HomeMy WebLinkAboutTown of Barrington - Public Financial ReportTOWN OF BARRINGTON, RITOWN OF BARRINGTON, RI
For the Fiscal Year Ended June 2021 For the Fiscal Year Ended June 2021
Popular Annual Financial Report 2021Popular Annual Financial Report 2021
Kathleen Raposa,
Business & Finance Director
283 County Rd, Barrington, RI 02806https://www.barrington.ri.gov/
To keep you informed on how your tax dollars are being spent, we are
pleased to present the Town of Barrington’s second Popular AnnualFinancial Report (PAFR), for the fiscal year ended June 30, 2021. The
PAFR is a summary of the town’s finances. The PAFR presents a summary
of financial information from the Annual Comprehensive FinancialReport (ACFR) in a user-friendly version. This publication is not to beused as a substitution for the ACFR, which contains more detailed
information, including audited financial statements, notes and schedules.
The ACFR and the PAFR can be found on the Town’s website. The ACFR isprepared following Generally Accepted Accounting Principles (GAAP) and
is audited by Bacon & Company CPAs, LLC. The report differs from GAAP
Financial Statements because accounting data has been summarized and
component units have been left out.
Our goal is to communicate important financial information that is
meaningful, helping you to understand how your tax dollars support our
town's services and facilities. We hope that the information presented inthe PAFR will allow you to better understand the Town’s financial health.
Dear Barrington Residents,
1
Message for Residents....1
Awards & Recognition.....2
About Barrington......3
Economy and Industry......4
General Funds: Revenues...5
General Funds: Expenditures...6
Net Position.........7
Government-Wide Financials...........8
Fund Balance.....9
Capital Assets.........10
Debt: How much do we owe?.................11
Conclusion................12
Map of Rhode ISland.......13
Table Of Contents
Town
Governance
Top image- Town Manager: Phil Hervey
Bottom image- Council Members (Left to right)-
Annelise Conway, Jacob N.S. Brier, Carl P. Kustell,
Robert Humm (Vice President), Michael Carroll
(President)
The Town of Barrington's Popular Annual Financial Report (PAFR) was
awarded for Outstanding Achievement in Popular Annual Financial Reporting for the first time from the Government Finance Officers
Association of the United States and Canada (GFOA). This award is a
prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports.
In order to receive an Award for Outstanding Achievement in Popular
Annual Financial Reporting, a government unit must publish a Popular Annual Financial Report, whose contents conform to program standards
of creativity, presentation, understandability and reader appeal.
An Award for Outstanding Achievement in Popular Financial Reporting is valid for only one year. We believe our current report continues to
conform to the Popular Annual Financial reporting requirements, and we
are submitting it to GFOA to determine its eligibility for another award.
A WARDS &RECOGNITION
2
The Town of Barrington was incorporated as a Town on June
16, 1770. It is located in Bristol County on the east side of
Narragansett Bay, in the State of Rhode Island and
approximately nine miles southeast of Providence. The
Town of Barrington is made up of predominately single-
family homes and a small mix of multi-family homes and
commercial clusters.
The Town operates under a charter form of government,
which provides for a five-member town council that is
elected for four-year terms, at the regular elections every
two years. They are responsible for enacting local
legislation. The town operates under a Town Council-
High School Graduates Bachelor's Degree or Higher
100%
75%
50%
25%
0%
Asian:- 3.7%
Hispanic or
Latino:- 3.6%
AB OUT BARRINGTON
97.1%
69.1%
Education percentages of people ages 25+
White:- 89.4%
Black:- 0.5%Two or more races:- 2.7%American Indian
and Alaska Native
:- 0.1%
0%20%40%60%
Under 5 years
6 to 18 years
19 to 64 years
65 years & over
Race and Age Distribution
3
Government Organization Structure
The Citizens of Barrington
Town Council
Boards &
Commissions
General
Government
Town
Solicitor
Town Manager
Public
Safety
Finance
Community
Services
Library
Services
Public
Works
Public Safety: police, fire, dispatch and harbor
control
Public Works: sewer, streets, engineering, land
and building maintenance
Other services: recreation, education, senior
services and general administrative services
Town Manager form of government and provides
the following services as authorized by its charter:
To know more about the Town of Barrington and
our services visit our website-
https://www.barrington.ri.gov/
Barrington is primarily a suburban residential
community. The median income of individuals in the town
is $65,777 and the average household income is $147,849.
Most employment opportunities extend outside the Town to
the cities of Providence and Boston. The Town had 576
private businesses and 12 government units in the first
quarter of 2021. The private sector employed the bulk,
approximately 2,198 people with wages over $28.3 million.
E C ONOMY AND INDUSTRY
EMPLOYERS
Town of Barrington
East Side Clinical Lab
Residential Properties
Shaw's Supermarket
New England Linen Supply
RI Country Club
Saint Andrew's School
Atria Bay Spring Village
Jet Electro Finishing
East Bay Center Inc.
EMPLOYEES
558
300
185
150
138
109
90
70
68
66
4
Top Ten Employers Business Units by Industry
INDUSTRY
Professional and Technical Services
Healthcare and Social Assistance
Construction
Wholesale Trade
Administrative Support and Waste Management
Finance and Insurance
Retail Trade
Accommodation and Food Services
Education Services
Information
Arts, Entertainment and Recreation
Real Estate, Rental and Leasing
Government
Other
Total Business Units
Government jobs employed 707 people with wages at
approximately $9 million.
The largest industries in the Town are 'professional
& technical services' with 111 business units and
'healthcare & social assistance' with 98 business
units. The businesses below support the Town by
paying personal property (tangible) taxes based on
the assets they own.
Total town population:16,310 Unemployment rate:
4.5%
Median sale price of home: $489,000 Median household
income: $ 147,849
Households with acomputer: 95.4%Households with internet
broadband: 92.4%
Town Economic Stats
UNITS
111
98
47
40
35
29
29
26
21
17
16
16
12
91
588
The General Fund allocates money to provide
services to its residents. The Town of
Barrington's government services is funded
through various fees, fines, licenses, grants, aid
and taxes.
For the fiscal year 2020-2021, the Town
collected total revenue of $79,177,000 from
different sources. The Town received $1,154,056
from the State of RI, as Housing Aid for the
Middle School project, which was transferred
into a fund for future debt payments. This
amount is included in the total revenue.
Tax Information
5
TAX BREAK UP
Residential property tax (90%)
Other taxes (10%):
Commercial Property tax
Motor Vehicle Tax
Personal Property Tax
DIFFERENCE(-/+ )
$266,693
$12,562
$97,036
$444,659
$1,569,895
------
$89,736
$2,455,457
REVENUES
General Property Taxes
Intergovernmental Revenues
Investment and Interest Income
Other Local Revenue
State Aid and Grant
Rescue Service Fees
Miscellaneous
Total Revenues
BUDGETED AMOUNTS
$66,730,400
$220,942
$180,000
$1,432,626
7,602,035
$400,000
$155,540
$76,721,543
ACTUAL AMOUNTS
$66,997,093
$208,380
$277,036
$1,877,285
$9,171,930
$400,000
$245,276
$79,177,000
TAX RATE FORPROPERTY VALUE
$19.15 for $1000
$19.15 for $1000
$30.00 for $1000
$19.15 for $1000
DOLLARS IN
COVID Relief Funds were received
Money was received for Housing Aid Realty Stamps and Land Records was greater than
expected because more houses were soldInvestment income was higher than budgeted
More inspections were conducted throughout the
This year the Town collected excess revenue of $2,455,457
mainly from:
town than budgeted
GENERAL FUND REVENUES
ITEM
Revenue Surplus
Expenditure Overage
Total Surplus
Surplus
AMOUNT
$2,455,457
$(917,529)
$1,537,928
The tax on $400,000 home would be $7,660.
12 cents per dollar spent on DEBT SERVICE
7 cents per dollar spent on PUBLIC SAFETY
4 cents per dollar spent on
PUBLIC WORKS
2 cents per dollar
spent on OTHER EXPENSES
3 cents per dollar spent on LEGISLATIVE, JUDICIAL AND ADMINISTRATIVE EXPENSES 2 cents per dollar spent on
PUBLIC LIBRARY
6 cents per dollar spent on
EMPLOYEE BENEFITS
6
DIFFERENCE (-/+ )
$-----------
$66,412
$128,616
$26,715
$1,210
$17,641
$11,564
$--------
$13,838
$3,878
$(37,602)
$(86)
$4,341
$----------
$(1,154,056)
$(917,529)
EXPENDITURES
Public School Appropriation
Legislative, Judicial, and Administrative
Public Safety
Public Works
Debt Service
Employee Benefits
Public Library
Other Expenditures
Agency Support
Recreation Department
Adult Enrichment Center
Government Utilities
Capital Items
Miscellaneous
Transfers In/Out
Debt Stabilization
Total Expenditures
BUDGETED AMOUNTS
$48,208,708
$2,270,650
$5,634,035
$3,479,482
$8,942,154
$4,572,500
$1,261,345
$5,500
$152,150
$118,224
$324,500
$3,200
$14,500
$1,734,595
$---------
$76,721,543
ACTUAL AMOUNTS
$48,208,708
$2,204,238
$5,505,419
$3,452,767
$8,940,944
$4,554,859
$1,249,781
$5,500
$138,312
$114,346
$362,102
$3,286
$10,159
$1,734,595
$1,154,056
$77,639,072
GENERAL FUND
DOLLARS OUT
64 cents per dollar spent on PUBLIC
SCHOOLS
EXPENDITURES
Expenditure per dollar The Town overspent $917,529 in
expenditures mainly from:
Transfer of $1,154,056 to a Debt Fund
Expenditure savings was due to less
spent on salaries than budgeted in
the Police and Tax Assessor
departments
There was savings in benefits
The General Fund Surplus (Excess
revenue - Expenditure deficit) for the
year was $1,537,928 (2% of the Total
Revenue).
Assets
Current assets
Capital assets
Other non-current assets
Total Assets
Deferred Outflows of Resources
Liabilities
Current Liabilities
Long-term Liabilities
Total Liabilities
Deferred Inflows of Resources
Total Net Position
Net Position
Net Investment in Capital Assets
Restricted
Unrestricted
Total Net Position
2021
$58,570,338
$142,530,692
$13,555,082
$214,656,112
$16,192,979
$7,309,388
$142,597,865
$149,907,253
$12,379,765
$68,562,073
$67,355,719
$7,155,514
($5,949,160)
$68,562,073
2020
$56,205,785
$145,337,077
$9,795,090
$211,337,952
$14,227,189
$10,698,799
$146,240,021
$156,938,820
$7,740,974
$60,885,347
$64,685,861
$6,839,470
($10,639,984)
$60,885,347
Government activities are used for government services provided by the
town such as public safety, public works, administration and others.
Proprietary funds are used to fund business-type activities.
The Town of Barrington's Net Position includes a summary of what the
Town owns (Assets) and owes (Liabilities). Net position is the difference
between Total Assets and Total Liabilities. The Statement of Net Position
uses the full accrual basis of accounting. All debt and pension liabilities
are included.
The Town’s combined net position (Government and Proprietary) amounts
to $68,562,073.
Business-type activities charge fees to customers to
cover the costs of certain services such as sewer services.
7
STATEMENT OF NET POSITION
The largest portion of the net position (98%) is Net
Investments in Capital Assets (NICA) which totals
$67,355,719. NICA includes buildings, land,
machinery, vehicles, construction in progress,
equipment and other capital infrastructure.
Assets are not available for future spending as
they cannot be liquidated.
Portions of the net position are resources that are
subject to external restrictions and unrestricted
resources that may be used to meet Town and
resident's needs.
The Town's net position has increased and shows a
stronger financial position than the previous year.
GOVERNMENTAL AND BUSINESS-TYPE ACTIVITIES
The Statement of Activity presents a comparison between direct expenses and program revenues for all
governmental and business-type activities. The Town of Barrington's net position increased by $7,676,726 in
the year 2020-2021. There was an increase of $7,576,297 in government activities which were due to an
increase in capital assets. There was a increase in business activities by $100,429 as expenses exceed revenues
due to unbudgeted deprecation exceeding budgeted principal debt payments.
8
Revenue:
Program Revenues:
Charges for Services
OperatingGrants/Contributions
Capital Grants/Contributions
General Revenues:
Property Taxes
State Aid and in Lieu of Tax
Other Revenue
Total Revenues(1)
Expenses:
General Government
Interest on Long-Term Debt
Education
Total Expenses(2)
Increase in Net Position(1-2)
2021
$8,140,005
$20,809,451
$273,433
$67,525,686
1,222,313
$1,004,305
$98,975,193
$26,092,206
$2,667,129
$62,539,132
$91,298,467
$7,676,726
2020
$7,814,021
$12,360,464
$727,184
$65,449,031
$2,509,707
$633,310
$89,493,717
$24,998,854
$2,786,560
$57,964,208
$85,749,622
$3,744,095
STATEMENT OF ACTIVITIES
GOVERNMENT-WIDE FINANCIALS
GOVERNMENTAL AND BUSINESS-TYPE ACTIVITIES
2019
$8,249,089
$11,639,472
$194,612
$64,522,653
$1,287,902
$1,466,250
$87,359,978
$23,179,205
$2,919,692
$57,098,126
$83,197,023
$4,162,955
FUND BALANCE
Fund Balance is the accumulation of profits and losses over the years.
Fund Balance can be divided into five categories: Nonspendable,
Restricted, Committed, Assigned, or Unassigned. These classifications tell
how much of the fund balance must be reserved for specific uses as
required by the funding source, the council, management, or the law.
Fund Balance may be "Restricted" due to externally enforceable
restrictions. "Committed" balances are used for a specific purpose and
imposed by the governing body. "Unassigned" describes the portion of
Fund Balance that has no restriction on how it may be used.
"Nonspendable" are balances that are illiquid or required to be
maintained. "Assigned" balances comprise amounts intended to be used
by the government for specific purposes.
FUND BALANCE
Nonspendable:
Tax Title Property
Prepaid Expenditure
Inventory
Restricted for:
Education Programs
Committed for:
Zoning Rewrite
Revaluation
Assigned to:
Restoration Projects
Recreation Programs
Recycling Projects
Field Maintenance
Council Contingency
Education Enrichment Programs
Testing
Summer Sport Camps
Debt Stabilization
Unassigned Fund Balance
General Fund Balance
2021
$45,503
$153,277
$1,426
$2,633,122
19,196
$476,299
$9,491
$40,304
$92,035
$440,854
$12,090
$60,700
$117,617
77,808
1,154,056
21,458,504
$26,792,282
2020
$45,503
$906,706
1,601
$3,004,088
----------
$391,968
9,491
$29,060
$92,035
$379,543
$14,590
$61,703
----------
----------
----------
$20,074,536
$25,010,824
2019
$45,503
$904,375
$2,111
$787,050
----------
$290,581
$9,491
$32,074
$92,035
$362,644
$11,163
62,678
---------
---------
---------
$19,420,868
$22,020,573
The policy of the Town is to maintain
an unassigned fund balance at 30% of
general fund operating expenditures.
Anything over 30%, once achieved,
will be added to the Capital Reserve
Fund. Currently, there is no balance in
the Capital Reserve Fund. Capital
Reserve Funds are used to acquire
capital assets. Comparing unassigned
fund balance to expenditures is a
great method of evaluating general
fund liquidity.
9
Capital assets are the assets owned by the Town over a long-term period. On June 30, 2021, the Town's investment in
capital assets amounted to $142,530,692. The total increase in capital assets in the current year was $76,139,749, of
which, $63,398,130 was completion of the Middle School, $2,944,684 for the Peck Center roof and renovations,
$2,214,589 for the landfill, $1,909,860 for roads and $1,096,908 for a ladder fire truck. Other small-scale events and
projects included: Police Cove Park, Latham Park, Emergency Medical Vehicle, Land Purchase, Dump Truck and
Boiler Replacement.
CAPITAL ASSETS
CAPITAL ASSETS
Land, Land Improvements & Infrastructure
Buildings & Improvements
Vehicles
Machinery & Equipment
Construction in Progress
Less: Accumulated Depreciation
Total
2021
$88,286,533
$120,621,396
$5,071,501
$9,496,424
$234,021
$(81,179,183)
$142,530,692
TOP 10 CAPITAL EVENTS OF THE YEAREVENTS/ PROJECT
Middle School
Peck Center Roof and Renovations
Landfill
Roads
Ladder Fire Truck
Police Cove Park
Latham Park
Emergency Medical Vehicle
Land Purchase
Dump Truck with Plow
CAPITAL ASSETS COST
$63,398,130
$2,944,684
$2,214,589
$1,909,860
$1,096,908
$834,272
$396,707
$315,978
$201,299
$161,947
10
CAPITAL ASSET BREAKDOWN
DEBT
Debt Limit
General Obligation Bonds
Capital Lease
Revolving Loan
Amount Subject to Debt
Limit
Legal Debt Margin
2021
$94,592,639
$7,700,000
$426,059
$13,562,743
$21,688,802
$72,903,837
2020
$94,942,662
$8,735,000
$633,141
$14,782,368
$24,150,509
$70,792,153
2019
$95,074,999
$9,725,000
$840,217
$15,982,055
$26,547,272
$68,527,727
Outstanding Debt over the years
HOW MUCH DO WE OWE?
General Obligation Debt- Debt backed by the full faith
and credit of the Town. The Town's general obligation
The Town builds and maintains infrastructure for our
government and business-type activities through the
issuance of debt. The State has set a debt limit at 3% of the
total taxable assessed value of property. The debt limit for
the year 2021 is $94,592,639. This debt limit is applicable
for General Obligation Bonds, Capital Leases, and Revolving
Loans.
1.
Capital Leases- Leases with contract terms longer
than a year are defined as capital leases, and leased
items are considered purchased assets.Revolving Loans- Debt with fixed payments that the
town uses for roads and landfills.
debt is rated AAA by S & P Ratings and Aa1 by Moody's.
1.
2.
The Town of Barrington has been able to
maintain a sizable legal debt margin in the last
decades by borrowing less than the debt limit. In
the year 2017, the Town's debt increased by three
times due to a jump in loans payable. On April
20, 2017, the Town entered into a loan
agreement for the amount of $68,400,000 for
the construction of the new Barrington Middle
School. Debt approved through legislation is not
subject to the debt limit.
11
This brief overview primarily showcased the
current financial position of the Town of
Barrington.
To learn more about Town's funds or view the
2021 Annual Comprehensive Financial Report
(ACFR) or Popular Annual Financial Report
(PAFR), please visit-
https://www.barrington.ri.gov/finance-
taxcollections
Along with ACFR 2021, you also have access to
the ACFR of past years and other financial
resources by using the link and scrolling down
to the "Document" section.
OUR WEBSITE-
12
www.barrington.ri.gov
13
MAP OF RHODE ISLAND