All investment activities are conducted through the depository bank and the District’s financial advisor. As of June 30, 2021, the District’s investments were held by the investment’s counterparty. - 40 - SCHOOL DISTRICT OF CLAYTON NOTES TO THE FINANCIAL STATEMENTS June 30, 2021 NOTE B – CASH AND INVESTMENTS - CONTINUED Summary The cash deposits and investments are summarized and presented in the financial statements as follows as of June 30, 2021: Carrying amount of deposits $ 17,559,084 Investments 20,093,291 $ 37,652,375 NOTE C – TAXES Property taxes attach as an enforceable lien on property as of January 1. Taxes are levied by November 1 and payable by December 31. All unpaid taxes become delinquent January 1 of the following year. St. Louis County collects the property taxes and remits them to the District. The District also receives sales tax collected by the state and remitted based on eligible pupils. The District is required to reduce its property tax levy by one-half the amount of sales tax estimated to be received in the subsequent calendar year. The District's taxpayers have voted to permanently waive this property tax rollback. The assessed valuation of the tangible taxable property for the calendar year 2020 for purposes of local taxation was: Real estate: Residential $ 700,088,110 Commercial 525,006,410 Personal property 100,965,460 1,326,059,980 Less tax increment financing 10,058,110 $ 1,316,001,870 - 41 -

The District's taxpayers have voted to permanently waive this property tax rollback. The assessed valuation of the tangible taxable property for the calendar year 2020 for purposes of local taxation was: Real estate: Residential $ 700,088,110 Commercial 525,006,410 Personal property 100,965,460 1,326,059,980 Less tax increment financing 10,058,110 $ 1,316,001,870 - 41 - SCHOOL DISTRICT OF CLAYTON NOTES TO THE FINANCIAL STATEMENTS June 30, 2021 NOTE C – TAXES - CONTINUED The tax levy per $100 of the assessed valuation of tangible taxable property for the calendar year 2020 for purposes of local taxation was as follows: Adjusted General Fund $ 1.2499 Special Revenue Fund 2.3530 Debt Service Fund 0.6230 Capital Projects Fund 0.1875 $ 4.4134 Due to the high increase in assessed valuation, the District voluntarily rolled back the tax rate by 15 cents for the calendar year 2020. The receipts of current property taxes during the fiscal year ended June 30, 2021 aggregated approximately 96.8% of the 2020 assessment computed on the basis of the levy as shown above. - 42 -

SCHOOL DISTRICT OF CLAYTON NOTES TO THE FINANCIAL STATEMENTS June 30, 2021 NOTE C – TAXES - CONTINUED The tax levy per $100 of the assessed valuation of tangible taxable property for the calendar year 2020 for purposes of local taxation was as follows: Adjusted General Fund $ 1.2499 Special Revenue Fund 2.3530 Debt Service Fund 0.6230 Capital Projects Fund 0.1875 $ 4.4134 Due to the high increase in assessed valuation, the District voluntarily rolled back the tax rate by 15 cents for the calendar year 2020. The receipts of current property taxes during the fiscal year ended June 30, 2021 aggregated approximately 96.8% of the 2020 assessment computed on the basis of the levy as shown above. - 42 - SCHOOL DISTRICT OF CLAYTON NOTES TO THE FINANCIAL STATEMENTS June 30, 2021 NOTE D – CAPITAL ASSETS Capital asset activity for the year ended June 30, 2021, was as follows: Balance at July 1, 2020 Transfers Additions Disposals Balance at June 30, 2021 Governmental activities Capital assets not being depreciated Land $ 714,536 $ - $ - $ - $ 714,536 Construction in progress 2,362,709 (2,362,709) - - - Capital assets that are depreciated Buildings and improvements 130,473,912 2,362,709 2,723,237 - 135,559,858 Furniture and equipment 19,665,192 - 1,038,497 (116,256) 20,587,433 Totals at historical cost 153,216,349 - 3,761,734 (116,256) 156,861,827 Less: accumulated depreciation Buildings and improvements (34,458,234) - (3,317,463) - (37,775,697) Furniture and equipment (16,327,132) - (917,949) 105,947 (17,139,134) Total accumulated depreciation (50,785,366) - (4,235,412) 105,947 (54,914,831) $ 102,430,983 $ - $ (473,678) $ (10,309) $ 101,946,996 Business-type activities Capital assets that are depreciated Furniture and equipment $ 165,939 $ - $ - $ - $ 165,939 Less accumulated depreciation Furniture and equipment (78,172) - (12,013) - (90,185) $ 87,767 $ - $ (12,013) $ - $ 75,754 Depreciation expense for governmental activities is reported in the Statement of Activities and was allocated to operation of plant. - 43 -

SCHOOL DISTRICT OF CLAYTON NOTES TO THE FINANCIAL STATEMENTS June 30, 2021 NOTE D – CAPITAL ASSETS Capital asset activity for the year ended June 30, 2021, was as follows: Balance at July 1, 2020 Transfers Additions Disposals Balance at June 30, 2021 Governmental activities Capital assets not being depreciated Land $ 714,536 $ - $ - $ - $ 714,536 Construction in progress 2,362,709 (2,362,709) - - - Capital assets that are depreciated Buildings and improvements 130,473,912 2,362,709 2,723,237 - 135,559,858 Furniture and equipment 19,665,192 - 1,038,497 (116,256) 20,587,433 Totals at historical cost 153,216,349 - 3,761,734 (116,256) 156,861,827 Less: accumulated depreciation Buildings and improvements (34,458,234) - (3,317,463) - (37,775,697) Furniture and equipment (16,327,132) - (917,949) 105,947 (17,139,134) Total accumulated depreciation (50,785,366) - (4,235,412) 105,947 (54,914,831) $ 102,430,983 $ - $ (473,678) $ (10,309) $ 101,946,996 Business-type activities Capital assets that are depreciated Furniture and equipment $ 165,939 $ - $ - $ - $ 165,939 Less accumulated depreciation Furniture and equipment (78,172) - (12,013) - (90,185) $ 87,767 $ - $ (12,013) $ - $ 75,754 Depreciation expense for governmental activities is reported in the Statement of Activities and was allocated to operation of plant. - 43 - SCHOOL DISTRICT OF CLAYTON NOTES TO THE FINANCIAL STATEMENTS June 30, 2021 NOTE E – LONG-TERM LIABILITIES The following is a summary of the changes in long-term liabilities for the year ended June 30, 2021: Balance as of July 1, 2020 Additions Reductions Balance, as of June 30, 2021 Amount due within one year General obligation bonds $ 62,717,000 $ - $ 6,915,000 $ 55,802,000 $ 6,720,000 Deferred amounts for issuance premium 4,066,912 - 758,047 3,308,865 - Total bonds payable, net 66,783,912 - 7,673,047 59,110,865 6,720,000 Interest 696,683 616,447 696,683 616,447 616,447 Capital lease 4,745,000 - 480,000 4,265,000 490,000 Compensated absences 561,032 - 169,504 391,528 - $ 72,786,627 $ 616,447 $ 9,019,234 $ 64,383,840 $ 7,826,447 Principal and interest on general obligation bonds are paid through the Debt Service Fund. Principal and interest on capital leases are paid through the Capital Projects Fund. Compensated absences are paid through the General Fund and Special Revenue Fund. Bonds Payable General obligation bonds outstanding at June 30, 2021 were as follows: Date issued Maturity date Rate of interest Original issue amount Balance at June 30, 2021 10/14/09 03/01/24 1.37% $ 9,185,000 $ 9,185,000 09/08/10 03/01/27 4.70% 3,987,000 3,987,000 12/27/17 03/01/29 4.00%-5.00% 23,465,000 16,795,000 12/05/19 03/01/29 2.00%-3.00% 31,075,000 25,835,000 $ 55,802,000 - 44 -

Compensated absences are paid through the General Fund and Special Revenue Fund. Bonds Payable General obligation bonds outstanding at June 30, 2021 were as follows: Date issued Maturity date Rate of interest Original issue amount Balance at June 30, 2021 10/14/09 03/01/24 1.37% $ 9,185,000 $ 9,185,000 09/08/10 03/01/27 4.70% 3,987,000 3,987,000 12/27/17 03/01/29 4.00%-5.00% 23,465,000 16,795,000 12/05/19 03/01/29 2.00%-3.00% 31,075,000 25,835,000 $ 55,802,000 - 44 - SCHOOL DISTRICT OF CLAYTON NOTES TO THE FINANCIAL STATEMENTS June 30, 2021 NOTE E – LONG-TERM LIABILITIES - CONTINUED The annual requirements to amortize the general obligation bonds as of June 30, 2021, including interest payments, are as follows: Year ending June 30, Principal Interest Total 2022 $ 6,720,000 $ 1,819,024 $ 8,539,024 2023 4,920,000 1,593,024 6,513,024 2024 9,410,000 1,409,924 10,819,924 2025 6,110,000 1,277,339 7,387,339 2026 6,565,000 1,050,939 7,615,939 2027-2029 22,077,000 1,497,689 23,574,689 $ 55,802,000 $ 8,647,939 $ 64,449,939 Legal Debt Margin Article VI, Section 26(b) of the Constitution of Missouri limits the amount of General Obligation Bonds which can be authorized and outstanding by a school district to 15% of the assessed valuation of taxable tangible property within the District. The legal debt margin of the District at June 30, 2021 was: Constitutional debt limit $ 197,400,281 General obligation bonds payable (55,802,000) Amount available in Debt Service Fund 5,414,500 Legal debt margin $ 147,012,781 - 45 -