SCHOOL DISTRICT OF CLAYTON STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS Year ended June 30, 2021 General Fund Special Revenue Fund Debt Service Fund Capital Projects Fund Total Governmental Funds Revenues Local $ 19,160,260 $ 31,310,825 $ 7,644,096 $ 3,719,857 $ 61,835,038 County 126,706 258,168 183,033 45,909 613,816 State 251,491 1,457,571 - 1,079 1,710,141 Federal 878,266 464,325 203,436 280,172 1,826,199 Other (104) 75,451 - 41,612 116,959 Total revenues 20,416,619 33,566,340 8,030,565 4,088,629 66,102,153 Expenditures Instruction 2,024,025 27,748,406 - 1,048,194 30,820,625 Attendance and guidance 750,317 1,385,574 - - 2,135,891 Health services 638,257 211,849 - 13,606 863,712 Improvement of instruction and professional development 168,646 1,117,884 - - 1,286,530 Media services 361,959 604,720 - 6,177 972,856 Board of Education services 196,702 - - - 196,702 Executive administration 1,624,208 1,190,156 - 97,784 2,912,148 Building level administration 1,058,731 1,594,375 - 7,570 2,660,676 Operation of plant 7,364,685 - - 1,755,025 9,119,710 Security services 190,429 - - 205,414 395,843 Nonallowable transportation 112,574 - - - 112,574 Food services 582,583 - - 1,574 584,157 Business services 982,985 - - 9,812 992,797 Central office support services 472,269 - - 1,371 473,640 Adult/community programs 1,086,492 3,166 - 13,107 1,102,765 Facilities acquisition and construction - - - 1,492,652 1,492,652 Debt service Principal retirements - - 6,915,000 480,000 7,395,000 Interest and other charges - - 2,058,208 114,499 2,172,707 Total expenditures 17,614,862 33,856,130 8,973,208 5,246,785 65,690,985 Revenues over (under) expenditures 2,801,757 (289,790) (942,643) (1,158,156) 411,168 Other financing sources (uses) Transfers (169,909) 3,994 - 12,770 (153,145) (169,909) 3,994 - 12,770 (153,145) Net Change in Fund Balances 2,631,848 (285,796) (942,643) (1,145,386) 258,023 Fund balances at July 1, 2020 9,426,902 13,875,528 6,357,143 4,416,641 34,076,214 Fund balances at June 30, 2021 $ 12,058,750 $ 13,589,732 $ 5,414,500 $ 3,271,255 $ 34,334,237 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, 2021 Total net change in fund balance - governmental funds $ 258,023 Capital outlay to purchase or build capital 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 expense for the period. Depreciation expense 4,235,412 Capital outlay (3,761,734) (473,678) 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. 374,716 In the Statement of Activities, the loss or gain on the sale of disposal of capital assets is recognized. The fund financial statements recognize only the proceeds from the assets. Loss on disposal of capital assets (10,309) 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). 169,504 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 758,047 Repayment of bond principal 6,915,000 Capital lease principal 480,000 8,153,047 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. 80,236 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. 421,965 The fund financial statements do not recognize the liability related to postemployment benefits other than pensions. The increase in this liability is recognized in the Statement of Activities. (80,595) The fund financial statements do not recognize the pension liability. The increase is recognized in the Statement of Activities. (4,156,923) Change in net position of governmental activities $ 4,735,986 The accompanying notes are an integral part of this statement. - 26 -