finance 2021 2022 Audited Financial Report

FINANCIAL STATEMENTS
AND
INDEPENDENT AUDITORS' REPORT
SCHOOL DISTRICT OF CLAYTON
June 30, 2022

SCHOOL DISTRICT OF CLAYTON
TABLE OF CONTENTS
Page
Independent Auditors' Report
4
Management's Discussion and Analysis - Unaudited
7
Basic Financial Statements
District-wide Financial Statements
Statement of Net Position
21
Statement of Activities
22
Fund Financial Statements
Balance Sheet - Governmental Funds
23
Reconciliation of the Governmental Funds Balance
Sheet with the District-wide Statement of Net Position
24
Statement of Revenues, Expenditures and
Changes in Fund Balances - Governmental Funds
25
Reconciliation of the Governmental Funds Statement of
Revenues, Expenditures and Changes in Fund Balances
with the District-Wide Statement of Activities
26
Statement of Net Position - Proprietary Funds
27
Statement of Revenues, Expenses and Changes in
Net Position - Proprietary Funds
28
Statement of Cash Flows - Proprietary Funds
29
Notes to the Financial Statements
30
Required Supplementary Information - Unaudited
Schedule of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual - Cash Basis
General Fund
67
Special Revenue Fund
68
Notes to Required Supplementary Information
69

SCHOOL DISTRICT OF CLAYTON
TABLE OF CONTENTS
Page
Net Pension Liability
71
Schedule of Changes in Total OPEB Liability and Related Ratios -
Unaudited
73
Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual - Cash Basis
Debt Service Fund
75
Capital Projects Fund
76
Annual Financial Information and Operating Data - Unaudited
78

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SCHOOL DISTRICT OF CLAYTON
MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED
Year ended June 30, 2022
The Management’s Discussion and Analysis (MD&A) of the School District of Clayton’s (District)
financial performance provides a narrative overview of the District’s financial activities for the fiscal year
ended June 30, 2022. The MD&A should not be taken as a replacement for the financial statements and
other supplemental information but should be read in conjunction with them to enhance the reader’s
understanding of the District’s financial performance.
Financial Highlights
Key financial highlights for the fiscal year ended June 30, 2022 are as follows:

The total assets and deferred outflows of the District exceeded its liabilities and deferred inflows at
the end of the 2022 fiscal year by $49.5 million (net position).

Net position increased approximately $20.6 million or 71.5% from the prior year primarily from an
overall reduction in net pension liability and pension deferrals.

Recording the District's proportionate share of total net PSRS/PEERS pension liability per GASB
68, has a significant impact on the Statement of Net Position and the Statement of Activities.
Updated actuarial assumptions in the retirement program's most recent valuation as of June 30,
2021, together with significant investment gains for pension assets, resulted in large fluctuations
from the prior year. On the Statement of Net Position, total net pension liability decreased by
$40.9 million from the prior year and deferred inflows increased by $33.7 million from the prior
year. On the Statement of Activities, the expenditures decreased by $10.1 million due to the
decrease in net pension liability, causing current year expenditures to appear lower than the prior
year. On a cash basis, the change between prior year expenditures and current year expenditures is
minimal.

General revenues totaled $67.6 million or 85.6% of all revenues. Program revenues in the form of
charges for services and operating grants and contributions accounted for $11.4 million or 14.4%
of all revenues.

Total expenses for the year were $58.3 million of which $47.0 million were funded by general
revenues.

The General Fund had $23.0 million in revenues and $18.8 million in expenditures. The General
Fund’s balance increased $4.2 million before transfers.

The Special Revenue Fund had $38.0 million in revenues and $34.6 million in expenditures. The
Special Revenue Fund’s balance increased $3.4 million before transfers.

The Debt Service Fund had $8.9 million in revenues and $8.5 million in expenditures. The Debt
Service Fund’s balance increased $0.4 million.

The Capital Projects Fund had $4.4 million in revenues and $4.7 million in expenditures. The
Capital Projects Fund’s balance decreased $0.3 million before transfers.
- 7 -

SCHOOL DISTRICT OF CLAYTON
MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED
Year ended June 30, 2022
Using this Annual Report
The District’s annual report consists of a series of financial statements that show information about the
District as a whole, including its significant funds. The Statement of Net Position and the Statement of
Activities (pages 21 and 22) provide information about the activities of the District as a whole and present
a longer-term view of the District’s finances. Fund financial statements provide the next level of detail.
For governmental funds, these statements tell how services were financed in the short-term as well as
what remains for future spending. Fund statements may also provide insight into the District’s overall
financial health. Fund financial statements report the District’s operations in more detail than the
government-wide financial statements by providing information about the District’s most significant
funds. The notes to the basic financial statements provide further explanation of some of the information
in the statements and provide additional disclosures and more detailed data. This will allow statement
readers to have a more complete description and understanding of the District’s financial activities and
position.
The District prepares its annual budget on the cash basis of accounting, meaning that revenues are
recognized when the District receives the money and the expenditures are recognized when money is
disbursed. To meet Governmental Accounting Standards Board (GASB) Statement No. 34, the District’s
annual report uses both the modified accrual and accrual methods of accounting. Because of this
difference, budget schedules will differ from the basic financial statements.
The District’s auditor has provided assurance in the Independent Auditors’ Report, located immediately
preceding this MD&A, that the basic financial statements are presented fairly in all material respects.
Varying degrees of assurance are provided by the auditor regarding supplemental information. A user of
this report should read the Independent Auditors’ Report carefully to ascertain the level of assurance being
provided for each of the other parts in the financial section.
- 8 -

SCHOOL DISTRICT OF CLAYTON
MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED
Year ended June 30, 2022
Reporting the District as a Whole
Statement of Net Position and the Statement of Activities
The analysis of the District as a whole begins on page 21. This analysis provides answers to whether the
District is financially stronger or weaker as a result of the year’s activities. The Statement of Net Position
and the Statement of Activities, which appear first in the District’s financial statements, report
information on the District as a whole and its activities in a way that helps answer this question. These
statements include all assets and liabilities, using the accrual basis of accounting, which is similar to the
accounting used by most private-sector companies. This basis of accounting takes into account all of the
current year’s revenues and expenses regardless of when cash is received or paid.
These two statements report the District’s net position – the difference between assets and deferred
outflows compared to liabilities and deferred inflows, as reported in the Statement of Net Position. It is
one way to measure the District’s financial health, or financial position. Over time, increases or decreases
in the District’s net position – as reported in the Statement of Activities – is one indicator of whether its
financial health is improving or deteriorating. The relationship between revenues and expenses indicates
the District’s operating results. However, the District’s mission is to provide services to students, not to
generate profits as commercial entities strive to do each year. Non-financial factors, such as the quality of
the education provided, safety of the schools, facility conditions, the District’s property tax base and
current state laws restricting revenue growth must also be considered to assess the overall health of the
District.
The Statement of Net Position and the Statement of Activities report the following activity for the
District’s programs and services:
Governmental Activities – Most of the District’s services, which includes instruction, support and plant
services, are reported here. Property taxes, voluntary student transfer aid, state foundation and categorical
grants, and state and federal grants finance most of these activities.
Business-type Activities – The District’s business-type activities include services provided to
constituents of the District where all or most of the costs involved are recovered through services charged
to the users of such services or from transfers from other funds.
- 9 -

SCHOOL DISTRICT OF CLAYTON
MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED
Year ended June 30, 2022
Reporting the District’s Most Significant Funds
Fund Financial Statements
The analysis of the District’s major funds begins on page 23. Fund financial statements provide detailed
information about the District’s major funds, not the District as a whole. The District utilizes several
funds to account for a wide range of financial transactions. However, the fund financial statements focus
on the District’s most significant funds, which are the General Fund, Special Revenue Fund, Debt Service
Fund, and Capital Projects Fund. The District’s funds use the following accounting approach:
Governmental Funds - Most of the District’s services are reported in governmental funds which focus on
how money flows into and out of the funds, and the balances remaining at year-end which are available
for spending for future years. These funds are reported using the modified accrual basis of accounting,
which measures cash and all other financial assets that can be readily converted to cash. The governmental
fund statements provide a detailed short-term view of the District’s operations and the services it provides.
Governmental fund information helps determine whether there are more or fewer financial resources
available in the near future to finance the District’s programs. Because this information does not
encompass the additional long-term focus of the government-wide statements, the relationship (or
differences) between governmental activities (reported in the Statement of Net Position and the Statement
of Activities) and governmental funds is reconciled on pages 24 and 26.
Proprietary Funds – Proprietary funds account for activities that involve business-like interactions using
the accrual basis of accounting. The District has two types of proprietary funds which are the enterprise
fund and the internal service fund. The enterprise fund is used to account for any activity for which
external users are charged a fee for goods and services. The internal service fund is used to account for
activities that benefit government activities. No reconciling items exist between the governmental-wide
statements and the proprietary funds statements.
The District as a Whole
The District’s net position was $49.5 million at June 30, 2022. Of this amount, $46.1 million was net
investment in capital assets and $24.7 million was restricted. Restricted net position is reported separately
to show legal constraints from debt covenants and enabling legislation that limit the District’s ability to
use those assets for day-to-day operations. The unrestricted net position shows a negative balance of $21.3
million after the District recognized the proportionate share of the total net pension liability of the
Missouri retirement program for public school districts (PSRS/PEERS) in accordance with GASB
Statement No. 68, as amended by GASB Statement No. 71, and the postemployment benefits other than
pensions liability in accordance with GASB Statement No. 75. Note G contains additional information on
GASB Statement No. 68 and Note I contains additional information on GASB Statement No. 75. The
analysis below focuses on the net position (Table 1) and changes in net position (Table 2) of the District’s
activities.
- 10 -

SCHOOL DISTRICT OF CLAYTON
MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED
Year ended June 30, 2022
The District as a Whole - Continued
Table 1
Condensed Statements of Net Position
June 30,
2022
2021
Governmental
activities
Business-
type
activities
Total
Governmental
activities
Business-
type
activities
Total
Current and other assets
$ 103,535,186 $
8,854 $ 103,544,040 $
97,320,486 $
5,140 $
97,325,626
Capital assets
101,488,648
64,799
101,553,447
101,946,996
75,754
102,022,750
Total assets
205,023,834
73,653
205,097,487
199,267,482
80,894
199,348,376
Deferred pension and OPEB
15,908,984
-
15,908,984
16,469,593
-
16,469,593
Current and other liabilities
7,611,175
8,854
7,620,029
9,359,460
5,140
9,364,600
Noncurrent liabilities
67,631,689
-
67,631,689
115,542,210
-
115,542,210
Total liabilities
75,242,864
8,854
75,251,718
124,901,670
5,140
124,906,810
Deferred property taxes
58,312,033
-
58,312,033
58,545,404
-
58,545,404
Pension and OPEB deferrals
37,990,929
-
37,990,929
3,526,578
-
3,526,578
Total deferred inflows
96,302,962
-
96,302,962
62,071,982
-
62,071,982
Net position
Net investment in capital assets
46,013,491
64,799
46,078,290
38,571,131
75,754
38,646,885
Restricted
24,683,383
-
24,683,383
20,598,581
-
20,598,581
Unrestricted
(21,309,882)
-
(21,309,882)
(30,406,289)
-
(30,406,289)
Total net position
$
49,386,992 $
64,799 $
49,451,791 $
28,763,423 $
75,754 $
28,839,177
The negative unrestricted net position of $21.3 million represents the accumulated results of all past years’
operations for unrestricted activities. Total net position increased $20.6 million as described above.
The results of this year’s operations for the District as a whole are reported in the Statement of Activities
on page 22. This information is summarized in Table 2 on the following page.
- 11 -

SCHOOL DISTRICT OF CLAYTON
MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED
Year ended June 30, 2022
The District as a Whole - Continued
Table 2
Changes in Net Position from Operating Results
Year Ended June 30,
2022
2021
Governmental
activities
Business-
type
activities
Total
Governmental
activities
Business-
type
activities
Total
Revenues
Program revenues
Charges for services
$
7,648,372 $ 660,499 $ 8,308,871 $
7,082,213 $ 214,498 $ 7,296,711
Operating grants and contributions
3,049,495
-
3,049,495
2,665,107
-
2,665,107
General revenues
Property taxes
58,232,548
-
58,232,548
54,136,381
-
54,136,381
Federal and State aid not restricted to specific
purposes
1,346,610
-
1,346,610
1,363,114
-
1,363,114
Voluntary student transfer aid
1,177,664
-
1,177,664
1,192,928
-
1,192,928
Other taxes and interest
6,844,513
-
6,844,513
5,947,676
-
5,947,676
Total revenues
78,299,202
660,499
78,959,701
72,387,419
214,498
72,601,917
Expenses
Instruction
25,539,386
-
25,539,386
33,095,847
-
33,095,847
Student services
2,751,484
-
2,751,484
3,184,280
-
3,184,280
Support services
2,347,136
-
2,347,136
2,252,971
-
2,252,971
Building administration
2,283,301
-
2,283,301
2,914,602
-
2,914,602
Executive administration
2,333,735
-
2,333,735
3,462,879
-
3,462,879
Business services
920,634
-
920,634
953,920
-
953,920
Central office support services
5,360,490
-
5,360,490
5,210,439
-
5,210,439
Operation of plant
11,780,755
-
11,780,755
11,648,079
-
11,648,079
Security services
228,377
-
228,377
190,429
-
190,429
Nonallowable transportation
160,672
-
160,672
110,803
-
110,803
Food services
1,064,557
-
1,064,557
582,583
-
582,583
Adult/community programs
1,215,032
-
1,215,032
1,100,991
-
1,100,991
Facilities acquisition and construction
-
-
-
1,248,861
-
1,248,861
Interest and other charges
1,847,829
-
1,847,829
2,092,471
-
2,092,471
Local district services
-
513,699
513,699
-
379,656
379,656
Total expenses
57,833,388
513,699
58,347,087
68,049,155
379,656
68,428,811
Excess (deficiency) before other income
and transfers
20,465,814
146,800
20,612,614
4,338,264
(165,158)
4,173,106
Other income
Proceeds from capital lease
-
-
-
550,867
-
550,867
Transfers
157,755
(157,755)
-
(153,145)
153,145
-
Total other income
157,755
(157,755)
-
397,722
153,145
550,867
Change in net position
20,623,569
(10,955)
20,612,614
4,735,986
(12,013)
4,723,973
Beginning net position
28,763,423
75,754
28,839,177
24,027,437
87,767
24,115,204
Ending net position
$
49,386,992 $
64,799 $ 49,451,791 $
28,763,423 $
75,754 $ 28,839,177
- 12 -

SCHOOL DISTRICT OF CLAYTON
MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED
Year ended June 30, 2022
Governmental and Business-Type Activities
As reported in the Statement of Activities, the cost of all governmental and business-type activities totaled
$58.3 million in fiscal year 2022. However, the District’s local taxpayers ultimately funded $47.1 million
or 81.5% of these costs because some of the costs were paid by those who benefited from the programs
($8.3 million), and by operating grants and contributions ($3.0 million).
Table 3 shows the cost of each of the District’s largest functions, as well as each function’s net cost (total
cost less revenue generated by the activities). The net cost shows the financial burden that was placed on
the District’s taxpayers by each of the functions. Providing this information allows citizens to consider the
cost of each function in comparison to the benefits they believe are provided by that function.
Table 3
Net Cost of Governmental Activities
Year ended June 30,
2022
2021
Total cost
of services
Net cost
of services
Total cost
of services
Net cost
of services
Governmental activities
Instruction
$ 25,539,386
$
23,843,893
$ 33,095,847
$ 31,061,572
Student services
2,751,484
2,609,139
3,184,280
3,059,448
Support services
2,347,136
1,791,889
2,252,971
2,157,269
Administration
5,537,670
5,566,154
7,331,401
7,215,979
Operation of plant
12,009,132
11,159,121
11,838,508
10,741,206
Facilities acquisition and construction
-
-
1,248,861
1,248,861
Other
7,800,751
317,496
7,004,816
725,029
Interest and other charges
1,847,829
1,847,829
2,092,471
2,092,471
57,833,388
47,135,521
68,049,155
58,301,835
Business-type activities
Local district services
513,699
(146,800)
379,656
165,158
Total
$ 58,347,087
$
46,988,721
$ 68,428,811
$ 58,466,993
Instruction expenses include activities directly involved in the teaching of pupils, and the interaction
between teacher and pupil. The cost of instruction is lower than the prior year due to the allocation of the
reduced net pension liability.
Student services are those services which provide administrative, technical (such as guidance and health),
and logistical support to facilitate and enhance instruction, and to a lesser degree, community services.
The cost of student services is lower than the prior year due to the allocation of the reduced net pension
liability.
Support services include the activities involved with assisting staff with the content and process of
teaching to pupils as well as library services.
- 13 -

SCHOOL DISTRICT OF CLAYTON
MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED
Year ended June 30, 2022
Governmental and Business-Type Activities - Continued
Administration includes expenses associated with administrative and financial supervision of the District.
The cost of administration is lower than the prior year due to the allocation of the reduced net pension
liability.
Operation of plant activities involves maintaining school grounds, buildings, and equipment in an
effective working condition.
Other includes services for transportation, food, communications, human resources, and expenses for the
District self funding its health insurance plan.
Interest and other charges are transactions associated with the payment on debt of the District.
Business-type activities are services provided to constituents of the District where all or most of the costs
involved are recovered through services charged to the users of such services or from transfers from other
funds.
The dependence upon tax revenues is apparent. Over 93.4% of instruction activities are supported through
taxes and other general revenues; for all governmental activities, general revenue support is 81.5%.
The District’s Funds
The District uses funds to control and manage money for particular purposes. A review of the funds
provides some insight as to whether the District is being accountable for the resources taxpayers and
others provide to it, and also provides insight into the District’s overall financial health. In total,
governmental funds had a fund balance of $42.3 million at June 30, 2022. This represents an overall
increase of $8.0 million from the prior year. The increase was primarily a result of increased property tax
revenue among all the funds; the prior year included an accrual revenue reduction for the payback of
protested taxes. The General Fund had an increase of $0.9 million in federal revenue in comparison to the
prior year, from the receipt of ESSER funds and federal food service revenue. The General Fund had an
increase in food services expenditures as the program operated for the full school year. Due to COVID,
food services were on a reduced operation in the prior year. Expenditures for the Special Revenue Fund
were similar to the prior year. The Debt Service Fund expenditures were in accordance with scheduled
debt payments. The Capital Projects Fund had an increase in expenditures of approximately $2.0 million,
from the prior year, in accordance with planned expenditures for the safety and security plan. The overall
position of the District’s funds remains financially strong and the District is able to meet all of its ongoing
operational expenditures without having to resort to short-term financing activities.
- 14 -

SCHOOL DISTRICT OF CLAYTON
MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED
Year ended June 30, 2022
Operating Funds (General and Special Revenue Funds Combined) - Budgeting Highlights
In accordance with Chapter 67, RSMo, the District adopts a budget for each fund. While the District uses
its funding judiciously, there are a number of factors that affect the budget over which the District has
little or no control. The District uses site-based budgeting which is designed to tightly control site budgets
but provide flexibility for site management. During the year the District revises the budget to deal with
unexpected changes in revenues and expenditures as additional information becomes available. Schedules
showing the District’s original and final budget amounts compared with actual amounts paid and received
for the General and Special Revenue Funds are provided later in this report as required supplementary
information.
The District’s financial strength is derived primarily from its strong local property values as over 79.3% of
the District’s operating revenues are generated through local property taxes. Under Missouri Statutes,
property tax rates fluctuate with changes in assessed values preventing windfall revenue increases during
periods of growing property values. This mechanism also protects taxing entities during periods of falling
property values and has minimized the impacts of recent property value declines. The 2021-2022 property
tax revenues for all funds increased by approximately $3.0 million or 5.40% from the 2020-2021 totals
primarily because of reassessment, new construction and less protested property tax cases. The District
revised the original current property tax budget after assessed valuation information was obtained from St.
Louis County. Property tax revenues finished the year approximately $26,000 below the original budget
and approximately $140,000 above the revised budget for all funds.
For the year ended June 30, 2022, the General Fund cash basis actual expenditures were approximately
$2.8 million less than final budgeted amounts. COVID-19 caused expenditures to be less for student
activities by approximately $578,000, for food services by approximately $170,000, for transportation by
approximately $76,000, and for training and professional travel by approximately $256,000. Additionally,
the District's contribution to the Center of Clayton operations was approximately $185,000 less than
budgeted. Lastly, district-wide purchased services were below budget by approximately $663,000 and and
district-wide supplies were below budget by approximately $458,000. Missouri law prohibits the District
from spending more than the budget per fund.
The Special Revenue Fund budgetary basis actual expenditures were approximately $0.8 million less than
the final budget primarily in the function of Instruction. Expenditures were lower than budget in salaries
and benefits partially due to COVID-19 reducing the amount of extra pay stipends for student activities,
professional development, and athletics as well as reducing the cost of substitute teacher expenditures. For
the year ended June 30, 2022, the combined General and Special Revenue change in fund balances was
approximately $4.0 million greater than the 2021-2022 final budget.
- 15 -

SCHOOL DISTRICT OF CLAYTON
MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED
Year ended June 30, 2022
Capital Assets, Right-to-use Assets and Debt Administration
Capital Assets
At June 30, 2022, the District had capital assets and right-to-use assets with a net book value of $101.6
million, which includes $59.1 million in accumulated depreciation/amortization. Table 4 shows a
breakdown of capital assets, net of accumulated depreciation/amortization, at year end.
Table 4
Capital Assets - Net
June 30,
2022
2021
Governmental
activities
Business-
type
activities
Total
Governmental
activities
Business-
type
activities
Total
Land
$
714,536 $
- $
714,536 $
714,536 $
- $
714,536
Buildings and improvements
96,247,346
-
96,247,346
97,247,066
-
97,247,066
Furniture and equipment
4,017,214
64,799
4,082,013
3,448,299
75,754
3,524,053
Right-to-use assets
509,552
-
509,552
537,095
-
537,095
Total
$ 101,488,648 $
64,799 $ 101,553,447 $ 101,946,996 $
75,754 $ 102,022,750
The total additions for the year were $4.0 million which consisted of $2.4 million of building and
improvements and $1.6 million in furniture and equipment purchases.
Debt Administration
At June 30, 2022, the District had $49.1 million in general obligation bonds outstanding. Missouri statute
allows school districts to incur debt up to an amount equal to 15% of the most current assessed valuation.
The District’s allowable debt level was approximately $159.2 million at June 30, 2022, far above the
District’s current level of debt. The District’s Debt Service levy for 2021-2022 was $0.623 per $100 of
assessed valuation. The Debt Service Fund balance at June 30, 2022 was $5.8 million and equal to nearly
72.4% of the fiscal year 2023 annual debt service payments and sinking fund requirement. Starting in
fiscal year 2022 the District was required to place $393,000 into a sinking fund for the 2009A bond issue.
These funds are shown as restricted cash on the financial statements and will be held in the sinking fund
to be used towards the March 1, 2024 bond payment. Next fiscal year the District is required to place an
additional $2.6 million into the sinking fund. The District’s bond rating is AAA with Standard and Poor’s.
Other long-term liabilities of the District include compensated absences and a capital lease for renovation
and improvement projects.
Additional information about debt is provided in Note E.
- 16 -

SCHOOL DISTRICT OF CLAYTON
MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED
Year ended June 30, 2022
Economic Factors and Fiscal Year 2022-2023 Budget
As a community, the students, staff, parents and patrons of the School District of Clayton are united in our
commitment to student learning. Our mission, vision and core values embody why we are here, what we
want our students to become, and the principles that guide our work. The District’s mission to inspire each
student to love learning and embrace challenge within a rich and rigorous academic culture, and the vision
to develop leaders who shape the world through independence, creativity and critical thinking set the
standard for the education we provide.
In addition to the mission, vision and core values, the District also uses our Profile of the Clayton
Graduate that describes the attributes we want for every Clayton graduate. We envision graduates who are
self-actualized, intellectually curious, culturally competent, empathetic, creative and collaborative. We use
this profile to influence our approach to learning and challenge the mental models of what our schools
should look like for our students.
The Board approved the District’s strategic plan on November 11, 2020. Varied stakeholders developed
the strategic plan keeping the end in mind – the students – using the profile as the foundation of the work.
The goals of the strategic plan are meant to be aspirational and bold:

We will ensure all learners, regardless of their identity, feel safe and valued.

We will commit to the educational growth of our learners through an equitable, personalized and
individualized learning experience.

We will be dedicated to the personal growth of our learners in their social, emotional and physical
well-being.
Under each of these goals are objectives that are concrete and measurable. While our District’s strategic
plan has served as a guide for the past few years, we have been purposeful about being reflective and have
made adjustments along the way. We are taking an evergreen approach to our strategic plan. This means
we evaluate it more often and make changes as needed based on evidence we gather. We have action steps
that are aspirational, attainable, and aligned to our resources. The strategic plan’s data dashboard, which is
an interactive tool on the District website, allows all District stakeholders to monitor our progress and
hold us accountable to making growth in our goals and objectives..
The District optimizes and aligns resources to ensure we meet stated goals and objectives. To ensure we
have both the fiscal and human capital needed, we use an organizational planning model that causes us to
annually review our alignment of strategic goals and finances. We build our annual budget based on an
organizational structure focused on instruction, human resources, capital improvement, programs and
financial sustainability. We use our growth data to determine if the way we are allocating resources is
having the impact we expect. The District’s instructional and departmental operating budgets are prepared
through a Zero-Based Budgeting (ZBB) approach. This approach helps ensure that the budget is
developed to align with priorities for instructional practices and organizational needs. The ZBB approach
is built on needs and priorities rather than on historical spending trends. The ZBB process is about
creating accountability for what the District spends and transparency of the decisions for where the
District spends.
- 17 -

SCHOOL DISTRICT OF CLAYTON
MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED
Year ended June 30, 2022
Proposed 2022-2023 total expenditures including normal debt service payments, business-type activities,
and extraordinary items total $72.6 million. Projected total revenues, inclusive of business-type, debt
service, and extraordinary items of $71.9 million will result in the District strategically spending down
reserves of $700,700 for an overall fund balance of $41.2 million. Because many of the revenues and
expenditures included in the total budget are restricted for specific purposes, the operating budget more
clearly reflects the District’s expected results of operations.
The operating revenue budget is projected to remain relatively flat for a total budget of $62.3 million. Real
estate taxes are projected to remain flat. The decrease in federal revenue is due to the cessation of the Free
& Reduced meal program for all students regardless of eligibility. Other income's increase is primarily due
to fee-based student activities with significant fluctuations in revenue closer to pre-pandemic levels.
Projected revenue is based upon the best information available at this time as well as historical trends.
The operating expenditure budget is projected to increase by $1.1 million or 1.88% to a total of $59.7
million. Fiscal year 2022-2023 is the final year of a two-year salary agreement. For the 2022-2023 school
year, an increase for certified staff has been budgeted per the salary agreement. Staffing changed based on
enrollment projections and student needs have been budgeted. The staffing changes resulted in a decrease
in the salary budget primarily due to the reduction of a full-time teacher at Glenridge as well as Wydown
due to shifts in enrollment. In addition, the operating budget supports the maintenance of our facilities and
grounds, recommended technology improvements, textbook, musical instrument and athletic uniform
replacement, and curriculum implementation plans. The District continues to work to control costs and
align resources with priorities while also looking at other strategies to achieve financial balance with
minimal impact on students and classrooms.
Extraordinary items are not included in the operating expenditure budget, but will reduce fund balances.
Extraordinary items include capital requests for copier replacement, technology improvements, and two
capital projects approved by the Board of Education. Phase II of safety and security improvements were
approved by the Board on February 9, 2022. Approximately $2.5 million of proceeds from the sale of the
Maryland Building is available to fund this project. An additional $1.3 million in costs in excess of these
designated funds will come from fund balance reserves to fully fund the $3.8 million project. In addition,
the Board approved the renovation of the Clayton High School library on April 20, 2022. The $1.5 million
cost for the library project will be funded from capital improvement fund balance reserves.
- 18 -

SCHOOL DISTRICT OF CLAYTON
MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED
Year ended June 30, 2022
While there are many unknowns in the educational world concerning the COVID-19 pandemic, the
District has been responsive to the needs of families to ensure every student receives an equitable
education regardless of the learning environment. The District has been allocated approximately $1.6
million in federal COVID relief funds because of the numerous fiscal recovery acts passed by Congress
that provide a substantial infusion of resources to help address the costs of operating during a pandemic,
the resulting economic fallout and lay the foundation for a strong and equitable recovery. The District
utilized these funds to install a needlepoint bi-polar ionization system that is integrated into each
building's HVAC system to provide pathogen removal remediation. Further a Contract Tracing
Investigator position was added to assist in compliance with St. Louis County mandates related to the
coronavirus pandemic. Personal protective equipment (PPE) including facemasks, face shields, hand
sanitizer, touchless paper towel dispensers, spray bottles/microfiber towels, desk partitions/dividers, and
signage were purchased to provide a safe environment. Technology enhancements were added to
improve/assist with online learning. Finally, additional instructional support positions were added to assist
in monitoring students' progress. The 2022-2023 budget continues to be impacted by the effects of the
COVID-19 closures that took place beginning in March of 2020. The economy is still impacted by many
changes from supply chain issues, rising inflation, and increases in the federal fund's target rate. The
lasting effects of COVID-19 on the District's revenues and expenditures remain undetermined. The
District will continue to work to control costs and align resources with priorities while also looking at
other strategies to maintain financial balance with minimal impact on students and classrooms.
Operating revenues will fall short of operating expenses and extraordinary items causing a reduction in the
operating fund balance of $2.8 million primarily due to one-time capital projects. The 2022-2023 year-end
operating fund balances inclusive of business-type activities and extraordinary items are projected at $30.4
million or 46% of budgeted operating expenditures. However, $520,000 has been formally committed by
the Board for future capital expenditures. This leaves a net operating fund balance of $29.9 million or
45% of budgeted operating expenditures.
As part of the normal budgeting process, long-range projections are developed and continually updated.
This process allows the District to determine how much of available resources can be used for ongoing
projects, such as new programs or initiatives, versus one-time projects, such as facility repairs. Current
long-range projections include new revenue from six developments with approved or pending
construction by the Board of Alderman:

Resident Inn by Marriott - 8125 Forsyth Boulevard, Clayton

Clarendale of Clayton - 7651 & 7601 Clayton Road, Clayton

Forsyth Point - 8049 Forsyth Boulevard, Clayton

AC Marriot Hotel - 227 South Central, Clayton

Bemiston Place - 9 North Bemiston Avenue, Clayton

Luxury condominium development - 8250 Forsyth Boulevard, Clayton
- 19 -

SCHOOL DISTRICT OF CLAYTON
MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED
Year ended June 30, 2022
There are several other potential new developments that are currently in the conceptual phase and have
either not been submitted to the City for review or are waiting on approval from the Planning Commission
and/or Architectural Review Board. Estimated revenue from these developments will be included in
projections when approved. This conservative and prudent approach to planning by Boards of Education
has been a historical trademark of the District. Long-range financial planning will continue to be relied
upon with administration prepared to react to unanticipated changes to planned revenue and expenses.
Preparation of the 2022-2023 budget began in December 2021. It is our deep commitment to all students’
education that drives our thoughtful conversations and guides our budgetary decisions. Input was sought
from staff, administrators and instructional leaders throughout the District. Specific information on
developing the budget was discussed with the Board as a study item on May 18, 2022.
Contacting the School District’s Financial Management
This MD&A is intended to provide taxpayers and other constituents with an overview of the financial
condition of the District's finances and to demonstrate the District's accountability for the money it
receives. Questions concerning any of the information provided in this report or requests for additional
financial information should be addressed to John Brazeal, Chief Financial Officer, at School District of
Clayton, #2 Mark Twain Circle, Clayton, Missouri 63105.
- 20 -

SCHOOL DISTRICT OF CLAYTON
STATEMENT OF NET POSITION
June 30, 2022
Governmental
activities
Business-type
activities
Total
ASSETS
Cash and investments
$ 43,906,713 $
- $ 43,906,713
Restricted cash and investments
392,598
-
392,598
Receivables:
Property taxes, net of allowance for uncollectibles of $1,213,173
57,797,050
-
57,797,050
Sales taxes
579,160
-
579,160
Grants
210,993
-
210,993
Other
190,314
8,854
199,168
Inventories
126,010
-
126,010
Prepaid expenses
332,348
-
332,348
Capital assets not being depreciated:
Land
714,536
-
714,536
Capital assets, net of accumulated depreciation:
Buildings and improvements
96,247,346
-
96,247,346
Furniture and equipment
4,017,214
64,799
4,082,013
Right-to-use assets being amortized
Buildings and improvements
509,552
-
509,552
Total assets
205,023,834
73,653
205,097,487
DEFERRED OUTFLOWS
Deferred pension contributions
15,396,184
-
15,396,184
Deferred OPEB
512,800
-
512,800
Total deferred outflows
15,908,984
-
15,908,984
LIABILITIES
Accounts payable
1,307,594
-
1,307,594
Accrued payroll and payroll taxes
157,199
11,302
168,501
Unearned revenue
175,844
8,233
184,077
Interfund loans
10,680
(10,680)
-
Non-current liabilities:
Due within one year
5,959,858
-
5,959,858
Due in more than one year
50,438,974
-
50,438,974
Net pension liability
12,752,772
-
12,752,772
OPEB liability
4,439,943
-
4,439,943
Total liabilities
75,242,864
8,855
75,251,719
DEFERRED INFLOWS
Deferred property taxes
58,312,033
-
58,312,033
Pension deferrals
36,064,409
-
36,064,409
OPEB deferrals
1,926,520
-
1,926,520
Total deferred inflows of resources
96,302,962
-
96,302,962
NET POSITION
Net investment in capital assets
46,013,491
64,799
46,078,290
Restricted for:
Debt service
5,208,543
-
5,208,543
Capital projects
2,938,521
-
2,938,521
Teachers' salaries and benefits
14,835,644
-
14,835,644
Medical claims
1,700,675
-
1,700,675
Unrestricted
(21,309,882)
-
(21,309,882)
Total net position
$ 49,386,992 $
64,799 $ 49,451,791
The accompanying notes are an integral part of this statement.
- 21 -

SCHOOL DISTRICT OF CLAYTON
STATEMENT OF ACTIVITIES
Year ended June 30, 2022
Program revenues
Net (expense) revenue
and changes in net position
Function/Program
Expenses
Charges for
services
Operating
grants and
contributions
Governmental
activities
Business-type
activities
Total
Governmental activities:
Instruction
$
25,539,386
$
794,293
$
901,200
$
(23,843,893)
$
-
$
(23,843,893)
Attendance and guidance
1,852,008
-
-
(1,852,008)
-
(1,852,008)
Health services
899,476
-
142,345
(757,131)
-
(757,131)
Improvements of instruction and professional development
1,450,948
-
555,247
(895,701)
-
(895,701)
Media services
896,188
-
-
(896,188)
-
(896,188)
Board of Education services
220,306
-
-
(220,306)
-
(220,306)
Executive administration
2,113,429
-
-
(2,113,429)
-
(2,113,429)
Building level administration
2,283,301
-
-
(2,283,301)
-
(2,283,301)
Operation of plant
11,780,755
774,638
75,373
(10,930,744)
-
(10,930,744)
Security services
228,377
-
-
(228,377)
-
(228,377)
Nonallowable transportation
160,672
4,160
-
(156,512)
-
(156,512)
Food services
1,064,557
69,367
1,210,670
215,480
-
215,480
Business services
920,634
-
(28,484)
(949,118)
-
(949,118)
Central office support services
5,360,490
5,318,496
-
(41,994)
-
(41,994)
Adult/community programs
1,215,032
687,418
193,144
(334,470)
-
(334,470)
Interest and other charges
1,847,829
-
-
(1,847,829)
-
(1,847,829)
Total governmental activities
57,833,388
7,648,372
3,049,495
(47,135,521)
-
(47,135,521)
Business-type activities:
Local district services
513,699
660,499
-
-
146,800
146,800
Total business-type activities
513,699
660,499
-
-
146,800
146,800
Total school district
$
58,347,087
$
8,308,871
$
3,049,495
$
(47,135,521)
$
146,800
$
(46,988,721)
General Revenues:
Taxes:
Property taxes, levied for general purposes
$
15,376,657 $
- $
15,376,657
Property taxes, levied for debt services
8,330,068
-
8,330,068
Property taxes, levied for capital projects
3,331,850
-
3,331,850
Property taxes, levied for teachers' salaries and benefits
31,193,973
-
31,193,973
Other taxes
5,888,899
-
5,888,899
Voluntary student transfer aid
1,177,664
-
1,177,664
Federal and State aid not restricted to specific purposes
1,346,610
-
1,346,610
Interest and investment earnings
813,361
-
813,361
Miscellaneous
142,253
-
142,253
Total general revenues
67,601,335
-
67,601,335
Revenues over expenses
before transfers
20,465,814
146,800
20,612,614
Transfers
157,755
(157,755)
-
Change in net position
20,623,569
(10,955)
20,612,614
Net position at July 1, 2021
28,763,423
75,754
28,839,177
Net position at June 30, 2022
$
49,386,992 $
64,799 $
49,451,791
The accompanying notes are an integral part of this statement.
- 22 -

SCHOOL DISTRICT OF CLAYTON
BALANCE SHEET - GOVERNMENTAL FUNDS
June 30, 2022
General
Fund
Special
Revenue
Fund
Debt
Service
Fund
Capital
Projects
Fund
Total
Governmental
Funds
ASSETS
Cash and investments
$ 16,267,296 $ 16,883,748 $ 5,430,791 $ 3,221,480 $
41,803,315
Restricted cash and investments
-
-
392,598
-
392,598
Receivables
Property taxes - net of allowance for
uncollectibles of $1,213,173
14,589,672
29,778,937
8,248,194
5,180,247
57,797,050
Sales taxes
361,975
217,185
-
-
579,160
Grants
128,506
82,487
-
-
210,993
Other receivables
181,933
8,360
-
21
190,314
Due from other funds
-
-
-
29,015
29,015
Inventories
126,010
-
-
-
126,010
Prepaid expenditures
332,348
-
-
-
332,348
Total assets
$ 31,987,740 $ 46,970,717 $ 14,071,583 $ 8,430,763 $ 101,460,803
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
LIABILITIES
Accounts payable
$
622,967 $
- $
- $
281,904 $
904,871
Due to other funds
37,261
2,434
-
-
39,695
Accrued payroll and payroll taxes
21,721
135,478
-
-
157,199
Unearned revenue
164,844
11,000
-
-
175,844
Total liabilities
846,793
148,912
-
281,904
1,277,609
DEFERRED INFLOWS OF RESOURCES
Deferred property taxes
14,568,611
29,736,164
8,236,768
5,175,661
57,717,204
Deferred grants
93,330
82,487
-
-
175,817
Deferred other
1,150
-
-
-
1,150
Total deferred inflows of resources
14,663,091
29,818,651
8,236,768
5,175,661
57,894,171
FUND BALANCES
Nonspendable
Inventories
126,010
-
-
-
126,010
Prepaid expenditures
332,348
-
-
-
332,348
Restricted
Grants
128,506
82,487
-
-
210,993
Teachers salaries and benefits
-
16,920,667
-
-
16,920,667
Debt service
-
-
5,834,815
-
5,834,815
Committed
Capital reserve
-
-
-
2,973,198
2,973,198
Assigned
Student activities
570,665
-
-
-
570,665
Unassigned
15,320,327
-
-
-
15,320,327
Total fund balances
16,477,856
17,003,154
5,834,815
2,973,198
42,289,023
Total liabilities, deferred inflows of
resources and fund balances
$ 31,987,740 $ 46,970,717 $ 14,071,583 $ 8,430,763 $ 101,460,803
The accompanying notes are an integral part of this statement.
- 23 -

SCHOOL DISTRICT OF CLAYTON
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE
SHEET WITH THE DISTRICT-WIDE STATEMENT OF NET POSITION
June 30, 2022
Amounts reported for governmental activities in the Statement of Net Position are
different because:
Total fund balance - governmental funds
$
42,289,023
Capital assets used in governmental activities are not financial resources and
therefore are not reported as assets in the governmental funds.
The cost of capital assets is
160,484,978
Accumulated depreciation/amortization is
(58,996,330)
101,488,648
Certain property taxes, grants, and other receivables will be collected this year, but are not
available soon enough to pay for the current period's expenditures, and therefore are
deferred in the funds.
(417,861)
An internal service fund is used by management to charge the costs of insurance to
individual funds. The assets and liabilities of the internal service fund are included in
governmental activities in the statements of net position.
1,700,675
Deferred outflows of resources are not due and payable in the current period and
therefore are not reported in the funds
Deferred pension contributions
15,396,183
Deferred OPEB
512,800
15,908,983
Deferred inflows of resources related to pension deferrals are not reported in governmental
funds.
(36,064,409)
Deferred inflows of resources related to OPEB deferrals are not reported in governmental
funds.
(1,926,520)
Long-term liabilities, including bonds payable, are not due and not payable in the
current period and therefore are not reported as liabilities in the funds. Long-
term liabilities at year end consist of:
Bonds payable
51,700,157
Leases, net
3,775,000
Accrued interest on the bonds
539,858
Compensated absences
383,817
Net pension liability
12,752,772
OPEB liability
4,439,943
(73,591,547)
Net position of governmental activities
$
49,386,992
The accompanying notes are an integral part of this statement.
- 24 -

SCHOOL DISTRICT OF CLAYTON
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
GOVERNMENTAL FUNDS
Year ended June 30, 2022
General
Fund
Special
Revenue
Fund
Debt
Service
Fund
Capital
Projects
Fund
Total
Governmental
Funds
Revenues
Local
$ 20,708,617 $ 35,774,596 $
8,603,404 $ 4,218,476
$
69,305,093
County
117,824
248,983
181,784
85,167
633,758
State
360,218
1,838,364
-
-
2,198,582
Federal
1,834,041
127,434
176,629
6,145
2,144,249
Other
3,096
2,837
-
65,117
71,050
Total revenues
23,023,796
37,992,214
8,961,817
4,374,905
74,352,732
Expenditures
Instruction
2,120,006
28,273,865
-
703,693
31,097,564
Attendance and guidance
755,832
1,425,228
-
-
2,181,060
Health services
681,646
218,904
-
7,980
908,530
Improvement of instruction and professional
development
311,663
1,139,285
-
-
1,450,948
Media services
358,347
537,841
-
1,422
897,610
Board of Education services
220,250
-
-
-
220,250
Executive administration
1,631,790
1,278,517
-
40,677
2,950,984
Building level administration
1,068,014
1,674,124
-
2,556
2,744,694
Operation of plant
7,595,132
-
-
1,154,610
8,749,742
Security services
207,176
-
-
2,155,933
2,363,109
Nonallowable transportation
160,660
-
-
-
160,660
Food services
1,064,557
-
-
-
1,064,557
Business services
920,753
-
-
-
920,753
Central office support services
481,028
504
-
-
481,532
Adult/community programs
1,201,442
3,518
-
24,329
1,229,289
Debt service
Principal retirements
-
-
6,720,000
490,000
7,210,000
Interest and other charges
-
-
1,821,502
102,917
1,924,419
Total expenditures
18,778,296
34,551,786
8,541,502
4,684,117
66,555,701
Revenues over (under) expenditures
4,245,500
3,440,428
420,315
(309,212)
7,797,031
Other financing sources (uses)
Transfers
173,606
(27,006)
-
11,155
157,755
173,606
(27,006)
-
11,155
157,755
Net Change in Fund Balances
4,419,106
3,413,422
420,315
(298,057)
7,954,786
Fund balances at July 1, 2021
12,058,750
13,589,732
5,414,500
3,271,255
34,334,237
Fund balances at June 30, 2022
$ 16,477,856 $ 17,003,154 $
5,834,815 $ 2,973,198
$
42,289,023
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, 2022
Total net change in fund balance - governmental funds
$
7,954,786
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 expenses in the Statement of Activities.
This is the amount by which capital outlay exceeds depreciation/amortization expense
for the period.
Depreciation/amortization expense
4,481,337
Capital outlay
(4,023,022)
(458,315)
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.
(2,062,701)
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
(33)
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).
7,711
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
690,708
Repayment of bond principal
6,720,000
Lease principal
490,000
7,900,708
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.
76,589
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.
437,682
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.
32,697
The fund financial statements do not recognize the pension liability. The decrease is recognized
in the Statement of Activities.
6,734,445
Change in net position of governmental activities
$ 20,623,569
The accompanying notes are an integral part of this statement.
- 26 -

SCHOOL DISTRICT OF CLAYTON
STATEMENT OF NET POSITION - PROPRIETARY FUNDS
June 30, 2022
Business-type
activities -
Enterprise
fund
Governmental
activities -
Internal
service fund
Total
ASSETS
Current assets
Cash
$
-
$
2,103,398
$
2,103,398
Other receivables
8,854
-
8,854
Noncurrent assets
Due from other funds
10,680
-
10,680
Capital assets
64,799
-
64,799
Total assets
84,333
2,103,398
2,187,731
LIABILITIES
Current liabilities
Accounts payable
-
402,723
402,723
Accrued payroll and payroll taxes
11,301
-
11,301
Unearned revenue
8,233
-
8,233
Total current liabilities
19,534
402,723
422,257
NET POSITION
Net investment in capital assets
64,799
-
64,799
Unrestricted
-
1,700,675
1,700,675
Total net position
$
64,799
$
1,700,675
$
1,765,474
The accompanying notes are an integral part of this statement.
- 27 -

SCHOOL DISTRICT OF CLAYTON
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION - PROPRIETARY FUNDS
Year ended June 30, 2022
Business-type
activities -
Enterprise
fund
Governmental
activities -
Internal
service fund
Total
Operating revenues
Contributions
$
-
$
5,311,753
$
5,311,753
Rents
122,815
-
122,815
Tuition and fees
537,684
-
537,684
Other
-
6,743
6,743
Total operating revenues
660,499
5,318,496
5,978,995
Operating expenses
Salaries
353,264
-
353,264
Benefits
98,222
-
98,222
Purchased services
15,307
-
15,307
Supplies
35,951
-
35,951
Claims expenses & fees
-
4,880,814
4,880,814
Depreciation
10,955
-
10,955
Total operating expenses
513,699
4,880,814
5,394,513
Operating income
146,800
437,682
584,482
Other
Transfers to governmental activities
(157,755)
-
(157,755)
CHANGES IN NET POSITION
(10,955)
437,682
426,727
Net position at July 1, 2021
75,754
1,262,993
1,338,747
Net position at June 30, 2022
$
64,799
$
1,700,675
$
1,765,474
The accompanying notes are an integral part of this statement.
- 28 -

SCHOOL DISTRICT OF CLAYTON
STATEMENT OF CASH FLOWS - PROPRIETARY FUNDS
Year ended June 30, 2022
Business Type
Activities -
Enterprise
fund
Governmental
activities -
Internal
service fund
Total
Cash flows from operating activities:
Cash received from employee/employer contributions
$
- $
5,318,496
$
5,318,496
Cash received from user charges
650,833
-
650,833
Cash payments to employees for services
(443,754)
-
(443,754)
Cash payments for supplies and services
(52,069)
(4,619,112)
(4,671,181)
Net cash provided by operating activities
155,010
699,384
854,394
Cash flows from noncapital financing activities:
Operating subsidies and transfers to other funds
(155,010)
-
(155,010)
Net increase in cash
-
699,384
699,384
Cash at July 1, 2021
-
1,404,014
1,404,014
Cash at June 30, 2022
$
- $
2,103,398
$
2,103,398
Reconciliation of operating income to net cash provided by operating
activities
Operating income
$
146,800 $
437,682
$
584,482
Adjustments to reconcile operating income to net cash provided by
operating activities:
Depreciation
10,955
-
10,955
Decrease in accounts receivable
(3,714)
-
(3,714)
Decrease in accounts payable
(811)
261,702
260,891
Decrease in accrued payroll and payroll taxes
7,732
-
7,732
Decrease in deferred revenues
(5,952)
-
(5,952)
Net cash provided by operating activities:
$
155,010 $
699,384
$
854,394
The accompanying notes are an integral part of this statement.
- 29 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The School District of Clayton (the District), established under the Statutes of the State of
Missouri, is governed by an elected seven-member board as described in RSMo Chapter 162. The
Board of Education (Board) is the basic level of government that has financial accountability and
control over all activities related to public school education in the District.
The District’s financial statements are prepared in accordance with generally accepted accounting
principles (GAAP). The Governmental Accounting Standards Board (GASB) is responsible for
establishing GAAP for state and local governments through its pronouncements (Statements and
Interpretations). The more significant accounting policies used by the District are as follows.
1.
Principles Determining the Scope of Reporting Entity
GAAP requires the financial reporting entity include (1) the primary government, (2)
organizations for which the primary government is financially accountable, and (3) other
organizations for which the nature and significance of their relationship with the primary
government are such that exclusion would cause the reporting entity’s financial statements to be
misleading or incomplete. The criteria provided in the applicable GASB statements have been
considered and there are no other agencies or entities, which should be presented with the District.
2.
Basis of Presentation
District-Wide Financial Statements
The Statement of Net Position and Statement of Activities display information about the reporting
government as a whole. They include all funds of the reporting entity. The statements distinguish
between governmental and business-type activities. Governmental activities generally are financed
through taxes, intergovernmental revenues, and other non-exchange revenues. Business-type
activities are financed in whole or in part by fees charged to external parties for goods or services.
The Statement of Activities presents a comparison between direct expenses and program revenues
for business-type activities and for each function of the District’s governmental activities. Direct
expenses are those that are specifically associated with and are clearly identifiable to a particular
function. The District does not allocate indirect costs. Program revenues include charges paid by
the recipients of goods and services offered by the programs and grants and contributions that are
restricted to meeting the operational or capital requirements of a particular program. Revenues not
classified as program revenues, including all taxes, are presented as general revenues.
- 30 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
2.
Basis of Presentation - Continued
Fund Financial Statements
Fund financial statements of the reporting entity are organized into funds, each of which is
considered to be separate accounting entities. Each fund is accounted for by providing a separate
set of self-balancing accounts that constitute its assets, liabilities, fund equity, revenues, and
expenditures/expenses. The emphasis is placed on major funds. Each major fund is presented in a
separate column while non-major funds are aggregated and presented in a single column.
The major funds of the financial reporting entity are described below:
Governmental Funds
General Fund
The General Fund is the primary operating fund of the District and is used to account for all
financial resources except those required to be accounted for in another fund.
Special Revenue Fund
The Special Revenue Fund is used to account for specific revenue sources that are restricted,
committed, or assigned for the payment of salaries and certain employee benefits for certified
personnel.
Debt Service Fund
The Debt Service Fund is used to account for the accumulation of resources that are restricted,
committed, or assigned for the periodic payment of principal, interest, and fiscal charges on
general long-term debt.
Capital Projects Fund
The Capital Projects Fund is used to account for resources that are restricted, committed, or
assigned for the acquisition or construction of major capital assets.
Proprietary Funds
Enterprise Fund
Enterprise funds are used to account for business-like activities financed primarily by user
charges. The measurement of financial activity focuses on net income similar to the private
sector.
- 31 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
2.
Basis of Presentation - Continued
Proprietary Funds - Continued
Internal Service Fund
The Internal Service Fund accounts for the activities of the District’s medical self-insurance
fund. This includes the collection of premiums from employees and the payment of claims,
direct insurance payments, and administrative fees. A liability for estimated claims incurred is
recorded in this fund.
3.
Measurement Focus and Basis of Accounting
Measurement focus is a term used to describe which transactions are recorded within the various
financial statements. Basis of accounting refers to when transactions are recorded regardless of the
measurement focus applied.
Measurement Focus
The District-wide financial statements are prepared using the economic resources
measurement focus, as are the proprietary fund financial statements. The accounting
objectives of this measurement focus are the determination of changes in net position, net
position, and cash flows. All assets and liabilities, whether current or noncurrent, are reported.
The governmental fund financial statements are prepared using the current financial resources
measurement focus. Only current financial assets and liabilities are generally included in the
balance sheets. The operating statements present sources and uses of available spendable
financial resources during a given period. These funds use fund balance as their measure of
available spendable financial resources at the end of the period.
Basis of Accounting
Basis of accounting refers to when revenues and expenditures are recognized in the accounts
and reported in the financial statements. Basis of accounting relates to the timing of the
measurements made, regardless of the measurement focus applied.
The District-wide financial statements are prepared using the economic resources
measurement focus and accrual basis of accounting, as are the proprietary fund financial
statements. Under the accrual basis of accounting, revenues are recognized when earned and
expenses are recognized when the liability is incurred or economic assets used. Revenues,
expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like
transactions are recognized when the exchange takes place.
- 32 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
3.
Measurement Focus and Basis of Accounting - Continued
Basis of Accounting - Continued
The governmental fund financial statements are prepared using the current financial resources
measurement focus and the modified accrual basis of accounting. Under the modified accrual
basis of accounting, revenues are recognized when measurable and available. Measurable
means knowing or being able to reasonably estimate the amount. Available means collectible
within the current period or within sixty days after year end. Property and sales taxes, interest,
and certain grants are susceptible to accrual. Miscellaneous revenue items, which are not
susceptible to accrual, are recognized as revenues only as they are received in cash.
Expenditures, including capital outlay, are recorded when the related fund liability is incurred,
except for principal and interest on general obligation long-term debt which are reported when
due.
4.
Cash and Investments
Cash resources from all funds, except the Debt Service Fund, are combined to form a pool of cash
and short term investments. Earnings from investments are allocated to each fund on the basis of
the applicable cash balance participation by each fund. A separate account is maintained for the
Debt Service Fund and earnings for this fund are deposited directly into this account.
5.
Restricted Cash and Investments
Restricted cash and investments represent amounts whose use is limited by legal requirements and
consist of amounts allocated to future debt service payments.
6.
Interfund Receivables and Payables
During the course of operations, numerous transactions occur between individual funds that may
result in amounts owed between funds. Those related to goods and service type transactions are
classified as “due to and from other funds.” Interfund receivables and payables between funds
within governmental activities are eliminated in the Statement of Net Position.
7.
Receivables
Major receivables for the governmental activities include property and sales taxes, and state and
federal grants. Business-type activities and proprietary funds report user charges as their major
receivables. Allowances for uncollectible property taxes are based upon historical trends.
- 33 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
8.
Inventories
Inventory of supplies is stated at cost, on the first-in, first-out basis. The costs of inventory items
are recorded as expenditures when issued to requisitioning departments. Reported inventories at
year end are offset by a nonspendable fund balance account since they do not represent expendable
financial resources.
9.
Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are reported
as prepaid items using the consumption method. Reported prepaid items at year end are offset by a
nonspendable fund balance account since they do not represent expendable financial resources.
10. Capital Assets and Depreciation and Right-to-use Assets and Amortization
In the district-wide financial statements, capital assets purchased or acquired with an original cost
of $1,000 or more are reported at historical cost or estimated historical cost if actual cost is
unavailable. Contributed assets are reported at their fair market value as of the date received.
Additions, improvements, and other capital outlays that significantly extend the useful life of an
asset are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred.
Depreciation/amortization on assets is provided on the straight-line basis over the following
estimated useful lives:
Buildings and improvements
20 - 50 years
Furniture and equipment
5 - 20 years
Right-to-use building and improvements
10 years
In the fund financial statements, capital assets used in governmental fund operations are accounted
for as capital outlay expenditures of the governmental fund upon acquisition. Capital assets used
in proprietary fund operations are accounted for the same as in the district-wide financial
statements.
11. Deferred Outflows of Resources
The District reports decreases in net position that relate to future periods as deferred outflows of
resources in a separate section of its Balance Sheet - Governmental Funds and the Statement of
Net Position - Proprietary Funds. Deferred outflows of resources reported in this year's financial
statements are deferred outflows of resources related to the District's defined benefit pension plans
as further disclosed in Note G and deferred outflows of resources related to other post-
employment benefits (OPEB) as further discussed in Note I. No deferred outflows of resources
affect the governmental funds financial statements in the current year.
- 34 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
12. Compensated Absences
The District’s policies regarding vacation time permit employees to accumulate earned but unused
vacation leave. The liability for these compensated absences is recorded in the District-wide
statements. In the fund financial statements, governmental funds report only the compensated
absence liability from expendable available financial resources, while the proprietary funds report
the liability as it is incurred.
13. Long-Term Liabilities
All long-term liabilities to be paid from governmental and business-type activities are reported as
liabilities in the District-wide financial statements. Long-term liabilities primarily consist of
bonds, pension liabilities, accrued compensated absences, and other post-employment benefit
obligations.
Long-term liabilities are not due and are not payable in the current period and, therefore, are not
reported as liabilities in the governmental fund financial statements.
14. Deferred Inflows of Resources
The District's Statements of Net Position and its Balance Sheet - Governmental Funds report a
separate section for deferred inflows of resources. This separate financial statement element
reflects an increase in net position that applies to a future period(s). Deferred inflows of resources
are reported in the District's Statement of Net Position for actual pension plan investment earnings
in excess of the expected amounts included in determining pension expense. This deferred inflow
of resources is attributed to pension expense over multiple years, including the current year. The
District also reports deferred inflows in the Statement of Net Position for property taxes that there
is an enforceable legal claim attached for which there has not yet been a tax levy set. Lastly, the
District reports a deferred inflow related to OPEB for changes in assumptions to the pension plan.
In its governmental funds, the only deferred inflow of resources is for revenues that are not
considered available. The District will not recognize the related revenues until they are available
(collected not later than 60 days after the end of the District's fiscal year) under the modified
accrual basis of accounting. Accordingly, unavailable revenues from property taxes, grants, and
other are reported in the Balance Sheet - Governmental Funds.
- 35 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
15. Equity Classifications
In the District-wide financial statements, equity is classified as net position and displayed in three
components. Net investment in capital assets consists of capital assets including restricted capital
assets, net of accumulated depreciation, reduced by the outstanding balances of any bonds,
mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or
improvement of those net assets. Net position is reported as restricted when there are constraints
imposed on their use either through enabling legislation adopted by the District, or through
external restrictions imposed by creditors, grantors, contributors, or laws or regulations of other
governments. The remaining net position that does not meet the definition of restricted or net
investment in capital assets is reported as unrestricted. The District first utilizes restricted
resources to finance qualifying activities.
In the fund financial statements, governmental fund equity is classified as fund balance.
Governmental funds report the following classifications of fund balance:
Nonspendable – funds that cannot be spent due to their form (e.g., inventories and prepaid
expenditures), or funds that legally or contractually must be maintained intact;
Restricted – funds that are mandated for a specific purpose by external parties, constitutional
provisions, or enabling legislation;
Committed – funds that are set aside for a specific purpose by the District’s highest level of
decision making authority, the Board. The fund balance policy requires formal resolution to be
taken prior to the end of the fiscal year. The same formal action must be taken to remove or
change the limitations placed on the funds;
Assigned – consists of funds that are set aside with the intent to be used for a specific purpose.
Under the District’s adopted policy, amounts may be assigned by the Chief Financial Officer;
and,
Unassigned – excess funds that have not been classified in the previous categories. All funds
in this category are considered spendable resources. This category also provides the resources
necessary to meet unexpected expenditures and revenue shortfalls. In other governmental
funds, if expenditures incurred for specific purposes exceed the amounts restricted,
committed, or assigned to those purposes, a negative unassigned fund balance may be
reported.
- 36 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
15. Equity Classifications - Continued
When an expenditure is incurred for purposes for which both restricted and unrestricted fund
balance is available, the District considers restricted funds to have been spent first unless legal
requirements disallow it. When an expenditure is incurred for which committed, assigned, or
unassigned fund balances are available, the District considers amounts to have been spent first out
of committed funds, then assigned funds, and finally unassigned funds as needed, unless the Board
has provided otherwise in its commitment or assignment actions.
The details of the fund balances are included in the Balance Sheet - Governmental Funds.
Proprietary funds equity is classified the same as in the District-wide financial statements.
16. Revenue
Property taxes attach as an enforceable lien on property as of January 1. Taxes are levied annually
by November 1 and are due by December 31. In the District-wide financial statements, property
tax revenues are recognized in the fiscal year levied. In the fund financial statements, property tax
revenues are recognized in the fiscal year levied when they become measurable and available.
Available property tax revenue includes those property tax receivables expected to be collected
within 60 days of year end. Revenues not collected within 60 days of year end are reported as
deferred inflows of resources.
Sales tax is collected by the State of Missouri and remitted to districts within the state based on
eligible pupils. The State receives the sales tax approximately one month after collection by
vendors. Sales taxes collected by the State in June and July, which represent sales for May and
June, and received by the District in July and August have been accrued and reported as sales tax
receivable.
Entitlements and grants are recognized as revenue in the fiscal year in which all eligibility
requirements have been satisfied. Grants and entitlements received before eligibility requirements
are met are reported as unearned revenue. In the fund financial statements, entitlement and grant
revenues not collected within 60 days of year end are reported as deferred inflows of resources.
Operating revenues and expenses for proprietary funds are those that result from providing
services and producing and delivering goods and services. It also includes all revenue and
expenses not related to capital and related financing, noncapital financing, and investing activities.
- 37 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
17. Post-Employment Benefits
Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the District provides
healthcare benefits to eligible former employees and eligible dependents that elect to participate.
Certain requirements are outlined by the federal government for this coverage. The premium is
paid in full by the insured on or before the 15th day of the month for the actual month covered.
This program is offered for a duration of eighteen months after the termination date. The District
enrolls electing, eligible participants with a third-party COBRA administrator. Participants make
payments directly to the third-party administrator and these payments are then remitted to the
District. There is no associated cost to the District under this program.
In accordance with Chapter 169, RSMo, the District offers continued healthcare benefits to
employees who are eligible for normal or early retirement under PSRS or PEERS. The retiree or
eligible dependent pays the premium directly to the District. The District currently pays for the
implicit rate subsidy associated with these postemployment health care benefits on a pay-as-you-
go basis.
18. Use of Estimates
The preparation of the financial statements in conformity with GAAP requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates.
19. New Accounting Pronouncement Adopted
For the year ended June 30, 2022, the District implemented Governmental Accounting Standards
Board (GASB) Statement No. 87, Leases. GASB Statement No. 87 enhances the relevance and
consistency of information of the District's leasing activities. It establishes requirements for lease
accounting based on the principle that leases are financings of the right to use an underlying asset,
and a lessor is required to recognize a lease receivable and a deferred inflow of resources. These
changes were incorporated into the District's June 30, 2022 financial statements and had no effect
on the beginning fund balances of the governmental funds or the beginning net position of
governmental activities.
- 38 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE B – CASH AND INVESTMENTS
The District maintains a cash and temporary cash investment pool that is available for use by all
funds except the Debt Service Fund (Missouri law requires that all deposits of the Debt Service
Fund be kept separate and apart from all other funds of the District). Each fund’s portion of this
pool is displayed on the balance sheet as “cash and investments” under each fund’s caption.
Deposits
Missouri statutes require that all deposits with financial institutions be collateralized in an amount
at least equal to uninsured deposits. At June 30, 2022, the carrying amount of the deposits under
District control was $9,804,427 and the bank balance was $11,224,758. Of the bank balance,
$250,000 was covered by Federal Deposit Insurance Corporation (FDIC) through the District's
depository, and the remaining amount was covered by FDIC through IntraFi Network Deposits per
RSMo 67.085.
Investments
The District may purchase any investments allowed by the Missouri State Treasurer. These
include but are not limited to (1) obligations of the United States Government, or any agency or
instrumentality thereof, maturing and becoming payable not more than three years from the date of
purchase, (2) repurchase agreements maturing and becoming payable within 90 days secured by
U.S. Treasury obligations or obligations of U.S. Government agencies or instrumentalities of any
maturity, as provided by law, or (3) other short-term obligations of the United States and deposit
accounts with insured financial institutions, provided the accounts are entirely insured by the
FDIC or collateralized with government securities that have a fair value exceeding the deposit
amount.
The District has investments managed by the Missouri Securities Investment Program (MOSIP).
All funds in this program are invested in accordance with Section 165.061 RSMo. Each school
district owns a pro rata share of each investment, which is held in the name of the program. The
investments are stated at amortized cost, which approximates fair value. The value of the
investments was $34,102,286 at June 30, 2022.
Additionally, the District has $392,598 in restricted cash and investments that is held in a sinking
fund for a future debt service principal payment per the 2009A bond issuance agreement. These
funds are held by Bank of New York Mellon and invested in a US Treasury money market fund.
- 39 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE B – CASH AND INVESTMENTS - CONTINUED
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value
of an investment. Generally, the longer the maturity of an investment the greater the sensitivity of
its fair value to changes in market interest rates. The District’s investment policy does not limit
investment maturities as a means of managing its exposure to fair value losses arising from
increasing interest rates. However, one of the ways the District manages its exposure to interest
rate risk is by purchasing a combination of short-term and long-term investments and by timing
cash flows from maturities so a portion of the portfolio is maturing or coming close to maturity
evenly over time as necessary to provide the cash flow and liquidity needed for operations.
Credit Risk
Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligation to the holder of the investment. State law limits investments that can be held by
government agencies to safe, high-quality securities. This is measured by the assignment of a
rating by a nationally recognized statistical rating organization.
The District’s regular investments in the Missouri Securities Investment Program are rated AAAm
by Standard and Poor’s.
Concentration of Credit Risk
The investment policy of the District contains no limitations on the amount that can be invested in
any one issuer beyond what is provided by law. The District did not have any investments
(excluding investments issued or explicitly guaranteed by the U.S. Government, external
investment pools, or investments in mutual funds) in any one issuer representing 5% or more of
total investments.
Custodial Credit Risk
For an investment, custodial credit risk is the risk that in the event of the failure of the
counterparty, the District will not be able to recover its deposits, the value of its investments, or be
able to recover collateral securities that are in the possession of an outside party. The District does
not have a formal policy regarding the custody of its investments. All investment activities are
conducted through the depository bank and the District’s financial advisor or through MOSIP. As
of June 30, 2022, the District’s investments were held by the investment’s counterparty.
- 40 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE B – CASH AND INVESTMENTS - CONTINUED
Summary
The cash deposits and investments are summarized and presented in the financial statements as
follows as of June 30, 2022:
Carrying amount of deposits
$
9,804,427
Investments
34,494,884
$
44,299,311
NOTE C – TAXES
Property taxes attach as an enforceable lien on property as of January 1. Taxes are levied by
November 1 and payable by December 31. All unpaid taxes become delinquent January 1 of the
following year. St. Louis County collects the property taxes and remits them to the District.
The District also receives sales tax collected by the state and remitted based on eligible pupils.
The District is required to reduce its property tax levy by one-half the amount of sales tax
estimated to be received in the subsequent calendar year. The District's taxpayers have voted to
permanently waive this property tax rollback.
The assessed valuation of the tangible taxable property for the calendar year 2021 for purposes of
local taxation was:
Real estate:
Residential
$
738,020,610
Commercial
516,406,930
Personal property
105,325,480
1,359,753,020
Less tax increment financing
10,190,650
$ 1,349,562,370
- 41 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE C – TAXES - CONTINUED
The tax levy per $100 of the assessed valuation of tangible taxable property for the calendar year
2021 for purposes of local taxation was as follows:
Adjusted
General Fund
$
1.1483
Special Revenue Fund
2.3321
Debt Service Fund
0.6230
Capital Projects Fund
0.2500
$
4.3534
The receipts of current property taxes during the fiscal year ended June 30, 2022 aggregated
approximately 98.6% of the 2021 assessment computed on the basis of the levy as shown above.
- 42 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE D – CAPITAL ASSETS
Capital asset activity for the year ended June 30, 2022, was as follows:
Balance at
July 1, 2021
Transfers
Additions
Disposals
Balance at
June 30, 2022
Governmental activities
Capital assets not being
depreciated
Land
$
714,536
$
-
$
-
$
-
$
714,536
Capital assets that are
depreciated
Buildings and improvements
135,008,991
-
2,460,654
-
137,469,645
Furniture and equipment
20,587,433
-
1,562,368
(399,871)
21,749,930
Right-to-use assets being
amortized
Buildings and improvements
550,867
-
-
-
550,867
Totals at historical cost
156,861,827
-
4,023,022
(399,871)
160,484,978
Less: accumulated depreciation
Buildings and improvements
(37,761,925)
-
(3,460,374)
-
(41,222,299)
Furniture and equipment
(17,139,134)
-
(993,420)
399,838
(17,732,716)
Less: accumulated amortization
Buildings and improvements
(13,772)
-
(27,543)
-
(41,315)
Total accumulated
depreciation and
amortization
(54,914,831)
-
(4,481,337)
399,838
(58,996,330)
$
101,946,996
$
-
$
(458,315) $
(33) $
101,488,648
Business-type activities
Capital assets that are
depreciated
Furniture and equipment
$
165,939
$
-
$
-
$
-
$
165,939
Less accumulated
depreciation
Furniture and equipment
(90,185)
-
(10,955)
-
(101,140)
$
75,754
$
-
$
(10,955) $
-
$
64,799
Depreciation and amortization expense for governmental activities is reported in the Statement of
Activities and was allocated to operation of plant.
- 43 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE E – LONG-TERM LIABILITIES
The following is a summary of the changes in long-term liabilities for the year ended June 30,
2022:
Balance
as of
July 1, 2021
Additions
Reductions
Balance,
as of
June 30, 2022
Amount
due within
one year
General obligation bonds
$ 55,802,000 $
-
$
6,720,000
$ 49,082,000 $
4,920,000
Deferred amounts for issuance
premium
3,308,865
-
690,708
2,618,157
-
Total bonds payable, net
59,110,865
-
7,410,708
51,700,157
4,920,000
Interest
616,447
539,858
616,447
539,858
539,858
Lease payable
4,265,000
-
490,000
3,775,000
500,000
Compensated absences
391,528
-
7,711
383,817
-
$ 64,383,840 $
539,858 $
8,524,866
$ 56,398,832 $
5,959,858
Principal and interest on general obligation bonds are paid through the Debt Service Fund.
Principal and interest on leases are paid through the Capital Projects Fund. Compensated absences
are paid through the General Fund and Special Revenue Fund.
Bonds Payable
General obligation bonds outstanding at June 30, 2022 were as follows:
Date issued
Maturity date
Rate of interest
Original
issue
amount
Balance
at June 30,
2022
10/14/09
03/01/24
1.37%
$
9,185,000
$
9,185,000
09/08/10
03/01/27
4.70%
3,987,000
3,987,000
12/27/17
03/01/29
4.00%-5.00%
23,465,000
15,575,000
12/05/19
03/01/29
2.00%-3.00%
31,075,000
20,335,000
$
49,082,000
- 44 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE E – LONG-TERM LIABILITIES - CONTINUED
The annual requirements to amortize the general obligation bonds as of June 30, 2022, including
interest payments, are as follows:
Year ending June 30,
Principal
Interest
Total
2023
$
4,920,000
$
1,593,024
$
6,513,024
2024
9,410,000
1,409,924
10,819,924
2025
6,110,000
1,277,339
7,387,339
2026
6,565,000
1,050,939
7,615,939
2027
6,947,000
803,389
7,750,389
2028-2029
15,130,000
694,300
15,824,300
$
49,082,000
$
6,828,915
$
55,910,915
Legal Debt Margin
Article VI, Section 26(b) of the Constitution of Missouri limits the amount of General Obligation
Bonds which can be authorized and outstanding by a school district to 15% of the assessed
valuation of taxable tangible property within the District. The legal debt margin of the District at
June 30, 2022 was:
Constitutional debt limit
$
202,434,356
General obligation bonds payable
(49,082,000)
Amount available in
Debt Service Fund
5,834,815
Legal debt margin
$
159,187,171
- 45 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE E – LONG-TERM LIABILITIES - CONTINUED
Lease Payable
On June 1, 2019, the District entered into a $5,065,000 lease purchase agreement. The proceeds of
the lease were used as follows:

$550,867 of capital improvements to Meramec Elementary with $41,315 of related
accumulated amortization

$4,514,133 of capital contributions to the joint venture, Clayton Recreation, Sports and
Wellness Commission. See Note K for more information on the joint venture. Since this
represents a capital contribution, there is not an asset or related accumulated depreciation.
The District is only obligated to pay such payments under the lease as may lawfully be made from
funds budgeted and appropriated for that purpose. Should the District fail to budget, appropriate or
otherwise make available funds sufficient to pay the payments, the lease would be deemed
terminated at the end of the current term and the collateral would transfer to the possession of the
lessor. Meramec Elementary School is pledged as collateral.
The District has the option to purchase the lessor's interest in the project through prepayment. If
the prepayment is paid with internally generated funds (i.e. not in connection with refinancing or
grant), there would be no prepayment premium. Otherwise, the prepayment premium would be 3%
of the remaining principal portion if on or before the first anniversary of the commencement date;
2% of the remaining principal portion if after the first anniversary but on or before the second
anniversary of the commencement date; 1% of the remaining principal portion if after the second
anniversary of the commencement date.
- 46 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE E – LONG-TERM LIABILITIES - CONTINUED
Lease Payable - Continued
The following is a schedule of future minimum lease payments under the capital lease together
with the present value of the net minimum lease payments as of June 30, 2022:
Year ended June 30,
2023
$
591,093
2024
594,244
2025
591,600
2026
593,932
2027
590,901
2028-2029
1,186,701
Total minimum lease payments
4,148,471
Less amount representing interest
(373,471)
Present value of minimum lease
payments
$
3,775,000
NOTE F – TAX ABATEMENTS
The District is subject to tax abatement agreements granted by St. Louis County, the City of
Clayton, and the City of Richmond Heights. Abatements under Chapter 100 and Chapter 353 of
RSMo exist within the District. During the term of the agreements, a certain percentage of the
property tax amount for the assessed value of the eligible property is abated. For fiscal year 2022,
the total amount of tax abated was approximately $2.0 million in real estate and personal property
tax.
NOTE G – RETIREMENT PLANS
The District contributes to the Public School Retirement System of Missouri and the Public
Education Retirement System of Missouri (PSRS and PEERS respectively, also referred to as the
Systems), a cost-sharing multiple-employer defined benefit pension plan.
- 47 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE G – RETIREMENT PLANS - CONTINUED
Plan Description
PSRS is a mandatory cost-sharing multiple-employer retirement system for all full-time
certificated employees and certain part-time certificated employees of all public school districts in
Missouri (except the school districts of St. Louis and Kansas City) and all public community
colleges. PSRS also includes certificated employees of the Systems, Missouri State Teachers'
Association, Missouri State High School Activities Association, and certain employees of the
State of Missouri who elected to remain covered by PSRS under legislation enacted in 1986, 1987
and 1989.
The majority of PSRS members are exempt from Social Security contributions. In some instances,
positions may be determined not to be exempt from Social Security contributions. Any PSRS
member who is required to contribute to Social Security comes under the requirements of Section
169.070 (9) RSMo, known as the "two-third’s statute." PSRS members required to contribute to
Social Security are required to contribute two-thirds of the approved PSRS contribution rate and
their employer is required to match the contribution. The members' benefits are further calculated
at two-thirds the normal benefit amount.
PEERS is a mandatory cost-sharing multiple employer retirement system for all non-certificated
public school district employees (except the school districts of St. Louis and Kansas City),
employees of the Missouri Association of School Administrators, and community college
employees (except the Community College of St. Louis). Employees of covered districts who
work 20 or more hours per week on a regular basis and who are not contributing members of
PSRS must contribute to PEERS. Employees of the Systems who do not hold Missouri educator
certificates also contribute to PEERS. PEERS was established as a trust fund by an Act of the
Missouri General Assembly effective October 13, 1965. Statutes governing the Systems are found
in Sections 169.600 - 169.715 and Sections 169.560-169.595 RSMo. The statutes place
responsibility for the operation of PEERS on the Board of Trustees of PSRS.
- 48 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE G – RETIREMENT PLANS - CONTINUED
Benefits Provided
PSRS is a defined benefit plan providing retirement, disability, and death/survivor benefits.
Members are vested for service retirement benefits after accruing five years of service. Individuals
who (a) are at least age 60 and have a minimum of five years of service, (b) have 30 years of
service, or (c) qualify for benefits under the "Rule of 80" (service and age total at least 80) are
entitled to a monthly benefit for life, which is calculated using a 2.5% benefit factor. Actuarially
age-reduced benefits are available for members with five to 24.9 years of service at age 55.
Members who are younger than age 55 and who do not qualify under the “Rule of 80" but have
between 25 and 29.9 years of service may retire with a lesser benefit factor. Members that are
three years beyond normal retirement can elect to have their lifetime monthly benefits actuarially
reduced in exchange for the right to also receive a one-time partial lump sum (PLSO) payment at
retirement equal to 12, 24, or 36 times the Single Life benefit amount.
PEERS is a defined benefit plan providing retirement, disability, and death benefits to its
members. Members are vested for service retirement benefits after accruing five years of service.
Individuals who (a) are at least age 60 and have a minimum of five years of service, (b) have 30
years of service, or (c) qualify for benefits under the “Rule of 80” (service and age total at least 80)
are entitled to a monthly benefit for life, which is calculated using a 1.61% benefit factor.
Members qualifying for "Rule of 80" or "30-and-out" are entitled to an additional temporary
benefit until reaching minimum Social Security age (currently age 62), which is calculated using a
0.8% benefit factor. Actuarially age-reduced retirement benefits are available with five to 24.9
years of service at age 55. Members who are younger than age 55 and who do not qualify under
the “Rule of 80” but have between 25 and 29.9 years of service may retire with a lesser benefit
factor. Members that are three years beyond normal retirement can elect to have their lifetime
monthly benefits actuarially reduced in exchange for the right to also receive a PLSO payment at
retirement equal to 12, 24, or 36 times the Single Life benefit amount.
Summary Plan Descriptions detailing the provisions of the plans can be found on the Systems'
website at www.psrs-peers.org.
- 49 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE G – RETIREMENT PLANS - CONTINUED
Cost-of-Living Adjustments (“COLA”)
The Board of Trustees has established a policy of providing COLAs to both PSRS and PEERS
members as follows:
If the June to June change in the Consumer Price Index for All Urban Consumers (CPI-U) is
less than 2% for one or more consecutive one-year periods, a COLA increase of 2% will be
granted when the cumulative increase is equal to or greater than 2%, at which point the
cumulative increase in the CPI-U will be reset to zero. For the following year, the starting
CPI-U will be based on the June value immediately preceding the January 1 at which the 2%
COLA increase is granted.
If the June to June change in the CPI-U is greater than or equal to 2%, but less than 5%, a
COLA increase of 2% will be granted.
If the June to June change in the CPI-U is greater than or equal to 5%, a COLA increase of 5%
will be granted.
If the CPI decreases, no COLA is provided.
For any PSRS member retiring on or after July 1, 2001, such adjustments commence on the
second January after commencement of benefits and occur annually thereafter. For PEERS
members, such adjustments commence on the fourth January after commencement of benefits and
occur annually thereafter. The total of such increases may not exceed 80% of the original benefit
for any member.
Contributions
PSRS members were required to contribute 14.5% of their annual covered salary during fiscal
years 2020, 2021 and 2022. Employers were required to match the contributions made by
employees. The contribution rate is set each year by the PSRS Board of Trustees upon the
recommendation of the independent actuary within the contribution restrictions set in Section
169.030 RSMo. The annual statutory increase in the total contribution rate may not exceed l% of
pay.
PEERS members were required to contribute 6.86% of their annual covered salary during fiscal
years 2020, 2021 and 2022. Employers were required to match the contributions made by
employees. The contribution rate is set each year by the PSRS Board of Trustees upon the
recommendation of the independent actuary within the contribution restrictions set in Section
169.030 RSMo. The annual statutory increase in the total contribution rate may not exceed 0.5%
of pay.
- 50 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE G – RETIREMENT PLANS - CONTINUED
Contributions - Continued
The District's contributions to PSRS and PEERS were $4,203,147 and $614,078, respectively, for
the year ended June 30, 2022.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions
At June 30, 2022, the District recorded a liability of $12,246,618 for its proportionate share of the
PSRS net pension liability and $506,154 for its proportionate share of the PEERS net pension
liability. In total the District recorded net pension liabilities of $12,752,772. The net pension
liability for the plans in total was measured as of June 30, 2021, and determined by an actuarial
valuation as of that date. The District's proportionate share of the total net pension liability was
based on the ratio of its actual contributions paid to PSRS and PEERS of $4,119,889 and
$590,848, respectively, for the year ended June 30, 2021 relative to the total contributions of
$744,694,744 for PSRS and $125,712,392 for PEERS from all participating employers. At June
30, 2021, the District's proportionate share was 0.5532% for PSRS and 0.4700% for PEERS.
For the year ended June 30, 2022, the District recognized a pension expense (income) of
$(1,768,372) for PSRS and $(144,567) for PEERS, its proportionate share of the total pension
expense (income). Pension expense is the change in the net pension liability from the previous
reporting period to the current reporting period, less adjustments. This may be a negative expense
(pension income).
- 51 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE G – RETIREMENT PLANS - CONTINUED
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions - Continued
Amounts reported as deferred outflows of resources resulting from contributions subsequent to the
measurement date of June 30, 2021, will be recognized as a reduction to the net pension liability
in the year ended June 30, 2023.
Other amounts reported as collective deferred (inflows)/outflows of resources are to be recognized
in pension expense as follows:
Year ending June 30,
PSRS
PEERS
District
Total
2023
$ (4,591,221) $
(643,344) $ (5,234,565)
2024
(5,165,346)
(557,570)
(5,722,916)
2025
(6,207,060)
(760,412)
(6,967,472)
2026
(7,640,407)
(987,369)
(8,627,776)
2027
1,067,278
-
1,067,278
$ (22,536,756) $ (2,948,695) $ (25,485,451)
Actuarial Assumptions
Actuarial valuations of the Systems involve assumptions about probability of occurrence of events
far into the future in order to estimate the reported amounts. Examples include assumptions about
future employment, salary increases, and mortality. Amounts determined regarding the net pension
liability are subject to continual revision as actual results are compared with past expectations and
new estimates are made about the future. The Board of Trustees adopts actuarial assumptions,
each of which individually represents a reasonable long-term estimate of anticipated experience
for the Systems, derived from experience studies conducted every fifth year and from Board
policies concerning investments and COLAs. The most recent comprehensive experience studies
were completed in May 2021. All economic and demographic assumptions were reviewed and
updated, where appropriate, based on the results of the studies and effective with the June 30,
2021 valuation. Significant actuarial assumption and methods are detailed below. For additional
information please refer to the Systems’ Annual Comprehensive Financial Report (ACFR). The
next experience studies are scheduled for 2026.
Significant actuarial assumptions and other inputs used to measure the total pension liability:
Measurement Date: June 30, 2021
- 53 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE G – RETIREMENT PLANS - CONTINUED
Actuarial Assumptions - Continued
Valuation Date: June 30, 2021
Expected Return on Investments: 7.30%, net of investment expenses and including 2.00%
inflation
Inflation: 2.00%
Total Payroll Growth PSRS: 2.25% per annum, consisting of 2.00% inflation, 0.125% real wage
growth due to the inclusion of active health care costs in pensionable earnings, and 0.125% of real
wage growth due to productivity.
Total Payroll Growth PEERS: 2.50% per annum, consisting of 2.00% inflation, 0.25% real wage
growth due to the inclusion of active health care costs in pensionable earnings, and 0.25% of real
wage growth due to productivity.
Future Salary Increases PSRS: 2.625% - 8.875%, depending on service and including 2.00%
inflation, 0.125% real wage growth due to the inclusion of active health care costs in pensionable
earnings, and 0.125% of real wage growth due to productivity, and real wage growth for merit.
Future Salary Increases PEERS: 3.25% - 9.75%, depending on service and including 2.00%
inflation, 0.25% real wage growth due to the inclusion of active health care costs in pensionable
earnings, and 0.25% of real wage growth due to productivity. and real wage growth for merit.
Cost of Living Increases PSRS & PEERS: Given that the actual increase in the CPI-U index from
June 2020 to June 2021 was 5.39%, the Board approved an actual COLA as of January 1, 2022 of
5.00%, in accordance with the Board's funding policy and Missouri statutes, compared to an
assumed COLA of 2.00%. Future COLAs assumed in the valuation are 2.00% as of January 1,
2023 and January 1, 2024, and 1.35% each January 1 thereafter. This COLA assumption is based
on the 20-year stochastic analysis of inflation performed in the 2021 experience study, the
application of the Board's COLA policy, and the short-term expectations of COLA due to recent
CPI activity. It is also based on the current policy of the Board to grant a COLA on each January 1
as follows:
If the June to June change in the CPI-U is less than 2% for one or more consecutive one-year
periods, a COLA increase of 2% will be granted when the cumulative increase is equal to or
greater than 2%, at which point the cumulative increase in the CPI-U will be reset to zero. For
the following year, the starting CPI-U will be based on the June value immediately preceding
the January 1 at which the 2% cost-of-living increase is granted.
- 54 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE G – RETIREMENT PLANS - CONTINUED
Actuarial Assumptions - Continued
If the June to June change in the CPI-U is greater than or equal to 2%, but less than 5%, a
COLA increase of 2% will be granted.
If the June to June change in the CPI-U is greater than or equal to 5%, a COLA increase of 5%
will be granted.
If the CPI decreases, no COLA is provided.
The COLA applies to service retirements and beneficiary annuities. The COLA does not apply to
the benefits for in-service death payable to spouses (where the spouse is over age 60), and does not
apply to the spouse with children pre-retirement death benefit, the dependent children pre-
retirement death benefit, or the dependent parent death benefit. The total lifetime COLA cannot
exceed 80% of the original benefit. PSRS members receive a COLA on the fourth January after
retirement, while PEERS members receive a COLA on the fourth January after retirement.
Mortality Assumptions

Actives PSRS: Experience-adjusted Pub-2010 Teachers Mortality Table for Employees
projected from 2010 to 2018 using the MP-2020 improvement scale and multiplied by
the healthy retiree experience-based adjustment factors at all ages for both males and
females, with generational improvement after 2018 using the MP-2020 improvement
scale.

Actives PEERS: Experience-adjusted Pub-2010 General (Below-Median Income)
Mortality Table for Employees projected from 2010 to 2018 using the MP-2020
improvement scale and multiplied by the healthy retiree experience-based adjustment
factors at all ages for both males and females, with generational improvement after
2018 using the MP-2020 improvement scale.

Non-Disabled Retirees PSRS: Mortality rates for non-disabled retirees and
beneficiaries are based on the Pub-2010 Teachers Mortality Table for Healthy Retirees
and the Pub-2010 Teachers Mortality Table for Contingent Survivors, respectively.
The tables are projected from 2010 to 2018 using the MP-2020 improvement scale and
multiplied by the experience-based adjustment factors shown below at all ages for both
males and females, with generational improvement after 2018 using the MP-2020
improvement scale. The non-disabled factor is 1.10 for males and 1.04 for females. The
contingent survivor factor is 1.18 for males and 1.07 for females.
- 55 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE G – RETIREMENT PLANS - CONTINUED
Actuarial Assumptions - Continued

Non-Disabled Retirees PEERS: Mortality rates for non-disabled retirees and
beneficiaries are based on the Pub-2010 General (Below-Median Income) Mortality
Table for Healthy Retirees and the Pub-2010 General (Below-Median Income)
Mortality Table for Contingent Survivors, respectively. The tables are projected from
2010 to 2018 using the MP-2020 improvement scale and multiplied by the experience-
based adjustment factors shown below at all ages for both males and females, with
generational improvement after 2018 using the MP-2020 improvement scale. The non-
disabled factor is 1.13 for males and 0.94 for females. The contingent survivor factor is
1.01 for males and 1.07 for females.

Disabled Retirees PSRS: Experience-adjusted Pub-2010 Teacher Disability Mortality
Table, projected from 2010 to 2018 using the MP-2020 improvement scale and
multiplied by the healthy retiree experience-based adjustment factors at all ages for
both males and females, with generational improvement after 2018 using the MP-2020
improvement scale.

Disabled Retirees PEERS: Experience-adjusted Pub-2010 Generational Disability
Mortality Table, projected from 2010 to 2018 using the MP-2020 improvement scale
and multiplied by the healthy retiree experience-based adjustment factors at all ages for
both males and females, with generational improvement after 2018 using the MP-2020
improvement scale.
Changes in Actuarial Assumptions and Methods
An experience study was completed in May 2021 resulting in an update to the following
assumptions:

PSRS & PEERS: The long-term inflation assumption was decreased from 2.25% to
2.00%. The expected return on assets assumption was decreased from 7.50% to 7.30%.
The cost-of-living increase assumption was changed to be 2.00% on January 1, 2022,
2023, and 2024, and 1.35% on each January 1 thereafter.
- 56 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE G – RETIREMENT PLANS - CONTINUED
Actuarial Assumptions - Continued

PSRS: The total payroll growth assumption was decreased from 2.75% to 2.25%. The
future salary growth assumption was decreased from 3.00%-9.50%, depending on service.
The mortality assumptions were changed to reflect the PubT-2010 (Teacher) mortality
tables, with adjustments based on actual member mortality experience from 2015-2020,
and to incorporate future mortality improvement on a generational basis in accordance
with the MP-2020 improvement scale. Other demographic assumptions were also changed
based on actual member demographic experience from 2015-2020.

PEERS: The total payroll growth assumption was decreased from 3.25% to 2.50%. The
future salary growth assumption was decreased from 4.00%-11.00%, depending on
service, to 3.25%-9.75%, depending on service. The mortality assumptions were changed
to reflect the PubG-2010(B)(General Employee, Below-Median Income) mortality tables,
with adjustments based on actual member mortality experience from 2015-2020, and to
incorporate future mortality improvement on a generational basis in accordance with the
MP-2020 improvement scale. Other demographic assumptions were also changed based
on actual member demographic experience from 2015-2020.
Fiduciary Net Position: The Systems issue a publicly available financial report (ACFR) that can be
obtained at www.psrs-peers.org.
Expected Rate of Return
The long-term expected rate of return on investments was determined in accordance with
Actuarial Standard of Practice (ASOP) No. 27, Selection of Economic Assumptions for Measuring
Pension Obligations. ASOP No. 27 provides guidance on the selection of an appropriate assumed
rate of return. The long-term expected rate of return on the Systems’ investments was determined
using a building-block method in which best-estimate ranges of expected future real rates of
returns (expected returns, net of investment expense and inflation) are developed for each major
asset class. These ranges are combined to produce the long-term expected rate of return by
weighting the expected future real rates of return by the target asset allocation percentage and by
adding expected inflation. Best estimates of arithmetic real rates of return for each major asset
class included in the Systems’ target allocation as of June 30, 2021 are summarized below.
- 57 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE G – RETIREMENT PLANS - CONTINUED
Actuarial Assumptions - Continued
Asset class
Target asset
allocation
Long-term expected
real return
arithmetic basis
U.S. Public Equity
%
23.00
%
4.81
Public Credit
-
0.80
Hedged Assets
6.00
2.39
Non-U.S. Public Equity
16.00
6.88
U.S. Treasuries
20.00
(0.02)
U.S. TIPS
-
0.29
Private Credit
8.00
5.61
Private Equity
16.00
10.90
Private Real Estate
11.00
7.47
Total
%
100.00
Discount Rate
The long-term expected rate of return used to measure the total pension liability was 7.30% as of
June 30, 2021, and is consistent with the long-term expected geometric return on plan
investments. The Board of Trustees adopted a new actuarial rate of return of 7.30% effective with
the June 30, 2021 valuations based on the actuarial experience studies conducted during the
current fiscal year. The projection of cash flows used to determine the discount rate assumed that
employer contributions would be made at the actuarial calculated rate computed in accordance
with assumptions and methods stated in the funding policy adopted by the Board of Trustees,
which requires payment of the normal cost and amortization of the unfunded actuarially accrued
liability in level percent of employee payroll installments over 30 years utilizing a closed period,
layered approach. Based on this assumption, the pension plan's fiduciary net position was
projected to be available to make all projected future benefit payments of current plan members.
- 58 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE G – RETIREMENT PLANS - CONTINUED
Actuarial Assumptions - Continued
Discount Rate Sensitivity
The sensitivity of the District's net pension liabilities to changes in the discount rate is presented
below. The District's net pension liabilities calculated using the discount rate of 7.30% is
presented as well as the net pension liabilities (assets) using a discount rate that is 1.0% lower
(6.30%) or 1.0% higher (8.30%) than the current rate.
1% decrease
(6.30%)
Current rate
(7.30%)
1% increase
(8.30%)
PSRS
Proportionate share of the net
pension liability / (asset) $
49,303,969 $
12,246,618 $ (18,434,980)
PEERS
Proportionate share of the net
pension liability / (asset)
4,286,113
506,154
(2,648,305)
NOTE H – DEFERRED COMPENSATION PLANS
The District offers its employees a choice of deferred compensation plans created in accordance
with Internal Revenue Code Sections 403(b) or 457. These plans, available to all District
employees, permit them to defer a portion of their salary until future years. The District makes
these plans available to its employees as an accommodation only. The District’s role in connection
with the plans is generally limited to processing the paperwork necessary to remit the participant’s
salary withholdings (deferrals) to the unrelated financial institution.
- 59 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE I – OTHER POSTEMPLOYMENT BENEFITS (OPEB)
Plan Description and Benefits Provided
In addition to providing the pension benefits described above, the District provides continuation of
medical, dental, and vision insurance coverage, including prescription drugs, to employees who
are eligible for normal or early retirement under PSRS or PEERS. Retirees and their dependents
that elect to participate must pay the premium in effect for the current plan year or any subsequent
year at the premium rates in effect at that time. Since retirees pay the premium for each year, the
District's share of any premium cost is determined on the basis of a blended rate or implicit rate
subsidy calculation. The plan is not accounted for as a trust fund since an irrevocable trust has not
been established. A stand-alone financial report is not available for the plan. No assets are
accumulated in a trust that meets all of the criteria in GASB Statement No. 75, paragraph 4.
Actuarial analysis completed on employees covered by benefit terms at June 30, 2022:
Number
Average Age
Actives
453
46.4
Retired and beneficiaries
207
71.4
Total
660
Contributions
The District currently pays for the implicit rate subsidy associated with these postemployment
health care benefits on a pay-as-you-go basis. The District determines contribution requirements
and they may be amended by the District.
- 60 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE I – OTHER POSTEMPLOYMENT BENEFITS (OPEB) - CONTINUED
Total OPEB Liability
The District’s total OPEB liability of $4,439,943 was measured as of June 30, 2022, and the total
liability used to calculate the total OPEB was determined by an actuarial valuation as of June 30,
2022.
Actuarial Cost Method: Entry age normal
Inflation: 2.40%
Salary Increases: 3.00%
Discount Rate: 3.54% based on the 20 year Bond GO Index at June 30, 2022. The rate for the
prior year was 2.16%.
Healthcare Cost Trend Rates: 5.30% for 2022, gradually decreasing to an ultimate rate of 3.70%
for 2073 and beyond.
Participation: It is assumed that 40% of employees who retire prior to age 65 will elect medical
and dental coverage upon retirement.
Healthy Mortality Rate: Pub-2010 Teachers Mortality for Employees and Healthy Annuitants,
with generational projection per Scale MP-2021.
Changes in Total OPEB Liability
The components of the total OPEB liability of the District at June 30, 2022 are as follows:
Total OPEB
Liability
Balances as of June 30, 2021
$
5,326,017
Service cost
279,827
Interest on total OPEB liability
119,350
Economic/demographic gains/losses
(467,164)
Changes in assumptions
(656,501)
Benefit payments
(161,586)
Balances as of June 30, 2022
$
4,439,943
- 61 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE I – OTHER POSTEMPLOYMENT BENEFITS (OPEB) - CONTINUED
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate
The following presents the total OPEB liability of the District, as well as what the District’s total
OPEB liability would be if it were calculated using a discount rate that is 1 percentage point lower
and 1 percentage point higher than the current discount rate.
1% decrease
(2.54%)
Discount rate
(3.54%)
1% increase
(4.54%)
Total OPEB liability
$
4,929,345
$
4,439,943
$
4,019,076
Sensitivity of the Total OPEB Liability to Changes in the Health Care Cost Trends
The following presents the total OPEB liability of the District, calculated using the current
healthcare cost trend rates as well as what the District’s total OPEB liability would be if it were
calculated using trend rates that are 1 percentage point lower or 1 percentage point higher than the
current trend rates.
1% decrease
Current Trend
Rate
1% increase
Total OPEB liability
$
3,939,549
$
4,439,943
$
5,041,616
- 62 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE I – OTHER POSTEMPLOYMENT BENEFITS (OPEB) - CONTINUED
OPEB Expense and Deferred Outflows and Inflows of Resources Related to OPEB
For the year ended June 30, 2022, the District recognized OPEB expense of $128,889 and deferred
inflows of $1,926,520 related to the changes in assumptions, and deferred outflows of $512,800
related to changes in assumptions.
Amounts currently reported as deferred outflows and inflows of resources related to other
postemployment benefits will be recognized in OPEB expense as follows:
Year ending June 30
Net Outflow
of Resources
2023
$
(270,288)
2024
(270,288)
2025
(260,919)
2026
(261,331)
2027
(208,815)
Thereafter *
(142,079)
Total
$
(1,413,720)
* Note that additional future deferred inflows and outflows of resources may impact these
numbers.
NOTE J – COMMITMENTS AND CONTINGENCIES
Grant Audits
The District receives federal grants and state funding for specific purposes that are subject to
review and audit. These reviews and audits could lead to requests for reimbursement or to
withholding of future funding for expenditures disallowed under, or other noncompliance with,
the terms of the grants and funding. The District is not aware of any noncompliance with federal
or state provisions that might require the District to provide reimbursement.
- 63 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE J – COMMITMENTS AND CONTINGENCIES - CONTINUED
Protested Taxes
Each year St. Louis County remits certain unresolved protested tax payments to the District. When
St. Louis County refunds tax payments to those who are successful in their protests, it withholds
the refunded amount from future distributions to taxing districts. Future withholdings by St. Louis
County are not expected to be material in relation to the District’s financial position and results of
operations.
NOTE K – JOINT VENTURE
The Clayton Recreation, Sports and Wellness Commission, Inc. (the Commission) is a not-for-
profit organization which provides a shared use facility to address the athletic and educational
needs of the community. The Commission is comprised of two trustees appointed by the District,
two trustees appointed by the City of Clayton, and two at-large representatives. The original
construction of the project was funded by $5,500,000 of general obligation bonds issued by the
District and $11,500,000 of bonds issued by the City of Clayton In 2020, the Commission
completed a $10.0 million renovation and improvement project that was funded equally by the
District and the City of Clayton. The District entered into a 10-year lease on June 1, 2019, to fund
approximately $4.5 million of the project. The remaining $500,000 of the District's portion of the
project was funded from the capital project fund. The District and the City of Clayton are each
responsible for funding one-half of any operational short-fall of the Commission. The Board must
approve the Commission's budget.
As of June 30, 2022 the Commission owed the District $108,918 for miscellaneous purchases,
shared utilities, and maintenance salaries. Complete financial statements for the Commission can
be obtained from the Commission’s administrative office.
NOTE L – RISK MANAGEMENT
1.
District's Health Insurance Plan
The District utilizes an internal service fund to account for the risks associated with the
employees’ health insurance plan. A premium is charged to each fund that accounts for
employees’ salaries based upon past trends in claims experience. Provisions are also made for
unexpected and unusual claims.
- 64 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE L – RISK MANAGEMENT - CONTINUED
1.District's Health Insurance Plan - Continued
Liabilities of the fund are recorded when it is probable that a loss has occurred and the amount of
the loss can be reasonably estimated. Liabilities include an amount for claims that have been
incurred but not reported.
The District incurred claims of $3,801,008 of which $3,631,233 was paid and $169,775 was
unpaid.
The District purchases reinsurance to limit exposure to catastrophic claims. Specific stop loss limit
insurance restricted the District’s 2021 calendar year exposure to $125,000 per member and
restricts the District's 2022 calendar year exposure to $150,000 per member.
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 -

SCHOOL DISTRICT OF CLAYTON
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL -
CASH BASIS - GENERAL FUND - UNAUDITED
Year ended June 30, 2022
Budgeted amounts
Variances -
positive (negative)
Original
Final
Actual
(budgetary
basis)
Original
to final
Final
to actual
Revenues
Local
$ 21,549,090 $ 19,829,040 $ 20,102,123 $ (1,720,050) $
273,083
County
127,990
117,820
117,824
(10,170)
4
State
283,320
377,990
360,218
94,670
(17,772)
Federal
887,260
1,952,900
1,761,828
1,065,640
(191,072)
Other
4,000
-
3,096
(4,000)
3,096
Total revenues
22,851,660
22,277,750
22,345,089
(573,910)
67,339
Expenditures
Instruction
3,051,770
3,111,450
2,107,625
(59,680)
1,003,825
Attendance and guidance
814,960
843,490
775,841
(28,530)
67,649
Health services
680,680
718,860
685,224
(38,180)
33,636
Improvement of instruction
and professional
development
549,210
544,730
318,874
4,480
225,856
Media services
424,680
423,280
362,259
1,400
61,021
Board of Education services
279,100
279,100
228,280
-
50,820
Executive administration
1,686,830
1,703,890
1,617,595
(17,060)
86,295
Building level
administration
1,117,270
1,117,270
1,068,539
-
48,731
Operation of plant
8,267,210
8,310,330
7,633,474
(43,120)
676,856
Security services
257,490
257,490
207,926
-
49,564
Nonallowable transportation
225,730
236,220
159,966
(10,490)
76,254
Food services
1,174,860
1,174,860
1,004,973
-
169,887
Business services
1,082,450
1,065,170
919,809
17,280
145,361
Central office support
services
568,050
588,510
487,667
(20,460)
100,843
Adult/community programs
1,195,690
1,216,720
1,203,226
(21,030)
13,494
Total expenditures
21,375,980
21,591,370
18,781,278
(215,390)
2,810,092
Revenues over
(under)
expenditures
$
1,475,680 $
686,380 $
3,563,811 $
(789,300) $
2,877,431
The accompanying notes are an integral part of this statement.
- 67 -

SCHOOL DISTRICT OF CLAYTON
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL -
CASH BASIS - SPECIAL REVENUE FUND - UNAUDITED
Year ended June 30, 2022
Budgeted amounts
Variances -
positive (negative)
Original
Final
Actual
(budgetary
basis)
Original
to final
Final
to actual
Revenues
Local
$32,923,620 $34,289,640 $34,595,807 $ 1,366,020 $
306,167
County
247,700
248,990
248,982
1,290
(8)
State
1,523,710
1,875,790
1,838,364
352,080
(37,426)
Federal
177,770
494,430
501,015
316,660
6,585
Other
-
2,840
2,837
2,840
(3)
Total revenues
34,872,800
36,911,690
37,187,005
2,038,890
275,315
Expenditures
Instruction
29,170,190
29,100,230
28,259,630
69,960
840,600
Attendance and guidance
1,381,410
1,383,310
1,425,228
(1,900)
(41,918)
Health services
131,850
131,850
218,904
-
(87,054)
Improvement of instruction and
professional development
1,181,580
1,184,280
1,122,297
(2,700)
61,983
Media services
550,140
550,140
537,841
-
12,299
Executive administration
1,234,400
1,234,400
1,278,517
-
(44,117)
Building level administration
1,669,340
1,669,340
1,674,124
-
(4,784)
Business services
110,370
108,600
-
1,770
108,600
Central office support services
-
-
504
-
(504)
Adult/community programs
3,480
3,480
3,518
-
(38)
Total expenditures
35,432,760
35,365,630
34,520,563
67,130
845,067
Revenues over (under)
expenditures
$
(559,960)$ 1,546,060 $ 2,666,442 $ 2,106,020 $ 1,120,382
The accompanying notes are an integral part of this statement.
- 68 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
June 30, 2022
NOTE A – BUDGETS AND BUDGETARY ACCOUNTING
The District follows these procedures in establishing the budgetary data reflected in the financial
statements:

In accordance with Chapter 67, RSMo, the District adopts a budget for each fund.

Prior to July, the Superintendent, who serves as the budget officer, submits to the Board a
proposed budget for the fiscal year beginning on the following July 1. The proposed budget
includes estimated revenues and proposed expenditures for all District funds. Budgeted
expenditures cannot exceed beginning available monies plus estimated revenues for the year.

A public hearing is conducted to obtain taxpayer comments. Prior to its approval by the Board,
the budget document is available for public inspection.

Prior to July 1, the budget is legally enacted by a vote of the Board.

Subsequent to its formal approval of the budget, the Board has the authority to make necessary
adjustments to the budget by formal vote of the Board. For each fund, total fund expenditures
may not legally exceed final amended budgeted expenditures. Expenditure appropriations lapse
at the end of the fiscal year.

Budgeted amounts are as originally adopted on June 2, 2021, or as amended by the Board at
various times during the year.

Budgets are adopted on the cash basis of accounting for all governmental funds. The cash basis
is used to enable the District to more accurately budget revenue and expenses as the resources
are expended or received.
- 69 -

SCHOOL DISTRICT OF CLAYTON
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
June 30, 2022
NOTE A – BUDGETS AND BUDGETARY ACCOUNTING - CONTINUED
The following schedule reconciles the revenue and expenditures on the budgetary basis of accounting
(cash basis) with the amounts presented under the modified accrual basis of accounting:
General Fund
Special
Revenue
Fund
Revenues
Revenues - cash basis
$
22,345,089
$
37,187,005
Current year revenue accruals
496,594
257,318
Prior year revenue accruals
182,113
547,891
Revenues - modified accrual basis
$
23,023,796
$
37,992,214
Expenditures
Expenditures - cash basis
$
18,781,278
$
34,520,563
Current year expenditure accruals
11,060
135,478
Prior year expenditure accruals
(14,042)
(104,255)
Expenditures - modified accrual basis
$
18,778,296
$
34,551,786
- 70 -

SCHOOL DISTRICT OF CLAYTON
NET PENSION LIABILITY - UNAUDITED
Year ended June 30, 2022
Schedule of Proportionate Share of the Net Pension Liability and Related Ratios – PSRS
Year ended*
Proportion of the
Net Pension
Liability (Asset)
Proportionate
share
of the Net Pension
Liability (Asset)
Actual
member
payroll
Net Pension
Liability (Asset)
as a percentage
of covered
payroll
Fiduciary Net
Position as a
percentage of
total
pension liability
6/30/2014
%
0.5208
$
21,366,213
$
23,616,628
%
90.47
%
89.34
6/30/2015
%
0.5256
30,342,153
24,305,850
%
124.83
%
85.78
6/30/2016
%
0.5421
40,335,757
25,587,013
%
157.64
%
82.18
6/30/2017
%
0.5510
39,790,604
26,583,036
%
149.68
%
83.77
6/30/2018
%
0.5512
41,022,820
27,049,379
%
151.00
%
84.06
6/30/2019
%
0.5515
40,701,088
27,606,008
%
147.44
%
84.62
6/30/2020
%
0.5488
49,011,771
27,895,612
%
175.70
%
82.01
6/30/2021
%
0.5532
12,246,618
29,001,748
%
42.23
%
95.81
Schedule of Proportionate Share of the Net Pension Liability and Related Ratios – PEERS
Year ended*
Proportion of the
Net Pension
Liability (Asset)
Proportionate
share
of the Net Pension
Liability (Asset)
Actual
member
payroll
Net Pension
Liability (Asset)
as a percentage
of covered
payroll
Fiduciary Net
Position as a
percentage of
total
pension liability
6/30/2014
%
0.5233
$
1,910,913
$
7,630,413
%
25.04
%
91.33
6/30/2015
%
0.5044
2,667,803
7,563,393
%
35.27
%
88.28
6/30/2016
%
0.5122
4,109,561
7,908,987
%
51.96
%
83.32
6/30/2017
%
0.5064
3,863,583
8,137,380
%
47.48
%
85.35
6/30/2018
%
0.4976
3,845,017
8,279,018
%
46.44
%
86.06
6/30/2019
%
0.4942
3,908,930
8,571,837
%
45.60
%
86.38
6/30/2020
%
0.4788
4,647,029
8,615,269
%
53.94
%
84.06
6/30/2021
%
0.4700
506,154
8,612,957
%
5.88
%
98.36
- 71 -

SCHOOL DISTRICT OF CLAYTON
NET PENSION LIABILITY - UNAUDITED
Year ended June 30, 2022
Schedule of Employer Contributions - PSRS
Year ended
Contractually
required
contribution
Actual
employer
contributions
Contributions
excess /
(deficiency)
Covered
payroll
Contributions as
a percentage of
covered payroll
6/30/2013
$
3,360,070
$
3,360,070
$
-
$
23,695,943
%
14.18
6/30/2014
3,353,834
3,353,834
-
23,616,628
%
14.20
6/30/2015
3,450,675
3,450,675
-
24,305,850
%
14.20
6/30/2016
3,631,138
3,631,138
-
25,587,013
%
14.19
6/30/2017
3,768,984
3,768,984
-
26,583,036
%
14.18
6/30/2018
3,843,008
3,843,008
-
27,049,379
%
14.21
6/30/2019
3,925,649
3,925,649
-
27,606,008
%
14.22
6/30/2020
3,972,917
3,972,917
-
27,895,612
%
14.24
6/30/2021
4,119,889
4,119,889
-
29,001,748
%
14.21
6/30/2022
4,203,147
4,203,147
-
29,599,627
%
14.20
Schedule of Employer Contributions - PEERS
Year ended
Contractually
required
contribution
Actual
employer
contributions
Contributions
excess /
(deficiency)
Covered
payroll
Contributions as
a percentage of
covered payroll
6/30/2013
$
535,396
$
535,396
$
-
$
7,805,015
%
6.86
6/30/2014
523,447
523,447
-
7,630,413
%
6.86
6/30/2015
518,849
518,849
-
7,563,393
%
6.86
6/30/2016
542,557
542,557
-
7,908,987
%
6.86
6/30/2017
558,224
558,224
-
8,137,380
%
6.86
6/30/2018
567,941
567,941
-
8,279,018
%
6.86
6/30/2019
588,545
588,545
-
8,571,837
%
6.87
6/30/2020
591,055
591,055
-
8,615,269
%
6.86
6/30/2021
590,848
590,848
-
8,612,957
%
6.86
6/30/2022
614,078
614,078
-
8,951,574
%
6.86
Note: These schedules are intended to show information for ten years. Additional years will be displayed
as they become available.
*The data provided in the schedules is based as of the measurement date of the System's net pension
liability, which is as of the beginning of the District's fiscal year.
- 72 -

SCHOOL DISTRICT OF CLAYTON
SCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY AND RELATED RATIOS -
UNAUDITED
Year ended June 30, 2022
2022
2021
2020
2019
2018
Total OPEB liability
Service Cost
$
279,827
$
289,758
$
216,081
$
264,514
$
270,318
Interest on total OPEB liability
119,350
116,915
205,795
213,641
199,304
Effect of economic /
demographic gains or losses
(467,164)
-
(1,530,458)
-
-
Changes in assumptions
(656,501)
29,005
657,732
211,954
(160,959)
Benefit payments
(161,586)
(219,114)
(205,185)
(357,661)
(341,928)
Net change in total
OPEB liability
(886,074)
216,564
(656,035)
332,448
(33,265)
Total OPEB liability at beginning
of year
5,326,017
5,109,453
5,765,488
5,433,040
5,466,305
Total OPEB liability at
end of year
$
4,439,943
$
5,326,017
$
5,109,453
$
5,765,488
$
5,433,040
Covered Payroll
$ 34,016,844
$ 33,349,789
$ 32,481,736
$ 32,341,024
$ 31,688,037
Total OPEB liability as a
percentage of covered payroll
%
13.05
%
15.97
%
15.73
%
17.83
%
17.15
Note: This schedule is to present information for 10 years. Additional years will be presented as they
become available.
Plan Assets
No assets are accumulated in a trust that meets all of the following criteria of GASB Statement No. 75,
paragraph 4, to pay benefits:

Contributions from the employer and any nonemployer contributing entities, and earnings
thereon, must be irrevocable.

Plan assets must be dedicated to providing OPEB to plan members in accordance with the
benefit terms.

Plan assets must be legally protected from the creditors of the employer, nonemployer
contributing entities, the plan administrator, and plan members.
- 73 -

SCHOOL DISTRICT OF CLAYTON
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL -
CASH BASIS - DEBT SERVICE FUND - UNAUDITED
Year ended June 30, 2022
Budgeted amounts
Variances -
positive (negative)
Original
Final
Actual
(budgetary
basis)
Original
to final
Final
to actual
Revenues
Local
$
8,565,070 $
8,276,470 $
8,296,175 $ 288,600 $
19,705
County
180,000
180,000
181,784
-
1,784
Federal
176,330
176,330
176,629
-
299
Total revenues
8,921,400
8,632,800
8,654,588
288,600
21,788
Expenditures
Debt service:
Principal retirements
6,720,000
6,720,000
6,720,000
-
-
Interest and other charges
1,826,030
1,826,030
1,821,502
-
4,528
Total expenditures
8,546,030
8,546,030
8,541,502
-
4,528
Revenues over expenditures
$
375,370 $
86,770 $
113,086 $ 288,600 $
26,316
Reconciliation of budgetary (cash)
basis of accounting to modified
accrual basis of accounting
Revenues per above - cash basis
8,654,588
Current year revenue accruals
11,427
Prior year revenue accruals
295,802
Revenues - modified accrual
basis
8,961,817
Expenditures per above - cash basis
8,541,502
Expenditures - modified
accrual basis
$
8,541,502
- 75 -

SCHOOL DISTRICT OF CLAYTON
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL -
CASH BASIS - CAPITAL PROJECTS FUND - UNAUDITED
Year ended June 30, 2022
Budgeted amounts
Variances -
positive (negative)
Original
Final
Actual
(budgetary
basis)
Original
to final
Final
to actual
Revenues
Local
$
3,551,730 $
4,041,100 $
4,124,865 $
(489,370)$
83,765
County
26,230
85,170
85,167
(58,940)
(3)
Federal
-
6,900
6,145
(6,900)
(755)
Other
30,000
34,000
65,097
(4,000)
31,097
Total revenues
3,607,960
4,167,170
4,281,274
(559,210)
114,104
Expenditures
Instruction
313,040
684,820
899,568
371,780
(214,748)
Health services
5,000
8,000
7,980
3,000
20
Media services
-
1,530
1,422
1,530
108
Executive administration
458,730
460,250
42,436
1,520
417,814
Building level administration
-
1,510
2,556
1,510
(1,046)
Operation of plant
980,250
2,663,220
1,146,269
1,682,970
1,516,951
Security services
11,680
4,746,170
2,156,505
4,734,490
2,589,665
Food services
10,000
10,000
-
-
10,000
Business services
32,500
11,290
-
(21,210)
11,290
Adult/community programs
6,000
24,840
9,084
18,840
15,756
Facilities acquisition and construction
53,290
53,290
53,292
-
(2)
Debt service:
Principal retirements
436,710
436,710
436,708
-
2
Interest and other charges
102,930
102,930
102,917
-
13
Total expenditures
2,410,130
9,204,560
4,858,737
6,794,430
4,345,823
Revenues over (under) expenditures
$
1,197,830 $
(5,037,390) $
(577,463) $
6,235,220 $ (4,459,927)
Reconciliation of budgetary (cash) basis to
modified accrual basis of accounting
Revenues per above - cash basis
$
4,281,274
Current year revenue accruals
4,605
Prior year revenue accruals
89,026
Revenues - modified accrual basis
$
4,374,905
Expenditures per above - cash basis
$
4,858,737
Current year expenditure accruals
281,902
Prior year expenditure accruals
(456,522)
Expenditures - modified accrual basis
$
4,684,117
- 76 -

ANNUAL FINANCIAL INFORMATION AND OPERATING DATA Unaudited

SCHOOL DISTRICT OF CLAYTON
ANNUAL FINANCIAL INFORMATION AND OPERATING DATA - UNAUDITED
Year ended June 30, 2022
The following information is included to meet certain disclosure compliance requirements related to
bonds issued by the District.
Bond Issuance Information
Name of Issuer:
School District of Clayton, St. Louis County, Missouri
Dates of Issuance:
Oct. 14, 2009; Sept. 08, 2010; Dec. 27, 2017; Dec. 5, 2019
Relating to CUSIP Nos.:
Series 2009A
Series 2010A
Series 2017
Series 2019
FG6
GC4
GY6
184270 JM9
184270 KP0
184270 KY1
FH4
GD2
GZ3
184270 KQ8
184270 KZ8
FJ0
GE0
HA7
184270 KR6
184270 LA2
FK7
GF7
HB5
184270 KS4
184270 LB0
FL5
GG5
HC3
184270 KT2
184270 LC8
FM3
GH3
HD1
184270 KU9
184270 LD6
FN1
GJ9
HE9
184270 KV7
184270 LE4
FP6
GK6
HF6
184270 KW5
184270 LF1
FQ4
GL4
HG4
184270 KX3
184270 LG9
FR2
GM2
HH2
FS0
GN0
HJ8
FT8
GP5
HK5
FU5
GQ3
HL3
FV3
GR1
HM1
FW1
GS9
HN9
FX9
GT7
HP4
FY7
GU4
HQ2
FZ4
GV2
HR0
GA8
GW0
HS8
GB6
GX8
HT6
- 78 -

SCHOOL DISTRICT OF CLAYTON
ANNUAL FINANCIAL INFORMATION AND OPERATING DATA - UNAUDITED
Year ended June 30, 2022
History of Enrollment
Listed below are the District's Fall enrollment figures for the last four and current school years:
Grade
17-18
18-19
19-20
20-21
21-22
K
168
153
139
143
146
1st
198
164
160
143
150
2nd
187
190
167
157
159
3rd
196
192
201
167
160
4th
188
188
177
196
163
5th
210
194
192
174
188
6th
221
219
200
205
171
7th
201
242
226
202
206
8th
235
210
251
221
188
9th
232
226
214
248
215
10th
222
237
223
212
242
11th
206
227
240
220
207
12th
217
210
229
236
217
Total
2,681
2,652
2,619
2,524
2,412
Sources of Revenue
The following table shows the allocation of the District's revenue from the various sources for the fiscal
year ended June 30, 2022:
Revenue Source
% of Total
Local Revenue
%
93.21
County Revenue
0.85
State Revenue
2.96
Federal Revenue
2.88
Other Revenue
0.10
Total
%
100.00
- 79 -

SCHOOL DISTRICT OF CLAYTON
ANNUAL FINANCIAL INFORMATION AND OPERATING DATA - UNAUDITED
Year ended June 30, 2022
Sources of Revenue by Fiscal Year
The following table shows the District's sources of revenues for the fiscal years shown below:
Fiscal Year
Ended
June 30
Local
Revenue
County
Revenue
State
Revenue
Federal
Revenue
Other
Revenue
Total
Revenue
2018
$
54,455,608 $
559,302 $
1,729,439 $
1,673,247 $
31,264,065 a
$
89,681,661
2019
53,169,996
525,825
1,742,804
1,635,582
357,047
57,431,254
2020
70,058,342
610,998
1,716,291
1,237,578
32,968,655 b
106,591,864
2021
61,835,038
613,816
1,710,141
1,826,198
116,958
66,102,151
2022
69,305,093
633,758
2,198,582
2,144,249
71,050
74,352,732
a Includes proceeds from the sale of refunded bonds and from sale of land
b Includes proceeds from the sale of refunded bonds.
Property Tax Information
The following table provides the history of total assessed valuation of all taxable tangible property
situated in the District, according to the assessments of January 1, in the calendar years shown below:
Calendar
Year
Assessed Valuation
%
Change
2017
1,152,388,120
N/A
2018
1,136,240,380
%
-1.40
2019
1,309,893,760
%
15.28
2020
1,316,001,870
%
0.47
2021
1,349,562,370
%
2.55
- 80 -

SCHOOL DISTRICT OF CLAYTON
ANNUAL FINANCIAL INFORMATION AND OPERATING DATA - UNAUDITED
Year ended June 30, 2022
Tax Rates
The following table shows the adjusted tax rates (per $100 of assessed valuation) levied against each
subclass of property for the current fiscal year and the last three fiscal years for the District:
Fiscal Year
Ended
June 30
Real Estate
Residential
Real Estate
Commercial
Real Estate
Agricultural
Personal
Property
2019
$
3.6921 $
4.0670 $
-
$
3.9792
2020
4.1553
4.9562
-
4.5567
2021
4.1527
4.7354
-
4.5567
2022
4.0373
4.7658
-
4.5567
Tax Rates – Allocation by Fund
The following table shows the District’s adjusted tax levies (per $100 of assessed valuation) for each of
the following fiscal years:
Fiscal Year
Ended
June 30
General
(Incidental)
Fund
Special
Revenue
(Teachers')
Fund
Capital
Projects
(Building)
Fund
Debt
Service
Fund
Total Levy -
Blended
Rate
2018
$
0.9350 $
2.2278 $
0.1050 $
0.6230 $
3.8908
2019
1.0555
2.0770
0.1100
0.6230
3.8655
2020
1.2732
2.5030
0.1000
0.6230
4.4992
2021
1.2499
2.3530
0.1875
0.6230
4.4134
2022
1.1483
2.3321
0.2500
0.6230
4.3534
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SCHOOL DISTRICT OF CLAYTON
ANNUAL FINANCIAL INFORMATION AND OPERATING DATA - UNAUDITED
Year ended June 30, 2022
Tax Collection Record
The following table sets forth tax collection information for the District for the last five fiscal years:
Total Levy
Current Taxes Collected
Current and Delinquent
Taxes Collected
Fiscal Year
(per $100 of
Assessed Value)
Assessed
Valuation
Total Taxes
Levied
Amount
%
Amount
%
2017-18
3.8908 $ 1,152,388,120
$ 44,837,117 $
43,801,052
%
97.69
$
43,078,099
%
96.08
2018-19
3.8655
1,136,240,380
43,921,372
43,046,572
%
98.01
42,500,328
%
96.76
2019-20
4.4992
1,309,893,760
58,934,740
57,882,064
%
98.21
58,517,417
%
99.29
2020-21
4.4134
1,316,001,870
58,080,427
56,469,791
%
97.23
56,209,478
%
96.78
2021-22
4.3534
1,349,562,370
58,751,848
59,245,361
%
100.84
57,931,114
%
98.60
Major Property Taxpayers
The ten largest real property taxpayers in the District according to their 2021 assessed valuations are listed
below:
Taxpayer
Assessed
Valuation
% of
District's
2021 Total
Assessed
Valuation
1. City of Clayton
$
44,955,860
%
3.33
2. LCP Forsyth Blvd Property Owner LLC
30,400,000
%
2.25
3. Clayton Franklin Clayton Plaza LLC
23,914,880
%
1.77
4. Prime US 101 South Hanley LLC
22,176,670
%
1.64
5. Clayton Corporate Park Management Co
19,460,580
%
1.44
6. Clayton Central Owner LLC
16,571,200
%
1.23
7. BLR Properties LLC
16,475,860
%
1.22
8. MEPT Shaw Park Plaza LLC
15,126,950
%
1.12
9. St. Louis Galleria LLC
14,978,390
%
1.11
10. 8182 Maryland Associates
13,108,830
%
0.97
217,169,220
%
16.08
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Document

finance 2021 2022 Audited Financial Report