SCHOOL DISTRICT OF CLAYTON STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS Year ended June 30, 2023 General Fund Special Revenue Fund Debt Service Fund Capital Projects Fund Total Governmental Funds Revenues Local $ 21,409,679 $ 34,073,686 $ 8,635,557 $ 6,052,394 $ 70,171,316 County 116,542 292,308 181,809 117,957 708,616 State 426,308 1,937,623 - - 2,363,931 Federal 985,724 305,953 176,332 - 1,468,009 Other 32,225 - - 25,737 57,962 Total revenues 22,970,478 36,609,570 8,993,698 6,196,088 74,769,834 Expenditures Instruction 2,497,564 29,132,042 - 761,515 32,391,121 Attendance and guidance 840,799 1,372,781 - - 2,213,580 Health services 720,003 203,497 - - 923,500 Improvement of instruction and professional development 436,018 1,197,202 - - 1,633,220 Media services 480,380 560,187 - - 1,040,567 Board of Education services 251,438 - - 1,280 252,718 Executive administration 1,867,741 1,294,462 - 89,762 3,251,965 Building level administration 1,153,652 1,711,528 - 60,000 2,925,180 Operation of plant 7,731,392 - - 2,686,959 10,418,351 Security services 292,449 - - 2,782,421 3,074,870 Nonreimbursable transportation 317,486 - - - 317,486 Food services 1,075,550 - - 20,365 1,095,915 Business services 1,075,426 - - - 1,075,426 Central office support services 482,435 3,936 - 2,110 488,481 Adult/community programs 1,161,987 5,503 - 20,063 1,187,553 Debt service Principal retirements - - 4,920,000 500,000 5,420,000 Interest and other charges - - 1,595,483 91,093 1,686,576 Total expenditures 20,384,320 35,481,138 6,515,483 7,015,568 69,396,509 Revenues over (under) expenditures 2,586,158 1,128,432 2,478,215 (819,480) 5,373,325 Other financing sources (uses) Transfers (2,244,703) (602) - 56,715 (2,188,590) (2,244,703) (602) - 56,715 (2,188,590) Net Change in Fund Balances 341,455 1,127,830 2,478,215 (762,765) 3,184,735 Fund balances at July 1, 2022 16,477,856 17,003,154 5,834,815 2,973,198 42,289,023 Fund balances at June 30, 2023 $ 16,819,311 $ 18,130,984 $ 8,313,030 $ 2,210,433 $ 45,473,758 The accompanying notes are an integral part of this statement. - 23 -

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, 2023 Total net change in fund balance - governmental funds $ 3,184,735 Capital outlay to purchase or build capital assets and right-to-use leased 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 and amortization expenses in the Statement of Activities. This is the amount by which capital outlay exceeds depreciation/amortization expense for the period. Depreciation/amortization expense 4,715,463 Capital outlay (6,263,673) 1,548,210 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. 151,969 In the Statement of Activities, the loss or gain on the sale or disposal of capital assets is recognized. The fund financial statements recognize only the proceeds from the assets. Loss on disposal of capital assets (27,247) 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). 42,927 The governmental funds report debt (e.g. bond) proceeds as an other 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 591,830 Repayment of bond principal 4,920,000 Lease principal 500,000 6,011,830 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. 62,051 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. (287,245) The fund financial statements do not recognize the liability related to postemployment benefits other than pensions. The decrease in this liability is recognized in the Statement of Activities. 45,135 The fund financial statements do not recognize the pension liability. The decrease is recognized in the Statement of Activities. 1,046,770 Change in net position of governmental activities $ 11,779,135 The accompanying notes are an integral part of this statement. - 24 -