SCHOOL DISTRICT OF CLAYTON STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS Year ended June 30, 2022 General Fund Special Revenue Fund Debt Service Fund Capital Projects Fund Total Governmental Funds Revenues Local $ 20,708,617 $ 35,774,596 $ 8,603,404 $ 4,218,476 $ 69,305,093 County 117,824 248,983 181,784 85,167 633,758 State 360,218 1,838,364 - - 2,198,582 Federal 1,834,041 127,434 176,629 6,145 2,144,249 Other 3,096 2,837 - 65,117 71,050 Total revenues 23,023,796 37,992,214 8,961,817 4,374,905 74,352,732 Expenditures Instruction 2,120,006 28,273,865 - 703,693 31,097,564 Attendance and guidance 755,832 1,425,228 - - 2,181,060 Health services 681,646 218,904 - 7,980 908,530 Improvement of instruction and professional development 311,663 1,139,285 - - 1,450,948 Media services 358,347 537,841 - 1,422 897,610 Board of Education services 220,250 - - - 220,250 Executive administration 1,631,790 1,278,517 - 40,677 2,950,984 Building level administration 1,068,014 1,674,124 - 2,556 2,744,694 Operation of plant 7,595,132 - - 1,154,610 8,749,742 Security services 207,176 - - 2,155,933 2,363,109 Nonallowable transportation 160,660 - - - 160,660 Food services 1,064,557 - - - 1,064,557 Business services 920,753 - - - 920,753 Central office support services 481,028 504 - - 481,532 Adult/community programs 1,201,442 3,518 - 24,329 1,229,289 Debt service Principal retirements - - 6,720,000 490,000 7,210,000 Interest and other charges - - 1,821,502 102,917 1,924,419 Total expenditures 18,778,296 34,551,786 8,541,502 4,684,117 66,555,701 Revenues over (under) expenditures 4,245,500 3,440,428 420,315 (309,212) 7,797,031 Other financing sources (uses) Transfers 173,606 (27,006) - 11,155 157,755 173,606 (27,006) - 11,155 157,755 Net Change in Fund Balances 4,419,106 3,413,422 420,315 (298,057) 7,954,786 Fund balances at July 1, 2021 12,058,750 13,589,732 5,414,500 3,271,255 34,334,237 Fund balances at June 30, 2022 $ 16,477,856 $ 17,003,154 $ 5,834,815 $ 2,973,198 $ 42,289,023 The accompanying notes are an integral part of this statement. - 25 -

SCHOOL DISTRICT OF CLAYTON RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES WITH THE DISTRICT-WIDE STATEMENT OF ACTIVITIES Year ended June 30, 2022 Total net change in fund balance - governmental funds $ 7,954,786 Capital outlay to purchase or build capital assets and right-to-use leased assets are reported in governmental funds as expenditures. However, for governmental activities, those costs are shown in the Statement of Net Position and allocated over their estimated useful lives as annual depreciation expenses in the Statement of Activities. This is the amount by which capital outlay exceeds depreciation/amortization expense for the period. Depreciation/amortization expense 4,481,337 Capital outlay (4,023,022) (458,315) Because some property taxes, grants, and other inflows of resources will not be collected for several months after the District's fiscal year end, they are not considered as "available" revenues in the governmental funds, and are instead reported as deferred inflows of resources. They are, however, reported as revenues in the Statement of Activities. (2,062,701) In the Statement of Activities, the loss or gain on the sale or disposal of capital assets is recognized. The fund financial statements recognize only the proceeds from the assets. Loss on disposal of capital assets (33) In the Statement of Activities, certain operating expenses such as compensated absences (vacations) are measured by the amounts earned during the year. In the governmental funds, however, expenditures for these items are measured by the amount of financial resources used (essentially, the amounts actually paid). 7,711 The governmental funds report debt (e.g. bond) proceeds as another financial source, while repayment of debt principal is reported as an expenditure. Also governmental funds report the effect of premiums when debt is first issued, whereas these amounts are deferred and amortized in the Statement of Activities. The net effect of these differences in the treatment of debt and related items are as follows: Bond issuance premium 690,708 Repayment of bond principal 6,720,000 Lease principal 490,000 7,900,708 Interest on long-term debt in the Statement of Activities differs from the amount reported in the governmental funds because interest is recorded as an expenditure in the funds when it is due, and thus requires the use of current financial resources. In the Statement of Activities, however, interest expense is recognized as the interest accrues, regardless of when it is due. 76,589 The internal services fund used by management to charge the costs of the insurance to individual funds is not reported in the Statement of Activities. Governmental fund expenditures and the related internal service fund revenues are eliminated. The net revenue (expense) of the internal service fund is included in the governmental activities. 437,682 The fund financial statements do not recognize the liability related to postemployment benefits other than pensions. The decrease in this liability is recognized in the Statement of Activities. 32,697 The fund financial statements do not recognize the pension liability. The decrease is recognized in the Statement of Activities. 6,734,445 Change in net position of governmental activities $ 20,623,569 The accompanying notes are an integral part of this statement. - 26 -