SCHOOL DISTRICT OF CLAYTON BALANCE SHEET - GOVERNMENTAL FUNDS June 30, 2023 General Fund Special Revenue Fund Debt Service Fund Capital Projects Fund Total Governmental Funds ASSETS Cash and investments $ 16,683,415 $ 17,838,263 $ 5,272,251 $ 2,489,693 $ 42,283,622 Restricted cash and investments - - 3,034,275 - 3,034,275 Receivables Property taxes - net of allowance for uncollectibles of $1,582,505 21,808,322 26,666,706 7,325,553 4,298,970 60,099,551 Sales taxes 355,762 213,457 - - 569,219 Grants 152,573 206,525 - - 359,098 Other receivables 115,007 33,281 107 2,076 150,471 Due from other funds - - - 10,140 10,140 Inventories 117,404 - - - 117,404 Prepaid expenditures 338,620 - - - 338,620 Total assets $ 39,571,103 $ 44,958,232 $ 15,632,186 $ 6,800,879 $ 106,962,400 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES LIABILITIES Accounts payable $ 756,603 $ 500 $ - $ 295,482 $ 1,052,585 Due to other funds 10,140 - - - 10,140 Accrued payroll and payroll taxes 24,848 88,795 - - 113,643 Unearned revenue 146,112 19,000 - - 165,112 Total liabilities 937,703 108,295 - 295,482 1,341,480 DEFERRED INFLOWS OF RESOURCES Deferred property taxes 21,797,003 26,643,746 7,319,156 4,294,964 60,054,869 Deferred grants 1,132 75,207 - - 76,339 Deferred other 15,954 - - - 15,954 Total deferred inflows of resources 21,814,089 26,718,953 7,319,156 4,294,964 60,147,162 FUND BALANCES Nonspendable Inventories 117,404 - - - 117,404 Prepaid expenditures 338,620 - - - 338,620 Restricted Grants 152,573 206,525 - - 359,098 Teachers salaries and benefits - 17,924,459 - - 17,924,459 Debt service - - 8,313,030 - 8,313,030 Assigned Other capital projects - - - 2,210,433 2,210,433 Student activities 598,956 - - - 598,956 Unassigned 15,611,758 - - - 15,611,758 Total fund balances 16,819,311 18,130,984 8,313,030 2,210,433 45,473,758 Total liabilities, deferred inflows of resources and fund balances $ 39,571,103 $ 44,958,232 $ 15,632,186 $ 6,800,879 $ 106,962,400 The accompanying notes are an integral part of this statement. - 21 - SCHOOL DISTRICT OF CLAYTON RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET WITH THE DISTRICT-WIDE STATEMENT OF NET POSITION June 30, 2023 Amounts reported for governmental activities in the Statement of Net Position are different because: Total fund balance - governmental funds $ 45,473,758 Capital assets and right-to-use assets used in governmental activities are not financial resources and therefore are not reported as assets in the governmental funds. The cost of capital assets and right-to-use assets is 165,490,921 Accumulated depreciation/amortization is (62,481,310) 103,009,611 Certain property taxes, grants, and other receivables will be collected this year, but are not available soon enough to pay for the current period's expenditures, and therefore are deferred in the funds. (265,892) An internal service fund is used by management to charge the costs of insurance to individual funds. The assets and liabilities of the internal service fund are included in governmental activities in the statements of net position. 1,413,430 Deferred outflows of resources are not due and payable in the current period and therefore are not reported in the funds Deferred pension contributions 16,296,531 Deferred OPEB 466,810 16,763,341 Deferred inflows of resources related to pension deferrals are not reported in governmental funds. (2,385,866) Deferred inflows of resources related to OPEB deferrals are not reported in governmental funds. (1,535,644) Long-term liabilities, including bonds payable, are not due and not payable in the current period and therefore are not reported as liabilities in the funds. Long- term liabilities at year end consist of: Bonds payable 46,188,327 Leases, net 3,275,000 Accrued interest on the bonds 477,807 Compensated absences 340,890 Net pension liability 46,284,893 OPEB liability 4,739,694 (101,306,611) Net position of governmental activities $ 61,166,127 The accompanying notes are an integral part of this statement. - 22 -

The assets and liabilities of the internal service fund are included in governmental activities in the statements of net position. 1,413,430 Deferred outflows of resources are not due and payable in the current period and therefore are not reported in the funds Deferred pension contributions 16,296,531 Deferred OPEB 466,810 16,763,341 Deferred inflows of resources related to pension deferrals are not reported in governmental funds. (2,385,866) Deferred inflows of resources related to OPEB deferrals are not reported in governmental funds. (1,535,644) Long-term liabilities, including bonds payable, are not due and not payable in the current period and therefore are not reported as liabilities in the funds. Long- term liabilities at year end consist of: Bonds payable 46,188,327 Leases, net 3,275,000 Accrued interest on the bonds 477,807 Compensated absences 340,890 Net pension liability 46,284,893 OPEB liability 4,739,694 (101,306,611) Net position of governmental activities $ 61,166,127 The accompanying notes are an integral part of this statement. - 22 - SCHOOL DISTRICT OF CLAYTON STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS Year ended June 30, 2023 General Fund Special Revenue Fund Debt Service Fund Capital Projects Fund Total Governmental Funds Revenues Local $ 21,409,679 $ 34,073,686 $ 8,635,557 $ 6,052,394 $ 70,171,316 County 116,542 292,308 181,809 117,957 708,616 State 426,308 1,937,623 - - 2,363,931 Federal 985,724 305,953 176,332 - 1,468,009 Other 32,225 - - 25,737 57,962 Total revenues 22,970,478 36,609,570 8,993,698 6,196,088 74,769,834 Expenditures Instruction 2,497,564 29,132,042 - 761,515 32,391,121 Attendance and guidance 840,799 1,372,781 - - 2,213,580 Health services 720,003 203,497 - - 923,500 Improvement of instruction and professional development 436,018 1,197,202 - - 1,633,220 Media services 480,380 560,187 - - 1,040,567 Board of Education services 251,438 - - 1,280 252,718 Executive administration 1,867,741 1,294,462 - 89,762 3,251,965 Building level administration 1,153,652 1,711,528 - 60,000 2,925,180 Operation of plant 7,731,392 - - 2,686,959 10,418,351 Security services 292,449 - - 2,782,421 3,074,870 Nonreimbursable transportation 317,486 - - - 317,486 Food services 1,075,550 - - 20,365 1,095,915 Business services 1,075,426 - - - 1,075,426 Central office support services 482,435 3,936 - 2,110 488,481 Adult/community programs 1,161,987 5,503 - 20,063 1,187,553 Debt service Principal retirements - - 4,920,000 500,000 5,420,000 Interest and other charges - - 1,595,483 91,093 1,686,576 Total expenditures 20,384,320 35,481,138 6,515,483 7,015,568 69,396,509 Revenues over (under) expenditures 2,586,158 1,128,432 2,478,215 (819,480) 5,373,325 Other financing sources (uses) Transfers (2,244,703) (602) - 56,715 (2,188,590) (2,244,703) (602) - 56,715 (2,188,590) Net Change in Fund Balances 341,455 1,127,830 2,478,215 (762,765) 3,184,735 Fund balances at July 1, 2022 16,477,856 17,003,154 5,834,815 2,973,198 42,289,023 Fund balances at June 30, 2023 $ 16,819,311 $ 18,130,984 $ 8,313,030 $ 2,210,433 $ 45,473,758 The accompanying notes are an integral part of this statement. - 23 -

SCHOOL DISTRICT OF CLAYTON STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS Year ended June 30, 2023 General Fund Special Revenue Fund Debt Service Fund Capital Projects Fund Total Governmental Funds Revenues Local $ 21,409,679 $ 34,073,686 $ 8,635,557 $ 6,052,394 $ 70,171,316 County 116,542 292,308 181,809 117,957 708,616 State 426,308 1,937,623 - - 2,363,931 Federal 985,724 305,953 176,332 - 1,468,009 Other 32,225 - - 25,737 57,962 Total revenues 22,970,478 36,609,570 8,993,698 6,196,088 74,769,834 Expenditures Instruction 2,497,564 29,132,042 - 761,515 32,391,121 Attendance and guidance 840,799 1,372,781 - - 2,213,580 Health services 720,003 203,497 - - 923,500 Improvement of instruction and professional development 436,018 1,197,202 - - 1,633,220 Media services 480,380 560,187 - - 1,040,567 Board of Education services 251,438 - - 1,280 252,718 Executive administration 1,867,741 1,294,462 - 89,762 3,251,965 Building level administration 1,153,652 1,711,528 - 60,000 2,925,180 Operation of plant 7,731,392 - - 2,686,959 10,418,351 Security services 292,449 - - 2,782,421 3,074,870 Nonreimbursable transportation 317,486 - - - 317,486 Food services 1,075,550 - - 20,365 1,095,915 Business services 1,075,426 - - - 1,075,426 Central office support services 482,435 3,936 - 2,110 488,481 Adult/community programs 1,161,987 5,503 - 20,063 1,187,553 Debt service Principal retirements - - 4,920,000 500,000 5,420,000 Interest and other charges - - 1,595,483 91,093 1,686,576 Total expenditures 20,384,320 35,481,138 6,515,483 7,015,568 69,396,509 Revenues over (under) expenditures 2,586,158 1,128,432 2,478,215 (819,480) 5,373,325 Other financing sources (uses) Transfers (2,244,703) (602) - 56,715 (2,188,590) (2,244,703) (602) - 56,715 (2,188,590) Net Change in Fund Balances 341,455 1,127,830 2,478,215 (762,765) 3,184,735 Fund balances at July 1, 2022 16,477,856 17,003,154 5,834,815 2,973,198 42,289,023 Fund balances at June 30, 2023 $ 16,819,311 $ 18,130,984 $ 8,313,030 $ 2,210,433 $ 45,473,758 The accompanying notes are an integral part of this statement. - 23 - 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, 2023 Total net change in fund balance - governmental funds $ 3,184,735 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 and amortization expenses in the Statement of Activities. This is the amount by which capital outlay exceeds depreciation/amortization expense for the period. Depreciation/amortization expense 4,715,463 Capital outlay (6,263,673) 1,548,210 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. 151,969 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 (27,247) 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). 42,927 The governmental funds report debt (e.g. bond) proceeds as an other 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 591,830 Repayment of bond principal 4,920,000 Lease principal 500,000 6,011,830 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. 62,051 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. (287,245) 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. 45,135 The fund financial statements do not recognize the pension liability. The decrease is recognized in the Statement of Activities. 1,046,770 Change in net position of governmental activities $ 11,779,135 The accompanying notes are an integral part of this statement. - 24 -

The decrease in this liability is recognized in the Statement of Activities. 45,135 The fund financial statements do not recognize the pension liability. The decrease is recognized in the Statement of Activities. 1,046,770 Change in net position of governmental activities $ 11,779,135 The accompanying notes are an integral part of this statement. - 24 - SCHOOL DISTRICT OF CLAYTON STATEMENT OF NET POSITION - PROPRIETARY FUNDS June 30, 2023 Business-type activities - Enterprise fund Governmental activities - Internal service fund Total ASSETS Current assets Cash $ 2,462,630 $ 1,835,204 $ 4,297,834 Other receivables 47,090 - 47,090 Noncurrent assets Capital assets 76,963 - 76,963 Total assets 2,586,683 1,835,204 4,421,887 LIABILITIES Current liabilities Accounts payable 2,772 421,774 424,546 Accrued payroll and payroll taxes 13,711 - 13,711 Unearned revenue 31,115 - 31,115 Total current liabilities 47,598 421,774 469,372 NET POSITION Net investment in capital assets 76,963 - 76,963 Unrestricted 2,462,122 1,413,430 3,875,552 Total net position $ 2,539,085 $ 1,413,430 $ 3,952,515 The accompanying notes are an integral part of this statement. - 25 -

SCHOOL DISTRICT OF CLAYTON STATEMENT OF NET POSITION - PROPRIETARY FUNDS June 30, 2023 Business-type activities - Enterprise fund Governmental activities - Internal service fund Total ASSETS Current assets Cash $ 2,462,630 $ 1,835,204 $ 4,297,834 Other receivables 47,090 - 47,090 Noncurrent assets Capital assets 76,963 - 76,963 Total assets 2,586,683 1,835,204 4,421,887 LIABILITIES Current liabilities Accounts payable 2,772 421,774 424,546 Accrued payroll and payroll taxes 13,711 - 13,711 Unearned revenue 31,115 - 31,115 Total current liabilities 47,598 421,774 469,372 NET POSITION Net investment in capital assets 76,963 - 76,963 Unrestricted 2,462,122 1,413,430 3,875,552 Total net position $ 2,539,085 $ 1,413,430 $ 3,952,515 The accompanying notes are an integral part of this statement. - 25 - SCHOOL DISTRICT OF CLAYTON STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - PROPRIETARY FUNDS Year ended June 30, 2023 Business-type activities - Enterprise fund Governmental activities - Internal service fund Total Operating revenues Contributions $ - $ 5,412,272 $ 5,412,272 Rents 197,417 - 197,417 Tuition and fees 698,273 - 698,273 Other - 47,761 47,761 Total operating revenues 895,690 5,460,033 6,355,723 Operating expenses Salaries 417,743 - 417,743 Benefits 108,655 - 108,655 Purchased services 26,072 - 26,072 Supplies 45,414 - 45,414 Claims expenses & fees - 5,747,278 5,747,278 Depreciation 12,110 - 12,110 Total operating expenses 609,994 5,747,278 6,357,272 Operating income (loss) 285,696 (287,245) (1,549) Other Transfers from governmental funds 2,188,590 - 2,188,590 CHANGES IN NET POSITION 2,474,286 (287,245) 2,187,041 Net position at July 1, 2022 64,799 1,700,675 1,765,474 Net position at June 30, 2023 $ 2,539,085 $ 1,413,430 $ 3,952,515 The accompanying notes are an integral part of this statement. - 26 -