Cobb County School District Annual Comprehensive Financial Report Fiscal Year Ended June 30, 2023 PREPARED BY: COBB COUNTY BOARD OF EDUCATION FINANCIAL SERVICES DIVISION BRADLEY REUBEN JOHNSON, CHIEF FINANCIAL OFFICER 514 Glover Street Marietta, Georgia 30060 (This page was left blank intentionally) COBB COUNTY SCHOOL DISTRICT ANNUAL COMPREHENSIVE FINANCIAL REPORT TABLE OF CONTENTS FOR THE YEAR ENDED JUNE 30, 2023 INTRODUCTORY SECTION Letter of Transmittal Certificate of Achievement / GFOA Certificate of Excellence / ASBO Cobb County School District - Function and Composition Cobb County School District Elected Officials and Superintendent of Schools Cobb County School District - Superintendent's Executive Cabinet Cobb County School District - Organizational Chart FINANCIAL SECTION Independent Auditor's Report Management's Discussion and Analysis Basic Financial Statements District-wide Financial Statements: Statement of Net Position Statement of Activities Fund Financial Statements: Balance Sheet - Governmental Funds Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds PAGE i-iv v vi vii viii ix x 1-4 5-17 18 19 20 21 22 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual (Non-GAAP Budgetary Basis) General Fund PAGE 23 24 Statement of Fund Net Position Proprietary Funds Statement of Revenues, Expenses, and Changes in Fund Net Position Proprietary Funds Statement of Cash Flows - Proprietary Funds Notes to the Basic Financial Statements Required Supplementary Information Schedule of Proportionate Share of Net Pension Liability Teacher Retirement System of Georgia Schedule of Contributions Teacher Retirement System of Georgia - Last ten years Notes to Required Supplementary Information - Teachers Retirement System of Georgia Schedule of Proportionate Share of Net Pension Liability Public School Employee Retirement System of Georgia Notes to Required Supplementary Information Public School Employee Retirement System of Georgia Schedule of Proportionate Share of Net OPEB Liability - School OPEB Fund Schedule of Contributions - School OPEB Fund Notes to Required Supplementary Information - School OPEB Fund Combining and Individual Nonmajor Fund Financial Statements and Schedules: Combining and Individual Nonmajor Fund Statements and Schedules Fund Descriptions Combining Balance Sheet - Nonmajor Governmental Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor Governmental Funds 25 26 27 28-69 70 71 72 73 74 75 76 77 78-80 81-85 86-90 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual (Non-GAAP Budgetary Basis) Annually Budgeted Nonmajor Governmental Funds Internal Service Funds Fund Descriptions Combining Statement of Fund Net Position - Internal Service Funds Combining Statement of Revenues, Expenses, and Changes in Fund Net Position - Internal Service Funds Combining Statement of Cash Flows - Internal Service Funds Supplementary Schedules: SPLOST IV - Special Purpose Local Option Sales Tax Projects SPLOST V - Special Purpose Local Option Sales Tax Projects STATISTICAL SECTION (Unaudited) Statistical Section Contents Net Position by Component Last Ten Fiscal Years Changes in Net Position Last Ten Fiscal Years Fund Balances, Governmental Funds Last Ten Fiscal Years Changes in Fund Balances, Governmental Funds Last Ten Fiscal Years Property Tax Levies and Collections Assessed and Estimated Actual Value of Taxable Property Last Ten Fiscal Years Direct and Overlapping Property Tax Rates Last Ten Fiscal Years Principal Property Taxpayers December 31, 2021 and Nine Years Ago Legal Debt Margin Information Last Ten Fiscal Years Ratios of Outstanding Debt by Type Last Ten Fiscal Years Ratio of Net General Bonded Debt to Estimated Actual Value and Net Bonded Debt per Capita Last Ten Fiscal Years Computation of Direct and Overlapping General Obligation Debt PAGE 91-110 111 112 113 114 115-116 117-118 119 120 121-122 123-124 125-126 127 128-129 130 131 132 133 134 135 Cobb County Demographic and Economic Statistics Last Ten Calendar Years Principal Employers by Sector Current Year and Nine Years Ago Comparison of Metropolitan Atlanta School District Property Tax Rates General Fund Digest History Property Digest Reductions Due to Exemptions Last Ten Fiscal Years Number of Personnel and Pupils to Professional Personnel Last Ten Fiscal Years Operating Statistics Last Ten Fiscal Years General Fund Expenditures by Function Last Ten Fiscal Years General Fund Expenditures by Object Last Ten Fiscal Years General Fund Revenues by Source Last Ten Fiscal Years Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures Last Ten Fiscal Years Results of All Bond and Sales Tax Referendums - 1950- Present Schedule of Insurance in Force School Lunch and Breakfast Program Last Ten Fiscal Years Number of Schools Last Ten Fiscal Years Number of High School Graduates and Average Attendance Last Ten Fiscal Years Active Enrollment by Grade Level Last Ten Fiscal Years Classroom Buildings, Grade Levels and Acreage PAGE 136 137 138 139 140-141 142 143 144-145 146-147 148-149 150 151 152-153 154 155 156 157 158-159 One Team, One Goal: Student Success 514 Glover Street Marietta, GA 30060 Telephone: (770) 426-3300 www.cobbk12.org November 20, 2023 To the Members of the Cobb County Board of Education and Citizens of Cobb County, Georgia: We are pleased to submit to you the annual comprehensive financial report of the Cobb County School District (District) for the fiscal year ended June 30, 2023. This report conforms to generally accepted accounting principles as applicable to governmental entities. The Financial Services Division prepared this report. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the District's administration and is presented for your careful review. We believe the data, as presented, is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the District as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the District's financial activity have been included. A comprehensive framework of internal control is in place to give reasonable assurance that the financial statements are free of any material misstatements. Because the cost of internal controls should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. Readers of this report are encouraged to consider the information presented here in conjunction with additional information presented in the Management's Discussion and Analysis beginning on page five of this report. ______________________________________________________________________________ PROFILE OF THE SCHOOL DISTRICT ______________________________________________________________________________ Cobb County School District is one of two public school districts located in Cobb County, Georgia. The District serves the entire county area with the exception of the City of Marietta, which has its own independent school district. It provides a program of public education from kindergarten through grade twelve. The purpose and responsibility of the District is to provide a thorough and efficient educational system for the children enrolled in public schools within its boundaries whereby each child has access to programs and services that are appropriate to his or her educational needs. The District is the second largest school system in Georgia and the 25th largest in the United States with an active daily enrollment of 106,703. The District is governed by a Board of Education consisting of seven members elected from seven county posts. Members serve four-year terms, and each year appoints a chairperson and vice-chairperson. The Board appoints a Superintendent to oversee the day-to-day administration of the School District. BOARD OF EDUCATION SUPERINTENDENT Brad Wheeler, Chair David Banks, Vice Chair Randy Scamihorn Becky Sayler Leroy Tre' Hutchins David Chastain Nichelle Davis Chris Ragsdale i Mr. Chris Ragsdale currently serves as the Superintendent of the Cobb County School District. Mr. Ragsdale also previously served as the Deputy Superintendent for Operations and as the Chief Technology Officer. During his tenure with the District, he has managed plant operations, provided oversight for the District's technology integration, and been responsible for planning and execution of capital projects approved by Cobb voters and funded by the Special Purpose Local Option Sales Tax. Mr. Ragsdale holds a Bachelor of Science in Information Systems and a Master's Degree in Educational Leadership, both from Kennesaw State University and is also the recipient of Kennesaw State University's Distinguished Alumni Award. He has more than two decades of experience in school operations and information technology in the public and private sectors, including roles as Chief Information Officer for nearby Paulding County Schools and in network and database management for Bellsouth (AT&T) and IBM. The District prides itself on providing a quality educational experience to all our students, while efficiently managing our resources. Here are a few of the many accomplishments from the 2023 fiscal year: The District average score on the SAT of 1,104 was 59 points higher than the state average and 101 points higher than the national average. The four-year graduation rate for Cobb high schools was 87.7% in 2023. Cobb exceeds the state graduation rate of 87.4% by 0.3 percentage points. The Cobb County School District has consistently been ranked by Forbes as one of America's "Best-in-State Employers" for five straight years, from 2019 to 2023. The District has earned the highest possible credit rating from three nationally recognized bond rating agencies: Moody's Investor's Service, Standard & Poor's, and Kroll Credit Rating Agency. Cobb County School District is the only school district in the USA with this distinction. More details may be obtained through the District's Communications Department. The District has reviewed its operating entity definition to ensure conformance with the Governmental Accounting Standards Board Statement No. 61, "The Financial Reporting Entity: Omnibus an Amendment of GASB Statements No. 14 and No. 34." This report includes all funds and account groups of the District. The District is not included in any other reporting entity, and no other entities are included within this report. The District maintains budgetary controls to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the Cobb County Board of Education. Activities of the General Fund and Special Revenue Funds are included in the annual appropriated budget. Capital Projects Funds are budgeted on a multi-year, project-length basis. While General Fund and Special Revenue Fund budgets are reported at the function level within individual funds, the level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) is at the fund level. In the event expenditures exceed appropriations in a function area, they must be offset by under-expenditures in other function areas within the same fund. ii __________________________________________________________________________________ ECONOMIC CONDITION AND OUTLOOK ____________________________________________________________________________________ The District is located in the northwest quadrant of the Atlanta metropolitan area. Metropolitan Atlanta is a national center for finance, transportation, distribution, and communications. In 2022 Cobb County continued its trend of a growing population, which increased from 717,190 in 2014 to 771,952 in 2023. The unemployment rate for 2023 was 2.6%. Student enrollment in fiscal year 2023 was 106,703, which is consistent with fiscal year 2022 of 106,970. A schedule of District school buildings and their ages can be found on pages 158-159. We are pleased by the positive increase in property values in fiscal year 2023 and expect this trend to continue into fiscal year 2024, thereby providing a stable and growing revenue source. In fiscal year 2023 the District's assessed real property values increased by 12.2% from the prior year. ____________________________________________________________________________________ LONG-TERM FINANCIAL PLANNING ____________________________________________________________________________________ The District anticipates continuing to meet its projected capital improvement needs by means of county special sales tax revenues. The current Ed-SPLOST V special sales tax will continue to fund capital improvement needs of the District through December 2023. We are grateful for our citizens' approval of the Ed-SPLOST VI capital financing initiative in November of 2021, with more than 72% of the vote. Ed-SPLOST VI will enable the financing of new schools and provide for needed building improvements to existing schools, beginning January 1, 2024, and ending December 31, 2028. Some specific projects that will be funded by ED-SPLOST VI include the construction of a new elementary school in south Cobb, the construction of a second Career Academy in north Cobb, and a major facility upgrade for Sprayberry High School. Infrastructure improvements and technology upgrades will also be funded through EDSPLOST VI. The District anticipates acquiring a short-term construction loan in the next fiscal year, which will expedite the completion of various construction projects authorized by the current SPLOST V Special Sales Tax Initiative. The District's exceptional Aaa credit rating, first issued by Moody's in 2015, and most recently reaffirmed in 2022, should qualify the District for a competitive interest rate. Since 2015, the District has also received exceptional credit ratings from two other nationally recognized credit agencies, Standard & Poor's, and Kroll Bond Rating Agency. ____________________________________________________________________________________ OTHER INFORMATION ____________________________________________________________________________________ New Educational Model: The Cobb County School District has now completed its sixth year as a Strategic Waiver School System. This model offers greater ability to develop customized student achievement plans for individual schools. Independent Audit: The financial statements have been audited by Mauldin & Jenkins, LLC, whose opinion is expressed on page 1. The District complies with the requirements of the Single Audit Act and iii iv Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Cobb County School District Georgia For its Annual Comprehensive Financial Report For the Fiscal Year Ended June 30, 2022 Executive Director/CEO v The Certificate of Excellence in Financial Reporting is presented to Cobb County School District for its Annual Comprehensive Financial Report for the Fiscal Year Ended June 30, 2022. The district report meets the criteria established for ASBO International's Certificate of Excellence in Financial Reporting. John W. Hutchison President Siobhn McMahon, CAE Chief Operations Officer/ Interim Executive Director vi COBB COUNTY SCHOOL DISTRICT FUNCTION AND COMPOSITION JUNE 30, 2023 All matters relating to education and operations in the Cobb County School District are governed and controlled by the Board of Education as provided by Georgia law. The Board has the responsibility to maintain a uniform system of public schools providing quality education for all young people of Cobb County. With the advice of the superintendent, the Board must determine the policies and prescribe the rules and regulations for the management and administration of the school system. Generally, the Board holds public meetings once a month to conduct normal business with special sessions as needed. The Board is composed of seven members who are each elected for four years from one of seven geographical districts in the county. The Board elects a chairman and vice-chairman from the seven members to govern the body for a one year period. As of June 30, 2023, the members of the Board and years of expiration of their terms are as follows: Title Chair Vice-Chair Board Member Board Member Board Member Board Member Board Member Name Mr. Brad Wheeler Mr. David Banks Ms, Nichelle Davis Mr. David Chastain Mr. Leroy Tre Hutchins Ms. Becky Sayler Mr. Randy Scamihorn Term Expires December 31, 2024 December 31, 2024 December 31, 2026 December 31, 2026 December 31, 2024 December 31, 2026 December 31, 2024 vii COBB COUNTY SCHOOL DISTRICT ELECTED OFFICIALS AND SUPERINTENDENT OF SCHOOLS JUNE 30, 2023 RANDY SCAMIHORN POST 1 11 Years Served BECKY SAYLER POST 2 1 Year Served LEROY TRE HUTCHINS POST 3 3 Years Served DAVID CHASTAIN POST 4 9 Years Served DAVID BANKS POST 5 15 Years Served NICHELLE DAVIS BRAD WHEELER CHRIS RAGSDALE POST 6 1 Year Served POST 7 11 Years Served SUPERINTENDENT viii COBB COUNTY SCHOOL DISTRICT SUPERINTENDENT'S EXECUTIVE CABINET JUNE 30, 2023 Chris Ragsdale Dr. Kevin Daniel John Floresta Keeli Bowen Sherri Hill Dr. Catherine Mallanda Bradley Reuben Johnson Marc Smith CCSD Superintendent Chief of Staff Chief Strategy & Accountability Officer Chief Human Resources Officer Chief School Leadership Officer Chief Academic Officer Chief Financial Officer Chief Technology & Operations Officer ix COBB COUNTY SCHOOL DISTRICT ORGANIZATIONAL CHART JUNE 30, 2023 Citizens of Cobb County Board of Education Board Attorney Superintendent Chris Ragsdale Chief of Staff Dr. Kevin Daniel Chief School Leadership Off ice r Sherri Hill Chief Human Resources Officer Keeli Bowen Chief Financial Off ice r Bradley Reuben Johnson Chief Academic Off ice r Dr. Catherine Mallanda Chief Technology & Operations Off ice r Marc Smith Chief Strategy & Accountability Off ice r John Floresta x INDEPENDENT AUDITOR'S REPORT To the Superintendent and Members of the Cobb County Board of Education Marietta, Georgia Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the Cobb County Board of Education as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the Cobb County Board of Education's basic financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the Cobb County Board of Education as of June 30, 2023, and the respective changes in financial position, and, where applicable, cash flows thereof and the budgetary comparison for the General Fund, for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States (Government Auditing Standards). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Cobb County Board of Education and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Cobb County Board of Education's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. 200 GALLERIA PARKWAY S.E., SUITE 1700 ATLANTA, GEORGIA 30339-5946 770-955-8600 FAX 770-980-4489 www.mjcpa.com MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we: Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Cobb County Board of Education's internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Cobb County Board of Education's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. 2 Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis, Schedule of Proportionate Share of Net Pension Liability Teacher Retirement System of Georgia, Schedule of Contributions Teacher Retirement System of Georgia, Schedule of Proportionate Share of Net Pension Liability Public School Employee Retirement System of Georgia, Schedule of Proportionate Share of the Net OPEB Liability School OPEB Fund, and the Schedule of Contributions School OPEB Fund, as listed in the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Cobb County Board of Education's basic financial statements. The combining and individual nonmajor fund financial statements and schedules, the SPLOST IV schedule of expenditures of Special Purpose Local Option Sales Tax Projects, and the SPLOST V schedule of expenditures of Special Purpose Local Option Sales Tax Projects are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual nonmajor fund financial statements and schedules, the SPLOST IV schedule of expenditures of Special Purpose Local Option Sales Tax Projects, and the SPLOST V schedule of expenditures of Special Purpose Local Option Sales Tax Projects are fairly stated, in all material respects, in relation to the basic financial statements as a whole. 3 Other Information Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated November 20, 2023, on our consideration of the Cobb County Board of Education's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Cobb County Board of Education's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Cobb County Board of Education's internal control over financial reporting and compliance. Atlanta, Georgia November 20, 2023 4 MANAGEMENT'S DISCUSSION AND ANALYSIS COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2023 The discussion and analysis of the Cobb County School District's (subsequently referred to as the District) financial performance provides an overall review of the District's financial activities for the fiscal year ended June 30, 2023. The intent of this discussion and analysis is to look at the District's financial performance as a whole. Readers should also review the transmittal letter and complete financial statements, with notes, to enhance their understanding of the District's financial performance. Financial Highlights Key financial highlights for fiscal year 2023 are as follows: Total net position increased from $532.3 million in fiscal year 2022 to $604.2 million in fiscal year 2023, an increase of $71.9 million, primarily due to increased District cash from increased property and sales taxes, and from an increase in State QBE funding. The property tax digest increased by 12.2% and QBE funding increased by 7%. Total revenue increased from $1,702.6 million in fiscal year 2022 to $1,852.6 million in fiscal year 2023, an increase of $150.0 million. The revenue increase was from several sources. Local property tax revenue increased substantially due to a significant increase in the property tax digest. SPLOST sales taxes also increased substantially as the economy continued to rebound from the pandemic. State and federal grants increased slightly. Interest revenue increased dramatically as market interest rates increased from multiple interest rate increases by the Federal Reserve. Total expenses increased from $1,398.7 million in fiscal year 2022 to $1,780.8 million in fiscal year 2023, an increase of $382.1 million. The increase in expense was largely due to a historic salary increase of 8.5% for all permanent employees. Employees also due a step longevity increase could receive as much as a 13.1% salary increase. The salary increase also caused proportional increases in percentage-based employee benefits, such as FICA payroll taxes, TRS retirement, Finally, ESSER-funded bonuses for essential school personnel contributed to the higher level of expense. Overview of the Financial Statements This discussion and analysis serves as an introduction to the District's basic financial statements. The basic financial statements comprise three components: 1) District-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. 5 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2023 Districtwide Financial Statements The District-wide financial statements provide readers with a broad overview of the District's finances, in a manner similar to a private-sector business. The Statement of Net Position presents information on all of the District's assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the difference between them reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The Statement of Activities presents information showing how the District's net position changed during the most recent fiscal year. Changes in net position appear as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses appear in this statement for some items that will result in future fiscal period cash flows (e.g., uncollected taxes and earned but unused vacation leave). Fund Financial Statements A fund is a grouping of related accounts used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with financerelated legal requirements. District funds are in one of two categories: governmental funds and proprietary funds. Governmental Funds Most of the District's activities are reported in governmental funds. The governmental fund statements focus on how money flows in and out of those funds and on the balances left at year-end that are available for spending in future periods. These statements also provide a detailed short-term view of the District's general government operations and the basic services it provides. Governmental fund information helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs. The District maintains numerous governmental funds with the majority of activity occurring in the General Fund. Proprietary Funds Proprietary funds are those used to account for ongoing organizations and activities which are similar to those found in the private sector. The District's proprietary funds are internal service funds and report activities that provide supplies and services for its other programs and activities. The District's internal service funds consist of the Unemployment Compensation Fund and the Self-Insurance Fund. 6 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2023 District-wide Financial Analysis The Condensed Statement of Net Position Table (Table I), presented on the following page, summarizes and compares the Statement of Net Position for fiscal year 2022 and fiscal year 2023. In fiscal year 2023, the District's net position increased 13.5%, or $71.9 million, over the prior year. Revenue increases from higher property and sales taxes, as well as higher state and federal grant funding, were sufficient to meet increased instructional expense in 2023 and allowed us to end the year with this very favorable increase in net position. Total current and other assets reflected a net increase of 11.7%, or $99.9 million, largely due to an increase in cash and receivables from higher state QBE funding and increased property tax revenue due to a significant increase in the real property tax digest. SPLOST sales tax revenue also increased significantly as economic activity continued to rebound from the pandemic. Capital Assets increased by 3.4%, or $58.9 million, which was chiefly attributable to both new construction and capital improvements to local school buildings financed by SPLOST sales taxes. Governmental accounting standards require the District to report its proportional liability of state-administered pension plans and now the proportional liability of post-employment Benefits, namely retiree health insurance. 7 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2023 Table I Condensed Statement of Net Postion 2023 Net Position Current and Other Assets Long-Term Liabilities Net Investment in Capital Assets Governmental Activities Capital Assets Other Liabilities Restricted Assets: Current and Other Assets Capital Assets Total Assets Deferred Outflows of Resources Liabilities: Long-Term Liabilities Other Liabilities Total Liabilities Deferred Inflows of Resources Net Position: Net Investment in Capital Assets Restricted Unrestricted Total Net Position Deferred Outflows of Resources Deferred Inflows of Resources Unrestricted 2022 850,138,000 1,719,062,000 2,569,200,000 556,314,000 2023 949,986,000 1,778,006,000 2,727,992,000 1,072,737,000 1,198,637,000 279,633,000 1,478,270,000 1,114,913,000 2,486,416,000 315,312,000 2,801,728,000 394,782,000 1,655,625,000 201,519,000 (1,324,813,000) 532,331,000 1,679,939,000 265,414,000 (1,341,134,000) 604,219,000 Percentage Change 11.7% 3.4% 6.2% 92.8% 107.4% 12.8% 89.5% -64.6% 1.5% 31.7% 1.2% 13.5% 8 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2023 Changes in Net Position from Operating Results The Changes in Net Position from Operating Results Table (Table II), presented on the following page, summarizes and compares the Statement of Activities for fiscal year 2022 and fiscal year 2023. Revenues In fiscal year 2023, the District's total revenues increased 8.8%, or $150.0 million, over the prior year due primarily to increases in state and federal grant funding and increased property tax revenue. Charges for services increased by 60.8% or $29.7 million, primarily due to increased school activities, and the transition back to the standard National School Lunch and Breakfast Programs. In fiscal year 2022 all student meals were free to all students, regardless of income. In fiscal year 2023, students in households not meeting the income eligibility requirements for free or reduced meals were required to pay for their meals. Operating grants and contributions increased by 3.5%, or $27.8 million, largely due to the full funding of State QBE funding in fiscal year 2023 and continued increased federal funding, most notably from the American Rescue Plan Act (ARPA). Capital grants and contributions decreased by 11.9%, or $2.0 million, as federal capital grant funding decreased significantly from the prior fiscal year. Tax revenue increased 8.4%, or $71.1 million, largely due to a 12.2% increase in the real property tax digest, as well as increased SPLOST sales tax revenue, as the local economy continued to rebound. Interest income increased 1318.0%, or $21.8 million, due primarily to a significant rise in market interest rates over the previous fiscal year. Other revenue increased by 96.4%, or $1.7 million. Sale of retired fixed assets generates a major portion of this revenue category. 9 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2023 Expenses In fiscal year 2023, the District's total expenses increased 27.3%, or $382.1 million, due primarily to higher payroll costs resulting from the 8.5% pay raise to all permanent employees, as well as continued spending of federal grant funds to remediate the learning loss of students during the pandemic. Below we discuss the expense categories which experienced an increase. Instruction increased by 31.0% due to the salary increase and sustained expense related to the remediation of student learning loss sustained during the pandemic. Pupil and instructional services increased by 28.8%, or $27.0 million, largely due to the salary increase and the higher costs of providing supplemental instructional services, due to sustained inflation affecting the cost of purchased goods and services. Student transportation increased by 23.1%, or $13.8 million, largely due to increased fuel prices, as well as the 8.5% salary increase for all permanent employees. Additionally, bus driver salaries were even further increased to attract and keep bus drivers. Student activities increased by 28.5% or $6.2 million, primarily resulting from associated costs of providing increased student activities, such as field trips, athletic events, and other after-school programs. 10 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2023 Table II Changes in Net Position from Operating Results (amounts expressed in millions) Program Revenues and Expenses - 2023 $1,200,000,000 $1,000,000,000 $800,000,000 $600,000,000 $400,000,000 $200,000,000 $0 2022 Governmental Activities Revenues: Program Revenues: Charges for Services Operating Grants and Contributions Capital Grants and Contributions General Revenues: Taxes Interest Income Other Total Revenues Expenses: Instruction Pupil and Instructional Services School and Administrative Services Student Transportation Maintenance and Operations Student Activities Interest and Fiscal Charges Total Expenses Increase in Net Position Restatement GASB 87 Beginning Net Position Ending Net Position 2022 2023 2022 2023 Change 2022-2023 $ 48,741,000 $ 788,912,000 16,861,000 78,362,000 816,658,000 14,861,000 844,705,000 1,659,000 1,757,000 $ 1,702,635,000 915,783,000 23,524,000 3,451,000 $ 1,852,639,000 $ 908,906,000 93,636,000 192,376,000 59,496,000 122,130,000 21,965,000 175,000 $ 1,398,684,000 $ 1,191,081,000 120,644,000 246,390,000 73,264,000 119,971,000 28,236,000 1,165,000 $ 1,780,751,000 $ 303,951,000 $ (1,710,000) 230,090,000 $ 532,331,000 $ 71,888,000 - 532,331,000 604,219,000 60.8% 3.5% -11.9% 8.4% 1318.0% 96.4% 8.8% 31.0% 28.8% 28.1% 23.1% -1.8% 28.5% 565.7% 27.3% -76.3% - 131.4% 13.5% 11 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2023 Table III Net Cost of Governmental Activities $1,400,000,000 $1,200,000,000 1,191,081,000 Total and Net Costs - 2023 $1,000,000,000 $800,000,000 $600,000,000 460,798,000 $400,000,000 $200,000,000 $0 ($200,000,000) 246,390,000 45,668,000 74,976,000 148,882,000 6,488,000 71,963,000 73,264,000 119,971,000 64,610,000 117,849,000 28,236,000 1,165,000 1,165,000 (1,155,000) Net Cost Total Cost Total Cost of Services 2022 2023 Change 2022-2023 Net Cost of Services 2022 2023 Change 2022-2023 Instruction $ 908,906,000 Pupil Services 35,776,000 Instructional Services 57,860,000 School/Administrative Services 192,376,000 Student Transportation 59,496,000 Maintenance and Operations 122,130,000 Student Activities 21,965,000 Interest and Fiscal Charges 175,000 Total $ 1,398,684,000 $ 1,191,081,000 45,668,000 74,976,000 246,390,000 73,264,000 119,971,000 28,236,000 1,165,000 $ 1,780,751,000 31.0% 27.6% 29.6% 28.1% 23.1% -1.8% 28.5% 565.7% 27.3% $ 217,048,000 6,043,000 54,987,000 92,805,000 54,447,000 119,827,000 (1,162,000) 175,000 $ 544,170,000 $ 460,798,000 6,488,000 71,963,000 149,152,000 64,610,000 117,849,000 (1,155,000) 1,165,000 $ 870,870,000 112.3% 7.4% 30.9% 60.4% 18.7% -1.7% -0.6% 565.7% 60.0% Governmental Activities The Net Cost of Governmental Activities Table (Table III) presents the total and net cost of eight major District activities for fiscal year ended June 30, 2023: Instruction, Pupil Services, Instructional Services, School and Administrative Services, Student Transportation, Maintenance and Operations, Student Activities, and Interest and Fiscal Charges. Net Cost of Services is the total cost less fees generated by the activities and intergovernmental revenue provided for specific programs. The net cost shows the financial burden on the District's taxpayers by each activity. The total cost of governmental services in fiscal year 2023 was $1,780.8 million. Users of the District's programs financed $78.3 million of the costs. Federal and State grants, subsidized programs and contributions funded 12 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2023 $831.6 million of the costs. Lastly, District taxpayers financed the remaining costs of fiscal year 2023, which totaled $870.9 million. The School District's Funds The District ended fiscal year 2023 with a healthy fund balance in its governmental funds. The combined balance of all governmental funds, at $613.2 million, was 12.3% higher than 2022's ending balance of $546.2 million. The General Fund's fund balance increased by $10.2 million, or 2.7%, due primarily to increased state and federal funding and greater property tax revenue. SPLOST V, the District's primary capital improvement fund, had an ending fund balance of $129.2 million, which was 28.8% higher than 2022's ending balance of $100.3 million, due primarily to increased SPLOST sales tax revenue, as the economy continued to rebound from the pandemic. The System Wide/County-Wide Fund increased its fund balance by 902.7% from the prior year, or $1.2 million, primarily from increased interest income, as market interest rates rose substantially as the Federal Reserve increased the reserve interest rate, to combat historically high inflation. The nonmajor governmental fund balances increased in the aggregate by $26.7 million, or 41.8%. General Fund Budgetary Highlights The most significant fund for the District is the General Fund, funded primarily through state revenue and local property tax revenue. The State of Georgia is required to maintain a balanced budget (a constitutional requirement in Georgia), as are all state-funded school districts. The final amended budget for total revenues was $1.3 billion, which was only 0.6% greater than the original budget. The final amended budget for total expenditures was only 2.2% greater than the original budget, with an amended final expenditure budget of $1.4 billion, with a forecasted decrease in Fund Balance of $52.1 million. Actual revenue exceeded budgeted revenue by $63.4 million, primarily from greater property tax revenue and increased state funding. Actual expenditures were $1.0 million more than budgeted. The net effect of these favorable variances totaled $62.4 million and resulted in a net increase to actual fund balance of $10.2 million. General Fund Balance The unassigned General Fund balance at June 30, 2023 was $189.7 million. This represents approximately 51 days of general fund expenditures. The Board of Education made a concerted effort to maintain an adequate operating reserve for the District. 13 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2023 Other Governmental Funds Capital Projects Funds The District uses Capital Projects Funds to account for school construction and improvement projects which, prior to 1999, were financed primarily through bond issues. SPLOST IV and V focus on revitalizing schools. The SPLOST IV special sales tax began January 1, 2014 and ended on December 31, 2018. The SPLOST V special sales tax began January 1, 2019 and will end on December 31, 2023. The SPLOST IV fund had expenditures of $5.6 million and an ending fund balance of $2.7 million. SPLOST V had expenditures of $183.0 million and an ending fund balance of $129.2 million. A full listing of SPLOST IV and SPLOST V projects can be located on pages 115-118. The System Wide/County-Wide Fund had transfers out of $0.31 million and an ending fund balance of $1.4 million. Nonmajor Governmental Funds The Nonmajor Governmental Funds, had aggregate expenditures of $255.2 million and aggregate fund balances of $90.5 million in fiscal year 2023. Within the Nonmajor Governmental Funds, the Funds with the highest expenditures in fiscal year 2023 were School Nutrition at $65.3 million, Local School Funds at $28.2 million, Special Education at $25.1 million, and Title I (of the Elementary and Secondary Education Act) at $23.0 million. Nonmajor Governmental Funds ending the year with the highest fund balances were ARPA Funds at $27.2 million, School Nutrition at $33.8 million, Local School Funds at $14.1 million, District Building at $30.6 million, After School Program at $3.7 million, and SPLOST IV at $2.7 million. The fund balance of Nonmajor Governmental Funds, in aggregate, increased from $63.8 million in fiscal year 2022 to $90.5 million in fiscal year 2023, an increase of $26.7 million. Descriptions of these funds can be located on pages 78-80. Capital Assets and Debt Administration Capital Assets The Capital Assets, Net of Depreciation (Table IV), presented on the following page, summarizes and compares the capital assets for fiscal year 2022 and fiscal year 2023. 14 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2023 Capital assets increased 3.4% from $1,719.1 million in fiscal year 2022 to $1,778.0 million in fiscal year 2023, an increase of $58.9 million. Construction in Progress increased by $2.5 million, or 2.0%. Intangible Assets decreased by $485 million, or 33.1%. Land increased by $4.9 million, or 3.4%. Buildings and Improvements increased by $49.7 million, or 3.7%. Equipment increased by $5.6 million, or 5.1%. Lastly, Library and Textbooks decreased by $3.2 million, or 23.5%. More detailed information about capital assets can be found in Note 5 of the Notes to the Basic Financial Statements. Long-Term Obligations As of June 30, 2023, the District had $16.9 million in outstanding long-term obligations for compensated absences, a net pension liability of $1,850.3 million, and other postemployment benefits of $611.3 million. More detailed information about long-term obligations can be found in Notes 10, 11, 14 and 15 of the Notes to the Basic Financial Statements. 15 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2023 Table IV Capital Assets, Net of Depreciation Equi pment 6% Li bra ry Books and Textbooks 1% Land Construction in 8% Progress 7% Intangibles 0% Bui ldings a nd I mp ro vements 78% Land Construction in Progress Buildings and Improvements Equipment Intangibles Library Books and Textbooks Capital Assets: Land Construction in Progress I nta ngi bl es Buildings and Improvements Equi pment Library Books and Textbooks Total 2022 2023 Change 2022-2023 $ 143,522,000 $ 148,467,000 123,573,000 1,467,000 1,328,226,000 126,040,000 982,000 1,377,893,000 108,558,000 114,136,000 13,716,000 10,488,000 $ 1,719,062,000 $ 1,778,006,000 3.4% 2.0% -33.1% 3.7% 5.1% -23.5% 3.4% 16 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2023 Factors Bearing on the District's Future We are fortunate that the Cobb County School District has no issued long-term debt, allowing us to devote our financial resources to providing a quality education for our students. We are also grateful for our citizens' approval of the Ed-SPLOST VI capital financing initiative in November of 2022, with more than 72% of the vote. Ed-SPLOST VI will enable the financing of new schools and provide for needed building improvements to existing schools. Our District remains committed to working as one team for the goal of student success, as we seek to maximize the financial resources entrusted to us. Contacting the District's Financial Management This financial report is designed to provide a general overview of Cobb County School District's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to Financial Services Division, Cobb County School District, 514 Glover Street, Marietta, Georgia, 30060. 17 COBB COUNTY SCHOOL DISTRICT STATEMENT OF NET POSITION JUNE 30, 2023 ASSETS: Cash and Cash Equivalents Receivables (net of allowance for uncollectibles): Taxes Intergovernmental Accounts Lease receivable Prepaids Inventories Capital Assets: Land Construction in Progress Intangibles Buildings and Improvements Equipment Library Books and Textbooks Less: Accumulated Depreciation Total Assets DEFERRED OUTFLOWS OF RESOURCES: Related to Defined Benefit Pension Plans Related to Other Post-Employment Benefits Total Deferred Outflows of Resources LIABILITIES: Accounts Payable and Other Current Liabilities Intergovermental Payable Accrued Salaries and Benefits Notes Payable Accrued Interest Payable Unearned Revenue Noncurrent Liabilities: Claims Payable, Due Within One Year Claims Payable, Due In More Than One Year Compensated Absences, Due Within One Year Compensated Absences, Due In More Than One Year Net Pension Liability, Due In More Than One Year Net Other Post-Employment Benefits (OPEB) Liability, Due In More Than One Year Total Liabilities DEFERRED INFLOWS OF RESOURCES: Leasing Arrangements Related to Defined Benefit Pension Plans Related to Other Post-Employment Benefits Total Deferred Inflows of Resources NET POSITION: Net Investment in Capital Assets Restricted for: Capital Projects School Nutrition Services Miscellaneous Grants GNETS Unrestricted (Deficit) Total Net Position See accompanying notes to the basic financial statements. Governmental Activities $ 771,785,000 34,624,000 133,854,000 606,000 4,380,000 200,000 4,537,000 148,467,000 126,040,000 10,479,000 2,432,741,000 310,155,000 60,479,000 (1,310,355,000) 2,727,992,000 918,026,000 154,711,000 1,072,737,000 43,942,000 1,020,000 168,043,000 98,860,000 2,393,000 1,054,000 2,562,000 5,274,000 12,518,000 4,429,000 1,850,336,000 611,297,000 2,801,728,000 5,405,000 10,207,000 379,170,000 394,782,000 1,679,939,000 231,238,000 33,782,000 205,000 189,000 (1,341,134,000) $ 604,219,000 18 COBB COUNTY SCHOOL DISTRICT STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2023 GOVERNMENTAL ACTIVITIES Instruction $ Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operations Student Activities Interest and Fiscal Charges Total Governmental Activities $ Expenses Program Revenues Charges for Services Operating Grants and Contributions Capital Grants and Contributions Net (Expense) Revenue and Changes in Net Position 1,191,081,000 $ 1,613,000 $ 720,719,000 $ 45,668,000 74,976,000 246,390,000 - 45,236,000 39,052,000 2,758,000 45,475,000 73,264,000 - 8,654,000 119,971,000 2,122,000 - 28,236,000 29,391,000 - 1,165,000 - - 1,780,751,000 $ 78,362,000 $ 816,658,000 $ 7,951,000 $ (460,798,000) 128,000 255,000 6,527,000 (6,488,000) (71,963,000) (149,152,000) - (64,610,000) - (117,849,000) - 1,155,000 - (1,165,000) 14,861,000 $ (870,870,000) General Revenues: Taxes: Property Taxes Levied for General Purposes Sales Tax Interest Income Other $ 714,804,000 200,979,000 23,524,000 3,451,000 Total General Revenues Change in Net Position Net Position - Beginning of Year 942,758,000 71,888,000 532,331,000 Net Position - End of Year $ 604,219,000 See accompanying notes to the basic financial statements. 19 COBB COUNTY SCHOOL DISTRICT BALANCE SHEET GOVERNMENTAL FUNDS JUNE 30, 2023 Assets: Cash and Cash Equivalents Receivables (net of allowance for uncollectables): Taxes Intergovernmental Accounts Lease Receivable Due from Other Funds Prepaids Inventories Total Assets General Special Purpose Local Option Sales Tax V System Wide/ County-Wide Building Nonmajor Governmental Funds Total Governmental Funds $ 427,792,000 $ 202,358,000 $ 37,664,000 $ 89,969,000 $ 757,783,000 10,048,000 24,576,000 - - 34,624,000 89,341,000 1,278,000 - 43,235,000 133,854,000 383,000 - - 223,000 606,000 4,380,000 - - - 4,380,000 33,189,000 190,000 - 1,615,000 34,994,000 200,000 - - - 200,000 935,000 - - 3,602,000 4,537,000 $ 566,268,000 $ 228,402,000 $ 37,664,000 $ 138,644,000 $ 970,978,000 LIABILITIES,DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES: Liabilities: Intergovernmental $ 1,020,000 $ Accounts Payable 5,060,000 Accrued Payroll and Payroll Withholdings 62,306,000 Notes Payable - Accrued Employee Benefits 96,452,000 Accrued Interest Payable - Due to Other Funds Unearned Revenue Total Liabilities 1,601,000 - 166,439,000 -$ -$ -$ 1,020,000 34,114,000 - 4,598,000 43,772,000 - - 6,303,000 68,609,000 62,550,000 36,310,000 - 98,860,000 - - 2,979,000 99,431,000 2,393,000 - - 2,393,000 185,000 - - 33,208,000 - 1,054,000 34,994,000 1,054,000 99,242,000 36,310,000 48,142,000 350,133,000 Deferred Inflows of Resources: Leasing Arrangements Unavailable Revenue - Property Taxes Total Deferred Inflows of Resources 5,405,000 2,270,000 7,675,000 - - - 5,405,000 - - - 2,270,000 - - - 7,675,000 Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities, Deferred Inflows of Resources, and Fund Balances 1,135,000 - - 3,602,000 4,737,000 - 129,160,000 1,354,000 33,231,000 163,745,000 - - - 23,030,000 23,030,000 201,331,000 189,688,000 - - 30,639,000 231,970,000 - - - 189,688,000 392,154,000 129,160,000 1,354,000 90,502,000 613,170,000 $ 566,268,000 $ 228,402,000 $ 37,664,000 $ 138,644,000 $ 970,978,000 See accompanying notes to the basic financial statements. 20 COBB COUNTY SCHOOL DISTRICT RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET POSITION JUNE 30, 2023 Total Fund Balances-Governmental Funds Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not current financial resources and therefore are not reported in the funds. Cost of capital assets Accumulated depreciation The deferred outflows of resources, deferred inflows of resources, and the net pension liability related to the District's pension plan are not due and payable with current financial resources and therefore are not reported in the funds. Net Pension Liability Deferred Outflows of Resources - Pension Related Items Deferred Inflows of Resources - Pension Related Items The deferred outflows of resources, deferred inflows of resources, and the net OPEB liability related to the District's OPEB plan are not due and payable with current financial resources and therefore are not reported in the funds. Net Other Post-Employment Benefits Liability (OPEB) Deferred Outflows of Resources - OPEB Deferred Inflows of Resources - OPEB Other long-term assets are not available to pay for current period's expenditures and therefore are unavailable in the funds. Property Taxes Internal service funds are used by management to charge the costs of insurance. The assets and liabilities of the internal service funds are included in governmental activities in the statement of net position. Long-term liabilities are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-term liabilities at year-end consist of: Compensated absences Total Net Position-Governmental Activities $ 613,170,000 $ 3,088,361,000 (1,310,355,000) 1,778,006,000 (1,850,336,000) 918,026,000 (10,207,000) (942,517,000) (611,297,000) 154,711,000 (379,170,000) (835,756,000) 2,270,000 5,993,000 (16,947,000) $ 604,219,000 See accompanying notes to the basic financial statements. 21 COBB COUNTY SCHOOL DISTRICT STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Taxes Intergovernmental Tuition and Fees Interest Income Rentals Athletic Ticket Sales Other Total Revenues EXPENDITURES: Current: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operations Student Activities Capital Outlay Debt Service: Interest Total Expenditures Excess of Revenues Over Expenditures Other Financing Sources (Uses): Transfers-In Transfers-Out Proceeds from Sale of Capital Assets Total Other Financing Sources (Uses) Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year General Special Purpose Local Option Sales Tax V System Wide/ CountyWide Nonmajor Governmental Funds Total Governmental Funds $ 714,957,000 $ 200,979,000 $ 634,115,000 4,485,000 - - 20,528,000 6,103,000 54,000 - - - 3,935,000 - 1,373,589,000 211,567,000 -$ 1,517,000 1,517,000 -$ 185,265,000 63,485,000 1,647,000 4,641,000 1,036,000 256,074,000 915,936,000 823,865,000 63,485,000 29,795,000 54,000 4,641,000 4,971,000 1,842,747,000 959,736,000 35,721,000 48,029,000 142,155,000 64,560,000 87,841,000 - 1,338,042,000 184,000 3,437,000 178,209,000 1,165,000 182,995,000 - 96,594,000 - 6,249,000 - 23,094,000 - 86,669,000 - 3,750,000 - 2,047,000 - 28,236,000 - 8,538,000 - - - 255,177,000 1,056,330,000 41,970,000 71,123,000 229,008,000 71,747,000 89,888,000 28,236,000 186,747,000 1,165,000 1,776,214,000 35,547,000 28,572,000 1,517,000 897,000 66,533,000 415,000 (26,133,000) 404,000 (25,314,000) 313,000 313,000 (313,000) (313,000) 26,133,000 (415,000) 69,000 25,787,000 26,861,000 (26,861,000) 473,000 473,000 10,233,000 28,885,000 1,204,000 26,684,000 67,006,000 381,921,000 100,275,000 150,000 63,818,000 546,164,000 $ 392,154,000 $ 129,160,000 $ 1,354,000 $ 90,502,000 $ 613,170,000 See accompanying notes to the basic financial statements. 22 COBB COUNTY SCHOOL DISTRICT RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2023 Total Net Change in Fund Balances-Governmental Funds Amounts reported for governmental activities in the statement of activities are different because: Capital assets are reported as expenditures in governmental funds. However, in the statement of activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: Capital outlay Depreciation expense In the governmental funds, current year expenditures related to pensions are comprised solely of amounts contributed to the plan for the current year. However, in the statement of activities, expenses related to pensions include amounts that do not require the use of current financial resources. This amount represents the difference in the required accounting treatment of pensions and related items. In the governmental funds, current year expenditures related to OPEB are comprised solely of amounts contributed to the plan for the current year. However, in the statement of activities, expenses related to OPEB include amounts that do not require the use of current financial resources. This amount represents the difference in the required accounting treatment of OPEB and related items. Revenues in the statement of activities that do not provide current financial resources are considered as unavailable revenues in the governmental funds. Property taxes The net effect of various miscellaneous transactions involving capital assets (i.e., sales and disposals) is to decrease net position. Internal service funds are used by management to charge the costs of insurance to individual funds. The net expenses of the internal service funds is reported with governmental activities. Some items reported in the statement of activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. This activity consists of the increase in compensated absences. Change in Net Position of Governmental Activities $ 67,006,000 $ 156,521,000 (96,572,000) 59,949,000 (107,888,000) 57,343,000 (153,000) (1,005,000) (1,622,000) (1,742,000) $ 71,888,000 See accompanying notes to the basic financial statements. 23 COBB COUNTY SCHOOL DISTRICT GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Local State Federal Other Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Instructional Staff Training Educational Media Services General Administration School Administration Business Services Maintenance and Operation of Plant Student Transportation Central Operations Other Support Services School Nutrition Program Community Service Operations Transfers Total Expenditures Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 709,939,000 $ 715,181,000 $ 739,474,000 $ 24,293,000 584,112,000 586,470,000 613,549,000 27,079,000 8,692,000 8,692,000 20,566,000 11,874,000 666,000 666,000 819,000 153,000 1,303,409,000 1,311,009,000 1,374,408,000 63,399,000 965,878,000 32,916,000 29,703,000 21,721,000 13,805,000 80,556,000 11,014,000 83,863,000 64,112,000 25,848,000 655,000 420,000 2,770,000 1,333,261,000 971,119,000 32,951,000 31,897,000 5,000 21,730,000 17,734,000 80,556,000 12,771,000 83,824,000 78,786,000 26,455,000 693,000 - 420,000 4,216,000 1,363,157,000 959,680,000 35,721,000 27,548,000 20,480,000 15,944,000 90,995,000 10,096,000 87,918,000 64,484,000 23,671,000 646,000 454,000 405,000 26,133,000 1,364,175,000 11,439,000 (2,770,000) 4,349,000 5,000 1,250,000 1,790,000 (10,439,000) 2,675,000 (4,094,000) 14,302,000 2,784,000 47,000 (454,000) 15,000 (21,917,000) (1,018,000) (29,852,000) 381,921,000 (52,148,000) 381,921,000 10,233,000 381,921,000 62,381,000 - $ 352,069,000 $ 329,773,000 $ 392,154,000 $ 62,381,000 See accompanying notes to the basic financial statements. 24 COBB COUNTY SCHOOL DISTRICT STATEMENT OF FUND NET POSITION PROPRIETARY FUNDS JUNE 30, 2023 Assets: Current Assets: Cash and Cash Equivalents Total Current Assets Liabilities: Current Liabilities: Accounts Payable Claims Payable, due within one year Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Total Current Liabilities Noncurrent Liabilities: Claims payable, due in more than one year Total Liabilities Net Position: Unrestricted See accompanying notes to the basic financial statements. Governmental Activities Internal Service Funds $ 14,002,000 14,002,000 170,000 2,562,000 2,000 1,000 2,735,000 5,274,000 8,009,000 $ 5,993,000 25 COBB COUNTY SCHOOL DISTRICT STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2023 OPERATING REVENUES: Charges for Services Total Operating Revenues OPERATING EXPENSES: School and Administrative Services Total Operating Expenses Change in Net Position Total Net Position, Beginning of Year Total Net Position, End of Year Governmental Activities Internal Service Funds $ 8,660,000 8,660,000 10,282,000 10,282,000 (1,622,000) 7,615,000 $ 5,993,000 See accompanying notes to the basic financial statements. 26 COBB COUNTY SCHOOL DISTRICT STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2023 Cash Flows from Operating Activities: Receipts from Interfund Services Provided Payments to Suppliers Payments for Medical Fees and Insurance Claims Payments to Employees Net Cash Used in Operating Activities Net Change in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year Cash and Cash Equivalents at End of Year Reconciliation of Operating Loss to Net Cash Used in Operating Activities: Operating Loss Adjustments to Reconcile Operating Income to Net Cash Used in Operating Activities: Increase in Claims Payable Increase in Accounts Payable Increase in Accrued Payroll and Payroll Withholdings Total Adjustments Net Cash Used in Operating Activities See accompanying notes to the basic financial statements. Governmental Activities Internal Service Funds $ 8,660,000 (1,156,000) (8,391,000) (559,000) (1,446,000) (1,446,000) 15,448,000 14,002,000 $ (1,622,000) 136,000 39,000 1,000 176,000 $ (1,446,000) 27 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Reporting Entity The Cobb County School District (District) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters of Cobb County and has a superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the District is a primary government and consists of all the organizations that compose its legal entity. A financial reporting entity consists of a primary government and its component units. A component unit is a legally separate entity that must be included in the reporting entity of a primary government in conformity with generally accepted accounting principles. Based on the guidance of the Governmental Accounting Standards Board (GASB) Statements No. 14 and No. 61, there are no component units combined with the District for financial statement presentation purposes, and the District is not included in any other governmental reporting entity. B. Basis of Presentation The District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and the notes to the basic financial statements of the Cobb County School District. District-wide Statements The Statement of Net Position and the Statement of Activities display information about the financial activities of the overall District. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and non-exchange transactions. The Statement of Activities presents a comparison between direct expenses and program revenues for each function of the District's governmental activities. Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the District related to the administration and support of the District's programs, such as office and maintenance personnel and accounting) are not allocated to programs, except for federal indirect costs allocated to federal grant programs. 28 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Program revenues include charges paid by the recipients of goods or services offered by the programs as well as grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. Fund Financial Statements The fund financial statements provide information about the District's funds. Separate statements for each category (governmental and proprietary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. All remaining governmental funds are aggregated and reported as nonmajor funds. The District reports the following major governmental funds: General Fund is the District's primary operating fund. It accounts for all financial resources of the District, except those resources required to be accounted for in another fund. Special Purpose Local Option Sales Tax V Fund (SPLOST V) accounts for salestax proceeds required to be used for capital outlay for educational purposes as authorized by local referendum. System Wide/Countywide Building Fund accounts for the proceeds of short-term construction notes used for temporarily financing capital outlay in the SPLOST V fund. Additionally, the District reports the following fund types: Special revenue funds account for restricted or committed specific revenues and their related expenditures. Special revenues for the District include various federal and state grants, donations to the District, rental of District facilities, charges for after-school programs, adult high school, and performing arts. Capital project funds account for restricted and assigned revenues and related capital expenditures. The expenditures are used for capital outlays for educational purposes as authorized by local referendum and management's decision. Internal service funds (proprietary funds) account for insurance and unemployment compensation provided to other funds of the District on a cost reimbursement basis. 29 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. Basis of Accounting/Measurement Focus The basis of accounting determines when transactions are reported on the financial statements. The District-wide governmental activities and proprietary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. The District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The District considers all non-grant revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes, intergovernmental and interest are considered to be subject to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, claims and judgments, and compensated absences, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities and acquisitions under leases are reported as other financing sources. 30 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The State of Georgia reimburses the District for teachers' salaries and operating costs through the Quality Basic Education (QBE) Formula Earnings program. State of Georgia law defines the formula driven grant that determines the cost of an academic school year and the State of Georgia's share in this cost. Generally, teachers are contracted for the school year (July 1 June 30) and paid over a twelve-month contract period, generally August 1 through July 31. In accordance with the requirements of the enabling legislation of the QBE program, the State of Georgia reimburses the District over the same twelvemonth period in which teachers are paid, funding the academic school year expenditures. At June 30, the amount of teachers' salaries incurred but not paid until July of the subsequent year are accrued as the State of Georgia has only postponed the final payment of their share of the cost until the subsequent appropriations for cash management purposes. By June 30 of each year, the State of Georgia has a signed appropriation that includes this final amount, which represents the State of Georgia's intent to fund this final payment. Based on guidance in Government Accounting Standards Board (GASB) Statement No. 33, paragraph 74, the State of Georgia recognizes its QBE liability for the July and August salaries at June 30, and the District recognizes the same QBE as a receivable and revenue, consistent with symmetrical recognition. Under the terms of grant agreements, the District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net position available to finance the program. It is the District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses result from providing services. Operating revenues in the internal service funds are charges to customers for services. Operating expenses for internal service funds consist of the cost of services and administrative expenses. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. D. Cash and Cash Equivalents The District's cash and cash equivalents are considered to be cash on-hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Law OCGA 45-8-14 authorizes the District to deposit its funds in one or more solvent banks or insured Federal savings and loans associations. 31 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) E. Investments Included in cash equivalents are items such as deposits with the Georgia local government investment pool and bank money market accounts. Investments made by the District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. Investment income is reported in the fund containing the invested assets which generated the income. The Official Code of Georgia Annotated Section 36-83-4 authorizes the District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: (1) Obligations issued by the State of Georgia or by other States, (2) Obligations issued by the United States government, (3) Obligations fully insured or guaranteed by the United States government or a United States government agency, (4) Obligations of any corporation of the United States government, (5) Prime banker's acceptances, (6) The Local Government Investment Pool administered by the State Treasurer of the State of Georgia. (7) Repurchase agreements, and, (8) Obligations of other political subdivisions of the State of Georgia. 32 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) F. Receivables Receivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Intergovernmental and Taxes Receivables at June 30, 2023 were as follows: Taxes Receivables Allowances Net Taxes Receivables General Fund $ 11,847,000 (1,799,000) $ 10,048,000 Special Purpose Local Option Sales Tax V $ 24,576,000 $ 24,576,000 Total $ 36,423,000 (1,799,000) $ 34,624,000 Federal Receivables State / Local Receivables Intergovernmental Receivables General Fund $ 180,000 89,161,000 $ 89,341,000 Special Purpose Local Option Sales Tax V $ - 1,278,000 $ 1,278,000 Nonmajor Governmental $ 41,307,000 1,928,000 $ 43,235,000 Total $ 41,487,000 92,367,000 $ 133,854,000 Accounts Receivable General Fund $ 383,000 Nonmajor Governmental $ 223,000 Total $ 606,000 33 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) G. Leases In fiscal year 2022, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 87, Leases. The primary objective of this statement is to better meet the information needs of financial statement users by improving accounting and financial reporting for leases by governments. This Statement increases the usefulness of a government's financial statements by requiring recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. It establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. Since 1996 and later, the School District, as lessor, has entered into agreements with various communication companies for leasing parcels of land located at 36 various school sites. These agreements are renewable for 5 years terms for a total of $ 4,379,982 payable to the School District by fiscal year 2043. The amortized revenue recorded in fiscal year 2023 was $639,911 and the remaining deferred inflow of resources was $5,404,757. H. Property Taxes The Cobb County Board of Commissioners fixed the property tax levy for the 2022 tax digest year (calendar year) in July 2022 (levy date) based on property values as of January 1, 2021. Taxes were due on October 15, 2022 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2022 tax digest are reported as revenue in the governmental funds for fiscal year 2023. The Cobb County Tax Commissioner bills and collects the property taxes for the School District, withholds 1.6% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the District. Property tax revenues during the fiscal year ended June 30, 2023 totaled $714,957,000. School tax by law cannot be greater than 20 mills per dollar for the support and maintenance of education. Tax millage rates levied for the 2022 tax year (calendar year) for the Cobb County School District were as follows (a mill equals $1 per thousand dollars of assessed value): School Operations 18.90 mills I. Sales Taxes A one percent Special Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes and debt service. The State will terminate collection of this tax once an additional $24,980,856 has been collected or on December 31, 2023, whichever occurs first. 34 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) J. Tax Abatements Cobb County, through the Development Authority of Cobb County, allows for taxable revenue bond financing, pursuant to the Georgia Development Authorities Law, under Title 36 Chapter 62 of the Official Code of Georgia, in order to promote the creation of jobs and stimulate development activity within Cobb County. The taxable revenue bond financings result in the reduction of ad valorem (real and/or personal property) taxes. The County offers a reduction in property taxes through the structure of these financing arrangements. Specifically, the Development Authority of Cobb County, a tax-exempt public organization created independently from the County, may enter into agreements with private individuals or entities in order to incentivize these businesses to build, relocate, expand, or renovate in Cobb County. The agreements involve a bond issuance and saleleaseback transaction, whereby the Development Authority takes title to property and leases it back to the company. The business or individual is responsible for making ad valorem tax payments on its leasehold interest. The rental payments for the leasehold offset the debt service on the bonds over a fixed 10-year term, so that at the end of the incentive period, the bonds are fully retired and the company regains title of the property through an option to purchase. The Development Authority considers the fiscal impacts of a proposed project and weighs such benefits against the costs of reduced revenue impacts when considering whether to enter into a taxable revenue-bond deal with an individual or entity. Generally, eligible projects involve a commitment of significant capital investment and/or the creation of net new jobs to the County, which propose a favorable return on investment for the County. There are no additional commitments other than to provide favorable tax treatment. There are provisions for recapturing some portion of the value of these incentives in the event capital investment and job creation numbers are not met during the incentive period; however, the Development Authority can immediately return title to a company for a nonperforming project, which cancels the incentive going forward. There are no amounts receivable from other governments. 35 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) For the fiscal year ended June 30, 2023, the tax abatement programs noted above abated property taxes due to the School District that were levied on January 1, 2022 and due on October 15, 2022 totaling $3,550,403. The following are the individual tax abatements that were abated: Tax Abatement Project Home Depot USA, Inc (Chastain Meadows) Cole Of Kennesaw, LLC Novelis Global Technology Center Home Depot USA Home Depot - RP Highwoods Realty Limited Partnership Genuine Parts Akers 75 ETPC Aviation, LLC RaceTrac Petroleum Greenstone/HD Supply HQ HD Supply Empire Distributors, Inc Home Depot USA - Pennant Park INOP Acquisitions Floor & Dcor Outlets of America, Inc Edison Chastain Thyssenkrupp Papa Johns % Abated 100 100 100 70 60 60 60 50 50 50 40 40 30 30 30 30 20 10 10 Amount of Taxes Abated 1,907 6,286 28,012 110,786 158,383 340,200 162,171 207,227 89,030 18,878 338,688 35,863 404,795 22,456 211,680 61,077 238,140 1,087,786 27,038 K. Inventories On the District-wide financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally-assigned value and purchased foods inventories are reported at cost (first in, first out). The District uses the consumption method to account for inventories; whereby; donated food commodities are recorded as an asset and as revenue when received, and expenses are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses are recorded as the inventory items are used. On the fund statements, inventories of governmental funds are reported at cost (first in, firstout). The District uses the consumption method to account for inventories whereby expenditures are recorded when inventory items are used. L. Prepaid Items Payments made to vendors for services that will benefit periods subsequent to June 30, 2023, are recorded as prepaid, according to the consumption method. 36 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) M. Capital Assets Capital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase. On the District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated acquisition value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. Depreciation and amortization is computed using the straight-line method. Capitalization thresholds and estimated useful lives of capital assets reported in the Districtwide statements are as follows: General Useful Policy Life Land All N/A Buildings and Improvements $50,000 20 to 50 Years Equipment $10,000 5 to 10 Years Intangible Assets $1,000,000 10 Years Library Books and Textbooks All 5 Years Subscription Based Infromation Technology Arrangements $1,000,000 various Depreciation and amortization expense is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. N. Deferred Outflows/Inflows of Resources Deferred outflows of resources represent a consumption of net assets that applies to a future period(s) and will not be recognized as an outflow of resources (expenses/ expenditures) until then. Deferred inflows of resources represent an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. Other than pensions and OPEB (described in Note 1.N, Note 1.O, Note 14 and Note 15), Cobb County School District measures unavailable revenue, which arises under a modified accrual basis of accounting and qualifies for reporting in this category. Accordingly, unavailable revenue is reported only in the governmental funds balance sheet. Governmental funds report unavailable revenues from one source: property taxes. These amounts are deferred and recognized as inflows of resources in the period that the amounts become available. 37 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The District reports a deferred outflow of resources for employer contributions made to the pension and OPEB plans subsequent to the measurement date, as these will be recognized as a reduction to the District's net pension liability and net OPEB liability in the year ended June 30, 2024. The District also reports deferred outflows of resources and deferred inflows of resources for experience gains or losses, assumption changes, and for the change in the District's proportionate share based on actual contributions towards the pension and OPEB plans, which are amortized into pension and OPEB expense over the expected remaining service lives of plan members. Finally, the District reports deferred outflows of resources and deferred inflows of resources for the net difference between projected and actual earnings on pension and OPEB investments. These items will be amortized against pension and OPEB expense over a five year period. O. Pensions For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Teachers Retirement System of Georgia (TRS) and additions to/deductions from TRS's fiduciary net position have been determined on the same basis as they are reported by TRS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Public School Employees Retirement System (PSERS) and additions to/deductions from PSERS's fiduciary net position have been determined on the same basis as they are reported by PSERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. P. Other Postemployment Benefits (OPEB) For purposes of measuring the net OPEB liability (asset), deferred outflows of resources and deferred inflows of resources related to OPEB and OPEB expense, information about the fiduciary net position of the Georgia School Employees Postemployment Benefit Fund (School OPEB Fund) and additions to/deductions from the School OPEB Fund's fiduciary net position have been determined on the same basis as they are reported by the School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. 38 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Q. Net Position The School District's net position in the District-wide Statements are classified as follows: Net investment in capital assets This represents the School District's total investment in capital assets, net of outstanding debt obligations, as applicable, related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. Restricted net position These amounts represent resources for which the School District is legally or contractually obligated to spend resources for capital projects and support of Federal Programs in accordance with restrictions imposed by external third parties. Unrestricted net position Unrestricted net position represents resources derived from property taxes, sales, taxes, grants and contributions not restricted to specific programs, charges for services, and miscellaneous revenues. These resources are used for transactions relating to the educational and general operations of the School District, and may be used at the discretion of its Board to meet current expenses for those purposes. R. Fund Balance Fund equity at the governmental fund financial reporting level is classified as "fund balance". Fund equity for all other reporting is classified as "net position". Generally, fund balance represents the difference between the assets, liabilities, and deferred inflows of resources under the current financial resources measurement focus of accounting. In the fund financial statements, governmental funds report fund balance classifications that comprise a hierarchy based primarily on the extent to which the District is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. The District's fund balances per Cobb County School District Board Policy DI, Accounting and Reporting, are classified as follows: 1) Non-spendable Fund Balance - Non-cash assets such as inventories or prepaid items. 2) Restricted Fund Balance - Funds with limitations imposed on their use by external restrictions imposed by creditors, grantors, or laws or regulations of other governments. 3) Committed Fund Balance - Amounts that must be used for specific purposes pursuant to a formal action of the Board of Education through a majority vote by June 30. Only the Board may modify or rescind the commitment, through resolution by the Board of Education. 39 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4) Assigned Fund Balance - Amounts that are intended by the Board of Education for specific purposes, but are neither restricted nor committed. The Board of Education can choose to delegate this authority. The Board and the Chief Financial Officer have the authority to assign fund balances. 5) Unassigned Fund Balance - Residual spendable fund balance after subtracting all above amounts. Positive unassigned values are only reported in the General Fund. Committed Fund Balances The Board of Education, as the government's highest level of decision-making authority, may commit fund balance by a formal majority vote prior to the District's fiscal year-end. Likewise, future modification or rescission of committed funds must be accomplished by a formal majority vote of the Board of Education prior to fiscal year-end. Pursuant to the requirements of GASB Statement No. 54, the Board of Education, on June 8, 2011, committed substantially all of the revenue received by the following Special Revenue funds to be used exclusively for each respective program's expenditures. Special Revenue Fund Donations Venue Management / Public Safety After School Program Performing Arts / Art Career and Cultural Tuition School / Adult High School Local Schools Revenue Source Donations by individuals or organizations to benefit school programs. User rental fees and student parking permit fees. Funds earned or donated at local schools used by local principals to benefit students and faculty subject to District policy. Voluntary student contributions to fund Performing Arts Programs and donations to fund artist workshops at local schools. User tuition charges and GED fees. Funds earned or donated at local schools used by local principals to benefit students and faculty subject to District policy. Assigned Fund Balances The District's Board of Education, through resolution, delegates to the Superintendent, through the Chief Financial Officer, the authority to assign funds for particular purposes. Spending Prioritization When expenditures are incurred by the District that would qualify for payment with either restricted or unrestricted funds, they will be paid from restricted funds. 40 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) When an expenditure is incurred that qualifies for payment from either of the three unrestricted fund balance categories, it will be applied in the following order: 1) Committed 2) Assigned 3) Unassigned Minimum Unassigned General Fund Balance The Board of Education will strive to maintain a minimum unassigned general fund balance, less encumbrances, equivalent to a range of 30 to 55 days of annual expenditures unless this is unfeasible due to circumstances beyond its control such as: a) A substantial decrease in the county property tax digest b) A substantial decrease in State funding c) An unanticipated fiscal necessity Remainder of Page Intentionally Left Blank 41 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Schedule of Fund Balances Fund Balances: General Fund Nonspendable: Inventory Prepaids $ 935,000 200,000 Restricted for: Capital Projects School Nutrition Miscellaneous Grants GNETS Committed to: Donations for the Benefit of School Programs Facility Use and Public Safety Programs Performing Arts and Art Career and Cultural Tuition School / Adult High School After School Program Local School Activities Assigned to: Appropriation for Next Year's Budget Instruction Instructional Services School and Administrative Services Maintenance and Operations Transportation Districtwide 87,097,000 98,271,000 2,592,000 6,274,000 994,000 6,103,000 Unassigned: 189,688,000 Total Fund Balance $ 392,154,000 Special Purpose System Local Option Wide/ Sales Tax V Countywide $ 129,160,000 $ 1,354,000 $ 129,160,000 $ 1,354,000 Nonmajor Governmental Funds $ 3,602,000 2,657,000 30,180,000 205,000 189,000 912,000 641,000 574,000 3,126,000 3,677,000 14,100,000 30,639,000 $ 90,502,000 Total $ 4,537,000 200,000 133,171,000 30,180,000 205,000 189,000 912,000 641,000 574,000 3,126,000 3,677,000 14,100,000 87,097,000 98,271,000 2,592,000 6,274,000 994,000 6,103,000 30,639,000 189,688,000 $ 613,170,000 Note 2. LEGAL COMPLIANCE BUDGETS The Board of Education budgets its operations on an annual basis for the General Fund and for all Special Revenue Funds except the Local Schools Fund. Capital Projects Funds are budgeted on a multi-year, project-length basis. Prior to July 1 each year, the administration of the District submits a proposed budget to the Board of Education, which conducts public hearings and legally adopts the budget. The administration then submits the adopted budget to the Georgia Department of Education for final approval. The District prepares its annual budget using the budgetary basis of accounting, which differs from generally accepted accounting principles in the United States of America (GAAP) as allowed by the State of Georgia. Under the budgetary basis of accounting, the District does not budget for other financing sources and uses, but rather budgets those as revenues and current expenditures of the funds. Appropriations not spent or encumbered 42 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 2. LEGAL COMPLIANCE BUDGETS (Continued) lapse at year-end and encumbrances outstanding at that time are rebudgeted in the following fiscal year. Budget amendments that are funded through a decrease in fund balance must be approved by the Board of Education. All other budget amendments may be approved by the Superintendent or his designee. While General Fund and Special Revenue Fund budgets are reported at the function level within individual funds, the level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) is at the fund level. In the event expenditures exceed appropriations in a function area, they must be offset by underexpenditures in other function areas within the same fund. The District makes certain reclassification of revenues and expenditures presented on a budgetary basis conform to GAAP basis financial statements. Several supplementary appropriations were necessary during the fiscal year ended June 30, 2023. The District's budgetary statements for the General Fund differ somewhat from generally accepted accounting principles (GAAP) prepared statements. The dollar effect for these differences are detailed in the following reconciliation for the year-end net change in fund balance (budgetary basis) to the year-end net change in fund balance (GAAP basis): Reconciliation of GAAP to Budget Basis Actual Revenues GAAP Basis Other Financing Sources budgeted as revenues Budgeted Revenues, Budgetary Basis General Fund $ 1,373,589,000 819,000 1,374,408,000 Actual Expenditures GAAP Basis Other Financing Uses budgeted as expenditures Budgetary Expenditures, Budgetary Basis 1,338,042,000 26,133,000 1,364,175,000 Net Change in Fund Balance, Budgetary Basis $ 10,233,000 Net Change in Fund Balance, GAAP Basis $ 10,233,000 For the year ended June 30, 2023, expenditures exceeded appropriations in several function areas within various funds. These over-expenditures were offset by under-expenditures in other function areas within the same fund, or by revenues collected in excess of budgeted 43 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 2. LEGAL COMPLIANCE BUDGETS (Continued) collections. The over-expenditures are identified in the following schedule: Fund/Function Overexpenditure General Fund: Pupil Services $ School Administration Maintenance and Operation of Plant School Nutrition Transfers After School Program: Instruction Pupil Services Business Services Maintenance and Operation of Plant Other Outlays Tuition School/Adult High School: Pupil Services Improvement of Instructional Services Adult Education: Maintenance and Operation of Plant GNETS Instruction Improvement of Instructional Services Special Education Instruction Pupil Services Improvement of Instructional Services Instructional Staff Training General Administration Student Transportation Homeless Grant: Instruction Federal Grant Administration Title III: Instruction Pupil Services Title VI: General Administration CARES ACT Maintenance and Operation of Plant ARPA School Nutrition Program Capital Outlay 2,770,000 10,439,000 4,094,000 454,000 21,917,000 202,000 3,000 20,000 216,000 415,000 1,000 91,000 1,000 32,000 42,000 820,000 209,000 445,000 11,000 259,000 487,000 13,000 8,000 42,000 11,000 4,000 2,000 329,000 2,000 44 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 3. CASH EQUIVALENTS, DEPOSITS AND INVESTMENTS COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance or by collateral. The aggregate of the face value of such surety bond and the fair value of securities pledged shall be equal to not less than 110 percent of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (OCGA 45-813.1) the aggregate of the fair value of the securities pledged to secure a pool of public funds shall be not less than 110 percent of the daily pool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. State statutes also allow deposits and investments (other than federal or state government instruments) amounts that exceed standard depository insurance limits to be collateralized by participation in the State of Georgia Secure Deposit Program. As of June 30, 2023, a financial institution holding some of the District's deposits is a participant in the State of Georgia Secure Deposit Program, which is administered by the Office of the State Treasurer, requires participating banks holding deposits of public funds to pledge collateral at varying rates depending on the tier assigned by the State. Acceptable security for deposits consists of any one of or any combination of the following: (1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, (2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, (3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, (4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, (5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, (6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and 45 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 3. CASH EQUIVALENTS, DEPOSITS AND INVESTMENTS (Continued) (7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. Cash Equivalents and Deposits Cash equivalents consist of bank checking, savings, money-market accounts, and certificate of deposits. Custodial credit risk-deposits and investments Custodial credit risk is the risk that in the event of bank failure, the District's cash equivalents and deposits may not be returned to the District. At June 30, 2023, the District had deposits with a carrying amount of $150,846,357 and a bank balance of $158,521,377. The bank balance was covered entirely by Federal depository insurance, by collateral held by the District or the District's agent in the District's name, or by a multiple financial institution collateral pool authorized by the State of Georgia that insures public deposits. The District has no custodial credit risk since there are no uncollateralized or uninsured securities not in the District's name. Investments As of June 30, 2023, the District's investments included $620,938,354 in a local government investment pool account called Georgia Fund 1, the combined state general fund and local government investment pool managed by the Office of the State Treasurer. On that date, these funds had a weighted average maturity of 28 days. The District's investment in Georgia Fund 1, the State of Georgia Investment Pool, was rated AAAf by Standard & Poor's and AAAF/S1 by Fitch. The Office of the State Treasurer is the oversight agency for Georgia Fund 1. Georgia Fund 1, created by OCGA 36-83-8, is a stable asset value investment pool. 46 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 3. CASH EQUIVALENTS, DEPOSITS AND INVESTMENTS (Continued) Georgia Fund 1's primary objectives are safety of capital, investment income, liquidity and diversification while maintaining principal ($1 per share value). The pool is not registered with the SEC as an investment company. Asset value is calculated weekly to ensure stability. The pool distributes earnings (net of management fees) on a monthly basis and determines participant's shares sold and redeemed based on $1 per share. The pool also adjusts the value of its investments to fair value as of year-end and the District's investment in the Georgia Fund 1 is reported at fair value. As of June 30, 2023, the District considers amounts held in Georgia Fund 1 as cash equivalents for financial statement presentation. Fair Value Measurements Georgia Fund 1 is an investment pool that does not meet the criteria of GASB Statement No. 79 and is thus valued at fair value in accordance with GASB Statement No. 31. As a result, the District does not disclose investment in Georgia Fund 1 within the fair value hierarchy. Credit Risk The District's investment policy is to apply the prudent investor rule which states "investments shall be made with judgment and care, under circumstances when prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the primary objective of safety of capital as well as the objective of obtaining a market rate of return." The policy of the District is to invest funds with larger banking institutions that are able to collateralize the public funds at 110%. Any bid to purchase securities must be from a broker/dealer who is a member of the NASD and SIPC and have a major presence in the metropolitan area. Concentration of Credit Risk Concentration of credit risk is defined as investments of more than 5% in any one issuer. Georgia Fund 1 is excluded from the requirement of disclosing concentration of credit risk. 47 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 3. CASH EQUIVALENTS, DEPOSITS AND INVESTMENTS (Continued) Interest Rate Risk In accordance with its investment policy, the District will minimize interest rate risk, which is the risk that the fair value of securities in the portfolio will fall due to changes in market interest rates, by structuring the investment portfolio so that securities mature to meet cash requirements for ongoing operations, thereby avoiding the need to sell securities in the open market, and investment operating funds primarily in money market funds or similar investment pools and limiting the average maturity in accordance with the District's cash requirements. Foreign Currency Risk The District is not authorized to invest in investments that have this type of risk. Note 4. NON-MONETARY TRANSACTIONS The District received food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. See Note 1 Inventories Remainder of Page Intentionally Left Blank 48 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 5. CAPITAL ASSETS The following is a summary of changes in the capital assets during the fiscal year, rounded to the thousands: Balance Balance June 30, 2022 Increases Decreases June 30, 2023 Governmental Activities Capital Assets, Not Being Depreciated: Land $ 143,522,000 $ 4,945,000 $ - $ 148,467,000 Construction In Progress 123,573,000 110,494,000 (108,027,000) 126,040,000 Total Capital Assets Not Being Depreciated 267,095,000 115,439,000 (108,027,000) 274,507,000 Capital Assets Being Depreciated: Buildings and Improvements 2,325,716,000 109,218,000 (2,193,000) 2,432,741,000 Intangibles 10,479,000 - - 10,479,000 Equipment 295,077,000 37,229,000 (22,151,000) 310,155,000 Library/Textbooks 72,760,000 2,662,000 (14,943,000) 60,479,000 Total Capital Assets Being Depreciated 2,704,032,000 149,109,000 (39,287,000) 2,813,854,000 Less Accumulated Depreciation for: Buildings and Improvements 997,490,000 59,371,000 (2,013,000) 1,054,848,000 Intangibles 9,012,000 485,000 - 9,497,000 Equipment 186,520,000 30,825,000 (21,326,000) 196,019,000 Library/Textbooks 59,043,000 5,891,000 (14,943,000) 49,991,000 Total Accumulated Depreciation 1,252,065,000 96,572,000 (38,282,000) 1,310,355,000 Total Capital Assets Being Depreciated Net 1,451,967,000 52,537,000 (1,005,000) 1,503,499,000 Governmental Capital Assets,Net $ 1,719,062,000 $ 167,976,000 $ (109,032,000) $ 1,778,006,000 Current year depreciation expense by function for governmental activities is as follows: Instruction Pupil Services School and Administrative Services Pupil Transportation Maintenance and Operations School Nutrition Services $ 86,521,000 1,767,000 1,007,000 4,279,000 2,816,000 182,000 $ 96,572,000 49 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 6. INTERFUND ASSETS AND LIABILITIES Interfund receivable and payable balances result from the time lag between the dates that (1) interfund goods and services are provided or reimbursable expenditures occur, (2) transactions are recorded in the accounting system, and (3) payments between funds are made. All interfund balances will be paid within one year. The $33,189,000 receivable due to the General Fund from various nonmajor governmental funds was primarily for the financing of federal and state grant expenditures whose reimbursements were pending at year-end, as detailed below. The $238,000 payable due to Local Schools from the General Fund largely represented local school excess cash reserves invested with interest, net of the interfund payable. Interfund receivable and payable balances by fund as of June 30, 2023 are disclosed in the following schedule, rounded to the thousands: Major Governmental Funds: General Fund SPLOST V Total Major Governmental Funds Receivable $ 33,189,000 190,000 33,379,000 Nonmajor Governmental Funds: SPLOST IV Food Nutrition/FNS Catered Food Service District Building Title III Adult Education GNETS Title I Special Ed Federal Grant Vocational Education Title II Homeless Grant Title IV Local Schools CARES Act ARP Total Nonmajor Governmental Funds 127,000 1,250,000 238,000 1,615,000 Total $ 34,994,000 Payable $ 1,601,000 185,000 1,786,000 191,000 423,000 193,000 102,000 519,000 4,164,000 3,949,000 7,000 521,000 114,000 850,000 250,000 21,925,000 33,208,000 $ 34,994,000 50 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 7. INTERFUND TRANSFERS Interfund transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the fund that statute or budget requires to expend them and (2) to use unrestricted revenues in the General Fund to finance various programs accounted for in other funds in accordance with budgetary authorizations. The transfer amount from the General Fund to the Countywide Building Fund was for the purchase of land for future use at a school site and for portable classroom expenditures. The remaining transfers out of the General Fund were to provide needed supplemental funding of various school support services. The transfer into the General Fund from nonmajor governmental funds represents excess uncommitted revenue above program expenditures that was moved to benefit the various instructional and support services of the District. Interfund transfers for the year ended June 30, 2023, consisted of the following, rounded to the thousands: Transfers Out: General Fund: General Fund General Fund Total General Fund Transfers In: Tuition School / Adult High School Fund District Building Fund Amount 279,000 25,854,000 $ 26,133,000 System Wide/County-Wide: Total System Wide/County-Wide Special Purpose Local Option Sales Tax V 313,000 $ 313,000 Non-Major Gvoernmental Funds: After School Program Fund Total Non-Major Governmental Funds General Fund 415,000 $ 415,000 Total for All Funds $ 26,861,000 Note 8. RISK MANAGEMENT The District is self-insured for all claims under general liability, vehicle accidents and workers compensation. The District maintains a policy for excess workers compensation. The District is commercially insured for property, contents and boiler, and carries fidelity bond coverage for employee dishonesty, in addition to a state-mandated Superintendent's bond and school principals' bond. The District has not had any significant reductions in insurance coverage from coverage in the prior year. 51 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 8. RISK MANAGEMENT (Continued) Premiums are paid into Internal Service funds by user funds and are available to pay claims and administrative costs of the program and establish claim reserves. These interfund premiums are recognized as revenue in the internal service funds. Actuarial analysis provides estimated ultimate losses for workers compensation and automobile liability, which are converted to present value using an interest rate of 1%. Estimated claims for the next fiscal year total $2,562,000 and the non-current liability for succeeding years is $5,274,000. In the past, the amount of any insurance settlements has not exceeded the insurance coverage for the past three years. Estimated Unpaid Claims at Beginning of Fiscal Year Claims and Changes in Estimates Claim Payments Estimated Unpaid Claims at End of Fiscal Year 2022 $ 8,300,000 $ 2,388,000 $ (2,988,000) $ 7,700,000 2023 $ 7,700,000 $ 5,202,000 $ (5,066,000) $ 7,836,000 Note 9. SHORT-TERM NOTES In January 2023, the District issued $98,860,000 in revenue-anticipation notes to be applied to the current expenses of constructing, equipping and upgrading various school facilities and improvements as voted upon by District stakeholders in the Special Purpose Local Option Sales Tax referendum on March 21, 2017. The short-term construction notes bear an interest rate of 4.0% with a maturity date of December 14, 2023. The District will repay the notes with proceeds from the local option sales tax collected in calendar year 2023. If the proceeds are not sufficient to pay the entire principal and interest on the notes, property taxes within the 20 mil limitation prescribed by law may be levied upon all taxable property within Cobb County and immediately due. The principal and interest payment on December 14, 2023, will total $102,353,053. The following represents the activity related to short-term notes during fiscal year ended June 30, 2023. Beginning Balance $ 97,900,000 Additions $ 98,860,000 Deletions $ (97,900,000) Ending Balance $ 98,860,000 52 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 10. COMPENSATED ABSENCES It is the District's policy to allow employees to accumulate earned but unused vacation benefits. Employees are compensated for qualifying vacation benefits upon termination of their employment with the District. A liability for these vacation benefits are accrued and includes social security, medicare, and workers compensation. Employees are not compensated for sick leave benefits upon termination of their employment. Therefore, no liability is reported for earned but unused sick leave benefits. Note 11. LONG-TERM OBLIGATIONS Fiscal year 2023 long-term obligations are as follows: Accrued Vacation Pay Net OPEB Liabilit y Net Pension Liabilit y Total Balance 6/30/2022 Increases Decreases Balance 6/30/2023 Current Amounts Due Within One Year Long-term Amounts Due After One Year $ 15,205,000 $ 12,973,000 $ 11,231,000 $ 16,947,000 $ 12,518,000 $ 4,429,000 $ 677,878,000 $ 98,463,000 $ 165,044,000 $ 611,297,000 $ - $ 611,297,000 $ 497,854,000 $ 1,556,689,000 $ $ 1,190,937,000 $ 1,668,125,000 $ 204,207,000 $ 1,850,336,000 $ 380,482,000 $ 2,478,580,000 $ - $ 1,850,336,000 12,518,000 $ 2,466,062,000 Accrued vacation pay, pension, and OPEB obligations are largely liquidated by the General Fund. Note 12. ON-BEHALF PAYMENTS The State of Georgia makes certain health insurance and pension plan payments on behalf of the District for its employees. The District records these payments as both a revenue and expenditure in the General Fund. The total of the on-behalf payments for the fiscal year ended June 30, 2023 was $2,183,654. 53 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 13. COMMITMENTS AND CONTINGENCIES The District makes various contractual commitments on an ongoing basis for construction and remodeling of its capital assets. The major outstanding commitments as of June 30, 2023, included additions and renovations at two elementary school, four high schools and one central office location. As of June 30, 2023, the contract price and expenditures to date for the largest projects were as follows: Contract Expenditures Project Price To Date New Replacement School Eastvalley ES Additions/Modifications Pebblebrook HS Additions/Modifications South Cobb HS Additions/Modifications Sprayberry HS Additions/Modifications Lassiter HS Additions/Modifications Osborne HS Additions/Modifications Walton HS Additions/Modifications Hillgrove HS Additions/Modifications Wheeler HS Additions/Modifications Lovinggood MS Additions/Modifications Dodgen MS $ 40,159,006 58,279,698 26,511,509 25,212,152 16,910,670 14,468,123 8,884,611 7,306,756 6,220,908 5,674,277 4,262,429 $ 213,890,139 $ 36,392,179 54,502,920 1,692,075 24,709,852 1,334,085 14,447,399 8,400,593 7,201,729 882,557 5,416,964 2,395,480 $ 157,375,833 The District participates in numerous state and federal grant programs, which are governed by various rules and regulations of the grantor agencies. Costs charged to the respective grant programs are subject to audit and adjustment by the grantor agencies; therefore, to the extent that the District has not complied with the rules and regulations governing the grants, refunds of any money received may be required. In addition, the collectability of any related receivable at June 30, 2023, may be impaired. In the opinion of the District, there are no significant contingent liabilities relating to compliance with the rules and regulations governing the respective grants; for this reason, no provision has been recorded in the accompanying combined financial statements for such contingencies. The District is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the District's attorney and management, the resolution of these matters will not have a material adverse effect on the financial condition of the District. 54 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 14. RETIREMENT PLANS Teachers Retirement System of Georgia (TRS) Plan Description Substantially all teachers, administrators and clerical personnel are members of this costsharing multiple-employer defined benefit public employee retirement system. TRS was created in 1943 by an act of the Georgia General Assembly and is administered by a ten member Board of Trustees. TRS is funded by a combination of employee, employer and State of Georgia contributions. Benefits are established and may be amended by State statute and provide retirement, death, long-term disability, survivor and health insurance premium benefits. TRS issues a publicly available financial report that can be obtained at www.trsga.com/publications. Benefits Provided TRS retirement benefits are determined as 2 % of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. Contributions Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full- time public school support personnel are funded on behalf of the employer by the State of Georgia. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Plan members are currently required to contribute 6.00 percent of their annual covered payroll and the District is currently required to contribute 19.98 percent of the covered payroll. The District's contributions to TRS for the year ended June 30, 2023 was $169,805,993. 55 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 14. RETIREMENT PLANS (Continued) Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At June 30, 2023, the District reported a liability for its proportionate share of the net pension liability that reflected a reduction for support provided to the District by the State of Georgia for certain public school support personnel. The amount recognized by the District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the District were as follows: District's proportionate share of the net pension liability $ 1,850,336,144 State of Georgia's proportionate share of the net pension liability associated with the District 358,490 Total $ 1,850,694,634 The net pension liability was measured as of June 30, 2022. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2021. An expected total pension liability as of June 30, 2022 was determined using standard roll- forward techniques. The District's proportion of the net pension liability was based on contributions to TRS during the fiscal year ended June 30, 2022. At June 30, 2022, the District's proportion was 5.698263%, which was an increase of 0.069192% from its proportion measured as of June 30, 2021. For the year ended June 30, 2023, the District recognized pension expense of $277,649,003 and revenue of $55,511 for support provided by the State of Georgia for certain support personnel. At June 30, 2023, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the sources on the following page. 56 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 14. RETIREMENT PLANS (Continued) Differences between expected and actual experience Changes of Assumptions Net difference between projected and actual earnings on pension plan investments Changes in proportion and differences between District contributions and proportionate share of contributions District contributions subsequent to the measurement date Total Deferred Outflows of Resources $ 76,807,913 278,534,628 Deferred Inflows of Resources $ 9,631,432 - 363,538,410 - 29,338,841 575,734 169,805,993 $ 918,025,785 $ 10,207,166 District contributions subsequent to the measurement date of $169,805,993 are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ending June 30, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Year ending June 30: 2024 2025 2026 2027 Total $ 204,680,278 155,828,749 111,117,751 266,385,848 $ 738,012,626 57 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 14. RETIREMENT PLANS (Continued) Actuarial assumptions: The total pension liability as of June 30, 2022 was determined by an actuarial valuation as of June 30, 2021 using the following actuarial assumptions, applied to all periods included in the measurement: Inflation Salary increases Investment rate of return Post retirement benefit increases 2.50% 3.00-8.75%, average, including inflation 6.90%, net of pension plan investment expense including inflation 1.50% semi-annually Post-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% was used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. The actuarial assumptions used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the period July 1, 2013 June 30, 2018, with the exception of the investment rate of return and payroll growth assumption. The long-term expected rate of return on pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of pension plan investment expense and the assumed rate of 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. 58 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 14. RETIREMENT PLANS (Continued) The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Asset class Fixed income Domestic large equities Domestic small equities International developed market equities International emerging market equities Alternatives Total * Rates shown are net of the 2.50% assumed rate of inflation Target allocation 30.00 % 46.30 1.20 12.30 5.20 5.00 100.00 % Long-term expected real rate of return* 0.20 % 9.40 13.40 9.40 11.40 10.50 Discount rate: The discount rate used to measure the total pension liability was 6.90%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and State of Georgia contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long- term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Sensitivity of the District's proportionate share of the net pension liability to changes in the discount rate: The following presents the District's proportionate share of the net pension liability calculated using the discount rate of 6.90%, as well as what the District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is one percentage point lower (5.90%) or one percentage point higher (7.90%) than the current rate: 1% Decrease (5.90%) District's proportionate share of the net pension liabilit $ 2,791,544,455 Current discount rate (6.90%) $ 1,850,336,144 1 % Increase (7.90%) $ 1,081,715,055 59 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 14. RETIREMENT PLANS (Continued) Pension plan fiduciary net position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS financial report which is publically available at www.trsga.com/publications. Payables to the pension plan At June 30, 2023, the District reported a payable of $18,411,837 for the outstanding amount of contributions to the TRS pension plan required for the year ended June 30, 2023. Public School Employee Retirement System of Georgia (PSERS) Plan Description PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. These employees include bus drivers, maintenance, custodial, and lunchroom personnel. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. Benefits Provided A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. Upon retirement, the member will receive a monthly benefit of $16.00, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits. Funding Policy The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned 60 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 14. RETIREMENT PLANS (Continued) by employees during the year, with an additional amount to finance any unfunded accrued liability. Plan members who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The District does not make an annual contribution to PSERS. Employees who are covered by PSERS are eligible to participate in a supplemental defined contribution plan. If the employee contributes 1% of salary to the 403b plan administered by VALIC, s/he will receive a contribution equal to 2% of salary each month to match, for a total contribution of 3% of salary. The District's contributions to the supplemental defined contribution plan for the year ended June 30, 2023 was $385,988 with an average number of participants of 576. Pension Liabilities and Pension Expense At June 30, 2023, the District did not have a liability for a proportionate share of the net pension liability because of the related State of Georgia support. The amount of the State's proportionate share of the net pension liability associated with the District is as follows: State of Georgia's proportionate share of the Net Pension Liability associated with the District $14,423,673 The net pension liability was measured as of June 30, 2022. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2021. An expected total pension liability as of June 30, 2022 was determined using standard rollforward techniques. The State's proportion of the net pension liability associated with the District was based on actuarially determined contributions paid by the State during the fiscal year ended June 30, 2022. For the year ended June 30, 2023, the District recognized pension expense of $3,624,663 and revenue of $3,624,663 for support provided by the State of Georgia. 61 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 14. RETIREMENT PLANS (Continued) Actuarial assumptions: The total pension liability was determined by an actuarial valuation as of June 30, 2021, using the following actuarial assumptions, applied to all periods included in the measurement: Inflation Salary increases Investment rate of return Post retirement benefit increase 2.50% N/A 7.00%, net of pension plan investment expense, including inflation 1.50% semi-annually Mortality rates are as follows: The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service. The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows: Participant Type Membership Table Set Forward (+)/Setback (-) Adjustment to Rates Service Retirees General Healthy Below- Male: +2; Female: +2 Median Annuitant Disability Retirees General Disabled Male: -3; Female: 0 Male: 101%; Female: 103% Male: 103%; Female: 106% Beneficiaries General Below-Median Male: +2; Female: +2 Contingent Survivors Male: 104%; Female: 99% The actuarial assumptions used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the period July 1, 2014 June 30, 2019. 62 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 14. RETIREMENT PLANS (Continued) The long-term expected rate of return on pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of pension plan investment expense and the assumed rate of 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. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Asset class Target allocation Long-term expected real rate of return* Fixed income Domestic large equities Domestic small equities International developed market equities International emerging market equities Alternatives Total 30.00 % 46.30 1.20 12.30 5.20 5.00 100.00 % 0.20 % 9.40 13.40 9.40 11.40 10.50 *Net of inflation Discount rate: The discount rate used to measure the total pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Pension plan fiduciary net position: Detailed information about the pension plan's fiduciary net position is available in the separately issued PSERS financial report which is publicly available at www.ers.ga.gov/financials/. 63 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) Plan Description The District participates in the State of Georgia School Employees Postemployment Benefit Fund (the School OPEB Fund) which is another postemployment benefit (OPEB) plan administered by the State of Georgia Department of Community Health (DCH). Certified teachers and non-certified employees of the District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit postemployment healthcare plan, reported as an employee trust fund of the State of Georgia and administered by a Board of Community Health (DCH Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the DCH Board. The School OPEB Fund is included in the State of Georgia Annual Comprehensive Financial Report which is publicly available and can be obtained at https://sao.georgia.gov/statewide-reporting/acfr Benefits The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies, and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. Contributions As established by the Board of Community Health, the School OPEB Fund is substantially funded on a pay-as-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions required and made to the School OPEB Fund from the District were $23,963,505 for the year ended June 30, 2023. Active employees are not required to contribute to the School OPEB Fund. 64 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued) OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB At June 30, 2023, the District reported a liability of $611,297,079 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2022. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2021. An expected total OPEB liability as of June 30, 2022 was determined using standard roll-forward techniques. The District's proportion of the net OPEB liability was actuarially determined based on employer contributions to the School OPEB Fund during the fiscal year ended June 30, 2022. At June 30, 2022, the District's proportion was 6.172734%, which was a decrease of 0.086048% from its proportion measured as of June 30, 2021. For the year ended June 30, 2023, the District recognized OPEB revenue of $33,381,054. At June 30, 2023, the District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Differences between expected and actual experience Changes of Assumptions Net difference between projected and actual earnings on OPEB plan investments Changes in proportion and differences between District contributions and proportionate share of contributions District contributions subsequent to the measurement date Total Deferred Outflows of Resources Deferred Inflows of Resources $ 24,400,288 93,101,796 $ (240,258,266) (123,635,683) 3,728,739 - 9,517,160 (15,275,605) 23,963,505 $ 154,711,488 $ (379,169,554) 65 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued) District contributions subsequent to the measurement date of $23,963,505 are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ending June 30, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Total Year ending June 30: 2024 2025 2026 2027 2028 2029 $ (71,455,960) (55,674,138) (41,545,995) (50,185,584) (26,429,027) (3,130,867) $ (248,421,571) Actuarial assumptions: The total OPEB liability as of June 30, 2022 was determined by an actuarial valuation as of June 30, 2022 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2022: Inflation Salary increases Long-term expected rate of return Healthcare cost trend rate: Pre-Medicare Eligible Medicare Eligible 2.50% 3.00-8.75%, including inflation 7.00%, compounded annually, net of investment expense, and including inflation 6.50% 5.00% Ultimate trend rate: Pre-Medicare Eligible Medicare Eligible 4.50% 4.50% Year of Ultimate trend rate: Pre-Medicare Eligible Medicare Eligible 2029 2023 66 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued) Mortality rates were based on the RP-2000 Combined Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements based on Scale BB as follows: For TRS members: Post-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post- retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% was used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. For PSERS members: Pre-retirement mortality rates were based on the Pub-2010 General Employee Mortality Table, with no adjustment, with the MP-2019 Projections scale applied generationally. Post-retirement mortality rates for service retirements were based on the Pub-2010 General Healthy Annuitant Mortality Table (ages set forward one year and adjusted 101% for males and 103% for females) with the MP-2019 Projection scale applied generationally. Post-retirement mortality rates for disability retirements were based on the Pub-2010 General Disabled Mortality Table (ages set back three years for males and adjusted 103% for males and 106% for females) with the MP-2019 Projections scaled applied generationally. Postretirement mortality rates for beneficiaries were based on the Pub-2010 General Contingent Survivor Mortality Table (ages set forward two years and adjust 104% for males and 99% for females) with the MP-2019 Project scale applied generationally. The actuarial assumptions used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2019, with the exception of the assumed annual rate of inflation which was changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. The remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2021 valuation were based on a review of recent plan experience done concurrently with the June 30, 2021 valuation. 67 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued) Projection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the Board and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. The long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of 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. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Long-Term Expected Asset class Fixed income Equities Total *Net of inflation Target allocation 30.00 % 70.00 100.00 % Long-term expected real rate of return* 2.00 % 9.40 Discount Rate: In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 3.57% was used as the discount rate, as compared with last year's rate of 2.20%. The plan's fiduciary net position was projected to not be able to make all future benefit payments of current plan members. Therefore, the municipal bond rate as used for the long-term rate of return was applied to all periods of projected benefit payments to determine total OPEB liability. This is comprised mainly of the yield or index rate for 20-year tax-exempt general obligation bonds with an average rating of AA or higher (3.54% per the Municipal Bond Index Rate). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employers will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2128. 68 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2023 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued) Sensitivity of the District's proportionate share of the net OPEB liability to changes in the discount rate: The following presents the District's proportionate share of the net OPEB liability calculated using the discount rate of 3.57%, as well as what the District's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1percentage-point lower (2.57%) or 1-percentage-point higher (4.57%) than the current rate: District's proportionate share of the net pension liability 1% Decrease (2.57%) $ 691,450,393 Current Discount Rate (3.57%) $ 611,297,079 1 % Increase (4.57%) $ 543,363,620 Sensitivity of the District's proportionate share of the net OPEB liability to changes in the healthcare cost trend rate: The following table presents the District's proportionate share of the net OPEB liability, as well as what the District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower and 1-percentage-point higher than the current healthcare cost trend rates: District's proportionate share of the net pension liability 1% Decrease $ 526,705,508 Current Discount Rate $ 611,297,079 1 % Increase $ 715,259,763 OPEB plan fiduciary net position: Detailed information about the OPEB plan's fiduciary net position is available in the Annual Comprehensive Financial Report which is publicly available and can be obtained at https://sao.georgia.gov/statewide-reporting/acfr. 69 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2023 Schedule of Proportionate Share of Net Pension Liability Teacher Retirement System of Georgia District's proportion of the net pension liability District's proportionate share of the net pension liability State of Georgia's proportionate share of the net pension liability associated with the District Total 2023 2022 2021 2020 2019 2018 2017 2016 2015 5.698% 5.629% 5.577% 5.388% 5.366% 5.532% 5.578% 5.409% 5.327% $1,850,336,000 $ 497,854,000 $ 1,350,882,000 $1,158,513,000 $996,094,000 $1,028,202,000 $1,150,755,000 $823,417,000 $673,042,000 358,000 $1,850,694,000 92,000 313,000 220,000 249,000 694,000 1,761,000 1,497,000 1,082,000 $ 497,946,000 $ 1,351,195,000 $1,158,733,000 $996,343,000 $1,028,896,000 $1,152,516,000 $824,914,000 $674,124,000 District's covered payroll during measurement period District's proportionate share of the net pension liability as a percentage of its covered payroll Plan fiduciary net position as a percentage of the total pension liability 770,590,000 240.12% 72.85% 732,539,000 67.96% 92.03% 718,988,000 657,526,000 638,999,000 635,179,000 612,318,000 570,929,000 544,177,000 187.89% 77.01% 176.19% 78.56% 155.88% 80.27% 161.88% 79.33% 187.93% 76.06% 144.22% 81.44% 123.68% 84.03% Note: Schedule is intended to show information for the last ten fiscal years. Additional years will be displayed as they become available. 70 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2023 Schedule of Contributions Teacher Retirement System of Georgia Last 10 Fiscal Years Contractually required contribution 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 $ 169,806,000 $ 152,624,000 $ 139,596,000 $ 151,994,000 $ 137,423,000 $ 107,389,000 $ 90,646,000 $ 87,340,000 $ 75,145,000.00 $ 66,741,000.00 Contributions in relation to the contractually required contribution $ 169,806,000 $ 152,624,000 $ 139,596,000 $ 151,994,000 $ 137,423,000 $ 107,389,000 $ 90,646,000 $ 87,340,000 75,145,000 66,741,000 Contribution Deficiency $ -$ -$ -$ -$ -$ -$ -$ -$ -$ - District's covered payroll $ 849,880,000 $ 770,590,000 $ 732,539,000 $ 718,988,000 $ 657,526,000 $ 638,999,000 $ 635,179,000 $ 612,318,000 570,929,000 544,177,000 Contributions as a percentage of covered payroll 19.98% 19.81% 19.06% 21.14% 20.90% 16.81% 14.27% 14.26% 13.16% 12.26% Source: District Records. This schedule is presented to illustrate the requirement to show information for ten fiscal years. 71 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2023 Notes to Required Supplementary Information For the Year Ended June 30 Teacher Retirement System of Georgia Change of benefit terms: There have been no changes in benefit terms. Changes of assumptions: On November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). On May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed rate of inflation has been reduced from 2.75% to 2.50%. In 2019 and later, the expectation of retired life mortality was changed to the 2010 Teachers Headcount Weighted Below Median Healthy Mortality Table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. In 2010, assumed rates of salary increase were adjusted to more closely reflect actual On May 11, 2022, the Board adopted recommended changes to the long-term assumed rate of return and payroll growth assumption utilized by the system. The long-term assumed rate of return was changed from 7.25% to 6.9% and the payroll growth assumption was changed from 3.0% to 2.50%. 72 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2023 Schedule of Proportionate Share of Net Pension Liability Public School Employee Retirement System of Georgia For the Year Ended June 30 District's proportion of the net pension liability District's proportionate share of the net pension liability State of Georgia's proportionate share of the net pension liability associated with the District Total 2023 2022 2021 2020 2019 2018 2017 2016 2015 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $ -$ -$ -$ -$ -$ -$ -$ -$ - 14,424,000 1,560,000 11,802,000 10,813,000 9,992,000 9,300,000 12,322,000 8,097,000 7,321,000 $14,424,000 $ 1,560,000 $11,802,000 $10,813,000 $ 9,992,000 $ 9,300,000 $12,322,000 $ 8,097,000 $ 7,321,000 District's covered-employee payroll during measurement period $34,015,000 $39,175,000 $44,711,000 $43,669,000 $39,077,000 $34,462,000 $38,188,000 $34,827,000 $23,583,000 District's proportionate share of the net pension liability as a percentage of its covered-employee payroll Plan fiduciary net position as a percentage of the total pension liability N/A 81.21% N/A 98.00% N/A 84.45% N/A 85.02% N/A 85.26% N/A 85.69% N/A 81.00% N/A 87.00% N/A 88.29% Note: Schedule is intended to show information for the last ten fiscal years. Additional years will be displayed as they become available. 73 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2023 Notes to Required Supplementary Information For the Year Ended June 30 Public Schools Employees Retirement System Change of benefit terms : There have been no changes in benefit terms. Changes of assumptions : On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with project scale BB (set forward 3 years for males and 2 years for females). A new funding policy was initially adopted by the Board on March 15, 2018, and most recently amended on December 17, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for June 30, 2017 actuarial valuation and further reduced by 0.10% from 7.40% to 7.30% as of the June 30, 2018 actuarial valuation. On December 17, 2020, the Board adopted recommended changes to the economic and demographic assumption utilized by the System based on the experience study prepared for the five year period ending June 30, 2019. Primary among the changes were the updates to rates or mortalitu, retirement, disability, and withdrawal. This also included a change to the long-term assumed investment rate of return to 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability. 74 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2023 Schedule of Proportionate Share of Net OPEB Liability - School OPEB Fund For the Year Ended June 30 District's proportion of the net OPEB liability District's proportionate share of the net OPEB liability 2023 2022 2021 2020 2019 2018 6.172734% 6.258782% 6.192298% 6.158032% 6.189471% 6.259222% $ 611,297,079 $ 677,877,868 $ 909,504,364 $ 755,722,646 $ 786,662,770 $ 879,418,172 Total $ 611,297,079 $ 677,877,868 $ 909,504,364 $ 755,722,646 $ 786,662,770 $ 879,418,172 District's covered employee payroll 680,379,358 District's proportionate share of the net OPEB liability as a percentage of its covered-employee payroll 89.85% Plan fiduciary net position as a percentage of the total OPEB liabili 6.17% 652,236,841 103.93% 6.14% 637,114,654 142.75% 3.99% 575,518,845 131.31% 4.63% 555,635,744 141.58% 2.93% 548,725,520 160.27% 1.61% Note: Schedule is intended to show information for the last ten fiscal years. Additional years will be displayed as they become available. 75 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2023 Schedule of Contributions - School OPEB Fund For the Year Ended June 30 Contractually required contributions $ Contributions in relation to the contractually required contributions $ 2023 23,963,505 $ 23,963,505 $ 2022 22,319,063 22,319,063 2021 $ 23,281,617 $ 23,281,617 2020 $ 20,940,906 $ 20,940,906 2019 $ 33,165,263 $ 33,165,263 2018 $ 32,079,432 $ 32,079,432 Contribution deficiency (excess) $ - $ - $ - $ - $ - $ - District's covered employee payroll $ 747,906,248 $ 680,379,358 $ 652,236,841 $ 637,114,654 $ 575,518,845 $ 555,635,744 Contributions as a percentage of covered-employee payroll 3.20% 3.28% 3.57% 3.29% 5.76% 5.77% Note: Schedule is intended to show information for the last ten fiscal years. Additional years will be displayed as they become available. 76 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2023 Notes to Required Supplementary Information For the Year Ended June 30 School OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. Changes in assumptions: June 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees' Retirement System's experience study. Approximately 0.10% of employees are members of the Employees' Retirement System. June 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement System's experience study. June 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. June 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. June 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect the Retirement Systems' experience studies. June 30, 2012 valuation: A data audit was performed and data collection procedures and assumptions were changed. The discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017, to 3.87% as of June 30, 2018, back to 3.58% as of June 30, 2019, and to 2.22% as of June 30, 2020. 77 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES Nonmajor Governmental Funds Special Revenue Funds These funds are used to account for proceeds of specific revenue sources that are legally restricted or committed to expenditures for specified purposes other than debt service or capital projects. These funds also account for receipts and expenditures of resources transferred from the General Fund where revenues are inadequate to finance specified activities. Donations Venue Mgmt/Public Safety This fund is created to provide accounting of donations which are made to the District for specific purposes by individuals or organizations. This fund is created to provide accounting of the Facility Use program which organizes the rental of school facilities during non-instructional hours to provide the community with a place to hold activities at a nominal fee and to account for funds collected for parking decals sold to students, which are used to pay for campus police officers. In addition to parking decals sold to students, funds are transferred from the General fund. After School Program This fund is created to provide accounting of funds for the After School Program which utilizes designated school facilities for the purpose of providing supervision to children from school release time until 6:00 p.m. These revenues have been committed by the Board for use by local principals to benefit students and faculty subject to District policy. Performing Arts/Art Career and Cultural Tuition School/Adult High School Miscellaneous Grants This fund is created to account for funds for the Performing Arts Program which offers an opportunity for students in kindergarten through eighth grade to experience professional quality performing arts experiences. These experiences include off-campus trips to art museums, symphony concerts, ballet and theater performances, as well as in-house musical and dramatic presentations. The program is funded through voluntary student contributions and charges for participation. Art Career and Cultural fund is created to provide accounting of funds which are provided to local artists as compensation for workshops held in the district's schools. This fund is created to provide accounting for the Tuition School Program which provides the opportunity for students to make up school classes and provide enrichment and remedial work at various instructional levels. This program is supported by user tuition charges. This fund is created to account for funds for the Adult High School Program which provides the opportunity for students 16 years of age, and older, who are not enrolled in a regular high school, to improve their basic educational skills and work towards high school completion. This fund is established to provide accounting of funds received and represent a compilation of several grants which are awarded for educational purposes. 78 School Nutrition/FNS Catered Food Service This fund is established to provide accounting of funds which are used for the operation of school lunchrooms. All lunches and breakfasts provide at least one-third of each student's nutritional needs and are available at a minimal cost. Free and reduced meals are provided for qualifying students. All lunchrooms are regularly inspected by the Cobb County Health Department and meet prescribed standards of the State Department of Education. The FNS Catered Food Service fund is established to offer additional revenue and staff training. Pre-Kindergarten (Lottery) This fund is established to prepare children for Kindergarten. This program is funded by the Georgia lottery and is a voluntary for all eligible four year olds residents. Adult Education This fund is established to provide accounting for grant funds via the Georgia Department of Technical and Adult Education which are used to educate adults and is a part of the national effort to ensure that all adults are literate and able to compete in the global economy. GNETS This fund is established to provide accounting for grant funds via the Georgia Department of Education which are used to provide appropriate education for students identified as severely emotionally behavior disordered, or autistic. This fund reports a restricted fund balance due to an MOU with other metro school districts. Title I Special Education Vocational Education Title II This fund is established to provide accounting of Title I funds which are provided as part of the No Child Left Behind Act of 2001. This act provides federal funds through the Georgia Department of Education to local school districts to help disadvantaged children meet high standards. The goal is to have a quality education for all children by having local schools and state departments work together. This fund is established to provide accounting of federal revenues received to provide programs for direct and related support services for handicapped children. This fund is established to provide accounting of federal grant revenues provided for career training and opportunities to students. This fund is established to provide accounting of federal categorical grant funds which flow through the Georgia Department of Education to our school district. The funds are used to advance teacher quality through professional learning, preparation, recruitment and retention as well as upgrading teachers' skills in science and math through training. Homeless Grant USDA Fruits and Vegetables Title III This fund is established to provide accounting of funds for federal categorical grant funds which flow through the Georgia Department of Education and are used to provide educational services to homeless children. This fund is established to provide accounting of federal grant funds which flow through the Georgia Department of Education Food and Nutrition Program. The funds provide free fresh fruits and vegetables to school children outside of the lunch or breakfast food service periods. This fund is established to provide accounting of federally funded grants for programs that support Limited English Proficiency (LEP) students and their families, through language instructional programs. These programs include community participation programs, family literacy services, parent outreach and training activities to improve the English language skills of limited English proficient children and assistance for parents in helping their children to improve their academic achievement. 79 Title IV CARES ACT This fund is established to provide accounting of federal categorical grant funds which are directly funded from the U.S. Department of Education and may flow through the Georgia State Department of Education. The funds are used to promote the Safe and Drug Free Schools Program, the Mentoring Program and the 21st Century Community Learning Centers Program for students in our schools. This fund is established to provide relief to government organizations that been hit hard by the effects of COVID-19. American Rescue Plan (ARP) This fund is established to account for funds used to to speed up the recovery from the economic and health effects of the COVID-19 pandemic and the ongoing recession. Local School Funds This fund is established to provide accounting for local school resources generated through ticket sales, commissions, vending, donations, etc. in which the administration has a material degree of involvement. These revenues have been committed by the Board for use by local principals to benefit students and faculty subject to District policy. Beginning in fiscal year 2020, Student activity funds are reported in this fund. Capital Projects Funds These funds are established to provide accounting for financial resources to be used for the acquisition and construction of major capital facilities. The District has two nonmajor funds used for those purposes; the District Building Fund and the Special Purpose Local Option Sales Tax IV Fund. 80 COBB COUNTY SCHOOL DISTRICT COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2023 ASSETS: Cash and Cash Equivalents Intergovernmental Receivable Accounts Receivable Due From Other Funds Inventories Total Assets LIABILITIES AND FUND BALANCES: Liabilities: Accounts Payable Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities Fund Balances: Nonspendable Restricted Committed Assigned Total Fund Balances Total Liabilities and Fund Balances Donations Special Revenue Venue Mgmt/ Public Safety After School Program Performing Arts/ Art Career and Cultural $ 911,000 $ - 1,000 - $ 912,000 $ 969,000 $ - 969,000 $ 3,717,000 $ - 3,717,000 $ 574,000 - 574,000 $ -$ 310,000 $ 40,000 $ - 16,000 - 2,000 - - - - - 328,000 - 40,000 912,000 912,000 $ 912,000 $ 641,000 641,000 969,000 $ 3,677,000 3,677,000 3,717,000 $ - - 574,000 574,000 574,000 81 Tuition School/ Adult High School Misc. Grants Special Revenue School Nutrition/ FNS Catered PRE K Food Service Lottery Adult Education GNETS $ 3,617,000 $ 221,000 $ 33,022,000 $ 16,000 $ -$ - 24,000 79,000 - 158,000 - - 219,000 - - - - 127,000 - - - - 3,602,000 - - $ 3,617,000 $ 245,000 $ 37,049,000 $ 16,000 $ 158,000 $ 857,000 857,000 $ 15,000 $ 40,000 $ 539,000 $ -$ 2,000 $ - 435,000 41,000 - 491,000 - 40,000 411,000 856,000 423,000 1,038,000 3,267,000 16,000 16,000 39,000 15,000 102,000 - 158,000 95,000 54,000 519,000 - 668,000 - - 3,602,000 - - - 205,000 30,180,000 - - 3,126,000 - - - - - - - - - 3,126,000 205,000 33,782,000 - - $ 3,617,000 $ 245,000 $ 37,049,000 $ 16,000 $ 158,000 $ 189,000 189,000 857,000 Continued--- 82 COBB COUNTY SCHOOL DISTRICT COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2023 ASSETS: Cash and Cash Equivalents Intergovernmental Receivable Accounts Receivable Due From Other Funds Inventories Total Assets LIABILITIES AND FUND BALANCES: Liabilities: Accounts Payable Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities Fund Balances: Nonspendable Restricted Committed Assigned Total Fund Balances Total Liabilities and Fund Balances Special Revenue Title I Special Education Vocational Education Title II $ -$ -$ -$ - 5,586,000 5,758,000 7,000 840,000 - - - 3,000 - - - - - - - - $ 5,586,000 $ 5,758,000 $ 7,000 $ 843,000 $ 60,000 $ 20,000 $ -$ 160,000 943,000 419,000 4,164,000 - 5,586,000 1,184,000 605,000 3,949,000 - 5,758,000 7,000 - 7,000 128,000 34,000 521,000 - 843,000 - - - - - - - - - - - - - - - - - - - - $ 5,586,000 $ 5,758,000 $ 7,000 $ 843,000 83 Homeless Grant USDA Fruits and Vegetables Special Revenue Title III Title IV CARES ACT ARPA Funds $ -$ 134,000 - - - $ 134,000 $ -$ -$ -$ 315,000 315,000 $ -$ 933,000 933,000 $ -$ 250,000 250,000 $ 27,203,000 27,203,000 $ -$ 15,000 5,000 114,000 - 134,000 -$ - -$ 99,000 23,000 193,000 315,000 $ 134,000 $ -$ 315,000 $ 62,000 $ 17,000 4,000 850,000 933,000 -$ 250,000 250,000 1,436,000 2,921,000 921,000 21,925,000 - 27,203,000 933,000 $ 250,000 $ 27,203,000 Continued--- 84 COBB COUNTY SCHOOL DISTRICT COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2023 ASSETS: Cash and Cash Equivalents Intergovernmental Receivable Accounts Receivable Due From Other Funds Inventories Total Assets LIABILITIES AND FUND BALANCES: Liabilities: Accounts Payable Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities Fund Balances: Nonspendable Restricted Committed Assigned Total Fund Balances Total Liabilities and Fund Balances Special Revenue Local School Funds Capital Projects Special Purpose District Local Option Building Sales Tax IV Fund Total $ 13,862,000 $ - - 238,000 - $ 14,100,000 $ 3,861,000 $ 364,000 - 4,225,000 $ 29,199,000 $ 727,000 - 1,250,000 - 31,176,000 $ 89,969,000 43,235,000 223,000 1,615,000 3,602,000 138,644,000 $ -$ - - - - 14,100,000 - 14,100,000 $ 14,100,000 $ 1,377,000 $ 191,000 1,568,000 537,000 $ 537,000 4,598,000 6,303,000 2,979,000 33,208,000 1,054,000 48,142,000 2,657,000 2,657,000 4,225,000 $ 30,639,000 30,639,000 31,176,000 $ 3,602,000 33,231,000 23,030,000 30,639,000 90,502,000 138,644,000 Concluded. 85 (This page was left blank intentionally) COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Intergovernmental Tuition and Fees Interest Income Athletic Ticket Sales Other Total Revenues EXPENDITURES: Current: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operation of Plant Student Activities Capital Outlay Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers-In Transfers-Out Proceeds from Sale of Capital Assets Total Other Financing Sources (Uses) Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year Donations Special Revenue Venue Mgmt/ After Public School Safety Program Performing Arts/Art Career and Culture $ - - - 577,000 577,000 $ - 2,458,000 - - 2,458,000 $ - 11,347,000 - - 11,347,000 $ - 338,000 - - 338,000 151,000 35,000 81,000 200,000 1,000 23,000 - 491,000 - 821,000 - 1,666,000 - 2,487,000 1,460,000 2,000 - 8,547,000 - 216,000 - 10,225,000 247,000 - 247,000 86,000 (29,000) 1,122,000 91,000 - - - - - - (415,000) - - - - - - - (415,000) - 86,000 826,000 (29,000) 670,000 707,000 2,970,000 91,000 483,000 $ 912,000 $ 641,000 $ 3,677,000 $ 574,000 86 Tuition School/ Adult High School Misc. Grants Special Revenue School Nutrition/ FNS Catered PRE K Food Service Lottery Adult Education GNETS $ -$ 172,000 $ 44,292,000 $ 335,000 $ 1,091,000 $ 3,027,000 1,287,000 - 23,304,000 - - - - - 1,052,000 - - - - - - - - 86,000 263,000 - - - - 110,000 1,287,000 258,000 68,911,000 335,000 1,091,000 3,137,000 948,000 1,000 236,000 182,000 - 1,000 - 1,368,000 185,000 60,000 - 86,000 331,000 - 65,306,000 - 65,306,000 335,000 - 335,000 695,000 - 359,000 37,000 1,091,000 2,101,000 601,000 393,000 28,000 6,000 8,000 - 3,137,000 (81,000) (73,000) 3,605,000 - 279,000 - 279,000 - - - - - 69,000 - 69,000 198,000 2,928,000 (73,000) 278,000 3,674,000 30,108,000 $ 3,126,000 $ 205,000 $ 33,782,000 $ - - - -$ - - - - - - - - - - - - - 189,000 - $ 189,000 Continued--- 87 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2023 Special Revenue REVENUES: Intergovernmental Tuition and Fees Interest Income Athletic Ticket Sales Other Total Revenues EXPENDITURES: Current: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operation of Plant Student Activities Capital Outlay Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers-In Transfers-Out Proceeds from Sale of Capital Assets Total Other Financing Sources (Uses) Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year Title I Special Education Vocational Education Title II $ 22,964,000 $ 25,127,000 $ - - - - - - - - 22,964,000 25,127,000 831,000 - 831,000 $ 2,758,000 - 2,758,000 11,510,000 2,085,000 8,804,000 528,000 37,000 22,964,000 12,607,000 2,182,000 7,030,000 1,514,000 1,794,000 25,127,000 804,000 - 15,000 12,000 - 831,000 2,591,000 167,000 - 2,758,000 - - - - - - - - - - - - - - $ -$ -$ - - - - - - - - - - - - - - -$ - 88 Special Revenue Homeless Grant USDA Fruit and Vegetables Title III Title IV CARES ACT ARPA $ 511,000 - 511,000 $ 180,000 - 180,000 $ 1,597,000 - 1,597,000 $ 2,317,000 - 2,317,000 $ 1,440,000 - 1,440,000 $ 74,744,000 - 74,744,000 84,000 167,000 64,000 95,000 101,000 511,000 - 180,000 - 180,000 538,000 200,000 859,000 1,597,000 1,308,000 471,000 482,000 50,000 6,000 - 2,317,000 94,000 81,000 1,263,000 2,000 1,440,000 63,527,000 364,000 917,000 9,039,000 555,000 8,000 334,000 74,744,000 - - - - - - - - - - - - - - $ -$ -$ - - - -$ - - - -$ - - - - - - - - - - - - - - -$ - Continued--- 89 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2023 Special Revenue Capital Projects REVENUES: Intergovernmental Tuition and Fees Interest Income Athletic Ticket Sales Other Total Revenues Local School Funds Special Purpose Local Option Sales Tax IV District Building Fund Total $ -$ 24,751,000 - 4,641,000 - 29,392,000 1,901,000 - 168,000 - 2,069,000 $ 1,978,000 - 427,000 - 2,405,000 $ 185,265,000 63,485,000 1,647,000 4,641,000 1,036,000 256,074,000 EXPENDITURES: Current: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operation of Plant Student Activities Capital Outlay Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers-In Transfers-Out Proceeds from Sale of Capital Assets Total Other Financing Sources (Uses) - 28,236,000 28,236,000 1,156,000 - - 5,567,000 5,567,000 - 1,250,000 2,637,000 3,887,000 96,594,000 6,249,000 23,094,000 86,669,000 3,750,000 2,047,000 28,236,000 8,538,000 255,177,000 (3,498,000) (1,482,000) - 25,854,000 - - - - - 25,854,000 897,000 26,133,000 (415,000) 69,000 25,787,000 Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year 1,156,000 12,944,000 $ 14,100,000 $ (3,498,000) 6,155,000 24,372,000 6,267,000 26,684,000 63,818,000 2,657,000 $ 30,639,000 $ 90,502,000 Concluded. 90 COBB COUNTY SCHOOL DISTRICT DONATIONS-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Local Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 577,000 $ 577,000 $ 577,000 $ - 577,000 577,000 577,000 - EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services General Administration School Administration Business Services Maintenance and Operation of Plant Student Transportation Central Operations Other Support Services Community Services Operations Total Expenditures 265,000 65,000 159,000 5,000 4,000 4,000 45,000 6,000 811,000 38,000 1,000 1,403,000 265,000 65,000 159,000 5,000 4,000 4,000 45,000 6,000 811,000 38,000 1,000 1,403,000 151,000 35,000 81,000 3,000 1,000 22,000 1,000 189,000 8,000 - 491,000 114,000 30,000 78,000 5,000 1,000 3,000 23,000 5,000 622,000 30,000 1,000 912,000 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year (826,000) 826,000 (826,000) 826,000 $ -$ -$ 86,000 826,000 912,000 $ 912,000 - 912,000 91 COBB COUNTY SCHOOL DISTRICT VENUE MANAGEMENT/ PUBLIC SAFETY-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Local Other Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 1,950,000 $ 1,950,000 1,491,000 1,491,000 3,441,000 3,441,000 $ 2,457,000 - 2,457,000 $ 507,000 (1,491,000) (984,000) EXPENDITURES: Maintenance and Operation of Plant Community Service Operations Total Expenditures 1,941,000 1,500,000 3,441,000 1,941,000 1,500,000 3,441,000 1,666,000 820,000 2,486,000 275,000 680,000 955,000 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year 670,000 670,000 (29,000) 670,000 $ 670,000 $ 670,000 $ 641,000 $ (29,000) - (29,000) 92 COBB COUNTY SCHOOL DISTRICT AFTER SCHOOL PROGRAM-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Local Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 10,775,000 $ 10,775,000 10,775,000 10,775,000 $ 11,347,000 $ 11,347,000 572,000 572,000 EXPENDITURES: Instruction Pupil Services Business Services Maintenance and Operation of Plant Community Service Operations Other Outlays Total Expenditures 1,357,000 - 9,418,000 - 10,775,000 1,258,000 - 10,665,000 - 11,923,000 1,460,000 3,000 20,000 216,000 8,526,000 415,000 10,640,000 (202,000) (3,000) (20,000) (216,000) 2,139,000 (415,000) 1,283,000 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year 2,970,000 (1,148,000) 2,970,000 707,000 2,970,000 1,855,000 - $ 2,970,000 $ 1,822,000 $ 3,677,000 $ 1,855,000 93 COBB COUNTY SCHOOL DISTRICT PERFORMING ARTS/ART CAREER AND CULTURAL PROGRAM-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Local Total Revenues EXPENDITURES: Instruction Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 425,000 $ 425,000 $ 338,000 $ 425,000 425,000 338,000 (87,000) (87,000) 425,000 425,000 425,000 425,000 247,000 247,000 178,000 178,000 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year 483,000 483,000 91,000 483,000 $ 483,000 $ 483,000 $ 574,000 $ 91,000 - 91,000 94 COBB COUNTY SCHOOL DISTRICT TUITION SCHOOL/ADULT HIGH SCHOOL-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Local Other Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Educational Media Services School Administration Maintenance and Operation of Plant Community Services Operations Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 1,421,000 $ 1,421,000 279,000 279,000 1,700,000 1,700,000 $ 1,287,000 $ 279,000 1,566,000 (134,000) - (134,000) 1,293,000 - 145,000 8,000 23,000 2,000 229,000 1,700,000 1,293,000 - 145,000 8,000 23,000 2,000 229,000 1,700,000 948,000 1,000 236,000 - 1,000 182,000 1,368,000 345,000 (1,000) (91,000) 8,000 23,000 1,000 47,000 332,000 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year 2,928,000 2,928,000 198,000 2,928,000 $ 2,928,000 $ 2,928,000 $ 3,126,000 $ 198,000 - 198,000 95 COBB COUNTY SCHOOL DISTRICT MISCELLANEOUS GRANTS-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Local State Other Sources Total Revenues EXPENDITURES: Instruction Pupil Services Instructional Staff Training General Administration Maintenance and Operation of Plant Total Expenditures Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 95,000 $ 221,000 $ 86,000 $ (135,000) 50,000 147,000 119,000 147,000 25,000 (94,000) 145,000 487,000 258,000 (229,000) 95,000 - 50,000 - 145,000 246,000 61,000 44,000 50,000 86,000 487,000 185,000 60,000 86,000 331,000 61,000 1,000 44,000 50,000 156,000 278,000 278,000 (73,000) 278,000 $ 278,000 $ 278,000 $ 205,000 $ (73,000) - (73,000) 96 COBB COUNTY SCHOOL DISTRICT SCHOOL NUTRITION/FNS CATERED FOOD SERVICE-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Local State Federal Other Total Revenues EXPENDITURES: School Nutrition Program Total Expenditures Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 20,579,000 $ 20,705,000 $ 24,510,000 $ 3,805,000 1,550,000 1,550,000 1,508,000 (42,000) 36,170,000 39,174,000 42,784,000 3,610,000 70,000 70,000 178,000 108,000 58,369,000 61,499,000 68,980,000 7,481,000 62,883,000 62,883,000 68,223,000 68,223,000 65,306,000 65,306,000 2,917,000 2,917,000 (4,514,000) 30,108,000 (6,724,000) 30,108,000 3,674,000 30,108,000 10,398,000 - $ 25,594,000 $ 23,384,000 $ 33,782,000 $ 10,398,000 97 COBB COUNTY SCHOOL DISTRICT PRE K LOTTERY-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: State Federal Total Revenues EXPENDITURES: Instruction Total Expenditures Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 379,000 $ 320,000 $ 320,000 $ - - 15,000 15,000 - 379,000 335,000 335,000 - 379,000 335,000 335,000 - 379,000 335,000 335,000 - - - - - - - - - $ -$ -$ -$ - 98 COBB COUNTY SCHOOL DISTRICT ADULT EDUCATION-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: State Federal Total Revenues EXPENDITURES: Instruction Improvement of Instructional Services Maintenance of Plant Services Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 444,000 $ 500,000 $ 432,000 $ 721,000 721,000 659,000 1,165,000 1,221,000 1,091,000 (68,000) (62,000) (130,000) 707,000 423,000 35,000 1,165,000 728,000 458,000 35,000 1,221,000 696,000 359,000 36,000 1,091,000 32,000 99,000 (1,000) 130,000 Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 99 COBB COUNTY SCHOOL DISTRICT GNETS-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: State Federal Other Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Total Expenditures Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 3,370,000 $ 2,657,000 $ 2,657,000 $ 365,000 400,000 370,000 104,000 110,000 110,000 3,839,000 3,167,000 3,137,000 (30,000) (30,000) 2,853,000 843,000 98,000 34,000 1,000 5,000 5,000 3,839,000 2,069,000 713,000 351,000 27,000 1,000 67,000 6,000 3,234,000 2,101,000 601,000 393,000 27,000 1,000 8,000 6,000 3,137,000 (32,000) 112,000 (42,000) 59,000 97,000 189,000 (67,000) 189,000 189,000 $ 189,000 $ 122,000 $ 189,000 $ 67,000 - 67,000 100 COBB COUNTY SCHOOL DISTRICT TITLE I-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Federal Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Instructional Staff Training Federal Grant Administration General Administration Student Transportation Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 21,541,000 $ 26,038,000 21,541,000 26,038,000 $ 22,964,000 22,964,000 $ (3,074,000) (3,074,000) 9,529,000 2,001,000 356,000 8,473,000 689,000 459,000 34,000 21,541,000 12,874,000 2,413,000 402,000 8,872,000 756,000 600,000 121,000 26,038,000 11,510,000 2,085,000 256,000 7,876,000 671,000 529,000 37,000 22,964,000 1,364,000 328,000 146,000 996,000 85,000 71,000 84,000 3,074,000 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 101 COBB COUNTY SCHOOL DISTRICT SPECIAL EDUCATION-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Federal Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Instructional Staff Training General Administration Student Transportation Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 21,945,000 $ 22,896,000 $ 25,127,000 $ 2,231,000 21,945,000 22,896,000 25,127,000 2,231,000 9,614,000 2,163,000 7,351,000 1,152,000 1,665,000 21,945,000 11,787,000 1,973,000 6,573,000 1,000 1,255,000 1,307,000 22,896,000 12,607,000 2,182,000 7,018,000 12,000 1,514,000 1,794,000 25,127,000 (820,000) (209,000) (445,000) (11,000) (259,000) (487,000) (2,231,000) Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 102 COBB COUNTY SCHOOL DISTRICT VOCATIONAL EDUCATION-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Federal Total Revenues EXPENDITURES: Instructional Instructional Staff Training Federal Grant Administration General Administration Total Expenditures Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 781,000 $ 831,000 $ 831,000 $ - 781,000 831,000 831,000 - 723,000 804,000 804,000 - 25,000 8,000 8,000 - 19,000 7,000 7,000 - 14,000 12,000 12,000 - 781,000 831,000 831,000 - - - - - - - - - $ -$ -$ -$ - 103 COBB COUNTY SCHOOL DISTRICT TITLE II-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Federal Total Revenues EXPENDITURES: Instructional Staff Training Federal Grant Administration General Administration Support Services - Central Total Expenditures Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 2,800,000 $ 4,411,000 2,800,000 4,411,000 $ 2,758,000 2,758,000 $ (1,653,000) (1,653,000) 2,461,000 116,000 59,000 164,000 2,800,000 3,992,000 133,000 70,000 216,000 4,411,000 2,463,000 128,000 64,000 103,000 2,758,000 1,529,000 5,000 6,000 113,000 1,653,000 - - - - - - - - $ -$ -$ -$ - 104 COBB COUNTY SCHOOL DISTRICT HOMELESS GRANT-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Federal Total Revenues EXPENDITURES: Instructional Pupil Services Federal Grant Administration General Administration Student Transportation Other Support Services Total Expenditures Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 83,000 $ 591,000 $ 511,000 $ (80,000) 83,000 591,000 511,000 (80,000) 1,000 79,000 2,000 1,000 83,000 71,000 178,000 56,000 125,000 156,000 5,000 591,000 84,000 167,000 64,000 91,000 101,000 4,000 511,000 (13,000) 11,000 (8,000) 34,000 55,000 1,000 80,000 - - - - - - - - $ -$ -$ -$ - 105 COBB COUNTY SCHOOL DISTRICT USDA-FRESH FRUITS & VEGETABLES-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Federal Total Revenues EXPENDITURES: School Nutrition Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 183,000 $ 180,000 $ 180,000 $ - 183,000 180,000 180,000 - 183,000 180,000 180,000 - 183,000 180,000 180,000 - Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 106 COBB COUNTY SCHOOL DISTRICT TITLE III-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Federal Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Instructional Staff Training Federal Grant Administration Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 1,568,000 $ 2,066,000 1,568,000 2,066,000 $ 1,597,000 $ 1,597,000 (469,000) (469,000) 455,000 158,000 615,000 325,000 15,000 1,568,000 496,000 189,000 813,000 551,000 17,000 2,066,000 538,000 200,000 653,000 191,000 15,000 1,597,000 (42,000) (11,000) 160,000 360,000 2,000 469,000 Net Change in Fund Balance Fund Balance, Beginning of Year - - - - - - - - Fund Balance, End of Year $ -$ -$ -$ - 107 COBB COUNTY SCHOOL DISTRICT TITLE IV-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Federal Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Instructional Staff Training Federal Grant Administration General Administration Business Support Services Maintenance and Operation of Plant Student Transportation Other Support Service Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 2,403,000 $ 3,095,000 2,403,000 3,095,000 $ 2,317,000 $ 2,317,000 (778,000) (778,000) 1,051,000 428,000 151,000 525,000 74,000 56,000 28,000 27,000 42,000 21,000 2,403,000 1,469,000 654,000 118,000 711,000 61,000 13,000 24,000 32,000 13,000 3,095,000 1,308,000 471,000 86,000 338,000 59,000 17,000 25,000 5,000 8,000 2,317,000 161,000 183,000 32,000 373,000 2,000 (4,000) (1,000) 27,000 5,000 778,000 Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 108 COBB COUNTY SCHOOL DISTRICT CARES ACT FUNDING-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Federal Total Revenues EXPENDITURES: Instruction Pupil Services Instructional Staff Training Maintenance and Operation of Plant Total Expenditures Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 1,623,000 $ 1,623,000 $ 1,440,000 $ (183,000) 1,623,000 1,623,000 1,440,000 (183,000) 105,000 90,000 1,428,000 - 1,623,000 105,000 90,000 1,428,000 - 1,623,000 93,000 81,000 1,264,000 2,000 1,440,000 12,000 9,000 164,000 (2,000) 183,000 - - - - - - - - $ -$ -$ -$ - 109 COBB COUNTY SCHOOL DISTRICT AMERICAN RESCUE PLAN (ARP)-ESSER III-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2023 REVENUES: Federal Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Instructional Staff Training General Administration School Administration Business Services Maintenance and Operation of Plant Student Transportation Central Operations School Nutrition Program Community Services Operations Capital Outlay Total Expenditures Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 92,852,000 $ 92,852,000 92,852,000 92,852,000 $ 74,744,000 74,744,000 $ (18,108,000) (18,108,000) 69,098,000 3,682,000 818,000 529,000 12,529,000 134,000 217,000 303,000 2,415,000 170,000 2,479,000 146,000 332,000 92,852,000 69,098,000 3,682,000 818,000 529,000 12,529,000 134,000 217,000 303,000 2,415,000 170,000 2,479,000 146,000 332,000 92,852,000 63,527,000 364,000 541,000 376,000 5,819,000 133,000 119,000 8,000 555,000 77,000 2,808,000 83,000 334,000 74,744,000 5,571,000 3,318,000 277,000 153,000 6,710,000 1,000 98,000 295,000 1,860,000 93,000 (329,000) 63,000 (2,000) 18,108,000 - - - - - - - - $ -$ -$ -$ - 110 Internal Service Funds These funds are established to account for the financing of goods or services provided by one department to other departments on a cost-reimbursement basis. The District has two individual funds in the Internal Service Funds category. The Unemployment Compensation and SelfInsurance are used to account for the District's self-insurance programs. 111 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF FUND NET POSITION INTERNAL SERVICE FUNDS JUNE 30, 2023 Assets: Current Assets: Cash Total Current Assets Unemployment Compensation Fund SelfInsurance Fund Total $ 182,000 $ 13,820,000 $ 14,002,000 182,000 13,820,000 14,002,000 Liabilities: Current Liabilities: Accounts Payable Claims Payable, due within one year Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Total Current Liabilities Noncurrent liabilities: Claims payable, due in more than one year Total Liablilities Net Position: Unrestricted 2,000 - 2,000 - 2,000 168,000 2,562,000 2,000 1,000 2,733,000 5,274,000 8,007,000 170,000 2,562,000 2,000 1,000 2,735,000 5,274,000 8,009,000 $ 180,000 $ 5,813,000 $ 5,993,000 112 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION INTERNAL SERVICE FUNDS FOR THE YEAR ENDED JUNE 30, 2023 OPERATING REVENUES: Charges for Services Total Revenues OPERATING EXPENSES: School and Administrative Services Total Expenses Change in Net Position Total Net Position, Beginning of Year Total Net Position, End of Year Unemployment Compensation Fund SelfInsurance Fund Total $ 112,000 $ 8,548,000 $ 8,660,000 112,000 8,548,000 8,660,000 5,000 5,000 10,277,000 10,277,000 10,282,000 10,282,000 107,000 73,000 (1,729,000) 7,542,000 (1,622,000) 7,615,000 $ 180,000 $ 5,813,000 $ 5,993,000 113 COBB COUNTY SCHOOL DISTRICT STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR THE YEAR ENDED JUNE 30, 2023 Cash Flows from Operating Activities: Receipts from Interfund Services Provided Payments to Suppliers Payments for Medical Fees and Insurance Claims Payments to Employees Net Cash Provided by /(Used in) Operating Activities Net Change in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year Cash and Cash Equivalents at End of Year Reconciliation of Operating Income/(Loss) to Net Cash Provided by/ ( Used in) Operating Activities: Operating Income/ (Loss) Adjustments to Reconcile Operating Income/(Loss) to Net Cash Provided by/ (Used in) Operating Activities: Increase in Claims Payable Increase in Accounts Payable Increase in Accrued Payroll and Payroll Withholdings Total Adjustments Net Cash Provided by (Used in) Operating Activities Unemployment Compensation Fund SelfInsurance Fund Total $ 112,000 $ 8,548,000 $ 8,660,000 - (1,156,000) (1,156,000) (5,000) (8,386,000) (8,391,000) - (559,000) (559,000) 107,000 (1,553,000) (1,446,000) 107,000 75,000 182,000 (1,553,000) 15,373,000 13,820,000 (1,446,000) 15,448,000 14,002,000 $ 107,000 $ (1,729,000) $ (1,622,000) - 136,000 136,000 - 39,000 39,000 - 1,000 1,000 - 176,000 176,000 $ 107,000 $ (1,553,000) $ (1,446,000) 114 (This page was left blank intentionally) COBB COUNTY SCHOOL DISTRICT SPLOST 4 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2023 LOCATION/DESCRIPTION Approved Budget Revised Budget ACWORTH INTERMEDIATE ADDISON ES ADULT EDUCATION CENTER ALLATOONA HS ARGYLE ES AUSTELL ES AWTREY MS BAKER ES BAKER ROAD BUS SHOP BARBER MS BELLS FERRY ES BELMONT HILLS ES BIG SHANTY ES BIRNEY ES BLACKWELL ES BRUMBY ES BRUMBY REPLACEMENT ES BRYANT ES BULLARD ES CAMPBELL HS CAMPBELL MS CHALKER ES CHEATHAM HILL ES CITYVIEW ES CLARKDALE REPLACEMENT ES CLAY ES CLAY-HARMONY LELAND REPLACEMENT ES COBB INNOVATION & TECHNOLOGY (CITA) COMPTON ES COOPER MS DANIELL MS DAVIS ES DICKERSON MS DODGEN MS DOWELL ES DUE WEST ES DURHAM MS EAST COBB MS EAST COBB REPLACEMENT MS EAST SIDE REPLACEMENT ES EASTVALLEY ES FAIR OAKS ES FITZHUGH LEE FLOYD MS FORD ES FREY ES GARRETT MS GARRISON MILL ES GREEN ACRES ES GRIFFIN MS HARMONY LELAND ES HARRISON HS HAVEN @ HAWTHORNE HAVEN @ SKY VIEW HAWTHORNE ADMINISTRATION HAYES ES HENDRICKS ES HIGHTOWER TRAIL MS HILLGROVE HS HOLLYDALE ES HORIZON HS KEHELEY ES KELL HS KEMP ES KENNESAW ES KENNESAW MOUNTAIN HS KENNESAW WAREHOUSE KINCAID ES KING SPRINGS ES KING SPRINGS PRIMARY (K-1) KING SPRINGS REPLACEMENT 508,194 2,332,467 143,982 285,769 247,408 212,135 3,733,047 761,365 162,172 292,368 25,663 559,312 461,049 149,157 403,159 23,330,216 3,311,777 487,680 26,034,595 6,032,596 372,035 1,004,221 6,416 - 1,402,438 - 29,884,400 713,483 972,053 5,304,276 575,203 1,391,811 3,105,288 3,455,215 57,742 459,338 3,661,474 29,125,616 54,534 117,079 277,470 1,412,827 984,706 725,907 3,743,963 320,873 534,205 1,500,906 86,000 27,497,531 25,663 - 4,742,176 383,330 2,519,268 580,902 788,445 386,339 1,418,099 613,703 327,289 2,908,159 1,479,566 6,500,000 3,816,562 361,762 85,000 - 1,207,025 1,179,869 397,658 2,443,392 773,724 785,149 1,255,208 1,672,206 35,767 1,269,501 1,326,328 1,011,591 1,325,401 1,458,323 1,094,770 1,171,834 26,699,141 1,316,831 1,455,178 19,114,839 7,985,136 1,034,321 2,634,065 1,416,623 1,071,410 898,047 12,276 23,166,462 1,250,494 1,414,053 1,563,206 1,117,851 1,575,157 3,765,892 1,485,659 1,093,717 1,309,565 1,068,188 38,265,431 1,293,596 990,602 1,325,103 11,667 1,225,749 1,504,276 2,699,925 4,503,610 1,188,966 2,234,823 3,174,578 955,474 28,390,917 20,828 919,074 247,875 5,796,640 1,854,434 3,789,424 3,222,887 1,126,235 910,061 1,088,145 2,653,765 1,560,930 1,026,910 3,013,238 14,029,601 1,011,612 1,296,928 143,963 2,193 Expended Inception through 06/30/23 (1) 1,207,020 1,179,844 397,656 2,440,120 773,719 785,145 1,255,203 1,672,199 35,767 1,269,489 1,326,321 1,011,321 1,322,236 1,458,046 1,091,024 1,171,829 26,699,132 1,316,562 1,455,174 19,114,292 7,985,131 1,034,053 2,633,795 1,416,355 1,071,140 898,041 12,012 23,166,460 1,250,222 1,413,782 1,562,936 1,117,581 1,574,842 3,765,621 1,460,290 1,093,443 1,309,297 1,068,185 38,265,156 1,293,326 990,332 1,324,835 11,667 1,225,481 1,504,000 2,699,657 4,349,542 1,188,696 2,234,553 3,174,308 955,469 28,290,907 20,828 919,074 247,875 5,796,369 1,854,410 3,789,419 3,222,878 1,126,229 910,057 1,087,855 2,653,758 1,363,964 1,026,906 3,013,228 14,022,427 1,011,343 1,296,923 143,963 1,929 Expended FY23 (1) 2,193 2,608 8,762 12,329 32,297 2,192 2,192 2,192 19,693 2,192 1,929 2,192 1,929 2,192 2,192 1,929 2,192 11,810 2,192 1,929 1,929 1,929 6,100 1,929 28,115 1,929 1,929 1,929 1,929 1,929 1,929 1,929 1,929 1,929 1,929 1,929 1,929 1,929 1,929 75,595 1,929 2,751,162 1,929 1,929 1,929 13,161 1,929 2,608 2,193 12,593 2,193 2,193 1,929 16,342 1,929 2,193 12,593 30,569 1,929 1,929 Encumbered as of 06/30/23 3,267 264 3,157 264 3,742 264 528 263 263 264 263 263 263 263 263 263 263 263 263 263 264 264 264 264 264 264 264 264 9,179 264 264 264 264 264 264 7,170 264 264 Uncommitted 5 25 2 5 5 4 5 7 12 7 6 8 13 4 5 9 5 4 19 5 5 7 4 7 6 1 2 9 8 7 7 52 8 25,106 11 4 3 11 6 6 4 4 12 4 144,889 6 6 6 5 100,010 7 24 5 9 6 4 26 7 196,702 4 10 4 5 5 - 115 COBB COUNTY SCHOOL DISTRICT SPLOST 4 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2023 LOCATION/DESCRIPTION Approved Budget Revised Budget Expended Inception through 06/30/23 (1) LABELLE ES LASSITER HS LEWIS ES LINDLEY 6TH GRADE ACADEMY LINDLEY MS LOST MOUNTAIN MS LOVINGGOOD MS MABLETON ES MABRY MS MAINTENANCE FACILITY ARGO ROAD MARS HILL ROAD BUS SHOP MARTHA MOORE EDUCATION CENTER MCCALL PRIMARY MCCLESKEY MS MCCLURE MS MCEACHERN HS MILFORD ES MOUNT BETHEL ES MOUNTAIN VIEW ES MOUNTAIN VIEW REPLACEMENT ES MURDOCK ES NICHOLSON ES NICKAJACK ES NORTH COBB HS NORTON PARK ES OSBORNE HS OSBORNE REPLACEMENT HS PALMER MS PEARSON MS PEBBLEBROOK HS PICKETT'S MILL ES PINE MOUNTAIN MS PITNER ES PITTS TRANSPORTATION CENTER POPE HS POWDER SPRINGS ES POWERS FERRY ES RIVERSIDE ES ROCKY MOUNT ES ROSE GARDEN RUSSELL ES SANDERS ES SANDERS ROAD BUS SHOP SEDALIA PARK ES SHALLOWFORD FALLS ES SIMPSON MS SMITHA MS SMYRNA ES SOPE CREEK ES SOUTH COBB EARLY LEARNING CENTER SOUTH COBB HS SPRAYBERRY HS STILL ES SYSTEMWIDE TAPP MS TEASLEY ES TIMBER RIDGE ES TRITT ES VARNER ES VAUGHN ES WALTON HS WALTON REPLACEMENT HS WHEELER HS 440 GLOVER STREET 484 GLOVER STREET 514 GLOVER STREET 538 GLOVER STREET 560 GLOVER STREET 580 GLOVER STREET 590 COMMERCE PARK 650 SOUTH COBB DR TOTAL PROJECT EXPENDITURES 160,393 13,447,646 3,396,001 876,943 848,625 7,079,609 32,079 96,236 938,206 - 32,079 2,413,932 8,737,474 64,157 3,744,478 2,695,904 23,330,216 319,277 2,306,880 2,258,194 23,328,254 756,708 3,290,500 29,900,000 25,663 - 4,438,112 28,870 2,677,281 128,710 30,000,000 20,943,137 624,080 189,873 53,892 532,668 3,334,456 881,756 - 28,870 670,531 470,438 1,521,727 3,469,077 17,960,694 1,072,858 3,383,412 201,887,135 5,049,770 4,749,141 534,845 3,490,899 320,873 600,441 1,493,167 39,946,400 22,124,756 $ 717,844,707 $ 1,125,965 20,353,736 1,757,030 896,550 1,289,221 8,977,547 1,547,330 1,369,133 2,079,365 37,875 45,831 14,682 685,251 2,348,937 1,452,050 11,251,330 787,063 1,314,129 737,569 31,763,588 1,122,359 1,044,011 1,810,902 29,099,998 1,362,915 2,629,149 64,366,158 1,376,065 2,793 5,643,017 1,109,135 1,012,469 1,216,833 27,212,035 28,279,232 2,050,822 629,880 908,555 911,079 52,639 1,044,829 1,138,236 1,622,645 1,450,157 1,746,846 1,155,150 1,837,763 841,839 4,950,704 154,316 13,720,395 3,062,626 1,227,669 11,341,715 1,275,381 5,591,123 993,740 1,611,697 1,728,111 1,092,272 1,008,363 95,615,890 28,510,785 11,714,729 55,245 10,999,570 54,701 138,872 173,632 41,391 331,602 720,241,539 $ 1,125,955 20,319,400 1,756,758 896,282 1,288,952 8,974,539 1,547,062 1,368,862 2,079,362 37,875 45,831 14,682 684,983 2,348,669 1,452,046 11,251,059 787,057 1,314,122 737,564 31,763,583 1,122,354 1,043,705 1,810,630 29,099,722 1,362,906 2,629,142 64,366,156 1,376,061 2,793 5,623,481 1,109,129 1,012,463 1,216,828 27,212,033 28,279,221 2,050,817 629,877 908,549 910,810 52,639 1,044,826 1,138,228 1,622,645 1,449,873 1,580,837 1,154,880 1,837,494 841,571 4,950,432 154,052 13,720,350 3,062,618 1,214,002 8,265,550 1,275,376 5,590,851 993,470 1,611,689 1,728,103 1,092,001 1,008,360 95,251,069 28,426,127 11,714,725 55,245 10,978,119 54,701 138,870 173,632 41,391 331,602 715,949,297 $ Expended FY23 (1) 2,193 19,462 1,929 1,929 1,929 2,193 1,929 1,929 2,193 1,929 1,929 2,193 1,410 2,193 2,193 2,193 2,193 14,481 1,929 28,790 2,193 47,955 2,193 2,793 30,705 2,193 2,193 9,263 12,074 20,010 2,193 4,643 1,929 2,193 9,357 1,929 2,192 1,929 1,929 27,505 1,375,809 5,611 199,202 12,074 1,929 2,193 27,505 27,505 27,769 27,769 1,929 26,525 15,897 885 403,229 1,410 5,566,631 $ (1) The voters of Cobb County approved the imposition of a 1% sales tax to fund the above projects and retire associated short-term debt. Amounts expended for these projects may include sales tax proceeds, state funding and other funds over the life of the projects. Encumbered as of 06/30/23 Uncommitted 264 264 264 3,003 264 264 264 264 264 264 264 264 528 264 264 165,062 264 264 264 264 264 264 264 264 264 281,518 21,091 20,844 533,333 $ 10 34,336 8 4 5 5 4 7 3 4 4 4 7 6 7 5 5 5 42 8 12 9 7 2 4 19,008 6 6 5 2 11 5 3 6 5 3 8 20 947 6 5 4 8 45 8 13,403 3,076,165 5 8 6 8 8 7 3 83,303 63,567 4 607 2 3,758,909 116 COBB COUNTY SCHOOL DISTRICT SPLOST 5 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2023 LOCATION/DESCRIPTION Approved Budget ACWORTH INTERMEDIATE - ADDISON ES - ADULT EDUCATION CENTER - ALLATOONA HS - ARGYLE ES - AUSTELL ES - AWTREY MS - BAKER ES - BAKER ROAD BUS SHOP - BARBER MS - BELLS FERRY ES - BELMONT HILLS ES - BIG SHANTY ES - BIRNEY ES - BLACKWELL ES - BROWN LEARNING CENTER - BRUMBY REPLACEMENT ES - BRYANT ES - BULLARD ES - CAMPBELL HS - CAMPBELL MS - CHALKER ES - CHEATHAM HILL ES - CITY VIEW ES - CLARKDALE ES - CLARKDALE OLD ES CLAY ES - CLAY-HARMONY LELAND REPLACEMENT ES - COBB INNOVATION & TECHNOLOGY - COMPTON ES - COOPER MS - DANIELL MS - DAVIS ES - DICKERSON MS - DODGEN MS - DOWELL ES - DUE WEST ES - DURHAM MS - EAST COBB REPLACEMENT MS - EAST SIDE REPLACEMENT ES - EASTVALLEY ES - EASTVALLEY REPLACEMENT ES - FACTORY SHOALS BUS SHOP - FAIR OAKS ES - FLOYD MS - FORD ES - FREY ES - GARRETT MS - GARRISON MILL ES - GREEN ACRES ES - GRIFFIN MS - HARRISON HS - HAVEN @ SKY VIEW - HAYES ES - HENDRICKS ES - HIGHTOWER TRAIL MS - HILLGROVE HS - HOLLYDALE ES - HORIZON HS - HORIZON RELOCATION HS - INTERNATIONAL WELCOME CENTER - KEHELEY ES - KELL HS - KEMP ES - KENNESAW MOUNTAIN HS - KENNESAW ES - KENNESAW WAREHOUSE - KINCAID ES - KING SPRINGS ES - Revised Budget 1,039,166 4,915,799 50,499 3,191,811 1,040,325 682,091 6,439,464 1,123,454 262,002 2,563,080 664,122 3,740,704 1,017,421 1,194,893 1,015,649 20,581 523,010 6,625,647 1,191,228 50,327,512 6,708,958 1,002,120 1,364,972 1,995,790 602,067 2,032 181,998 32,568,696 732,250 1,993,968 8,450,603 880,544 6,872,338 5,997,407 6,856,802 1,651,317 5,376,090 744,613 1,545,435 648,768 44,185,480 1,041,037 1,232,510 3,179,888 3,029,529 1,226,819 6,377,032 1,618,062 905,948 3,424,894 4,323,859 342,077 2,697,812 842,187 1,627,761 11,630,521 1,228,785 177,884 11,414,615 62,607 971,110 2,491,944 1,507,023 4,141,590 1,191,674 9,098,800 1,506,038 280,528 Expended Inception through 06/30/23 943,603 4,356,719 50,499 2,589,861 964,395 616,485 3,597,223 1,001,597 74,876 2,023,034 383,221 3,159,282 802,624 1,102,457 825,088 20,581 498,902 6,360,998 1,023,052 48,567,910 6,020,111 820,371 1,075,887 1,815,486 587,514 2,032 181,998 32,536,330 639,296 1,763,341 5,329,693 706,267 3,140,927 3,712,962 6,791,938 1,500,186 1,227,284 678,604 1,222,737 629,944 37,362,731 1,027,946 1,006,805 1,138,330 2,682,816 1,103,465 2,100,649 1,229,324 732,514 2,842,012 3,640,522 283,958 1,981,724 815,751 1,516,589 10,499,263 834,210 174,821 11,392,907 51,630 770,400 2,445,363 1,374,495 3,487,243 886,476 6,192,633 1,041,865 271,900 Expended FY23 129,507 41,059 6,046 278,390 347,719 67,329 2,373,140 208,117 74,876 1,088,204 33,088 2,340,749 142,278 164,588 113,463 8,503 33,396 1,134,073 81,343 1,648,901 63,318 43,708 76,918 694,142 127,886 2,032 31,641 163,255 166,374 279,085 4,326,071 33,861 1,472,464 2,615,689 1,552,276 404,553 116,666 144,642 132,406 28,599 31,423,184 1,027,946 71,691 131,518 1,956,880 30,424 1,144,520 551,529 146,428 219,333 430,321 121,948 853,451 53,110 512,411 7,301,784 114,430 6,046 104,808 39,209 344,031 432,677 847,495 133,808 1,109,390 164,905 10,357 Encumbered as of 6/30/23 69,604 6,331 - 24,504 38,323 46,034 2,570,428 48,515 8,425 308,174 220,353 387,510 201,120 15,745 177,266 18,758 243,822 163,221 24,372 3,118 138,857 252,093 142,296 3,057 - 739 - 2,925,282 131,379 3,336,105 1,834,160 (102,509) 148,830 68,202 6,101 258,543 - 5,836,023 - 218,801 32,370 203,500 117,583 3,174,711 326,169 161,294 28,648 463,844 21,955 412,327 19,804 23,785 398,648 236,928 3,171 2,960 1,704 123,164 586,250 238,416 95,138 203,905 - Uncommitted 25,959 552,749 577,446 37,607 19,572 271,813 73,342 178,701 231,872 60,548 193,912 13,677 76,691 13,295 5,350 20,827 4,955 1,735,230 685,729 42,892 36,992 38,008 11,496 32,366 92,215 230,627 195,628 42,898 395,306 450,285 167,373 2,301 4,080,604 59,908 64,155 18,824 986,726 13,091 6,904 2,009,188 143,213 5,771 1,101,672 62,569 12,140 554,234 219,493 36,164 303,761 6,632 87,387 732,610 157,647 3,063 18,537 10,977 197,750 44,877 9,364 68,097 66,782 2,811,029 260,268 8,628 117 COBB COUNTY SCHOOL DISTRICT SPLOST 5 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2023 LOCATION/DESCRIPTION Approved Budget Revised Budget Expended Inception through 06/30/23 Expended FY23 KING SPRINGS PRIMARY (K-1) KING SPRINGS REPLACEMEMT ES LABELLE ES LASSITER HS LEWIS ES LINDLEY 6TH GRADE ACADEMY LINDLEY MS LOST MOUNTAIN MS LOVINGGOOD MS MABLETON ES MABRY MS MAINTENANCE FACILITY ARGO ROAD MARS HILL ROAD BUS SHOP MCCALL PRIMARY MCCLESKEY MS MCCLURE MS MCEACHERN HS MILFORD ES MOUNT BETHEL ES MOUNTAIN VIEW ES MURDOCK ES NICHOLSON ES NICKAJACK ES NORTH COBB HS NORTON PARK ES OSBORNE HS OSBORNE REPLACEMENT HS PALMER MS PEARSON MS PEBBLEBROOK HS PICKETT'S MILL ES PINE MOUNTAIN MS PITNER ES PITTS TRANSPORTATION CENTER POPE HS POWDER SPRINGS ES POWERS FERRY ES RIVERSIDE ES ROCKY MOUNT ES ROSE GARDEN RUSSELL ES SANDERS ES SANDERS ROAD BUS SHOP SEDALIA PARK ES SHALLOWFORD FALLS ES SIMPSON MS SMITHA MS SMYRNA ES SOPE CREEK ES SOUTH COBB EARLY LEARNING CENTER SOUTH COBB HS SPRAYBERRY HS STILL ES SYSTEMWIDE SYSTEMWIDE UNALLOCATED TAPP MS TEASLEY ES TIMBER RIDGE ES TRITT ES VARNER ES VAUGHN ES VETERANS MEMORIAL BUS SHOP WALTON REPLACEMENT HS WHEELER HS 440 GLOVER STREET 484 GLOVER STREET 514 GLOVER STREET 560 GLOVER STREET 580 GLOVER STREET 650 SOUTH COBB DR TOTAL PROJECT EXPENDITURES 797,022,000 - - $ 797,022,000 $ 82,226 40,483,922 3,215,006 25,031,930 6,413,729 14,249,426 2,326,439 3,361,027 7,721,925 849,304 1,278,326 36,049 288,002 650,123 1,055,512 1,344,557 5,729,516 1,687,093 5,477,240 514,374 1,316,200 888,335 1,152,440 9,596,567 959,711 1,330,569 16,259,721 2,397,333 45,068,527 69,840,037 882,388 1,143,368 644,105 19,675,245 4,288,500 891,188 605,819 1,072,793 1,377,514 1,591,897 5,123,613 136,502 1,183,499 1,216,172 1,197,817 1,577,140 1,253,816 1,768,156 781,995 31,292,518 30,822,302 1,040,331 48,160,590 16,071,100 2,269,218 1,109,037 782,124 1,012,276 1,353,621 1,453,154 1,126,094 18,598,893 10,635,372 1,219,908 16,847,118 45,626,370 17,900 29,814 1,414,744 843,462,417 $ 82,226 40,470,482 2,998,279 6,784,173 6,145,080 9,482,385 1,854,319 2,478,577 6,842,281 705,129 1,161,697 35,235 111,473 568,288 1,008,064 1,312,179 4,799,391 1,431,964 4,622,054 493,215 1,042,372 728,354 841,956 7,647,614 907,458 1,329,445 15,896,676 2,301,504 45,044,847 58,564,573 832,572 1,031,078 492,320 11,101,406 3,366,384 733,355 600,081 1,058,485 1,066,792 1,430,675 4,309,199 57,001 641,056 981,674 1,087,071 1,465,811 1,229,956 1,615,524 759,558 4,676,396 28,445,559 712,686 19,126,792 2,218,798 900,420 735,806 986,192 990,684 1,203,772 1,119,094 16,306,190 4,510,482 1,212,229 16,609,671 43,537,286 17,027 29,746 959,114 654,082,889 $ 46,295 88,517 3,434,162 1,465,566 8,471,736 294,159 1,086,994 4,719,951 111,322 101,720 111,473 18,943 150,031 177,058 679,881 275,157 2,834,894 62,544 96,057 144,336 301,524 2,879,154 146,675 28,603 1,353,321 467,403 41,538 22,396,512 32,938 207,485 52,469 4,892,646 868,869 107,739 62,980 71,920 348,158 608,872 2,659,875 57,001 146,464 192,489 148,905 140,628 171,135 587,448 119,587 1,743,447 14,236,309 289,923 5,722,253 487,012 144,515 162,182 588,088 159,599 414,827 1,119,094 7,417,389 1,333,330 2,500 1,265,665 7,392,914 9,500 7,865 163,465 178,197,000 $ Encumbered as of 6/30/23 Uncommitted 3,870 163,559 16,426,994 112,121 3,309,451 217,135 490,275 384,502 117,393 14,263 86,064 36,060 14,761 1,237 68,858 243,338 697,889 14,394 241,044 114,194 221,769 880,463 12,687 20,724 67,090 5,809,196 14,937 24,339 130,785 2,569,414 638,685 117,010 248,765 87,836 538,039 5,000 158,852 213,461 43,131 8,145 3,837 73,695 800 24,853,907 676,631 197,274 20,312 15,846 174,747 4,729 12,530 354,116 224,208 1,547,051 4,461,594 11,162 781 186,020 94,036,826 $ 9,570 53,168 1,820,763 156,528 1,457,590 254,985 392,175 495,142 26,782 102,366 814 90,465 45,775 32,687 31,141 861,267 11,791 157,297 6,765 32,784 45,787 88,715 1,068,490 39,566 1,124 342,321 28,739 23,680 5,466,268 34,879 87,951 21,000 6,004,425 283,431 40,823 5,738 14,308 61,957 73,386 276,375 74,501 383,591 21,037 67,615 103,184 20,023 78,937 21,637 1,762,215 1,700,112 130,371 29,013,486 16,071,100 34,574 33,870 41,589 13,554 8,821 25,174 7,000 745,652 1,663,296 7,679 237,447 2,077,922 92 68 269,610 95,342,702 118 (This page was left blank intentionally) STATISTICAL SECTION (Unaudited) This part of the District's Annual Comprehensive Financial Report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the District's overall financial position. Contents Financial Trends These schedules contain trend information to help the reader understand how the District's financial performance has changed over time. Revenue Capacity These schedules contain information to help the reader understand and assess the District's most significant own-source revenue, the property tax. Debt Capacity These schedules present information to help the reader assess the affordability of the District's current level of outstanding debt and the District's ability to issue additional debt in the future. Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the District's financial activities take place. Operating Information These schedules contain operating statistics, staffing information, and key performance indicators to help the reader understand how the information in the District's financial report relates to the services the District provides and the activities it performs. Sources: Unless otherwise noted, the information contained here is derived from comprehensive annual financial reports for the indicated years. The District began implementation of GASB Statements No. 68 and 71 as of July 1, 2014, implementation of GASB Statement No. 75 as of July 1, 2017 and the implementation of GASB Statement No. 87 as of July 1, 2021. 119 (This page was left blank intentionally) COBB COUNTY SCHOOL DISTRICT NET POSITION BY COMPONENT LAST TEN FISCAL YEARS INVESTMENT IN CAPITAL ASSETS CAPITAL PROJECT FUND SCHOOL NUTRITION FUND RESTRICTED FOR: MISC GRANTS GNETS GEN FUND BUS PURCHASES UNRESTRICTED (DEFICIT) TOTAL NET POSITION FY2013 $ FY2014 FY2015(1) FY2016 FY2017 FY2018(2) FY2019 FY2020 FY2021 FY2022(3) FY2023 1,262,788,000 1,256,656,000 1,329,345,000 1,371,599,000 1,444,579,000 1,463,720,000 1,535,405,000 1,604,839,000 1,627,347,000 1,655,625,000 1,679,939,000 $ 49,860,000 110,228,000 92,760,000 117,940,000 96,550,000 123,455,000 104,068,000 92,605,000 112,909,000 170,017,000 231,238,000 $ 20,924,000 $ 19,213,000 19,295,000 19,200,000 19,198,000 18,910,000 18,247,000 8,347,000 5,712,000 30,108,000 33,782,000 20,000 3,000 43,000 64,000 33,000 50,000 159,000 278,000 205,000 $ -$ - - - - - 33,000 50,000 159,000 189,000 189,000 927,000 927,000 - $ 149,881,000 $ 1,483,473,000 157,363,000 1,543,463,000 (710,349,000) 731,094,000 (701,830,000) 806,973,000 (731,265,000) 829,062,000 (1,625,362,000) (19,277,000) (1,536,928,000) 120,858,000 (1,530,921,000) 174,970,000 (1,517,147,000) 230,066,000 (1,324,813,000) 532,331,000 (1,341,134,000) 604,219,000 (1) Net position was restated due to the implementation of GASBS Nos. 68 and 71, effective July 1, 2014. (2) Net Position was restated due to the implementation of GASBS Nos. 75, effective July 1, 2017. (3) Net Position was restated due to the implementation of GASB No. 87 effective July 1, 2021. Source: District Records 120 COBB COUNTY SCHOOL DISTRICT CHANGES IN NET POSITION LAST TEN FISCAL YEARS Governmental Activities Expenses: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operations School Nutrition Program Student Activities Interest and Fiscal Charges Total Governmental Expenses June 30, 2014 June 30, 2015 June 30, 2016 June 30, 2017 $ 677,187,000 26,938,000 45,115,000 161,460,000 49,563,000 63,398,000 419,000 30,780,000 - $ 1,054,860,000 $ 704,451,000 27,468,000 47,475,000 173,717,000 49,975,000 53,469,000 32,164,000 - $ 1,088,719,000 $ 754,427,000 31,201,000 45,668,000 186,859,000 52,503,000 59,762,000 31,116,000 - $ 1,161,536,000 $ 834,731,000 36,683,000 49,846,000 202,694,000 56,325,000 66,763,000 397,000 31,075,000 - $ 1,278,514,000 Program Revenues Charges For Services: Instruction Pupil Services School and Administrative Services Maintenance and Operations Student Activities Operating Grants and Contributions Capital Grants and Contributions Total Governmental Expenses Governmental Net Expenses General Revenues and Other Changes in Net Position General Revenues Taxes: Property Taxes Levied for General Purposes Sales Tax Interest Income Gain on Sale of Capital Assets Other Total General Revenues Change in Net Position $ 913,000 $ 1,121,000 $ 1,192,000 $ 1,187,000 13,000 10,000 11,000 11,000 28,035,000 27,963,000 29,008,000 29,135,000 2,004,000 1,830,000 1,127,000 898,000 30,970,000 31,193,000 31,169,000 30,977,000 512,800,000 545,592,000 579,489,000 614,312,000 8,085,000 5,867,000 18,902,000 9,714,000 $ 582,820,000 $ 613,576,000 $ 660,898,000 $ 686,234,000 $ (472,040,000) $ (475,143,000) $ (500,638,000) $ (592,280,000) $ 404,759,000 $ 421,043,000 $ 443,533,000 $ 473,864,000 121,712,000 126,923,000 128,980,000 132,036,000 1,697,000 1,352,000 1,242,000 1,754,000 175,000 - - 1,694,000 3,687,000 1,769,000 2,762,000 5,021,000 $ 532,030,000 $ 551,087,000 $ 576,517,000 $ 614,369,000 $ 59,990,000 $ 75,944,000 $ 75,879,000 $ 22,089,000 Source: District Records 121 June 30, 2018 June 30, 2019 June 30, 2020 June 30, 2021 June 30, 2022 June 30, 2023 $ 842,846,000 $ 833,448,000 $ 976,197,000 $ 1,035,625,000 $ 908,906,000 $ 37,822,000 37,209,000 47,402,000 43,170,000 35,776,000 49,754,000 53,378,000 59,389,000 63,289,000 57,860,000 207,198,000 196,042,000 198,713,000 200,280,000 192,376,000 61,737,000 61,112,000 62,984,000 57,665,000 59,496,000 73,717,000 74,614,000 90,260,000 120,068,000 122,130,000 - - - - - 30,691,000 31,664,000 29,450,000 10,818,000 21,965,000 167,000 871,000 1,084,000 466,000 175,000 $ 1,303,932,000 $ 1,288,338,000 $ 1,465,479,000 $ 1,531,381,000 $ 1,398,684,000 $ 1,191,081,000 45,668,000 74,976,000 247,555,000 73,264,000 119,971,000 28,236,000 - 1,780,751,000 $ 1,239,000 $ 1,286,000 $ 1,605,000 $ 1,015,000 $ 1,478,000 $ 9,000 - - - - 37,472,000 39,668,000 34,674,000 11,774,000 21,833,000 2,401,000 2,329,000 1,507,000 1,748,000 2,303,000 31,664,000 32,246,000 29,661,000 10,785,000 23,127,000 632,068,000 634,436,000 687,696,000 773,299,000 788,912,000 2,658,000 5,650,000 26,356,000 2,294,000 16,861,000 $ 707,511,000 $ 715,615,000 $ 781,499,000 $ 800,915,000 $ 854,514,000 $ $ (596,421,000) $ (572,723,000) $ (683,980,000) $ (730,466,000) $ (544,170,000) $ 1,613,000 - 45,236,000 2,122,000 29,391,000 816,658,000 14,861,000 909,881,000 (870,870,000) $ 504,117,000 $ 546,318,000 $ 580,281,000 $ 621,641,000 $ 654,322,000 $ 137,708,000 144,769,000 147,488,000 161,518,000 190,383,000 3,741,000 6,832,000 5,522,000 657,000 1,659,000 - 12,335,000 - - - 1,964,000 2,882,000 3,132,000 1,514,000 1,757,000 $ 647,530,000 $ 713,136,000 $ 736,423,000 $ 785,330,000 $ 848,121,000 $ $ 51,109,000 $ 140,413,000 $ 52,443,000 $ 54,864,000 $ 303,951,000 $ 714,804,000 200,979,000 23,524,000 3,451,000 942,758,000 71,888,000 122 COBB COUNTY SCHOOL DISTRICT FUND BALANCE, GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS General Fund Nonspendable Restricted Committed Assigned Unassigned Total General Fund All Other Governmental Funds Nonspendable Restricted Committed Assigned Unassigned Total All Other Governmental Funds June 30, 2014 June 30, 2015 June 30, 2016 June 30, 2017 $ 676,000 - 5,000,000 47,596,000 89,510,000 $ 142,782,000 $ 844,000 - 10,000,000 31,050,000 90,588,000 $ 132,482,000 $ 1,004,000 - 8,200,000 20,342,000 74,840,000 $ 104,386,000 $ 2,151,000 - - 15,023,000 96,064,000 $ 113,238,000 $ 1,464,000 $ 1,844,000 $ 1,922,000 $ 1,993,000 129,444,000 110,264,000 135,367,000 113,764,000 14,790,000 14,990,000 16,169,000 16,531,000 1,557,000 1,468,000 1,487,000 786,000 - (9,000) (5,000) (556,000) $ 147,255,000 $ 128,557,000 $ 154,940,000 $ 132,518,000 (a) General Fund assigned fund balance increased due to the sale of three District properties. Source: District Records 123 June 30, 2018 June 30, 2019 (a) June 30, 2020 June 30, 2021 June 30, 2022 June 30, 2023 $ 980,000 - - 30,535,000 109,206,000 $ 140,721,000 $ 828,000 - - 66,131,000 120,705,000 $ 187,664,000 $ 1,227,000 - - 83,681,000 139,657,000 $ 224,565,000 $ 1,234,000 927,000 - 163,978,000 184,619,000 $ 350,758,000 $ 1,333,000 927,000 - 181,354,000 198,307,000 $ 381,921,000 $ 1,135,000 - - 201,331,000 189,688,000 $ 392,154,000 $ 2,228,000 $ 2,965,000 $ 120,492,000 96,409,000 17,042,000 18,030,000 390,000 296,000 (24,000) - $ 140,128,000 $ 117,700,000 $ 3,085,000 $ 33,738,000 20,245,000 4,164,000 - 61,232,000 $ 2,274,000 $ 2,900,000 $ 3,602,000 41,983,000 134,255,000 163,745,000 18,470,000 20,821,000 23,030,000 3,032,000 6,267,000 30,639,000 - - - 65,759,000 $ 164,243,000 $ 221,016,000 124 COBB COUNTY SCHOOL DISTRICT CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS REVENUES: Taxes Intergovernmental Tuition and Fees Interest Income Rentals Athletic Ticket Sales Other Total Revenues EXPENDITURES: Current: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operations School Nutrition Program Student Activities Interest and Fiscal Charges Capital Outlay Debt Service: Interest and Fiscal Charges Total Expenditures 2014 2015 Fiscal Year 2016 $ 527,683,000 $ 548,738,000 $ 572,621,000 $ 520,737,000 552,431,000 599,546,000 57,170,000 57,750,000 59,022,000 1,846,000 1,578,000 1,516,000 1,545,000 1,353,000 647,000 3,219,000 3,013,000 2,749,000 3,687,000 1,769,000 2,481,000 1,115,887,000 1,166,632,000 1,238,582,000 625,644,000 23,572,000 43,083,000 157,034,000 45,961,000 60,286,000 419,000 30,780,000 61,466,000 - 1,048,245,000 675,310,000 25,373,000 46,245,000 172,304,000 45,583,000 63,466,000 458,000 32,164,000 - 134,408,000 - 1,195,311,000 720,608,000 29,098,000 44,343,000 185,351,000 47,943,000 66,190,000 465,000 31,116,000 - 115,357,000 - 1,240,471,000 Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers-In Transfers-Out Proceeds from Sale of Capital Assets Total Other Financing Sources (Uses) 67,642,000 1,218,000 (2,013,000) 377,000 (418,000) (28,679,000) 1,993,000 (2,438,000) 126,000 (319,000) (1,889,000) 4,041,000 (4,486,000) 621,000 176,000 Net Change in Fund Balances $ 67,224,000 $ (28,998,000) $ (1,713,000) $ Non-Capitalized Expenditures Capitalized Expenditures Total Expenditures Debt Service as a Percentage of Non-Capitalized Expenditures $ 989,861,000 $ 1,051,784,000 $ 1,119,674,000 $ 58,384,000 143,527,000 120,797,000 $ 1,048,245,000 $ 1,195,311,000 $ 1,240,471,000 $ - - - (a) General Fund assigned fund balance increased due to the sale of three District properties. Source: District Records 2017 607,871,000 623,018,000 58,844,000 2,335,000 438,000 2,925,000 4,393,000 1,299,824,000 742,594,000 32,321,000 46,318,000 189,124,000 49,963,000 68,023,000 31,075,000 - 157,248,000 - 1,316,666,000 (16,842,000) 4,908,000 (6,103,000) 4,467,000 3,272,000 (13,570,000) 1,157,363,000 159,303,000 1,316,666,000 - 125 2018 2019 (a) $ 640,509,000 $ 690,882,000 $ 633,454,000 635,892,000 59,179,000 61,670,000 4,997,000 10,658,000 1,932,000 1,861,000 3,528,000 3,576,000 2,875,000 2,882,000 1,346,474,000 1,407,421,000 2020 Fiscal Year 2021 724,173,000 $ 710,427,000 54,203,000 7,912,000 1,010,000 3,034,000 3,132,000 1,503,891,000 786,347,000 $ 775,283,000 13,949,000 762,000 54,000 1,893,000 2,981,000 1,581,269,000 2022 845,174,000 $ 807,775,000 36,586,000 1,944,000 1,791,000 2,990,000 1,757,000 1,698,017,000 2023 915,936,000 823,865,000 63,485,000 29,795,000 54,000 4,641,000 4,971,000 1,842,747,000 754,423,000 33,709,000 46,397,000 188,486,000 52,463,000 69,767,000 30,691,000 135,180,000 167,000 1,311,283,000 790,474,000 36,064,000 55,056,000 190,102,000 55,815,000 71,635,000 31,664,000 170,419,000 871,000 1,402,100,000 852,123,000 43,607,000 57,279,000 183,696,000 58,285,000 82,368,000 29,450,000 217,527,000 1,084,000 1,525,419,000 867,170,000 37,698,000 58,419,000 179,505,000 51,594,000 78,392,000 10,818,000 166,566,000 0 466,000 1,450,628,000 934,500,000 38,526,000 64,881,000 201,398,000 57,775,000 84,724,000 21,965,000 163,046,000 0 175,000 1,566,990,000 1,056,330,000 41,970,000 71,123,000 230,173,000 71,747,000 89,888,000 28,236,000 186,747,000 0 - 1,776,214,000 35,191,000 5,321,000 (21,528,000) 130,641,000 131,027,000 66,533,000 7,882,000 (8,255,000) 275,000 (98,000) 3,582,000 (3,955,000) 19,567,000 19,194,000 $ 35,093,000 $ 24,515,000 $ $ 1,176,768,000 $ 1,233,970,000 $ 134,515,000 168,130,000 $ 1,311,283,000 $ 1,402,100,000 $ - - 4,310,000 (4,310,000) 314,000 314,000 (21,214,000) $ 1,313,891,000 $ 211,528,000 1,525,419,000 $ - 9,583,000 (9,748,000) 244,000 79,000 130,720,000 $ 1,299,534,000 $ 151,094,000 1,450,628,000 $ 6,251,000 (6,251,000) 330,000 330,000 131,357,000 $ 1,444,687,000 $ 122,303,000 1,566,990,000 $ - - 26,861,000 (26,861,000) 473,000 473,000 67,006,000 1,619,865,000 156,349,000 1,776,214,000 - 126 COBB COUNTY SCHOOL DISTRICT PROPERTY TAX LEVIES AND COLLECTIONS LAST SEVEN FISCAL YEARS General Fund: Total Taxes Levied Collected Current Year Percent of Taxes Collected 2017 2018 2019 2020 $ 439,272,000 $ 468,387,000 $ 508,461,000 $ 536,187,000 437,484,000 466,239,000 505,912,000 532,737,000 99.59% 99.54% 99.50% 99.36% Subsequent Years Collected $ Total Collected All Years Balance Receivable $ Percent of Taxes Collected 1,788,000 $ 439,272,000 -$ 100.00% 1,989,448 $ 468,228,448 158,552 $ 99.97% 2,373,250 $ 508,285,250 175,750 $ 99.97% 3,158,174 535,895,174 291,826 99.95% General Fund: Total Taxes Levied Collected Current Year Percent of Taxes Collected 2021 2022 2023 Total $ 562,732,000 $ 595,290,000 $ 662,926,000 $ 3,773,255,181 559,804,000 99.48% 593,067,000 99.63% 660,138,000 99.58% 3,755,381,317 99.53% Subsequent Years Collected $ Total Collected All Years Balance Receivable $ Percent of Taxes Collected 2,668,677 $ 562,472,677 259,323 $ 99.95% 1,678,655 $ 594,745,655 544,345 $ 99.91% -$ 660,138,000 2,788,000 $ 99.58% 13,656,204 3,768,903,640 4,351,541 99.88% Statute of limitations for collection of delinquent taxes is seven years as permitted by the State of Georgia; therefore, only seven years of data is available. Total Taxes Levied calculated on CCSD fiscal year collections. Source: District Records, Office of Tax Commissioner, Cobb County 127 (This page was left blank intentionally) COBB COUNTY SCHOOL DISTRICT ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN YEARS COUNTY SCHOOL Real - Residential Real - Commercial Real Subtotal Personal Public Utility Motor Vehicles Mobile Homes Timber - 100% Heavy Duty Equipment Gross Digest Estimated Actual Value 2014 2015 2016 2017 $ 14,930,561,233 $ 15,951,678,783 $ 17,150,203,122 $ 19,072,527,498 5,911,636,866 6,108,270,008 6,460,116,029 6,646,763,849 20,842,198,099 22,059,948,791 23,610,319,151 25,719,291,347 2,635,251,480 2,675,315,140 2,856,245,405 3,049,369,212 838,777,701 893,002,752 870,412,061 855,371,356 1,831,526,900 1,572,982,310 1,128,274,310 823,712,610 13,259,039 12,923,089 12,938,480 12,581,964 6,200 25,813 - 23,000 672,193 1,550,272 1,747,848 2,319,221 $ 26,161,691,612 $ 27,215,748,167 $ 28,479,937,255 $ 30,462,668,710 LESS M&O Exempt Net M&O Digest Net M&O Millage Net Taxes Levied Net Taxes $ Increase/Decrease Net Taxes % Increase/Decrease Direct Rate $ (5,685,530,515) $ (5,860,902,407) $ (6,438,239,118) $ (7,098,878,872) $ 20,476,161,097 $ 21,354,845,760 $ 22,041,698,137 $ 23,363,789,838 18.90% 18.90% 18.90% 18.90% $ 386,999,445 $ 403,606,585 $ 416,588,095 $ 441,575,628 $ (5,010,190) $ 16,607,140 $ 12,981,510 $ 24,987,533 -1.3% 4.3% 3.2% 6.0% 18.90% 18.90% 18.90% 18.90% Source: Office of Tax Commissioner, Cobb County *Amounts are in digest year. 128 2018 2019 2020 2021 2022 2023 $ 20,795,272,319 $ 22,485,981,044 $ 24,191,013,135 $ 25,512,601,086 $ 27,349,888,942 $ 31,515,288,332 7,157,147,483 8,117,934,595 8,416,023,106 8,946,409,592 9,536,883,680 10,095,277,824 27,952,419,802 30,603,915,639 32,607,036,241 34,459,010,678 36,886,772,622 41,610,566,156 2,618,157,034 2,765,994,415 2,829,528,083 2,898,008,911 2,893,816,042 3,145,007,589 853,859,670 839,298,067 869,265,947 888,755,947 930,323,660 975,747,139 583,963,950 424,772,870 332,095,090 266,071,610 210,910,680 181,230,170 12,038,537 11,963,700 12,700,651 13,109,955 13,008,126 12,984,231 73,877 117,408 - - - 15,000 2,281,434 1,888,857 2,277,113 2,373,911 1,799,537 3,336,782 $ 32,022,794,304 $ 34,647,950,956 $ 36,652,903,125 $ 38,527,331,012 $ 40,936,630,667 $ 45,928,887,067 $ (7,146,009,352) $ (7,729,704,572) $ (8,270,157,266) $ (8,766,733,703) $ (9,471,117,883) $ (10,829,173,057) $ 24,876,784,952 $ 26,918,246,384 $ 28,382,745,859 $ 29,760,597,309 $ 31,465,512,784 $ 35,099,714,010 18.90% 18.90% 18.90% 18.90% 18.90% 18.90% $ 470,171,236 $ 508,754,857 $ 536,433,897 $ 562,475,289 $ 594,698,192 $ $ 28,595,608 $ 38,583,621 $ 27,679,040 $ 26,041,392 $ 32,222,902 $ 6.5% 8.2% 5.4% 4.9% 5.7% 663,384,595 68,686,403 11.6% 18.90% 18.90% 18.90% 18.90% 18.90% 18.90% 129 COBB COUNTY SCHOOL DISTRICT DIRECT AND OVERLAPPING PROPERTY TAX RATES LAST TEN FISCAL YEARS Fiscal Year June 30, 2014 June 30, 2015 June 30, 2016 June 30, 2017 June 30, 2018 School District General Fund Millage School District Debt Service Millage Total 18.90 0.00 18.90 18.90 0.00 18.90 18.90 0.00 18.90 18.90 0.00 18.90 18.90 0.00 18.90 County Government Millage General Fire District Debt Service Total County Rate 7.72 7.32 7.12 6.66 6.76 3.06 3.06 3.06 2.96 2.96 0.33 0.33 0.33 0.23 0.13 11.11 10.71 10.51 9.85 9.85 State of Georgia Millage 0.20 0.15 0.10 0.05 0.00 Total Overlapping Rate Millage 11.31 10.86 10.61 9.90 9.85 Additional Overlapping Rates Millage City of Acworth 7.60 7.60 7.60 7.60 7.60 City of Austell 4.00 4.00 3.06 3.06 3.06 City of Kennesaw 9.50 9.50 9.50 9.50 9.50 City of Powder Springs 8.50 8.50 8.50 8.50 8.50 City of Smyrna 8.99 8.99 8.99 8.99 8.99 Fiscal Year June 30, 2019 June 30, 2020 June 30, 2021 June 30, 2022 June 30, 2023 School District General Fund Millage School District Debt Service Millage Total 18.90 0.00 18.90 18.90 0.00 18.90 18.90 0.00 18.90 18.90 0.00 18.90 18.90 0.00 18.90 County Government Millage General Fire District Debt Service Total County Rate 8.46 2.86 0.13 11.45 8.46 2.86 0.13 11.45 8.46 2.86 0.13 11.45 8.46 2.86 0.13 11.45 8.46 2.99 0.13 11.58 State of Georgia Millage 0.00 0.00 0.00 0.00 0.00 Total Overlapping Rate Millage 11.45 11.45 11.45 11.45 11.58 Additional Overlapping Rates Millage City of Acworth 7.60 7.60 8.95 8.95 8.95 City of Austell 3.25 3.25 3.25 3.25 3.25 City of Kennesaw 9.50 9.50 9.50 9.50 9.50 City of Powder Springs 9.50 9.50 9.50 9.50 9.50 City of Smyrna 8.99 8.99 8.99 8.99 8.99 Note: Maintenance and operations tax for the schools has a cap of 20.00 mills Source: Cobb County Government, Georgia Departmetn of Revenue 130 COBB COUNTY SCHOOL DISTRICT PRINCIPAL PROPERTY TAXPAYERS DECEMBER 31, 2022 AND NINE YEARS AGO Taxpayer Georgia Power Home Depot Galleria LLC/OTR Circle 75 Venture Partners Lockheed Martin Corp AT&T/Bellsouth Cobb EMC Walton Properties Wildwood/Townpark Owner LLC Comcast Ohio Teacher Retirement Fund SP4 Properties CP Venture Five, LLC Inland Properties TOTAL Type of Business Utilities Retail Real Estate Utilities Aircraft Telecommunications Utilities Real Estate Real Estate Utilities Investmnet Real Estate Real Estate Investmnet Rank 1 2 3 4 5 6 7 8 9 10 December 31, 2022 Taxes Levied $ 10,982,023 4,337,247 3,284,065 3,214,200 2,506,917 2,111,204 2,123,235 1,815,912 1,454,892 1,308,515 Percent of Total Taxes Levied 1.664% 0.657% 0.497% 0.487% 0.380% 0.320% 0.322% 0.275% 0.220% 0.198% $ 33,138,210 5.020% Rank 1 2 December 31, 2013 Taxes Levied $ 9,945,734 3,889,510 Percent of Total Taxes Levied 2.579% 1.009% 6 1,802,652 0.468% 8 1,083,505 0.281% 5 1,950,821 0.506% 9 1,045,840 0.271% 3 4 7 10 $ 2,175,214 2,096,070 1,159,662 1,040,231 26,189,239 0.564% 0.544% 0.301% 0.270% 6.793% Note: School millage rate is 62% of total county rate. Total taxes levied are multiplied by 62% to arrive at amount of school taxes. Information is available only by calendar year; therefore, data reported is for December 31, 2022 and nine years earlier, December 31, 2013 Source: Office of Tax Commissioner, Cobb County, GA 131 COBB COUNTY SCHOOL DISTRICT LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS Fiscal Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Net Assessed Valuation January 1 Debt Limit - 10% of Assessed Value Amount of Debt Applicable to Debt Limit Legal Debt Margin $ 20,476,161,097 $ 21,354,845,760 22,041,698,137 23,363,789,838 24,876,784,952 26,918,246,384 28,382,745,859 29,760,597,309 31,465,512,784 35,099,714,010 2,047,616,110 $ 2,135,484,576 2,204,169,814 2,336,378,984 2,487,678,495 2,691,824,638 2,838,274,586 2,976,059,731 3,146,551,278 3,509,971,401 -$ - 2,047,616,110 2,135,484,576 2,204,169,814 2,336,378,984 2,487,678,495 2,691,824,638 2,838,274,586 2,976,059,731 3,146,551,278 3,509,971,401 Source: District Records 132 COBB COUNTY SCHOOL DISTRICT RATIO OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS Fiscal Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 General Obligation Bonds - Total Primary Government Debt Annual Personal Income Population Debt as a Percentage of Personal Income - $ 34,419,921,000 658,101 - - 36,192,750,000 670,967 - - 36,400,450,000 682,267 - - 38,385,767,000 687,209 - - 40,281,455,000 694,706 - - 43,263,716,000 696,059 - - 44,995,411,000 699,274 - - 48,229,082,000 705,177 - - 51,847,811,000 705,305 - - 53,984,067,000 709,350 - Total Debt Per Capita - Notes: Cobb County School District information based on fiscal years beginning July 1 and ending June 30. Demographic and economic data provided by calendar year. Population of 709,350 provided by the US Census Bureau (population estimate July 1, 2022); excludes the City of Marietta. Annual Personal Income data is as of December 31st of the fiscal year. Sources: District Records, Annual Personal Income: US Department of Commerce Bureau of Economic Analysis. 133 COBB COUNTY SCHOOL DISTRICT RATIO OF NET GENERAL BONDED DEBT TO ESTIMATED ACTUAL VALUE & NET BONDED DEBT PER CAPITA LAST TEN FISCAL YEARS Fiscal Year Population Estimated Actual Value Gross Bonded Debt Restricted for Bonded Debt Net Bonded Debt Ratio of Net Bonded Debt to Est. Act Value Net Bonded Debt Per Capita 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 658,101 $ 670,967 682,267 687,209 694,706 696,059 699,274 705,177 705,305 709,350 51,003,931,000 $ 52,774,935,000 54,685,822,000 58,104,731,000 61,956,000,536 67,256,722,613 70,924,204,555 74,435,488,855 78,742,101,840 87,688,648,309 -$ - -$ - -$ - -$ - - - - - - - - - - - - - - - - - - - Note: Population provided by US Census Bureau (2021 estimate); excludes the City of Marietta 134 COBB COUNTY SCHOOL DISTRICT COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT JUNE 30, 2023 Direct General Obligation Debt: Gross Bonded Debt $0 $0 Overlapping General Obligation Debt: Cobb County Gov (99.9% of $0) $0 $0 Total Direct and Overlapping General Obligation Debt $0 Debt Per Capita: Direct General Obligation Debt $0 Overlapping General Obligation Debt $0 Total $0 * Population fromUS Census Bureau (less estimated population for City of Marietta) Note: The overlap percentage is determined by the percentabe of Fire District to Debt Service Fund of Cobb County Government. Source: Cobb County Government 135 COBB COUNTY SCHOOL DISTRICT COBB COUNTY DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN CALENDAR YEARS Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Population 717,190 $ 730,981 741,334 748,150 755,754 756,865 760,141 766,149 766,802 771,952 Personal Income 34,419,921,000 36,192,750,000 36,400,450,000 38,385,767,000 40,281,455,000 43,263,716,000 44,995,411,000 48,229,082,000 51,847,811,000 53,984,067,000 Per Capita Personal Income $ 47,993 49,513 49,101 51,308 53,300 57,162 59,194 63,214 67,616 69,932 Median Household Income $ 66,300 68,656 70,246 70,947 75,654 78,894 79,601 NA(b) 88,029 86,013 Median Age 36.1 36.2 36.3 36.5 36.6 36.7 37.3 NA(b) 37.7 37.6 Active Student Enrollment 107,914 111,751 112,708 113,151 112,084 111,854 112,097 107,379 106,970 106,703 Unemployment Rate 7.1% 6.0 5.0 4.6 4.4 3.7 3.0 5.9 3.3 2.6 Notes: (b)For 2020 data is only recorded at the state level Sources: Population (includes city of Marietta),provided by the US Census Bureau (population census estimates as of July 1, 2022). Personal Income, and Per Capita Personal Income from US Bureau of Economic Analysis. Median Household Income and Unemployment Rate from Georgia Department of Labor (HUD and US Census Bureau estimates). Median Age from US Census Bureau. 136 COBB COUNTY PRINCIPAL EMPLOYERS BY SECTOR CURRENT YEAR AND NINE YEARS AGO Employer Professional & Technical Services Administrative & Waste Services Miscellaneous Healthcare & Social Services Retail Trade Construction Accommodation & Food Service State & Local Government Real Estate, Rent & Leasing Finance & Insurance Transportation & Utilities Other Services Wholesale Manufacturing Federal Government Total Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2022 Employees 62,700 57,200 54,900 50,610 49,810 45,250 40,800 34,230 32,490 31,440 31,010 30,710 27,260 20,420 4,910 Percent of Total County Employment 10.93% 9.97% 9.57% 8.82% 8.68% 7.89% 7.11% 5.97% 5.66% 5.48% 5.40% 5.35% 4.75% 3.56% 0.86% 573,740 Rank 2 4 3 5 1 8 7 6 12 10 14 11 9 13 15 2013 Employees 45,230 42,820 43,260 39,450 46,120 29,930 30,910 33,730 24,450 26,230 14,860 25,590 28,020 19,730 4,870 455,200 Percent of Total County Employment 9.94% 9.41% 9.50% 8.67% 10.13% 6.57% 6.79% 7.41% 5.37% 5.76% 3.26% 5.62% 6.15% 4.33% 1.07% Sources: Cobb County Government, ACFR Fiscal Year Ended September 30, 2022. 137 COBB COUNTY SCHOOL DISTRICT COMPARISON OF METROPOLITAN ATLANTA SCHOOL DISTRICT PROPERTY TAX RATES Digest Year Category Type Muscogee (Columbus) Dekalb Rockdale Atlanta Henry Clayton Douglas Gwinnett Fayette Calhoun Cobb Clarke (Athens) Marietta City Paulding Chatham (Savannah) Bartow Fulton Cherokee M&O 2014 Bond Total M&O 2015 Bond Total M&O 2016 Bond 23.321 23.180 24.900 20.740 20.000 20.000 19.700 19.800 19.500 19.605 18.900 20.000 17.970 18.879 18.881 18.850 17.796 18.950 3.628 1.200 1.950 1.350 0.500 23.321 23.180 24.900 20.740 23.628 20.000 20.900 21.750 20.850 19.605 18.900 20.000 17.970 18.879 18.881 18.850 17.796 19.450 23.321 23.180 24.900 20.740 20.000 20.000 19.700 19.800 19.500 19.605 18.900 20.000 17.970 18.879 18.881 18.850 17.796 18.950 3.628 1.200 1.950 1.350 0.500 23.321 23.180 24.900 20.740 23.628 20.000 20.900 21.750 20.850 19.605 18.900 20.000 17.970 18.879 18.881 18.850 17.796 19.450 23.321 23.080 24.700 20.740 20.000 20.000 19.650 19.700 19.250 19.673 18.900 20.000 17.970 18.750 18.881 18.750 17.796 18.450 3.628 1.000 1.900 1.271 1.000 Total 23.321 23.080 24.700 20.740 23.628 20.000 20.650 21.600 20.521 19.673 18.900 20.000 17.970 18.750 18.881 18.750 17.796 19.450 Digest Year Category Type Muscogee (Columbus) Dekalb Rockdale Atlanta Henry Clayton Douglas Gwinnett Fayette Calhoun Cobb Clarke (Athens) Marietta City Paulding Chatham (Savannah) Bartow Fulton Cherokee M&O 2017 Bond Total M&O 2018 Bond Total M&O 2019 Bond 23.321 23.180 24.900 20.740 20.000 20.000 19.700 19.800 19.500 19.605 18.900 20.000 17.970 18.879 18.881 18.850 17.796 18.950 3.628 1.200 1.950 1.350 0.500 23.321 23.180 24.900 20.740 23.628 20.000 20.900 21.750 20.850 19.605 18.900 20.000 17.970 18.879 18.881 18.850 17.796 19.450 23.321 23.180 24.900 20.740 20.000 20.000 19.700 19.800 19.500 19.605 18.900 20.000 17.970 18.879 18.881 18.850 17.796 18.950 3.628 1.200 1.950 1.350 0.500 23.321 23.180 24.900 20.740 23.628 20.000 20.900 21.750 20.850 19.605 18.900 20.000 17.970 18.879 18.881 18.850 17.796 19.450 23.321 23.080 24.700 20.740 20.000 20.000 19.650 19.700 19.250 19.673 18.900 20.000 17.970 18.750 18.881 18.750 17.796 18.450 3.628 1.000 1.900 1.271 1.000 Total 23.321 23.080 24.700 20.740 23.628 20.000 20.650 21.600 20.521 19.673 18.900 20.000 17.970 18.750 18.881 18.750 17.796 19.450 Digest Year Category Type M&O 2020 Bond Total M&O 2021 Bond Total M&O 2022 Bond Muscogee (Columbus) Dekalb Rockdale Atlanta Henry Clayton Douglas Gwinnett Fayette Calhoun Cobb Clarke (Athens) Marietta City Paulding Chatham (Savannah) Bartow Fulton Cherokee 23.321 23.080 24.600 20.740 20.000 20.000 19.600 19.700 19.150 19.577 18.900 20.000 17.970 18.750 18.881 18.500 17.796 18.450 3.628 1.000 1.900 1.180 1.000 23.321 23.080 24.600 20.740 23.628 20.000 20.600 21.600 20.330 19.577 18.900 20.000 17.970 18.750 18.881 18.500 17.796 19.450 23.321 23.080 22.717 20.740 20.000 20.000 19.550 19.700 19.334 19.551 18.900 20.000 17.970 18.750 18.131 18.116 17.590 18.200 3.628 0.500 1.650 1.100 23.321 23.080 22.717 20.740 23.628 20.000 20.050 21.350 20.434 19.551 18.900 20.000 17.970 18.750 18.131 18.116 17.590 18.200 23.321 23.080 21.000 20.500 20.000 20.000 19.500 19.200 19.150 19.112 18.900 18.800 17.970 17.750 17.631 17.430 17.240 16.450 3.628 0.500 1.450 0.850 1.500 Source: Georgia Department of Revenue Total 23.321 23.080 21.000 20.500 23.628 20.000 20.000 20.650 20.000 19.112 18.900 18.800 17.970 17.750 17.631 17.430 17.240 17.950 138 COBB COUNTY SCHOOL DISTRICT GENERAL FUND DIGEST HISTORY JUNE 30, 2023 GENERAL DIGEST FUND YEAR MILLAGE 1970 - 1971 - 1972 - 1973 - 1974 - 1975 - 1976 17.50 1977 17.50 1978 16.00 1979 17.00 1980 15.00 1981 15.25 1982 15.25 1983 14.10 1984 14.10 1985 14.10 1986 14.10 1987 14.10 1988 14.10 1989 16.30 1990 16.30 1991 17.90 1992 17.90 1993 17.47 1994 17.47 1995 17.47 1996 17.83 1997 17.83 1998 17.83 1999 17.83 2000 17.55 2001 17.55 2002 19.00 2003 19.00 2004 19.00 2005 19.00 2006 19.00 2007 19.00 2008 18.90 2009 18.90 2010 18.90 2011 18.90 2012 18.90 2013 18.90 2014 18.90 2015 18.90 2016 18.90 2017 18.90 2018 18.90 2019 18.90 2020 18.90 2021 18.90 2022 18.90 GROSS DIGEST $463,448,680 $488,781,618 $639,873,809 $748,934,906 $928,666,389 $1,125,259,173 $1,239,928,303 $1,536,599,496 $1,604,301,503 $1,861,972,885 $2,125,000,624 $2,448,163,000 $2,858,062,000 $3,327,569,000 $3,643,008,000 $4,282,730,000 $4,828,844,000 $5,878,825,000 $6,848,017,098 $7,606,443,051 $8,597,546,520 $9,132,033,111 $9,670,022,623 $9,869,139,149 $10,144,025,710 $10,837,271,461 $12,258,847,184 $13,147,707,483 $14,330,534,806 $15,782,613,133 $16,928,157,644 $18,457,749,070 $21,330,804,253 $22,208,936,963 $23,621,928,698 $25,470,296,619 $27,521,703,542 $29,618,318,779 $30,688,996,965 $30,662,878,555 $28,555,874,363 $26,989,636,063 $26,325,729,783 $26,161,691,612 $27,215,748,167 $28,479,937,255 $30,462,668,710 $32,022,794,304 $34,647,950,956 $36,652,903,125 $38,527,331,012 $40,936,630,667 $45,928,887,067 PERCENT CHANGE 5.47% 30.91% 17.04% 24.00% 21.17% 10.19% 23.93% 4.41% 16.06% 14.13% 15.21% 16.74% 16.43% 9.48% 17.56% 12.75% 21.74% 16.49% 11.08% 13.03% 6.22% 5.89% 2.06% 2.79% 6.83% 13.12% 7.25% 9.00% 10.13% 7.26% 9.04% 15.57% 4.12% 6.36% 7.82% 8.05% 7.62% 3.61% -0.09% -6.87% -5.48% -2.46% -0.62% 4.03% 4.65% 6.96% 5.12% 8.20% 5.79% 5.11% 6.25% 12.20% Source: District Records, Office of Tax Commissioner, Cobb County 139 COBB COUNTY SCHOOL DISTRICT PROPERTY DIGEST REDUCTIONS DUE TO EXEMPTION LAST TEN FISCAL YEARS FISCAL YEAR TAX EXEMPT CLASSIFICATION A. Basic Homestead Exemption (Cobb County) B. Age 62 or Older (Cobb County) C. Disabled Veteran (State) D. Social Security Disability (Cobb County) E. Surviving Spouse (State) F. Conservation - SV G. Environmentally Sensitive Property (State) PERSONAL PROPERTY H. Freeport (Cobb County) I. Personal Property Returns < $500 J. Brownfield Property TOTAL EXEMPTIONS - M & O 2014 2015 2016 2017 $ 999,066,678 $ 965,936,434 $ 935,568,196 $ 918,619,596 3,420,226,376 3,755,620,003 4,177,064,231 4,764,134,187 8,290,902 10,366,332 14,058,473 18,522,236 7,702,985 7,481,109 7,232,420 7,269,524 287,112 284,896 296,224 235,352 52,848,776 52,332,965 53,526,239 58,792,105 725,486 813,382 813,382 909,698 1,188,221,792 1,059,599,969 1,241,174,117 1,318,798,224 7,859,540 7,993,641 8,030,440 8,197,038 300,868 473,676 475,396 3,400,912 $ 5,685,530,515 $ 5,860,902,407 $ 6,438,239,118 $ 7,098,878,872 Source: Consolidation and evaluation of digest as furnished by tax commissioner's office. Definitions: A. Qualified homeowners are entitled to a $10,000 exemption in the county general and school general tax categories B. Qualified homeowners who are age 62 as of January 1 are entitled to a full exemption in the school general and school bond tax categories C. Disabled veterans are entitled to a $50,000 exemption in the school general and school bond tax categories D. Qualified homeowners who are disabled as of January 1, and whose annual net income does not exceed $12,000 for the immediately preceding tax year are entitled to a $22,000 exemption in all tax categories E. Unremarried surviving spouse of firefighter or peace officer killed in the land of duty. F. Favorable tax treatment designed to protect property owners from being pressured to convert their land from agricultural use to residential or commercial use. G. Exemption for property certified by the Georgia Department of Natural Resources as "environmentally sensitive" and requires the property owner to commit to maintaining the land in its natural condition for 10 years. H. Exemption from tax on inventories subject to specific requirements I. Exemption of tangible, personal property < $7,500 subject to specific requirements J. Brownfield property is a property, the expansion, redevelopment, or reuse of, which may be complicated by the presence, or potential presence, of a hazardous substance, pollutant, or contaminant. 140 2018 2019 2020 2021 2022 2023 $ 903,943,001 $ 889,782,214 $ 882,981,380 $ 871,130,908 $ 874,301,076 $ 866,657,034 5,350,772,150 5,921,610,172 6,493,655,613 6,993,577,235 7,643,479,316 8,854,161,802 24,069,459 33,572,708 42,686,780 55,506,824 77,870,160 97,338,946 6,897,024 6,930,484 6,288,004 5,720,000 5,478,000 5,192,000 254,836 258,740 290,076 285,532 552,528 683,400 65,414,917 71,684,062 73,719,114 77,998,240 88,185,353 82,177,505 909,698 955,762 1,351,978 1,258,212 1,340,184 1,483,636 784,317,290 795,205,431 761,046,154 751,951,099 740,608,467 890,153,433 8,500,161 7,674,503 7,087,431 5,845,289 5,297,085 5,131,313 930,816 2,030,496 1,050,736 3,460,364 34,005,714 26,193,988 $ 7,146,009,352 $ 7,729,704,572 $ 8,270,157,266 $ 8,766,733,703 $ 9,471,117,883 $ 10,829,173,057 141 COBB COUNTY SCHOOL DISTRICT NUMBER OF PERSONNEL AND PUPILS TO PROFESSIONAL PERSONNEL LAST TEN FISCAL YEARS Fiscal Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Professional Personnel (a) 7,907 8,036 8,050 8,099 8,092 8,141 8,217 8,224 8,284 8,400 Other Operating Personnel (b) 2,821 2,769 2,943 2,953 2,587 2,604 2,932 2,888 2,872 2,933 Service Personnel (c) 2,834 2,949 2,599 2,613 2,927 2,895 2,632 2,417 2,328 2,431 Total Personnel 13,562 13,754 13,592 13,665 13,606 13,640 13,781 13,529 13,484 13,764 Active Student Enrollment 107,914 111,751 112,708 113,151 112,084 111,854 112,097 107,379 106,970 106,703 (a) Professional personnel consists of all certified personnel including teachers, librarians, counselors, supervisors, consultants, coordinators, principals, assistant principals and other leadership personnel. (b) Other operating personnel includes non-certified leadership personnel, classroom aides, secretarial and clerical employees, and other technicians. (c) Service personnel includes food service personnel, custodial employees, bus drivers and maintenance/warehouse employees. Source: District Records 142 COBB COUNTY SCHOOL DISTRICT OPERATING STATISTICS LAST TEN FISCAL YEARS Fiscal Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Expenses $ 1,054,860,000 1,088,719,000 1,161,536,000 1,278,514,000 1,303,932,000 1,288,338,000 1,465,479,000 1,531,381,000 1,398,684,000 1,364,175,000 Active Student Enrollment* 107,914 111,751 112,708 113,151 112,084 111,854 112,097 107,379 106,970 106,703 Cost Per Pupil Enrolled $ 9,775 9,742 10,306 11,299 11,634 11,518 13,073 14,261 13,075 12,785 Percentage of Change -2.57% -0.33% 5.78% 9.64% 2.96% -0.99% 13.50% 9.09% -8.32% -2.22% Professional Personnel 7,907 8,036 8,050 8,099 8,092 8,141 8,217 8,224 8,284 8,400 Note: Professional personnel consists of all certified personnel including teachers, librarians, counselors, supervisors consultants, coordinators, principals, assistant principals and other leadership personnel. Source: District Records -*Active enrollment changed to FTE Ratio of Pupils to Professional Personnel 13.9 13.8 13.9 13.9 13.8 13.7 13.6 13.0 12.9 12.7 143 COBB COUNTY SCHOOL DISTRICT GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE BY FUNCTION LAST TEN FISCAL YEARS BEGINNING FUND BALANCE REVENUES BY CATEGORY Local State Federal Transfers In/Other Total June 30, 2014 June 30, 2015 June 30, 2016 June 30, 2017 $ 412,504,000 $ 426,012,000 $ 446,336,000 $ 479,095,000 423,358,000 451,604,000 481,430,000 514,011,000 4,975,000 6,615,000 7,277,000 5,912,000 618,000 264,000 1,354,000 4,949,000 841,455,000 884,495,000 936,397,000 1,003,967,000 EXPENDITURES BY FUNCTION Instruction Pupil Services Improvement of Instr Services Instructional Staff Training Educational Media Services General Administration School Administration Business Services Maintenance and Operation Student Transportation Central Operations Other Support Services School Nutrition Program Community Service Operations Capital Outlay Transfers Out Total Restatements Ending Total Fund Balance Fund Balances Nonspendable Restricted Committed Assigned Unassigned Ending Total Fund Balance 602,239,000 19,489,000 13,993,000 13,754,000 7,950,000 51,294,000 5,275,000 58,000,000 46,162,000 13,891,000 70,000 1,851,000 833,968,000 656,240,000 19,248,000 11,615,000 14,498,000 7,843,000 55,634,000 5,900,000 61,746,000 44,695,000 14,966,000 21,000 74,000 2,000 2,313,000 894,795,000 694,953,000 25,478,000 10,372,000 15,340,000 9,817,000 68,971,000 6,467,000 64,279,000 46,566,000 18,098,000 86,000 79,000 21,000 3,966,000 964,493,000 715,250,000 24,385,000 12,518,000 15,676,000 10,748,000 71,356,000 7,077,000 66,604,000 47,984,000 16,921,000 99,000 419,000 82,000 16,000 5,980,000 995,115,000 $ 142,782,000 $ 132,482,000 $ 104,386,000 $ 113,238,000 $ 676,000 $ 844,000 $ 1,004,000 $ 2,151,000 - - - - 5,000,000 10,000,000 8,200,000 - 47,596,000 31,050,000 20,342,000 15,023,000 89,510,000 90,588,000 74,840,000 96,064,000 $ 142,782,000 $ 132,482,000 $ 104,386,000 $ 113,238,000 (a) General Fund assigned fund balance increased due to the sale of three District properties. Source: District Records 144 June 30, 2018 June 30, 2019 (a) June 30, 2020 June 30, 2021 June 30, 2022 June 30, 2023 $ 509,679,000 537,122,000 5,964,000 655,000 1,053,420,000 $ 556,557,000 539,400,000 5,942,000 19,828,000 1,121,727,000 $ 589,457,000 595,662,000 7,624,000 426,000 1,193,169,000 $ 622,525,000 559,064,000 5,287,000 709,000 1,187,585,000 $ 659,083,000 583,803,000 8,409,000 285,000 1,251,580,000 $ 739,474,000 613,549,000 20,566,000 819,000 1,374,408,000 726,735,000 27,891,000 13,897,000 15,834,000 10,769,000 75,311,000 7,775,000 68,797,000 51,150,000 19,064,000 87,000 409,000 86,000 8,132,000 1,025,937,000 767,201,000 27,645,000 20,556,000 16,510,000 12,100,000 70,791,000 8,047,000 70,851,000 55,013,000 21,140,000 475,000 386,000 90,000 2,372,000 1,607,000 1,074,784,000 823,950,000 36,978,000 20,522,000 17,738,000 12,218,000 76,989,000 8,594,000 80,258,000 55,801,000 18,877,000 741,000 471,000 98,000 14,000 3,019,000 1,156,268,000 735,116,000 32,854,000 22,510,000 25,000 17,178,000 12,301,000 76,708,000 9,106,000 76,366,000 48,533,000 19,498,000 481,000 477,000 98,000 1,809,000 8,332,000 1,061,392,000 870,884,000 32,405,000 23,402,000 6,000 18,241,000 15,087,000 81,059,000 9,045,000 81,244,000 54,083,000 19,827,000 407,000 411,000 102,000 6,269,000 6,235,000 1,218,707,000 959,680,000 35,721,000 27,548,000 20,480,000 15,944,000 90,995,000 10,096,000 87,918,000 64,484,000 23,671,000 646,000 454,000 405,000 26,133,000 1,364,175,000 (1,710,000) $ 140,721,000 $ 187,664,000 $ 224,565,000 $ 350,758,000 $ 381,921,000 $ 392,154,000 $ 980,000 $ 828,000 $ 1,227,000 $ 1,234,000 $ 1,333,000 $ 1,135,000 - - - 927,000 927,000 - - - - - - - 30,535,000 66,131,000 83,681,000 163,978,000 181,354,000 201,331,000 109,206,000 120,705,000 139,657,000 184,619,000 198,307,000 189,688,000 $ 140,721,000 $ 187,664,000 $ 224,565,000 $ 350,758,000 $ 381,921,000 $ 392,154,000 145 COBB COUNTY SCHOOL DISTRICT GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE BY OBJECT LAST TEN FISCAL YEARS BEGINNING FUND BALANCE June 30, 2014 REVENUES BY CATEGORY Local State Federal Transfers In/Other Total $ 412,504,000 $ 423,358,000 4,975,000 618,000 841,455,000 June 30, 2015 426,012,000 $ 451,604,000 6,615,000 264,000 884,495,000 June 30, 2016 June 30, 2017 June 30, 2018 446,336,000 481,430,000 7,277,000 1,354,000 936,397,000 $ 479,095,000 514,011,000 5,912,000 4,949,000 1,003,967,000 $ 509,679,000 537,122,000 5,964,000 655,000 1,053,420,000 EXPENDITURES BY OBJECT Salaries Fringe Benefits Group Health Insurance FICA Medicare Teachers Retirement System Unemployment Compensation Workers Compensation On Behalf Payments Supplemental Tax Shelter Life & LTD Insurance Total Fringe Benefits Total Salaries and Fringe Benefits General Operating Contract Services Repairs & Maintenance Services - Technology Related Rentals of Land or Building Rental of Equipment & Vehicles Other Rentals Student Transportation Purchased from Other Sources Insurance (Other Than Employee Benefits) Communication (Postage, Advertising, etc.) Web-based Subscriptions & Licenses Tuition to Private Sources Other Tuition Travel - Board Member Payments of Pass Through Funds Payments to Charter Schools Other Purchased Services Residential Facilities Supplies Supplies - Technology Related Computer Software Expendable Equipment Expendable Computer Equipment Books & Periodicals Dues & Fees Other Expenditures Transfer to Other Funds Purchase of Equipment Purchase of Buses Purchase of Equipment - Technology Related Land Acquisition Land Improvements Building Acquisition, Construction or Improvement Textbooks Legal Fees Legal Fees Base Legal Fees Utilities Water & Sewer Natural Gas Electricity Gas and Diesel Telephone Repair and Maintenance Employee Travel & Mileage Total Ending Total Fund Balance Fund Balances Nonspendable Restricted Committed Assigned Unassigned Ending Total Fund Balance $ 553,181,000.00 87,707,000 32,519,000 7,550,000 63,151,000 231,000 4,463,000 387,000 1,348,000 197,356,000 750,537,000 $ 597,208,000.00 91,219,000 34,975,000 8,184,000 71,035,000 224,000 4,461,000 327,000 1,292,000 211,717,000 808,925,000 $ 641,703,000.00 97,554,000 37,608,000 8,807,000 82,820,000 99,000 5,287,000 389,000 1,370,000 233,934,000 875,637,000 $ 659,731,000.00 103,240,000 38,657,000 9,054,000 86,467,000 99,000 5,594,000 1,858,000 313,000 1,636,000 246,918,000 906,649,000 $ 669,160,000.00 107,561,000 39,102,000 9,158,000 103,002,000 62,000 7,320,000 1,848,000 290,000 1,349,000 269,692,000 938,852,000 7,564,000 1,824,000 225,000 420,000 289,000 91,000 173,000 12,219,000 4,806,000 8,719,000 837,000 4,087,000 2,224,000 1,526,000 1,133,000 29,000 1,851,000 153,000 1,236,000 324,000 4,000 27,000 1,079,000 8,292,000 580,000 241,000 25,000 297,000 167,000 97,000 13,513,000 4,494,000 8,337,000 835,000 4,582,000 1,494,000 2,782,000 1,211,000 22,000 2,313,000 375,000 927,000 1,382,000 50,000 1,252,000 8,223,000 754,000 5,000 243,000 1,000 361,000 162,000 1,000 - 13,543,000 4,430,000 9,281,000 797,000 6,848,000 1,493,000 2,445,000 1,399,000 61,000 3,966,000 339,000 1,158,000 213,000 - 61,000 11,000 1,007,000 10,046,000 2,160,000 12,000 261,000 50,000 366,000 117,000 2,000 8,000 11,638,000 3,801,000 1,578,000 8,631,000 777,000 5,765,000 1,656,000 1,558,000 1,671,000 52,000 5,980,000 361,000 - 239,000 - 83,000 6,000 1,040,000 9,674,000 2,066,000 4,000 272,000 385,000 57,000 221,000 2,000 1,000 5,000 4,202,000 4,809,000 1,535,000 8,608,000 803,000 6,296,000 1,370,000 2,463,000 25,000 1,799,000 53,000 8,132,000 398,000 695,000 1,260,000 262,000 173,000 720,000 984,000 905,000 676,000 933,000 959,000 932,000 950,000 960,000 864,000 960,000 1,988,000 2,889,000 14,666,000 6,018,000 1,216,000 3,502,000 423,000 2,192,000 1,843,000 16,048,000 4,714,000 1,901,000 3,750,000 545,000 2,511,000 1,502,000 15,957,000 3,355,000 2,284,000 3,916,000 638,000 2,553,000 1,351,000 15,808,000 3,570,000 855,000 3,858,000 703,000 2,245,000 1,545,000 15,678,000 4,367,000 886,000 3,607,000 643,000 $ 833,968,000 $ 894,795,000 $ 964,493,000 $ 995,115,000 $ 1,025,937,000 $ 676,000 $ 844,000 $ 1,004,000 $ 2,151,000 $ 980,000 - - - - - 5,000,000 10,000,000 8,200,000 - - 47,596,000 89,510,000 31,050,000 90,588,000 20,342,000 74,840,000 15,023,000 96,064,000 30,535,000 109,206,000 $ 142,782,000 $ 132,482,000 $ 104,386,000 $ 113,238,000 $ 140,721,000 (a) General Fund assigned fund balance increased due to the sale of three District properties. Source: District Records 146 June 30, 2019(a) June 30, 2020 June 30, 2021 June 30, 2022 June 30, 2023 $ 556,557,000 $ 589,457,000 $ 622,525,000 $ 659,083,000 $ 539,400,000 595,662,000 559,064,000 583,803,000 5,942,000 7,624,000 5,287,000 8,409,000 19,828,000 426,000 709,000 285,000 1,121,727,000 1,193,169,000 1,187,585,000 1,251,580,000 739,474,000 613,549,000 20,566,000 819,000 1,374,408,000 $ 693,741,000.00 $ 751,315,000.00 $ 690,418,000.00 $ 802,660,000.00 $ 870,665,000.00 101,661,000 40,562,000 9,424,000 130,503,000 62,000 7,596,000 1,802,000 270,000 1,436,000 293,316,000 113,239,000 43,802,000 10,262,000 143,647,000 101,000 8,284,000 1,909,000 313,000 1,380,000 322,937,000 106,058,000 41,059,000 9,413,000 121,351,000 240,000 6,731,000 1,941,000 268,000 1,213,000 288,274,000 112,420,000 46,925,000 10,992,000 142,545,000 96,000 6,534,000 2,041,000 271,000 1,222,000 323,046,000 144,478,000 50,955,000 11,941,000 158,815,000 99,000 7,659,000 2,184,000 283,000 1,216,000 377,630,000 987,057,000 1,074,252,000 978,692,000 1,125,706,000 1,248,295,000 10,668,000 2,068,000 77,000 17,000 84,000 1,000 459,000 149,000 251,000 2,000 7,000 4,421,000 5,369,000 1,593,000 8,177,000 745,000 6,759,000 1,173,000 2,604,000 17,000 2,070,000 51,000 1,607,000 386,000 767,000 805,000 2,372,000 388,000 783,000 973,000 1,459,000 989,000 2,518,000 1,657,000 15,650,000 4,586,000 665,000 4,595,000 765,000 $ 1,074,784,000 9,182,000 1,054,000 6,000 - 20,000 1,000 - 299,000 1,264,000 346,000 - 1,000 2,585,000 4,608,000 1,698,000 6,906,000 677,000 4,487,000 839,000 2,671,000 9,000 1,972,000 62,000 3,019,000 445,000 309,000 1,401,000 14,000 511,000 3,264,000 985,000 1,068,000 989,000 2,481,000 1,452,000 16,042,000 3,398,000 876,000 6,548,000 527,000 $ 1,156,268,000 7,492,000 1,692,000 4,000 188,000 85,000 358,000 2,396,000 339,000 3,350,000 1,678,000 10,405,000 638,000 3,714,000 1,420,000 2,115,000 4,000 1,820,000 48,000 8,332,000 2,564,000 1,419,000 76,000 163,000 194,000 943,000 1,142,000 994,000 2,601,000 1,524,000 14,404,000 2,282,000 1,344,000 6,886,000 86,000 $ 1,061,392,000 8,870,000 1,701,000 44,000 2,000 70,000 1,000 - 352,000 2,310,000 253,000 - 1,000 - 3,553,000 1,621,000 9,693,000 615,000 3,699,000 1,034,000 1,186,000 3,000 2,202,000 46,000 6,235,000 6,704,000 469,000 422,000 135,000 295,000 1,029,000 2,047,000 989,000 3,287,000 1,796,000 16,397,000 5,479,000 924,000 9,037,000 500,000 $ 1,218,707,000 $ 10,087,000 1,535,000 71,000 4,000 75,000 1,000 427,000 1,996,000 736,000 2,000 4,582,000 1,841,000 11,010,000 487,000 4,761,000 1,643,000 1,159,000 2,000 1,610,000 246,000 26,133,000 490,000 1,023,000 407,000 - 512,000 714,000 2,045,000 1,599,000 1,759,000 3,031,000 17,812,000 6,077,000 913,000 10,271,000 819,000 1,364,175,000 $ 828,000 $ 1,227,000 $ 1,234,000 $ 1,333,000 $ - - 927,000 927,000 - - - - 66,131,000 120,705,000 83,681,000 139,657,000 163,978,000 184,619,000 181,354,000 198,307,000 $ 187,664,000 $ 224,565,000 $ 350,758,000 $ 381,921,000 $ 1,135,000 - 201,331,000 189,688,000 392,154,000 147 COBB COUNTY SCHOOL DISTRICT GENERAL FUND REVENUE BY SOURCE LAST TEN FISCAL YEARS Local Revenue Property Tax Revenue Property Tag Revenue Delinquent Tax Revenue Intangible Tax Revenue Real Estate Transfer Alcoholic Beverages Liquor by the Drink Tuition Interest on Delinquent Taxes Interest Income Half Time Exhibition Local Revenue Cell Tower Local Revenue Other (Reclass) Reimbursement for Damages Sale of Assets Leased Property Revenue Total Local/Transfer Revenue State Revenue Miscellaneous State Grants State of GA QBE Revenue Total State Revenue June 30, 2014 June 30, 2015 June 30, 2016 June 30, 2017 $ 344,901,000 $ 361,261,000 $ 384,221,000 $ 417,004,000 45,754,000 44,104,000 42,420,000 40,012,000 2,675,000 2,393,000 1,258,000 2,327,000 8,140,000 8,890,000 9,829,000 10,507,000 2,900,000 3,483,000 4,136,000 4,139,000 1,126,000 1,159,000 1,210,000 1,310,000 474,000 523,000 567,000 534,000 2,000 3,000 1,000 1,000 1,202,000 845,000 645,000 563,000 435,000 449,000 543,000 1,100,000 12,000 10,000 11,000 11,000 1,502,000 1,314,000 607,000 395,000 2,606,000 1,244,000 15,000 1,149,000 - 1,000 1,000 - 732,000 294,000 833,000 - 43,000 39,000 39,000 43,000 412,504,000 426,012,000 446,336,000 479,095,000 6,012,000 417,346,000 423,358,000 6,120,000 445,484,000 451,604,000 5,958,000 475,472,000 481,430,000 5,762,000 508,249,000 514,011,000 Federal Revenue Indirect Cost Revenue ROTC Instructor Reimbursement MedACE Revenue Medicaid Revenue Misc. Federal Revenue Total Federal Revenue Local Revenue Other Transfer from Other Funds Total Revenue 2,674,000 1,064,000 730,000 239,000 268,000 4,975,000 3,302,000 849,000 1,189,000 462,000 813,000 6,615,000 3,059,000 1,045,000 984,000 1,260,000 929,000 7,277,000 3,277,000 1,214,000 1,007,000 212,000 202,000 5,912,000 456,000 162,000 618,000 139,000 125,000 264,000 834,000 520,000 1,354,000 4,826,000 123,000 4,949,000 $ 841,455,000 $ 884,495,000 $ 936,397,000 $ 1,003,967,000 Source: District Records 148 June 30, 2018 June 30, 2019 June 30, 2020 June 30, 2021 June 30, 2022 June 30, 2023 $ 444,795,000 $ 485,825,000 $ 515,945,000 $ 540,663,000 $ 572,105,000 $ 640,105,000 40,328,000 41,996,000 43,420,000 49,224,000 53,640,000 56,519,000 1,244,000 1,506,000 2,127,000 2,651,000 2,317,000 1,571,000 10,009,000 9,627,000 12,783,000 19,897,000 16,272,000 9,067,000 4,398,000 4,942,000 4,341,000 5,709,000 7,372,000 4,855,000 1,259,000 1,302,000 1,402,000 1,740,000 1,832,000 1,393,000 769,000 914,000 795,000 817,000 1,255,000 1,447,000 - - - - - - 532,000 490,000 596,000 292,000 586,000 543,000 2,820,000 5,984,000 4,702,000 358,000 867,000 19,984,000 9,000 - - - - - 1,889,000 1,807,000 989,000 523,000 1,760,000 1,520,000 1,052,000 2,110,000 2,336,000 944,000 1,045,000 2,416,000 - - - - - - 532,000 54,000 21,000 54,000 32,000 404,000 43,000 - - - - 54,000 509,679,000 556,557,000 589,457,000 622,872,000 659,083,000 739,878,000 9,546,000 527,576,000 537,122,000 6,886,000 532,514,000 539,400,000 9,716,000 585,946,000 595,662,000 7,316,000 551,748,000 559,064,000 6,278,000 577,525,000 583,803,000 7,432,000 606,117,000 613,549,000 3,252,000 1,018,000 901,000 773,000 20,000 5,964,000 532,000 123,000 655,000 $ 1,053,420,000 3,551,000 1,130,000 1,047,000 195,000 19,000 5,942,000 19,705,000 123,000 19,828,000 $ 1,121,727,000 4,321,000 1,270,000 1,403,000 608,000 22,000 7,624,000 303,000 123,000 426,000 $ 1,193,169,000 2,114,000 1,130,000 965,000 827,000 251,000 5,287,000 239,000 123,000 362,000 $ 1,187,585,000 4,480,000 1,510,000 2,004,000 390,000 25,000 8,409,000 285,000 - 285,000 $ 1,251,580,000 13,198,000 - 2,146,000 5,200,000 22,000 20,566,000 415,000 - 415,000 $ 1,374,408,000 149 COBB COUNTY SCHOOL DISTRICT RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL FUND EXPENDITURES LAST TEN FISCAL YEARS Fiscal Year Debt Service Expenditures General Fund Expenditures Ratio of Debt Service Fund to General Fund Expenditures 2014 $ 2015 2016 2017 2018 2019 2020 2021 2022 2023 - $ - - - - - - - - - 835,694,000 893,446,000 962,567,000 989,135,000 1,017,805,000 1,073,177,000 1,153,249,000 1,053,060,000 1,212,472,000 1,338,042,000 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Source: District Records 150 COBB COUNTY SCHOOL DISTRICT RESULTS OF ALL BOND AND SALES TAX REFERENDUMS 1950 - PRESENT Referendums: Year Amount Maturity Action Pro 1950 $ 1957 1961 1962 1964 1969 1973 1977 1979 1981 1985 1987 1989 1991 1995 1997 1998 2003 2008 2013 2017 2021 1,500,000 1,750,000 2,500,000 3,000,000 4,000,000 15,000,000 16,500,000 22,000,000 20,000,000 8,000,000 27,000,000 58,500,000 59,500,000 39,600,000 220,865,000 609,200,000 626,773,000 636,504,000 797,657,000 717,845,000 797,022,000 894,891,000 1970 1977 1980 1983 1994 1990 1994 1996 1997 1997 1997 2001 2002 2004 2007 2002 2003 2008 2013 2018 2023 2028 Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Failed Passed Passed Passed Passed Passed Passed 2,907 2,023 3,187 2,816 2,942 7,769 7,405 10,694 9,725 9,858 24,476 10,716 15,510 20,197 18,140 14,204 36,433 36,078 21,873 23,273 25,160 35,466 Con 841 562 868 986 1,629 2,922 5,165 4,241 7,611 7,511 11,481 2,573 2,311 6,409 13,124 18,820 26,403 10,262 14,137 17,325 8,902 13,723 Void 17 31 38 36 63 5 10 22 219 103 65 126 268 142 177 545 44 44 - Total Votes Approval Percentage 3,765 2,616 4,093 3,838 4,634 10,696 12,580 14,957 17,555 17,472 35,957 13,354 17,947 26,874 31,406 33,201 63,381 46,340 36,010 40,642 34,106 49,189 77.56% 78.26% 78.59% 74.07% 64.36% 72.67% 58.91% 71.60% 56.10% 56.76% 68.07% 80.64% 87.03% 75.91% 58.02% 43.01% 57.98% 77.85% 60.74% 57.33% 73.87% 72.10% Note: 1997, 1998, 2003, 2008, 2013, 2017 and 2021 referendums were for a 1% local option sales tax with the amounts shown representing an estimate of collections for the full five year life of the tax. Source: Cobb County Board of Elections. 151 COBB COUNTY SCHOOL DISTRICT SCHEDULE OF INSURANCE IN FORCE JUNE 30, 2023 Type of Coverage Automobile Physical Damage Bus, Truck, Motor Vehicles Liability Property Theft Employee's Crime General Liability Property Boiler (Includes Insurance) Student Athletic Healthcare Professional Liability Superintendent's Bond Principal's Bond Worker's Compensation Excess Worker's Compensation Excess Flood Excess Flood Garrett MS Aviation Libility Disability, Long-Term Disability, Short-Term Name of Company and Policy Number Hudson Insurance PEA0005278-03 Self Insured Policy Period From To 07/1/2022 07/1/2023 6/1/1994 Ongoing Self Insured 6/1/1994 Great American Insur 8/1/2023 GVT F060994 00 0 Self Insured 6/1/1994 Travelers 7/1/2022 KTJ-CMB-1G46706-9-21 T.W. Lord & Associates 8/1/2022 Liberty Insurance 2/1/2023 AHV103741003 Old Republic Surety 5/1/2022 APO2121620 Old Republic Surety 8/1/2021 APS1177822 Self Insured N/A Star Insurance 10/1/2021 WCE-0937879 Lloyd's of London 07/01/2023 GIQF2000 Lloyds of London 07/01/2023 DEF116700053-09 American Alterative 01/18/2023 9036063 The Hartford 1/1/2023 402273 The Hartford 402273 1/1/2023 Ongoing 8/1/2024 Ongoing 7/1/2023 8/1/2023 2/01/2024 5/1/2023 8/1/2022 N/A 10/1/2022 07/01/2024 07/01/2024 1/18/2024 12/31/2023 12/31/2023 $3,000,000 $300,000 N/A $7,500,000 $500,000 $500,000,000 Varies $1,000,000 $100,000 $10,000 Statutory $1,000,000 $2,853,000 $1,000,000 Benefit Schedule per salary Liability Limits Annual Premium $125,373 N/A N/A $28,526 N/A $1,101,653 Student/Parent Funded $7,065 $350 $3,990 N/A $234,142 $7,670 $19,099 $1,501 Salary Based STD Plan Option 1 14 Day Elimination Period. 66.67% of standard income up to Employee pays $.230 per $10 of $1,500 per week. weekly benefit. STD Plan Option 2 STD Plan Option 3 STD Plan Option 4 Life Insurance and AD&D The Hartford 402273 1/1/2023 12/31/2023 60 Day Elimination Period. 66.67% of standard weekly income, Employee pays $.132 per $10 of up to $1,500 per week. weekly benefit. 14 Day Elimination Period. 50% of standard weekly income, up to $1,200 per week. 60 Day Elimination Period. 50% of standard weekly income, up to $1,200 per week. Employee pays $.231 per $10 of weekly benefit. Employee pays $.145 per $10 of weekly benefit. The first $15,000 is paid by CCSD. (smokers and non-smokers) Employee can add $.135 per $1000.00 152 COBB COUNTY SCHOOL DISTRICT SCHEDULE OF INSURANCE IN FORCE JUNE 30, 2023 Type of Coverage Dependent Life Optional Life and AD&D Dental Insurance Plus Option Base Option Critical Illness with Cancer Insurance Vision Insurance Plus Plan Base Plan Legal Insurance Accident Insurance Hospital Indemnity Source: District Records Name of Company and Policy Number The Hartford 402273 The Hartford 402273 MetLife Dental 158287 Policy Period From To 1/1/2023 12/31/2023 Liability Limits Coverage options: Child $10,000 or $25,000 Spouse up to $50,000 1/1/2023 12/31/2023 Employee can choose up to 7 times his/her annual earnings. (Max. $500,000) Annual Premium Employee pays $1.74 for $10,000 of coverage of child(ren) or $4.36 for $25,000 of coverage; Spousal coverage rate depends on the age of the spouse. Employee pays $0.152 per $1,000 of Supplemental Life coverage monthly. 1/1/2023 1/1/2023 12/31/2023 12/31/2023 Plus Plan provides preferred rates with a maximum coverage of $1,000 per participant per calendar year. Base Plan has co-pays for Preventative and Diagnostic services with a maximum of $750 coverage per participant per calendar year. Employee pays $43.06 for single coverage, $80.52 for employee plus one, or $131.30 for family coverage monthly. Employee pays $18.04 for single coverage, $33.94 for employee plus one, or $58.44 for family coverage monthly. Voya 70174-2 MetLife Vision 158287 ARAG Group 17840 Voya 70174-2 Voya 70174-2 1/1/2023 1/1/2023 1/1/2023 1/1/2023 1/1/2023 1/1/2023 12/31/2023 Based on Benefit Schedule 12/31/2023 12/31/2023 12/31/2023 Based on Benefit Schedule Based on Benefit Schedule 12/31/2023 Based on Benefit Schedule 12/31/2023 Based on Benefit Schedule Cost is determined based on age and amount of coverage elected by employee. Employee pays rates monthly depending on chosen plan. Single coverage is $8.30; coverage for employee plus one family Single coverage is $6.86; coverage for employee plus one family Employee pays $13.52 for single coverage or $16.88 for family Coverage monthly. Employee pays monthly premium of $7.58 self, $12.58 self and spouse, $14.84 self and children, or $19.84 family. Employee pays monthly premium of $9.54 self, $22.62 self and spouse, $14.60 self and children, or $27.70 family. Concluded. 153 COBB COUNTY SCHOOL DISTRICT SCHOOL LUNCH AND BREAKFAST PROGRAM LAST TEN FISCAL YEARS Lunch Meals Served: Free Reduced Paid Total Daily Average Student Price 2014 2015 2016 2017 2018 2019 5,974,000 748,000 4,031,000 10,753,000 63,627 $2.15-$2.40 6,317,000 813,000 4,492,000 11,622,000 66,411 $2.15-$2.40 6,360,000 783,000 4,455,000 11,598,000 64,433 $2.25-$2.50 6,119,000 868,000 4,293,000 11,280,000 63,371 $2.25-$2.50 5,569,000 834,000 4,149,000 10,552,000 60,994 $2.25-$2.50 5,430,000 860,000 4,339,000 10,629,000 60,051 $2.35-$2.60 2020 2021(a) 2022(b) 4,153,000 695,000 3,423,000 8,271,000 61,724 $2.35-$2.60 6,129,000 13,000 16,000 6,158,000 36,224 $2.50-$2.75 11,260,000 0 6,000 11,266,000 63,650 $2.75-$3.00 2023 4,615,000 907,000 4,161,000 9,683,000 55,017 $2.75-$3.00 Breakfast Meals Served: Free Reduced Paid Total Daily Average Student Price 2,586,000 206,000 354,000 3,146,000 18,615 $1.25 2,850,000 239,000 414,000 3,503,000 20,017 $1.25 2,916,000 246,000 453,000 3,615,000 20,083 $1.25 2,853,000 290,000 468,000 3,611,000 20,287 $1.25 2,527,000 275,000 469,000 3,271,000 18,908 $1.25 2,456,000 288,000 517,000 3,261,000 18,424 $1.25 1,988,000 242,000 460,000 2,690,000 20,075 $1.50 3,713,000 13,000 16,000 3,742,000 22,012 $1.75 4,590,000 0 3,000 4,593,000 25,949 $1.75 2,246,000 358,000 863,000 3,467,000 19,699 $1.75 Total Meals Served: Free Reduced Paid Total Daily Average Free/Reduced % 8,560,000 954,000 4,385,000 13,899,000 82,242 68.5% 9,167,000 1,052,000 4,906,000 15,125,000 86,428 67.6% 9,276,000 1,029,000 4,908,000 15,213,000 84,516 67.7% 8,972,000 1,158,000 4,761,000 14,891,000 83,658 68.0% 8,096,000 1,109,000 4,618,000 13,823,000 79,902 66.6% 7,886,000 1,148,000 4,856,000 13,890,000 78,475 65.0% 6,141,000 937,000 3,883,000 10,961,000 81,799 64.6% 9,842,000 26,000 32,000 9,900,000 58,236 99.7% 15,850,000 0 9,000 15,859,000 89,599 99.9% 6,861,000 1,265,000 5,024,000 13,150,000 74,716 61.8% (a) Due to the pandemic, USDA made all student meals free for the majority of the 2021 school year. (b) Due to the pandemic, USDA made all student meals free for the 2022 school year and the majority of the summer learning recovery program. Source: District Records 154 COBB COUNTY SCHOOL DISTRICT NUMBER OF SCHOOLS LAST TEN FISCAL YEARS Fiscal Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Elementary 67 67 67 67 67 67 67 66 (b) 66 66 Middle 25 25 25 25 25 25 25 25 26 (c) 26 High 16 16 16 16 16 16 17 (a) 17 17 17 Special Schools 4 4 4 4 4 2 2 3 3 3 Total 112 112 112 112 112 110 94 45 86 112 Notes on Special Schools (Programs): 1. Ackerman Academy/Devereux is a residential treatment facility 2. Haven Academy is a program 3. Performing Learning Center (PLC) was a program that closed after FY2018 4. Oakwood was a program that closed after FY2018 5. South Cobb Early Learning Center is a program and has been open since 2021 (a.) In 2020 Cobb Horizon opened. (b.) In 2021, CCSD combined Clay and Harmony Leland Elementary at one location. (c.) In 2022, Pearson Middle School opened. Source: District Records 155 COBB COUNTY SCHOOL DISTRICT NUMBER OF HIGH SCHOOL GRADUATES AND AVERAGE DAILY ATTENDANCE LAST TEN FISCAL YEARS Fiscal Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Active Student Enrollment* 107,914 111,751 112,708 113,151 112,084 111,854 112,097 107,379 106,970 106,703 Average Daily Attendance 105,548 106,895 107,872 108,150 106,863 106,876 107,899 102,586 100,455 106,527 Attendance Percentage 98% 96% 96% 96% 95% 96% 96% 96% 94% 100% Number of Graduates 7,313 7,366 7,714 7,970 8,126 8,261 8,379 8,084 8,278 8,273 Graduate Percentage 78.20% 81.45% 83.80% 83.60% 85.20% 87.00% 88.60% 87.20% 87.40% 87.70% Note: Beginning in 2016 Graduate Percentages were adjusted to match the Georgia Department of Education four-year Adjusted Cohort Graduation Rate (ACGR). This rate calculation began for the school year ended 2012 and is released in October with a one-year lag. (i.e) the school year ended 2016 will be available October 2017) Source: District Records - *Active enrollment changed to FTE. 156 COBB COUNTY SCHOOL DISTRICT ACTIVE ENROLLMENT BY GRADE LEVEL LAST TEN FISCAL YEARS Pre-K and K Grade 1 Grade 2 Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Grade 8 Grade 9 Grade 10 Grade 11 Grade 12 Total 2014 9,523 8,297 8,296 8,422 8,191 8,495 8,242 8,249 8,229 9,637 7,938 6,931 7,464 107,914 2015 9,074 8,444 8,761 8,602 8,527 8,657 8,239 8,465 8,561 10,689 9,139 6,822 7,771 111,751 2016 8,908 8,429 8,587 8,929 8,604 8,611 8,572 8,396 8,594 10,561 9,243 7,211 8,063 112,708 2017 8,872 8,193 8,567 8,749 8,911 8,739 8,459 8,619 8,522 10,478 9,183 7,656 8,203 113,151 2018 8,771 7,998 8,094 8,500 8,607 8,863 8,607 8,516 8,631 10,133 9,229 7,722 8,413 112,084 2019 8,637 7,940 8,164 8,180 8,498 8,671 8,912 8,681 8,579 10,136 9,143 7,799 8,514 111,854 2020 8,963 7,819 8,128 8,156 8,301 8,593 8,729 9,020 8,808 10,080 9,143 7,825 8,532 112,097 2021 7,221 7,502 7,407 7,710 7,871 8,076 8,333 8,588 8,897 9,413 9,355 8,346 8,660 107,379 2022 7,879 7,389 7,593 7,448 7,701 7,935 8,050 8,384 8,675 10,385 8,950 7,920 8,661 106,970 2023 7,856 7,489 7,550 7,617 7,571 7,806 8,055 8,218 8,505 10,205 9,436 7,856 8,539 106,703 Source : District Records 157 COBB COUNTY SCHOOL DISTRICT CLASSROOM BUILDINGS, GRADE LEVELS AND ACREAGE JUNE 30, 2023 School Name Acworth Elementary Addison Argyle Austell Baker Bells Ferry Belmont Hills Big Shanty Birney Blackwell Brown (b) Brumby Bryant Bullard Chalker Cheatham Hill City View Clarkdale Clay- Harmony Leland Clay Compton Davis Dowell Due West East Side Eastvalley Fair Oaks Ford Frey Garrison Mill Green Acres Hayes Hendricks Hollydale Keheley Kemp Kennesaw Kincaid King Springs LaBelle Lewis Mableton McCall Primary Milford Mount Bethel Mountain View Murdock Nicholson Nickajack Norton Park Pickett's Mill Pitner Powder Springs Powers Ferry Riverside Elementary Rocky Mount Russell Sanders Sedalia Park Shallowford Falls Smyrna Sope Creek Still Grades 2-5 K-5 K-5 K-5 K-5 K-5 K-5 3-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-2 K-5 K-5 K-5 K-5 K-5 K-1 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 Active Enrollment 520 592 295 386 785 716 279 539 688 632 973 865 801 674 1,048 883 700 939 591 596 898 636 1,112 703 761 757 755 650 557 841 502 566 399 886 575 578 1,111 373 531 898 269 363 947 845 902 407 1,111 673 686 796 823 413 559 563 604 620 612 622 904 1,079 782 Size of Site (acres) 15.0 12.5 8.8 12.4 15.0 10.0 10.2 22.3 26.8 16.0 6.2 18.0 22.9 20.0 25.5 19.2 25.0 15.0 15.2 8.0 28.3 13.0 28.9 10.2 11.0 20.0 10.3 52.5 26.2 14.1 10.1 24.2 23.0 15.0 20.7 28.0 20.7 24.0 9.9 10.2 10.9 12.1 6.0 8.7 25.0 16.1 15.3 23.1 16.8 9.2 40.9 22.2 15.9 10.0 9.0 21.8 14.1 21.1 10.2 15.3 11.9 16.0 10.9 Occupied Year (a) 2001 1989 1961 2005 1988 1962 1952 1969 1973 1997 1955 2018 1991 2003 1997 1997 2001 2012 2020 1961 1969 1987 1989 1957 2011 2023 1957 1991 1996 1984 1995 1994 2002 1968 1987 2003 1992 1972 2020 1955 1986 2012 2005 1954 1978 2017 1975 1989 1998 1961 2008 2003 1988 1951 2005 1977 1961 1997 1956 1990 2013 1978 1978 Number of Classrooms 59 42 36 36 65 46 36 52 59 52 73 61 63 62 68 61 55 78 50 50 62 38 69 61 54 53 62 44 44 61 61 53 38 61 62 48 69 44 61 61 36 40 60 61 61 40 60 52 63 61 57 30 36 39 61 53 58 61 61 74 62 Portable Classrooms 6 1 2 1 - 2 2 16 1 2 4 7 5 4 - Square Footage 131,924 81,334 56,904 85,236 106,694 83,098 68,409 84,461 105,886 111,299 49,828 168,576 116,071 136,261 124,148 137,108 123,000 129,988 186,930 55,412 88,079 86,131 106,003 70,367 149,764 150,884 97,993 91,129 125,717 85,775 90,915 119,189 123,025 89,012 70,537 123,000 116,400 83,969 154,696 82,912 115,363 148,523 88,158 73,352 110,096 144,362 123,233 75,800 122,342 87,935 139,090 136,261 101,870 59,190 85,236 72,896 104,362 116,302 99,735 112,620 143,107 143,618 117,539 Capacity 925 662 562 562 1,025 737 562 837 925 837 412 1,162 962 987 975 1,063 962 887 1,250 450 800 800 975 600 1,087 962 875 862 975 700 700 962 962 862 600 962 975 762 1,050 700 962 962 512 637 937 962 962 637 937 837 987 962 900 462 562 612 962 862 912 962 962 1,162 975 158 COBB COUNTY SCHOOL DISTRICT CLASSROOM BUILDINGS, GRADE LEVELS AND ACREAGE JUNE 30, 2023 School Name Teasley Timber Ridge Tritt Varner Vaughan Awtrey Barber Campbell Cooper Daniell Dickerson Dodgen Durham East Cobb Floyd Garrett Griffin Hightower Trail Lindley Lindley 6th Grade Academy Lost Mountain Lovinggood Mabry McCleskey McClure Palmer Pearson Pine Mountain Simpson Smitha Tapp Allatoona Campbell Cobb Horizon Harrison Hillgrove Kell Kennesaw Mountain Lassiter McEachern North Cobb Osborne Pebblebrook Pope South Cobb Sprayberry Walton Wheeler Hawthorne (Haven) Skyview (Haven) Devereux Georgia (c) South Cobb Early Learning TOTALS Grades K-5 K-5 K-5 K-5 K-5 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 6-8 9-12 9-12 9-12 9-12 9-12 9-12 9-12 9-12 9-12 9-12 9-12 9-12 9-12 9-12 9-12 9-12 9-12 6-12 K-12 1-12 PK Active Enrollment 1,005 505 803 766 634 626 877 1,222 982 981 1,223 1,222 1,029 1,334 845 906 994 982 1,096 521 1,011 1,235 916 570 991 828 860 576 844 881 873 1,694 2,928 1,029 2,121 2,363 1,506 1,809 1,932 2,327 2,555 2,772 2,511 1,814 2,127 1,831 2,646 2,375 54 106,703 Size of Site (acres) 12.9 11.5 23.7 20.0 28.0 26.2 25.8 33.2 75.1 20.0 21.9 20.6 43.0 17.6 20.0 36.6 24.4 26.4 33.3 28.7 83.8 29.4 22.0 34.8 38.0 43.1 10.0 39.7 22.0 25.5 16.9 114.7 47.9 16.1 73.0 100.9 63.1 75.0 49.3 74.9 46.8 51.0 52.5 47.0 66.0 41.3 65.2 48.4 6.2 10.1 Occupied Year (a) 1961 1990 1979 1991 1996 1964 2005 1951 2001 1965 1980 1975 1998 2018 1964 1972 1972 1993 2001 1962 1992 2006 1979 1980 2006 2001 2021 1979 1988 1993 1975 2008 1964 2020 1991 2006 2002 2001 1980 1930 1957 1961 1963 1987 1951 1973 1975 1964 1958 1957 Number of Classrooms 52 39 60 62 60 64 71 87 71 72 76 77 71 84 68 60 70 62 71 56 70 83 71 58 71 71 62 56 59 70 70 100 169 20 133 113 104 102 107 126 147 124 143 98 134 104 145 116 - Portable Classrooms 7 4 - - 13 1 1 8.4 1951 33 - 3,058.7 7,428 79 Square Footage 108,100 73,450 109,769 109,827 122,260 156,660 178,465 220,228 170,905 177,356 169,453 183,798 173,487 222,963 166,551 152,212 186,947 149,038 179,170 133,881 165,107 191,128 165,479 149,577 191,209 175,974 176,646 169,809 143,888 169,345 157,435 330,289 497,352 94,627 444,830 319,000 321,068 319,000 376,835 504,107 485,833 466,189 478,053 336,955 420,443 350,530 466,505 434,631 32,500 50,270 65,127 18,563,315 Capacity 837 612 937 975 937 1,037 1,162 1,437 1,162 1,175 1,237 1,262 1,162 1,387 1,112 975 1,137 1,012 1,162 900 1,137 1,362 1,162 937 1,162 1,162 1,012 900 962 1,137 1,137 1,937 3,303 337 2,587 2,212 2,025 1,987 2,087 2,450 2,862 2,312 2,787 1,912 2,612 2,025 2,837 2,187 - 512 126,200 * Total active enrollment does not include online virtual classrooms. (a) Occupied year represents the year during which the school was initially opened and utilized for instructional purposes, but does not reflect the most recent year of subsequent additions, improvements, or renovations, if any. (b) With the opening of Smyrna Elementary for school year 2013-14, Brown Elementary closed at the end of 2012-13. During fiscal year ended 2015, Brown facilities were used to house Teasley primary grades during construction of new classrooms at Teasley Elementary. (c) Operated by unaffillated non-profit entities. Enrollment reports by Cobb County District; buildings do not belong to the district. (d) South Cobb Early Learning students are reported at their home school. Source: District Records 159 (This page was left blank intentionally)