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budget 2022-06-01 Board portal #qa2193dab Open original ↗

June 1, 2022 — Budget

This is the Clayton School District’s approved budget document for the 2022–2023 fiscal/school year (dated June 1, 2022). Excerpts show enrollment trends and non‑resident student counts by development and grade, employee benefit and retirement contribution assumptions (including PSRS at 14.50% and PEERS at 6.86%), a zero‑based budgeting approach for building and department budgets (~$5.0M) with a 2% overall increase, and definitions and procedures for capital expenditures and projects. The document also lists various revenue line items and amounts (e.g., Proposition C $2,389,990; Financial Institution Tax $1,243,000; Surcharge Tax $1,258,170) and notes projected employee dependent enrollment and medical claim assumptions (a 5% increase used for 2022–2023).

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2022. Approximately $2.5 million of proceeds from the sale of the Maryland Building is available to fund this project.

Because of this reason, the Board waits to establish the annual levy until the County Board of Equalization completes its work and the St. Louis County Assessor produces assessed valuation figures that include adjustments.

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Another reason school districts may revise the tax rate ceiling to compensate for reductions in assessed value is because of decisions made by the local Board of Equalization or the State Tax Commission. The District may be permitted to levy an additional tax for up to three years to recoup the revenues it was entitled to receive for the preceding one to three year period affected by the decisions.

Fund 2021-2022 Revised Budget 2022-2023 Proposed Revenue

Variance General $22,830,530 $23,455,560 $625,030 Special Revenue $36,939,490 $34,669,640 ($2,269,850) Capital Projects $4,167,170 $5,246,150 $1,078,980 Debt Service $8,632,820 $8,567,790 ($65,010) Total $72,569,990 $71,939,140 ($630,850)

The 2022-2023 revenue budget includes a reduction of approximately $1.0 million in federal grant revenues received for COVID relief due to the cessation of the Free & Reduced meal program for all students regardless of eligibility. In addition, financial institution taxes (FIT) were $706,500 higher in 2021-2022 than 2022-2023. Projections do not include this level of FIT revenue due the significant fluctuation in this revenue source. Further, $2.8 million of construction projects will strategically spend down reserves in the capital projects fund. Therefore, additional tax revenue is being placed in the capital projects fund to offset these board approved expenses. 27

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