160,438) $ (28,514,732) $ (28,533,913) $ (31,622,046) $ (31,633,263) $ (32,927,516) $ (33,450,481) $ (34,593,059)
Business-type activities………………………………………… 797,298 (988,261) 174,701 (924,318) (1,600,015) 11,786,877 753,226 (1,864) 418,343 1,188,111
Total primary government net expense………………………$ (22,238,504) $ (26,305,160) $ (27,985,737) $ (29,439,050) $ (30,133,928) $ (19,835,169) $ (30,880,037) $ (32,929,380) $ (33,032,138) $ (33,404,948)
General Revenues and other Changes in Net Position
Governmental activities:
Real estate, personal property taxes and tax liens,
net of tax refunds payable………………………………$ 23,424,245 $ 24,008,846 $ 25,363,080 $ 26,301,119 $ 27,205,991 $ 28,117,764 $ 29,542,428 $ 30,668,230 $ 31,786,548 $ 33,093,668
Motor vehicle and other excise taxes…………………… 1,224,023 1,255,031 1,301,850 1,125,863 1,083,885 1,115,676 1,162,053 1,299,064 1,396,984 1,539,272
Community preservation tax…………….…………..…… 304,681 323,669 329,500 347,755 289,045 364,940 388,279 402,419 416,990 436,967
Penalties and interest on taxes…………………….…… - - - 157,070 199,216 118,155 206,230 243,820 189,395 166,014
Grants and contributions not restricted to
specific programs………………………………………… 577,815 1,097,648 1,281,172 577,913 478,507 531,931 507,739 441,823 445,448 457,801
Unrestricted investment income………………………… 677,962 652,672 345,926 261,154 289,538 353,846 109,608 239,803 426,962 147,933
Transfers…………………………………………………… (1,016,395) (474,475) 111,770 (440,022) (1,430,634) (729,614) (172,726) 177,271 152,423 154,808
Total governmental activities………………………………… 25,192,331 26,863,391 28,733,298 28,330,852 28,115,548 29,872,698 31,743,611 33,472,430 34,814,750 35,996,463
Business-type activities:
Unrestricted investment income (loss)………………… - - - - - - 6,862 19,839 39,862 36,228
Transfers…………………………………………………… 1,016,395 474,475 (111,770) 440,022 1,430,634 729,614 172,726 (177,271) (152,423) (154,808)
Total business-type activities………………………………… 1,016,395 474,475 (111,770) 440,022 1,430,634 729,614 179,588 (157,432) (112,561) (118,580)
Total primary government………………………………………$ 26,208,726 $ 27,337,866 $ 28,621,528 $ 28,770,874 $ 29,546,182 $ 30,602,312 $ 31,923,199 $ 33,314,998 $ 34,702,189 $ 35,877,883
Changes in Net Position
Governmental activities…………………………………………$ 2,156,529 $ 1,546,492 $ 572,860 $ (183,880) $ (418,365) $ (1,749,348) $ 110,348 $ 544,914 $ 1,364,269 $ 1,403,404
Business-type activities………………………………………… 1,813,693 (513,786) 62,931 (484,296) (169,381) 12,516,491 932,814 (159,296) 305,782 1,069,531
Total primary government…………………………………...…$ 3,970,222 $ 1,032,706 $ 635,791 $ (668,176) $ (587,746) $ 10,767,143 $ 1,043,162 $ 385,618 $ 1,670,051 $ 2,472,935
Notes:
Health and human services were combined with Culture and recreation prior to FY2009.
Water and Sewer activities were combined prior to FY2009.
Changes in Net Position
Last Ten Years
Town of Cohasset, Massachusetts 105 Comprehensive Annual Financial Report
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015General FundReserved………………………………$ 1,398,543 $ 1,064,656 $ 946,813 $ 650,882 $ 635,676 $ - $ - $ - $ - $ - Unreserved…………………………… 1,076,403 1,311,271 598,305 366,706 328,674 - - - - - Committed……………………………… - - - - - - 563,210 481,523 481,240 471,938 Assigned……………………………… - - - - - 261,659 100,724 177,296 161,245 351,097 Unassigned…………………………… - - - - - 1,654,551 2,194,199 3,080,514 4,640,534 5,195,715 Total general fund……………………… $ 2,474,946 $ 2,375,927 $ 1,545,118 $ 1,017,588 $ 964,350 $ 1,916,210 $ 2,858,133 $ 3,739,333 $ 5,283,019 $ 6,018,750 All Other Governmental FundsUnreserved, reported in:Special revenue funds………………$ 3,202,480 $ 4,292,742 $ 4,171,263 $ 4,686,206 $ 4,447,470 $ - $ - $ - $ - $ - Capital projects funds……………… 980,428 378,213 347,869 1,564,003 1,547,657 - - - - - Permanent funds…………………… 1,360,685 1,078,638 929,869 470,507 602,861 - - - - - Nonspendable………………………… - - - - - 223,414 223,414 223,414 424,735 424,735 Restricted……………………………… - - - - - 7,091,227 6,121,494 7,777,139 8,224,501 9,133,351 Unassigned…………………………… - - - - - (216,907) - - - - Total all other governmental funds…. $ 5,543,593 $ 5,749,593 $ 5,449,001 $ 6,720,716 $ 6,597,988 $ 7,097,734 $ 6,344,908 $ 8,000,553 $ 8,649,236 $ 9,558,086 The Town implemented GASB 54 in year 2011, fund balances prior to year 2011 have been reported in the pre-GASB 54 format.Last Ten YearsFund Balances, Governmental FundsTown of Cohasset, Massachusetts106Comprehensive Annual Financial Report
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015Revenues:Real estate, personal property taxes and tax liens, net of tax refunds……………………………………………$ 23,546,983 $ 24,024,445 $ 25,068,139 $ 26,358,347 $ 26,911,817 $ 28,288,869 $ 29,566,547 $ 30,728,408 $ 31,740,271 $ 33,054,033 Motor vehicle and other excise taxes……………………… 1,226,999 1,255,148 1,284,858 1,151,630 1,013,543 1,141,926 1,145,219 1,323,667 1,423,062 1,561,442 Licenses, permits, and fees…………………………………… 351,226 353,125 353,673 354,247 478,108 543,407 1,286,403 1,572,712 1,588,933 1,628,690 Penalties and interest on taxes……………………………… 171,559 113,820 165,983 157,070 199,216 118,155 206,230 243,820 189,395 166,014 Fines and Fees………………………………………………… 38,061 62,852 38,255 31,905 66,214 41,603 26,240 36,648 52,336 36,523 Charges for services…………………………………………… - - - - - - 975,618 1,065,228 1,091,101 1,090,181 Intergovernmental……………………………………………… 7,776,899 7,291,370 11,852,317 7,902,111 6,815,415 7,283,379 8,276,896 7,869,826 9,043,567 7,644,901 Departmental and other……………………………………… 2,704,598 2,420,899 2,353,281 2,611,334 3,401,009 2,541,449 1,097,591 624,797 685,874 849,262 Community preservation taxes……………………………… 304,681 323,669 329,500 347,755 289,045 364,940 386,736 406,634 416,852 430,473 Contributions…………………………………………………… 180,668 434,322 359,123 343,821 1,231,690 327,964 685,050 1,199,670 712,636 811,760 Special assessments………………………………………… - - - - - - 543,308 528,928 588,606 554,695 Investment income…………………………………………… 506,749 652,672 345,926 261,154 289,538 353,846 101,859 239,803 426,962 147,933 Total revenue…………………………………………………… 36,808,423 36,932,322 42,151,055 39,519,374 40,695,595 41,005,538 44,297,697 45,840,141 47,959,595 47,975,907 Expenditures: Administration………………………………………………… 1,664,174 1,730,736 1,948,258 2,021,005 2,371,786 2,233,776 2,928,984 2,752,661 2,872,276 3,094,345 Public safety…………………………………………………… 3,964,118 3,944,044 4,015,495 4,252,024 4,674,695 4,584,957 4,423,141 4,676,241 4,980,413 4,908,286 Education……………………………………………………… 14,192,150 14,900,817 16,140,775 16,866,182 17,614,538 17,678,808 17,790,989 18,395,033 18,736,662 20,039,676 Public works…………………………………………………… 3,021,611 3,390,864 4,318,823 3,566,755 2,432,446 3,144,958 2,274,672 2,239,202 2,737,423 3,289,689 Health and welfare…………………………………………… - - - - 361,930 384,277 477,299 1,788,316 602,257 579,058 Culture and recreation………………………………………… 1,101,642 1,165,866 1,321,206 1,317,249 2,121,394 903,198 1,130,054 1,159,141 1,189,344 1,244,446 Pension benefits……………………………………………… 3,240,289 3,576,981 3,689,572 3,913,458 4,154,230 4,577,048 4,432,165 4,819,457 4,943,764 3,611,380 Employee benefits…………………………………………… 2,391,472 2,613,612 2,901,546 2,754,754 2,891,482 2,777,999 3,570,122 4,022,985 4,191,000 4,366,746 Community preservation……………………………………… 134,102 698,476 979,560 389,070 278,054 295,713 207,144 161,798 438,778 271,225 State and county charges…………………………………… 890,940 1,075,608 1,079,456 1,069,319 1,036,228 988,613 973,754 922,630 937,872 1,015,079 Debt service Principal……………………………………………………… 1,838,463 2,028,833 2,278,880 1,954,979 1,838,109 2,034,985 3,264,323 2,925,391 3,303,933 3,219,630 Interest……………………………………………………… 2,420,768 1,451,637 1,841,793 1,075,004 1,015,231 921,343 1,152,362 1,332,712 985,927 846,574 Total expenditures…………………………………………… 34,859,729 36,577,474 40,515,364 39,179,799 40,790,123 40,525,675 42,625,009 45,195,567 45,919,649 46,486,134 Excess (deficiency) of revenues over (under) expenditures……………………………………… 1,948,694 354,848 1,635,691 339,575 (94,528) 479,863 1,672,688 644,574 2,039,946 1,489,773 Other financing sources (uses): Premium from issuance of bonds…………………………… - - - - - - 7,749 - - - Proceeds from issuance of long-term debt………………… - - 1,089,751 1,360,000 1,349,196 - - 1,715,000 - - Issuance of refunding bonds………………………………… - - - - - - 9,039,000 696,450 - - Premium from issuance of refunding bonds………………… - - - - - - 1,063,518 41,802 - - Payment to refunded bond escrow agent…………………… - - - - - - (9,973,238) (738,252) - - Payments of current refunded debt………………………… - - (3,974,951) - - - (200,000) - - - Transfers in…………………………………………………… 2,513 556,532 414,857 348,660 487,366 632,099 1,726,682 809,333 890,222 1,483,532 Transfers out…………………………………………………… (1,018,908) (1,031,007) (303,087) (788,682) (1,918,000) (1,361,713) (1,899,408) (632,062) (737,799) (1,328,724) Total other financing sources (uses)…………………………… (1,016,395) (474,475) (2,773,430) 919,978 (81,438) (729,614) (235,697) 1,892,271 152,423 154,808 Net change in fund balance…………………………………… $ 932,299 $ (119,627) $ (1,137,739) $ 1,259,553 $ (175,966) $ (249,751) $ 1,436,991 $ 2,536,845 $ 2,192,369 $ 1,644,581 Debt service as a percentage of noncapital expenditures…… 12.68% 10.67% 11.32% 8.09% 7.41% 7.48% 11.04% 9.55% 9.53% 8.88%Note: Charges for services were reported as departmental revenue prior to FY2012.Last Ten YearsChanges in Fund Balances, Governmental FundsTown of Cohasset, Massachusetts107Comprehensive Annual Financial Report
Assessed and Actual Values and Tax Rates
Total Commercial Total
Residential Residential Commercial Industrial Personal Commercial Commercial % of Town
Year Value Tax Rate Value Value Property Value Tax Rate Total Value Value
2006 $2,026,040,247 $10.84 $126,445,894 $8,501,300 $12,159,982 $147,107,176 $10.84 6.8% $2,173,147,423
2007 $2,167,447,677 $10.50 $136,912,204 $7,685,900 $11,984,202 $156,582,306 $10.50 6.7% $2,324,029,983
2008 (1) $2,238,249,282 $10.60 $139,764,272 $9,809,100 $15,297,550 $164,870,922 $10.60 6.9% $2,403,120,204
2009 $2,285,017,876 $10.78 $142,386,023 $9,809,100 $17,961,230 $170,156,353 $10.78 6.9% $2,455,174,229
2010 $2,265,856,922 $11.22 $144,324,020 $9,809,100 $18,749,710 $172,882,830 $11.22 7.1% $2,438,739,752
2011 (1) $2,260,416,269 $11.59 $147,290,135 $10,439,000 $22,156,220 $179,885,355 $11.59 7.4% $2,440,301,624
2012 $2,289,907,980 $11.98 $152,768,381 $468,500 $22,610,360 $175,847,241 $11.98 7.1% $2,465,755,221
2013 $2,344,387,276 $12.20 $153,133,804 $526,500 $23,478,670 $177,138,974 $12.20 7.0% $2,521,526,250
2014 (1) $2,364,598,033 $12.54 $153,369,768 $526,500 $23,783,160 $177,679,428 $12.54 7.0% $2,542,277,461
2015 $2,423,560,624 $12.71 $165,225,922 $1,070,900 $23,639,620 $189,936,442 $12.71 7.3% $2,613,497,066
(1) Revaluation year.
Source: Assessor's Department, Town of Cohasset and Official Statements.
All property in the Commonwealth of Massachusetts is assessed at 100% of fair cash value.
Note: Chapter 59, Section 21C of the Massachusetts General Laws, known as "Proposition 2 1/2", imposes 2 separate limits on the
annual tax levy of the Town. The primary limitation is that the tax levy cannot exceed 2 1/2 percent of the full and fair cash value.
The secondary limitation is that the tax levy cannot exceed the maximum levy limit for the preceding year as determined by
the State Commissioner of Revenue by more than 2 1/2 percent, subject to an exception for property added to the tax rolls and
for certain substantial valuation increases other than as part of a general revaluation. The secondary limit may be exceeded in any
year by a majority vote of the voters, however it cannot exceed the primary limitation.
Assessed Value and Actual Value of Taxable Property by Classification and Tax Rates
Last Ten Years
93%
6%0%1%
Total Assessed Value by Classification
Year Ended June 30, 2015
Residential Commercial Industrial Personal Property
93%
6%0%1%
Total Assessed Value by Classification
Year Ended June 30, 2014
Residential Commercial Industrial Personal Property
6.4%
6.5%
6.6%
6.7%
6.8%
6.9%
7.0%
7.1%
7.2%
7.3%
7.4%
7.5%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Commercial Value as % of Total Value
Town of Cohasset, Massachusetts 108 Comprehensive Annual Financial Report
Principal Taxpayers Current Year and Nine Years AgoPercentage of Percentage ofTotal Taxable Total TaxableNature of Assessed Assessed Assessed AssessedName BusinessValuation RankValueValuation RankValueAvalon Cohasset Inc. Residential 50,000,400$ 1 1.91% -$ -Minot International Residential 17,535,800 2 0.67% - -AG-WP Cohasset LLC Residential 14,374,700 3 0.55% - -Roy, Peter A Retail 11,951,200 4 0.46% 8,021,100 4 0.37%Staszko, Donald E & Opray, Barbara Residential 10,126,500.00 5 0.39% 9,410,000 2 0.43%Connell Cohasset LLC Retail 9,750,800 6 0.37% - -Hingham Lumber Company Inc. Residential 9,568,600 7 0.37% 8,275,900 3 0.38%Toll MA Land Ltd. Partnership Residential/Retail 8,703,100 8 0.33% - -Chute, Ruth Residential 8,678,700 9 0.33% - -Roy, Mary L. Retail 7,701,500 10 0.29% 5,509,800 8 0.25%CSDV Limited Partnership Retail - - 9,471,500 1 0.44%Metropolitan/Cohasset Senior Housing Assisted Living - - 8,021,100 5 0.37%Cohasset Golf Club Country Club - - 5,764,823 6 0.27%Tedeschi Realty Corp Retail - - 5,697,400 7 0.26%Sarro Realty Trust/Ordelheide Residential - - 5,010,100 9 0.23%Cohasset Development Trust Inn - - 4,918,900 10 0.23%Totals148,391,300$ 5.68% 70,100,623$ 3.23%Source: Official Statements, Town of Cohasset2015 2006Town of Cohasset, Massachusetts109Comprehensive Annual Financial Report
Percent ofLess First Year Percent of Delinquent Total Total TaxTotal Abatements & Net Net as % Current Net Levy Tax Tax Collections toYear Tax Levy Exemptions Tax Levy of Total Tax Collections Collected Collections Collections Net Tax Levy2006 $23,556,918 $209,277 $23,347,641 99.11% $23,161,301 99.20% $184,999 $23,346,300 99.99%2007 $24,402,315 $300,000 $24,102,315 98.77% $23,722,764 98.43% $350,285 $24,073,049 99.88%2008 (1) $25,473,074 $200,161 $25,272,913 99.21% $24,778,582 98.04% $461,236 $25,239,818 99.87%2009 $26,466,778 $226,467 $26,240,311 99.14% $25,909,543 98.74% $330,665 $26,240,208 100.00%2010 $27,362,660 $193,471 $27,169,189 99.29% $26,682,972 98.21% $471,009 $27,153,981 99.94%2011 (1) $28,284,096 $137,105 $28,146,991 99.52% $27,767,687 98.65% $379,126 $28,146,813 100.00%2012 $29,539,748 $158,733 $29,381,015 99.46% $28,827,046 98.11% $304,413 $29,131,459 99.15%2013 $30,762,620 $145,021 $30,617,599 99.53% $30,225,220 98.72% $151,290 $30,376,510 99.21%2014 (1) $31,880,160 $192,772 $31,687,388 99.40% $31,155,908 98.32% $461,911 $31,617,819 99.78%2015 $33,217,548 $141,026 $33,076,522 99.58% $32,545,881 98.40% $0 $32,545,881 98.40% (1) Revaluation year.Source: Assessor's Department and Official Statements, Town of CohassetProperty Tax Levies and CollectionsLast Ten Years$0$5,000,000$10,000,000$15,000,000$20,000,000$25,000,000$30,000,000$35,000,0002006 2007 2008 2009 2010 2011 2012 2013 2014 2015Real Estate Tax Levies vs. First Year CollectionsLast Ten YearsReal Estate Tax LevyFirst Year Current Tax CollectionsTown of Cohasset, Massachusetts110Comprehensive Annual Financial Report
General Less Net General Percentage Percentage Percentage PercentageU. S. Census Personal Assessed Obligation Amounts Obligation Per of Personal of Assessed Per of Personal of AssessedYear Population Income Value Bonds Available (2) Bonds Capita Income Value Capita Income Value2006 7,640 629,451,000$ 2,173,147,423$ $29,311,242 ($1,096,092) $28,215,150 $3,837 4.66% 1.35% 3,693$ 4.48% 1.30%2007 7,525 716,627,000$ 2,324,029,983$ $27,316,455 ($1,035,198) $26,281,257 $3,630 3.81% 1.18% 3,493$ 3.67% 1.13%2008 7,617 627,893,000$ 2,403,120,204$ $22,177,463 ($974,304) $21,203,159 $2,912 3.53% 0.92% 2,784$ 3.38% 0.88%2009 7,777 539,625,000$ 2,455,174,229$ $21,622,991 ($913,410) $20,709,581 $2,780 4.01% 0.88% 2,663$ 3.84% 0.84%2010 7,874 455,330,000$ 2,438,739,752$ $21,134,078 ($852,516) $20,281,562 $2,684 4.64% 0.87% 2,576$ 4.45% 0.83%2011 7,846 528,494,000$ 2,440,301,624$ $18,784,897 ($791,622) $17,993,275 $2,394 3.55% 0.77% 2,293$ 3.40% 0.74%2012 7,490 539,280,000$ 2,465,755,221$ $28,375,584 ($730,728) $27,644,856 $3,788 5.26% 1.15% 3,691$ 5.13% 1.12%2013 7,895 629,121,000$ 2,521,526,250$ $28,043,018 ($669,834) $27,373,184 $3,552 4.46% 1.11% 3,467$ 4.35% 1.09%2014 7,870 655,067,320$ 2,542,277,461$ $24,587,105 ($608,940) $23,978,165 $3,124 3.75% 0.97% 3,047$ 3.66% 0.94%2015 8,195 672,879,824$ 2,613,497,066$ $21,223,504 (548,047) $20,675,457 $2,590 3.15% 0.81% 2,523$ 3.07% 0.79%Business-TypeActivities (1)General Total Net Percentage Percentage Percentage PercentageObligation Debt Debt Per of Personal of Assessed Per of Personal of AssessedYear Bonds Outstanding Outstanding Capita Income Value Capita Income Value2006 32,075,348$ $61,386,590 $60,290,498 $8,035 9.75% 2.82% $7,891 9.58% 2.77%2007 31,560,891$ $58,877,346 $57,842,148 $7,824 8.22% 2.53% $7,687 8.07% 2.49%2008 49,629,563$ $71,807,026 $70,832,722 $9,427 11.44% 2.99% $9,299 11.28% 2.95%2009 66,414,491$ $88,037,482 $87,124,072 $11,320 16.31% 3.59% $11,203 16.15% 3.55%2010 63,506,979$ $84,641,057 $83,788,541 $10,749 18.59% 3.47% $10,641 18.40% 3.44%2011 60,953,569$ $79,738,466 $78,946,844 $10,163 15.09% 3.27% $10,062 14.94% 3.24%2012 45,681,585$ $74,057,169 $73,326,441 $9,887 13.73% 3.00% $9,790 13.60% 2.97%2013 46,185,305$ $74,228,323 $73,558,489 $9,402 11.80% 2.94% $9,317 11.69% 2.92%2014 43,504,411$ $68,091,516 $67,482,576 $8,652 10.39% 2.68% $8,575 10.30% 2.65%2015 40,590,132$ $61,813,636 $61,265,589 $7,543 9.19% 2.37% $7,476 9.10% 2.34%(1) Water and Sewer Funds(2) Amounts available are restricted resources from the Massachusetts School Building Administration.Source: Audited Financial Statements, U. S. Census, Division of Local ServicesTotal Debt Outstanding Net Debt OutstandingTotal Primary GovernmentRatios of Outstanding Debt and General Bonded DebtLast Ten YearsGovernmental ActivitiesGeneral Obligation Bonds Net General Obligation BondsTown of Cohasset, Massachusetts111Comprehensive Annual Financial Report
Share of
Debt Percentage Overlapping
Town of Cohasset, Massachusetts Outstanding Applicable Debt
Overlapping debt repaid with property taxes
Norfolk County………………………………………………… $12,235,000 (a) 2.17% $ 129,245
Massachusetts Bay Transportation Authority……………… 5,499,988,000 (b) 0.11% 174,399
South Shore Regional Vocational School District…………… 805,000 (a) 1.16% 73,471
Subtotal, overlapping debt…………………………………………… 377,115
Total Town direct debt………………………………………………… 21,223,504
Total direct and overlapping debt…………………………………… $ 21,600,619
(a) Outstanding debt as of June 30, 2015
(b) MBTA debt outstanding is as of 5/30/14 (the 6/30/15 figure has not yet been made available).
Source: Official Statement
Town of Cohasset, Massachusetts
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 the 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. The overlap of Norfolk county is set by the
Commonwealth based on property valuations and for the School District the overlap represents the Town's students
proportionate share compared to all students.
As of June 30, 2015
Direct and Overlapping Governmental Activities Debt
Town of Cohasset, Massachusetts 112 Comprehensive Annual Financial Report
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015Equalized Valuation……………………………$ 2,173,147,423 $ 2,324,029,983 $ 2,403,120,204 $ 2,455,174,229 $ 2,438,739,752 $ 2,440,301,624 $ 2,465,755,221 $ 2,521,526,250 $ 2,542,277,461 $ 2,613,497,066 Debt Limit -5% of Equalized Valuation………$ 108,657,371 $ 116,201,499 $ 120,156,010 $ 122,758,711 $ 121,936,988 $ 122,015,081 $ 123,287,761 $ 126,076,313 $ 127,113,873 $ 130,674,853 Less: Outstanding debt applicable to limit………… 37,028,938 35,607,984 46,684,604 64,610,320 62,821,695 59,198,694 55,258,487 57,125,731 52,685,014 48,103,224 Legal debt margin…………………………$ 71,628,433 $ 80,593,515 $ 73,471,406 $ 58,148,391 $ 59,115,293 $ 62,816,387 $ 68,029,274 $ 68,950,582 $ 74,428,859 $ 82,571,629 Total debt applicable to the limit as a percentage of the limit………………… 34.08% 30.64% 38.85% 52.63% 51.52% 48.52% 44.82% 45.31% 41.45% 36.81%Source: Treasurer's Department, Town of CohassetLast Ten YearsComputation of Legal Debt MarginTown of Cohasset, Massachusetts113Comprehensive Annual Financial Report
PerCapitaPopulation Personal Personal Median School UnemploymentYear Estimates Income Income Age Enrollment Rate2006 7,640 629,451,000$ 87,643$ 44 1,515 3.40%2007 7,525 716,627,000$ 99,962$ 44 1,489 3.30%2008 7,617 627,893,000$ 84,727$ 44 1,421 3.90%2009 7,777 539,625,000$ 71,549$ 44 1,466 6.60%2010 7,874 455,330,000$ 57,827$ 44 1,496 5.90%2011 7,846 528,494,000$ 67,358$ 44 1,535 5.00%2012 7,490 539,280,000$ 72,000$ 44 1,530 5.00%2013 7,895 629,121,000$ 83,416$ 44 1,594 4.50%2014 7,870 655,067,320$ 83,236$ 44 1,632 4.50%2015 8,084 672,879,824$ 83,236$ 44 1,614 4.00%Source: U. S. Census, Division of Local ServicesMedian age is based on most recent census dataDemographic and Economic StatisticsLast Ten YearsTown of Cohasset, Massachusetts114Comprehensive Annual Financial Report
Nature Percentage of Percentage ofof Total Town Total TownEmployer Business Employees Rank Employment Employees Rank EmploymentSuper Stop & Shop Grocery Store 160 1 3.94% 160 1 4.54%Cohasset Harbor Resort Motel/Restaurant 157 2 3.87% - -Shaw's Grocery Store 120 3 2.96% 110 2 3.12%South Shore Music Circus Seasonal Entertainment 88 4 2.17% 80 3 2.27%Hingham Lumber Building Supplies 82 5 2.02% - -Golden Living Center Cohasset Rehabilitation Hospital 79 6 1.95% - -Sunrise Assisted Living Facility 64 7 1.58% 35 8 0.99%Red Lion Inn Inn/Restaurant 40 8 0.99% 50 6 1.42%Cohasset Knoll Skilled Nursing Rehabilitation Hospital - - 70 4 1.98%Kimball's By The Sea Motel/Restaurant - - 50 7 1.42%A.B.B. Optical Optical Lenses - - 60 5 1.70%790 19.47% 615 17.43%The Town only has information on eight of the largest employers.Source: Massachusetts Workplace Development Agency & the Town's personnel and department records.2015 2006Principal EmployersCurrent Year and Nine Years AgoTown of Cohasset, Massachusetts115Comprehensive Annual Financial Report
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Function
Administration…………… 17 18 15 15 20 21 21 24 22 22
Police…………………… 109 116 128 185 109 112 87 89 102 96
Fire……………………… 27 22 30 25 27 27 35 36 35 33
Education……………… 344 358 344 349 336 332 334 337 345 313
Sewer…………………… 1 1 1 1 1 1 1 1 1 1
Public works…………… 27 27 27 25 26 27 25 25 25 27
Human services………… 12 12 11 12 11 10 13 14 12 12
Culture and recreation… 47 45 52 44 43 53 68 69 74 75
Total …………………… 584 599 608 656 573 583 584 595 616 579
Source: Town personnel records and various Town departments.
Last Ten Years
Full-time Equivalent Town Employees by Function
Town of Cohasset, Massachusetts 116 Comprehensive Annual Financial Report
Function/Program2006 2007 2008 2009 2010 2011 2012 2013 2014 2015AdministrationPopulation……………………………………………… 7,647 7,525 7,617 7,777 7,874 7,846 7,490 7,895 7,870 8,064 Registered voters, annual town election…………… 2,455 1,240 873 272 5,239 5,398 5,424 5,814 5,679 5,675 Town Clerk Births………………………………………………… 75 70 75 66 70 58 65 49 61 73 Marriages…………………………………………… 27 28 32 33 27 29 35 27 23 35 Deaths……………………………………………… 78 79 73 83 60 77 67 87 73 88 Police Accidents covered by an officer……………………. 163 147 161 133 155 133 140 160 158 165 Citations issued……………………………………… 846 1,246 904 768 1,825 2,401 1,739 928 1,571 1,133 Arrests………………………………………………… 80 102 105 144 104 113 115 151 167 141 Larcenies………………………………….…………… 100 111 96 75 73 89 80 56 76 87 Fire Total Reponses……………………………………… 2,242 2,283 2,289 2,515 2,108 2,086 2,218 2,154 1,418 2,357 Fire related calls……………………………………… 75 90 101 78 45 71 70 48 59 77 EMS/Rescue related calls………………………….. 991 935 890 967 937 930 953 1,001 715 1,019 Building Department Building permits issued……………………………… 420 419 426 335 301 407 304 388 398 421 Education Public school enrollment……………………………… 1,515 1,489 1,421 1,466 1,496 1,535 1,530 1,594 1,632 1,614 Public Works Cemetery Interments…………………………………………… 47 42 32 31 28 42 33 28 38 37 Water Service connections………………………...……… 2,414 2,430 2,449 2,433 2,467 2,492 2,512 2,567 2,571 2,580 Consumption in billions of gallons……………… 0.264 0.275 0.344 0.306 0.281 0.305 0.269 0.272 0.268 0.275Daily consumption in millions of gallons………… 0.722 0.753 0.941 0.838 0.771 0.836 0.736 0.745 0.734 0.754Sewer Service connections………………………...……… 861 867 874 1,031 1,134 1,274 1,385 1,538 1,559 1,562 Daily average collection (MGD)………………… 0.240 0.272 0.279 0.226 0.223 0.2393 0.224 0.277 .274 .279HighwayMiles of public road………………………………… 33.50 33.50 33.50 33.50 33.50 33.50 33.50 33.50 33.50 33.50 Human ServicesBoard of Health Permits/Septic……………………………………… 27 41 26 21 31 26 21 17 29 32 Council on AgingHome delivered meals…………………………… n/a n/a n/a 5,000 2,302 3,470 3,630 2,936 3,607 3,613 Transportation……………………………………… 3,170 2,621 3,116 3,820 4,209 4,510 5,031 4,369 3,024 3,699 Volunteer service hours…………………………… 5,960 6,960 7,304 7,831 8,304 9,235 7,752 7,755 10,697 8,558 Fitness/exercise program participants…………… 206 172 204 190 212 172 301 319 219 255 Recreation/social event participants……………… n/a 1,537 1,605 1,106 1,013 1,137 1,057 1,148 265 360 Libraries Volumes in collection………………………………… 65,724 65,223 66,319 62,306 64,924 70,364 68,404 67,396 222,020 220,014 Circulation…………………………………..………… 136,974 139,551 149,974 149,299 139,221 149,224 152,773 157,437 155,411 155,974 Program attendance………………………………… 4,371 4,913 5,441 5,962 6,314 7,067 8,454 9,683 10,636 10,675 Source: Various Town Departmentsn/a: Information not availableLast Ten YearsOperating Indicators by Function/ProgramTown of Cohasset, Massachusetts117Comprehensive Annual Financial Report
Function/Program2006 2007 2008 2009 2010 2011 2012 2013 2014 2015AdministrationNumber of buildings…………….……… 1 1 1 1 1 1 1 1 1 1 PoliceNumber of stations……………………… 1 1 1 1 1 1 1 1 1 1 FireNumber of stations……………………… 1 1 1 1 1 1 1 1 1 1 Number of vehicles……………………… 8 8 8 10 10 10 10 10 10 10 EducationNumber of elementary schools………… 2 2 2 2 2 2 2 2 2 2 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 WorksWater mains (miles)……………………… 31 31 31 46 46 46 46 46 46 46 Fire hydrants……………………………… 496 496 496 496 496 496 496 496 496 496 Sanitary sewers (miles)………………… 22 22 22 33 33 33 33 33 33 33 Number of wells………………………… 1 1 1 1 1 1 1 1 1 1 Number of water storage tanks………… 2 2 2 2 2 2 2 2 2 2 Number of pump stations……………… 9 9 9 9 9 9 9 9 9 9 Human ServicesSenior center…………………………… 1 1 1 1 1 1 1 1 1 1 Culture and RecreationRecreation building……………………… 1 1 1 1 1 1 1 1 1 1 Library…………………………………… 1 1 1 1 1 1 1 1 1 1 Source: Various Town Departments Last Ten YearsCapital Asset Statistics by Function/ProgramTown of Cohasset, Massachusetts118Comprehensive Annual Financial Report