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financial_report 2024-09-30 MO State Auditor #q2072ab9d 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.

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2020. These changes increased the liability. (3) The salary scale for non-uniformed employees was updated from 4.0% to a scale based on years of service with a range of 3.5% - 5.0%. This slightly

This decreased the liability. In FY24: (1) The discount rate decreased from 4.87% to 4.06% based on the updated municipal bond index. (2) The salary scale and demographic assumptions for Non-Uniformed employees were updated based on the Non-Uniformed Employees' Pension Plan 2024 Experience Study dated August 2024. (See independent auditor's report.) - 75 -

CITY OF CLAYTON, MISSOURI

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

September 30, 2024

EXPLANATION OF BUDGETARY PROCESS

The City follows these procedures in establishing the budgetary data reflected in the financial statements:

a. Prior to August 1, the City Manager submits to the Board of Aldermen a proposed operating budget for all funds, except the Drug and Asset Forfeiture Fund and fiduciary (pension) funds for the fiscal year. The operating budget includes proposed expenditures and the means of financing them. Expenditures may not exceed appropriations at the department level for the General Fund and at the fund level for all other funds. For budgetary purposes, police and fire activities are budgeted as a single “public safety” department.

b. Public hearings and open Board of Aldermen meetings are held to obtain taxpayer comments.

c. Prior to October 1, the budget is adopted by the Board of Aldermen.

d. Budgets are adopted on a basis generally consistent with accounting principles generally accepted in the United States of America (GAAP). Accordingly, budgetary comparisons in the required supplementary information and other supplemental information are presented on this basis. Unencumbered appropriations lapse at fiscal year-end.

e. The current year budget includes amendments. Budget amendments between funds, or departments in the General Fund, must be approved by the Board of Aldermen.

During the year ended September 30, 2024, the expenditures in the 2021 Special Obligation Bond Issue Debt Service Fund were over budget by $136. - 76 -

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