finance 2021 2022 Audited Financial Report
This is the School District of Clayton’s audited financial report (audit) covering the fiscal year ended June 30, 2022 (with comparative opening net position at July 1, 2021). The document includes the independent auditors’ report, management’s discussion and analysis, district-wide financial statements (statement of net position and statement of activities), fund financial statements (balance sheet for governmental funds and related reconciliations), proprietary fund statements, notes to the financial statements, and required and supplementary budgetary and pension/OPEB schedules. Excerpts show program revenues and expenses by function (total governmental expenses $57,833,388; total governmental activities net expense $(47,135,521); total net position at June 30, 2022 $49,451,791), a governmental funds balance sheet with assets, liabilities, deferred inflows and fund balances (total governmental funds assets $101,460,803; total fund balances $42,289,023), capital asset capitalization and depreciation policies, and a note describing long-term liability prepayment premium terms.
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2. District's Other Risk
The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees and natural disasters. To mitigate these risks, the District is a participant in the Missouri United School Insurance Council (MUSIC) which is a Protected Self-Insurance Program of Missouri Public School Districts with over 475 members. The District pays an assessment to MUSIC to cover estimated claims payable and reserves for claims for each entity. Part of the assessment then goes to purchase excess insurance contracts for the group as a whole. Should the contributions received by MUSIC not be sufficient, special assessments can be made to the member districts. There have been no significant changes in insurance coverage from the prior year. - 65 -