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finance 2020 2021 Audited Financial Report

This is the School District of Clayton’s audited financial report for the fiscal year ended June 30, 2021. It includes the independent auditor’s report, management’s discussion and analysis, district-wide and fund financial statements (statements of net position, activities, revenues/expenditures, cash flows), notes to the financial statements, and supplementary schedules such as budget vs. actual and pension/OPEB schedules. Excerpts show detailed 2021 figures including total governmental fund revenues of $66,102,153, total expenditures of $65,690,985, ending governmental fund balances of $34,334,237, long‑term liabilities (e.g., bonds payable $59,110,865, net pension liability $53,658,800), and disclosed tax abatements of about $1.2 million for 2021.

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2. District's Other Risk

The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees and natural disasters. To mitigate these risks, the District is a participant in the Missouri United School Insurance Council (MUSIC) which is a Protected Self-Insurance Program of Missouri Public School Districts with approximately 400 members. The District pays an assessment to MUSIC to cover estimated claims payable and reserves for claims for each entity. Part of the assessment then goes to purchase excess insurance contracts for the group as a whole. Should the contributions received by MUSIC not be sufficient, special assessments can be made to the member districts. There have been no significant changes in insurance coverage from the prior year. - 64 -

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