FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT SCHOOL DISTRICT OF CLAYTON June 30, 2025 SCHOOL DISTRICT OF CLAYTON TABLE OF CONTENTS Page Independent Auditors' Report 4 Management's Discussion and Analysis - Unaudited 7 Basic Financial Statements District-wide Financial Statements Statement of Net Position 20 Statement of Activities 21 Fund Financial Statements Balance Sheet - Governmental Funds 22 Reconciliation of the Governmental Funds Balance Sheet with the District-wide Statement of Net Position 23 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 24 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances with the District-Wide Statement of Activities 25 Statement of Net Position - Proprietary Funds 26 Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds 27 Statement of Cash Flows - Proprietary Funds 28 Notes to the Financial Statements 29 Required Supplementary Information - Unaudited Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Cash Basis General Fund 65 Special Revenue Fund 66 Notes to Required Supplementary Information 67 SCHOOL DISTRICT OF CLAYTON TABLE OF CONTENTS Page Net Pension Liability - Unaudited 69 Schedule of Changes in Total OPEB Liability and Related Ratios - Unaudited 71 Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Cash Basis Debt Service Fund 73 Capital Projects Fund 74 Annual Financial Information and Operating Data - Unaudited 76