finance 2022 2023 Audited Financial Report
This is the School District of Clayton’s audited financial report (fiscal year ending June 30, 2023) containing the independent auditor’s report, management’s discussion and analysis, basic financial statements, notes, and supplementary and budgetary schedules. Sections include district-wide statements (statement of net position and activities), governmental and proprietary fund financial statements, reconciliations between fund and district-wide results, notes on accounting policies and retirement plans, and required supplementary information. The excerpts show detailed revenues, expenditures, and fund balances by fund (General, Special Revenue, Debt Service, Capital Projects) for the year, including total governmental revenues of $74,769,834, total expenditures of $69,396,509, and a June 30, 2023 governmental fund balance of $45,473,758. The reconciliation records adjustments (e.g., capital outlay $6,263,673, depreciation $4,715,463, bond principal repayment $4,920,000, change in net position $11,779,135) and other items such as pension and OPEB-related figures.
Cited passage
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 over 475 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. - 62 -