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Home My WebLink AboutCity of Clayton - Public Financial ReportPOPULAR ANNUAL FINANCIAL REPORT (PAFR) For the fiscal year endedSeptember 30, 2021 Introduction Each year, the City of Clayton prepares an audited Annual Comprehensive Financial Report that provides detailed information about the City’s financial position. The Annual Comprehensive Financial Report is prepared in conformance with generally accepted accounting principles (GAAP). To view the Annual Comprehensive Financial Report in its entirety, please visit www.claytonmo.gov/financialreports. In an effort to provide reliable, readily accessible, and easily understandable financial data, the financial information presented here summarizes and simplifies the presentation of information in the Annual Comprehensive Financial Report. The data included in this report does not conform with GAAP, but all data is compiled from the Annual Comprehensive Financial Report, which does comply with GAAP. The City as a whole is better off than in the prior year mostly due to a large grant receipt and reduced or postponed purchases, which helped to offset lower revenue resulting from the COVID-19 pandemic. Because the General Fund is the fund where most operational activity occurs, the focus of this report is on General Fund revenue and expenditures and excludes financial information from other funds, except when discussing the City’s sales tax revenue and debt obligations. Financial data provided is for fiscal year 2021 (October 1, 2020 to September 30, 2021), unless otherwise stated. [ 2 ] [ T A B L E O F C O N T E N T S ] Introduction .................................................................2 Fiscal Year 2020 PAFR Award ....................................3 Community Profile ......................................................4 Where Did the Money Come From? ...........................6 How Much Property Tax Did We Receive? .................7 How Much Public Utility Tax Did We Receive? How Much Sales and Use Tax Did We Receive? Where Did the Money Go? .........................................8 Capital Plan and Debt Service ...................................9 Identifying Community Needs Capital Improvement Program (CIP) How is the CIP Funded? How Do We Borrow Money? Government Finance Officers Association Award for Outstanding Achievement in Popular Annual Financial Reporting Presented to City of Clayton Missouri for the Fiscal Year Ended September 30, 2020 Executive Director/CEO [ 3 ] Residents Mayor andBoard of Aldermen City Manager EconomicDevelopment Finance Fire Parks &Recreation Planning &Development Police Public Works M ajo r E m p l o y e r s Y o u r G o v e r n m e n t [ 4 ] Centene CorporationSt. Louis County Enterprise HoldingsWashington UniversityCaleresCommerce BankSchool District of ClaytonHusch BlackwellArmstrong TeasdaleMoneta Group, LLC M ajo r E m p l o y e r s 1.1 % 2. 2 % UNEMPLOYMENT RATE 42,000APPROX. EMPLOYED CITY-WIDE 1.0 % 1. 3 % [ 5 ] [ 6 ] General property taxes Real and personal property taxes and financial institutions tax. Sales and use tax County-wide, local option, public safety, and Fire & EMS sales taxes and a use tax. Public utility licenses Gross receipts taxes paid by utility companies (electric, gas, water and telephone). Intergovernmental Gas and cigarette taxes; federal, state and local grants; and Police reimbursements. Licenses and permits Permits related to business and liquor licensing, building, zoning, valet parking, and other miscellaneous permits and fees. Community programsParks and Recreation revenue (aquatic center, ice rink, tennis center, sports programs and miscellaneous), ambulance charges, fire protection fees, and private subdivision fees. Parking facilities and meters Parking meter, parking structure, and parking lot revenue. Fines and forfeitures Parking and court fines. Investment income Interest on investments. MiscellaneousInsurance reimbursements, event sponsorship and ticket sales, and other miscellaneous revenue. $26,780,598 TOTAL REVENUES FOR FY 2021 MAJOR REVENUE SOURCES PROPERTY TAX PUBLIC UTILITY TAX SALES ANDUSE TAX GENERAL PROPERTY TAXES PUBLIC UTILITY LICENSES SALES AND USE TAX INTERGOVERNMENTAL LICENSES AND PERMITS COMMUNITY PROGRAMS PARKING FACILITIES AND METERS FINES AND FORFEITURES INVESTMENT INCOME MISCELLANEOUS FY19 FY20 20% 40% 60% 80% 100% FY21 Where Did the Money Come From? The pandemic has had a significant impact on the City’s operational revenue with FY21 revenue increasing 3% from the prior year to reach the same level as FY19. $8,583,839 TOTAL SALES AND USE TAX THE CITY RECEIVED FOR FY 2021 St. Louis City ............................8.16% Brentwood ................................6.94% Clayton .....................................7.27% Kirkwood ...................................6.76% Richmond Heights ....................8.36% University City ...........................7.59% Ladue........................................7.12% [ 7 ] 4.23% STATE OF MISSOURI 3.51% ST. LOUIS COUNTY 1.50% CITY OF CLAYTON SALES TAXRATE 51.96% ELECTRIC 24.98% TELEPHONE 8.91% WATER 14.15% GAS $6,321,991 Property taxes are the amount a property owner pays based on the property assessment and the tax rate. St. Louis County assesses each property to determine the market value. The City received approximately 11% of the property tax bill. TOTAL PROPERTY TAX THE CITY RECEIVED FOR FY 2021 $0.699 PER $100 OF ASSESSED PROPERTY CITY’S RESIDENTIAL PROPERTY TAX RATE $0.794 PER $100 OF ASSESSED PROPERTY CITY’S COMMERCIAL PROPERTY TAX RATE How Much Sales and Use Tax Did We Receive? Sales and use taxes are the amounts a consumer pays on the sale of goods and services based on the local tax rate. The local taxes are compromised of tax rates for the state, county, and City. The taxes are collected by the retailer and passed on to the government. How Much Public Utility Tax Did We Receive? Utility companies, such as electric, telephone, gas, and water, are charged a tax for doing business within the City. The ultility companies pass this along to their customers and collect the taxes to pass them on to the City. $4,617,848 TOTAL PUBLIC UTILITY TAX THE CITY RECEIVED FOR FY 2021 PERCENT THE CITY RECEIVED FOR FY 2021 MUNICIPALITY SALESTAXPROPERTYTAX 9.68% 9.74% 9.24% 9.24% 9.24% 9.24% 8.99% How Much Property Tax Did We Receive? General Government Legislative, human resources, municipal court, information technology, finance, accounting, leadership and communications. Parks and Recreation Park administration, park operations, sports programs, and Shaw Park Aquatic Center, Tennis Center, and Ice Rink. Public Safety Police and fire protection and parking ambassadors. Public Works Street maintenance, street lighting, engineering, building maintenance, fleet maintenance, and parking operations. Economic Development & Events Economic development activities and special events. Community Development Planning and development services, building inspections, and code enforcement. Debt Service Note payable for the Shaw Park Drive garage. $26,642,051 TOTAL EXPENDITURES FOR FY 2021 MAJOR EXPENDITURES 48.50% PUBLIC SAFETY SERVICES PUBLIC WORKS GENERAL GOVERNMENT GENERAL GOVERNMENT PUBLIC SAFETY PUBLIC WORKS ECONOMIC DEVELOPMENT & EVENTS PARKS AND RECREATION COMMUNITY DEVELOPMENT DEBT SERVICE FY19 FY20 20% 40% 60% 80% 100% FY21 22.14%15.83% [ 8 ] 78.762 MILES OF SIDEWALKS NUMBER OF TREES 11,809 Where Did the Money Go? [ 9 ] The City can issue debt (borrow money) at favorable rates due to our status as a government entity and our excellent bond rating (credit score). The City repays this debt with property tax revenues (General Obligation Bonds) or revenues from other sources (Special Obligation Bonds). Bond rating agencies assign a bond rating to each municipality seeking debt. In September of 2021, Clayton’s AAA bond rating was affirmed on the City’s general obligation bonds. This is the highest rating available for any community, which makes Clayton attractive to bond holders and provides the best possible outcome of competitve bond sales. The City’s management conditions and financial practices were deemed extremely strong. Due to the City’s excellent bond rating, the average weighted interest rate on all current bond issuances is 3.48%. To maintain or create exceptional community assets with a long life, the City financially plans and budgets for these expenses. Identifying Community Needs Performance Goals The City sets goals, which include maintaining and improving infrastructure to provide residents and visitors with quality streets, sidewalks, parks and public facilities. Community Engagement The City administers biennial residential surveys, hosts public meetings, engages with elected officials, and attends neighborhood association meetings to identify the issues that matter most to our residents and to ensure we are meeting their expectations. Strategic Plan The City’s Strategic Plan represents the community’s vision for Clayton, and outlines what the community hopes to accomplish during the next three to five years. By coupling these key areas, the City focuses on the improvements that will provide Clayton residents and visitors with their desired level of services and amenities. Capital Improvement Program Reviewed annually, the Capital Improvement Program (CIP) is the City’s five-year plan outlining the community’s needs regarding public facilities, parks, and infrastructure. $25,000 PROJECT COST SIGNIFICANTLY IMPROVE OR ADD TO CAPTIAL ASSETSGREATER THAN 5+YEARS OF BENEFIT PROVIDE How Do We Borrow Money? How is the CIP Funded? 1/2 Cent Sales Tax for Capital Improvements 1/2 Cent Sales Tax for Parks and Storm Water St. Louis County Road & Bridge Tax Interest Income on Fund Balance Donations Debt Issuance Federal, State, and Local Grants AAACITY OF CLAYTON GENERAL OBLIGATION BOND RATING Use Tax Capital Plan and Debt Service Mission The mission of Clayton city government is to foster a diverse and inclusive community with a vital balance of neighborhoods, businesses, commercial and government centers, educational institutions and a healthy environment through an open, equitable, accessible and fiscally responsible government. Vision Clayton is recognized regionally and nationally as a premier city of its size and character. The community is a safe, vibrant destination defined by its unique combination of leading businesses and educational institutions, the seat of county government and picturesque neighborhoods, all of which combine to provide an exceptional quality of life. 10 North Bemiston Avenue | Clayton, Missouri 63105 | www.claytonmo.gov MAYOR & BOARD OF ALDERMAN Becky Patel bpatel@claytonmo.gov Ira Berkowitz iberkowitz@claytonmo.gov Susan Buse sbuse@claytonmo.gov Gary Feder gfeder@claytonmo.gov MAYOR Michelle Harris mharris@claytonmo.gov WARD I WARD II WARD III CITY MANAGER David Gipson dgipson@claytonmo.gov DIRECTOR OF FINANCE Karen Dilber kdilber@claytonmo.gov Bridget McAndrew bmcandrew@claytonmo. Richard Lintz rlintz@claytonmo.gov