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financial_report 2024-09-30 MO State Auditor #q11ec7b25 Open original ↗

City of Clayton ACFR — year ended September 30, 2024 (full report)

This is the City of Clayton, Missouri annual comprehensive financial report (including the single-audit report) for the year ended September 30, 2024. The excerpts show financial statements and schedules (statement of activities, governmental funds balance sheet, schedule of expenditures of federal awards, notes and required supplementary information), discussion of investment and pension trust fund policies, and budgetary process procedures. Specific figures shown include total primary government expenses of $34,563,939, net change in net position of $8,872,780 and ending net position of $121,378,373; major revenue line items such as property tax $9,755,016, sales tax $11,882,392, and utility tax $5,596,998; fund-level cash, investments and receivables (total governmental funds assets $76,677,902); a City contribution to the Uniformed Employees’ Retirement Fund of $849,199 in 2024; actuarial assumption changes (discount rate from 4.87% to 4.06%); and a reported $136 budget overrun in the 2021 Special Obligation Bond Issue Debt Service Fund.
Cited passage
2020. The Plan updated the salary increase assumption from a flat 4.0% for all participants to service-based rates ranging from 5.0% for new hires to 3.5% for those with 15 or more years of service. The Plan updated interest

2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Annual rate of return, net of 9.89% 7.03% (11.18%) 28.33% 3.06% 3.99% 8.47% 12.09% 1.66% 7.54% investment expense CITY OF CLAYTON, MISSOURI SCHEDULE OF INVESTMENT RETURNS NON-UNIFORMED EMPLOYEES' RETIREMENT FUND Last Ten Fiscal Years FISCAL YEAR ENDED JUNE 30, (See independent auditor's report.) - 69 -

2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 TOTAL PENSION LIABILITY Service cost 1,151,179 $ 1,137,925 $ 1,138,933 $ 832,442 $ 1,096,636 $ 1,005,464 $ 994,484 $ 941,122 $ 888,793 $ 838,618 $ Interest 3,833,922

3,701,929

3,799,538

2,737,370

3,511,446

3,384,479

3,258,781

3,141,917

3,013,562

2,860,499

Changes of benefit terms -

707,508

-

-

-

-

-

-

-

-

Differences between expected and actual experience 682,448

(959,793)

(1,720,510)

-

(68,468)

(320,836)

(143,420)

(279,615)

(92,530)

457,271

Changes of assumptions -

391,872

68,592

-

276,664

-

-

-

-

-

Benefit payments, including refund of member contributions (3,182,778)

(2,896,379)

(2,550,301)

(1,839,103)

(2,399,612)

(2,295,082)

(2,354,204)

(2,025,952)

(2,030,975)

(2,009,305)

Net change in total pension liability 2,484,771

2,083,062

736,252

1,730,709

2,416,666

1,774,025

1,755,641

1,777,472

1,778,850

2,147,083

Total pension liability, beginning 57,213,076

55,130,014

54,393,762

52,663,053

50,246,387

48,472,362

46,716,721

44,939,249

43,160,399

41,013,316

TOTAL PENSION LIABILITY - ENDING 59,697,847 $ 57,213,076 $ 55,130,014 $ 54,393,762 $ 52,663,053 $ 50,246,387 $ 48,472,362 $ 46,716,721 $ 44,939,249 $ 43,160,399 $ PLAN FICUCIARY NET POSITION Contributions - employer 849,199 $ 974,481 $ 883,085 $ 936,031 $ 1,078,842 $ 1,141,253 $ 1,109,879 $ 1,137,681 $ 1,053,439 $ 945,822 $ Contributions - employee 499,765

367,619

367,110

255,318

540,230

336,825

327,813

303,847

277,605

264,381

Net investment income 11,291,714

4,869,488

(7,762,510)

5,502,214

6,995,708

8,119,976

(1,446,798)

5,599,207

3,405,344

1,152,431

Benefit payments (3,182,778)

(2,896,379)

(2,550,301)

(1,839,103)

(2,399,612)

(2,295,082)

(2,354,204)

(2,025,952)

(2,030,975)

(2,009,305)

Administrative expense (41,466)

(85,064)

(211,651)

(108,414)

(88,142)

(222,244)

(234,931)

(203,696)

(206,272)

(212,257)

Net change in plan fiduciary net position 9,416,434

3,230,145

(9,274,267)

4,746,046

6,127,026

7,080,728

(2,598,241)

4,811,087

2,499,141

141,072

Plan fiduciary net position, beginning 53,527,977

50,297,832

59,572,099

54,826,053

48,699,027

41,618,299

44,216,540

39,405,453

36,906,312

36,765,240

PLAN FIDUCIARY NET POSITION - ENDING 62,944,411 $ 53,527,977 $ 50,297,832 $ 59,572,099 $ 54,826,053 $ 48,699,027 $ 41,618,299 $ 44,216,540 $ 39,405,453 $ 36,906,312 $ EMPLOYER NET PENSION LIABIITY (ASSET) (3,246,564) $ 3,685,099 $ 4,832,182 $ (5,178,337) $ (2,163,000) $ 1,547,360 $ 6,854,063 $ 2,500,181 $ 5,533,796 $ 6,254,087 $ NET PENSION LIABILITY AND RELATED RATIOS MEASUREMENT DATE SEPTEMBER 30, CITY OF CLAYTON, MISSOURI SCHEDULE OF CHANGES IN THE EMPLOYER'S UNIFORMED EMPLOYEES' PENSION FUND Last Ten Fiscal Years - 70 -

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