Town of Madison 2020 Public Financial Report

TOWN OF MADISON,
CONNECTICUT
Comprehensive Annual
Financial Report
For The Year Ended

June 30, 2020
TOWN OF MADISON,
CONNECTICUT
Comprehensive Annual
Financial Report
For The Year Ended

June 30, 2020
Prepared by:
Finance Department
Director of Finance
Stacy Nobitz
TOWN OF MADISON, CONNECTICUT
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2020
TABLE OF CONTENTS
INTRODUCTORY SECTION
Page
Letter of Transmittal i
Certificate of Achievement for Excellence in Financial Reporting viii
Organizational Chart ix
Principal Town Officials x
FINANCIAL SECTION
Independent Auditor’s Report 1
Management’s Discussion and Analysis - Unaudited 3
Basic Financial Statements:

Government-wide Financial Statements:
Statement of Net Position 16
Statement of Activities 17
Governmental Fund Financial Statements:

Balance Sheet 18
Reconciliation of the Balance Sheet of Governmental Funds to the
Statement of Net Position 19
Statement of Revenues, Expenditures and Changes in Fund Balances 20
Reconciliation of the Statement of Revenues, Expenditures and Changes
in Fund Balances of Governmental Funds to the Statement of Activities 21
Proprietary Fund Financial Statements:

Statement of Proprietary Net Position 22
Statement of Revenues, Expenses and Changes in Fund Net Position 23
Statement of Cash Flows 24
Fiduciary Fund Financial Statements:

Statement of Fiduciary Net Position 25
Statement of Changes in Fiduciary Net Position 26
Notes to the Financial Statements 27
Required Supplementary Information:

Statement of Revenue, Expenditures and Changes in Fund Balance
Budget and Actual - Budgetary Basis - General Fund 66
Schedule of Changes in Net Pension Liability - Town Plan - Unaudited 67
Schedule of Contributions and Investment Returns - Town Plan - Unaudited 68
Schedule of Changes in Net Pension Liability - Police Plan - Unaudited 69
Schedule of Contributions and Investment Returns - Police Plan - Unaudited 70
Schedule of Changes in Net Pension Liability - Fire Plan - Unaudited 71
Schedule of Contributions and Investment Returns - Fire Plan - Unaudited 72
Schedule of the Town’s Proportionate Share of the Net Pension
Liability - Connecticut State Teachers’ Retirement System - Unaudited 73
Schedules of Changes in Total OPEB Liability - OPEB - Unaudited 74
TABLE OF CONTENTS (Continued)
FINANCIAL SECTION (Continued)

Page
Required Supplementary Information (Continued):

Schedule of the Town’s Proportionate Share of the Net OPEB
Liability - Connecticut State Teachers’ Retirement System - Unaudited 75
Notes to Required Supplementary Information 76
Combining and Individual Fund Statements and Schedules:

Governmental Funds:
General Fund:
Comparative Balance Sheet 81
Schedule of Revenues and Other Financing Sources -
Budget and Actual - Budgetary Basis 82
Schedule of Expenditures and Other Financing Uses -
Budget and Actual - Budgetary Basis 84
Schedule of Board of Education Expenditures - Budget and Actual 86
Schedule of Property Taxes Levied, Collected and Outstanding 89
Schedule of Debt Limitation 90
Nonmajor Governmental Funds:

Combining Balance Sheet 91
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 94
Reserve Fund (Capital Projects):

Schedule of Expenditures and Encumbrances Compared with Appropriations 97
Internal Service Funds:

Combining Statement of Net Position 98
Combining Statement of Revenues, Expenses and Changes in Fund Net Position 99
Combining Statement of Cash Flows 100
Fiduciary Funds:
Agency Funds:
Combining Statement of Fiduciary Assets and Liabilities 101
Combining Statement of Changes in Assets and Liabilities 102
TABLE OF CONTENTS (Continued)
STATISTICAL SECTION
Page
Financial Trends:
Table 1 - Net Position by Component - Unaudited 104
Table 2 - Changes in Net Position - Unaudited 105
Table 3 - Fund Balance of Governmental Funds - Unaudited 106
Table 4 - Changes in Fund Balance - Governmental Funds - Unaudited 107
Revenue Capacity:
Table 5 - Assessed and Estimated Actual Value of Taxable Property - Unaudited 108
Table 6 - Property Tax Rates - Unaudited 109
Table 7 - Principal Taxpayers - Unaudited 110
Table 8 - Property Tax Levies and Collections - Unaudited 111
Debt Capacity:
Table 9 - Ratio of Outstanding Debt by Type - Unaudited 112
Table 10 - Assessed Value and Net General Bonded Debt Per Capita - Unaudited 113
Table 11 - Legal Debt Margin Information - Unaudited 114
Demographic and Economic Information:

Table 12 - Demographic and Economic Statistics - Unaudited 115
Table 13 - Principal Employers - Unaudited 116
Table 14 - Full-Time Government Employees by Function/Program - Unaudited 117
Operating Information:
Table 15 - Operating Indicators by Function/Program - Unaudited 118
Table 16 - Capital Asset Statistics by Function/Program - Unaudited 119
INTRODUCTORY SECTION
TOWN OF MADISON
CONNECTICUT
MADISON PUBLIC SCHOOLS
Stacy S. Nobitz, CPA

Director of Finance
December 17, 2020
To the Members of the Board of Selectmen, the Board of Finance and the Citizens
of the Town of Madison, Connecticut:
Connecticut State Statutes require that all municipal entities publish within six months of the close of each
fiscal year a complete set of financial statements presented in conformity with accounting principles
generally accepted in the United States of America (GAAP) and audited in accordance with auditing
standards generally accepted in the United States of America by a firm of licensed certified public
accountants. Pursuant to that requirement, we hereby issue the comprehensive annual financial report of
the Town of Madison, Connecticut (the "Town") for the fiscal year ended June 30, 2020.
This report consists of management's representations concerning the finances of the Town. Consequently,
management assumes full responsibility for the completeness and reliability of all of the information
presented in this report. To provide a reasonable basis for making these representations, management of
the Town has established a comprehensive internal control framework that is designed both to protect the
government's assets from loss, theft, or misuse and to compile sufficient reliable information for the
preparation of the Town's financial statements in conformity with GAAP. Because the cost of internal
controls should not outweigh the benefits, the Town's comprehensive framework of internal controls has
been designed to provide reasonable rather than absolute assurance that the financial statements will be
free from material misstatement. As management, we assert that, to the best of our knowledge and belief,
this financial report is complete and reliable in all material respects.
The Town's financial statements have been audited by Mahoney Sabol & Company, LLP, 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, 2020 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's financial statements for the fiscal year ended June 30, 2020, are fairly
presented in conformity with GAAP.
8 Campus Drive, Madison, CT 06443 (203) 245-6310 e-mail: nobitzs@madisonct.org
i
The independent auditor's report is presented as the first component of the financial section of this report.
The independent audit of the financial statements of the was part of a broader, federal and state mandated
"Single Audits" designed to meet the special needs of federal and state grantor agencies. The standards
governing the Federal and State Single Audit engagements require the independent auditor to report not
only on the fair presentation of the financial statements, but also on the government's internal controls and
compliance with legal requirements, with special emphasis on internal controls and legal requirements
involving the administration of federal and state awards. These reports are available in the Town's separately
issued Single Audit Report.
GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the
basic financial statements in the form of Management's Discussion and Analysis (MD &A). This letter of
transmittal is designed to complement and to be read in conjunction with the MD&A. The Town’s MD&A can
be found immediately following the report of the independent auditors.
Profile of the Town of Madison
The Town was first settled in 1641 as part of Guilford. It was organized as a separate community in 1707 and
incorporated in 1826. The Town was the one hundred twenty-eighth town established in Connecticut. The
Town encompasses approximately 36.3 square miles within New Haven County, approximately 15 miles east
of New Haven and 35 miles south of Hart ford. Interstate 95 and state highways 80 and 1 (Boston Post Road)
intersect the Town for east and west transportation access, while state highway 79 provides north-south
access. The Town is bounded on the east by Clinton and Killingworth; on the north by Durham; on the south
by Long Island Sound; and on the west by Guilford. The Town is primarily a suburban, residential community
with single-family homes.
Located within Town are two state parks: the Cockaponset State Forest in the northern portion of Town, and
the Hammonasset State Park and Beach located on the southeastern edge. The Hammonasset Park consists
of 930 acres, 558 campsites, concessions, bathhouses, a pavilion, picnic areas, and a nature center. Parking
for 7,000 vehicles is available for bathers and campers alike, with overall park capacity rated to serve 16,000
people. The Park also provides a fishing jetty for surf and boat fishing.
The Town utilizes an adopted Plan of Development to maintain it is rural and seashore character. Under the
Town Charter, the Planning and Zoning Commission is responsible for approval of all projects. Current zoning
regulations were adopted on April 10, 1953, with various revisions adopted since that time. The Town is
completely zoned with approximately 46% of the land zoned residential, with one to two acre lots. The
balance of the Town is zoned commercial or light industrial. The areas zoned for one acre can include
apartment or condominium units. As part of the Town Plan of Development, open space and preservation of
the seashore and rural character of the Town are major goals. To that end, the Town has provided for 4
parks, including the Surf Club Beach area, a 45-acre beach/recreation facility owned by the Town that
provides beaches, picnic area, basketball and volleyball courts, as well as baseball, softball, football and
soccer fields, and Salt Meadow Park, a 42-acre passive and active recreation facility, including three multi-
purpose playing fields, conversation areas, shared path and trail system and an area for a future
canoe/kayak launch.
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Rockland Preserve is a 650 acre park, which includes the New England Scenic Trail, other nature trails, as well
as 10 miles of single track bicycle trails. Bauer Park consists of 64 acres, has 180 community gardens, fields, a
pavilion and trails. In addition, the Town has two other small public beaches, East Wharf and West Wharf.
The Town also owns property on Greenhill that includes a softball field that was previously leased.
The Town operates under the provisions of its Charter, most recently revised on November 7, 2006, and the
General Statutes of the State of Connecticut. The legislative body is the Town Meeting. The Executive body
consists of a Board of Selectmen, a five member board, with the First Selectman acting as the chief executive
officer. Election to the Board of Selectmen is for a two-year term. A six-member Board of Finance is
responsible for presenting fiscal operating budgets to the Annual Town Meeting. Board of Finance members
are elected for four-year terms. A nine-member elected Board of Education is responsible for the operation
of the school system.
The Planning and Zoning Commission is a 12-member commission appointed by the Board of Selectmen to
adopt and enforce zoning and subdivision regulations and to guide the growth and development of the Town
through preparation and adoption of a Plan of Conservation and Development. The Commission is staffed by
a Director of Planning & Economic Development who advises the Commission on land use matters and
directs the daily operation of the land use office. The Board of Selectmen also appoints a seven-member
Economic Development Commission whose role is to identify and foster opportunities for economic growth
within the community.
The Town provides municipal services in the functional areas of Public Safety, Public Works, Land and
Building administration, Health and Welfare, Beach and Recreation, and the PreK-12 Public Education
System. The Town also provides significant support to the Madison Public Library, The Madison Ambulance
and the two Volunteer Fire Departments.
The Town maintains an encumbrance accounting system as one technique of accomplishing budgetary
controls. As demonstrated by the budgetary schedules included in the financial section of this report, the
Town continues to meet its responsibility for sound financial management. In addition to budgetary
schedules, the notes to basic financial statements describe the budget process used by the Town. The
strength of the Town's economic circumstances and quality of municipal management are reflected in the
Town's bond ratings, which remain at the highest levels obtainable, as awarded Aaa by Moody's Investors
Service, AAA by Standard & Poor's, and AAA by Fitch Ratings.
Local Economy
The Town includes a majority of year-round residents that are in the executive, professional, technical, and
managerial categories, with employment in Hartford, New Haven, Fairfield and New London Counties and
New York. According to the U.S. Census, the Town's population was estimated to be 18,030 as of July 1, 2019.
Bus, air and rail service are available from New Haven, Hartford, Providence, Rhode Island and New York. The
Town has railroad station near the central business district provided by Shore Line East, a State of
Connecticut Department of Transportation Commuter Railroad that provides commuter service between
New London and New Haven during rush hours. Other Metro-North and Amtrak connections are available
from New Haven's Union Station.
iii
The Town's unemployment rate of 3.9% compares favorably to the state's average of 5.8%. Madison's
median household income is $113,798 versus the states average, which is $78,444.
The Madison downtown business district has an active Chamber of Commerce organization, Business Council
Group and an active shopping and commercial area located in the south central part of the community,
extending both east and west along the Boston Post Road. In addition to the many businesses in Town, there
are numerous banking institutions, including Wells Fargo, Bank of America, People's United Bank, Citizens
Bank, Webster Bank, Key Bank, Liberty Bank, Guilford Savings Bank and Essex Savings Bank.
The Town provides educational opportunity with public schools grades PreK-12. In addition, within Town
there are two private schools grades PreK-8, one therapeutic boarding school for grades 7-12, along with
nine different daycare programs. Colleges and universities a short distance from Town include Middlesex
Community College and Wesleyan University, both in Middletown, approximately 20 miles north of Madison.
To the west are Quinnipiac University, Albertus Magnus College, Gateway Community College, Southern
Connecticut State University, the University of New Haven, and Yale University, all of which are located in the
Greater New Haven area.
The October 1, 2018 Gross Taxable Grand List increased by $28,524,293 to $2,932,909,218 from the 2017
Grand List of $2,904,384,925. The Town conservatively budgets revenues, therefore when determining the
Mill Rate tax collections are assumed at a 98.75% collection rate. Historically, the Town has received over
99% in actual collections. Building permit activity and conveyance fees are highly dependent on the economy
and current market conditions. The Town is not highly dependent on State revenues (represents 0.51% of
total revenues).
The current Madison housing inventory shows 93% of single-family homes versus 7% multifamily homes.
Madison continues to be recognized as a desirable community to live in. Families with children continue to
seek Madison as a desired location due to the excellent school system as well as the enjoyable beaches. The
population growth has showed a 29% increase over the past 38 years. The current estimated total
population is 18,030. Madison is also known as a popular visiting location. Since the 1860s, the Town has
maintained a large summer resident community attracted to the Town's beaches and Long Island Sound.
There are many summer renters and daily visitors that increase the cost of demands for services and the use
of our infrastructure. The Town has responded to the population growth and the increase in demands for
services by increasing relevant expenditures. Over the past ten years, the Board of Education Budget
increased by 15%, while the total Town Budget increased by 35%.
Long-Term Financial Planning
The Town maintains a Capital Improvement Program that was established in May 2015. This program
identifies the capital needs of the Town and the funding sources to support these expenditures. By doing
this, the program aids in forecasting the impact of these expenditures on the budget, as well as the financial
condition of the Town. The program provides a planning tool that allows the Town to meet current and
future capital needs while maintaining level operating budgets each year.
iv
A key component of the Capital Improvement Program is to identify the possible needs of financing large
projects that cannot be absorbed through the building of reserves in the capital project funds. The
Regulations of the Board of Finance include a sound debt management policy that establishes parameters
for the planning, issuance and management of debt to help insure the continued availability of debt capacity
and adherence to debt limitations.
Currently the Town has $22,820,000 in outstanding debt for General Obligation Bonds. Our annual debt
service on this debt represents 3.87% of the total Town Budget. The Board of Finance Regulation states that
10% is the recommended limit.
The Town is also developing a Long Range Ten Year Strategic Plan, to work in accordance with the existing
Plan of Conservation and Development, as well as the Capital Improvement Program.
Relevant Financial Policies
The Town's investment policy covers all financial assets of the Town, excluding the pension plan assets. The
policy limits investments to instruments maturing within one year at the time of purchase for funds needed
during the course of the fiscal year. The average maturity of all funds invested shall not exceed six months at
any time to insure liquidity. The policy also allows a portion of the fund balance reserve and non-cyclical
funds to be invested in longer term securities with an objective of increasing the rate of return.
Short term investments of the Town may be invested in U.S. Treasury Bills, U.S. Treasury notes or bonds
maturing within one year, insured or fully collateralized certificates of deposits of banks, repurchase
agreements collateralized by U.S. Treasury securities, the State of Connecticut Short-term Investment Pool,
money market funds with investments in securities issued, insured or guaranteed by the U.S. Government or
its agencies, and obligations authorized by Section 7-400, Investment of funds, Connecticut State Statute.
The portion of reserve and non-cyclical funds may be invested in longer-term securities with an objective of
increasing the rate of return consistent with prudent risk management, subject to the maturities not
exceeding eight years and shall be evenly spread over the investment period. All investment securities
purchased by the Town shall be held in third party safekeeping by an institution designated as primary agent.
The primary agent shall provide to the Town a listing of the specific instrument, rate, maturity and other
pertinent information.
For Pension Funds, the Town's pension investments are governed by its Statement of Investment Policy,
Objectives, and Guidelines. The Policy details asset mix ranges for various classes of investments: Cash
Equivalents, Fixed Income Securities, Equity Securities, Mutual Funds and Exchange Traded Funds, as well as
other allowed assets, where the overall investment return is expected to exceed the actuarial investment
return assumption. Investment manager performance and compliance with the investment policy is
reviewed periodically by a committee of Town officials and a pension consultant.
The Town has a Board of Finance regulation regarding Fund Balance. On March 21, 2012, the Board revised
the original adopted regulation from May 23, 2001, which established a minimum level of unassigned fund
balance equaling 10% of annual Town operating expenditures, excluding debt service.
v
Even in the face of increasing operating costs for the Town government, Madison has been able to maintain
an adequate surplus in its General Fund. As stated above, the Town also has a Debt Service Board of Finance
regulation to standardize and rationalize the issuance and management of debt.
Major Initiatives
The Town is working to increase economic development in order to grow our tax base. The Economic
Development is working to conduct an economic impact study of a potential shared wastewater system in
the downtown area. The study will help to quantify the potential economic development impact of
transitioning away from reliance upon on-site septic systems and towards implementation of a share
wastewater system. The study will also evaluate various financing models that would help fund construction
of such a system.
The Planning & Zoning Commission undertakes continuous review of the regulations to ensure they
encourage appropriate economic development in line with the character and desires of the community.
Most recently, the Planning & Zoning Commission is working towards identifying economic development
"opportunity areas" that would be eligible to apply for Planned Development District designation.
The Town's Bicycle & Pedestrian Advisory Committee is nearing completion of developing a Bicycle &
Pedestrian Master Plan and currently working with DOT and the UCONN T2 Center to conduct a Road Safety
Audit of the area between Hammonasset State Park and Saltmeadow Park to improve bicycle and pedestrian
connectivity in the area.
The Town's Coastal Resiliency Commission drafted an updated Floodplain Management Ordinance for
consideration by the Board of Selectmen. The ordinance seeks to better manage development within the
floodplain to protect property and infrastructure and consequently protect Madison's residential tax base.
The Town has received several grants to improve pedestrian infrastructure in Madison Center.
Improvements to the Tuxis Walkway and new sidewalks along Bradley Road were recently completed, while
a new sidewalk extending from Concord Meadows to the intersection of Route 79 and Boston Post Road is
soon entering the design phase. Additionally, funds were recently secured to construct an elevated walkway
between Bauer Park and the Green Hill Road schools campus, offsetting the need for funding out of the
town's Capital Improvement Program budget.
The Town is conducting a Comprehensive Facilities Assessment, ADA Audit, and Emergency Shelter
Evaluation. The study is near completion and will result in a set of recommendations to ensure adequate
maintenance and effective utilization of Town facilities.
As part of the Town's energy savings initiative, the Town completed 11 PV systems. We are now producing
approximately 10% of our consumption by in-house PV systems with fixed 20-year electric rates. Audits have
been done at Brown, Polson, and Hand schools to better understand possible energy saving measures we
can take. The Town is also beginning to plan for ground sourced heat pump system for Polson HVAC.
vi
In addition, the Town has converted all Town & School gyms to LED lighting, nearly all exterior Town and
School lighting to LED and converted all School interior fluorescent lighting to LED (19,000 bulbs). Recently,
the Town approved the install of PV Solar Carports at Polson Middle School and Daniel Hand High School;
construction will begin in the Spring and is expected to be online in the summer of 2021. This will bring
about long term future savings and we hope to start more carport projects in the future.
Awards and Acknowledgements
The Government Finance Officers Association {GFOA) awarded a Certificate of Achievement for Excellence in
Financial Reporting to the Town of Madison, Connecticut, for its Comprehensive Annual Financial Report for
the fiscal year ended June 30, 2019. This was the fourth year that the Town applied for and received this
prestigious award. The Town understands that in order to be awarded a Certificate of Achievement under
this program, the Town must publish an easily readable and efficiently organized Comprehensive Annual
Financial Report. The report must also satisfy both accounting principles generally accepted in the Unites
States of America and applicable legal requirements. I believe this Financial Report meets these
requirements.
The Town is pleased to announce that our bond rating with Moody's Investors Service, Inc. has been
reaffirmed in June 2019 at their highest grading level of Aaa. In October 2016, Fitch Ratings had also
reaffirmed the Town's rating at their highest grading level of AAA.
The preparation of this report on a timely basis would not have been possible without the assistance and
support of many people. I would like to express my appreciation to all those who contributed to its
preparation, including Cheryl Kuszpa, Kristen Bartosic, Kim Seegert, Jeannette Holdridge, Theresa Eula and
Luke Rossi. I would also like to thank the Board of Selectman, the Board of Finance, and the Board of
Education for their interest and support in planning and conducting the financial operations of the Town in a
responsible and progressive manner.
Respectfully submitted,
Stacy S. Nobitz, CPA

Director of Finance
vii
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Town of Madison
Connecticut
For its Comprehensive Annual

Financial Report
For the Fiscal Year Ended
June 30, 2019
Executive Director/CEO
Organizational Chart
VOTERS
ELECTED
Judge of Registrar of Board of Board of Board of Board of Zoning Board

Probate Voters Finance Selectman Education Assessment of Appeals
Appeals
Chief Director of Director Town Director Director of Director of Director of Director of Director of Director of
Town
Police Admin Svc/Tax Human Finance Beach and Youth and Fam- Senior Ser- Facilities
Engineer Public Works
Svc and IT Collector Resources Recreation ily Services vices
Director of Director of Fire Marshal/ Chief Building Town Inlands

Econ Dev Health Director of Emer Official Town
Clerk Wetlands Officer
& Land Use Management Assessor
Appointed by Selectman on Recommendation of Town Republican and Democratic Parties
Beach & Economic Flood & Ero- Historic Inland

Recreation Conservation Board of Police Development sion Control District Wetlands M.A.D.E.
Commission Commission Commissioners Commission Commission Commission Commission
Planning & Senior Ser- Shellfish Water Pollution Youth & Solid
Zoning vices Com- Commission Control Family Ser- Waste
Commission mission Authority vices Disposal
Academy Advisory Bauer Park Blight Capital Energy & Effi- Job Evalua- Joint Facilities Pension
Elementary Committee on Committee Enforcement Improvement ciency tion Project Re- Committee
School Ad-hoc Community Committee Program Committee Committee view
Committee Appearance Committee Committee
Rockland Salt Meadow Veterans’ Senior Tax

Preserve Safety Park Advisory Advisory Relief Com-
Advisory Committee Committee Committee mittee
Committee
ix
Town of Madison, Connecticut
Principal Officials
As of June 30, 2020
Board of Selectman
Peggy Lyons, First Selectman
Alfred Goldberg Erin Duques
Scott Murphy Bruce Wilson
Board of Finance
Jean Fitzgerald, Chair
Fillmore McPherson Kenneth Kaminsky
Justin Murphy Judith Friedman
John Picard
Board of Education
Katie Stein, Chair
Emily Rosenthal Thomas Pellegrino
Violet McNerney Happy Marino
Diane Infantine-Vyce Greg DeSantis
Galen Cawley Cathy Miller
General Government
Assessor Orietta Nucolo

Building Official Vincent Garofalo
Chief of Police John Drumm
Director of Admin. Services and Information Technology Arthur Sickle
Director of Beach and Recreation Scot Erskine
Director of Economic Development and Land Use David Anderson
Director of Emergency Management/Fire Marshal Samuel E. DeBurra
Director of Facilities William McMinn
Director of Finance Stacy S. Nobitz
Director of Health Trent Joseph
Director of Human Resources Debra A. Milardo
Director of Public Works John Iennaco
Town Engineer John Iennaco
Director of Senior Services Austin Hall
Director of Town Services/Tax Collector Colleen Kiesewetter
Director of Youth and Family Services Scott Cochran
Town Clerk Nancy J. Martucci
Education
Superintendent of Schools Thomas Scarice
Assistant Superintendent Gail Dahling-Hench
x
INDEPENDENT AUDITOR’S REPORT
180 Glastonbury Boulevard, Suite 400 mahoneysabol.com
Glastonbury, CT 06033-4453
860.541.2000 main Glastonbury

860.541.2001 fax Essex
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INDEPENDENT AUDITOR’S REPORT
To the Board of Finance

Town of Madison, Connecticut
Coated
Report on the Financial Statements
We have audited
PMS 288 CP
the accompanying
Pantone Green CP PMS 368 CP
financial statements of the governmental activities, each major fund, and the
aggregate remaining
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ended June 30, 2020, 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, each major fund, and the aggregate remaining fund information of
the Town of Madison, Connecticut, as of June 30, 2020, 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.
-1-
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion
and analysis on pages 3 through 15 and the information on pages 66 through 80 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’s basic financial statements. The introductory section on pages i through x, the combining and individual
fund statements and schedules on pages 81 through 103, and the statistical section on pages 104 through 119 are
presented for purposes of additional analysis and are not a required part of the basic financial statements.
The combining and individual fund financial statements and schedules 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 financial
statements and schedules are fairly stated, in all material respects, in relation to the basic financial statements as a
whole.
The introductory section and the statistical section 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 17, 2020, on
our consideration of the Town’s 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 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’s internal control over financial reporting and compliance.
Certified Public Accountants

Glastonbury, Connecticut
December 17, 2020
-2-
MANAGEMENT’S DISCUSSION AND ANALYSIS
MANAGEMENT DISCUSSION AND ANALYSIS
AS OF AND FOR THE YEAR ENDED JUNE 30, 2020
The management of the Town of Madison, Connecticut (the “Town”), offers the readers of its financial statements
this narrative overview and analysis of the financial activities of the Town for the fiscal year ended June 30, 2020. We
encourage readers to consider the information presented here in conjunction with additional information that we
have furnished in our letter of transmittal, which can be found on pages i - vii of this Comprehensive Annual Financial
Report (“Report”).
FINANCIAL HIGHLIGHTS
 The assets and deferred outflows of resources of the Town exceeded its liabilities and deferred inflows of
resources at the close of the most recent fiscal year by $84,304,599 (net position). Included in this amount
is a deficit in unrestricted net position of $4,525,865. This deficit is driven by long-term liabilities for pension
and other post-employment benefits, which are funded on an annual basis by the Town. The Town’s total net
position decreased by $986,288.
 The Town’s total long-term bonded debt decreased by $2,605,000 and obligations under capital leases
decreased by $670,293 during the current fiscal year.
 As of the close of the current fiscal year, the Town’s governmental funds reported combined ending fund
balances of $29,287,128, a decrease of $3,837,252 in comparison with the prior year. Of this amount,
$16,677,796 constitutes unassigned fund balance and is available for new spending.
 At the end of the current fiscal year, unassigned fund balance of the General Fund was $16,679,068.
Unassigned fund balance is sufficient to cover 2.3 months of and represents approximately 19.3% of the
Town’s fiscal year 2021 budgetary expenditure appropriations.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the Town’s basic financial statements. The
Town’s basic financial statements are comprised of 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 themselves.
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 a private-sector business.
The statement of net position presents information on all of the Town’s assets, deferred outflows and inflows of
resources, and liabilities, with the difference between these elements 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 fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change
occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for
some items that will result in cash flows in future fiscal periods.
-3-
OVERVIEW OF THE FINANCIAL STATEMENTS (Continued)
Government-wide Financial Statements (Continued)
Both of the government-wide financial statements are intended to distinguish functions of the Town 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 of the Town include: general government, public safety, public works, land and
building administration, health and welfare, beach and recreation, library, and education. The Town does not have
any business-type activities.
The government-wide financial statements include only the Town itself because there are no legally separate
organizations for which the Town is financially accountable.
The government-wide financial statements can be found on pages 16 and 17 of this 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 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
funds financial 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 fiscal year. Such information may be useful in evaluating the Town’s
near-term financing requirements.
Because the focus of governmental funds financial statements is narrower than that of the 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 Town’s near-term financing decisions. Both the governmental funds balance
sheet and the governmental funds statement of revenues, expenditures, and changes in fund balances provide a
reconciliation to facilitate this comparison between governmental funds and governmental activities.
The Town maintains a number of individual governmental funds. Information is presented separately in the
governmental funds balance sheet and in the governmental funds statement of revenues, expenditures, and changes
in fund balances for the General Fund, the Capital Projects Fund, and the Special Education Grants Fund, which are
considered to be major funds. Data from the other remaining governmental funds are combined into a single,
aggregated presentation. Individual fund data for each of these non-major governmental funds is provided as
supplementary information in the form of combining statements.
The basic governmental fund financial statements can be found on pages 18 through 21 of this report.
-4-
OVERVIEW OF THE FINANCIAL STATEMENTS (Continued)
Fund Financial Statements (Continued)
Proprietary Funds
The Town maintains one type of proprietary fund. Internal service funds are an accounting device used to accumulate
and allocate costs internally among the Town’s various functions. The Town uses internal service funds to report
activities that provide supplies and services for the Town’s other programs and activities - such as the Town’s Health
Internal Service Fund. Because these services benefit governmental functions, they have been included within
governmental activities in the government‐wide financial statements.
The basic proprietary fund financial statements can be found on pages 22 through 24 of this report.
Fiduciary Funds
Fiduciary funds are used to account for resources held for the benefit of parties outside the Town government.
Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds
are not available to the Town’s own programs. The accounting used for fiduciary funds is much like that used for the
government-wide financial statements.
The basic fiduciary fund financial statements can be found on pages 25 and 26 of this report.
Notes to the Financial Statements
The notes to the financial statements provide additional information that is essential to a full understanding of the
data provided in the government-wide and governmental funds financial statements.
Other Information
In addition to the basic financial statements and accompanying notes, this report also contains required
supplementary information, combining and individual fund statements and schedules, and a statistical section.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
Net Position
Over time, net position may serve as one measure of a government’s financial position. The net position of the Town
totaled $84,304,599 and $85,290,887 as of June 30, 2020 and 2019, respectively.
-5-
GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)
Net Position (Continued)
The net position of the Town as of June 30, 2020 and 2019 is summarized as follows:
2020 2019 $ Variance % Variance
Current and other assets $ 43,353,443 $ 44,953,619 $ (1,600,176) -3.6%

Capital assets, net 113,038,519 114,430,177 (1,391,658) -1.2%
Total assets 156,391,962 159,383,796 (2,991,834) -1.9%
Deferred outflows of resources 11,543,203 2,690,833 8,852,370 329.0%
Long-term liabilities 75,430,827 67,988,426 7,442,401 10.9%

Other liabilities 1,859,480 2,564,450 (704,970) -27.5%
Total liabilities 77,290,307 70,552,876 6,737,431 9.5%
Deferred inflows of resources 6,340,259 6,230,866 109,393 1.8%
Net position:
Net investment in capital assets 87,054,118 91,430,436 (4,376,318) -4.8%
Restricted 1,776,346 1,670,319 106,027 6.3%
Unrestricted (4,525,865) (7,809,868) 3,284,003 -42.0%
Total net position $ 84,304,599 $ 85,290,887 $ (986,288) -1.2%
-6-
Net Position (Continued)
103.3% of the Town’s net position as of June 30, 2020 reflects its investment in capital assets, less any related debt
used to acquire those assets that is still outstanding. The Town uses these capital assets to provide services to citizens;
consequently, these assets are not available for future spending. Although the Town’s investment in its capital assets
is reported net of 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.
2.1% of the Town’s net position as of June 30, 2020 is subject to external restrictions on how they may be used and
are, therefore, presented as restricted.
The remainder of the Town’s net position is a deficit in unrestricted net position of $4,525,865. This deficit is caused
by long-term liabilities for pension and other post-employment benefits, which are funded on an annual basis by the
Town.
Significant changes in the Town’s financial position consisted of an increase deferred outflows of resources and long-
term liabilities. The increase in long-term liabilities include a $6,955,114 increase in the Town’s other post-
employment benefits liability primarily resulting from changes in actuarial assumptions utilized to estimate the
liability. The change in actuarial assumptions resulted in a related increase of $6,121,242 in deferred charges on OPEB
expense, which will be amortized as a component of OPEB expense in future periods.
-7-
Changes in Net Position
Changes in net position for the years ended June 30, 2020 and 2019 are as follows. Certain reclassifications of been
made to the amounts reported for the year ended June 30, 2019 in order to conform with the current year
presentation.

Program revenues:
Charges for services $ 3,326,383 $ 3,913,706 $ (587,323) -15.0%
Operating grants and contributions 15,322,045 6,916,601 8,405,444 121.5%
Capital grants and contributions 854,010 133,425 720,585 540.1%
General revenues:
Property taxes 83,270,313 81,807,864 1,462,449 1.8%
Grants and contracts not restricted to specific programs 639,371 672,296 (32,925) -4.9%
Rental income 745,738 215,634 530,104 245.8%
Unrestricted investment earnings 869,730 1,060,810 (191,080) -18.0%
Total revenues 105,027,590 94,720,336 10,307,254 10.9%
Program expenses:
General government 4,480,006 4,324,240 155,766 3.6%
Public safety 9,047,994 8,951,738 96,256 1.1%
Public works 6,265,955 5,922,024 343,931 5.8%
Land and building administration 839,817 1,010,271 (170,454) -16.9%
Health and welfare 3,434,780 2,520,859 913,921 36.3%
Beach and recreation 3,274,352 3,169,183 105,169 3.3%
Library 7,406,888 3,646,809 3,760,079 103.1%
Education 59,056,405 59,864,123 (807,718) -1.3%
Education - State Teachers' Retirement 11,429,516 3,624,935 7,804,581 215.3%
Interest expense 778,165 784,714 (6,549) -0.8%
Total expenses 106,013,878 93,818,896 12,194,982 13.0%
Change in net position (986,288) 901,440 $ (1,887,728) -209.4%
Net position - beginning 85,290,887 84,389,447
Net position - ending $ 84,304,599 $ 85,290,887
-8-
Changes in Net Position (Continued)
-9-
Governmental Activities
Governmental activities decreased the Town’s net position by $986,288. Revenues reported by the Town increased
by $10,307,254 or 10.9% and expenses increased by $12,194,982 or 13.0% when compared to the prior year.
The increase in revenues was impacted by the following:
 an increase in operating grants and contributions in the amount of $8.4 million, which relates to changes in
the amount of pension and OPEB expense recognized by the State of Connecticut in connection with the
Town’s participation in the Connecticut Teachers’ Retirement System;
 a $1.5 million or 1.8% increase in property tax revenues, driven by an increase in the Town’s taxable grand
list;
 a increase of $530 thousand in rental income associated with the leasing of the former Island Avenue
Elementary School
 decreases in charges for services recognized by school cafeteria, beach and recreation activities impacted by
the Governor’s executive orders in response to the COVID-19 pandemic.
The increase in expenses was impacted by the following:
 an increase in education expenses in the amount of $7.8 million relating to changes in the amount of pension
and OPEB expense recognized by the State of Connecticut in connection with the Town’s participation in the
Connecticut Teachers’ Retirement System;
 an increase in library expenses in the amount of $3.8 million relating to continued renovations made to the
E.C. Scranton Memorial Library; and
 an increase in health and welfare expenses in the amount of $914 thousand relating to continued upgrades
made to the Concord Meadows residential community.
FINANCIAL ANALYSIS OF THE TOWN’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 the Town’s governmental funds is to provide information on near-term inflows, outflows, and balances
of spendable resources. Such information is useful in assessing the Town’s financing requirements. In particular,
unassigned fund balance may serve as a useful measure of the Town’s net resources available for spending at the end
of the fiscal year.
As of the end of the current fiscal year, the Town’s governmental funds reported a combined ending fund balance of
$29,287,128, a decrease of $3,837,252 from the prior year.
General Fund
The General Fund is the chief operating fund of the Town. As a measure of the General Fund’s liquidity, it may be
useful to compare unassigned fund balance to total fund expenditures. At the end of the current fiscal year,
unassigned fund balance of the General Fund was $16,679,068. Unassigned fund balance is sufficient to cover 2.3
months of and represents approximately 19.3% of the Town’s fiscal year 2021 budgetary expenditure appropriations.
- 10 -
FINANCIAL ANALYSIS OF THE TOWN’S FUNDS (Continued)
General Fund (Continued)
The fund balance of the Town’s General Fund increased by $4,217,279 during the current fiscal year. This increase
was due to a $3.0 million budgetary revenue surplus combined with a $1.4 million budgetary expenditure surplus.
Refer budgetary highlights discussed below.
Budgetary Highlights
The original budget for the year ended June 30, 2020 did not plan for the utilization of fund balance to balance
revenues and expenditures. During the year, additional appropriations were approved in the amount of $501,658.
The increase in fund balance of the General Fund on a budgetary basis was $3,914,947, resulting in a favorable
budgetary variance of $4,416,605. Revenues and other financing sources were $3,009,143 higher than expected and
expenditures and other financing uses were $1,407,462 lower than estimated.
Special appropriations during the year totaled $501,658 for the following purposes:
 $35,836 Communications
 $147,344 Public Works-Walkway Lights
 $81,000 Private School Transportation
 $65,000 SPED Tuition and Transportation
 $140,000 COVID Expenditures
 $32,478 Police Department Special Duty
Budgetary Highlights are as follows:
Property tax revenue was $824,815 higher than budgeted due to tax payments and a tax collection rate in excess of
99.8%.
Various fees and charges for services were also higher than budgeted. The Board of Selectmen revenue includes
rental income from leasing Island Avenue School, an unbudgeted insurance rebate and other miscellaneous revenue.
The Town Clerk, Building and Fire Marshal Departments received fees in excess of their approved budget. The Police
Department’s revenue was $61,634 more than anticipated due to special outside duty reimbursements.
Intergovernmental Revenue was $674,137 higher than budgeted.
Investment income exceeded the budget by $530,212. Investment income of $803,212 on a budgetary basis excludes
unrealized gains in the amount of $39,918 recognized on a GAAP basis. The Town’s General Fund investment portfolio
includes government fixed income securities, which are required to be accounted for at fair value. The fair value of
the portfolio is sensitive to changes in interest rates. As short-term interest rates moved higher, the fair value of the
Town’s portfolio decreases. However, the Town established this portfolio with the intention of holding the securities
to maturity and, therefore, any market fluctuations are considered temporary since the market value associated with
these investments will revert to cost at maturity. As such, the Town has excluded unrealized gains and losses from its
budgetary results.
Town departments made rigorous efforts to curtail expenditures, which contributed to a $1,298,051 positive variance
compared to the budget. This included a positive variance $670,631 related to Board of Education operating
expenditures.
- 11 -
FINANCIAL ANALYSIS OF THE TOWN’S FUNDS (Continued)
Propriety Funds
The net position of the Town’s internal service funds increased by $2,818,590 during the current year. This increase
was due to favorable claims experience. The Town maintains a net position of $5,921,150, which represents 7.8
months of operating expenses.
Capital Projects Fund
The Capital Projects Fund has a fund balance of $8,660,886 as of June 30, 2020, a decrease of $7,973,608 from the
prior year fund balance of $16,634,494. This decrease is attributable to the use of bond proceeds received in the prior
year to fund $6.3 million in capital contributions towards the renovation of the Scranton Memorial Library.
Special Education Grants Fund
The Special Education Grants Fund has a fund balance of $17,969 as of June 30, 2020, an decrease of $40 from the
prior year fund balance. This fund is utilized to account for activities relating to expenditure reimbursement grants
from federal and State agencies. As such, revenues generally equal expenditures.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The Town’s investment in capital assets for its governmental activities (net of accumulated depreciation) as of June
30, 2020 and 2019 totaled $113,038,519 and $114,430,177, respectively. This investment in capital assets includes
land, construction in progress, buildings and improvements, equipment and vehicles, and infrastructure, including
park facilities, roads, bridges, and water and storm sewers. The net decrease in the Town’s investment in capital assets
for the current fiscal year was $1,391,658 or 1.2%.

Land $ 21,919,276 $ 21,919,276 $ - 0.0%
Buildings and improvements 67,236,838 69,412,664 (2,175,826) -3.1%
Equipment and vehicles 9,829,884 8,631,757 1,198,127 13.9%
Infrastructure 14,052,521 14,466,480 (413,959) -2.9%
Totals $ 113,038,519 $ 114,430,177 $ (1,391,658) -1.2%
- 12 -
CAPITAL ASSET AND DEBT ADMINISTRATION (Continued)
Capital Assets
(Net of Accumulated Depreciation)
$80,000,000
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
2019
2020
Major capital asset events during the current fiscal year included the purchase of a fire truck, tanker and ambulance.
Additional information on the Town’s capital assets can be found in Note 4 of this report starting on page 38.
Long-Term Debt
At the end of the current fiscal year, the Town had total principal outstanding on long-term debt, consisting of bonds
and capital lease obligations, of $25,038,382. This entire amount is comprised of debt backed by the full faith and
credit of the Town.
The Town’s total long-term debt decreased by $3,275,293 during the current fiscal year due to new capital lease
financing in the amount of $87,363, offset by scheduled principal repayments.
- 13 -
CAPITAL ASSET AND DEBT ADMINISTRATION (Continued)
The following table is a two-year comparison of long-term debt:
General obligation bonds $ 22,820,000 $ 25,425,000 $ (2,605,000) -10.2%

Capital lease obligations 2,218,382 2,888,675 (670,293) -23.2%
Totals $ 25,038,382 $ 28,313,675 $ (3,275,293) -11.6%
Outstanding Debt
$30,000,000
$25,000,000
$20,000,000
Amount
2019
$15,000,000
2020
$10,000,000
$5,000,000
$-
General obligation bonds Capital lease obligations
The Town’s capital plan is established to control the level of capital expenditures and debt service expenditures in
order to maintain a level amount of debt service expenditures and to avoid any sharp increase in property tax rates.
Debt levels are managed to ensure that debt service requirements of new debt reasonably coincide with the normal
amortization of existing debt service expenditures.
State statutes limit the amount of general obligation debt the Town may issue to seven times its annual receipts from
taxation, as defined by the statutes. The current capacity of borrowing for the Town is significantly in excess of the
Town’s outstanding general obligation debt.
Additional information on the Town’s long-term debt can be found in Note 7 of this report starting on page 40.
- 14 -
ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND RATES
A summary of key economic factors affecting the Town are as follows:
 Inflationary trends in the region approximate the national indices.
 Significant estimates affecting next year’s budget that are subject to change in the near term consist of the
following:
o For purposes of calculating property tax revenues for fiscal year 2021, the assessor’s grand list was
used along with an estimated tax rate, and an estimated rate of collection, with deductions for taxes
to be paid by the State on behalf of certain taxpayers.
o Intergovernmental grants were based on estimates from the Governor’s proposed biennial budget,
modified for certain Town assumptions, which included significant reductions in municipal aid.
 In early March 2020, there was a global outbreak of COVID‐19 that was declared a Public Health Emergency
of International Concern by the World Health Organization and was subsequently declared a state of
emergency by the Governor of Connecticut and a national emergency by the President of the United States.
The outbreak of the virus has affected travel, commerce and financial markets globally, and is widely
expected to affect economic growth worldwide. The Town has received and continues to apply for additional
funding from federal and state agencies to assist in covering certain costs associated with the response to
the pandemic. However, the extent to which COVID‐19 will impact the Town’s tax base, operations and its
financial condition will ultimately depend on future developments that are uncertain and cannot be fully
predicted with confidence at this time.
All of these factors were considered in preparing the Town’s budget for fiscal year 2021.
The fiscal year 2021 budget was adopted by the Town in May 2020 in accordance with the Governor’s executive
orders. The budget provides for $86,633,533 in expenditures. The budget appropriation allows the Town to continue
maintaining the same level of programs and services to its residents. The budget includes a planned use of fund
balance in the amount of $673,000 and resulted in a zero percent increase in the Town’s mill rate of 28.35.
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the Town’s finances for all those with an interest in
the Town’s finances. Questions concerning any of the information provided in this report or requests for additional
information should be addressed to the Finance Department, Town of Madison, at 8 Campus Drive, Madison,
Connecticut 06443.
- 15 -
BASIC FINANCIAL STATEMENTS
STATEMENT OF NET POSITION
AS OF JUNE 30, 2020
Governmental
Activities
ASSETS
Cash and cash equivalents $ 41,489,221
Receivables:
Property taxes and interest 1,422,341
Grants and contracts 172,754
Other 235,423
Inventories 33,704
Capital assets:
Non-depreciable 21,919,276
Depreciable, net 91,119,243
Total assets 156,391,962
DEFERRED OUTFLOWS OF RESOURCES

Deferred charges on refundings 613,377
Deferred charges on pension expense 3,783,432
Deferred charges on OPEB expense 7,146,394
Total deferred outflows of resources 11,543,203
LIABILITIES
Accounts payable 1,763,108
Accrued interest 58,421
Unearned revenue 37,951
Noncurrent liabilities:
Due within one year 4,323,759
Due in more than one year 71,107,068
Total liabilities 77,290,307
DEFERRED INFLOWS OF RESOURCES

Deferred charges on pension expense 270,989
Deferred charges on OPEB expense 1,077,503
Advance tax collections 4,991,767
Total deferred inflows of resources 6,340,259
NET POSITION
Net investment in capital assets 87,054,118
Restricted for:
Trust purposes - expendable 497,242
Grant programs 1,279,104
Unrestricted (4,525,865)
Total net position $ 84,304,599
The accompanying notes are an integral part of these financial statements .

- 16 -
STATEMENT OF ACTIVITIES
Net (Expense)
Revenue and
Changes in
Program Revenues Net Position
Operating Capital
Charges for Grants and Grants and Governmental
Functions/Programs Expenses Services Contributions Contributions Activities
Primary Government:
Governmental activities:
General government $ 4,480,006 $ 868,277 $ 6,747 $ - $ (3,604,982)
Public safety 9,047,994 128,781 74,863 - (8,844,350)
Public works 6,265,955 13,846 525,933 854,010 (4,872,166)
Land and building administration 839,817 524,522 - - (315,295)
Health and welfare 3,434,780 171,788 1,093,553 - (2,169,439)
Beach and recreation 3,274,352 825,580 7,825 - (2,440,947)
Library 7,406,888 - - - (7,406,888)
Education 59,056,405 793,589 2,183,608 - (56,079,208)
Education - State Teachers' Retirement 11,429,516 - 11,429,516 - -
Interest expense 778,165 - - - (778,165)
Total governmental activities $ 106,013,878 $ 3,326,383 $ 15,322,045 $ 854,010 (86,511,440)
General revenues:
Property taxes, levied for general purposes 83,270,313
Grants and contributions not restricted to specific programs 639,371
Rental income 745,738
Unrestricted investment earnings, net 869,730
Total general revenues 85,525,152
Change in net position (986,288)
Net position - beginning 85,290,887

Net position - ending $ 84,304,599

- 17 -
BALANCE SHEET
GOVERNMENTAL FUNDS
AS OF JUNE 30, 2020
Special
Capital Education Nonmajor Total
General Projects Grants Governmental Governmental
Fund Fund Fund Funds Funds
ASSETS
Cash and cash equivalents $ 33,710,834 $ 997,000 $ 2,027,485 $ 3,339,985 $ 40,075,304
Receivables:
Property taxes 1,263,819 - - - 1,263,819
Interest on property taxes 158,522 - - - 158,522
Grants and contracts - 168,068 4,686 - 172,754
Other 176,092 58,019 - 1,312 235,423
Due from other funds 3,185,352 7,794,694 - 140,285 11,120,331
Inventories - - - 33,704 33,704
Total assets $ 38,494,619 $ 9,017,781 $ 2,032,171 $ 3,515,286 $ 53,059,857
LIABILITIES
Accounts payable $ 831,064 $ 355,990 $ 14,871 $ 33,497 $ 1,235,422
Due to other funds 12,966,991 - 1,989,522 1,198,737 16,155,250
Unearned revenue - 905 9,809 27,237 37,951
Total liabilities 13,798,055 356,895 2,014,202 1,259,471 17,428,623

Unavailable revenue - property taxes and interest 1,352,339 - - - 1,352,339
Advance property tax collections 4,991,767 - - - 4,991,767
Total deferred inflows of resources 6,344,106 - - - 6,344,106
FUND BALANCES
Nonspendable - - - 33,704 33,704
Restricted - 100,002 17,969 1,758,377 1,876,348
Committed - 7,889,269 - 465,006 8,354,275
Assigned 1,673,390 671,615 - - 2,345,005
Unassigned 16,679,068 - - (1,272) 16,677,796
Total fund balances 18,352,458 8,660,886 17,969 2,255,815 29,287,128
Total liabilities, deferred inflows of
resources and fund balances $ 38,494,619 $ 9,017,781 $ 2,032,171 $ 3,515,286 $ 53,059,857

- 18 -
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
AS OF JUNE 30, 2020
Total fund balance for governmental funds $ 29,287,128
Total net position reported for governmental activities in the statement of

net position is different because:
Capital assets used in governmental activities are not financial resources

and therefore are not reported in the governmental funds. Those assets
consist of:
Land $ 21,919,276
Buildings and improvements 109,370,190
Equipment and vehicles 20,736,094
Infrastructure 31,190,578
Less accumulated depreciation and amortization (70,177,619)
Total capital assets, net 113,038,519
Some of the Town's taxes, assessments and interest receivables will

be collected after year end, but are not available soon enough to pay for the
current period's expenditures, and therefore are reported as deferred inflows
of resources in the funds. 1,352,339
Deferred outflows and inflows of resources resulting from changes in the

components of the Town's net pension and total OPEB liabilities are reported
in the statement of net position. 9,581,334
Long-term liabilities applicable to the Town's governmental activities are

not due and payable in the current period and accordingly are not reported
as fund liabilities. All liabilities - both current and long-term - are reported
in the statement of net position.
Accrued interest payable (58,421)

Long-term debt:
Bonds payable (22,820,000)
Unamortized bond premiums (1,659,398)
Deferred charges on refunding 613,377
Capital lease obligations (2,218,382)
Other long-term liabilities:
Heart and Hypertension obligations (1,548,599)
Compensated absences (1,332,924)
Early retirement incentives (591,531)
Net pension liabilities (17,112,359)
Total OPEB liability (28,147,634)
Total long-term liabilities (74,875,871)
An internal service fund is used by the Town to charge the cost of risk
management activities to individual funds. The assets and liabilities of
the internal service fund are included in governmental activities in the
statement of net position. 5,921,150
Net position of governmental activities $ 84,304,599

- 19 -
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
Special
Capital Education Nonmajor Total
General Projects Grants Governmental Governmental
Fund Fund Fund Funds Funds
REVENUES
Property taxes $ 83,058,502 $ - $ - $ - $ 83,058,502
Intergovernmental 10,136,079 1,348,349 838,111 463,906 12,786,445
Charges for services 2,681,873 - - 1,390,053 4,071,926
Investment earnings 843,130 - - 26,600 869,730
Contributions - 4,227 - 230,864 235,091
Other - 342,674 - - 342,674
Total revenues 96,719,584 1,695,250 838,111 2,111,423 101,364,368
EXPENDITURES
Current:
General government 2,462,538 - - 16,184 2,478,722
Public safety 5,504,062 - - 39,610 5,543,672
Public works 3,110,455 - - 291,368 3,401,823
Land and building administration 515,607 - - 1,800 517,407
Health and welfare 1,530,026 - - 283,194 1,813,220
Beach and recreation 1,539,099 - - 567,916 2,107,015
Library 1,154,841 - - - 1,154,841
Education 63,655,216 - 838,151 1,112,267 65,605,634
Insurance, employee benefits and other 4,937,910 - - 75,863 5,013,773
Capital outlays 37,030 13,394,713 - - 13,431,743
Debt service:
Principal payments 2,615,988 746,668 - - 3,362,656
Interest and fiscal charges 785,465 73,012 - - 858,477
Total expenditures 87,848,237 14,214,393 838,151 2,388,202 105,288,983
Excess (deficiency) of revenues

over expenditures 8,871,347 (12,519,143) (40) (276,779) (3,924,615)
OTHER FINANCING SOURCES (USES)

Capital lease financing - 87,363 - - 87,363
Transfers in 128,080 4,567,152 - 264,470 4,959,702
Transfers out (4,782,148) (108,980) - (68,574) (4,959,702)
Total other financing sources (uses) (4,654,068) 4,545,535 - 195,896 87,363
Net change in fund balances 4,217,279 (7,973,608) (40) (80,883) (3,837,252)
Fund balances - beginning 14,135,179 16,634,494 18,009 2,336,698 33,124,380
Fund balances - ending $ 18,352,458 $ 8,660,886 $ 17,969 $ 2,255,815 $ 29,287,128

- 20 -
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
Net change in fund balances - total governmental funds $ (3,837,252)
Total change in net position reported for governmental activities in the statement of
activities is different because:
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. The amount by which
depreciation and amortization exceeded capital outlays expense in the current
period is as follows:
Expenditures for capital assets $ 2,589,804
Depreciation and amortization expense (3,981,462)
Net adjustment (1,391,658)
Deferred outflows and inflows of resources resulting from changes in the
components of the net pension and total OPEB liabilities are amortized as
a component of pension and OPEB expenses in the statement of activities. 8,704,437
The issuance of long-term debt provides current financial resources to

governmental funds, while the repayment of principal on long-term debt
consumes the current financial resources of governmental funds. Neither
transaction, however, has any effect on net position. The net effect of
these differences in the treatment of long-term obligations is as follows:
Debt issued or incurred:

Capital lease financing (87,363)
Principal repayments:
Bonds and notes payable 2,605,000
Capital lease financing 757,656
Net adjustment 3,275,293
Certain revenues reported in the statement of activities do not provide current

financial resources and therefore are reported as unavailable revenues in
the governmental funds. This amount represents the change in unavailable revenues. 211,811
Under the modified accrual basis of accounting used in the governmental
funds, expenditures are not recognized for transactions that are not normally
paid with expendable available financial resources. In the statement of
activities, however, which is presented on the accrual basis, expenses and
liabilities are reported regardless of when financial resources are available.
In addition, interest on long-term debt is not recognized under the modified
accrual basis of accounting until due, rather than as it accrues. The net
effect of such items is as follows:
Accrued interest 7,687

Amortization of deferred charges on refunding (57,502)
Amortization of bond premiums 130,127
Heart and Hypertension obligations (24,952)
Compensated absences (98,577)
Early retirement incentives 478,164
Net pension liabilities (4,247,342)
Total OPEB liability (6,955,114)
(10,767,509)
Internal service funds are used by management to charge the costs of certain
activities to individual funds. The net revenue (expense) of the internal
service fund is reported within governmental activities. 2,818,590
Change in net position of governmental activities $ (986,288)

- 21 -
STATEMENT OF PROPRIETARY NET POSITION
PROPRIETARY FUNDS
AS OF JUNE 30, 2020
Governmental
Activities
Internal
Service Funds
ASSETS
Due from other funds 5,034,919
Total assets 6,448,836
LIABILITIES
Claims payable 527,686
Total liabilities 527,686
NET POSITION
Restricted 41,777
Unrestricted 5,879,373
Total net position $ 5,921,150

- 22 -
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
Governmental
Activities
Internal
Service Funds
OPERATING REVENUES
Charges for services $ 11,904,127
Total operating revenues 11,904,127
OPERATING EXPENSES
Claims incurred 8,167,471
Administrative expenses 918,066
Total operating expense 9,085,537
Operating income/Change in net position 2,818,590
Total net position - beginning of year 3,102,560
Total net position - end of year $ 5,921,150

- 23 -
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
Governmental
Activities
Internal
Service Funds
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from charges for services $ 6,774,806
Cash payments for claims incurred (8,393,326)
Cash payments to providers of benefits (918,066)
Net cash used in operating activities (2,536,586)
Net decrease in cash and cash equivalents (2,536,586)
Cash and cash equivalents - beginning of year 3,950,503
Cash and cash equivalents - end of year $ 1,413,917
RECONCILIATION OF OPERATING INCOME TO NET CASH

USED IN OPERATING ACTIVITIES
Operating income $ 2,818,590
Adjustments to reconcile operating income to
net cash used in operating activities
Increase in accounts payable (7,931)
Decrease in claims payable (225,855)
Change in due to (from) other funds (5,121,390)
Net cash used in operating activities $ (2,536,586)

- 24 -
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
AS OF JUNE 30, 2020
Pension
Trust Agency
Funds Funds
ASSETS
Cash and cash equivalents $ 1,546,360 $ 946,028
Investments:
U.S. Treasury securities 3,591,211 -
Corporate bonds 5,610,000 -
Equity securities 1,963,163 -
Mutual funds 17,399,560 -
Exchange traded funds 4,422,392 -
Real estate investment trusts 983,057 -
Receivables - 30,943
Total assets 35,515,743 $ 976,971
LIABILITIES
Payables 31,943 $ 119,100
Due to others - 845,787
Unearned revenue - 12,084
Total liabilities 31,943 $ 976,971
NET POSITION
Restricted for pensions $ 35,483,800

- 25 -
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
Pension
Trust
Funds
ADDITIONS
Contributions:
Employer $ 1,952,493
Plan members 158,940
Total contributions 2,111,433
Investment earnings:
Net change in the fair value of
investment 761,228
Interest and dividends 352,138
Total investment earnings 1,113,366
Less investment expense 145,150
Net investment earnings 968,216
Total additions 3,079,649
DEDUCTIONS
Benefit payments 2,915,415
Administrative expenses 5,410
Total deductions 2,920,825
Change in net position 158,824
Net position - beginning 35,324,976
Net position - ending $ 35,483,800

- 26 -
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the Town of Madison, Connecticut (the “Town”), conform to accounting principles generally
accepted in the United States of America, as applicable to governmental organizations. The following is a summary of
significant accounting policies:
Financial Reporting Entity
The Town operates under the provisions of its charter and the General Statutes of the State of Connecticut. The
legislative body is the Town Meeting. The executive body is made up of a Board of Selectmen, consisting of a First
Selectman and four other board members. Election to the Board of Selectmen is for two-year terms. A six-member
Board of Finance is responsible for presenting fiscal operating budgets to the Annual Town Meeting. Board of
Finance members are elected for four-year terms. A nine-member elected Board of Education is responsible for the
operation of the Town’s public school system.
Government-wide Financial Statements
The statement of net position and the statement of activities display information about the Town and include the
financial activities of the overall government, except for fiduciary activities. Eliminations have been made to
minimize the double-counting of internal activities, however interfund services provided and used are not
eliminated in the process of consolidation. The statements are intended to distinguish between governmental and
business-type activities. Governmental activities generally are financed through taxes, intergovernmental revenues,
and other non-exchange transactions. Business-type activities are financed in whole or in part by fees charged to
external parties. The Town has no business-type activities.
The statement of activities demonstrates the degree to which the direct expenses of a given function are offset by
program revenues. Direct expenses are those that are clearly identifiable with a specific function. Program revenues
include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or
privileges provided by a given function and 2) grants and contributions that are restricted to meeting the
operational or capital requirements of a particular function. Taxes and other items not properly included among
program revenues are reported as general revenues.
Fund Financial Statements
The fund financial statements provide information about the Town’s funds, including its fiduciary funds. Separate
statements for each fund category – governmental, proprietary and fiduciary - are presented. The emphasis of fund
financial statements is on major governmental funds, each displayed in a separate column. All remaining
governmental funds are aggregated and reported as non-major funds.
The Town reports the following major governmental funds:
General Fund - This fund is the Town’s primary operating fund. It accounts for all financial resources of the general
government, except those required to be accounted for in another fund.
Capital Projects Fund - This fund is used to account for financial resources to be used for the acquisition or
construction of major capital facilities (other than those financed by Proprietary Funds or Trust Funds). The major
sources of revenue for this fund are annual transfers from the General Fund, bond proceeds and grant revenues.
- 27 -
NOTES TO FINANCIAL STATEMENTS (Continued)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fund Financial Statements (Continued)
Special Education Grants Fund - This fund is used to account for education related grants from the State of
Connecticut and federal government.
In addition, the Town reports the following fund types:
Internal Service Funds ‐ These funds account for certain risk management activities of the Town.
Pension Trust Funds - These funds are used to account for resources held in trust for the members and beneficiaries
of the Town’s retirement pension plans.
Agency Funds - These funds are used to account for resources held by the Town in a purely custodial capacity. The
Town utilizes these funds to account for assets of the following: student activities funds, performance bonds funds,
DHHS athletics funds and other activities of the Town. The student activities fund account for monies generated by
student activities in the Town’s school system. The performance bonds fund accounts for monies received to ensure
that driveways and lawns are installed to correct specifications for new home construction. The DHHS athletics fund
accounts for monies generated by athletic programs in the Town’s school system.
Measurement Focus and Basis of Accounting
The accounting and financial reporting treatment is determined by the applicable measurement focus and basis of
accounting. Measurement focus indicates the type of resources being measured such as current financial resources
or economic resources. The basis of accounting indicates the timing of transactions or events for recognition in the
financial statements.
The government-wide and proprietary fund financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are
recorded when a liability in incurred, regardless of the timing of related cash flows. 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 governmental fund financial statements are reported using the current financial resources measurement focus
and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measureable and
available. Revenues are considered to be available when they are collectible within the current period or soon
enough thereafter to pay liabilities of the current period. Expenditures generally 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 lease are reported as other financing sources.
Property taxes and interest associated with the current fiscal period are all considered to be susceptible to accrual
and so have been recognized as revenues in the current fiscal period. Entitlements are recorded as revenues when
all eligibility requirements are met, including any time requirements, and the amount is received during the period
or within the availability period for this revenue source (within 60 days of year end). Expenditure-driven grants are
recognized as revenue when the qualifying expenditures have been incurred and all other eligibility requirements
have been met, and the amount is available to be received during the period or within the availability period for this
revenue source (within 60 days of year end). All other revenue items are considered to be measurable and available
only when the cash is received.
- 28 -
Measurement Focus and Basis of Accounting (Continued)
Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and
expenses generally result from providing services and producing and delivering goods in connection with a
proprietary fund’s principal ongoing operations. The principal operating revenues of the Town’s internal service
funds are charges to customers for services. Operating expenses for the internal service funds include the cost of
services and administrative expenses. All revenues and expenses not meeting this definition are reported as non-
operating revenues and expenses.
The pension trust funds are reported using the economic resources measurement focus and the accrual basis of
accounting. The agency funds have no measurement focus but utilizes the accrual basis of accounting for reporting
its assets and liabilities.
Implementation of New Accounting Standards
In May 2020, the GASB issued Statement No. 95, Postponement of the Effective Dates of Certain Authoritative
Guidance. The primary objective of this statement was to provide temporary relief to governments and other
stakeholders in light of the COVID‐19 pandemic. That objective was accomplished by postponing the effective dates
of certain provisions in statements and implementation guides that first became effective or are scheduled to
become effective for periods beginning after June 15, 2018, and later. As such, no new accounting standards were
implemented by the Town for the year ended June 30, 2020.
Assets, Liabilities, Deferred Outflows and Inflows of Resources and Net Position/Fund Balance
Cash and Cash Equivalents
The Town’s cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term
investments with original maturities of three months or less from the date of acquisition.
Investments
Investments are measured by the Town at fair value (generally based on quoted market prices), except for
investments in certain external investment pools as described below.
Investments in certain external investment pools consist of money market mutual funds and the Short‐Term
Investment Fund (STIF), which is managed by the State of Connecticut Treasurer's Office. Investments in these types
of funds, which are permitted to measure their investment holdings at amortized costs, are measured by the Town
at net asset value per share.
- 29 -
Assets, Liabilities, Deferred Outflows and Inflows of Resources and Net Position/Fund Balance (Continued)
Donor-restricted Endowments
The Town allocates investment income on endowment investments in accordance with donor restrictions and
Connecticut law. The State of Connecticut has adopted the provisions of the Uniform Prudent Management of
Institutional Funds Act (UPMIFA). UPMIFA requires the investment of endowments in good faith and with the care
that an ordinarily prudent person in a like position would exercise under similar circumstances. It requires prudence
in incurring investment costs, authorizing only costs that are appropriate and reasonable. Factors to be considered
in investing are expanded to include, for example, the effects of inflation. UPMIFA emphasizes that investment
decisions be made in relation to the overall resources of the Town.
Property Taxes and Assessments
Property taxes are assessed as of October 1 and are levied on the following July 1. Real estate and personal property
taxes are due in two installments, July 1 and the following January 1. Motor vehicle taxes are payable on July 1 and
supplemental motor vehicle taxes are payable on January 1. Taxes become delinquent thirty days after the
installment is due and liens are filed on delinquent real estate taxes on May 1st following the due date. Based on
historical collection experience and other factors, the Town has not established an allowance for uncollectible taxes
and interest as of June 30, 2020. .
Capital Assets
Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks
and similar items), are reported in the applicable governmental or business-type activities columns in the
government-wide financial statements. Capital assets are defined by the government as assets with an initial,
individual cost of more than $5,000 and an estimated useful life in excess of one year. Such assets are recorded at
historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at
acquisition value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets
lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are
constructed.
Capital assets of the primary government are depreciated using the straight-line method over the following
estimated useful lives:
Assets Years
Buildings and improvements 25 - 50
Equipment and vehicles 3 - 20
Infrastructure 10 - 65
- 30 -
Deferred Outflows and Inflows of Resources
Deferred outflows and inflows of resources represents an acquisition of net position that applies to a future
period(s) and so will not be recognized as an outflow or inflow of resources until that time.
Deferred outflows of resources consists of deferred charges on refundings and deferred charges on pension and
OPEB expenses that are reported in the government-wide statement of net position. Deferred charges on
refundings are amortized to interest expense using the effective-interest method over the life of the related bonds.
Deferred charges on pension and OPEB expenses are amortized as a component of pension and OPEB expenses on a
systematic and rational basis.
Deferred inflows of resources consist of revenue that is considered unavailable under the modified accrual basis of
accounting and deferred charges on pension and OPEB expenses. Unavailable revenue is reported in the
governmental funds balance sheet and is recognized as an inflow of resources in the period that the amounts
become available. Deferred charges on pension and OPEB expenses are reported in the government-wide
statement of net position and are amortized as a component of pension and OPEB expenses on a systematic and
rational basis.
Unearned Revenue
Unearned revenue represents resources that have been received but not yet earned.
Compensated Absences and Employee Retirement Obligations
It is the Town’s policy to permit employees to accumulate unused sick and vacation pay benefits. Benefits are
determined by union contracts. Certain Board of Education personnel are also eligible for certain retirement incentives
that are paid out over time. In addition, certain police employees are eligible for heart and hypertension benefits.
All compensated absences and employee retirement obligations are accrued when incurred in the government-wide
and fiduciary fund financial statements. A liability for these amounts is reported in the governmental fund financial
statements in the current year to the extent they have matured, or the vested amount is expected to be paid with
available resources.
Long-term Obligations
In the government-wide financial statements, long-term debt and other long-term obligations are reported as
liabilities in the statement of net position. 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. Bond issuance costs are expensed when incurred.
In the fund financial statements, governmental funds recognize bond premiums and discounts in the year the debt
is issued. The face amount of debt issued is reported as other financing sources. Premiums received on debt
issuances are reported as other financing sources while discounts on debt issuances are reported as other financing
uses. Bond issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt
service expenditures.
- 31 -
Net Position and Fund Balances
The government-wide statement of net position presents the Town’s non-fiduciary assets, deferred outflows and
inflows of resources, and liabilities, with the difference reported as net position. Net position is reported in three
categories:
Net investment in capital assets - This category consists of capital assets, net of accumulated depreciation and
amortization and reduced by outstanding balances for bonds, notes and other debt that are attributed to the
acquisition, construction or improvement of capital assets.
Restricted - This category of net position consists of amounts whose use is restricted either through external
restrictions imposed by creditors, grantors, contributors, and the like, or through restrictions imposed by law
through constitutional provisions or enabling legislation.
Unrestricted - This category of net position consists of amounts that do not meet the definition of the two
preceding categories.
The Town’s governmental funds report the following fund balance categories:
Nonspendable - Amounts that cannot be spent because they are not in spendable form or they are legally or
contractually required to be maintained intact.
Restricted - Constraints placed on the use of resources that are either externally imposed by creditors, grantors,
contributors or laws and regulations of other governments, or imposed by law through enabling legislation.
Committed - Amounts can only be used for specific purposes pursuant to constraints imposed by formal action of
the citizens of the Town (the highest level of decision making authority) specified by charter or ordinance and
cannot be used for any other purpose unless the Town removes or changes the specified use by taking the same
formal action. The formal action required to be taken to commit fund balance includes formal voting procedures
regulated by the Town Charter.
Assigned - Amounts are constrained by the government’s intent to be used for specific purposes, but are not
restricted or committed. Amounts may be constrained to be used for a specific purpose by a governing board or
body or official that has been delegated authority to assign amounts by Town Charter. The Board of Finance has
delegated the responsibility to assign funds to the Town’s Director of Finance, with the exception of those amounts
assigned by the Board of Finance during the Town’s annual budgeting process. Funds are assigned through the
approval of a valid purchase order resulting in an encumbering of the funds as of year end.
Unassigned - Residual classification for the General Fund or amounts necessary in other governmental funds to
eliminate otherwise negative fund balance amounts in the other four categories.
- 32 -
Net Position and Fund Balances (Continued)
Net Position Flow Assumption
Sometimes the Town will fund outlays for a particular purpose from both restricted 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.
The Town does not have a formal policy over net position. In practice, the Town considers restricted net position to
have been depleted before unrestricted net position is applied.
Fund Balance Flow Assumption
It is the Town’s policy to use restricted resources first, then unrestricted resources as needed. Unrestricted
resources are used in the following order: committed; assigned; then unassigned. It is the Town’s policy to maintain
an unassigned fund balance in the General Fund of a minimum of 10% of the ensuing fiscal year’s operating
expenditures.
Interfund Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the
fiscal year are referred to as either “due to/from other funds” (i.e. the current portion of interfund loans) or
“advances to/from other funds” (i.e. the non-current portion of interfund loans). All other outstanding balances
between funds are reported as “due to/from other funds”.
Advances between funds, as reported in the fund financial statements, are offset by a restricted fund balance
designation (non-spendable) in the General Fund and by a restricted, committed, or assigned fund balance
designation of other governmental funds to indicate that they are not available for appropriation and are not
expendable available financial resources.
Interfund Services Provided and Used
Sales and purchases of goods and services between funds for a price approximating their external exchange value
are reported as revenues and expenditures, or expenses, in the applicable funds.
Interfund Transfers
Interfund transfers represent flows of assets without equivalent flows of assets in return and without a requirement
for repayment. In governmental funds, transfers are reported as other financing uses in the funds making transfers
and other financing sources in the funds receiving transfers.
Interfund Reimbursements
Interfund reimbursements represent repayments from the funds responsible for particular expenditures or
expenses to the funds that initially paid for them.
- 33 -
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect the reported amounts and
disclosures in the financial statements. Actual results could differ from those estimates.
NOTE 2 - CASH DEPOSITS AND INVESTMENTS
Cash Deposits
A reconciliation of the Town’s cash deposits as of June 30, 2020 is as follows:
Government-wide statement of net position:

Statement of fiduciary net position:
Cash and cash equivalents 2,492,388
43,981,609
Less: cash equivalents considered investments

for disclosure purposes (8,979,372)
$ 35,002,237
Custodial Credit Risk
Custodial credit risk is the risk that, in the event of a bank failure, the Town will not be able to recover its deposits or
will not be able to recover collateral securities that are in the possession of an outside party. The Town’s policy
provides for uninsured demand and time deposits with banks and savings and loan institutions to be collateralized as
prescribed in the Connecticut General Statutes. In addition, in order to anticipate market changes and provide for a
level of security for all funds, all public deposits shall be held in qualified public depositories. As of June 30, 2020,
$33,883,427 of the Town’s bank balance of $34,898,721 was exposed to custodial credit risk as follows:
Uninsured and uncollateralized $ 30,495,084

Uninsured and collateralized with securities held by the pledging
bank's trust department or agent but not in the Town's name 3,388,343
$ 33,883,427
All of the Town’s deposits were in qualified public institutions as defined by Connecticut General Statutes. Under this
statute, any bank holding public deposits must at all times maintain, segregated from its other assets, eligible collateral
in an amount equal to a certain percentage of its public deposits. The applicable percentage is determined based on the
bank’s risk-based capital ratio. The amount of public deposits is determined based on either the public deposits
reported on the most recent quarterly call report, or the average of the public deposits reported on the four most
recent quarterly call reports, whichever is greater. The collateral is kept in the custody of the trust department of either
the pledging bank or another bank in the name of the pledging bank.
- 34 -
NOTE 2 - CASH DEPOSITS AND INVESTMENTS (Continued)
Investments
A reconciliation of the Town’s investments as of June 30, 2020 is as follows:
Government-wide statement of net position:

Investments $ -
Statement of fiduciary net position:
Investments 33,969,383
33,969,383
Add: cash equivalents considered investments
for disclosure purposes 8,979,372
$ 42,948,755
As of June 30, 2020, the Town’s investments consisted of the following:
Investment Maturities
(In Years)
Valuation Less
Investment type Basis Value Than 1 1 to 5 6 to 10
DEBT SECURITIES:
Governmental Activities:
Short-Term Investment Fund Net asset value $ 7,386,992 $ 7,386,992 $ - $ -
Fiduciary Activities:
Short-Term Investment Fund Net asset value 343,862 343,862 - -
Money market mutual funds Net asset value 1,248,518 1,248,518 - -
U.S. Treasury securities Fair value 3,591,211 - 1,128,534 2,462,677
Corporate bonds Fair value 5,610,000 1,307,235 3,176,248 1,126,517
18,180,583 $ 10,286,607 $ 4,304,782 $ 3,589,194
OTHER INVESTMENTS:
Mutual funds Fair value 17,399,560
Equity securities Fair value 1,963,163
Exchange traded funds Fair value 4,422,392
Real estate investment trusts Fair value 983,057
Total Investments $ 42,948,755
- 35 -
Investments (Continued)
Interest Rate Risk
The Town limits their maximum final stated maturities to 15 years, unless specific authority is given to exceed. To
the extent possible, the Town will attempt to match its investments with anticipated cash flow requirements.
Credit Risk
The Town has no investment policy that would further limit its investment choices beyond those already limited by
Connecticut state statutes. Connecticut state statutes permit the Town to invest in: (1) obligations of the United
States, including its instrumentalities and agencies; (2) in obligations of any state or of any political subdivision,
authority or agency thereof, provided such obligations are rated within one of the top two rating categories of any
recognized rating service; (3) in shares or other interests in custodial arrangements or pools maintaining constant
net asset values and in highly rated no-load open end money market and mutual funds (with constant or fluctuating
net asset values) whose portfolios are limited to obligations of the United States and its agencies, and repurchase
agreements fully collateralized by such obligations; (4) or in obligations of the State of Connecticut or of any political
subdivision thereof, provided such obligations are rated within one of the top three rating categories of any
recognized rating service. Other provisions of the statutes cover specific municipal funds with particular investment
authority. The provisions of the statutes regarding the investment of municipal pension funds does not specify
permitted investments. Therefore, the investment of such funds is generally controlled by the laws applicable to
fiduciaries and the provisions of the applicable pension plan.
The Town’s investments in debt securities, excluding U.S. Treasury securities, were rated as follows at June 30,
2020:
Investment type AAA AA A BBB Unrated Total

DEBT SECURITIES:
Short-Term Investment Fund $ 7,386,992 $ - $ - $ - $ - $ 7,386,992
Short-Term Investment Fund 343,862 - - - - 343,862
Money market mutual funds - - - - 1,248,518 1,248,518
Corporate bonds 187,283 1,214,529 2,341,526 1,866,662 - 5,610,000
$ 7,918,137 $ 1,214,529 $ 2,341,526 $ 1,866,662 $ 1,248,518 14,589,372
U.S Treasury securities 3,591,211
$ 18,180,583
Custodial Credit Risk
Custodial credit risk for an investment is the risk that, in the event of the failure of the counterparty (the institution
that pledges collateral or repurchase agreement securities to the Town or that sells investments to or buys them for
the Town), the Town will not be able to recover the value of its investments or collateral securities that are in the
possession of an outside party. The Town does not have a policy for custodial credit risk. At June 30, 2020, the Town
did not have any uninsured and unregistered securities held by the counterparty or by its trust department or agent
that were not in the Town’s name.
- 36 -
Investments (Continued)
Concentration of Credit Risk
The Town places no limit on the amount of investment in any one issuer. As of June 30, 2020, 100% of the Town’s
governmental activities investments were invested in the State of Connecticut’s Short-Term Investment Fund.
Additional disclosures regarding concentration of credit risks related to the Town’s fiduciary activities have been
disclosed in Note 10.
NOTE 3 - FAIR VALUE DISCLOSURES
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants, as of the measurement date. Authoritative guidance establishes a
hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions
other market participants would use based upon market data obtained from independent sources (also referred to
as observable inputs). The Town classifies its assets and liabilities measured at fair value into Level 1 (securities
valued using quoted prices from active markets for identical assets), Level 2 (securities not traded on an active
market for which market inputs are observable, either directly or indirectly, and Level 3 (securities valued based on
unobservable inputs).
The Town’s financial assets that are accounted for at fair value on a recurring basis as of June 30, 2020, by level
within the fair value hierarchy consists of investments and are presented in the table below.
Significant
Other Significant
Prices in Active Observable Unobservable
Financial Assets Market Inputs Inputs
Measured at Fair Value (Level 1) (Level 2) (Level 3) Total
U.S. Treasury securities $ 3,591,211 $ - $ - $ 3,591,211
Corporate bonds - 5,610,000 - 5,610,000
Mutual funds 17,399,560 - - 17,399,560
Equity securities 1,963,163 - - 1,963,163
Exchange traded funds 4,422,392 - - 4,422,392
Real estate investment trusts 983,057 - - 983,057
$ 28,359,383 $ 5,610,000 $ - 33,969,383
Investments measured at net asset value 8,979,372
$ 42,948,755
U.S. Treasury securities are normally valued using a model that incorporates market observable data such as
reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. U.S. Treasury securities
are categorized in level 1 or level 2 of the fair value hierarchy depending on the inputs and market activity levels for
specific securities.
- 37 -
NOTE 3 - FAIR VALUE DISCLOSURES (Continued)
Corporate bonds are estimated using various techniques, which may consider the recently executed transactions in
securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and
fundamental data relating to the issuer. To the extent the inputs are observable and timely, the values have been
categorized in level 2 of the valuation hierarchy.
Mutual funds, equity securities, exchange traded funds and real estate investment trusts that are traded on a
national securities exchange are valued at the last reported sales price on the day of valuation. To the extent these
securities are actively trade and valuation adjustments are not applied, they are categorized in level 1 of the fair
value hierarchy.
NOTE 4 - CAPITAL ASSETS
Capital asset activity for the year ended June 30, 2020 was as follows:
Beginning Ending
Balance Increases Decreases Balance
Capital assets, not being depreciated:
Land $ 21,919,276 $ - $ - $ 21,919,276
Total capital assets, not being depreciated 21,919,276 - - 21,919,276
Capital assets, being depreciated:
Buildings and improvements 109,370,190 - - 109,370,190
Equipment and vehicles 18,146,290 2,589,804 - 20,736,094
Infrastructure 31,190,578 - - 31,190,578
Total capital assets, being depreciated 158,707,058 2,589,804 - 161,296,862
Less accumulated depreciation and amortization for:
Buildings and improvements (39,957,526) (2,175,826) - (42,133,352)
Equipment and vehicles (9,514,533) (1,391,677) - (10,906,210)
Infrastructure (16,724,098) (413,959) - (17,138,057)
Total accumulated depreciation and
amortization (66,196,157) (3,981,462) - (70,177,619)
Total capital assets, being depreciated, net 92,510,901 (1,391,658) - 91,119,243
Governmental activities capital assets, net $ 114,430,177 $ (1,391,658) $ - $ 113,038,519
Depreciation expense was charged to functions/programs as follows:
General government $ 201,892
Public safety 1,110,271
Public works 679,382
Land and building administration 729
Health and Welfare 65,896
Beach and recreation 161,504
Education 1,761,788
Total depreciation and amortization expense -
governmental activities $ 3,981,462
- 38 -
NOTE 5 - INTERFUND RECEIVABLES AND PAYABLES
Interfund receivable and payable balances at June 30, 2020 are as follows:
Receivable Fund Payable Fund Amount

Governmental Funds:
General Fund Special Education Grants Fund $ 1,989,522
Other Governmental Funds 1,195,830
3,185,352
Capital Projects Fund General Fund 7,794,694
Other Governmental Funds General Fund 137,378

Other Governmental Funds 2,907
140,285
11,120,331
Proprietary Funds:
Internal Service Fund General Fund 5,034,919
$ 16,155,250
The above balances resulted from the time lag between the dates that (1) interfund goods and services are provided
or reimbursable expenditures occur, (2) transactions are recorded in the accounting system, or (3) payments between
funds are made.
NOTE 6 - INTERFUND TRANSFERS
Interfund transfers for the year ended June 30, 2020 consisted of the following:
Transfers In Transfers Out Amount

Governmental Funds
General Fund Capital Projects Fund $ 108,980
128,080
Capital Projects Fund General Fund 4,567,152
Other Governmental Funds General Fund 214,996

264,470
Total transfers $ 4,959,702
Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the fund
that statute or budget requires to expend them, and (2) account for unrestricted revenues collected in the General
Fund to finance various programs accounted for in other funds in accordance with budgetary authorizations.
- 39 -
NOTE 7 - LONG-TERM DEBT
The applicable accounting standards define debt as a liability that arises from a contractual obligation to pay cash,
or other assets that may be used in lieu of cash, in one or more payments to settle an amount that is fixed at the
date the contractual obligation is established. For disclosure purposes, debt does not include accounts payable or
leases, except for contracts reported as financed purchase of the underlying asset.
The following is a summary of changes in long-term debt for the year ended June 30, 2020:
Beginning Ending Due Within

Balance Increases Decreases Balance One Year
Direct placements:
General obligation bonds $ 25,425,000 $ - $ (2,605,000) $ 22,820,000 $ 3,030,000
Unamortized premium 1,789,525 - (130,127) 1,659,398 -
Total bonds payable 27,214,525 - (2,735,127) 24,479,398 3,030,000
Direct borrowings:
Capital leases 2,888,675 87,363 (757,656) 2,218,382 727,113
$ 30,103,200 $ 87,363 $ (3,492,783) $ 26,697,780 $ 3,757,113
Long-term debt has typically been liquidated in the General Fund.
Direct Placements - General Obligation Bonds
The Town issues general obligation bonds to provide funds for the acquisition and construction of major capital
facilities. General obligation bonds are direct obligations of the Town for which full faith and credit are pledged and
payable from taxes levied on all taxable properties located within the Town. General obligation bonds currently
outstanding are as follows:
Date of Original Interest Maturity Amount

Purpose of Bonds Issue Issue Rates Date Outstanding
Bonds Payable
General Obligation Refunding Bonds 9/17/2009 $ 5,720,000 2-4% 12/15/2022 $ 495,000
General Obligation Refunding Bonds 12/15/2010 6,480,000 2-4% 3/15/2022 755,000
General Obligation Refunding Bonds 11/7/2012 9,200,000 2-3% 3/15/2030 4,210,000
General Obligation Refunding Bonds 5/25/2016 8,555,000 2-4% 12/15/2030 8,260,000
General Obligation Bonds 6/27/2019 9,100,000 2-5% 5/15/2039 9,100,000
$ 22,820,000
- 40 -
NOTE 7 - LONG-TERM DEBT (Continued)
Direct Placements - General Obligation Bonds (Continued)
Annual debt service requirements to maturity on general obligation bonds are as follows as of June 30, 2020:
Year ending Bonds Payable
June 30: Principal Interest Total
2021 $ 3,030,000 $ 708,047 $ 3,738,047
2022 3,025,000 596,913 3,621,913
2023 2,635,000 485,994 3,120,994
2024 2,130,000 396,994 2,526,994
2025 1,565,000 326,794 1,891,794
2026-2030 5,860,000 1,063,526 6,923,526
2031-2035 2,675,000 486,781 3,161,781
2036-2039 1,900,000 142,500 2,042,500
$ 22,820,000 $ 4,207,549 $ 27,027,549
Refunded Bonds
The Town has advanced refunded general obligation bonds in prior years. At June 30, 2020, $18,100,000 of defeased
bonds remain outstanding. The difference between the reacquisition price (the amount placed in escrow) and the
net carrying amount of the refunded bonds resulted in deferred charges on refundings. This amount, net of
accumulated amortization, has been presented as a deferred outflow of resources in the government-wide financial
statements and is being amortized to interest expense using the effective-interest method over the life of the new
bonds. Amortization of deferred charges on refundings totaled $57,502 for the year ended June 30, 2020.
The general obligation bonds refunded are considered defeased and the liability for those bonds has been removed
from the statement of net position. Proceeds from the issuance of the refunding bonds are being held by an escrow
agent in an irrevocable trust fund to provide all future debt service payments on the refunded bonds.
Legal Debt Limit
Connecticut General Statutes Section 7-374(b) provides that authorized debt of the Town shall not exceed seven
times base receipts, as defined in the Statute. Further, the Statute limits the amount of debt that may be authorized
by the Town for general purposes, schools, sewers, urban renewal and pension deficit. The Town did not exceed any
of the statutory debt limitations at June 30, 2020.
Direct Borrowings - Capital Leases
Capital leases include non-appropriation clauses and provide the obligator with a security interest in the underlying
equipment in the event of default.
- 41 -
NOTE 7 - LONG-TERM DEBT (Continued)
Direct Borrowings - Capital Leases
A summary of assets under capital leases is as follows as of June 30, 2020:

Governmental
Activities
Communication equipment $ 3,098,449
Public Works vehicles and equipment 789,336
Beach and Recreation equipment 127,910
Police vehicles and equipment 462,625
Ambulance equipment 77,628
BOE equipment 60,202
Less: accumulated amortization (902,180)
$ 3,713,970
Amortization expense related to leased property under capital leases totaled $471,549 for the year ended June 30,
2020 and is included in depreciation and amortization expense disclosed in Note 4.
Future annual payments on capital leases are as follows as of June 30, 2020:
Year ending Capital Leases
June 30: Principal Interest Total
2021 $ 727,113 $ 57,286 $ 784,399
2022 604,795 38,288 643,083
2023 569,020 23,534 592,554
2024 165,344 10,369 175,713
2025 152,110 4,746 156,856
$ 2,218,382 $ 134,223 $ 2,352,605
NOTE 8 - OTHER LONG-TERM LIABILITIES
Changes in other long-term liabilities for the year ended June 30, 2020 are as follows:
Beginning Ending Due Within

Balance Increases Decreases Balance One Year
Compensated absences $ 1,234,347 $ 163,371 $ (64,794) $ 1,332,924 $ 132,000
Early retirement incentives 1,069,695 59,391 (537,555) 591,531 279,787
Heart and hypertension (See Note 12) 1,523,647 143,878 (118,926) 1,548,599 154,859
Net pension liability (See Note 10) 12,865,017 4,247,342 - 17,112,359 -
Total OPEB liability ((See Note 11) 21,192,520 6,955,114 - 28,147,634 -
$ 37,885,226 $ 11,569,096 $ (721,275) $ 48,733,047 $ 566,646
Other long-term liabilities have typically been liquidated in the General Fund.
- 42 -
NOTE 8 - OTHER LONG-TERM LIABILITIES (Continued)
Early Retirement Incentive
The Town provides special termination benefits to former employees in the form of early retirement incentives.
During the year ended June 30, 2020, the Town agreed to provide additional early retirement incentives in the
amount of $59,391. Payments made by the Town on existing arrangements totaled $537,555. As of June 30, 2020,
the Town’s liability for early retirement incentives totaled $591,531.
Future annual payments on early retirement incentives as of June 30, 2020 are as follows:
Year ending Governmental

June 30: Activities
2021 $ 279,788
2022 79,763
2023 67,990
2024 61,884
2025 56,329
Thereafter 45,777
$ 591,531
NOTE 9 - FUND BALANCE
The components of fund balance for the governmental funds at June 30, 2020 are as follows:
Capital Special Nonmajor

General Projects Education Governmental
Fund Fund Grants Fund Funds Total
Nonspendable - Inventories $ - $ - $ - $ 33,704 $ 33,704

Restricted for:
Grant programs - - 17,969 1,261,135 1,279,104
Endowments - - - 497,242 497,242
Capital purposes, unspent bond proceeds - 100,002 - - 100,002
Committed to:
Capital purposes - 7,889,269 - - 7,889,269
Health and welfare - - - 269,996 269,996
Education - - - 108,349 108,349
Other - - - 86,661 86,661
Assigned to:
Capital purposes - 671,615 - - 671,615
Encumbrances:
Public works 298,624 - - - 298,624
Education 637,226 - - - 637,226
Other 64,540 - - - 64,540
Use in subsequent year's budget 673,000 - - - 673,000
Unassigned 16,679,068 - - (1,272) 16,677,796
$ 18,352,458 $ 8,660,886 $ 17,969 $ 2,255,815 $ 29,287,128
- 43 -
NOTE 10 - EMPLOYEE RETIREMENT SYSTEMS AND PENSION PLANS
Defined Benefit Pension Plans
Plan Descriptions
The Town maintains three single employer Public Retirement Systems (PERS) established and administered by the
Town to provide pension benefits for its employees. The PERS are considered to be part of the Town’s financial
reporting entity and are accounted for in the fiduciary fund financial statements as Pension Trust Funds. The Town
does not issue stand-alone financial statements for the Pension Trust Funds. The plans are established under
authority of a Town Meeting and any changes to the plans must also be approved at a Town Meeting.
Management of the Town Employees’ Pension Plan (the “Town Plan”) rests with the Employee Retirement Board,
which consists of five members, one being the Selectman designated as the Pension Liaison (Chairman).
Management of the Firemen’s Benefit Plan (the “Fire Plan”) rests with the Firemen’s Benefit Committee, which
consists of seven members; one member from North Madison Fire Company, one member from Madison Hose
Company, four members-at-large, and the Selectman designated as the Pension Liaison.
Management of the Police Pension Plan (the “Police Plan”) rests with the Police Retirement Board, which consists of
five members. The members consist of a Police Union Representative, three members-at-large, and the Selectman
designated as the Pension Liaison.
Summary of Significant Accounting Policies
The PERS are accounted for using the accrual basis of accounting. Plan member contributions are recognized in the
period in which the contributions are due. Employer contributions to the plans are recognized when due and the
employer has made a formal commitment to provide contributions. Benefits and refunds are recognized when due
and payable in accordance with the terms of the Plans.
Investments - Investments are generally measured at fair value. Securities traded on a national or international
exchange are valued at the last reported sales price at current exchange rates. Investments in money market mutual
funds are measured at net asset value per share as determined by the fund. Investment income is recognized when
earned and gains and losses on sales or exchanges are recognized on the transaction date.
Investment policy - The investment policy in regard to the allocation of invested assets is established and may be
amended by the PERS Board by a majority vote of its members. It is the policy of the PERS Board to pursue an
investment strategy that reduces risk through the prudent diversification of the portfolio across a broad selection of
distinct asset classes. The investment policy discourages the use of cash equivalents, except for liquidity purposes,
and aims to refrain from dramatically shifting asset class allocations over short time spans.
Concentrations - As of June 30, 2020, more than 10% of each plan’s investment portfolio were invested in the
following:
% of
Fund Manager Investment Value Investments
Town Pension:
Geode Capital Management Fidelity Large Cap Growth Index Fund $ 2,758,924 13.7%
T Rowe Price T Rowe Price Small Cap Stock I Class 2,661,867 13.2%
BlackRock Fund Advisors Ishare Core S&P 500 EFT 2,440,415 12.1%
Police Pension:
BlackRock Fund Advisors Ishare Core S&P 500 EFT 1,644,420 12.1%
Fire Pension:
BlackRock Fund Advisors Fidelity Large Cap Growth Index Fund 196,363 13.2%
Geode Capital Management Ishare Core S&P 500 EFT 165,534 11.1%
- 44 -
NOTE 10 - EMPLOYEE RETIREMENT SYSTEMS AND PENSION PLANS (Continued)
Defined Benefit Pension Plans (Continued)
Summary of Significant Accounting Policies (Continued)
Rate of return - For the year ended June 30, 2020, the annual money-weighted rate of return on the Town Plan’s,
the Police Plan’s and the Fire Plan’s investments, net of pension plan investment expense, was 3.29%, 2.56% and
2.67%, respectively. The money-weighted rate of return expresses investment performance, net of investment
expense, adjusted for the changing amounts actually invested.
Administrative costs - A portion of the administrative costs of the Plans are funded through the Town’s General Fund
with the remaining portion funded from investment earnings of the Plans.
Plan Membership
Membership of the PERS consisted of the following as of at the date of the latest actuarial valuations:
Town Police Fire

Plan Plan Plan
Retirees and beneficiaries currently receiving benefits 126 43 28
Terminated employees entitled to benefit but not
yet receiving them 58 1 1
Active employees 197 20 76
381 64 105
Benefit Provisions
Town Plan - The retirement plan for Town employees is a noncontributory plan that provides retirement benefits
only. However, Town NAGE employees are required to pay 2.0% of pre-tax salary through payroll deduction to the
plan. Beginning July 1, 2004, the vesting period was reduced from 10 years to 5 years of credited service. Members
who retire at or after age 65 with 10 years of credited service are entitled to an annuity benefit, payable monthly for
life, in an amount equal to 2% average compensation (average salary over highest 5 consecutive years) times
credited service, with a maximum benefit of 70% of average compensation. Employees may elect actuarial
equivalent options including joint and survivor or contingent annuities. Early retirement is available at age 55 and 10
years of employment at a reduced benefit level.
Police Plan - The Police Plan provides retirement benefits as well as disability benefits. All benefits vest after 10
years of service. Members who retire after age 55 with 10 years of service, or 20 years of service, are entitled to an
annuity retirement benefit, payable monthly for life, in an amount equal to 2.5% of average monthly compensation,
times years of credited service (maximum 20 years).
Fire Plan - The Fire Plan provides benefits to volunteer firemen. All active firemen on July 1, 1989 are eligible for the
plan; however, all eligible members, including those over age 60 must complete at least five years of additional
service subsequent to July 1, 1989 in order to receive benefits. Firemen joining the department after July 1, 1989
become eligible for the plan on the anniversary date of the plan upon attaining one year of active service if they are
also under the age of 60. Benefits vest 50% after 12 years, 75% after 16 years and 100% after 20 years of active
service for the Madison Hose Fire department. Benefits vest 50% after 15 years, 75% after 18 years and 100% after
20 years of active service for the North Madison Fire department. Upon retirement after 20 years of active service
and having attained the age of 60, members receive monthly payments of $250 for 15 years, with the member’s
beneficiary receiving the remainder of payments in event of the member’s death. If the member dies before age 60,
the beneficiary will receive the benefits due to the member.
- 45 -
Funding Policy
Employer contribution rates are established by the Board of Selectmen and approved by the Board of Finance.
Employees covered under the police plan are required to contribute 7.5% of their earnings to the Plan. Police hired
after January 1, 2006 are required to contribute 9.0% of their salary. Town and Fire employees hired on or before
January 1, 2006 are not required to contribute to their plans. However, Town NAGE employees are required to pay
2.0% of pre-tax salary through payroll deduction to the plan. The Town is required to contribute the remaining
amounts necessary to finance the benefits for the participants as determined by its actuaries. The Town’s required
contributions to the Town, Police and Fire Plans for the year ended June 30, 2020 were $1,249,336, $645,044 and
$58,113, respectively.
Net Pension Liabilities
The components of the Town’s net pension liabilities for each PERS as of June 30, 2020 were as follows:
Town Police Fire

Plan Plan Plan Total
Total pension liability $ 30,564,415 $ 20,116,352 $ 1,915,392 $ 52,596,159
Plan fiduciary net position 20,286,759 13,726,322 1,470,719 35,483,800
Town's net pension liability $ 10,277,656 $ 6,390,030 $ 444,673 $ 17,112,359
Plan fiduciary net position as a percentage

of the total pension liability 66.4% 68.2% 76.8%
The components of the changes in the net pension liability for each of the PERS for the year ended June 30, 2020,
were as follows:
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
Town Plan (a) (b) (a) - (b)
Balance as of June 30, 2019 $ 27,090,988 $ 19,874,937 $ 7,216,051
Changes for the year:
Service cost 626,981 - 626,981
Interest 1,890,397 - 1,890,397
Effect of economic/demographic gains or losses 460,386 - 460,386
Effect of assumptions changes 1,952,277 - 1,952,277
Contributions - employer - 1,249,336 (1,249,336)
Contributions - employee - 7,901 (7,901)
Net investment income - 635,916 (635,916)
Benefit payments, including refunds (1,456,614) (1,456,614) -
Administrative expense - (24,717) 24,717
Net changes 3,473,427 411,822 3,061,605
- 46 -
Net Pension Liabilities (Continued)
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
Police Plan (a) (b) (a) - (b)
Service cost 302,692 - 302,692
Interest 1,316,309 - 1,316,309
Effect of economic/demographic gains or losses 34,539 - 34,539
Effect of assumptions changes 552,508 - 552,508
Contributions - employer - 645,044 (645,044)
Contributions - employee - 151,039 (151,039)
Benefit payments, including refunds (1,349,550) (1,349,550) -
Net changes 856,498 (232,417) 1,088,915
Fire Plan
Balance as of June 30, 2019 $ 1,839,151 $ 1,491,300 $ 347,851
Service cost 34,788 - 34,788
Interest 122,862 - 122,862
Effect of economic/demographic gains or losses (28,892) - (28,892)
Effect of assumptions changes 56,734 - 56,734
Contributions - employer - 58,113 (58,113)
Benefit payments, including refunds (109,251) (109,251) -
Net changes 76,241 (20,581) 96,822
Balance as of June 30, 2020 $ 1,915,392 $ 1,470,719 $ 444,673
- 47 -
Actuarial Assumptions - The Town’s net pension liabilities were measured as of June 30, 2020. The total pension
liabilities were determined by actuarial valuations as of July 1, 2019 for each plan, using the following actuarial
assumptions, applied to all periods included in the measurement:
Town Police Fire

Plan Plan Plan
Inflation 2.75% 2.75% 2.75%
Salary increases, including inflation Age related Graded by age Not applicable
Investment rate of return, net 7.00% 7.00% 6.75%
Mortality rates were based on the PubG-2010 Mortality with generational projection per MP Ultimate Scale for the
Town Plan, and PubS-2010 Mortality with generational projection per MP Ultimate Scale for the Police and Fire
Plans.
The long-term expected rates of return on investments were 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 plan’s target asset allocation as of June 30, 2020 are summarized in the following table:
Long-term Expected
Target Allocation Real Rate of Return
Town Police Fire Town Police Fire
Asset Class Plan Plan Plan Plan Plan Plan
Cash 3% 3% 0% 3.6% 3.6% 0.0%
Fixed income 32% 32% 45% 5.0% 5.0% 4.7%
Equity 58% 58% 52% 6.9% 6.8% 6.6%
Other 7% 7% 3% 6.2% 6.2% 6.2%
Discount Rate - The discount rate used to measure the total pension liabilities were 7.00% for both the Town and
Police plans and 6.75% for the Fire plan. The projection of cash flows used to determine the discount rate assumed
that plan member contributions will be made at the current contribution rates and that Town contributions will be
made at rates equal to the difference between actuarially determined contribution rates and the member rates.
Based on those assumptions, each 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 each plan’s
investments were applied to all periods of projected benefit payments to determine the total pension liabilities.
- 48 -
Sensitivity of the Net Pension Liabilities to Changes in the Discount Rate - The following presents the net pension
liabilities of the Town, calculated using the current discount rate for each plan as well as what the Town’s net
pension liabilities would be if it were calculated using a discount rate that is 1 percentage point lower or 1
percentage point higher than the current rate:
Current
1% Decrease Discount Rate 1% Increase
Town Plan - Net pension liability $ 13,905,974 $ 10,277,656 $ 7,504,689
Police Plan - Net pension liability 8,617,413 6,390,030 4,451,381
Fire Plan - Net pension liability 656,155 444,673 275,239
$ 23,179,542 $ 17,112,359 $ 12,231,309
Pension Expense and Deferred Outflows and Inflows of Resources
For the year ended June 30, 2020, the Town recognized pension expense of $2,087,285 for the Town Plan,
$1,078,700 for the Police Plan and $85,888 for the Fire Plan. At June 30, 2020, the Town reported deferred outflows
and inflows of resources related to each plan from the following sources:
Deferred Outflows Deferred Inflows Net

of Resources of Resources Amounts
Town Plan:
Differences between expected and actual experience $ 460,221 $ - $ 460,221
Change of assumptions 1,702,920 - 1,702,920
Net difference between projected and actual
earnings on pension plan investments 481,454 - 481,454
2,644,595 - 2,644,595
Police Plan:
Differences between expected and actual experience 89,259 (33,737) 55,522
Change of assumptions 402,176 - 402,176
987,212 (33,737) 953,475
Fire Plan:
Differences between expected and actual experience 31,064 (200,805) (169,741)
Change of assumptions 53,074 (36,447) 16,627
151,625 (237,252) (85,627)
Total Deferred Outflows (Inflows) of Resources $ 3,783,432 $ (270,989) $ 3,512,443
- 49 -
Pension Expense and Deferred Outflows and Inflows of Resources (Continued)
Amounts reported as deferred outflows and inflows of resources related to each of the Town’s plans will be
recognized as a component of pension expense in future years as follows:
Year ended June 30, Town Plan Police Plan Fire Plan Total
2021 $ 715,358 $ 270,700 $ 3,739 $ 989,797
2022 711,719 358,875 6,228 1,076,822
2023 666,142 201,099 1,117 868,358
2024 551,376 122,801 (2,697) 671,480
2025 - - (14,775) (14,775)
Thereafter - - (79,239) (79,239)
$ 2,644,595 $ 953,475 $ (85,627) $ 3,512,443
Plan Financial Statements
The following presents the statement of fiduciary net position and the statement of changes in fiduciary net position
for each of the Town’s defined benefit plans as of and for the year ended June 30, 2020.
Total Pension
Town Plan Police Plan Fire Plan Trust Funds
ASSETS
Cash and cash equivalents $ 734,561 $ 748,304 $ 63,495 $ 1,546,360
Investments 19,552,198 12,978,018 1,439,167 33,969,383
Total assets 20,286,759 13,726,322 1,502,662 35,515,743
LIABILITIES
Payables - - 31,943 31,943
- - 31,943 31,943
NET POSITION
Restricted for pension benefits $ 20,286,759 $ 13,726,322 $ 1,470,719 $ 35,483,800
- 50 -
Plan Financial Statements (Continued)
Total Pension
Town Plan Police Plan Fire Plan Trust Funds
ADDITIONS
Contributions:
Employer $ 1,249,336 $ 645,044 $ 58,113 $ 1,952,493
Plan members 7,901 151,039 - 158,940
Total contributions 1,257,237 796,083 58,113 2,111,433
Investment earnings:
Interest and dividends 188,451 150,992 12,695 352,138
Net change in the fair value of
investments 493,730 234,453 33,045 761,228
Total investment earnings 682,181 385,445 45,740 1,113,366
Less investment expense 70,982 64,395 9,773 145,150
Net investment earnings 611,199 321,050 35,967 968,216
Total additions 1,868,436 1,117,133 94,080 3,079,649
DEDUCTIONS
Benefit payments 1,456,614 1,349,550 109,251 2,915,415
Administration - - 5,410 5,410
Total deductions 1,456,614 1,349,550 114,661 2,920,825
Change in net position 411,822 (232,417) (20,581) 158,824
Net pension held in trust for pension benefits:

Beginning of year 19,874,937 13,958,739 1,491,300 35,324,976
End of year $ 20,286,759 $ 13,726,322 $ 1,470,719 $ 35,483,800
Connecticut Teachers’ Retirement System
Plan Description
The Connecticut Teachers’ Retirement System (“TRS” or the “Plan”) is the public pension plan offered by the State
of Connecticut (the “State”) to provide retirement, disability, survivorship and health insurance benefits for
Connecticut public school teachers and their beneficiaries. The Plan is governed by Connecticut Statute Title 10,
Chapter 167a of the Connecticut General Statutes. TRS is a multiemployer pension plan administered by the
Connecticut State Teachers’ Retirement Board (“TRB”). The State Treasurer is responsible for investing TRS funds for
the exclusive benefit of TRS members.
Teachers, principals, superintendents or supervisors engaged in the service of public schools are provided with
pensions through the Connecticut Teachers' Retirement System - a cost sharing multi-employer defined benefit
pension plan administered by the TRB. Chapter 167a of the State Statutes grants authority to establish and amend
the benefit terms to the TRB. TRS issues a publicly available financial report that can be obtained at www.ct.gov.
- 51 -
Connecticut Teachers’ Retirement System (Continued)
Benefit Provisions
The Plan provides retirement, disability and death benefits. Employees are eligible to retire at age 60 with 20 years
of credited service in Connecticut, or 35 years of credited service including at least 25 years of service in
Connecticut.
Normal Retirement: Retirement benefits for the employees are calculated as 2.0% of the average annual salary
times the years of credited service (maximum benefit is 75.0% of average annual salary during the 3 years of highest
salary). In addition, amounts derived from the accumulation of the 6.0% contributions made prior to July 1, 1989
and voluntary contributions are payable.
Early Retirement: Employees are eligible after 25 years of credited service with a minimum of 20 years of
Connecticut service, or age 55 with 20 years of credited service with a minimum of 15 years of Connecticut service.
Benefit amounts are reduced by 6.0% per year for the first 5 years preceding normal retirement age and 4.0% per
year for the next 5 years preceding normal retirement age. Effective July 1, 1999, the reduction for individuals with
30 or more years of service is 3% per year by which retirement precedes normal retirement date.
Minimum Benefit: Effective January 1, 1999, Public Act 98-251 provides a minimum monthly benefit of $1,200 to
teachers who retire under the normal retirement provisions and who have completed at least 25 years of full time
Connecticut service at retirement.
Disability Retirement: Employees are eligible for service-related disability benefits regardless of length of service.
Five years of credited service is required to be eligible for non-service related disability. Disability benefits are
calculated as 2.0% per year of service times the average of the highest three years of pensionable salary, but not
less than 15.0%, nor more than 50.0%. In addition, disability benefits under this Plan (without regard to
cost‐of‐living adjustments) plus any initial award of Social Security benefits and workers' compensation cannot
exceed 75.0% of average annual salary. A plan member who leaves service and has attained 10 years of service will
be entitled to 100.0% of the accrued benefit as of the date of termination of covered employment. Benefits are
payable at age 60, and early retirement reductions are based on the number of years of service the member would
have had if they had continued work until age 60.
Pre-Retirement Death Benefit: The plan also offers a lump-sum return of contributions with interest or surviving
spouse benefit depending on length of service.
Contributions
State of Connecticut - Per Connecticut General Statutes Section 10-183z (which reflects Public Act 79-436 as
amended), contribution requirements of active employees and the State are amended and certified by the TRB and
appropriated by the General Assembly. The contributions are actuarially determined as an amount that, when
combined with employee contributions and investment earnings, is expected to finance the costs of the benefits
earned by employees during the year, with any additional amounts to finance any unfunded accrued liability.
Employers - School District employers are not required to make contributions to the Plan, as contributions are
required only from employees and the State.
Employees - Effective July 1, 1992, each teacher was required to contribute 6.0% of pensionable salary for the
pension benefit. Effective January 1, 2018, the required contribution increased to 7.0% of pensionable salary.
- 52 -
Administrative Expenses
Administrative costs of the plan are to be paid by the General Assembly per Section 10-183r of the Connecticut
General Statutes.
Basis of Presentation
The components associated with pension expense and deferred outflows and inflows of resources have been
determined based on fiduciary net position as audited by the State of Connecticut Auditors of Public Accounts as
part of the State of Connecticut Comprehensive Annual Financial Report as of and for the year ended June 30, 2019.
The net pension liability at June 30, 2019 has been calculated using the audited amounts. TRS is included in the
State of Connecticut audit as a pension trust fund. The State of Connecticut’s Comprehensive Annual Financial
Report can be obtained at www.ct.gov.
The accounting standards require participating employers to recognize their proportional share of the collective net
pension liability, deferred outflows and inflows of resources and pension expense. Contributions remitted by the
State are recognized when legally due, based upon statutory requirements.
Allocation Methodology
The allocations for participating employers are based on the expected contribution effort as measured June 30,
2019, the date of the latest biennial valuation. The liabilities of the June 30, 2019 actuarial valuation were rolled
forward to the measurement date of June 30, 2019. The employer allocations were then applied to the net pension
liability and pension expense to determine the amount applicable to each employer. Based upon the employee
contributions made by the employees of each employer, as compared to the total employee contributions, an
employer allocation percentage is calculated to six decimal places and is used to allocate the elements noted above.
The employer allocation applied to Town totaled 0.601% as of the most recent measurement date.
Collective Net Pension Liability
The following summarizes the collective net pension liability of the State for the TRS as of June 30, 2019, the
measurement date, in addition to the Town’s and State’s proportionate shares of the collective net pension liability
that is attributed to the Town:
Collective Net Pension Liability of the State for the TRS $ 17,072,720,000
Proportion Proportionate Share

Town's proportionate share of the
Collective Net Pension Liability 0.000% $ -
State's proportionate share of the
Collective Net Pension Liability attributed to the Town 0.601% $ 102,595,000
- 53 -
Collective Pension Expense
The Town’s expected contribution effort for allocation purposes totaled $7,765,858 or 0.601% of the total expected
contribution effort. The Town has recognized this amount as an on-behalf payment into the TRS as
intergovernmental revenues and related education expenditures in the General Fund for the year ended June 30,
2020.
The collective pension expense includes certain current period changes in the collective net pension liability,
projected earnings on pension plan investments and the amortization of deferred outflows of resources and
deferred inflows of resources for the current period. The portion of the collective pension expense attributed to the
Town totaled $12,600,355 or 0.601% of the total collective pension expense and has been recognized as an
operating contribution and related education expenses in the statement of activities for the year ended June 30,
2020.
Actuarial Assumptions
The total pension liability was determined by an actuarial valuation as of June 30, 2018, and a measurement date of
June 30, 2019, using the following actuarial assumptions, applied to all periods included in the measurement:
Inflation 2.50%
Salary increases 3.25% - 6.50%, including inflation
Investment rate of return 6.90%, net of pension plan investment
expense, including inflation
Administrative expenses $0 assumption as expenses are paid for
by the General Assembly
Mortality rates were based on the RPH-2014 White Collar table with employee and annuitant rates blended from
ages 50 to 80, projected to the year 2020 using the BB improvement scale.
Future cost-of-living increases for teachers who retired prior to September 1, 1992, are made in accordance with
increases in the Consumer Price Index, with a minimum of 3% and a maximum of 5.0% per annum. For teachers who
were members of the Teachers’ Retirement System before July 1, 2007, and retire on or after September 1, 1992,
pension benefit adjustments are made that are consistent with those provided for Social Security benefits on
January 1 of the year granted, with a maximum of 6.0% per annum. If the return on assets in the previous year was
less than 8.5%, the maximum increase is 1.5%. For teachers who were members of the Teachers’ Retirement System
after July 1, 2007, pension benefit adjustments are made that are consistent with those provided for Social Security
benefits on January 1 of the year granted, with a maximum of 5.0% per annum. If the return on assets in the
previous year was less than 11.5%, the maximum increase is 3.0%, and if the return on the assets in the previous
year was less than 8.5%, the maximum increase is 1.0%.
Long-Term Rate of Return
The long-term expected rate of return on pension plan investments was determined using a log-normal distribution
analysis 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.
- 54 -
Long-Term Rate of Return (Continued)
The current capital market assumptions and the target asset allocation as provided by the Treasurer’s Office are
summarized in the following table:
Target Expected Standard

Asset Class Allocation Return Deviation
Public Equity - US Equity 20.0% 8.1% 17.0%
Public Equity - International Developed Equity 11.0% 8.5% 19.0%
Public Equity - Emerging Markets Equity 9.0% 10.4% 24.0%
Fixed Income - Core Fixed Income 16.0% 4.6% 7.0%
Fixed Income - Inflation Linked Bonds 5.0% 3.6% 7.0%
Fixed Income - High Yield 6.0% 6.5% 11.0%
Fixed Income - Emerging Market Debt 5.0% 5.2% 11.0%
Private Equity 10.0% 9.8% 23.0%
Real Estate 10.0% 7.0% 15.0%
Alternative Investments - Real Assets 4.0% 8.2% 17.0%
Alternative Investments - Hedge Funds 3.0% 5.4% 7.0%
Liquidity Fund 1.0% 2.9% 1.0%
100%
The geometric rates of expected return shown in the table above are nominal returns net of investment expenses.
Discount Rate
The discount rate used to measure the total pension liability was 6.90%. The projection of cash flows used to
determine the discount rate assumed that plan member contributions will be made at the current contribution rate
and that the State contributions will be made at the actuarially determined rates in future years. 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.
NOTE 11 - OTHER POST-EMPLOYMENT BENEFITS
Town and Board of Education Plan
Plan Description
Plan administration ‐ The Town provides a single-employer other post-employment benefits plan to all Town
employees retiring under the Town of Madison’s Retiree Medical Program. The level of these benefits is determined
by contract for all union employees and by a Town ordinance for all non-represented employees. The Town does
not issue a stand-alone financial report for the plan.
- 55 -
NOTE 11 - OTHER POST-EMPLOYMENT BENEFITS (Continued)
Town and Board of Education Plan (Continued)
Plan Description (Continued)
Plan membership ‐ As of July 1, 2019, the date of the most recent actuarial valuation, membership data was as
follows:
Current retirees and eligible surviving spouses 71
Current active participants 398
469
Benefits Provided
Unrepresented Retired Employees - Health Insurance is offered to non-represented, retired employees, between the
ages of 55 and 65, receiving pension benefits. The retired employee is responsible to pay the full premium coverage
on a timely basis.
NAGE RI-215 Building & Grounds Retired Employees - Retiree health insurance is offered to retired employees,
between the ages of 55 and 65, receiving pension benefits. The retired employee is responsible to pay the full
premium coverage on a timely basis. Premium payments are due on the 20th of the month prior to the coverage
month.
AFSCME Police - For employees hired before January 1, 2006, the Town pays the full cost of retiree medical
insurance for the retiree and his/her spouse. Retirees and their spouse must opt for and maintain medical insurance
coverage at the time of retirement or they will forfeit this benefit. For those retired participants hired before
January 1, 2006, and their spouses, who reach Medicare/Medicaid eligibility, the Town will provide a supplemental
health insurance coverage for both for life at no cost to the retiree or spouse. This is a Medicare Supplementary
plan in which Medicare is the primary coverage. No health insurance benefits are offered to those retirees hired
after January 1, 2006.
UPSEU Emergency Dispatchers – No post-retirement benefits are provided for health insurance for retirees.
Board of Education - The Board of Education provides certain post-retirement benefits to retirees through
negotiated contracts. Eligibility for benefits are as follows:
Teachers/Administrators - Post-retirement insurance can be purchased through Medicare eligibility; if not eligible
for Medicare.
Para-professionals/Secretaries - If retiring under pension, insurance may be purchased between ages 55 and 65.
Retirees can purchase Medicare Supplementary plan after age 65.
Custodians - Post-retirement insurance can be purchased through Medicare eligibility; if not eligible for Medicare.
Cafeteria Workers - No post-retirement benefits are provided for health insurance for retirees.
Funding Policy
The Town currently pays for its other post-employment benefits on a pay-as-you-go basis. As of June 30, 2020, the
Town has not established a trust fund to irrevocably segregate assets to fund liabilities associated with these other
post-employment benefits, which would require the reporting of a trust fund in accordance with GASB guidelines.
The contribution requirements of plan members and the Town are also negotiated with the various unions
representing the employees.
- 56 -
Total OPEB Liability
The Town’s total OPEB liability reported as of June 30, 2020 totaled $28,147,634. The total OPEB liability was
measured as of June 30, 2020 and determined by an actuarial valuation as of July 1, 2018.
Actuarial Assumptions and Other Inputs - The total OPEB liability as of June 30, 2020 was determined using the
following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless
otherwise specified:
Discount rate 2.21%

Inflation 2.70%
Medical trend rates 5.25% - 4.60% over 78 years
Salary increases, including inflation Graded by service
The discount rate was based on the Bond Buyer 20 (GO 20 Index) as of the measurement date, which represents
municipal bond trends based on a portfolio of 20 general obligation bonds that mature in 20 years. Mortality rates
were based on generational projection per Scale AA to the Pub-2010 Mortality Table projected with MP ultimate
scale.
Changes in the Total OPEB Liability

Total OPEB
Liability
Balance as of June 30, 2019 $ 21,192,520

Service cost 339,736
Interest 741,250
Effect of economic/demographic gains or losses (527,529)
Effect of assumptions changes or inputs 7,115,179
Benefit payments (713,522)
Net changes 6,955,114
Balance as of June 30, 2020 $ 28,147,634
Changes of assumptions primarily reflects a change in the discount rate from 3.50% to 2.21% and the use of
updated mortality tables.
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate - The following presents the total OPEB liability
of the Town, as well as what the Town’s total OPEB liability would be if it were calculated using a discount rate that
is 1-percentage-point lower (1.21%) or 1-percentage-point higher (3.21%) than the current discount rate:
Current
1% Decrease Discount Rate 1% Increase
Total OPEB liability $ 33,940,905 $ 28,147,634 $ 23,690,415
- 57 -
Changes in the Total OPEB Liability (Continued)
Sensitivity of the Total OPEB liability to Changes in the Healthcare Cost Trend Rates - The following presents the total
OPEB liability of the Town, as well as what the Town’s total OPEB liability would be if it were calculated using
healthcare cost trend rates that are 1-percentage-point lower or 1-percentage-point higher than the current
healthcare cost trend rates:
Current
1% Decrease Trend Rate 1% Increase
Total OPEB liability $ 23,319,307 $ 28,147,634 $ 34,422,387
OPEB Expense and Deferred Outflows and Inflows of Resources
For the year ended June 30, 2020, the Town recognized OPEB expense of $1,915,501. As of June 30, 2020, the Town
reported deferred outflows and inflows of resources related to OPEB from the following sources:
Deferred Outflows Deferred Inflows Net

of Resources of Resources Amounts
Differences between expected and actual experience $ - $ (463,971) $ (463,971)
Change of assumptions 7,146,394 (613,532) 6,532,862
Total Deferred Outflows (Inflows) of Resources $ 7,146,394 $ (1,077,503) $ 6,068,891
Amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized as a component
of OPEB expense as follows:
Year ended June 30,

2021 $ 834,515
2022 834,515
2023 834,515
2024 834,515
2025 834,515
Thereafter 1,896,316
$ 6,068,891
Connecticut Teachers’ Retirement System
Plan Description
The Connecticut Teachers’ Retirement System (“TRS” or the “Plan”) is the public pension plan offered by the State
of Connecticut (the State) to provide retirement, disability, survivorship and health insurance benefits for
Connecticut public school teachers and their beneficiaries. The Plan is governed by Connecticut Statute Title 10,
Chapter 167a of the Connecticut General Statutes. TRS is a multiemployer pension plan administered by the
Connecticut State Teachers’ Retirement Board (“TRB”). The State Treasurer is responsible for investing TRS funds for
the exclusive benefit of TRS members.
- 58 -
Plan Description (Continued)
Teachers, principals, superintendents or supervisors engaged in service of public schools are provided with benefits,
including retiree health insurance, through the Connecticut Teachers' Retirement System - a cost sharing multi
employer defined benefit pension plan administered by the TRB. Chapter 167a of the State Statutes grants authority
to establish and amend the benefit terms to the TRB. TRS issues a publicly available financial report that can be
obtained at www.ct.gov.
Benefit Provisions
The Plan covers retired teachers and administrators of public schools in the State who are receiving benefits from
the Plan. The Plan provides healthcare insurance benefits to eligible retirees and their spouses. Any member that is
currently receiving a retirement or disability benefit through the Plan is eligible to participate in the healthcare
portion of the Plan. Subsidized Local School District Coverage provides a subsidy paid to members still receiving
coverage through their former employer and the TRB Sponsored Medicare Supplemental Plans provide coverage for
those participating in Medicare, but not receiving Subsidized Local School District Coverage.
Any member that is not currently participating in Medicare Parts A & B is eligible to continue health care coverage
with their former employer. A subsidy of up to $110 per month for a retired member plus an additional $110 per
month for a spouse enrolled in a local school district plan is provided to the school district to first offset the retiree’s
share of the cost of coverage, any remaining portion is used to offset the district’s cost. The subsidy amount is set by
statute, and has not increased since July of 1996. A subsidy amount of $220 per month may be paid for a retired
member, spouse or the surviving spouse of a member who has attained the normal retirement age to participate in
Medicare, is not eligible for Part A of Medicare without cost, and contributes at least $220 per month towards
coverage under a local school district plan.
Any member that is currently participating in Medicare Parts A & B is eligible to either continue health care
coverage with their former employer, if offered, or enroll in the plan sponsored by the System. If they elect to
remain in the Plan with their former employer, the same subsidies as above will be paid to offset the cost of
coverage. If a member participating in Medicare Parts A & B so elects, they may enroll in one of the CTRB Sponsored
Medicare Supplemental Plans. Active members, retirees, and the State pay equally toward the cost of the basic
coverage (medical and prescription drug benefits).
Employees are eligible to retire at age 60 with 20 years of credited service in Connecticut, or 35 years of credited
service including at least 25 years of service in Connecticut.
Contributions
State of Connecticut - Per Connecticut General Statutes Section 10-183z (which reflects Public Act 79-436 as
amended), contribution requirements of active employees and the State of Connecticut are amended and certified
by the TRB and appropriated by the General Assembly. The State pays for one third of plan costs through an annual
appropriation in the General Fund.
Employers - School District employers are not required to make contributions to the Plan.
- 59 -
Contributions (Continued)
Employees/Retirees - The cost of providing plan benefits is financed on a pay-as-you-go basis as follows: active
teachers’ pay for one third of the Plan costs through a contribution of 1.25% of their pensionable salaries, and
retired teachers pay for one third of the Plan costs through monthly premiums, which helps reduce the cost of
health insurance for eligible retired members and dependents.
Administrative Expenses
Administrative costs of the Plan are to be paid by the General Assembly per Section 10‐183r of the Connecticut
General Statutes.
Basis of Presentation
The components associated with the other postemployment benefits (OPEB) expense and deferred inflows and
outflows of resources have been determined using the unrecognized portions of each year’s experience and
assumption changes as audited by the State of Connecticut Auditors of Public Accounts as part of the State of
Connecticut Comprehensive Annual Financial Report as of and for the year ended June 30, 2019. The net OPEB
liability at June 30, 2019 has been calculated using the audited amounts. The OPEB trust fund is included in the TRS,
and the TRS is included in the State of Connecticut audit as a pension trust fund. The State of Connecticut’s
Comprehensive Annual Financial Report can be obtained at www.ct.gov.
The accounting standards require participating employers to recognize their proportional share of the collective net
OPEB liability, deferred outflows and inflows of resources and OPEB expense. Contributions remitted by the State are
recognized when legally due, based upon statutory requirements.
Allocation Methodology
The allocations for participating employers are based on the expected contribution effort as measured June 30,
2018, the date of the latest biennial valuation. The allocations for participating employers are based on the expected
contribution effort as measured June 30, 2018, the date of the latest biennial valuation. The liabilities of the June 30,
2018 actuarial valuation were rolled forward to the measurement date of June 30, 2019. The employer allocations
were then applied to the net OPEB liability and OPEB expense to determine the amount applicable to each employer.
Based upon the employee contributions made by the employees of each employer, as compared to the total employee
contributions, an employer allocation percentage is calculated to six decimal places and is used to allocate the
elements noted above. The employer allocation applied to Town totaled 0.601% as of the most recent measurement
date.
- 60 -
Collective Net OPEB Liability
The following summarizes the collective net OPEB liability of the State for the TRS as of June 30, 2019, the
measurement date, in addition to the Town’s and State’s proportionate shares of the collective net OPEB liability that
is attributed to the Town:
Collective Net OPEB Liability of the State for the TRS $ 2,662,587,000
Proportion Proportionate Share

Collective Net OPEB Liability 0.000% $ -
Collective Net OPEB Liability attributed to the Town 0.601% $ 16,000,000
Collective OPEB Expense
The Town’s expected contribution effort for allocation purposes totaled $212,247 or 0.601% of the total expected
contribution effort. The Town has recognized this amount as an on-behalf payment into the TRS as intergovernmental
revenues and related education expenditures in the General Fund for the year ended June 30, 2020.
The collective OPEB expense includes certain current period changes in the collective net OPEB liability, projected
earnings on OPEB plan investments and the amortization of deferred outflows of resources and deferred inflows of
resources for the current period. The portion of the collective OPEB expense attributed to the Town totaled a negative
$(1,170,839) or 0.601% of the total collective OPEB expense and has been recognized as a reduction in operating
contributions and related education expenses in the statement of activities for the year ended June 30, 2020.
Actuarial Assumptions
The total OPEB liability was determined by an actuarial valuation as of June 30, 2018 using the following actuarial
assumptions, applied to all periods included in the measurement:
Inflation 2.50%
Real Wage Growth 0.75%
Wage Inflation 3.25%
Salary increases 3.25% - 6.50%, including inflation
Investment rate of return 3.00%, net of OPEB plan investment
expense, including inflation
Healthcare cost trend rates:
Pre-Medicare 5.95% for 2018 decreasing to
an ultimate rate of 4.75% by 2025
Medicare 5.00% for 2018 decreasing to
an ultimate rate of 4.75% by 2028
- 61 -
Actuarial Assumptions (Continued)
Mortality rates were based on the RPH‐2014 White Collar table with employee and annuitant rates blended from
ages 50 to 80, projected to the year 2020 using the BB improvement scale.
Long‐Term Rate of Return
The long‐term expected rate of return on plan assets is reviewed as part of the actuarial valuation process. Several
factors are considered in evaluation the long‐term rate of return assumption, including the Plan’s current asset
allocations and a log‐normal distribution analysis using the best‐estimate ranges of expected future real rates of
return (expected return, net of investment expense and inflation) for each major asset class.
The long‐term expected rate of return was determined by weighing the expected future real rates of return by the
target asset allocation percentage and then adding expected inflation. The assumption is not expected to change
absent a significant change in the asset allocation, a change in the inflation assumption, or a fundamental change in
the market that alters expected returns in future years.
The target asset allocation and best estimates of geometric real rates of return for each major asset class are
summarized in the following table:
Expected 10-Year
Target Geometric Real Standard
Asset Class Allocation Rate of Return Deviation
U.S. Treasuries (Cash Equivalents) 100.0% 0.41% 2.31%
Discount Rate
The discount rate used to measure the total OPEB liability was 3.50%. The projection of cash flows used to
determine the discount rate was performed in accordance with the applicable standards. The projection’s basis was
an actuarial valuation performed as of June 30, 2018.
In addition to the actuarial methods and assumptions of the June 30, 2018 actuarial valuation, the following
actuarial methods and assumptions were used in the projection of cash flows:
o Total payroll for the initial projection year consists of the payroll of the active membership present
on the valuation date. In subsequent projection years, total payroll was assumed to increase
annual at a rate of 3.25%.
o Employee contributions were assumed to be made at the current member contribution rate.
Employee contributions for future plan members were used to reduce the estimated amount of
total service costs for future plan members.
o No future employer contributions were assumed to be made.
Based on those assumptions, the Plan's fiduciary net position was projected to be depleted in 2019 and, as a result,
the Municipal Bond Index Rate of 3.87% was used in the determination of the single equivalent rate.
- 62 -
NOTE 12 - RISK MANAGEMENT AND UNCERTAINTIES
Risk Management - Insurance
The Town is exposed to various risks of loss including torts; theft of, damage to and destruction of assets; errors and
omissions; injuries to employees; and natural disasters. The Town generally obtains commercial insurance for
management of these risks. Neither the Town nor its insurers have settled claims, which exceeded the Town’s
insurance coverage in any of the last three fiscal years. In addition, there have been no significant reductions in any
insurance coverage from amounts maintained in the prior year.
The Town provides medical and dental coverage to employees through a self-insured plan. The Town retains the risk
of loss under the plan and claims are processed by a third party administrator. The Town utilizes a Health Insurance
Internal Service Fund to report the activities of the plan. The Town contributes based on estimates made using
historical data. The Town covers all claims up to $150,000 per employee per year with a stop-loss policy covering
amounts exceeding this limit. The Town has also purchased an aggregate stop-loss policy that would cover claims
exceeding 125% of the total estimated claims for the plan year. The Town establishes claims liabilities based on
estimates of claims that have been incurred but not reported as of year end. This estimate is based on the ultimate
costs of settling the claims, which include past experience data, inflation and other future economic and societal
factors and incremental claim adjustment expenses, net of estimated subrogation recoveries.
Changes in the claims liability for the previous two fiscal years were as follows:
Claims Payable Claims and Claims Payable

Year Ended Beginning of Changes in Claim End of
June 30 Year Estimates Payment Year
2019 $ 791,000 $ 9,726,661 $ 9,764,120 $ 753,541
2020 753,541 8,038,029 8,263,884 527,686
The Town also maintains the risk related to heart and hypertension claims payable to police employees under State
benefit requirements. The Town does not maintain a separate cash reserve to cover the benefits provided by the
heart and hypertension program and does not prefund the benefits to be paid in future years. Expenditures related
to this program are funded annually through General Fund appropriations. The estimated liability at June 30, 2020 is
$1,548,599. This liability is reported in the government-wide financial statements.
Uncertainties ‐ Pandemic
In early March 2020, there was a global outbreak of COVID‐19 that was declared a Public Health Emergency of
International Concern by the World Health Organization and was subsequently declared a state of emergency by the
Governor of Connecticut and a national emergency by the President of the United States. The outbreak of the virus
has affected travel, commerce and financial markets globally, and is widely expected to affect economic growth
worldwide. On March 27, 2020, the United States Congress enacted the Coronavirus Aid, Relief, and Economic
Stabilization Act (the “CARES Act”) that provides in excess of $2 trillion of relief to industries and entities throughout
the country, including state and local governments. On March 28, 2020, the President of the United States approved
the Governor of Connecticut’s request for a disaster declaration for the State. On April 24, 2020, the Unites States
Congress enacted legislation that provided an additional $484 billion to replenish a small business loan program,
support hospitals and expand COVID‐19 testing.
The Town has received and continues to apply for additional funding from federal and state agencies to assist in
covering certain costs associated with the response to the pandemic. However, the extent to which COVID‐19 will
impact the Town’s tax base, operations and its financial condition will ultimately depend on future developments
that are uncertain and cannot be fully predicted with confidence at this time.
- 63 -
NOTE 13 - CONTINGENCIES
The Town has contingent liabilities with respect to pending litigation, claims and disputes that existed as of June 30,
2020. The liability with respect to such matters, if any, is not presently determinable; however, it is the opinion of
Town management that any liabilities will not have a material effect on the financial position of the Town.
The Town receives state and federal grants for specific purposes that are subject to review and audit by the grantor
agencies. Such audits could lead to requests for reimbursements to the grantor agency for any expenditure
disallowed under terms of the grant. Based on prior experience, Town management believes such disallowances, if
any, will not have a material effect on the financial position of the Town.
NOTE 14 - IMPACT OF ACCOUNTING STANDARADS NOT YET EFFECTIVE
In January 2017, the GASB issued Statement No. 84, Fiduciary Activities. The objective of this statement is to
improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes
and how those activities should be reported. The requirements of this statement are effective for the Town’s
reporting period beginning July 1, 2020, which reflects the one year postponement pursuant to GASB Statement No.
95 issued in May 2020. The Town is currently evaluating the potential impact of adopting this Statement on its
In June 2017, the GASB issued Statement No. 87, Leases. The objective of this Statement is to better meet the
information needs of financial statement users by improving accounting and financial reporting for leases by
governments. This Statement increases the usefulness of governments’ financial statements by requiring
recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and
recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. It
establishes a single model for lease accounting based on the foundational principle that leases are financings of the
right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an
intangible right‐to‐use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of
resources, thereby enhancing the relevance and consistency of information about governments’ leasing activities.
The requirements of this statement are effective for the Town’s reporting period beginning July 1, 2021, which
reflects the eighteen month postponement pursuant to GASB Statement No. 95 issued in May 2020. The Town is
currently evaluating the potential impact of adopting this Statement on its financial statements.
In June 2018, the GASB issued Statement No. 89, Accounting for Interest Cost Incurred before the End of a
Construction Period. The objective of this Statement are (a) to enhance the relevance and comparability of
information about capital assets and the cost of borrowing for a reporting period and (b) to simplify accounting for
interest cost incurred before the end of a construction period. The requirements of this Statement should be
applied prospectively and are effective for the Town’s reporting period beginning July 1, 2021, which reflects the
one year postponement pursuant to GASB Statement No. 95 issued in May 2020. The Town does not expect this
statement to have a material effect on its financial statements.
In August 2018, the GASB issued Statement No. 90, Majority Equity Interests ‐ An Amendment of GASB Statements
No. 14 and No. 61, The objectives of this statement are to improve the consistency and comparability of reporting a
government’s majority equity interest in a legally separate organization and to improve the relevance of financial
statement information for certain component units. The requirements of this statement are effective for the Town’s
reporting period beginning July 1, 2020, which reflects the one year postponement pursuant to GASB Statement No.
95 issued in May 2020. The Town does not expect this statement to have a material effect on its financial
statements.
- 64 -
NOTE 14 - IMPACT OF ACCOUNTING STANDARADS NOT YET EFFECTIVE (Continued)
In May 2019, the GASB issued Statement No. 91, Conduit Debt Obligations. The objectives of this statement are to
provide a single method of reporting conduit debt obligations by issuers and eliminate diversity in practice
associated with (1) commitments extended by issuers, (2) arrangements associated with conduit debt obligations,
and (3) related note disclosures. The requirements of this statement are effective for the Town’s reporting period
beginning July 1, 2022, which reflects the one year postponement pursuant to GASB Statement No. 95 issued in May
2020. The Town does not expect this statement to have a material effect on its financial statements.
In January 2020, the GASB issued Statement No. 92, Omnibus 2020. The objectives of this Statement are to enhance
comparability in accounting and financial reporting and to improve the consistency of authoritative literature by
addressing practice issues that have been identified during implementation and application of certain GASB
Statements. This Statement addresses a variety of topics and the requirements of this statement are effective for
the Town’s reporting period beginning July 1, 2021, which reflects the one year postponement pursuant to GASB
Statement No. 95 issued in May 2020. The Town does not expect this statement to have a material effect on its
In March 2020, the GASB issued Statement No. 93, Replacement of Interbank Offered Rates. Some governments
have entered into agreements in which variable payments made or received depend on an interbank offered rate
(IBOR)—most notably, the London Interbank Offered Rate (LIBOR). As a result of global reference rate reform, LIBOR
is expected to cease to exist in its current form at the end of 2021, prompting governments to amend or replace
financial instruments for the purpose of replacing LIBOR with other reference rates, by either changing the
reference rate or adding or changing fallback provisions related to the reference rate. The objective of this
Statement is to address those and other accounting and financial reporting implications that result from the
replacement of an IBOR. The requirements of this statement are effective for the Town’s reporting period beginning
July 1, 2020. The Town does not expect this statement to have a material effect on its financial statements.
In March 2020, the GASB issued Statement No. 94, Public-Private and Public-Public Partnerships and Availability
Payment Arrangements. The primary objective of this Statement is to improve financial reporting by addressing
issues related to public-private and public-public partnership arrangements (PPPs). The requirements of this
statement are effective for the Town’s reporting period beginning July 1, 2022. The Town does not expect this
statement to have a material effect on its financial statements.
In May 2020, the GASB issued Statement 96, Subscription-Based Information Technology Arrangements. This
Statement provides guidance on the accounting and financial reporting for subscription-based information
technology arrangements (SBITAs) for government end users (governments). The requirements of this statement
are effective for the Town’s reporting period beginning July 1, 2022. The Town does not expect this statement to
have a material effect on its financial statements.
In June 2020, the GASB issued Statement 97, Certain Component Unit Criteria, and Accounting and Financial
Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans – An Amendment of GASB Statement
No. 14 and No. 84, and a Supersession of GASB Statement No. 32. The primary objectives of this Statement are to (1)
increase consistency and comparability related to the reporting of fiduciary component units in circumstances in
which a potential component unit does not have a governing board and the primary government performs the
duties that a governing board typically would perform; (2) mitigate costs associated with the reporting of certain
defined contribution pension plans, defined contribution other postemployment benefit (OPEB) plans, and
employee benefit plans other than pension plans or OPEB plans (other employee benefit plans) as fiduciary
component units in fiduciary fund financial statements; and (3) enhance the relevance, consistency, and
comparability of the accounting and financial reporting for Internal Revenue Code (IRC) Section 457 deferred
compensation plans (Section 457 plans) that meet the definition of a pension plan and for benefits provided
through those plans. The requirements of this statement are effective for the Town’s reporting period beginning
July 1, 2021. The Town is currently evaluating the potential impact of adopting this Statement on its financial
statements.
- 65 -
REQUIRED SUPPLEMENTARY INFORMATION
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - BUDGETARY BASIS - GENERAL FUND (UNAUDITED)
Variance With
Budgeted Amounts Final Budget
Original Final Actual Over (Under)
REVENUES
Property taxes $ 82,065,407 $ 82,065,407 $ 82,949,091 $ 883,684
Intergovernmental 561,534 561,534 1,235,671 674,137
Charges for services 1,765,779 1,765,779 2,707,925 942,146
Investment income 273,000 273,000 803,212 530,212
Total revenues 84,665,720 84,665,720 87,695,899 3,030,179
EXPENDITURES
Current:
General government 2,582,488 2,480,248 2,325,839 (154,409)
Public safety 5,374,444 5,538,401 5,501,207 (37,194)
Public works 3,688,961 3,629,820 3,452,361 (177,459)
Land and building administration 550,995 562,674 505,305 (57,369)
Health and welfare 1,646,138 1,706,737 1,530,026 (176,711)
Beach and recreation 1,511,849 1,615,717 1,549,984 (65,733)
Library 1,154,841 1,154,841 1,154,841 -
Education 56,089,621 56,256,697 55,566,873 (689,824)
Insurance, employee benefits and other 5,072,818 5,020,498 4,971,855 (48,643)
Capital outlays 37,150 37,150 37,030 (120)
Debt service 3,279,332 3,279,332 3,279,332 -
Total expenditures 80,988,637 81,282,115 79,874,653 (1,407,462)
Excess of revenues
over expenditures 3,677,083 3,383,605 7,821,246 4,437,641

Appropriation of fund balance - 501,658 - (501,658)
Cancellation of prior year encumbrances - - 83,314 83,314
Transfers in 123,223 123,223 18,873 (104,350)
Transfers out (3,800,306) (4,008,486) (4,008,486) -
Total other financing sources (uses) (3,677,083) (3,383,605) (3,906,299) (522,694)
Net change in fund balances $ - $ - $ 3,914,947 $ 3,914,947
See accompanying notes to required supplementary information.

- 66 -
SCHEDULE OF CHANGES IN NET PENSION LIABILITY
TOWN PLAN (UNAUDITED)
LAST SEVEN FISCAL YEARS*
2020 2019 2018 2017 2016 2015 2014

Total pension liability
Service cost $ 626,981 $ 620,164 $ 608,909 $ 544,440 $ 520,219 $ 533,079 $ 520,276
Interest 1,890,397 1,815,981 1,728,187 1,674,964 1,591,804 1,486,730 1,432,090
Effect of plan changes - - 301,441 - - - -
Effect of economic/demographic gains and losses 460,386 27,280 4,188 158,138 286,267 - -
Effect of assumption changes or inputs 1,952,277 - - 606,991 298,115 (303,962) (168,054)
Benefit payments, including refunds (1,456,614) (1,365,315) (1,429,470) (1,208,988) (1,068,587) (930,911) (836,712)
Net change in total pension liability 3,473,427 1,098,110 1,213,255 1,775,545 1,627,818 784,936 947,600
Total pension liability - beginning 27,090,988 25,992,878 24,779,623 23,004,078 21,376,260 20,591,324 19,643,724
Total pension liability - ending 30,564,415 27,090,988 25,992,878 24,779,623 23,004,078 21,376,260 20,591,324
Plan fiduciary net position

Contributions - employer 1,249,336 1,142,688 1,030,611 905,263 890,486 951,003 1,611,970
Contributions - members 7,901 7,703 10,196 10,489 10,516 9,732 9,802
Net investment income 635,916 1,268,887 1,304,145 1,740,211 (50,651) 120,972 2,131,674
Benefit payments, including refunds (1,456,614) (1,365,315) (1,429,470) (1,208,988) (1,068,587) (930,911) (836,712)
Administrative expense (24,717) (44,321) (64,719) (20,082) (24,581) (23,636) (18,833)
Net change in plan fiduciary net position 411,822 1,009,642 850,763 1,426,893 (242,817) 127,160 2,897,901
Plan fiduciary net position - beginning 19,874,937 18,865,295 18,014,532 16,587,639 16,830,456 16,703,296 13,805,395
Plan fiduciary net position - ending 20,286,759 19,874,937 18,865,295 18,014,532 16,587,639 16,830,456 16,703,296
Town's net pension liability $ 10,277,656 $ 7,216,051 $ 7,127,583 $ 6,765,091 $ 6,416,439 $ 4,545,804 $ 3,888,028

of total pension liability 66.37% 73.36% 72.58% 72.70% 72.11% 78.73% 81.12%
Covered payroll $ 8,301,642 $ 8,446,424 $ 7,593,574 $ 7,511,806 $ 7,969,860 $ 7,681,806 $ 7,111,945
Town's net pension liability as a percentage

of covered payroll 123.80% 85.43% 93.86% 90.06% 80.51% 59.18% 54.67%
* This schedule is intended to show information for ten years and additional years' information will be displayed as it becomes available.

- 67 -
SCHEDULE OF CONTRIBUTIONS AND INVESTMENT RETURNS
TOWN PLAN (UNAUDITED)
LAST TEN FISCAL YEARS
2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Actuarially determined contribution $ 1,249,336 $ 1,142,688 $ 1,030,611 $ 905,263 $ 890,486 $ 951,003 $ 861,970 $ 801,343 $ 728,213 $ 645,549
Contributions in relation to the actuarially

determined contribution 1,249,336 1,142,688 1,030,611 905,263 890,486 951,003 1,611,970 799,519 728,342 645,220
Contribution deficiency (excess) $ - $ - $ - $ - $ - $ - $ (750,000) $ 1,824 $ (129) $ 329
Covered payroll $ 8,301,642 $ 8,446,424 $ 7,593,574 $ 7,511,806 $ 7,969,860 $ 7,681,806 $ 7,111,945 $ 7,478,915 $ 7,118,814 $ 6,651,553
Contributions as a percentage of
covered payroll 15.05% 13.53% 13.57% 12.05% 11.17% 12.38% 22.67% 10.69% 10.23% 9.70%
Annual money-weighted rate of return, net

of investment expense 3.29% 6.83% 7.45% 10.62% -0.30% 73.00% 15.47% Not available Not available Not available

- 68 -
POLICE PLAN (UNAUDITED)
2020 2019 2018 2017 2016 2015 2014

Service cost $ 302,692 $ 295,578 $ 291,187 $ 280,532 $ 280,866 $ 316,801 $ 298,820
Interest 1,316,309 1,293,845 1,277,727 1,256,838 1,278,794 1,225,819 1,199,805
Effect of economic/demographic gains and losses 34,539 144,944 (67,435) (410,348) (33,634) 71,303 (16,348)
Effect of assumption changes or inputs 552,508 - - 468,903 526,516 - -
Benefit payments, including refunds (1,349,550) (1,302,609) (1,254,673) (1,241,807) (1,356,577) (1,228,517) (1,153,223)
Net change in total pension liability 856,498 431,758 246,806 354,118 695,965 385,406 329,054

Contributions - employer 645,044 598,363 586,962 543,323 526,000 521,830 465,297
Contributions - members 151,039 155,311 158,336 155,007 168,570 187,108 183,100
Net investment income 340,045 739,145 965,464 1,363,252 (33,225) 134,475 1,868,074
Benefit payments, including refunds (1,349,550) (1,302,609) (1,254,673) (1,241,807) (1,356,577) (1,228,517) (1,153,223)
Administrative expense (18,995) (24,323) (20,703) (10,472) (25,540) (26,857) (24,358)
Net change in plan fiduciary net position (232,417) 165,887 435,386 809,303 (720,772) (411,961) 1,338,890
Town's net pension liability $ 6,390,030 $ 5,301,115 $ 5,035,244 $ 5,223,824 $ 5,679,009 $ 4,262,272 $ 3,464,905

Covered payroll $ 1,734,081 $ 1,678,549 $ 1,634,080 $ 1,701,371 $ 1,996,009 $ 1,881,292 $ 1,684,653

of covered payroll 368.50% 315.82% 308.14% 307.04% 284.52% 226.56% 205.67%

- 69 -
POLICE PLAN (UNAUDITED)
2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Actuarially determined contribution $ 645,044 $ 598,365 $ 586,962 $ 543,323 $ 514,887 $ 521,830 $ 465,297 $ 363,200 $ 341,993 $ 280,857

determined contribution 645,044 598,363 586,962 543,323 526,000 521,830 465,297 360,370 341,767 281,000
Contribution deficiency (excess) $ - $ 2 $ - $ - $ (11,113) $ - $ - $ 2,830 $ 226 $ (143)
Covered payroll $ 1,734,081 $ 1,678,549 $ 1,634,080 $ 1,701,371 $ 1,996,009 $ 1,881,292 $ 1,684,653 $ 2,053,458 $ 1,901,249 $ 1,697,961
Contributions as a percentage of
covered payroll 37.20% 35.65% 35.92% 31.93% 26.35% 27.74% 27.62% 17.55% 17.98% 16.55%
Annual money-weighted rate of return, net

of investment expense 2.56% 5.50% 7.46% 11.15% -26.00% 1.00% 15.42% Not available Not available Not available

- 70 -
FIRE PLAN (UNAUDITED)
2020 2019 2018 2017 2016 2015 2014

Service cost $ 34,788 $ 31,794 $ 33,608 $ 41,044 $ 38,426 $ 36,251 $ 40,464
Interest 122,862 123,710 128,944 125,384 108,942 106,278 103,909
Effect of plan changes - - - - - - 67,388
Effect of economic/demographic gains and losses (28,892) (43,727) (113,522) 41,596 - (79,518) -
Effect of assumptions changes or inputs 56,734 - - (48,803) - - -
Benefit payments (109,251) (144,793) (105,083) (104,151) (101,501) (99,167) (79,334)
Net change in total pension liability 76,241 (33,016) (56,053) 55,070 45,867 (36,156) 132,427

Contributions - employer 58,113 68,247 97,342 102,856 95,956 104,867 115,368
Net investment income 38,297 79,265 71,077 102,711 3,077 15,178 149,895
Benefit payments, including refunds (109,251) (144,793) (105,083) (104,151) (101,501) (99,167) (79,334)
Administrative expenses (7,740) (13,305) - - - - -
Net change in plan fiduciary net position (20,581) (10,586) 63,336 101,416 (2,468) 20,878 185,929
Town's net pension liability $ 444,673 $ 347,851 $ 370,281 $ 489,670 $ 536,016 $ 487,681 $ 544,715

Covered payroll Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable

of covered payroll Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable

- 71 -
FIRE PLAN (UNAUDITED)
2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Actuarially determined contribution $ 58,113 $ 68,247 $ 85,475 $ 82,077 $ 102,856 $ 102,856 $ 115,368 $ 94,466 $ 100,176 $ 103,836

determined contribution 58,113 68,247 97,342 102,856 95,956 104,867 115,368 94,466 100,176 103,836
Contribution deficiency (excess) $ - $ - $ (11,867) $ (20,779) $ 6,900 $ (2,011) $ - $ - $ - $ -
Covered payroll Not Not Not Not Not Not Not Not Not Not
applicable applicable applicable applicable applicable applicable applicable applicable applicable applicable
Contributions as a percentage of Not Not Not Not Not Not Not Not Not Not
covered payroll applicable applicable applicable applicable applicable applicable applicable applicable applicable applicable
Annual money-weighted rate of return, net Not Not Not

of investment expense 2.67% 5.43% 4.96% 7.69% 0.23% 1.14% 6.00% available available available

- 72 -
SCHEDULE OF THE TOWN'S PROPORTIONATE SHARE OF THE COLLECTIVE NET PENSION LIABILITY
CONNECTICUT TEACHERS' RETIREMENT SYSTEM (UNAUDITED)
LAST SIX FISCAL YEARS*
(Rounded to nearest thousand)
2020 2019 2018 2017 2016 2015

Town's proportion of the
collective net pension liability 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

collective net pension liability $ - $ - $ - $ - $ - $ -
collective net pension liability
attributed to the Town 102,595,000 79,106,000 81,772,000 86,270,000 66,390,000 61,365,000
Total $ 102,595,000 $ 79,106,000 $ 81,772,000 $ 86,270,000 $ 66,390,000 $ 61,365,000
Town's covered payroll $ 26,379,000 $ 25,969,000 $ 25,921,000 $ 24,984,000 $ 24,678,000 $ 23,786,000

collective net pension liability
as a percentage of its covered payroll 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Plan fiduciary net position as a percentage of the

total collective pension liability 52.00% 57.69% 55.93% 52.26% 59.50% 61.51%

- 73 -
SCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY
OTHER POST-EMPLOYMENT BENEFITS PLAN (UNAUDITED)
LAST THREE FISCAL YEARS*
2020 2019 2018

Total OPEB liability
Service cost $ 339,736 $ 325,311 $ 339,036
Interest 741,250 759,242 720,567
Changes in benefit terms - - -
Differences between expected and actual experience (527,529) - -
Effect of assumptions changes or inputs 7,115,179 1,161,839 (901,124)
Benefit payments, including refunds (713,522) (687,890) (620,512)
Net change in total OPEB liability 6,955,114 1,558,502 (462,033)
Total OPEB liability - beginning 21,192,520 19,634,018 20,096,051
Total OPEB liability - ending $ 28,147,634 $ 21,192,520 $ 19,634,018
* This schedule is intended to show information for ten years and additional years' information will be displayed as it
becomes available.

- 74 -
SCHEDULE OF THE TOWN'S PROPORTIONATE SHARE OF THE COLLECTIVE NET OPEB LIABILITY
CONNECTICUT TEACHERS' RETIREMENT SYSTEM (UNAUDITED)
LAST THREE FISCAL YEARS*
(Rounded to Nearest Thousand)
2020 2019 2018

Town's proportion of the
collective net OPEB liability 0.00% 0.00% 0.00%

collective net OPEB liability $ - $ - $ -
collective net OPEB liability
attributed to the Town 16,000,000 15,814,000 21,047,000
Total $ 16,000,000 $ 15,814,000 $ 21,047,000
Town's covered employee payroll $ 26,379,000 $ 25,969,000 $ 25,921,000

collective net OPEB liability
as a percentage of its covered employee payroll 0.00% 0.00% 0.00%
Plan fiduciary net position as a percentage of the

total collective OPEB liability 2.08% 1.49% 1.79%
* This schedule is intended to show information for ten years and additional years' information will be displayed as it becomes
available.

- 75 -
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) (Continued)
NOTE 1 - STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL -
BUDGETARY BASIS - GENERAL FUND
Budgetary Information
The Town adheres to the following procedures in establishing the budgetary data included in the General Fund
financial statements in accordance with provisions of Connecticut General Statutes and annually adopted budget
polices.
 An annual referendum to vote on the recommended Town budget, including the Board of Education
budget, shall be held no later than the 25th of May by use of voting machines. The operating budget
includes proposed expenditures and the means of financing them.
 The Board of Finance is authorized to make special appropriations of up to $50,000 to any single agency or
department and transfer budgeted amounts up to $50,000 within departments. Any special appropriation
or transfer over $50,000 must be approved at a Town Meeting.
 Formal budgetary integration is employed as a management control device during the year for the General
Fund. Additional appropriations approved during the year amounted to $942,868. All unencumbered
appropriations lapse at year end, except those for capital projects and certain special revenue grants.
Appropriations for capital projects are continued until completion of applicable projects, even when
projects extend more than one fiscal year. Encumbrance accounting is employed in governmental funds.
Encumbrances (e.g., purchase orders, contracts) outstanding at year end are reported as assigned fund
balance and do not constitute expenditures or liabilities because the commitments will be re-appropriated
and honored during the subsequent year.
As described above, accounting principles applied for purposes of developing data on a budgetary basis may differ from
those used to present financial statements in conformity with accounting principles generally accepted in the United
States of America (“GAAP basis”). A reconciliation of General Fund amounts presented on the budgetary basis to
amounts presented on the GAAP basis is as follows for the year ended June 30, 2020:
Total Total Other Financing Net Change in

Revenues Expenditures Uses, Net Fund Balance
Budgetary basis $ 87,695,899 $ 79,874,653 $ (3,906,299) $ 3,914,947
"On-behalf" payments -
State Teachers Retirement Fund 7,978,105 7,978,105 - -
Adjustment for encumbrances - (345,728) (83,314) 262,414
Reimbursement for certain

grant costs recorded as a
reduction to expenditures
for budgetary purposes 896,251 896,251 - -
Unrealized gains on fixed

income securities to be
held to maturity 39,918 - - 39,918
Adjustment for expenditures 109,411 109,411 - -
Certain transfers recorded as

expenditures for budgetary
purposes - (664,455) (664,455) -
GAAP basis $ 96,719,584 $ 87,848,237 $ (4,654,068) $ 4,217,279
- 76 -
NOTE 2 - SCHEDULE OF THE CHANGES IN NET PENSION LIABILTY - TOWN PLAN
The Town began to report this schedule when it implemented GASB Statement No. 67, Financial Reporting for
Pension Plans—an amendment of GASB Statement No. 25, in fiscal year 2014. GASB Statement No. 67 requires the
information within this schedule to be presented for the ten most recent fiscal years.
Actuarial valuations are prepared every year with the most recent available actuarial valuation performed as of July
1, 2019. The July 1, 2019 was utilized to calculate the total pension liability as of July 1, 2019, which was rolled
forward to the most recent measurement date of June 30, 2020.
Benefit Changes - There have been no benefit term changes that have had a significant effect on the measurement
of the total pension liability.
Assumption Changes - Mortality tables were updated in connection with the measurement of the total pension
liability as of June 30, 2020. There were no other significant changes in assumptions that had a significant effect on
the measurement of the total pension liability.
NOTE 3 - SCHEDULE OF CONTRIBUTIONS AND INVESTMENT RETURNS - TOWN PLAN
Actuarially determined contributions rates are calculated as of July 1, one year prior to the end of the fiscal year in
which contributions are reported.
The following methods and assumptions were utilized to determine the contribution rates for the year ended June
30, 2020.
Actuarial cost method: Entry Age Normal

Amortization method: Level Percent
Remaining amortization period: Closed 25 years from July 1, 2012
Asset valuation method: 5 Year Smoothed Market Value
Actuarial assumptions:
Inflation rate 2.75%
Discount rate 7.00%
Projected salary Increases Age related, from 4.25% to 2.75%
Amortization growth rate 3.50%
Mortality rates were based on the RP‐2000 Combined Healthy Mortality Table with generational projection per
Scale AA.
- 77 -
NOTE 4 - SCHEDULE OF THE CHANGES IN NET PENSION LIABILTY - POLICE PLAN
NOTE 5 - SCHEDULE OF CONTRIBUTIONS AND INVESTMENT RETURNS - POLICE PLAN
30, 2020.

Amortization method: Level Percent
Discount rate 7.00%
Projected salary Increases Age related, from 4.25% to 2.75%
Scale AA.
NOTE 6 - SCHEDULE OF THE CHANGES IN NET PENSION LIABILTY - FIRE PLAN
- 78 -
NOTE 6 - SCHEDULE OF THE CHANGES IN NET PENSION LIABILTY - FIRE PLAN (Continued)
NOTE 7 - SCHEDULE OF CONTRIBUTIONS AND INVESTMENT RETURNS - FIRE PLAN
30, 2020.

Amortization method: Level Dollar Amount
Discount rate 6.75%
Projected salary Increases N/A
Scale AA.
NOTE 8 - SCHEDULE OF THE TOWN’S PROPORTIONATE SHARE OF THE COLLECTIVE NET PENSION LIABILITY -
CONNECTICUT STATE TEACHERS’ RETIREMENT SYSTEM
The Town began to report this schedule when it implemented GASB Statement No. 68, Accounting and Financial
Reporting for Pensions – An Amendment of GASB Statement No. 27, in fiscal year 2015. GASB Statement No. 68
requires the information within this schedule to be presented for the ten most recent fiscal years. Information prior
to fiscal year 2015 is not available.
Actuarial valuations are prepared every two years with the most recent available actuarial valuation performed as of
June 30, 2018. This information is utilized by the Town for reporting as of June 30, 2020.
Benefit changes - Beginning January 1, 2018, member contributions increased from 6.0% to 7.0% of salary.
- 79 -
NOTE 8 - SCHEDULE OF THE TOWN’S PROPORTIONATE SHARE OF THE COLLECTIVE NET PENSION LIABILITY -
CONNECTICUT STATE TEACHERS’ RETIREMENT SYSTEM (Continued)
Assumption changes - The following significant assumptions had a significant effect on the measurement of the total
pension liability.
o In 2020, the inflation assumption was reduced from 2.75% to 2.50%.

o In 2020, the real rate of return assumption was reduced from 5.25% to 4.40%, which when combined with
the inflation assumption change, resulted in a decrease in the investment rate of return assumption from
8.00% to 6.90%.
o In 2020, the annual rate of wage increase assumption was increased from 0.50% to 0.75%.
NOTE 9 - SCHEDULE OF CHANGES IN TOTAL OPEB LIABILTY - OTHER POST-EMPLOYMENT BENEFITS PLAN
Reporting for Postemployment Benefits Other Than Pension, in fiscal year 2019. GASB Statement No. 75 requires the
1, 2018. The July 1, 2018 was utilized to calculate the total OPEB liability as of July 1, 2018, which was rolled
of the total OPEB liability.
Assumption Changes - The discount rate was decreased from 3.5% to 2.21% and mortality tables were updated in
connection with the measurement of the total OPEB liability as of June 30, 2020. There were no other significant
changes in assumptions that had a significant effect on the measurement of the total pension liability.
NOTE 10 - SCHEDULE OF THE TOWN’S PROPORTIONATE SHARE OF THE COLLECTIVE NET OTHER POST-
EMPLOYMENT BENEFITS LIABILITY - CONNECTICUT STATE TEACHERS’ RETIREMENT SYSTEM
Reporting for Postemployment Benefits Other Than Pension, in fiscal year 2018. GASB Statement No. 75 requires the
Actuarial valuations are prepared every two years with the most recent available actuarial valuation performed as of
June 30, 2018. This information is utilized by the Town for reporting as of June 30, 2020.
Benefit Changes ‐ The Plan was amended by the Board to include a new prescription drug plan, effective January 1,
2019.
Assumption Changes ‐ The following assumption changes collectively had a significant effect on the measurement of
the net OPEB liability:
o In 2020, the discount rate used to measure plan obligations for financial accounting purposes was updated
to equal the Municipal Bond Index Rate of 3.50% as of June 30, 2019.
o In 2020, the expected annual per capita claims costs were updated to better reflect anticipated medical and
prescription drug claim experience both before and after the plan change that became effective on January
1, 2019.
o In 2020, the expected rate of inflation was decreased, and the Real Wage Growth assumption was
increased.
- 80 -
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
GENERAL FUND
To account for resources traditionally associated with governments that are not required to be accounted for in
another fund.
COMPARATIVE BALANCE SHEET
GENERAL FUND
AS OF JUNE 30, 2020 AND 2019
2020 2019
ASSETS
Cash and cash equivalents $ 33,710,834 $ 20,985,245
Investments - 12,588,845
Receivables:
Property taxes, net 1,263,819 1,076,899
Interest on property taxes, net 158,522 153,544
Other 176,092 154,061
Due from other funds 3,185,352 2,834,499
Total assets $ 38,494,619 $ 37,793,093
LIABILITIES
Accounts payable $ 831,064 $ 661,806
Due to other funds 12,966,991 16,767,771
Total liabilities 13,798,055 17,429,577

Unavailable revenue - property taxes and interest 1,352,339 1,140,528
Advance property tax collections 4,991,767 5,087,809
Total deferred inflows of resources 6,344,106 6,228,337
FUND BALANCES
Nonspendable - -
Restricted - -
Committed - -
Assigned 1,673,390 737,976
Unassigned 16,679,068 13,397,203
Total fund balances 18,352,458 14,135,179
Total liabilities, deferred inflows of
resources and fund balances $ 38,494,619 $ 37,793,093
- 81 -
SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES
BUDGET AND ACTUAL – BUDGETARY BASIS – GENERAL FUND
Variance With
PROPERTY TAXES
Property taxes $ 81,913,807 $ 81,913,807 $ 82,738,622 $ 824,815
Interest and lien fees 151,600 151,600 210,469 58,869
Total property taxes 82,065,407 82,065,407 82,949,091 883,684
INTERGOVERNMENTAL REVENUES
General Government:
In lieu of taxes - state-owned property 295,398 295,398 295,398 -
In lieu of taxes - water 130,000 130,000 141,163 11,163
Disability exempt - - 647 647
Additional veterans exempt - - 17,010 17,010
Courts - - 7,951 7,951
Local capital improvement program 129,341 129,341 111,336 (18,005)
Telecommunications property tax share - - 1,412 1,412
Miscellaneous state/federal grants 6,795 6,795 47,540 40,745
Total general government 561,534 561,534 622,457 60,923
Board of Education:
Education cost sharing - - 419,128 419,128
Private school health and welfare - - 3,797 3,797
Miscellaneous state/federal grants - - 175,790 175,790
Medicaid reimbursement - - 14,499 14,499
Total board of education - - 613,214 613,214
Total intergovernmental revenue 561,534 561,534 1,235,671 674,137
LICENSES, FEES AND CHARGES FOR SERVICES:

General government:
Board of selectman 232,088 232,088 996,823 764,735
Town clerk 558,500 558,500 606,247 47,747
Public works - landfill 10,276 10,276 13,846 3,570
Police department 62,375 62,375 124,009 61,634
Fire, ambulance and civil preparedness 2,000 2,000 29,107 27,107
Land use 18,000 18,000 7,919 (10,081)
Building department 450,500 450,500 516,603 66,103
Beach and recreation 297,000 297,000 274,223 (22,777)
Youth services 63,040 63,040 77,134 14,094
Senior citizens council 12,000 12,000 7,343 (4,657)
Health department 53,000 53,000 51,069 (1,931)
Total general government 1,758,779 1,758,779 2,704,323 945,544
(Continued)
- 82 -
SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES
BUDGET AND ACTUAL – BUDGETARY BASIS – GENERAL FUND (Continued)
Variance With
LICENSES, FEES AND CHARGES FOR SERVICES (Continued):
Board of education:
Facilities rental $ 5,000 $ 5,000 $ - $ (5,000)
Miscellaneous 2,000 2,000 3,602 1,602
Total board of education 7,000 7,000 3,602 (3,398)
Total licenses, fees and charges for services 1,765,779 1,765,779 2,707,925 942,146
INVESTMENT INCOME
Interest on temporary funds 273,000 273,000 803,212 530,212
Total investment income 273,000 273,000 803,212 530,212
Total revenues 84,665,720 84,665,720 87,695,899 3,030,179
OTHER FINANCING SOURCES

Appropriation from fund balance - 501,658 - (501,658)
Cancellation of prior year encumbrances - - 83,314 83,314
Transfers in:
Dog fund 4,100 4,100 4,100 -
Beach and recreation program fund 119,123 119,123 14,773 (104,350)
Total other financing sources 123,223 624,881 102,187 (522,694)
Total revenues and other financing sources $ 84,788,943 $ 85,290,601 $ 87,798,086 $ 2,507,485
(Concluded)
- 83 -
SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES
BUDGET AND ACTUAL – BUDGETARY BASIS – GENERAL FUND
Variance With
GENERAL GOVERNMENT
Board of Selectmen $ 194,457 $ 202,672 $ 195,623 $ (7,049)
Human resources 197,324 201,935 195,113 (6,822)
Fiscal services 345,490 362,789 340,841 (21,948)
Town counsel 200,000 200,000 127,465 (72,535)
Town clerk 247,915 257,221 252,615 (4,606)
Election expense (registrars) 63,500 63,500 46,834 (16,666)
Assessor's office 302,340 314,799 308,503 (6,296)
Board of assessment appeals 1,120 504 413 (91)
Tax collector 172,916 184,493 188,427 3,934
Courts 6,304 6,304 6,129 (175)
Technology 190,020 204,536 204,092 (444)
Town administration 661,102 481,495 459,784 (21,711)
Total general government 2,582,488 2,480,248 2,325,839 (154,409)
PUBLIC SAFETY
Police service 3,370,994 3,413,472 3,425,878 12,406
Animal control 78,351 94,116 93,145 (971)
Communications 802,719 788,563 734,986 (53,577)
Fire/ambulance/civil preparedness 1,122,380 1,242,250 1,247,198 4,948
Total public safety 5,374,444 5,538,401 5,501,207 (37,194)
PUBLIC WORKS
Public works 2,099,114 2,039,855 1,958,110 (81,745)
Maintenance 1,353,074 1,355,192 1,260,011 (95,181)
Landfill 125,727 123,727 123,194 (533)
Planned and cycled maintenance - Town 111,046 111,046 111,046 -
Total public works 3,688,961 3,629,820 3,452,361 (177,459)
LAND AND BUILDING ADMINISTRATION

Land use office 284,950 287,542 252,410 (35,132)
Historic district commission 1,336 1,336 201 (1,135)
Conservation commission 6,328 6,328 4,490 (1,838)
Economic development 13,979 13,979 2,292 (11,687)
Building department 176,500 185,587 181,777 (3,810)
Town campus operations 67,902 67,902 64,135 (3,767)
Total land and building administration 550,995 562,674 505,305 (57,369)
HEALTH AND WELFARE

Department of health 232,699 259,451 249,611 (9,840)
Youth services 837,582 862,746 794,701 (68,045)
Community support services 23,949 23,949 20,437 (3,512)
Senior citizen council 551,908 560,591 465,277 (95,314)
Total health and welfare 1,646,138 1,706,737 1,530,026 (176,711)
BEACH AND RECREATION 1,511,849 1,615,717 1,549,984 (65,733)
LIBRARY 1,154,841 1,154,841 1,154,841 -

(Continued)
- 84 -
SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES
BUDGET AND ACTUAL – BUDGETARY BASIS – GENERAL FUND (Continued)
Variance With
EMPLOYEE BENEFITS - TOWN $ 3,053,920 $ 3,053,920 $ 3,024,206 $ (29,714)
MISCELLANEOUS
General insurance 1,947,648 1,947,649 1,947,649 -
Contingency 71,250 18,929 - (18,929)
Total miscellaneous 2,018,898 1,966,578 1,947,649 (18,929)
CAPITAL OUTLAYS
Beach and recreation 15,000 15,000 14,945 (55)
Public works/ engineering 17,900 17,900 17,900 -
Youth services 750 750 726 (24)
General government 3,500 3,500 3,459 (41)
Total capital outlays 37,150 37,150 37,030 (120)
BOARD OF EDUCATION
Public schools 47,554,132 47,619,128 46,948,497 (670,631)
Private schools 178,691 280,771 261,579 (19,192)
Health benefits 7,997,298 7,997,298 7,997,297 (1)
Planned and cycled maintenance 359,500 359,500 359,500 -
Total board of education 56,089,621 56,256,697 55,566,873 (689,824)
DEBT SERVICE
General government 1,142,159 1,142,159 1,142,159 -
Board of education 2,137,173 2,137,173 2,137,173 -
Total debt service 3,279,332 3,279,332 3,279,332 -
Total expenditures 80,988,637 81,282,115 79,874,653 (1,407,462)
OTHER FINANCING USES

Transfer out:
Capital projects fund 3,800,306 4,008,486 4,008,486 -
Total other financing uses 3,800,306 4,008,486 4,008,486 -
Total expenditures and other financing uses $ 84,788,943 $ 85,290,601 $ 83,883,139 $ (1,407,462)
(Concluded)
- 85 -
SCHEDULE OF BOARD OF EDUCATION PUBLIC SCHOOL EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
Variance With
11th Course stipends $ 15,000 $ 22,500 $ 22,500 $ -

Certified Teachers 22,397,733 22,085,579 22,075,403 (10,176)
Certified Administrators 2,069,516 2,058,070 2,056,647 (1,423)
Extra pay/extra duty 216,452 211,129 205,478 (5,651)
Co-curricular salaries 428,741 372,698 372,649 (49)
Early retirement 239,378 514,412 514,412 -
Directors/Managers 342,383 342,383 342,383 -
Office staff 1,484,158 1,481,860 1,473,880 (7,980)
Paraprofessional 2,026,029 2,028,452 2,027,898 (554)
Custodians 1,606,452 1,576,862 1,561,417 (15,445)
Media staff 228,553 239,158 238,429 (729)
Security 309,067 330,366 330,365 (1)
School health services 355,855 322,931 321,403 (1,528)
Athletic trainer 39,935 39,935 39,935 -
Attendance incentive 12,500 19,219 17,545 (1,674)
Occupational therapist 399,172 407,156 407,154 (2)
Substitute teachers 374,966 320,253 305,922 (14,331)
Certified substitutes/ Special Education 23,000 57,147 55,266 (1,881)
Substitutes/ school health services 16,320 20,320 20,320 -
Paraprofessional substitutes 17,000 20,274 20,274 -
Classified substitutes 16,000 8,000 7,917 (83)
Overtime 64,834 86,620 85,641 (979)
Custodial/casual labor 93,806 120,717 105,414 (15,303)
Life insurance 50,700 48,865 48,285 (580)
Social security 573,055 513,149 505,795 (7,354)
Medicare 464,668 455,302 439,285 (16,017)
FSA Administration 3,000 3,000 2,536 (464)
Pension administration 1,006,873 999,373 995,231 (4,142)
Unemployment 100,000 85,000 80,250 (4,750)
Worker's compensation 290,000 285,904 285,904 -
Disability insurance 70,200 69,535 68,344 (1,191)
Unbudgeted expense 75,000 75,000 75,000 -
Labor and legal services 110,000 209,621 209,621 -
Evaluation services 131,439 131,261 118,340 (12,921)
Staff development 255,611 216,242 185,016 (31,226)
(Continued)
- 86 -
SCHEDULE OF BOARD OF EDUCATION PUBLIC SCHOOL EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
Variance With
NEASC Accreditation services $ 4,280 $ 4,280 $ 4,125 $ (155)

Student support services 43,000 115,133 114,573 (560)
Adult education 45,000 42,000 42,000 -
Professional/technical services 1,168,527 1,234,792 1,188,837 (45,955)
Athletic medical 13,380 18,069 13,984 (4,085)
Disposal/ Recycling 73,200 63,800 63,022 (778)
Snow removal 64,946 34,446 34,348 (98)
Repairs and maintenance 559,798 771,898 771,897 (1)
Technical/Infrastructure 42,000 42,000 41,987 (13)
Emergency maintenance 50,000 80,000 79,957 (43)
Kitchen maintenance 13,401 13,401 13,334 (67)
Treatment plant repairs 29,000 21,000 21,000 -
Repair/Contracts 36,500 36,601 36,601 -
Alarm services 12,372 72 - (72)
Telephone maintenance 14,024 7,824 7,392 (432)
Rental agreements 29,757 35,636 35,093 (543)
Tree service 8,828 8,828 8,828 -
Purchase services 600 200 - (200)
Student activity transportation 34,211 29,376 27,108 (2,268)
Regular transportation 1,927,000 1,749,000 1,748,578 (422)
Fuel transportation 283,000 183,989 180,830 (3,159)
School choice transportation 64,100 45,146 34,639 (10,507)
Special Education transportation 1,188,962 1,169,962 951,641 (218,321)
General insurance 279,653 279,797 279,797 -
Student insurance 17,731 17,731 10,000 (7,731)
Telecommunications 148,570 147,978 145,278 (2,700)
Postage 21,188 18,390 17,891 (499)
Reports/public relations 4,650 2,410 2,410 -
Legal notices and advertisements 900 900 325 (575)
Printing and binding 50,062 39,131 39,132 1
Printing/ instructional supplies 36,957 36,366 35,931 (435)
Tuition (100,000) (68,615) (70,265) (1,650)
External Placement - Public 611,981 568,928 567,789 (1,139)
External Placement - Private 1,500,009 1,515,635 1,416,113 (99,522)
School Choice tuition 76,000 65,604 65,604 -
Extended year services 100,000 112,984 112,984 -
External placement/regular ed 10,000 - - -
(Continued)
- 87 -
SCHEDULE OF BOARD OF EDUCATION PUBLIC SCHOOL EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
Variance With
Travel - Staff $ 27,695 $ 29,803 $ 20,563 $ (9,240)

Travel - Board of Education 320 320 - (320)
Miscellaneous purchased services 8,500 8,500 7,776 (724)
Office supplies 40,486 43,015 41,139 (1,876)
Instructional supplies 437,012 503,494 489,979 (13,515)
Instructional software 19,500 19,500 19,484 (16)
Custodial and maintenance supplies 82,132 132,396 123,335 (9,061)
Maintenance supplies 78,000 78,000 77,663 (337)
Field maintenance 112,900 112,900 112,900 -
Gas services 268,639 191,239 181,098 (10,141)
Heating fuel 10,944 3,744 430 (3,314)
Water 42,650 42,650 37,860 (4,790)
Electricity 770,358 678,258 642,224 (36,034)
Equipment maintenance 21,672 24,944 24,943 (1)
Textbook - replacement 35,969 35,733 32,208 (3,525)
Textbook - new 36,500 (16,763) (16,763) -
Awards 4,500 4,500 2,015 (2,485)
Media supplies 40,032 37,730 37,212 (518)
Periodicals 27,951 26,912 25,454 (1,458)
Print collections 53,304 53,313 53,058 (255)
Staff uniforms 5,258 5,258 4,888 (370)
Uniforms/Student Groups 24,000 24,386 24,386 -
Supplies 67,818 90,178 86,353 (3,825)
Equipment 156,479 202,000 196,708 (5,292)
Software 262,500 262,500 262,486 (14)
Equipment-lease purchase 39,120 39,120 39,120 -
Computer hardware 468,500 690,738 690,678 (60)
Furnishings and fixtures - 23,930 23,510 (420)
Public safety 6,623 6,623 5,310 (1,313)
Dues, fees and memberships 62,352 61,994 60,925 (1,069)
Athletic event fees 10,700 12,448 12,448 -
BOE Deferred contribution pension 735 3,235 2,691 (544)
Athletic budget reduction (40,000) (40,000) (40,975) (975)
Total $ 47,554,132 $ 47,615,583 $ 46,945,728 $ (669,855)
(Concluded)
- 88 -
SCHEDULE OF PROPERTY TAXES LEVIED, COLLECTED AND OUTSTANDING
Grand Balance Transfers Balance Collections Balance

List Uncollected Current Lawful Corrections Over To To Be Interest, Liens Uncollected
Year July 1, 2019 Levy Additions Deductions Payments Suspense Collected Taxes and Fees Total June 30, 2020
2018 $ - $ 83,297,939 $ 47,174 $ 303,421 $ 16,389 $ - $ 83,058,081 $ 82,489,509 $ 160,089 $ 82,649,598 $ 568,572
2017 484,526 - 818 36,994 1,751 - 450,101 160,508 32,194 192,702 289,593
2016 171,982 - - 246 333 34,233 137,836 32,219 4,371 36,590 105,617
2015 115,955 - - 238 4 37,820 77,901 17,912 2,922 20,834 59,989
2014 62,172 - - 232 - - 61,940 12,380 640 13,020 49,560
2013 48,169 - - - - - 48,169 4,908 692 5,600 43,261
2012 43,820 - 311 311 - - 43,820 9,552 1,052 10,604 34,268
2011 38,288 - - - - - 38,288 8,917 1,293 10,210 29,371
2010 30,880 - - - - - 30,880 8,776 1,439 10,215 22,104
2009 21,168 - - - - - 21,168 3,994 608 4,602 17,174
2008 20,571 - - - - - 20,571 3,782 1,040 4,822 16,789
2007 14,905 - - - - - 14,905 3,802 2,034 5,836 11,103
2006 6,447 - - - - - 6,447 - - - 6,447
2005 5,769 - - - - - 5,769 - - - 5,769
2004 4,202 - - - - - 4,202 - - - 4,202
$ 1,068,854 $ 83,297,939 $ 48,303 $ 341,442 $ 18,477 $ 72,053 $ 84,020,078 $ 82,756,259 $ 208,374 $ 82,964,633 $ 1,263,819
- 89 -
SCHEDULE OF DEBT LIMITATION
CONNECTICUT GENERAL STATUTES, SECTION 7-374(b)
AS OF JUNE 30, 2020
Total cash collections for the year ended

June 30, 2020:
Taxes $ 82,756,259
Interest and lien fees 208,374
Total 82,964,633
Reimbursement for revenue loss:
Tax relief (CGS 12-129d) 17,657
Base $ 82,982,290
General Urban Pension

Purposes Schools Sewers Renewal Deficit
Debt limitation:
2-1/4 times base $ 186,710,153 $ - $ - $ - $ -
4-1/2 times base - 373,420,305 - - -
3-3/4 times base - - 311,183,588 - -
3-1/4 times base - - - 269,692,443 -
3 times base - - - - 248,946,870
Total debt limitation 186,710,153 373,420,305 311,183,588 269,692,443 248,946,870
Indebtedness:
Bonds payable 16,679,655 6,140,345 - - -
Total indebtedness 16,679,655 6,140,345 - - -
Net indebtedness 16,679,655 6,140,345 - - -
Debt limitation in excess of outstanding

and authorized debt $ 170,030,498 $ 367,279,960 $ 311,183,588 $ 269,692,443 $ 248,946,870
Total capacity of borrowing (7 times base) $ 580,876,030

Total present indebtedness 22,820,000
Margin for additional borrowing $ 558,056,030
- 90 -
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Special revenue funds are used to account for the proceeds of specific revenue sources that are designated or
legally restricted to expenditures for specific purposes. The nature and purpose of each special revenue fund is as
follows:
Dog Fund - To account for fees collected by Animal Control and the issuance of dog licenses. These funds are used
for the care and maintenance of the animal shelter.
Shellfish Commission Fund - To account for fees collected for shellfish permits and grant proceeds. These funds are
used to finance the shellfish management program of the Town and to ensure that the shellfish grounds are
maintained properly for the long-term propagation of shellfish.
Grants and Miscellaneous Projects Funds - To account for funds received from the State of Connecticut and other
sources for various projects. The funds are used solely for the designated projects.
Cafeteria Fund - To separately account for the operations of the Town’s school cafeterias.
Town Aid Road Fund - To account for funds received from the State for improvements to Town's roads.
Police Seizure Fund - To account for the Town's portion of funds received from State and the Federal Government
for assets seized during police investigations. These funds are used to purchase various equipment for the Town's
Police Department.
Beach and Recreation Program Fund - To account for funds collected for various Recreation programs throughout
the year. These funds are used to support the Beach and Recreation program.
Beach and Recreation Grants Fund - To account for funds received by individuals, trusts and other entities for the
benefit of recreational areas. These funds are used to maintain recreational areas and to fund educational
programs.
Toy Fund - To account for funds received by individual donors. These funds are used to purchase toys, food, and
supplies for local families in need during the Holiday season.
Partnership for Success Fund - To account for funds received from grants. These funds are used to advance a
community that values its youth and promotes healthy decisions by educating parents and children on drug and
alcohol abuse.
Meals on Wheels Fund - To account for funds received from a Trust donation. These funds are used to fund a
nutritional program for the Town's senior citizens.
Board of Education Donations Fund - To account for funds received through parents, PTO, and corporate donations.
These funds are used by the schools for various educational supplies, programs, and fieldtrips.
Senior Lunch Program Fund - To account for funds collected by individuals for senior lunches. The funds collected
are used to supplement the expenditures of the program.
NONMAJOR GOVERNMENTAL FUNDS (Continued)
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 the reporting government’s programs.
Emma J. Mellon Fund - To account for funds donated from Emma J. Mellon.
Augustus M. Dowd Fund - To account for funds donated from Augustus M. Dowd.
Walter H. Coe Park Fund - To account for funds donated from Walter H. Coe.
Daniel Hand Trust Fund - To account for funds donated from the Daniel Hand Trust.
Charlotte Dowd Scholarship Fund - To account for funds donated by Charlotte Dowd. Interest on this money is to
be used for scholarships for qualifying Daniel Hand Seniors.
Harold C. Strong Trust Fund - To account for funds donated by Harold C Strong.
COMBINING BALANCE SHEET
AS OF JUNE 30, 2020
Nonmajor Special Revenue Funds

Grants and Beach and
Shellfish Miscellaneous Town Aid Police Recreation
Dog Commission Projects Cafeteria Road Seizure Program
Fund Fund Fund Fund Fund Fund Fund
ASSETS
Cash and cash equivalents $ 1 $ 65,654 $ 809,074 $ 1,244,216 $ 388,800 $ 25 $ 100
Receivables - - - 1,312 - - -
Due from other funds 6,513 - - - 191 - 37,180
Inventories - - - 33,704 - - -
Total assets $ 6,514 $ 65,654 $ 809,074 $ 1,279,232 $ 388,991 $ 25 $ 37,280
LIABILITIES
Accounts payable $ 762 $ - $ 3,162 $ 28,271 $ - $ - $ 142
Due to other funds - 42,376 8,096 1,139,881 - 25 -
Unearned revenue 4,210 - - 23,027 - - -
Total liabilities 4,972 42,376 11,258 1,191,179 - 25 142
FUND BALANCES
Nonspendable - - - 33,704 - - -
Restricted - - 797,816 - 388,991 - -
Committed 1,542 23,278 - 54,349 - - 37,138
Unassigned - - - - - - -
Total fund balances 1,542 23,278 797,816 88,053 388,991 - 37,138
Total liabilities and fund balance $ 6,514 $ 65,654 $ 809,074 $ 1,279,232 $ 388,991 $ 25 $ 37,280
(Continued)
- 91 -
COMBINING BALANCE SHEET (Continued)
AS OF JUNE 30, 2020

Beach and Partnership Board of Senior Total
Recreation for Meals on Education Lunch Nonmajor
Grants Toy Success Wheels Donations Program Special
Fund Fund Fund Fund Fund Fund Revenue Funds
ASSETS
Cash and cash equivalents $ - $ 16,056 $ - $ 269,936 $ 55,000 $ - $ 2,848,862
Receivables - - - - - - 1,312
Due from other funds 74,328 - 12,847 60 140 - 131,259
Inventories - - - - - - 33,704
Total assets $ 74,328 $ 16,056 $ 12,847 $ 269,996 $ 55,140 $ - $ 3,015,137
LIABILITIES
Accounts payable $ - $ - $ - $ - $ 1,140 $ 20 $ 33,497
Due to other funds - 4,200 - - - 1,252 1,195,830
Unearned revenue - - - - - - 27,237
Total liabilities - 4,200 - - 1,140 1,272 1,256,564
FUND BALANCES
Nonspendable - - - - - - 33,704
Restricted 74,328 - - - - - 1,261,135
Committed - 11,856 12,847 269,996 54,000 - 465,006
Unassigned - - - - - (1,272) (1,272)
Total fund balances 74,328 11,856 12,847 269,996 54,000 (1,272) 1,758,573
Total liabilities and fund balance $ 74,328 $ 16,056 $ 12,847 $ 269,996 $ 55,140 $ - $ 3,015,137
(Continued)
- 92 -
COMBINING BALANCE SHEET (Continued)
AS OF JUNE 30, 2020
Nonmajor Permanent Funds

Daniel Charlotte Harold C. Total Total
Emma J. Augustus M. Walter H. Hand Dowd Strong Nonmajor Nonmajor
Mellon Dowd Coe Park Trust Scholarship Trust Permanent Governmental
Fund Fund Fund Fund Fund Fund Funds Funds
ASSETS
Cash and cash equivalents $ 121 $ 2 $ - $ 1,772 $ 318,728 $ 170,500 $ 491,123 $ 3,339,985
Receivables - - - - - - - 1,312
Due from other funds - 4,998 1,012 2,932 - 84 9,026 140,285
Inventories - - - - - - - 33,704
Total assets $ 121 $ 5,000 $ 1,012 $ 4,704 $ 318,728 $ 170,584 $ 500,149 $ 3,515,286
LIABILITIES
Accounts payable $ - $ - $ - $ - $ - $ - $ - $ 33,497
Due to other funds - - - - 2,907 - 2,907 1,198,737
Unearned revenue - - - - - - - 27,237
Total liabilities - - - - 2,907 - 2,907 1,259,471
FUND BALANCES
Nonspendable - - - - - - - 33,704
Restricted 121 5,000 1,012 4,704 315,821 170,584 497,242 1,758,377
Committed - - - - - - - 465,006
Unassigned - - - - - - - (1,272)
Total fund balances 121 5,000 1,012 4,704 315,821 170,584 497,242 2,255,815
Total liabilities and fund balance $ 121 $ 5,000 $ 1,012 $ 4,704 $ 318,728 $ 170,584 $ 500,149 $ 3,515,286
(Concluded)
- 93 -
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

Grants and Beach and
Shellfish Miscellaneous Town Aid Police Recreation
Dog Commission Projects Cafeteria Road Seizure Program
Fund Fund Fund Fund Fund Fund Fund
REVENUES
Intergovernmental $ - $ - $ 116,545 $ - $ 313,194 $ - $ -
Charges for services 1,522 7,835 - 793,589 - - 543,522
Investment earnings - - 6,129 - 3,060 - -
Contributions 195 - 195,447 - - - -
Total revenues 1,717 7,835 318,121 793,589 316,254 - 543,522
EXPENDITURES
Current:
General government - - 16,184 - - - -
Public safety 25,749 - 13,861 - - - -
Public works - - - - 291,368 - -
Land & building administration - - 1,800 - - - -
Health and welfare - 7,467 133,100 - - - -
Beach and recreation - - - - - - 567,093
Education - - 25,123 1,036,213 - - -
Other - - 59,499 - - - -
Total expenditures 25,749 7,467 249,567 1,036,213 291,368 - 567,093

over expenditures (24,032) 368 68,554 (242,624) 24,886 - (23,571)

Transfers in - - - 214,996 - - -
Transfers out (4,100) - - - - - (15,000)
Total other financing sources (uses) (4,100) - - 214,996 - - (15,000)
Net change in fund balances (28,132) 368 68,554 (27,628) 24,886 - (38,571)
Fund balances - beginning 29,674 22,910 729,262 115,681 364,105 - 75,709
Fund balances - ending $ 1,542 $ 23,278 $ 797,816 $ 88,053 $ 388,991 $ - $ 37,138

(Continued)
- 94 -
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (Continued)

Beach and Partnership Board of Senior Total
Recreation for Meals on Education Lunch Nonmajor
Grants Toy Success Wheels Donations Program Special
Fund Fund Fund Fund Fund Fund Revenue Funds
REVENUES
Intergovernmental $ - $ - $ 34,167 $ - $ - $ - $ 463,906
Charges for services - - - - - 43,585 1,390,053
Investment earnings - - - 3,987 6,799 - 19,975
Contributions 7,825 1,247 8,929 - 17,221 - 230,864
Total revenues 7,825 1,247 43,096 3,987 24,020 43,585 2,104,798
EXPENDITURES
Current:
General government - - - - - - 16,184
Public safety - - - - - - 39,610
Public works - - - - - - 291,368
Land & building administration - - - - - - 1,800
Health and welfare - - 44,853 - - 97,774 283,194
Beach and recreation 823 - - - - - 567,916
Education - - - - 49,931 - 1,111,267
Other - 1,750 - 14,614 - - 75,863
Total expenditures 823 1,750 44,853 14,614 49,931 97,774 2,387,202

over expenditures 7,002 (503) (1,757) (10,627) (25,911) (54,189) (282,404)

Transfers in - - - - - 49,474 264,470
Transfers out - - - (49,474) - - (68,574)
Total other financing sources (uses) - - - (49,474) - 49,474 195,896
Net change in fund balances 7,002 (503) (1,757) (60,101) (25,911) (4,715) (86,508)
Fund balances - beginning 67,326 12,359 14,604 330,097 79,911 3,443 1,845,081
Fund balances - ending $ 74,328 $ 11,856 $ 12,847 $ 269,996 $ 54,000 $ (1,272) $ 1,758,573
(Continued)
- 95 -
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (Continued)
Nonmajor Permanent Funds

Daniel Charlotte Harold C. Total Total
Emma J. Augustus M. Walter H. Hand Dowd Strong Nonmajor Nonmajor
Mellon Dowd Coe Park Trust Scholarship Trust Permanent Governmental
Fund Fund Fund Fund Fund Fund Funds Funds
REVENUES
Intergovernmental $ - $ - $ - $ - $ - $ - $ - $ 463,906
Charges for services - - - - - - - 1,390,053
Investment earnings - - - 36 4,293 2,296 6,625 26,600
Contribution - - - - - - - 230,864
Total revenues - - - 36 4,293 2,296 6,625 2,111,423
EXPENDITURES
Current:
General government - - - - - - - 16,184
Public safety - - - - - - - 39,610
Public works - - - - - - - 291,368
Land & building administration - - - - - - - 1,800
Health and welfare - - - - - - - 283,194
Beach and recreation - - - - - - - 567,916
Education - - - - 1,000 - 1,000 1,112,267
Other - - - - - - - 75,863
Total expenditures - - - - 1,000 - 1,000 2,388,202

over expenditures - - - 36 3,293 2,296 5,625 (276,779)

Transfers in - - - - - - - 264,470
Transfers out - - - - - - - (68,574)
Total other financing sources (uses) - - - - - - - 195,896
Net change in fund balances - - - 36 3,293 2,296 5,625 (80,883)
Fund balances - beginning 121 5,000 1,012 4,668 312,528 168,288 491,617 2,336,698
Fund balances - ending $ 121 $ 5,000 $ 1,012 $ 4,704 $ 315,821 $ 170,584 $ 497,242 $ 2,255,815
(Concluded)
- 96 -
CAPITAL PROJECTS FUND
The Capital Projects Fund is used to account for financial resources to be used for the acquisition or construction of
major capital facilities.
SCHEDULE OF EXPENDITURES
RESERVE FUND
AS OF JUNE 30, 2020
Expenditures Unexpended
Total and Balance
Project Appropriations Encumbrances June 30, 2020
Reserve Fund:
Technology $ 1,231,819 $ 1,114,834 $ 116,985
Historical Document Preservation 14,526 14,526 -
Major roads 889,049 629,454 259,595
Construction capital 6,948 - 6,948
Madison Fire Department:
Truck replacement 1,416,167 1,416,042 125
Hose replacement 36,002 35,935 67
North Madison Fire Department:
Truck replacement 652,875 561,003 91,872
Hose replacement 32,678 24,185 8,493
Ambulance 351,359 221,097 130,262
Planned/cycled maintenance - Beach & Recreation 73,633 42,346 31,287
Planned/cycled maintenance - BOE 706,652 422,005 284,647
Planned/cycled maintenance - Town 135,039 22,182 112,857
Facilities reserve 516,768 50,434 466,334
Communication equipment 532,760 479,016 53,744
Vehicle replacement 101,079 97,272 3,807
North Madison water tanks 202,751 - 202,751
Town vehicles 249,557 222,059 27,498
Beach and recreation capital 30,791 8,195 22,596
Energy assistance - utilities 342 - 342
Severance pay 64,147 40,584 23,563
Self-insurance 130,967 24,016 106,951
Revaluation 91,387 87,871 3,516
Defined contribution pension 10,483 - 10,483
Open space reserve 238,038 - 238,038
Debt service reserve 741,011 - 741,011
BOE external placements 350,000 - 350,000
OPEB reserve 9,742 - 9,742
Planning reserve 100,227 9,500 90,727
Total Reserve Fund $ 8,916,797 $ 5,522,556 $ 3,394,241
- 97 -
INTERNAL SERVICE FUNDS
Internal Service Funds are used to account for the Town’s self-insurance activities relating to health benefits and
flexible spending accounts.
Health Benefits Fund - To account for self-insurance activities relating to employee and retiree health benefits.
Flexible Spending Fund - To account for activities of the flexible spending program.
COMBINING STATEMENT OF NET POSITION
AS OF JUNE 30, 2020
Health Flexible
Benefits Spending Total
Fund Fund 2020 2019
ASSETS
Cash and cash equivalents $ 1,372,140 $ 41,777 $ 1,413,917 $ 3,950,503
Due from other funds 5,034,919 - 5,034,919 -
Total assets 6,407,059 41,777 6,448,836 3,950,503
LIABILITIES
Accounts payable - - - 7,931
Claims payable 527,686 - 527,686 753,541
Due to other funds - - - 86,471
Total liabilities 527,686 - 527,686 847,943
NET POSITION
Restricted - 41,777 41,777 31,885
Unrestricted 5,879,373 - 5,879,373 3,070,675
Total net position $ 5,879,373 $ 41,777 $ 5,921,150 $ 3,102,560
- 98 -
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
Health Flexible
Fund Fund 2020 2019
OPERATING REVENUES
Charges for services $ 11,764,793 $ 139,334 $ 11,904,127 $ 11,737,979
Total operating revenues 11,764,793 139,334 11,904,127 11,737,979
OPERATING EXPENSES
Claims incurred 8,038,029 129,442 8,167,471 9,881,115
Administrative expenses 918,066 - 918,066 966,723
Total operating expenses 8,956,095 129,442 9,085,537 10,847,838
Operating income 2,808,698 9,892 2,818,590 890,141
NONOPERATING REVENUE
Investment earnings - - - 713
Total nonoperating revenue - - - 713
Change in net position 2,808,698 9,892 2,818,590 890,854
Net position - beginning 3,070,675 31,885 3,102,560 2,211,706
Net position - ending $ 5,879,373 $ 41,777 $ 5,921,150 $ 3,102,560
- 99 -
COMBINING STATEMENT OF CASH FLOWS
Health Flexible
Fund Fund 2020 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from charges for services $ 6,635,472 $ 139,334 $ 6,774,806 $ 11,827,267
Cash payments for claims incurred (8,263,884) (129,442) (8,393,326) (9,913,275)
Cash payments to providers of benefits (918,066) - (918,066) (966,723)
Net cash (used in) provided by operating activities (2,546,478) 9,892 (2,536,586) 947,269
CASH FLOWS FROM INVESTING ACTIVITIES

Income on investments - - - 713
Net cash provided by investing activities - - - 713
Net (decrease) increase in cash and cash equivalents (2,546,478) 9,892 (2,536,586) 947,982
Cash and cash equivalents - beginning of year 3,918,618 31,885 3,950,503 3,002,521
Cash and cash equivalents - end of year $ 1,372,140 $ 41,777 $ 1,413,917 $ 3,950,503
RECONCILIATION OF OPERATING INCOME TO NET CASH

(USED IN) PROVIDED BY OPERATING ACTIVITIES
Operating income $ 2,808,698 $ 9,892 $ 2,818,590 $ 890,141
Adjustments to reconcile operating income to
net cash (used in) provided by operating activities
Increase (decrease) in accounts payable (7,931) - (7,931) 5,299
Increase in claims payable (225,855) - (225,855) (37,459)
Change in due to (from) other funds (5,121,390) - (5,121,390) 89,288
Net cash used in provided by operating activities $ (2,546,478) $ 9,892 $ (2,536,586) $ 947,269
- 100 -
FIDUCIARY FUNDS
AGENCY FUNDS
Agency funds are used to report resources held by the Town in a purely custodial capacity (assets equal liabilities).
Agency funds typically involve only the receipt, temporary investment, and remittance of fiduciary resources to
individuals, private organizations, or other governments. Agency funds include the following:
Performance Bonds Fund - To account for cash bonds posted by contractors, developers and others.
Police Explorers Post 492 Fund - To fund the Police Explorer program. The Police Explorer program is the
preeminent career orientation and experience program for young people contemplating a career in the field of
criminal justice.
Student Activities Funds - To account for receipts and disbursements relating to student activities.
Alumni Activities Funds - To account for receipts and disbursements relating to graduating class activities.
Summer School Fund - To account for receipts and disbursements relating to summer programs.
Athletic Registrations Fund - To account for certain student athletic registration fees and disbursements related to
certain school sports.
DHHS Athletics Fund - To account for certain student athletic registration fees and disbursements related to certain
school sports.
COMBINING STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES
AGENCY FUNDS
AS OF JUNE 30, 2020
Performance Police Explorers Student Alumni Summer Athletic DHHS Total

Bonds Post 492 Activities Activities School Registrations Athletics Agency
Fund Fund Fund Fund Fund Fund Fund Funds
ASSETS
Cash and cash equivalents $ 431,148 $ 7,752 $ 427,363 $ 3,516 $ - $ - $ 76,249 $ 946,028
Receivables 6,300 - - - 3,852 20,791 - 30,943
Total assets $ 437,448 $ 7,752 $ 427,363 $ 3,516 $ 3,852 $ 20,791 $ 76,249 $ 976,971
LIABILITIES
Payables $ - $ 1,274 $ 46,859 $ - $ - $ - $ 70,967 $ 119,100
Due to others 437,448 6,478 380,504 3,516 3,852 8,707 5,282 845,787
Unearned revenue - - - - - 12,084 - 12,084
Total liabilities $ 437,448 $ 7,752 $ 427,363 $ 3,516 $ 3,852 $ 20,791 $ 76,249 $ 976,971
- 101 -
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
Balance, Balance,
July 1, 2019 Additions Deletions June 30, 2020
Performance Bonds Fund
Assets
Cash and cash equivalents $ 431,569 $ 5,349 $ 5,770 $ 431,148
Receivables 4,800 1,500 - 6,300
Total assets $ 436,369 $ 6,849 $ 5,770 $ 437,448
Liabilities
Due to others $ 436,369 $ 6,849 $ 5,770 $ 437,448
Total liabilities $ 436,369 $ 6,849 $ 5,770 $ 437,448
Police Explorers Post 492 Fund

Assets
Cash and cash equivalents $ 7,752 $ - $ - $ 7,752
Total assets $ 7,752 $ - $ - $ 7,752
Liabilities
Payables $ 1,274 $ - $ - $ 1,274
Due to others 6,478 - - 6,478
Total liabilities $ 7,752 $ - $ - $ 7,752
Student Activities Funds

Assets
Total assets $ 410,496 $ 312,857 $ 295,990 $ 427,363
Liabilities
Payables $ 20,207 $ 26,652 $ - $ 46,859
Due to others 390,289 286,205 295,990 380,504
Alumni Activities Fund

Assets
Cash and cash equivalents $ 3,516 $ - $ - $ 3,516
Total assets $ 3,516 $ - $ - $ 3,516
Liabilities
Due to others $ 3,516 $ - $ - $ 3,516
Summer School Fund

Assets
Receivables $ 3,852 $ - $ - $ 3,852
Total assets $ 3,852 $ - $ - $ 3,852
Liabilities
Due to others $ 3,852 $ - $ - $ 3,852
(Continued)
- 102 -
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES (Continued)
AGENCY FUNDS
Balance, Balance,
July 1, 2019 Additions Deletions June 30, 2020
Athletic Registrations Fund
Assets
Receivables $ 19,086 $ 124,905 $ 123,200 $ 20,791
Total assets $ 19,086 $ 124,905 $ 123,200 $ 20,791
Liabilities
Due to others $ 5,845 $ 124,905 $ 122,043 $ 8,707
Unearned revenue 13,241 - 1,157 12,084
DHHS Athletics Fund

Assets
Total assets $ 24,871 $ 55,774 $ 4,396 $ 76,249
Liabilities
Payables $ 21,781 $ 49,186 $ - $ 70,967
Due to others 3,090 6,588 4,396 5,282
Total All Agency Funds

Assets
Receivables 27,738 126,405 123,200 30,943
Total assets $ 905,942 $ 500,385 $ 429,356 $ 976,971
Liabilities
Payables $ 43,262 $ 75,838 $ - $ 119,100
Due to others 849,439 424,547 428,199 845,787
Unearned revenue 13,241 - 1,157 12,084
(Concluded)
- 103 -
STATISTICAL SECTION
The objectives of statistical section information are to provide financial statement users with additional historical
perspective, context and detail to assist in using the information in the financial statements, notes to financial
statements and required supplementary information to understand and assess economic condition.
CONTENTS: Page
Financial Trends:
These schedules contain trend information to help the reader understand how the Town’s 104
financial performance and well-being have changed over time.
Revenue Capacity:
These schedules contain information to help the reader assess the factors affecting the Town’s 108
ability to generate its property taxes.
Debt Capacity:
These schedules present information to help the reader assess the affordability of the Town’s 113
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 115
the environment within which the Town’s financial activities take place and to help make
comparisons over time and with other governments.
Operating Information:
These schedules contain information about the Town’s operations and resources to help the 118
reader understand how the Town’s financial information relates to the services the Town
provides and the activities it performs.
Sources: Unless otherwise noted, the information in the accompanying tables is derived from the comprehensive
annual financial reports for the relevant year.
Table 1

NET POSITION BY COMPONENT
(Accrual Basis of Accounting - Unaudited)
2011 2012 2013 2014 * 2015 2016 2017 2018 ** 2019 2020
Net investment in capital assets $ 73,287,084 $ 76,395,822 $ 82,100,206 $ 84,111,236 $ 85,651,893 $ 89,500,244 $ 92,564,811 $ 94,047,054 $ 91,430,436 $ 87,054,118
Restricted 218,552 383,856 454,774 489,294 489,120 473,923 1,527,279 1,523,156 1,670,319 1,776,346
Unrestricted 16,544,950 16,702,511 12,143,122 4,518,116 6,211,429 5,511,697 1,869,449 (11,180,763) (7,809,868) (4,525,865)
Total Governmental Activities Net Position $ 90,050,586 $ 93,482,189 $ 94,698,102 $ 89,118,646 $ 92,352,442 $ 95,485,864 $ 95,961,539 $ 84,389,447 $ 85,290,887 $ 84,304,599
* Net position of the Town was impacted by the implementation of GASB Statement No. 68, Accounting and Financial Reporting for Pensions -
An Amendment of GASB Statement No. 27.
** Net position of the Town was impacted by the implementation of GASB Statement No. 75, Accounting and Financial Reporting for Post-employment
Benefits Other Than Pensions.
- 104 -
Table 2

CHANGES IN NET POSITION
(Accrual Basis of Accounting - Unaudited)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Expenses:
General government $ 2,530,160 $ 3,199,139 $ 2,788,823 $ 2,480,403 $ 3,066,806 $ 4,110,941 $ 4,151,142 $ 4,394,446 $ 6,991,660 $ 4,480,006
Public safety 6,815,181 6,548,536 6,542,550 6,489,538 7,665,318 6,723,604 5,980,627 8,256,246 8,951,738 9,047,994
Public works 4,022,861 5,330,430 6,499,707 6,327,154 6,878,133 7,825,941 7,110,529 5,497,260 5,922,024 6,265,955
Land and building administration 535,795 534,776 559,205 535,491 826,346 2,835,497 2,636,639 808,647 1,010,271 839,817
Health and welfare 1,860,572 1,769,015 1,759,454 1,837,599 1,780,235 2,382,849 2,791,842 2,497,662 2,520,859 3,434,780
Beach and recreation 1,583,953 1,628,882 1,318,601 1,480,895 1,534,989 1,776,624 2,040,520 2,934,466 3,169,183 3,274,352
Library 1,674,912 1,661,336 1,705,124 1,757,918 1,475,891 1,468,278 1,331,505 1,293,806 979,389 7,406,888
Education 54,503,530 56,704,907 58,862,658 60,683,012 58,346,516 60,974,827 62,687,701 68,380,287 63,489,058 70,485,921
Interest expense 1,566,264 663,484 674,654 1,072,959 762,134 821,220 603,384 655,493 784,714 778,165
Total governmental activities expenses 75,093,228 78,040,505 80,710,776 82,664,969 82,336,368 88,919,781 89,333,889 94,718,313 93,818,896 106,013,878
Program Revenues:
Charges for services:
General government 806,935 670,083 983,607 801,745 806,293 835,718 885,686 992,331 1,172,843 868,277
Public safety - - - - - - - 144,710 174,000 128,781
Public works - - - - - - - 14,143 15,047 13,846
Land and building administration - - - - - - - 543,384 457,618 524,522
Health and welfare - - - - - - 168,504 193,171 171,788
Beach and recreation 1,089,871 1,052,761 982,484 1,016,901 1,004,893 1,092,302 1,101,045 1,065,425 972,349 825,580
Education 958,506 932,494 837,671 884,288 844,950 845,020 1,025,475 1,085,987 1,144,312 793,589
Other 601,956 645,612 544,408 591,401 724,068 782,050 720,297 - - -
Operating grants and contributions 8,863,414 10,116,605 9,222,289 10,385,962 8,793,313 9,176,493 8,754,579 13,265,003 6,916,601 15,322,045
Capital grants and contributions 23,349 12,342 475,742 322,728 - 3,601,337 164,152 796,810 133,425 854,010
Total governmental activities program revenues 12,344,031 13,429,897 13,046,201 14,003,025 12,173,517 16,332,920 12,651,234 18,076,297 11,179,366 19,502,438
Net Expense:
Governmental activities (62,749,197) (64,610,608) (67,664,575) (68,661,944) (70,162,851) (72,586,861) (76,682,655) (76,642,016) (82,639,530) (86,511,440)
General revenues and other changes in net position:

Property taxes 65,471,668 66,196,047 67,670,799 70,161,343 71,730,220 73,421,387 76,129,174 79,033,613 81,807,864 83,270,313
Grants and contributions not restricted to
specific purposes 1,013,775 1,092,438 1,171,956 1,203,803 925,891 1,240,301 1,056,738 665,106 672,296 639,371
Unrestricted investment earnings (losses) 625,426 617,725 (68,343) 544,862 598,383 793,129 (27,582) 40,571 1,060,810 869,730
Rental income - - - - - - - - - 745,738
Other general revenues 86,026 136,001 106,076 198,504 142,153 265,466 - - - -
Total governmental activities general revenues

and other changes in net position 67,196,895 68,042,211 68,880,488 72,108,512 73,396,647 75,720,283 77,158,330 79,739,290 83,540,970 85,525,152
Changes in Net Position:

Governmental Activities $ 4,447,698 $ 3,431,603 $ 1,215,913 $ 3,446,568 $ 3,233,796 $ 3,133,422 $ 475,675 $ 3,097,274 $ 901,440 $ (986,288)
- 105 -
Table 3
FUND BALANCES OF GOVERNMENTAL FUNDS
(Modified Accrual Basis of Accounting ‐ Unaudited)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
General Fund:
Assigned $ 1,156,217 $ 1,363,696 $ 1,170,334 $ 1,423,049 $ 1,439,530 $ 1,692,710 $ 1,581,573 $ 957,233 $ 737,976 $ 1,673,390
Unassigned 8,374,061 8,665,196 7,801,578 8,801,600 9,338,533 11,221,844 9,985,680 10,034,487 13,397,203 16,679,068
Total General Fund $ 9,530,278 $ 10,028,892 $ 8,971,912 $ 10,224,649 $ 10,778,063 $ 12,914,554 $ 11,567,253 $ 10,991,720 $ 14,135,179 $ 18,352,458
All other governmental funds:
Nonspendable $ 24,844 $ 16,272 $ 23,455 $ 32,874 $ 40,650 $ 22,438 $ 26,761 $ 22,362 $ 22,362 $ 33,704
Restricted 1,512,672 1,441,090 1,198,493 1,303,643 1,238,359 1,746,200 1,527,279 1,523,156 8,102,899 1,876,348
Committed 9,348,867 8,029,976 6,199,383 6,681,527 7,888,733 5,539,308 6,822,303 9,519,733 9,507,143 8,354,275
Assigned 645,391 1,134,486 1,667,165 938,097 553,587 1,255,019 1,307,787 663,518 1,356,797 671,615
Unassigned (947) ‐ ‐ ‐ ‐ (932) (932) (932) ‐ (1,272)
Total All Other Governmental Funds $ 11,530,827 $ 10,621,824 $ 9,088,496 $ 8,956,141 $ 9,721,329 $ 8,562,033 $ 9,683,198 $ 11,727,837 $ 18,989,201 $ 10,934,670
* The Town began to report new fund categories when it implemented GASB Statement No. 54 in fiscal year 2011.
‐ 106 ‐
Table 4

CHANGES IN FUND BALANCE - GOVERNMENTAL FUNDS
(Modified Accrual Basis of Accounting - Unaudited)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Revenues:
Property taxes $ 65,332,472 $ 66,155,979 $ 67,821,393 $ 70,211,672 $ 71,596,027 $ 73,481,643 $ 76,232,529 $ 78,922,266 $ 81,551,338 $ 83,058,502
Intergovernmental 9,326,126 10,883,713 10,121,774 11,322,505 10,173,817 13,012,412 11,352,269 10,386,785 11,573,029 12,786,445
Charges for services 3,520,270 3,350,042 3,348,170 3,323,098 3,413,671 3,555,090 3,697,899 3,979,465 4,128,750 4,071,926
Income (loss) on investments 625,426 617,729 484,996 544,453 595,393 787,791 (27,582) 40,572 1,060,810 869,730
Contributions 408,111 68,496 90,346 316,291 338,007 347,428 148,567 100,996 183,702 235,091
Other 191,325 350,326 763,478 443,847 142,153 266,231 107,269 90,559 198,818 342,674
Total revenues 79,403,730 81,426,285 82,630,157 86,161,866 86,259,068 91,450,595 91,510,951 93,520,643 98,696,447 101,364,368
Expenditures:
General government 1,425,635 1,835,151 1,788,977 1,561,147 1,950,778 1,606,579 2,153,814 2,281,455 2,238,328 2,478,722
Public safety 4,550,447 4,489,420 4,551,575 4,348,065 4,611,976 4,645,507 3,606,846 5,060,793 5,264,751 5,543,672
Public works 2,426,017 3,478,661 3,735,380 3,945,330 3,955,606 3,035,220 4,758,461 3,327,061 3,624,053 3,401,823
Land and building administration 396,225 379,466 440,495 404,715 409,038 426,829 715,952 619,574 521,886 517,407
Health and welfare 1,387,630 1,255,564 1,303,841 1,300,335 1,314,724 1,338,522 1,979,401 1,619,351 1,726,613 1,813,220
Beach and recreation 1,163,026 1,014,357 1,002,296 1,006,232 1,082,349 1,915,867 1,472,659 1,999,875 2,069,143 2,107,015
Library 1,256,018 1,281,136 1,317,698 1,311,324 1,336,430 1,327,061 1,346,802 1,318,133 1,004,842 1,154,841
Education 54,238,136 54,986,027 55,761,593 57,626,635 57,691,072 59,002,223 61,242,808 63,588,531 66,080,091 65,605,634
Insurance, employee benefits and other 4,203,888 4,075,735 4,709,763 4,572,414 4,649,375 4,707,226 4,667,642 4,819,139 4,961,149 5,013,773
Capital outlays 4,470,706 4,939,861 6,463,963 4,606,218 4,033,376 8,231,614 8,188,708 3,424,888 7,185,220 13,431,743
Debt service:
Principal 2,905,000 3,107,948 2,865,000 3,254,394 3,380,219 3,675,262 3,524,591 3,696,746 3,958,795 3,362,656
Interest and fiscal charges 1,627,918 993,348 1,428,583 1,104,675 1,004,525 846,418 801,814 710,301 824,662 858,477
Total expenditures 80,050,646 81,836,674 85,369,164 85,041,484 85,419,468 90,758,328 94,459,498 92,465,847 99,459,533 105,288,983
Excess (deficiency) of Revenues over Expenditures (646,916) (410,389) (2,739,007) 1,120,382 839,600 692,267 (2,948,547) 1,054,796 (763,086) (3,924,615)
Other Financing Sources (Uses):

Payment to refunded bond escrow (6,546,351) - (9,485,604) - - (9,373,392) - - - -
Proceeds from capital leases - - - - 479,002 - 2,722,411 414,310 1,434,680 87,363
Proceeds from bond issues 5,910,000 - - - - - - - 9,100,000 -
Proceeds from refunding bond issues 6,480,000 - 9,200,000 - - 8,555,000 - - - -
Premium on sale of refunding bonds 208,357 - 434,303 - - 1,103,320 - - - -
Premium on bond issuance - - - - - - - - 633,229 -
Sale of capital assets - - - - - - - - - -
Transfers in 2,974,573 3,126,132 4,958,277 3,850,365 4,197,054 4,314,369 5,667,160 5,561,671 5,509,804 4,959,702
Transfers out (2,974,573) (3,126,132) (4,958,277) (3,850,365) (4,197,054) (4,314,369) (5,667,160) (5,561,671) (5,509,804) (4,959,702)
Total other financing sources 6,052,006 - 148,699 - 479,002 284,928 2,722,411 414,310 11,167,909 87,363
Net Change in Fund Balances $ 5,405,090 $ (410,389) $ (2,590,308) $ 1,120,382 $ 1,318,602 $ 977,195 $ (226,136) $ 1,469,106 $ 10,404,823 $ (3,837,252)
Debt Service as a % to Non-capital Expenditures 5.2% 5.7% 5.0% 5.0% 5.1% 5.4% 5.0% 4.9% 4.9% 4.1%
- 107 -
TABLE 5

ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
(in thousands of dollars)
(Unaudited)
Assessed
Real Property Tax Exempt Estimated Value as a
Fiscal Residential Commercial Vacant Motor Personal Real Property Total Taxable Actual Percentage of
Year Property Property Land Vehicles Property Excluded Assessed Value Mill Rate Taxable Value Actual Value
2011 $ 3,029,920,518 $ 172,183,850 $ 47,435,100 $ 139,988,160 $ 47,831,750 $ 11,659,086 $ 3,425,700,292 19.30 $ 4,893,857,560 70.00%
2012 3,030,318,368 172,281,350 43,203,900 150,515,600 47,708,765 11,080,990 3,432,946,993 19.43 4,904,209,990 70.00%
2013 3,040,451,268 176,738,870 39,540,700 158,982,080 48,273,837 10,504,845 3,453,481,910 19.77 4,933,545,586 70.00%
2014 3,045,313,468 178,181,910 38,935,200 154,687,500 51,185,576 10,513,730 3,457,789,924 20.39 4,939,699,891 70.00%
2015 2,450,345,200 172,360,700 31,887,400 161,432,490 52,996,187 10,114,260 2,858,907,717 25.17 4,084,153,881 70.00%
2016 2,452,713,700 172,902,600 28,176,400 162,561,400 55,045,264 10,176,160 2,861,223,204 25.76 4,087,461,720 70.00%
2017 2,450,789,900 180,454,900 29,545,800 162,452,600 59,406,441 9,824,120 2,872,825,521 26.49 4,104,036,459 70.00%
2018 2,462,672,800 179,595,100 30,219,700 164,082,112 61,544,750 9,206,150 2,888,908,312 27.30 4,127,011,874 70.00%
2019 2,472,996,000 180,611,300 29,240,900 167,606,825 62,627,330 8,697,430 2,904,384,925 28.04 4,149,121,321 70.00%
2020 2,473,164,700 191,392,700 30,541,500 171,465,907 74,927,671 8,583,260 2,932,909,218 28.35 4,189,870,311 70.00%
Source: Town of Madison Assessor and State of Connecticut, Office of Policy and Management.
- 108 -
TABLE 6
PROPERTY TAX RATES
(Unaudited)
Town Direct Mill Rates

General Town Board of Debt Total
Fiscal Year Government Mill Education Mill Service Direct Mill
Ended June 30, Rate Rate Mill Rate Rate
2020 8.11 18.99 1.25 28.35

2019 8.05 18.75 1.24 28.04
2018 7.94 18.11 1.25 27.30
2017 7.67 17.54 1.28 26.49
2016 7.28 17.02 1.46 25.76
2015 7.06 16.65 1.46 25.17
2014 5.55 13.64 1.20 20.39
2013 5.29 13.34 1.14 19.77
2012 5.09 13.21 1.13 19.43
2011 5.04 13.04 1.22 19.30
Source: Town budgets by department
- 109 -
TABLE 7

PRINCIPAL TAXPAYERS
CURRENT YEAR AND TEN YEARS AGO
(Unaudited)
2020 2011
Percentage Percentage
of Gross of Gross
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Value Rank Grand List Value Rank Grand List
Connecticut Light & Power $ 45,819,560 1 1.56% $ 21,535,110 1 0.63%

Madison Beach Hotel 9,254,100 2 0.32%
Davis Realty LLC 6,214,100 5 0.21% 6,096,670 5 0.18%
Hearth at Tuxis Pond 6,796,800 4 0.23% 6,496,300 3 0.19%
Southern Connecticut Gas 6,057,520 6 0.21% 6,953,900 2 0.20%
Sherwood Island 44 LLC 5,888,500 7 0.20%
Sabra Health Care Holdings III LLC
Connecticut Water Company 5,814,890 8 0.20% 5,116,940 7 0.15%
Debolina LLC 7,272,700 3 0.25% 3,986,416 10 0.12%
JP Morgan Chase Bank NA 3,875,550 10 0.13%
1291 Boston Post Rd LLC
Toyota Lease Trust 4,068,024 9 0.14%
Schumann Robert F 5,266,574 6 0.15%
EAN Holdings 4,947,062 8 0.14%
Harborside Connecticut LTD 6,440,000 4 0.19%
Madison Beach Club 4,333,300 9 0.13%
$ 101,061,744 3.45% $ 71,172,272 2.09%

Source: Town Assessor’s office
- 110 -
TABLE 8

PROPERTY TAX LEVIES AND COLLECTIONS
(Unaudited)
Taxes Collected within the Total

Levied Fiscal Year of the Levy Collections in Collections to Date
Fiscal for the Percentage Subsequent Percentage
Year Fiscal Year Amount of Levy Years Amount of Levy
2011 $ 65,697,255 $ 65,262,107 99.34% $ 417,974 $ 65,680,081 99.97%

2012 66,347,409 65,889,778 99.31% 435,526 66,325,304 99.97%
2013 67,926,142 67,571,381 99.48% 325,390 67,896,771 99.96%
2014 70,277,425 69,944,224 99.53% 298,933 70,243,157 99.95%
2015 71,781,400 71,381,525 99.44% 356,613 71,738,138 99.94%
2016 73,526,539 73,201,733 99.56% 275,246 73,476,979 99.93%
2017 76,096,977 75,745,824 99.54% 291,165 76,036,989 99.92%
2018 78,890,981 78,497,100 99.50% 288,263 78,785,363 99.87%
2019 81,527,844 81,039,850 99.40% 198,402 81,238,252 99.64%
2020 83,058,081 82,489,509 99.32% - 82,489,509 99.32%
- 111 -
TABLE 9

RATIO OF OUTSTANDING DEBT BY TYPE
(Unaudited)
General Bond Unamortized Total Percentage of

Fiscal Obligation Anticipation Bond Capital Nathan's Lane Primary Personal Per
Year Bonds Notes Premium Leases Note Payable Government Income (2) Capita
2011 $ 42,902,391 $ - $ - $ 13,767 $ 171,856 $ 43,088,014 4.6% 2,362

2012 39,589,851 - - - 80,000 39,669,851 4.0% 2,169
2013 36,280,000 - 419,265 - - 36,699,265 3.7% 2,006
2014 32,865,000 - 397,550 - - 33,262,550 3.4% 1,819
2015 29,360,000 - 375,385 377,668 - 30,113,053 3.1% 1,647
2016 25,535,000 - 1,451,695 287,406 - 27,274,101 2.8% 1,492
2017 22,500,000 - 1,353,228 2,520,226 - 26,373,454 2.5% 1,409
2018 19,430,000 - 1,254,762 2,307,790 - 22,992,552 2.2% 1,260
2019 25,425,000 - 1,789,525 2,888,675 - 30,103,200 2.8% 1,650
2020 22,820,000 - 1,659,398 2,218,382 - 26,697,780 2.4% 1,443
- 112 -
TABLE 10

RATIO OF NET GENERAL BONDED DEBT TO
ASSESSED VALUE AND NET GENERAL BONDED DEBT PER CAPITA
(Unaudited)
General Bonded Debt

Governmental Activities Percentage of Total Percentage of
Fiscal General Actual Taxable Primary Personal Per
Year Purpose Value of Property Government Income Capita
2011 $ 42,902,391 0.8767% $ 42,902,391 4.60% 2,352

2012 39,589,851 0.8073% 39,589,851 4.03% 2,164
2013 36,699,265 0.7439% 36,699,265 3.72% 2,006
2014 33,262,550 0.6734% 33,262,550 3.42% 1,819
2015 29,735,385 0.7281% 29,735,385 3.06% 1,626
2016 26,986,695 0.6602% 26,986,695 2.77% 1,476
2017 23,853,228 0.5812% 23,853,228 2.22% 1,274
2018 20,684,762 0.5012% 20,684,762 1.95% 1,134
2019 27,214,525 0.6559% 27,214,525 2.56% 1,491
2020 24,479,398 0.5843% 24,479,398 2.17% 1,323
- 113 -
TABLE 11

LEGAL DEBT MARGIN INFORMATION
(Unaudited)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Debt limit $ 459,176,718 $ 464,384,053 $ 476,722,078 $ 493,082,807 $ 502,778,535 $ 515,642,561 $ 533,648,150 $ 552,189,379 $ 570,884,482 $ 580,876,030
Total net debt applicable to limit 43,214,881 39,968,151 36,903,460 32,814,201 29,334,714 25,535,000 22,500,000 28,530,000 25,425,000 22,820,000
Legal Debt Margin 415,961,837 424,415,902 439,818,618 460,268,606 473,443,821 490,107,561 511,148,150 523,659,379 545,459,482 558,056,030
Total net debt applicable to the limit
as a percentage of debt limit 14% 12% 12% 9% 6% 5% 4% 5% 4% 4%
Note: The State of Connecticut General Statutes require that in no event shall the total debt of the Town exceed
seven (7) times the annual receipts from taxation.
- 114 -
TABLE 12

DEMOGRAPHIC AND ECONOMIC STATISTICS
(Unaudited)
Personal Percentage of
Income Per Capita Bachelor’s
Fiscal (thousands of Personal Median High School Degree School Unemployment
Year Population (4) dollars) (5) Income (1) Age (1) Graduate or Higher Enrollment (2) Rate (3)
2011 18,239 $ 933,344 $ 51,173 45.8 12.5% 62.4% 3,630 6.3%

2012 18,291 983,196 53,753 45.8 12.5% 64.3% 3,465 6.1%
2013 18,297 986,995 53,943 46.7 12.7% 65.5% 3,390 5.7%
2014 18,284 973,093 53,221 46.9 12.7% 66.1% 3,297 4.8%
2015 18,284 973,093 53,221 47.0 13.0% 66.0% 3,171 4.0%
2016 18,284 973,093 53,221 47.0 13.0% 66.0% 3,027 4.2%
2017 18,722 1,072,078 57,263 47.0 13.0% 66.0% 2,941 3.2%
2018 18,247 1,061,373 58,167 48.0 13.0% 66.0% 2,835 3.7%
2019 18,247 1,061,373 58,167 48.0 14.3% 63.8% 2,673 3.0%
2020 18,507 1,126,854 60,888 49.1 13.0% 66.0% 2,618 5.1%
Sources: Population, personal income, median age and education level provided by Town of Madison
(1) American Community Survey 5 Year Estimates / CERC Town Profiles
(2) CT State Dept of Education, EdSight
(3) State of Connecticut, Department of Labor.
(4) State of Connecticut Department of Economic Development
(5) Formula of population times per capita personal income, divided by one thousand
- 115 -
TABLE 13

PRINCIPAL EMPLOYERS
CURRENT YEAR AND EIGHT YEARS AGO
(Unaudited)
2020 2011
Percentage Percentage
of Total of Total
Town Town
Employees Rank Employment Employees Rank Employment
Town of Madison / Madison BOE 664 ^ 1 13.1% 806 ^ 1 9.1%
Clarity Software Solutions 145 2 2.9%
Madison Beach Hotel 92 7 1.8% 103 4 1.2%
Stop and Shop 125 5 2.5% 142 2 1.6%
Grove School 132 3 2.6% 87 6 1.0%
Camp Laurelwood 125 6 2.5%
The Hearth at Tuxis Pond 82 9 1.6% 79 8 0.9%
Madison Beach Club 90 8 1.8%
Harborside Healthcare / Madison House 70 10 1.4% 139 3 1.6%
Roberts Food Center 128 4 2.5% 97 5 1.1%
McDonald's Restaurant 79 7 0.9%
USI 61 9 0.7%
Watrous Nursing Home 45 10 0.5%
^ Includes Temporary Beach and Recreation Employees
- 116 -
TABLE 14

FULL-TIME GOVERNMENT EMPLOYEES BY FUNCTION/PROGRAM
(Unaudited)
FISCAL YEAR
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Function/Program:
General Government 29.7 28.2 32.3 32.1 31.7 28.4 29.0 27.5 28.1 30.6
Public Safety / Emergency Communications 34.4 36.4 35.4 35.6 35.6 36.6 36.6 37.1 40.7 40.4
Public Works / Engineering / Maintenance 26.6 25.6 27.1 28.1 30.1 23.5 21.5 20.5 19.5 21.0
Public Health 2.0 2.0 2.0 2.0 1.3 1.3 1.3 1.3 2.5 2.5
Libraries 13.4 15.0 15.5 14.4 14.8 14.8 11.0 11.0 8.0 10.7
Social Services 15.5 14.1 14.6 14.7 14.3 15.2 18.0 18.0 17.4 18.6
Beach and recreation 5.0 4.2 4.2 4.2 4.2 12.2 14.2 14.2 14.2 14.2
Education 608.0 589.0 582.0 581.0 575.0 571.0 522.0 521.0 508.0 492.0
TOTAL 734.5 714.4 713.0 712.1 706.9 702.9 653.5 650.5 638.3 630.1
Source: Various Town departments.
- 117 -
TABLE 15

OPERATING INDICATORS BY FUNCTION/PROGRAM
(Unaudited)
FISCAL YEAR
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
General Government
Birth certificates issued 93 101 81 93 87 87 90 111 116 100
Death certificates issued 165 169 146 173 134 173 194 184 188 188
Marriage licenses issued 103 124 112 182 111 108 113 132 138 129
Civil union licenses issued N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Boards and Agencies

Registered voters 13,157 13,213 13,521 12,838 12,582 11,971 13,007 13,101 13,043 13,110
Planning and Development

Building permits issued 1,228 607 711 712 761 806 703 751 838 3,652
Building department fees $ 390,629 $ 207,948 $ 331,413 $ 321,333 $ 359,634 $ 378,954 $ 301,571 $ 443,559 $ 459,696 $ 516,603
Value of building permits (in thousand of dollars) $ 37,608 $ 17,667 $ 27,948 $ 27,213 $ 29,945 $ 31,632 $ 22,541 $ 32,284 $ 32,700 $ 36,678
Public Safety
Part I crimes 129 118 113 122 81 424 118 88
Motor vehicle accidents 442 424 475 339 410 412 375 426 398 356
Medical calls 2,398 2,082 2,026 1,684 2,047 1,941 1,446 1,943 1,412 1,435
Motor vehicle enforcement 6,871 5,360 3,454 3,948 3,837 4,687 3,430 2,829 2,489 1,836
Alarm responses 1,175 1,214 1,171 1,416 987 989 862 1,017 808 922
Total incidents 11,015 9,198 7,239 7,509 7,281 8,029 6,194 6,639 5,225 4,637
Facility Management
Miles of roads maintained 121 121 121 121 121 121 121 121 121 121
Public Libraries
Volumes in collection 125,907 122,069 116,276 113,277 114,436 113,502 112,353 90,000 66,343 66,487
Items circulated 292,028 251,538 228,805 207,450 188,549 163,630 169,031 131,178 59,171 66,664
Attendance 140,837 94,807 92,984 85,319 100,000 100,000 112,806 113,574 7,579 5,499
Events 754 723 839 915 908 1,197 501 799 452 333
Beach & Recreation

Total Surf Club Reservations 323 209 209 271 343 480 347 77 67 44
Total Programs Offered 227 450 549 741 862 305 645 755 246 185
Total Programs Registrations 5,213 18,279 18,414 10,344 15,200 2,509 6,130 4,907 4,657 2,988
Resident Beach Access Passes 6,000 6,246 5,870 7,517 7,552 6,266 6,179 6,620 6,026 9,859
Human Services
Dial-a-ride passengers 127 101 105 98 77 88 77 58 91 70
Dial-a-ride traveled miles 22,989 16,681 14,356 14,358 14,941 11,141 11,062 11,126 10,093 5,479
Education
Elementary schools 3 3 3 3 3 3 3 3 3 2
Middle schools 2 2 2 2 2 2 2 2 2 2
High schools 1 1 1 1 1 1 1 1 1 1
Source(s): Various Town Departments

- 118 -
TABLE 16

CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
(Unaudited)
FISCAL YEAR
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Public Works
Miles of town roads 121 121 121 121 121 121 121 121 121 121
Miles of sidewalks 3 3 3 3 3 3 3 3 3 3
Storm sewers (miles) 32 32 32 32 32 32 32 32 32 32
Parks and Recreation

Acreage 1578 1578 1620 1620 1620 1620 1620 1620 1620 1620
Playgrounds (including schools) 6 6 6 6 6 6 6 6 6 6
Tennis courts 8 8 8 8 8 8 8 8 8 8
Baseball / Softball fields 16 16 16 16 16 16 16 16 16 16
Basketball courts 3 3 3 3 3 3 3 3 3 3
Soccer / Football fields 5 5 8 8 8 8 8 8 8 8
Beaches 3 3 3 3 3 3 3 3 3 3
Community Gardens 180 180 180 180 180 180 180 180 180 180
Bocce Courts 5 5 5 5 5 5 5 5 5 5
Source(s): Various Town Departments
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Town of Madison 2020 Public Financial Report

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Town of Madison 2020 Public Financial Report

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TOWN OF MADISON,

For The Year Ended

For The Year Ended

Independent Auditor’s Report 1

Management’s Discussion and Analysis - Unaudited 3

Basic Financial Statements:

Governmental Fund Financial Statements:

Proprietary Fund Financial Statements:

Fiduciary Fund Financial Statements:

Notes to the Financial Statements 27

Required Supplementary Information:

TABLE OF CONTENTS (Continued)

FINANCIAL SECTION (Continued)

Required Supplementary Information (Continued):

Notes to Required Supplementary Information 76

Combining and Individual Fund Statements and Schedules:

Nonmajor Governmental Funds:

Reserve Fund (Capital Projects):

Internal Service Funds:

TABLE OF CONTENTS (Continued)

Demographic and Economic Information:

MADISON PUBLIC SCHOOLS

Stacy S. Nobitz, CPA

December 17, 2020

8 Campus Drive, Madison, CT 06443 (203) 245-6310 e-mail: nobitzs@madisonct.org

Profile of the Town of Madison

Long-Term Financial Planning

Relevant Financial Policies

Awards and Acknowledgements

Stacy S. Nobitz, CPA

For its Comprehensive Annual

June 30, 2019

Judge of Registrar of Board of Board of Board of Board of Zoning Board

Director of Director of Fire Marshal/ Chief Building Town Inlands

Appointed by Selectman on Recommendation of Town Republican and Democratic Parties

Beach & Economic Flood & Ero- Historic Inland

Rockland Salt Meadow Veterans’ Senior Tax

Assessor Orietta Nucolo

860.541.2000 main Glastonbury

PMS 288 UP Pantone Green UP PMS 368 UP

INDEPENDENT AUDITOR’S REPORT

To the Board of Finance

Management’s Responsibility for the Financial Statements

Required Supplementary Information

Other Reporting Required by Government Auditing Standards

Certified Public Accountants

OVERVIEW OF THE FINANCIAL STATEMENTS

Government-wide Financial Statements

OVERVIEW OF THE FINANCIAL STATEMENTS (Continued)

Government-wide Financial Statements (Continued)

Fund Financial Statements

OVERVIEW OF THE FINANCIAL STATEMENTS (Continued)

Fund Financial Statements (Continued)

Notes to the Financial Statements

GOVERNMENT-WIDE FINANCIAL ANALYSIS

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)

Net Position (Continued)

2020 2019 $ Variance % Variance