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financial_report 2023-09-30 MO State Auditor #qd6eba8b9 Open original ↗

City of Clayton ACFR — year ended September 30, 2023 (full report)

This is the City of Clayton, Missouri Annual Comprehensive Financial Report for the fiscal year ended September 30, 2023. It includes government-wide financial statement presentation and notes, detailed capital asset schedules (including beginning and ending balances, additions, disposals, accumulated depreciation, and depreciation expense by function), other postemployment benefit (OPEB) valuation results and changes in total OPEB liability, actuarial and assumption updates used in FY2023, and multi-year capital asset statistics by function/program. Specific figures shown in the excerpts include capital assets, net capital asset totals (e.g., capital assets, net of $95,980,779 at 9/30/2023), total depreciation expense of $5,124,946 with amounts by function, changes in OPEB liability (balance of $1,206,730 at 9/30/2023), and various schedule details such as increases and decreases to construction-in-progress and equipment.

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MANAGEMENT’S DISCUSSION AND ANALYSIS

CITY OF CLAYTON, MISSOURI

MANAGEMENT’S DISCUSSION AND ANALYSIS

September 30, 2023

- 5 - MANAGEMENT’S DISCUSSION AND ANALYSIS

The management of the City of Clayton, Missouri presents this narrative overview and analysis to assist our readers in reviewing and understanding the accompanying annual financial statements for the fiscal year ended September 30, 2023. We encourage readers to consider the information presented here in conjunction with additional information that is furnished in the letter of transmittal which can be found on pages i-vii of this report.

Financial Highlights

• On a government-wide basis the assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources for the most recent fiscal year by $112,505,593. Of this amount, $22,324,269 may be used to meet the City’s ongoing obligations to citizens and creditors.

• The City’s total net position increased by $2,520,736 due to revenues exceeding expenses.

• At the close of fiscal year 2023, the City’s governmental funds reported an ending fund balance of $44,979,695, an increase of $3,534,914 in comparison to the prior year restated balance of $41,444,781 due to increased property tax, sales tax, parking and investment revenues as local economic activity has increased. Approximately 52% of the ending fund balance, or $23,209,095, is unassigned and available for spending at the City’s discretion.

• At the end of fiscal year 2023, unassigned fund balance for the general fund was $23,209,095, or 79% of total general fund expenditures.

Overview of the Financial Statements

This discussion and analysis is intended to serve as an introduction to the City’s basic financial statements. The City of Clayton, Missouri’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements. This report also contains required supplementary information and other supplementary information in addition to the basic financial statements.

Government-wide Financial Statements