Annual Reports & Budgets
Annual Comprehensive Financial Report
The Annual Comprehensive Financial Report (ACFR) is the official statement of the Town's financial position at the close of the fiscal year on June 30th. It's produced to provide the Mayor, Town Council, staff, residents, bondholders and the general public with useful information about the Town of Clayton's operations and financial position. We go well above and beyond the minimum accounting standards to make sure the work of our Town is transparent and fully disclosed to taxpayers. The document is judged by an impartial panel to meet the high standards of the Government Finance Officers Association of the United States.
Check out why our ACFR has won awards 22 years in a row!
- Fiscal Year 2022-2023 (PDF)
- See ACFRs from previous fiscal years
- For a quick reference, check out How Your Tax Dollar is Spent (PDF).
The annual budget is the proposed plan for raising and spending money for all the projects, activities, events, personnel and services for the fiscal year (which runs July 1st to June 30th). It's state law that the Town operate under a balanced budget administered in accordance with the Local Government Budget and Fiscal Control Act. The budget incorporates the goals, priorities, and policies adopted by Town Council. See the current and previous adopted budgets for the Town.
Fund balance is a technical term used to describe the difference between the assets and liabilities reported in a governmental fund. For liquidity measurement purposes, fund balance is similar to the working capital of a private-sector business. In layman's terms, fund balance is often described as a savings account or "rainy day fund". Fund balance increases when revenues exceed expenditures and decreases when revenues are lower than expenditures. The North Carolina Local Government Commission (LGC) recommends all municipalities maintain a minimum fund balance of 8% of the prior year's expenditures. The Town's policy is to maintain an unassigned fund balance in the General Fund of at least 20%. The General Fund is the chief operating fund of the Town. Maintaining a healthy fund balance is important. Fund balance is a primary factor utilized by credit rating agencies to rate general obligation bonds issued by the Town. Check out our Financial Policies (PDF).
Comprehensive List of Fees & Charges
How much is a building permit or the cost of the summer camp at Parks and Recreation? For your convenience, we've put our full list of fees and service charges in one document, the Comprehensive List of Fees and Charges (PDF).
Credit Ratings and Bond Information
The Town of Clayton is proud of its credit ratings and is always improving thanks to a substantial resurgence of economic growth in recent years. Good credit ratings keep financing costs low, can bring considerable savings in financing the Town's long-term debt and bonds, and signal to businesses looking to locate here that we are a town that's on solid financial ground! Read more about our Credit Ratings and Bond Information.
In accordance with NC Senate Bill 372, no later than October 1, of 2023, 2024, and 2025, every local government shall publish an annual financial report on how it used fees from the prior fiscal year for the support, administration, and implementation of its building code enforcement program as required by G.S. 160D-402(d). View the FY23 Building Inspection Financial Report.