(This page was left blank intentionally) Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2015 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 COMPREHENSIVE ANNUAL FINANCIAL REPORT TABLE OF CONTENTS FOR THE YEAR ENDED JUNE 30, 2015 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 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 PAGE i-iv v vi vii viii ix x 1-4 5-16 17 18 19 20 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds 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 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 Statement of Fiduciary Assets and Liabilities Fiduciary Funds Notes to the Basic Financial Statements Required Supplementary Information Combining and Individual Fund Financial Statements and Schedules: Combining and Individual Fund Statements and Schedules Nonmajor Governmental Funds Combining Balance Sheet - Nonmajor Governmental Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor Governmental Funds 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 PAGE 21 22 23 24 25 26 27 28-64 65-72 73-75 76-80 81-85 86-104 105 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 Fiduciary Funds Fund Descriptions Combining Statement of Fiduciary Assets and Liabilities Fiduciary Funds Combining Statement of Changes in Fiduciary Assets and Liabilities Fiduciary Funds Supplementary Schedules: SPLOST III - Special Purpose Local Option Sales Tax Projects SPLOST IV - 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, 2014 and Nine Years Ago PAGE 106 107 108 109 110 111 112-113 114-115 116 117-118 119-120 121-122 123-124 125 126 127 128 Legal Debt Margin Information Last Ten Fiscal Years Legal Debt Margin Information Fiscal Year 2015 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 Cobb County Demographic and Economic Statistics Last Ten Calendar Years Principal Employers Current Year and Nine Years Ago Comparison of Metropolitan Atlanta School District Property Tax Rates Cobb County Bank Deposits, Construction and Taxable Property Values Last Ten Years Property Digest Reductions Due to Exemptions Last Ten Fiscal Years Number of Personnel and Ratio of 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 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 School Buildings Last Ten Fiscal Years Teachers Salary Schedule Last Ten Fiscal Years Administrative Salary Schedule PAGE 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145-152 153 154 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 Daily Enrollment and Attendance Last Ten Fiscal Years Active Enrollment by Grade Level Last Ten Fiscal Years Classroom Buildings, Grade Levels and Acreage PAGE 155-156 157 158 159 160 161-162 (This page was left blank intentionally) One Team, One Goal: Student Success 514 Glover Street Marietta, GA 30060 Telephone: (770) 426-3300 www.cobbk12.org November 20, 2015 To the Members of the Cobb County Board of Education and Citizens of Cobb County, Georgia: We are pleased to submit to you the comprehensive annual financial report (CAFR) of the Cobb County School District (District) for the fiscal year ended June 30, 2015. 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 24th largest in the United States with an active daily enrollment of 111,060. 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 appoint BOARD OF EDUCATION SUPERINTENDENT Randy Scamihorn, Chair Brad Wheeler, Vice Chair Susan Thayer David Morgan David Chastain David Banks Scott Sweeney Chris Ragsdale a chairperson and vice-chairperson. The Board appoints a Superintendent to oversee the day-to-day administration of the School District. Mr. Chris Ragsdale currently serves as the Superintendent of the Cobb County School District. Prior to his appointment in February of 2015, he served as Interim Superintendent from May, 2014, through January, 2015. 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. He is also the recipient of Kennesaw State University's Distinguished Alumni Award. The award recognizes his extraordinary professional achievements; engagement in civic and community activities; support of the KSU community; and the ways in which he exemplifies the ideals and mission of Kennesaw State University. The District prides itself on providing a quality educational experience to all of our students, while efficiently managing our resources. Here are a few of the many accomplishments from the 2015 fiscal year: The District average SAT score of 1516 is 66 points higher than the state average and 26 points higher than the national average. 79% of 2015 graduates took the SAT. In 2012, 2013, and 2014, 15 Cobb high schools were recognized by the Georgia Department of Education as Advanced Placement Honor Schools. The program recognizes Georgia schools that have increased access to rigorous Advance Placement coursework. Participation in challenging Advanced Placement courses has grown 184% within the District since 2004. The four-year graduation rate for Cobb high schools improved to 81.4% in 2015, marking the fourth consecutive year the overall graduation rate has increased. Cobb exceeds the state graduation rate of 78.8% by 2.6%. Cobb has a distinguished faculty, with 62% of Cobb teachers holding advanced degrees. More details may be obtained through the District's Communications Department. The District has reviewed its operating entity definition in order 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. The level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) is established by function within an individual 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 2014 (most recent figures available), Cobb County had one of the metropolitan area's highest median household incomes at $68,656, an unemployment rate of 6.0%, and a growing population which increased from 646,754 in 2005 to 730,981 in 2014. Student enrollment for the 2015 fiscal year was 111,060. We are pleased by the positive increase in property values in fiscal year 2015 and expect this trend to continue into fiscal year 2016. In fiscal year 2015 the District's gross property digest increased by 3.5% over the 2014 fiscal year's digest as compared to a decrease of 3.2% the previous year and a total decrease of 14.8% over the last five years. In regards to state funding, the District experienced a $45.8 million reduction in state funding in 2015 due to austerity cuts. This was $20.1 million less than last year's $65.9 million austerity cut, a reduction of 30.5% We expect an even further reduction in austerity cuts in fiscal year 2016. ____________________________________________________________________________________ LONG-TERM FINANCIAL PLANNING ____________________________________________________________________________________ The District anticipates meeting its projected capital improvement needs through December 2018 by means of county sales tax revenues. In March 2013, the citizens of Cobb County voted to renew a onepercent local option sales tax for education over a period of five years beginning January 1, 2014 and ending December 31, 2018. The revenue generated from sales tax has been or will be used to construct new schools, improve existing schools, construct major additions to many schools, improve technology and security throughout the District and acquire land for future expansion. A schedule of District school buildings and their ages can be found on pages 145 through 152, in the statistical section. ____________________________________________________________________________________ OTHER INFORMATION ____________________________________________________________________________________ New Educational Model: The Cobb County School District currently saves almost $44 million annually through state waivers no longer available after July 1, 2015, unless a contract is developed to become either a charter system or an Investing in Educational Excellence (IE2) system. The Cobb County School Board has received approval from the Georgia Department of Education to become an IE2 district, effective with the 2015-2016 school year. A chief reason for selecting this model over the charter system model was the 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 associated reports and schedules are presented in a separately issued Report of Independent Certified Public Accountants in Accordance with the Single Audit Act and Governmental Auditing Standards. iii iv Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Cobb County School District Georgia For its Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2014 Executive Director/CEO v vi COBB COUNTY SCHOOL DISTRICT FUNCTION AND COMPOSITION JUNE 30, 2015 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 twice 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, 2015, 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. Randy Scamihorn Mr. Brad Wheeler Mr. David Chastain Mr. Scott Sweeney Mr. David Morgan Mr. David Banks Mrs. Susan Thayer Term Expires December 31, 2016 December 31, 2016 December 31, 2018 December 31, 2018 December 31, 2016 December 31, 2016 December 31, 2018 vii COBB COUNTY SCHOOL DISTRICT ELECTED OFFICIALS AND SUPERINTENDENT OF SCHOOLS JUNE 30, 2015 RANDY SCAMIHORN POST 1 3 Years Served SUSAN THAYER DAVID MORGAN POST 2 1 Year Served POST 3 7 Years Served DAVID CHASTAIN POST 4 1 Year Served DAVID BANKS POST 5 7 Years Served SCOTT SWEENEY BRAD WHEELER CHRIS RAGSDALE POST 6 5 Years Served POST 7 3 Years Served SUPERINTENDENT viii COBB COUNTY SCHOOL DISTRICT SUPERINTENDENT'S EXECUTIVE CABINET JUNE 30, 2015 Chris Ragsdale John Adams Dr. Angela Huff Brad Johnson Mary Elizabeth Davis Dr. Grant Rivera Dr. Angela Bacon Dr. Greg Ewing Superintendent Deputy Superintendent Chief of Staff Chief Financial Officer Chief Academic Officer Chief Leadership and Learning Officer Chief Technology Officer Chief Accountability and Research Officer ix COBB COUNTY SCHOOL DISTRICT ORGANIZATIONAL CHART JUNE 30, 2015 Citizens of Cobb County Board of Education Board Attorney Superintendent Chris Ragsdale Chief Financial Officer Brad Johnson Chief of Staff Dr. Angela Huff Chief Academic Officer Mary Elizabeth Davis Deputy Superintendent John Adams Chief Leadership & Learning Officer Dr. Grant Rivera Chief Accountability & Research Officer Dr. Greg Ewing Chief Technology Officer Dr. Angela Bacon x (This page was left blank intentionally) (This page was left blank intentionally) INDEPENDENT AUDITOR'S REPORT To the Superintendent and Members of the Cobb County Board of Education Marietta, Georgia Report on the Financial Statements 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, 2015, 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. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes 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. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements 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 entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 200 GALLERIA PARKWAY S.E., SUITE 1700 ATLANTA, GA 30339-5946 770-955-8600 800-277-0080 FAX 770-980-4489 www.mjcpa.com Members of The American Institute of Certified Public Accountants RSM International Opinions 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, 2015, 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. Emphasis of Matter As discussed in Notes 13 and 15, the Cobb County Board of Education implemented Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions an amendment of GASB Statement No. 27, as well as Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date an amendment of GASB Statement No. 68, as of July 1, 2014. These standards significantly changed the accounting for the Cobb County Board of Education's net pension liability and the related disclosures. Our opinions are not modified with respect to this matter. Other Matters 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 Employee Retirement System of Georgia, Schedule of Contributions Employee Retirement System of Georgia, and Schedule of Proportionate Share of Net Pension Liability Public School Employee Retirement System of Georgia, on pages 5 through 16 and pages 65 through 72 be presented to supplement the basic financial statements. Such information, 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 auditing standards generally accepted in the United States of America, 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. 2 Other 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 III schedule of expenditures of Special Purpose Local Option Sales Tax Projects, the SPLOST IV schedule of expenditures of Special Purpose Local Option Sales Tax Projects, and the introductory and statistical sections are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual nonmajor fund financial statements and schedules, the SPLOST III schedule of expenditures of Special Purpose Local Option Sales Tax Projects, and the SPLOST IV schedule of expenditures of Special Purpose Local Option Sales Tax Projects are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such 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 III schedule of expenditures of Special Purpose Local Option Sales Tax Projects, and the SPLOST IV 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. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on them. 3 Other Reporting Required by Governmental Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated November 20, 2015 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 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 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, 2015 4 MANAGEMENT'S DISCUSSION AND ANALYSIS COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2015 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, 2015. 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 2015 are as follows: Total net position increased from $655.2 million in 2014 to $731.1 million in 2015, a increase of $75.9 million. Total revenue increased from $1,114.9 million in 2014 to $1,164.6 million in 2015, an increase of $49.7 million. The revenue increase was primarily from greater state funding, as well as higher property and sales taxes. Total expenses increased from $1,054.9 million in 2014 to $1,088.7 million in 2015, an increase of $33.8 million. The increased expense was largely due to higher instructional salaries and services. 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. 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. 5 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2015 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 three categories: governmental funds, proprietary funds, and fiduciary 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 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. Fiduciary Funds The District is the trustee, or fiduciary, for assets that belong to others. The District's fiduciary funds include the Student Activity Fund and the Payroll Withholding Fund. The District is responsible for ensuring that the assets in these funds are used exclusively for their intended purposes for the benefit of those to whom the assets belong. The District excludes these funds from the district-wide financial statements because it cannot use these assets to finance its operations. 6 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2015 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 2015 and 2014. In 2015, the District's net position increased 11.6%, or $75.9 million, over the prior year. A new governmental accounting standard requires the District to report its proportional liability of state administered pension plans in which the District participates for the benefit of its employees. Total current and other assets reflected a net decrease of 2.4%, or $9.4 million, primarily due to a decrease in cash of $14.7 million. Most of this cash decrease was the direct result of higher instructional expenses. Salaries were increased by 1.5% during the year as a substantial restoration of a District-wide salary cut of 2.0% in a previous year. 7 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2015 8 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2015 Changes in Net Position from Operating Results The Changes in Net Position from Operating Results Table (Table II), presented on the following pages, summarizes and compares the Statement of Activities for 2015 and 2014. Revenues In 2015, the District's total revenues increased 4.5%, or $49.7 million, over the prior year due primarily to an increase in state and federal aid and increased tax revenue. Operating grants and contributions increased by 6.4%, or $32.8 million, primarily due to an increase in state instructional program revenue. General property taxes increased 4.1%, or $21.5 million, primarily due to a 5.6% increase in the real property tax digest. Charges for services increased by 0.3% or $0.2 million, primarily due to an increase in after school program revenue. Other revenue decreased by 46.4%, or $2.6 million, due largely to a nonrecurring utility rebate received in the prior year which resulted from a class action lawsuit. Expenses In 2015, the District's total expenses increased 3.2%, or $33.8 million, over the prior year due primarily to an increase in instructional and school administrative salaries. Instruction increased by 4.0%, or $27.3 million largely due to a 1.5% increase in salaries and the restoration of a 180 day school year, with no furlough days. School and administrative services increased 7.6%, or $12.2 million, in large part due to the salary increase, as well as a 1.4% increase in student enrollment. 9 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2015 10 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2015 Governmental Activities The Net Cost of Governmental Activities Table (Table III) presents the total and net cost of six major District activities: Instruction, Pupil and Instructional Services, School and Administrative Services, Student Transportation, Maintenance and Operations, and Other. 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 2015 was $1,088.7 million. Users of the District's programs financed $62.1 million of the costs. Federal and State grants, subsidized programs and contributions financed $551.5 million of the cost. District taxpayers financed the remaining costs of 2015 which totaled $475.1 million. 11 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2015 The School District's Funds The District ended fiscal year 2015 with a healthy fund balance in its governmental funds. The combined balance of all governmental funds, at $261.0 million, was 10.0% lower than 2015's ending balance of $290.0 million. The General Fund's fund balance decreased by $10.3 million, or 7.2%, due to the use of fund balance to largely fund the 1.5% salary restoration for all employees. SPLOST IV increased its fund balance by $23.2 million, an increase of 50.8%. The nonmajor governmental fund balances decreased in the aggregate by $41.9 million, or 41.3%. Most of this decrease was in SPLOST III, as it no longer had sales tax revenue and neared completion of its construction projects. 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. Revenue for local property taxes and state student funding were both higher in 2015, by $13.5 million and $28.2 million respectively. This reflected a rebound in property tax values and increased tax collections at the state level. These increased revenues, combined with a contribution from the General Fund Balance, enabled the District to increase salaries for the first time in six years. We budgeted a decrease in General Fund Balance of $51.7 million, but due to conservative budgeting practices and effective expenditure control, General Fund Balance only decreased by $10.3 million. Actual revenue exceeded budget by $20.8 million, and actual expenditures were less than budget by $20.6. This netted a favorable budget variance of $41.4 million. General Fund Balance The unassigned General Fund balance at June 30, 2015 was $90.6 million. This represents approximately 37 days of general fund expenditures. The Board of Education made a concerted effort to maintain adequate reserves for the District. 12 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2015 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 III focuses on revitalizing schools. Collections of the tax began on January 1, 2009 and ended on December 31, 2013. The SPLOST III fund had expenditures of $45.0 million and an ending fund balance of $23.8 million. SPLOST IV began January 1, 2015 and will end on December 31, 2019. The SPLOST IV fund had expenditures of $105.2 million and an ending fund balance of $69.0 million. A full listing of SPLOST III and SPLOST IV projects can be located on pages 112-115. Nonmajor Governmental Funds The Nonmajor Governmental Funds had aggregate expenditures of $196.6 million and aggregate fund balances of $59.6 million. The Board of Education will continue to address contingencies in 2016. Funds with the highest expenditures were School Nutrition at $53.9 million, Special Education at $21.3 million, Title I at $20.7 million, and Local School Funds at $32.2 million. Funds ending the year with the highest fund balances were School Nutrition at $19.3 million, Local School Funds at $8.4 million, and After School Program at $3.8 million. The fund balance of Nonmajor Governmental Funds, in aggregate, decreased from $101.5 million in 2014 to $59.6 million in 2015, a decrease of $41.9 million. Descriptions of these funds can be located on pages 73-75. 13 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2015 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 2015 and 2014. Capital assets increased 5.8% from $1,256.7 million in 2014 to $1,329.3 million in 2015, an increase of $72.6 million. Construction in Progress increased by $19.4 million, or 49.5%, due to the start of many new projects in SPLOST IV. Library and Textbooks increased by $2.6 million, or 19.5%. Equipment increased by $40.8 million, or 140.7%, primarily from a refresh of technology equipment at the local schools. Land increased by $5.5 million, or 4.4%, as land was acquired for future school expansion. More detailed information about capital assets can be found in Note 5 of the Notes to the Basic Financial Statements. 14 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2015 15 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2015 Long-Term Obligations As of June 30, 2015, the District had $8.8 million in outstanding long-term obligations for compensated absences and a net pension liability of $673.1 million. More detailed information about long-term obligations can be found in Notes 9 and 12 of the Notes to the Basic Financial Statements. Factors Bearing on the District's Future We are fortunate that the Cobb County School District has no issued debt, allowing us to devote all of our financial resources to providing a quality education for our students. We are also grateful for our citizens' approval of the SPLOST IV capital financing initiative which enables the financing of new schools and needed building improvements to existing schools. Our District is committed to working as one team for the goal of student success, and we greatly appreciate the support of our schools by the public and by local community organizations. 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, 440 Glover Street, Marietta, Georgia, 30060. 16 (This page was left blank intentionally) COBB COUNTY SCHOOL DISTRICT STATEMENT OF NET POSITION JUNE 30, 2015 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Receivables (net of allowance for uncollectables): Taxes Federal and State Aid Accounts 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 Total Deferred Outflows of Resources LIABILITIES: Accounts Payable and Other Current Liabilities Intergovermental Payables Accrued Salaries and Benefits Unearned Revenue Noncurrent Liabilities: Due Within One Year Due In More Than One Year Net Pension Liability Total Liabilities DEFERRED INFLOWS OF RESOURCES: Related to Defined Benefit Pension Plans Total Deferred Inflows of Resources NET POSITION: Investment in Capital Assets Restricted for: Capital Projects School Nutrition Services Miscellaneous Grants Unrestricted (Deficit) Total Net Position Governmental Activities $ 268,134 20,412 83,299 1,304 150 2,542 130,398 58,593 3,191 1,763,917 164,352 90,903 (882,009) $ 1,705,186 75,156 75,156 36,174 370 67,328 717 6,540 8,639 673,119 792,887 256,361 256,361 1,329,345 92,760 19,295 43 (710,349) $ 731,094 See accompanying notes to the basic financial statements. 17 COBB COUNTY SCHOOL DISTRICT STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2015 (amounts expressed in thousands) GOVERNMENTAL ACTIVITIES Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operations Student Activities Total Governmental Activities Expenses Program Revenues Charges for Services Operating Capital Grants and Grants and Contributions Contributions Net (Expense) Revenue and Changes in Net Position $ 704,451 $ 27,468 47,475 173,717 49,975 53,469 32,164 $ 1,088,719 $ 1,121 $ 10 - 27,963 - 1,830 31,193 62,117 $ 478,418 $ 25,483 2,044 34,985 4,662 - 545,592 $ 5,077 $ 113 $ 226 $ 451 $ -$ -$ -$ 5,867 $ (219,835) (1,862) (45,205) (110,318) (45,313) (51,639) (971) (475,143) General Revenues: Taxes: Property Taxes Levied for General Purposes Sales Tax Interest Income Other 421,043 126,923 1,352 1,769 Total General Revenues 551,087 Change in Net Position 75,944 Net Position - Beginning of Year, As Originally Presented 1,543,463 Restatements - Changes in Accounting Principles (888,313) Net Position - Beginning of Year, Restated 655,150 Net Position - End of Year $ 731,094 See accompanying notes to the basic financial statements. 18 COBB COUNTY SCHOOL DISTRICT BALANCE SHEET GOVERNMENTAL FUNDS JUNE 30, 2015 (amounts expressed in thousands) Assets: Cash and Cash Equivalents Receivables (net of allowance for uncollectables): Taxes Federal and State Aid Accounts Due from Other Funds Prepaids Inventories Total Assets General $ 117,029 9,426 66,374 1,292 9,636 136 708 $ 204,601 LIABILITIES,DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES : Liabilities: Accounts Payable $ Intergovernmental Payables Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities 6,971 367 45,134 16,425 180 - 69,077 Deferred Inflows of Resources: Unavailable Revenue - Property Taxes Total Deferred Inflows of Resources 3,042 3,042 Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities, Deferred Inflows of Resources, and Fund Balances 844 - 10,000 31,050 90,588 132,482 $ 204,601 Special Purpose Local Option Sales Tax IV Nonmajor Governmental Funds Total Governmental Funds $ 77,894 $ 65,703 $ 260,626 10,986 - 20,412 1,044 15,881 83,299 - 12 1,304 - 175 9,811 - 10 146 - 1,834 2,542 $ 89,924 $ 83,615 $ 378,140 $ 20,968 $ 7,911 $ 35,850 - 3 370 - 4,301 49,435 - 1,446 17,871 - 9,636 9,816 - 717 717 20,968 24,014 114,059 - - 3,042 - - 3,042 - 1,844 2,688 68,956 41,308 110,264 - 14,990 24,990 - 1,468 32,518 - (9) 90,579 68,956 59,601 261,039 $ 89,924 $ 83,615 $ 378,140 See accompanying notes to the basic financial statements. 19 COBB COUNTY SCHOOL DISTRICT RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET POSITION JUNE 30, 2015 (amounts expressed in thousands) 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 expected to be liquidated with expendable 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 Property taxes receivable will be collected after year-end, but are not available to pay for current period's expenditures, and therefore are unavailable in the funds. 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 $ 261,039 2,211,354 (882,009) 1,329,345 (673,119) 75,156 (256,361) (854,324) 3,042 764 (8,772) $ 731,094 See accompanying notes to the basic financial statements. 20 COBB COUNTY SCHOOL DISTRICT STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2015 (amounts expressed in thousands) REVENUES: Taxes Intergovernmental Tuition and Fees Interest Income Rentals Athletic Ticket Sales Other Total Revenues General Special Purpose Nonmajor Total Local Option Governmental Governmental Sales Tax IV Funds Funds $ 421,814 $ 459,181 12 1,294 1,353 1,570 885,224 126,923 $ 1 $ 548,738 1,420 91,830 552,431 - 57,738 57,750 133 151 1,578 - - 1,353 - 3,013 3,013 - 199 1,769 128,476 152,932 1,166,632 EXPENDITURES: Current: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operations School Nutrition Program Student Activities Capital Outlay Total Expenditures 653,801 19,248 25,519 84,588 43,909 62,154 458 3,769 893,446 16,709 88,529 105,238 21,509 6,125 20,726 71,007 1,674 1,312 32,164 42,110 196,627 675,310 25,373 46,245 172,304 45,583 63,466 458 32,164 134,408 1,195,311 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) (8,222) 125 (2,313) 110 (2,078) 23,238 - (43,695) 1,868 (125) 16 1,759 (28,679) 1,993 (2,438) 126 (319) Net Change in Fund Balances Fund Balances, Beginning of Year (10,300) 142,782 23,238 45,718 (41,936) 101,537 (28,998) 290,037 Fund Balances, End of Year $ 132,482 $ 68,956 $ 59,601 $ 261,039 See accompanying notes to the basic financial statements. 21 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, 2015 (amounts expressed in thousands) 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 compried 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. Because some property taxes will not be collected for several months after the fiscal year ends, they are considered as unavailable revenues in the governmental funds. 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 $ (28,998) 143,527 (70,570) 72,957 33,989 (772) (268) (257) (707) $ 75,944 See accompanying notes to the basic financial statements. 22 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, 2015 (amounts expressed in thousands) REVENUES: Local State Federal Other Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget - Positive (Negative) $ 421,412 $ 421,704 $ 426,012 $ 435,891 436,839 451,604 4,703 4,703 6,615 423 423 264 862,429 863,669 884,495 4,308 14,765 1,912 (159) 20,826 EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Services Maintenance and Operation of Plant Student Transportation Central Operations Other Support Services Community Service Operations Capital Outlay Transfers Total Expenditures 644,414 18,429 24,707 14,789 8,292 54,701 4,353 63,891 47,966 15,676 75 18 2,933 900,244 662,395 19,410 12,952 14,893 8,673 54,888 4,444 66,615 49,819 17,871 76 18 3,326 915,380 656,240 19,248 11,615 14,498 7,843 55,634 5,900 61,746 44,695 14,966 21 74 2 2,313 894,795 6,155 162 1,337 395 830 (746) (1,456) 4,869 5,124 2,905 (21) 2 16 1,013 20,585 Net Change in Fund Balance Fund Balance, Beginning of Year (37,815) 142,782 (51,711) 142,782 (10,300) 142,782 41,411 - Fund Balance, End of Year $ 104,967 $ 91,071 $ 132,482 $ 41,411 See accompanying notes to the basic financial statements. 23 COBB COUNTY SCHOOL DISTRICT STATEMENT OF NET POSITION PROPRIETARY FUNDS JUNE 30, 2015 (amounts expressed in thousands) Assets: Current Assets: Cash and Cash Equivalents Due from Other Funds Prepaids Total Current Assets Liabilities: Current Liabilities: Accounts Payable Claims Payable 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 Governmental Activities Internal Service Funds $ 7,508 5 4 7,517 324 1,852 11 11 2,198 4,555 6,753 $ 764 See accompanying notes to the basic financial statements. 24 COBB COUNTY SCHOOL DISTRICT STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITON PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2015 (amounts expressed in thousands) Governmental Activities OPERATING REVENUES: Charges for Services Internal Service Funds $ 5,217 OPERATING EXPENSES: School and Administrative Services 5,919 Operating Loss Transfers-In (702) 445 Change in Net Position Total Net Position, Beginning of Year (257) 1,021 Total Net Posiition, End of Year $ 764 See accompanying notes to the basic financial statements. 25 COBB COUNTY SCHOOL DISTRICT STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2015 (amounts expressed in thousands) 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 Operating Activities Cash Flows from Noncapital Financing Activities: Transfers-In Net Cash Provided by Noncapital Financing 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 Provided by Operating Activities: Operating Loss Adjustments to Reconcile Operating Loss to Net Cash Provided by Operating Activities: Decrease in Accounts Receivable Decrease in Due From Other Funds Decrease in Prepaids Increase in Claims Payable Decrease in Accounts Payable Total Adjustments Net Cash Provided by Operating Activities Governmental Activities Internal Service Funds $ 12,980 (360) (4,871) (686) 7,063 445 445 7,508 - $ 7,508 $ (702) 104 7,659 53 51 (102) 7,765 $ 7,063 See accompanying notes to the basic financial statements. 26 COBB COUNTY SCHOOL DISTRICT STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES FIDUCIARY FUNDS JUNE 30, 2015 (amounts expressed in thousands) Assets: Cash and Cash Equivalents Total Assets Liabilities: Due to Student Groups Payroll Withholdings Payable Total Liabilities Agency Funds $ 36,365 $ 36,365 $ 1,338 35,027 $ 36,365 See accompanying notes to the basic financial statements. 27 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 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 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, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and nonexchange 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, 2015 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Program revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) 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, including fiduciary funds. Separate statements for each category (governmental, proprietary and fiduciary) 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 IV Fund (SPLOST IV) account for sales tax proceeds required to be used for capital outlay for educational purposes as authorized by local referendum. Additionally, the District reports the following fund types: Special revenue funds account for restricted or committed specific revenues and their related expenditures. 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, 2015 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fiduciary funds (agency funds) account for assets and liabilities held by the District as an agent for various governments or individuals on the accrual basis of accounting. Specifically, the District temporarily holds assets for numerous school student activity organizations and payroll withholdings. 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. Agency funds report only assets and liabilities and, accordingly, do not have a measurement focus. 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 capital leases are reported as other financing sources. 30 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 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 September 1 through August 31. In accordance with the requirements of the enabling legislation of the QBE program, the State of Georgia reimburses the District over the same twelve-month 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 and August 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, 2015 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 certificates of deposit. All of the District's investments as of June 30, 2015, were purchased with a maturity date less than one year from the date of purchase. These investments are stated at fair value. 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. The Official Code of Georgia Annotated Section 3683-4 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, 2015 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. Federal and State Aid Receivables at June 30, 2015 were as follows: (amounts expressed in thousands) Special General Fund Purpose Local Option Sales Tax IV Nonmajor Governmental Total Federal Grants $ -$ -$ 12,106 $ 12,106 State Aid / Grants 66,374 1,044 3,775 71,193 Federal and State $ 66,374 $ 1,044 $ 15,881 $ 83,299 G. Property Taxes: The Cobb County Board of Commissioners fixed the property tax levy for the 2014 tax digest year (calendar year) in July 2014 (levy date) based on property values as of January 1, 2014. Taxes were due on October 15, 2014 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2014 tax digest are reported as revenue in the governmental funds for fiscal year 2015. 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, 2015 totaled $421,814,000. 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 2014 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 33 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) H. 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 $531,022,898 has been collected or on December 31, 2018, whichever occurs first. I. 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. J. Prepaid Items: Payments made to vendors for services that will benefit periods subsequent to June 30, 2015, are recorded as prepaid, according to the consumption method. K. 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 fair market 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 is computed using the straight-line method. 34 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 All 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 Depreciation expense is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. L. Deferred Outflows/Inflows of Resources Deferred outflows of resources represent a consumption of net position that applies to a future period (s) and so will not be recognized as an outflow of resources (expenses/ expenditures) until then. Deferred inflows of resources represent an acquisition of net position 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 (described in note M below), Cobb County School District has one type of item, which arises only under a modified accrual basis of accounting, that qualifies for reporting in this category. Accordingly, the item, unavailable revenue, is reported only in the governmental funds balance sheet. Governmental funds report unavailable revenues from one source: property taxes. This amount is deferred and recognized as an inflow of resources in the period that the amounts become available. M. 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. 35 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 Employees' Retirement System (ERS) and additions to/deductions from ERS's fiduciary net position have been determined on the same basis as they are reported by ERS. 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. N. Net Position: The School District's net position in the District-wide Statements are classified as follows: 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 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 the Board to meet current expenses for those purposes. 36 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) O. 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 can only 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. 4) Assigned Fund Balance - Amounts intended by the Board of Education for specific purposes, but are neither restricted or committed. The Board of Education can choose to delegate this authority. 5) Unassigned Fund Balance - Residual spendable fund balance after subtracting all above amounts. Positive unassigned values are only reported in the General Fund. 37 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Committed Fund Balances The Board of Education, as the government's highest level of decision-making authority, may commit fund balance by a formal action through the approval of a motion and prior to the government's fiscal year-end for that fiscal year. Future modification or rescission of committed funds must likewise be accomplished by a formal vote of the Board of Education prior to fiscal year-end. Pursuant to the requirements of Governmental Accounting Statement 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 After School Program Performing Arts / Artists at School Tuition School / Adult High School Facility Use / Public Safety Local Schools Revenue Source Donations by individuals or organizations to benefit school programs. Attendance and registration fees of After School Program (ASP). Voluntary student contributions to fund Performing Arts Programs and donations to fund artist workshops at local schools. User tuition charges and GED fees. 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. Assigned Fund Balances The 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, it will be paid from restricted funds. 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 38 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 Schedule of Fund Balances Fund Balances: General Fund Special Purpose Nonmajor Local Option Governmental Sales Tax IV Funds Total Nonspendable: Inventory Prepaids $ 708,000 136,000 $ 1,834,000 $ 2,542,000 10,000 $ 146,000 Restricted for: Capital Projects School Nutrition Miscellaneous Grants $ 68,956,000 23,804,000 17,461,000 43,000 $ 92,760,000 $ 17,461,000 $ 43,000 Committed to: Local School Activities After School Program Tuition School / Adult High School Facility Use and Public Safety Programs Performing Arts and Artists at School Programs Donations for the Benefit of School Programs New School Building in South Cobb 10,000,000 8,417,000 3,769,000 1,106,000 1,370,000 229,000 99,000 $ 8,417,000 $ 3,769,000 $ 1,106,000 $ 1,370,000 $ 229,000 $ 99,000 $ 10,000,000 Assigned to: Appropriation for Next Year's Budget Instruction Instructional Services School and Administrative Services Maintenance and Operations Transportation District-Wide Building Student Information Systems Psycho Ed 20,000,000 5,991,000 481,000 2,645,000 1,304,000 629,000 733,000 396,000 339,000 $ 20,000,000 $ 5,991,000 $ 481,000 $ 2,645,000 $ 1,304,000 $ 629,000 $ 733,000 $ 396,000 $ 339,000 Unassigned: 90,588,000 (9,000) $ 90,579,000 Total Fund Balance $ 132,482,000 $ 68,956,000 $ 59,601,000 $ 261,039,000 39 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 2. LEGAL COMPLIANCE BUDGETS: The Board of Education budgets its operations on an annual basis for the General Fund and 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 the budget on a basis other than accounting principles generally accepted in the United States of America (GAAP) as allowed by the State of Georgia. 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 lapse at year-end and encumbrances outstanding at that time are rebudgeted in the following fiscal year. Budget amendments which 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. The level of legal budgetary control (the level at which expenditures may not exceed appropriations) is at the function level within individual funds. Several supplementary appropriations were necessary during the fiscal year ended June 30, 2015. For the year ended June 30, 2015, expenditures exceeded appropriations in several function areas (the legal level of budgetary control). These over-expenditures were offset by underexpenditures in other function areas within the same fund, or by revenues collected in excess of budgeted collections. The over-expenditures are identified in the following schedule: General Fund: School Administration $ Business Services Other Support Services Donations Other Support Services After School Program Instruction Tuition School/Adult High School Improvement of Instructional Services Race to the Top Improvement of Instructional Services Title IV Federal Grant Administraton Student Transportation 746,000 1,456,000 21,000 2,000 61,000 36,000 34,000 4,000 7,000 40 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 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 market 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 45-8-13.1) the aggregate of the market 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. 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 (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. 41 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 3. CASH EQUIVALENTS, DEPOSITS AND INVESTMENTS (Continued) 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, 2015, the District had deposits with a carrying amount of $304,497,884 and a bank balance of $311,665,700. The bank balance was entirely covered 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, 2015, the District's investments included $100 in an investment pool account called Georgia Fund One, 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 56 days. In addition, the District had $431,458 in certificates of deposit in various financial institutions. These investments are reported as cash equivalents. 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 which 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. 42 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 3. CASH EQUIVALENTS, DEPOSITS AND INVESTMENTS (Continued) The District's investment in Georgia Fund One, the State of Georgia Investment Pool, was rated AAAf by Standard & Poor's. The Office of the State Treasurer is the oversight agency for Georgia Fund One. Concentration of Credit Risk Concentration of credit risk is defined as investments of more than 5% in any one issuer. Georgia Fund One is excluded from the requirement of disclosing concentration of credit risk. The Georgia Fund One's primary objectives are safety of capital, investment income, liquidity and diversification while maintaining principal ($1 per share value). Net 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 and are reported at fair market value. As of June 30, 2015, the District considers amounts held in Georgia Fund 1 as cash equivalents for financial statement presentation. Interest Rate Risk In accordance with its investment policy, the District will minimize interest rate risk, which is the risk that the market 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 which 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 43 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 5. CAPITAL ASSETS: The following is a summary of changes in the capital assets during the fiscal year: Governmental Activities Balance June 30, 2014 Capital Assets, Not Being Depreciated: Land $ 124,917,000 Construction In Progress 39,152,000 Total Capital Assets Not Being Depreciated 164,069,000 Capital Assets Being Depreciated: Buildings and Improvements 1,710,229,000 Intangibles - Equip ment 115,810,000 Library /T ext books 95,629,000 Total Capital Assets Being Depreciated 1,921,668,000 Less Accumulated Depreciation for: Buildings and Improvements 659,904,000 Intangibles - Equip ment 86,786,000 Library /T ext books 82,391,000 Total Accumulated Depreciation 829,081,000 Increases $ 5,481,000 76,096,000 81,577,000 53,688,000 3,191,000 52,461,000 9,265,000 118,605,000 52,280,000 319,000 11,408,000 6,563,000 70,570,000 Decreases Balance June 30, 2015 $ - $ 130,398,000 (56,655,000) 58,593,000 (56,655,000) 188,991,000 (3,919,000) (13,991,000) (17,910,000) 1,763,917,000 3,191,000 164,352,000 90,903,000 2,022,363,000 (3,651,000) (13,991,000) (17,642,000) 712,184,000 319,000 94,543,000 74,963,000 882,009,000 Total Capital Assets Being Depreciated-Net 1,092,587,000 Governmental Capital Assets,Net $ 1,256,656,000 48,035,000 $ 129,612,000 (268,000) 1,140,354,000 $ (56,923,000) $ 1,329,345,000 Current year depreciation expense by function for governmental activities is as follows: Instruction $ Pupil Services Instructional Services School and Administrative Services Pupil Transportation Maintenance and Operations $ 55,304 3,096 2,254 4,886 4,994 36 70,570 44 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 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 $9,636,000 receivable due to the General Fund from various nonmajor governmental funds was primarily for the financing of federal and state grant expenditures whose reimbursement was pending at yearend, as detailed below. The $175,000 receivable due to Local Schools from the General Fund largely represented local school cash funds invested during the summer, to be repaid with interest after the start of school. The $5,000 receivable in two proprietary funds due from the General Fund represented allocated charges for unemployment and workers compensation benefits. Interfund receivable and payable balances by fund as of June 30, 2015 are disclosed in the following schedule: Governmental Funds: General Fund Re ce ivable $ 9,636,000 Nonmajor Governmental Funds: Adult Education Psycho Education Center Title I Race to the Top Grant Special Ed Federal Grant Vocational Education Title II Homeless Grant Title III Title IV Local Schools Total Nonmajor Governmental Funds 175,000 175,000 Proprietary Funds: Unemployment Compensation Fund Self-Insurance Fund Total Proprietary Funds 4,000 1,000 5,000 Total $ 9,816,000 Payable $ 180,000 818,000 610,000 3,973,000 5,000 3,304,000 196,000 422,000 5,000 178,000 125,000 9,636,000 $ 9,816,000 45 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 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 from the General Fund to the County Wide 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 two transfers in to the General Fund from nonmajor governmental funds represented excess uncommitted revenue above program expenditures that was returned to benefit the various instructional and support services of the District. Interfund transfers for the year ended June 30, 2015, consisted of the following: Transfers Out: General Fund: General Fund General Fund General Fund General Fund Total General Fund Nonmajor Governmental Funds: Student Information Systems Fund Facility Use / Public Safety Fund Total Nonmajor Governmental Funds Transfers In: County Wide Building Fund Facility Use / Public Safety Fund Tuition School / Adult High School Fund Self-Insurance Fund General Fund General Fund Total for All Funds Amount $ 793,000 $ 855,000 220,000 445,000 $ 2,313,000 $ 2,000 123,000 $ 125,000 $ 2,438,000 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. 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 then converted to present values using an interest rate of 3%. 46 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 8. RISK MANAGEMENT (Continued) Estimated claims for the next fiscal year total $1,852,000 and the non-current liability for succeeding years is $4,555,000. 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 2014 $ 6,409,000 $ 3,142,000 $ (3,195,000) $ 6,356,000 2015 $ 6,356,000 $ 3,112,000 $ (3,061,000) $ 6,407,000 Note 9. LONG-TERM OBLIGATIONS: Fiscal year 2015 long-term obligations are as follows: Accrued Vacation Pay Net Pension Liabilit y Total Balance 6/30/2014 Increases Decreases Balance 6/30/2015 Current Amounts Due Within One Year Long-term Amounts Due After One Year $ 8,065,000 $ 5,017,000 $ 4,310,000 $ 8,772,000 $ 4,688,000 $ 4,084,000 $ 955,063,000 $ $ 963,128,000 $ 41,222,007 $ 46,239,007 $ 323,166,007 $ 673,119,000 $ 327,476,007 $ 681,891,000 $ - $ 673,119,000 4,688,000 $ 677,203,000 Accrued vacation pay and pension obligations are generally liquidated by the General Fund. Note 10. 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, 2015 was $1,983,973. 47 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 11. 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, 2015 included additions and renovations at one elementary school and three high schools. As of June 30, 2015, the contract price and expenditures to date for the largest projects were as follows: Project Contract Price Expenditures To Date Maintenance/Renovation McEachern HS $ 11,912,049 Additions/Modifications Teasley ES 15,928,335 New Facility Walton HS 50,612,309 Additions/Renovations Wheeler HS 24,404,960 $ 2,500,444 13,501,543 4,289,108 13,358,486 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 and the collectability of any related receivable at June 30, 2015, 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; therefore, 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. Note 12. 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 is accrued and includes social security, medicare, and workers compensation payroll taxes. 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. 48 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 13. RETIREMENT PLANS: The District participated in three cost sharing multiple employer plans: the Teacher's Retirement System of Georgia, the Employee Retirement System of Georgia, and the Public School Employee Retirement System of Georgia. The following are aggregate amounts reported by the District related to these plans as of and for the year ended June 30, 2015: Net Pension Liability Deferred Outflows related to Pensions Deferred Inflows related to Pensions Pension Expense $ 673,119,000 75,156,000 256,361,000 41,803,237 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 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. 49 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 13. RETIREMENT PLANS (Continued) Funding Policy 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 invested 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 13.15 percent of the covered payroll. The District's contributions to TRS for the year ended June 30, 2015 was $75,145,398. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At June 30, 2015, 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 $ 673,041,668 State of Georgia's proportionate share of the net pension liability associated with the District 1,082,454 Total $ 674,124,122 The net pension liability was measured as of June 30, 2014. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2013. An expected total pension liability as of June 30, 2014 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, 2014. At June 30 2014, the District's proportion was 5.327360%, which was an decrease of 0.152209% from its proportion measured as of June 30, 2013. 50 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 13. RETIREMENT PLANS (Continued) For the year ended June 30, 2015, the District recognized pension expense of $41,222,007 and revenue of $150,447 for support provided by the State of Georgia for certain support personnel. At June 30, 2015, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: De fe rre d Outflows of Re s ource s De fe rre d Inflows of Re s ource s Net difference between projected and actual earnings on pension plan investments $ - $ 234,636,592 Changes in proportion and differences between District contributions and proportionate share of contributions - 21,610,711 District contributions subsequent to the measurement date 75,145,398 - Total $ 75,145,398 $ 256,247,303 District contributions subsequent to the measurement date of $75,145,398 are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2016. 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 ended June 30: 2016 2017 2018 2019 2020 Total $ (63,570,660) (63,570,660) (63,570,660) (63,570,713) (1,964,610) $ (256,247,303) 51 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 13. RETIREMENT PLANS (Continued) Actuarial assumptions: The total pension liability as of June 30, 2014 was determined by an actuarial valuation as of June 30, 2013 using the following actuarial assumptions, applied to all periods included in the measurement: Inflation Salary increases Investment rate of return 3.00% 3.75-7.00%, average, including inflation 7.50%, net of pension plan investment expense including inflation Mortality rates were based on the RP-2000 Combined Mortality Table for Males or Females set back two years for males and set back three years for females. The actuarial assumptions used in the June 30, 2013 valuation were based on the results of an actuarial experience study for the period July 1, 2004 June 30, 2009. 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 Fixed income Domestic large equities Domestic mid equities Domestic small equities International developed market equities International emerging market equities Total * Rates shown are net of the 3.00% assumed rate of inflation Target allocation 30.00% 39.70 3.70 1.60 18.90 6.10 100.00% Long-term expected real rate of return* 3.00% 6.50 10.00 13.00 6.50 11.00 52 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 13. RETIREMENT PLANS (Continued) Discount rate: The discount rate used to measure the total pension liability was 7.50 %. 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 7.50 %, 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 (6.50%) or one percentage point higher (8.50%) than the current rate: 1% Decrease (6.5%) District's proportionate share of the net pension liability $ 1,240,325,491 Current discount rate (7.5%) $ 673,041,668 1 % Increase (8.5%) $ 205,895,219 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, 2015, the District reported a payable of $9,009,382 for the outstanding amount of contributions to the TRS pension plan required for the year ended June 30, 2015. 53 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 13. RETIREMENT PLANS (Continued) Employee Retirement System of Georgia (ERS): Plan Description ERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State of Georgia and its political subdivisions. ERS is directed by a Board of Trustees. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. ERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/formspubs/formspubs. Benefits Provided The ERS Plan supports three benefit tiers: Old Plan, New Plan, and Georgia State Employees' Pension and Savings Plan (GSEPS). Employees under the old plan started membership prior to July 1, 1982 and are subject to plan provisions in effect prior to July 1, 1982. Members hired on or after July 1, 1982 but prior to January 1, 2009 are new plan members subject to modified plan provisions. Effective January 1, 2009, new state employees and rehired state employees who did not retain membership rights under the Old or New Plans are members of GSEPS. ERS members hired prior to January 1, 2009 also have the option to irrevocably change their membership to GSEPS. Under the old plan, the new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60. Retirement benefits paid to members are based upon the monthly average of the member's highest 24 consecutive calendar months, multiplied by the number of years of creditable service, multiplied by the applicable benefit factor. Annually, postretirement cost-of-living adjustments may also be made to members' benefits, provided the members were hired prior to July 1, 2009. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension, at reduced rates, to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. 54 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 13. RETIREMENT PLANS (Continued) Funding Policy Member contributions under the old plan are 4% of annual compensation, up to $4,200, plus 6% of annual compensation in excess of $4,200. Under the old plan, the state pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these state contributions are included in the members' accounts for refund purposes and are used in the computation of the members' earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25% of annual compensation. The District's contractually required contribution rate, actuarially determined annually, for the year ended June 30, 2015 was 21.96% of annual covered payroll for old and new plan members and 18.87% for GSEPS members. The District's contributions to ERS totaled $10,848 for the year ended June 30, 2015. 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. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At June 30, 2015, the District reported a liability for its proportionate share of the net pension liability of $77,375. The net pension liability was measured as of June 30, 2014. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2013. An expected total pension liability as of June 30, 2014 was determined using standard roll-forward techniques. The District's proportion of the net pension liability was based on contributions to ERS during the fiscal year ended June 30, 2014. At June 30 2014, the Employer's proportion was 0.002063%, which was a decrease of 0.003174% from its proportion measured as of June 30, 2013. 55 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 13. RETIREMENT PLANS (Continued) For the year ended June 30, 2015, the District recognized pension expense of ($54,516). At June 30, 2015, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: 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 $ - - 10,848 $ 10,848 Deferred Inflows of Resources $ 18,885 94,783 $ 113,668 District contributions subsequent to the measurement date of $10,848 are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2016. 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 ended June 30: 2016 2017 2018 2019 Total $ (63,961) (40,264) (4,721) (4,722) $ (113,668) 56 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 13. RETIREMENT PLANS (Continued) Actuarial assumptions: The total pension liability as of June 30, 2014 was determined by an actuarial valuation as of June 30, 2013 using the following actuarial assumptions, applied to all periods included in the measurement: Inflation Salary increases Investment rate of return 3.00% 5.45-9.25%, average, including inflation 7.50%, net of pension plan investment expense including inflation Mortality rates were based on the RP-2000 Combined Mortality Table for the periods after service retirement, for dependent beneficiaries, and for deaths in active service, and the RP-2000 Disabled Mortality Table set back eleven years for males for the period after disability retirement. The actuarial assumptions used in the June 30, 2013 valuation were based on the results of an actuarial experience study for the period July 1, 2004 June 30, 2009. 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 Fixed income Domestic large equities Domestic mid equities Domestic small equities International developed market equities International emerging market equities Total 30.00% 39.70 3.70 1.60 18.90 6.10 100.00% * Rates shown are net of the 3.00% assumed rate of inflation Long-term expected real rate of return* 3.00% 6.50 10.00 13.00 6.50 11.00 57 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 13. RETIREMENT PLANS (Continued) Discount rate: The discount rate used to measure the total pension liability was 7.50%. 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 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 Agency's proportionate share of the net pension liability calculated using the discount rate of 7.50%, 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 1-percentage-point lower (6.50%) or 1-percentage-point higher (8.50%) than the current rate: 1% Decrease (6.5%) Current discount rate (7.5%) 1 % Increase (8.5%) District's proportionate share of the net pension liability $ 112,828 $ 77,375 $ 47,196 Pension plan fiduciary net position: Detailed information about the pension plan's fiduciary net position is available in the separately issued ERS financial report which is publically available at www.ers.ga.gov/formspubs/formspubs. Payables to the Pension Plan: At June 30, 2015, the District reported a payable of $967 for the outstanding amount of contributions to the ERS pension plan required for the year ended June 30, 2015. 58 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 13. RETIREMENT PLANS (Continued) 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/formspubs/formspubs. 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 $14.75, 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 by employees during the year, with an additional amount to finance any unfunded accrued liability. 59 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 13. RETIREMENT PLANS (Continued) 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 PSERS for the year ended June 30, 2015 was $631,785 with an average number of participants of 1,407. Pension Liabilities and Pension Expense At June 30, 2015, 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 porportionate share of the Net Pension Liability associated with the District $7,320,584 The net pension liability was measured as of June 30, 2014. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2013. An expected total pension liability as of June 30, 2014 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, 2014. For the year ended June 30, 2015, the District recognized pension expense of $635,746 and revenue of $635,746 for support provided by the State of Georgia. 60 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 13. RETIREMENT PLANS (Continued) Actuarial assumptions: The total pension liability was determined by an actuarial valuation as of June 30, 2013, using the following actuarial assumptions, applied to all periods included in the measurement: Inflation Salary increases Investment rate of return 3.00% N/A 7.50%, net of pension plan investment expense, including inflation Mortality rates were based on the RP-2000 Combined Mortality Table set forward one year for males for the period after service retirement, for dependent beneficiaries, and for deaths in active service, and the RP-2000 Disabled Mortality Table set back two years for males and set forward one year for females for the period after disability retirement. The actuarial assumptions used in the June 30, 2013 valuation were based on the results of an actuarial experience study for the period July 1, 2004 June 30, 2009. 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 returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target asset 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 mid equities Domestic small equities International developed market equities International emerging market equities Total 30.00% 39.70 3.70 1.60 18.90 6.10 100.00% 3.00% 6.50 10.00 13.00 6.50 11.00 * Rates shown are net of the 3.00% assumed rate of inflation 61 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 13. RETIREMENT PLANS (Continued) Discount rate: The discount rate used to measure the total pension liability was 7.50%. 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. Note 14. POSTEMPLOYMENT BENEFITS: Georgia Retiree Health Benefit Fund Plan Description The District contributes to the Georgia School Personnel Postemployment Health Benefit Fund (the "Benefit Fund"), a cost-sharing multiple-employer defined benefit postemployment healthcare plan administered by the Department of Community Health. The Benefit Fund provides health insurance benefits to eligible retirees and their qualified beneficiaries. Pursuant to Title 45, Chapter 18 of the Official Code of Georgia Annotated, the authority to establish and amend the benefit provisions of the plan is assigned to the Board of Community Health. The Department of Community Health issues a publicly available financial report that includes financial statements and required supplementary information for the Benefit Fund. That report may be obtained from the Department of Community Health at 2 Peachtree Street, Atlanta, Georgia 30303. Funding Policy The contribution requirements of plan members and participating employers are established by the Board in accordance with the current Appropriations Act and may be amended by the Board. Contributions of plan members or beneficiaries receiving benefits vary based on plan election, dependent coverage, and Medicare eligibility and election. On average, plan members pay approximately twenty-three percent (23%) of the cost of health insurance coverage. Participating employers are statutorily required to contribute in accordance with the employer contribution rates established by the Board. 62 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 14. POSTEMPLOYMENT BENEFITS (Continued): The contribution rate is established to fund both the active and retired employee health insurance plans based on projected "pay-as-you-go" financing requirements. Contributions are not based on the actuarially calculated annual required contribution (ARC) which represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. The combined rates for the active and retiree contribution rates established by the Board for employees participating in the SHBP were as follows for the fiscal year ended June 30, 2015: Certified Employees July 2014 June 2015 Non-Certified Employees July 2014 June 2015 $945.00 per member per month $596.20 per member per month No additional contribution was required by the Board for fiscal year 2015 nor contributed to the GRHBP to prefund retiree benefits. Such additional contribution amounts are determined annually by the Board in accordance with the State plan for other postemployment benefits and are subject to appropriation. The School District's combined active and retiree contributions to the health insurance plans, which equaled the required contribution, for the current fiscal year and the preceding two fiscal years were as follows: Fiscal Year 2015 2014 2013 Contribution $ 101,172,545 $ 97,431,371 $ 91,313,591 Contribution Percentage 100% 100% 100% 63 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2015 Note 15. CHANGE IN ACCOUNTING PRINCIPLE: In connection with the implementation of Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions an amendment of GASB Statement No.27, and Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date an amendment of GASB Statement No. 68, the District is required to change its accounting treatment of pension liabilities and the related pension expense. The new standard requires that the District's proportionate share of the net pension liability be recorded on the Statement of Net Position. Therefore, in conjunction with the implementation of Statements 68 and 71, the following restatement was required to the beginning net position of Governmental Activities to properly recognize the District's net pension liability and related deferred outflows of resources for contributions made subsequent to the measurement date as of the end of the prior year: Net Position, as Previously Reported Restatements for Implementaion of GASB No.'s 68 and 71 Net Pension Liability as of June 30, 2014 Deferred Outflows of Resources - Contributions Governmental Activities $ 1,543,463,000 (955,063,000) 66,750,000 Net Position, as Restated $ 655,150,000 64 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2015 Schedule of Proportionate Share of Net Pension Liability Teacher Retirement System of Georgia For the Year Ended June 30 (amounts expressed in thousands) 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 District's covered-employee payroll during measurement period 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 2015 5.327% $ 673,042 1,082 $ 674,124 544,177 123.68% 84.03% Note: Schedule is intended to show information for the last 10 fiscal years. Additional years will be displayed as they become available. 65 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2015 Schedule of Contributions Teacher Retirement System of Georgia Last 10 Fiscal Years (amounts expressed in thousands) Contractually required contribution 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 75,145 66,741 63,011 58,156 57,920 58,052 56,849 54,401 53,990 45,783 Contributions in relation to the contractually required contribution 75,145 66,741 63,011 58,156 57,920 58,052 56,849 54,401 53,990 45,783 Contribution Deficiency $ - - - - - - - - - - District's covered-employee $ 570,929 544,177 551,528 564,936 565,694 594,769 612,597 585,717 583,771 495,485 payroll Contributions as a percentage of covered-employee payroll 13.16% 12.26% 11.42% 10.29% 10.24% 9.76% 9.28% 9.29% 9.25% 9.24% Source: District Records This schedule is presented to illustrate the requirement to show information for 10 years. 66 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2015 Notes to Required Supplementary Information For the Year Ended June 30 (amounts expressed in thousands) Changes of assumptions: In 2010 and later, the expectation of retired life mortality was changed to the RP-2000 Mortality Tables rather than the 1994 Group AnnuityMortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjust to more closely reflect actual experience. In 2010, assumed rates of salary increase were adjusted to more closely reflect actual and anticipated experience. Method and assumptions used in calculations of actuarially determined contributions: The actuarially determined contribution rates in the schedule of contributions are calculated as of June 30, three years prior to the end of the fiscal year in which contributions are reported. The following actuarial methods and assumptions were used to determine the contractually requred contributions for year ended June 30, 2015 reported in that schedule: Valuation date Actuarial cost method Amortization method Remaining amortization period Asset valuation method Inflation rate Salary increases Investment rate of return June 30, 2012 Entry Age Level percentage of payroll, open 30 years Seven-year smoothed market 3.00% 3.75-7.00%, including inflation 7.5%, net of pension plan investment expense, including inflation 67 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2015 Schedule of Proportionate Share of Net Pension Liability Employee Retirement System of Georgia For the Year Ended June 30 (amounts expressed in thousands) District's proportion of the net pension liability District's proportionate share of the net pension liability District's covered-employee payroll 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 2015 0.002063% $ 77 $ 46 167.39% 77.99% Note: Schedule is intended to show information for the last 10 fiscal years. Additional years will be displayed as they become available. 68 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2015 Schedule of Contributions Employee Retirement System For the Year Ended June 30 (amounts expressed in thousands) Contractually required contribution Contributions in relation to the contractually required contribution Contribution Deficiency 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 $ 11 9 18 14 13 13 14 15 18 16 11 $ - 9 18 14 13 13 14 15 18 16 - - - - - - - - - District's covered-employee payroll $ 49 46 122 123 123 121 133 142 169 157 Contributions as a percentage of covered-employee payroll 22.45% 19.57% 14.75% 11.38% 10.57% 10.74% 10.53% 10.56% 10.65% 10.19% Source: District Records This schedule is presented to illustrate the requirement to show information for 10 years. 69 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2015 Notes to Required Supplementary Information For the Year Ended June 30 (amounts expressed in thousands) Changes of assumptions: There were no changes in assumptions or benefits that affect the measurement of the total pension liability since the prior measurement date. Method and assumptions used in calculations of actuarially determined contributions: The actuarially determined contribution rates in the schedule of contributions are calculated as of June 30, three years prior to the end of the fiscal year in which contributions are reported. The following actuarial methods and assumptions were used to determine the contractually requred contributions for year ended June 30, 2015 reported in that schedule: Valuation date Actuarial cost method Amortization method Remaining amortization period Asset valuation method Inflation rate Salary increases Investment rate of return June 30, 2012 Entry Age Level dollar, open 30 years Seven-year smoothed market 3.00% 2.725% - 4.625% for FY 2012-2013 5.45% - 9.25% for FY 2014 + 7.5%, net of pension plan investment expense, including inflation 70 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2015 Schedule of Proportionate Share of Net Pension Liability Public School Employee Retirement System of Georgia For the Year Ended June 30 (amounts expressed in thousands) 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 District's covered-employee payroll during measurement period 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 2015 0.0% 0 7,321 $ 7,321 $ 23,583 N/A 88.29% Note: Schedule is intended to show information for the last 10 fiscal years. Additional years will be displayed as they become available. 71 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2015 Notes to Required Supplementary Information For the Year Ended June 30 (amounts expressed in thousands) Changes of assumptions: The last experience investigation was prepared for the five-year period ending June 30, 2009, and based on the results of the investigation various assumptions and methods were revised and adopted by the board on December 16, 2010. The next experience investigaion will be prepared for the period July 1, 2009 through June 30, 2014. 72 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 Facility Use/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. This program is self-supported from charges of daily attendance fees and non-refundable annual registration fees per enrolled child. Performing Arts/Artist at School Tuition School/Adult High School 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. Artist at School 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. 73 Miscellaneous Grants School Nutrition (i3) Investing in Innovation Adult Education Psycho Education Center Title I Special Education Vocational Education Title II Race to the Top Homeless Grant This fund is established to provide accounting of funds received and represent a compilation of several grants which are awarded for educational purposes. 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. This fund is established to provide accounting of grant funds passed through Georgia State University which support local efforts by providing high quality teachers to improve student achievement. 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. 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 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. This fund is established to provide accounting of federal revenues received to execute improvement in the following four areas: teacher effectiveness, implementation of standards and assessments, improvement in data use and collections, and supporting disadvantaged schools. 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. 74 USDA Fruits and Vegetables Title III Title IV Local School Funds 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. 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 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. 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 three nonmajor funds used for those purposes; the Special Purpose Local Option Sales Tax III Fund, the District-Wide Building Fund, and the Student Information Systems Fund. 75 COBB COUNTY SCHOOL DISTRICT COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2015 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Federal and State Aid Receivable Accounts Receivable Due From Other Funds Prepaid Expenditures Inventories Total Assets LIABILITIES AND FUND BALANCES: Liabilities: Accounts Payable Intergovernmental Payables Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities and Fund Balances Special Revenue Donations Facility Use/ Public Safety After School Program Performing Arts/ Artist at School Program $ 118 $ 1,396 $ 3,781 $ 231 - - - - - - - - - - - - - - - - - - - - $ 118 $ 1,396 $ 3,781 $ 231 $ 18 $ 5$ 11 $ 2 - - - - 1 18 1 - - 3 - - - - - - - - - - 19 26 12 2 - - - - - - - - 99 1,370 3,769 229 - - - - - - - - 99 1,370 3,769 229 $ 118 $ 1,396 $ 3,781 $ 231 76 Tuition School/ Adult High School Misc. Grants Special Revenue School Nutrition (i3) Investing in Innovation Adult Education Psycho Education Center $ 1,235 $ 1 - $ 1,236 $ 32 $ 20,390 $ 12 - - 12 - - - - - 1,834 44 $ 22,236 $ 5$ - - 5$ -$ - 854 1,233 - - - - - - - - 854 $ 1,233 $ 21 $ - 100 8 - 129 5$ - 84 $ - - 1,554 - 586 - - - 717 5 2,941 1$ - 5$ 16 - - - 24 191 - 7 77 - 818 610 - - - 1 854 894 1 1,106 - 1,107 $ 1,236 $ - 1,834 39 17,461 - - - - - - 39 19,295 44 $ 22,236 $ 4 - 4 5$ - - - - - - - 339 - - - 339 854 $ 1,233 Continued--- 77 COBB COUNTY SCHOOL DISTRICT COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2015 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Federal and State Aid Receivable Accounts Receivable Due From Other Funds Prepaid Expenditures Inventories Total Assets LIABILITIES AND FUND BALANCES: Liabilities: Accounts Payable Intergovernmental Payables Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities and Fund Balances Special Revenue Title I Special Vocational Education Education Title II $ -$ -$ -$ - 5,493 4,931 189 515 - - - - - - - - - - 7 1 - - - - $ 5,493 $ 4,931 $ 196 $ 516 $ 142 $ -$ -$ 7 - - - 3 1,079 1,194 - 67 299 433 - 17 3,973 3,304 196 422 - - - - 5,493 4,931 196 516 - - 7 1 - - - - - - - - - - - - - - (7) (1) - - - - $ 5,493 $ 4,931 $ 196 $ 516 78 Race to the Top Grant Homeless Grant Special Revenue USDA Fruits and Vegetables Title III Title IV Local School Funds $ -$ -$ -$ -$ - $ 8,242 5 5 - 296 132 - - - - - - - - - - - - 175 - - - - 1 - - - - - - - $ 5$ 5$ - $ 296 $ 133 $ 8,417 $ -$ -$ -$ 30 $ 8$ - - - - - - - - - - 72 - - - - - 16 - - 5 5 - 178 125 - - - - - - - 5 5 - 296 133 - - - - - 1 - - - - - - - - - - - - 8,417 - - - - - - - - - - (1) - - - - - - 8,417 $ 5$ 5$ - $ 296 $ 133 $ 8,417 Continued--- 79 COBB COUNTY SCHOOL DISTRICT COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2015 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Federal and State Aid Receivable Accounts Receivable Due From Other Funds Prepaid Expenditures Inventories Total Assets LIABILITIES AND FUND BALANCES: Liabilities: Accounts Payable Intergovernmental Payables Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities and Fund Balances Districtwide Building Capital Projects Special Purpose Local Option Sales Tax III Student Information Systems Total $ 787 $ - - - - - $ 787 $ 29,090 $ 2,216 - - 31,306 $ 396 $ - - 396 $ 65,703 15,881 12 175 10 1,834 83,615 $ 54 $ - - 54 7,502 $ - 7,502 -$ - - 7,911 3 4,301 1,446 9,636 717 24,014 733 - 733 $ 787 $ 23,804 - 23,804 31,306 $ 396 - 396 396 $ 1,844 41,308 14,990 1,468 (9) 59,601 83,615 Concluded. 80 (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, 2015 (amounts expressed in thousands) REVENUES: Taxes Intergovernmental Tuition and Fees Interest Income Athletic Ticket Sales Other Total Revenues Donations $ - - - - 76 76 Special Revenue Facility Use/ After Public School Safety Program $ -$ - - - 1,263 8,934 - - - - - - 1,263 8,934 Performing Arts/Artist at School Program $ - - 396 - 1 397 EXPENDITURES: Current: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operations 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) 1 - 888 276 9 - - - 38 - - - 54 511 7,198 - - - - - - 1,308 - - - - - - - - 51 - 102 1,819 8,137 276 (26) (556) 797 121 - 855 - - - (123) - - - - - - - 732 - - Net Change in Fund Balances Fund Balances, Beginning of Year (26) 176 797 121 125 1,194 2,972 108 Fund Balances, End of Year $ 99 $ 1,370 $ 3,769 $ 229 81 Tuition School/ Adult High School $ - - 750 - - 750 Misc. Grants $ - 47 - - 68 115 Special Revenue School Nutrition (i3) Investing in Innovation $ -$ - 34,220 7 18,215 - 47 - - - 21 - 52,503 7 Adult Education $ - 1,029 - - - 1,029 Psycho Education Center $ - 5,262 - - 24 5,286 497 - 166 213 - 876 (126) 220 - 220 94 1,013 $ 1,107 $ 8 - - - 68 - - 53,444 - - - - - - - 444 76 53,888 39 (1,385) - - - - - 3 - 3 39 (1,382) - 20,677 39 $ 19,295 $ - - 4,056 - - 851 6 - 301 - 1,029 55 - - 17 - - 4 - - - - - 1 6 1,029 5,285 1 - 1 3 4$ - 1 - - - - - - - - - 1 - 338 -$ 339 Continued--- 82 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2015 (amounts expressed in thousands) Special Revenue REVENUES: Taxes 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 Operations 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 $ - 20,731 - - - 20,731 Special Education $ - 21,332 - - - 21,332 Vocational Education $ - 738 - - - 738 Title II $ - 2,005 - - - 2,005 8,849 33 9,170 2,412 250 17 20,731 6,041 4,903 7,952 1,144 1,292 21,332 516 - - - 61 1,964 10 41 - - - - - - 151 - 738 2,005 - - - - - - - - - - - - - - - - - - - - - - - - - - - - $ -$ -$ -$ - 83 Special Revenue Race to the Top Homeless Grant USDA Fruit and Vegetables Title III Title IV Local School Funds $ -$ -$ -$ -$ -$ - 39 36 132 1,387 643 - - - - - - 28,180 - - - - - 10 - - - - - 3,013 - - - - - - 39 36 132 1,387 643 31,203 5 - - 52 320 - - - - 201 128 - 34 23 - 887 56 - - 1 132 239 44 - - 12 - 8 95 - - - - - - - - - - - - 32,164 - - - - - - 39 36 132 1,387 643 32,164 - - - - - (961) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (961) - - - - - 9,378 $ -$ -$ -$ -$ - $ 8,417 Continued--- 84 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2015 (amounts expressed in thousands) REVENUES: Taxes Intergovernmental Tuition and Fees Interest Income Athletic Ticket Sales Other Total Revenues DistrictWide Building $ - - - 2 9 11 Capital Projects Special Purpose Local Option Sales Tax III $ - 4,222 - 91 - 4,313 Student Information Systems $ 1 - - 1 - 2 Total $ 1 91,830 57,738 151 3,013 199 152,932 EXPENDITURES: Current: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operations 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) - 417 - 490 907 (896) 793 - 13 806 - 4,063 - 40,956 45,019 (40,706) - - 21,509 - 6,125 - 20,726 - 71,007 - 1,674 - 1,312 - 32,164 - 42,110 - 196,627 2 (43,695) - 1,868 (2) (125) - 16 (2) 1,759 Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year (90) 823 $ 733 $ (40,706) 64,510 23,804 $ - (41,936) 396 101,537 396 $ 59,601 Concluded. 85 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, 2015 (amounts expressed in thousands) REVENUES: Local Total Revenues Budgeted Amounts Original Final Actual Amounts $ 77 $ 77 $ 76 77 77 76 Variance With Final Budget - Positive (Negative) $ (1) (1) EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services General Administration School Administration Central Operations Other Support Services Total Expenditures 4 4 1 3 20 20 9 11 72 72 38 34 2 2 1 1 9 9 3 6 85 85 48 37 - - 2 (2) 192 192 102 90 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year (115) (115) (26) 89 125 125 125 - $ 10 $ 10 $ 99 $ 89 86 COBB COUNTY SCHOOL DISTRICT FACILITY USE/ 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, 2015 (amounts expressed in thousands) REVENUES: Local Other Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget - Positive (Negative) $ 1,218 $ 1,261 $ 1,263 $ 2 855 855 855 - 2,073 2,116 2,118 2 EXPENDITURES: Maintenance and Operation of Plant 1,415 1,415 1,308 107 Community Service Operations 658 701 634 67 Total Expenditures 2,073 2,116 1,942 174 Net Change in Fund Balance - - 176 176 Fund Balance, Beginning of Year 1,194 1,194 1,194 - Fund Balance, End of Year $ 1,194 $ 1,194 $ 1,370 $ 176 87 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, 2015 (amounts expressed in thousands) REVENUES: Local Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget - Positive (Negative) $ 8,430 $ 8,560 $ 8,934 $ 374 8,430 8,560 8,934 374 EXPENDITURES: Instruction Community Service Operations Total Expenditures 827 827 888 (61) 7,603 8,096 7,249 847 8,430 8,923 8,137 786 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year $ 2,972 2,972 $ (363) 2,972 2,609 $ 797 2,972 3,769 $ 1,160 - 1,160 88 COBB COUNTY SCHOOL DISTRICT PERFORMING ARTS/ARTIST AT 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, 2015 (amounts expressed in thousands) REVENUES: Local Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget - Positive (Negative) $ 333 $ 333 $ 397 $ 64 333 333 397 64 EXPENDITURES: Instruction Total Expenditures 333 333 276 57 333 333 276 57 Net Change in Fund Balance Fund Balance, Beginning of Year - - 121 121 108 108 108 - Fund Balance, End of Year $ 108 $ 108 $ 229 $ 121 89 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, 2015 (amounts expressed in thousands) REVENUES: Local Other Total Revenues Budgeted Amounts Original Final Actual Amounts $ 605 $ 861 $ 750 220 220 220 825 1,081 970 Variance With Final Budget - Positive (Negative) $ (111) - (111) EXPENDITURES: Instruction Improvement of Instructional Services Educational Media Services School Administration Community Services Operations Total Expenditures 356 609 497 112 126 129 165 (36) 10 10 - 10 27 27 12 15 307 307 202 105 826 1,082 876 206 Net Change in Fund Balance (1) (1) 94 95 Fund Balance, Beginning of Year 1,013 1,013 1,013 - Fund Balance, End of Year $ 1,012 $ 1,012 $ 1,107 $ 95 90 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, 2015 (amounts expressed in thousands) REVENUES: Local State Federal Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget - Positive (Negative) $ 25 $ 76 $ - 12 200 223 56 $ 12 47 (20) - (176) 225 311 115 (196) EXPENDITURES: Instruction Improvement of Instructional Services Total Expenditures - 55 225 255 225 310 8 47 68 187 76 234 Net Change in Fund Balance Fund Balance, Beginning of Year - 1 39 38 - - - - Fund Balance, End of Year $ -$ 1$ 39 $ 38 91 COBB COUNTY SCHOOL DISTRICT SCHOOL NUTRITION-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, 2015 (amounts expressed in thousands) REVENUES: Local State Federal Other Total Revenues EXPENDITURES: School Nutrition Program Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget - Positive (Negative) $ 19,671 $ 17,541 $ 18,261 $ 1,204 1,204 1,286 31,264 33,350 32,934 5 5 25 52,144 52,100 52,506 720 82 (416) 20 406 55,244 55,244 55,985 55,985 53,888 53,888 2,097 2,097 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year (3,100) 20,677 (3,885) 20,677 (1,382) 20,677 $ 17,577 $ 16,792 $ 19,295 $ 2,503 - 2,503 92 COBB COUNTY SCHOOL DISTRICT (I3) INVESTING IN INNOVATION FUND - 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, 2015 (amounts expressed in thousands) REVENUES: Federal Total Revenues Budgeted Amounts Original Final Actual Amounts $ 4$ 10 $ 7 4 10 7 Variance With Final Budget - Positive (Negative) $ (3) (3) EXPENDITURES: Improvement of Instructional Services Total Expenditures 4 10 6 4 4 10 6 4 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - 1 1 3 3 3 - $ 3$ 3$ 4$ 1 93 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, 2015 (amounts expressed in thousands) REVENUES: State Federal Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget - Positive (Negative) $ 378 $ 444 $ 439 $ (5) 560 611 590 (21) 938 1,055 1,029 (26) EXPENDITURES: Community Service Operations Total Expenditures 938 1,055 1,029 26 938 1,055 1,029 26 Net Change in Fund Balance Fund Balance, Beginning of Year - - - - - - - - Fund Balance, End of Year $ -$ -$ -$ - 94 COBB COUNTY SCHOOL DISTRICT PSYCHO EDUCATION CENTER-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, 2015 (amounts expressed in thousands) REVENUES: State Federal Other Total Revenues Budgeted Amounts Original Final Actual Amounts $ 5,415 $ 5,292 $ 4,940 410 535 322 36 36 24 5,861 5,863 5,286 Variance With Final Budget - Positive (Negative) $ (352) (213) (12) (577) EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services General Administration School Administration Business Services Maintenance and Operation of Plant Student Transportation Total Expenditures 4,235 4,389 4,057 332 1,211 1,024 851 173 318 335 301 34 54 52 49 3 3 2 2 - 8 12 4 8 8 8 4 4 24 42 17 25 5,861 5,864 5,285 579 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - (1) 1 2 338 338 338 - $ 338 $ 337 $ 339 $ 2 95 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, 2015 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services General Administration School Administration Maintenance Student Transportation Other Support Services School Nutrition Total Expenditures Budgeted Amounts Original Final $ 19,797 $ 29,018 19,797 29,018 Actual Amounts $ 20,731 20,731 8,390 20 8,283 955 124 2,025 - 19,797 13,146 59 11,504 1,232 2 305 2,769 1 29,018 8,859 33 8,704 885 1 250 1,998 1 20,731 Variance With Final Budget - Positive (Negative) $ (8,287) (8,287) 4,287 26 2,800 347 1 55 771 - 8,287 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 96 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, 2015 (amounts expressed in thousands) REVENUES: Federal Total Revenues Budgeted Amounts Original Final Actual Amounts $ 18,296 $ 25,527 $ 21,332 18,296 25,527 21,332 Variance With Final Budget - Positive (Negative) $ (4,195) (4,195) EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services General Administration Student Transportation Total Expenditures 8,422 4,597 2,931 1,096 1,250 18,296 7,312 5,214 9,829 1,381 1,791 25,527 6,041 4,903 7,952 1,144 1,292 21,332 1,271 311 1,877 237 499 4,195 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 97 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, 2015 (amounts expressed in thousands) REVENUES: Federal Total Revenues Budgeted Amounts Original Final Actual Amounts $ 612 $ 738 $ 738 612 738 738 Variance With Final Budget - Positive (Negative) $ - - EXPENDITURES: Instruction 415 667 667 - Improvement of Instructional Services 195 59 59 - General Administration - 10 10 - Federal Grant Administration 2 2 2 - Total Expenditures 612 738 738 - Net Change in Fund Balance Fund Balance, Beginning of Year - - - - - - - - Fund Balance, End of Year $ -$ -$ -$ - 98 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, 2015 (amounts expressed in thousands) REVENUES: Federal Total Revenues Budgeted Amounts Original Final Actual Amounts $ 1,788 $ 2,783 $ 2,005 1,788 2,783 2,005 Variance With Final Budget - Positive (Negative) $ (778) (778) EXPENDITURES: Improvement of Instructional Services General Administration Total Expenditures 1,520 2,513 1,796 717 268 270 209 61 1,788 2,783 2,005 778 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 99 COBB COUNTY SCHOOL DISTRICT RACE TO THE TOP-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, 2015 (amounts expressed in thousands) REVENUES: Federal Total Revenues Budgeted Amounts Original Final Actual Amounts $ 43 $ 43 $ 39 43 43 39 Variance With Final Budget - Positive (Negative) $ (4) (4) EXPENDITURES: Improvement of Instructional Services Instruction Total Expenditures - - 34 (34) 43 43 5 38 43 43 39 4 Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 100 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, 2015 (amounts expressed in thousands) REVENUES: Federal Total Revenues Budgeted Amounts Original Final Actual Amounts $ 64 $ 70 $ 36 64 70 36 Variance With Final Budget - Positive (Negative) $ (34) (34) EXPENDITURES: General Administration Student Transportation Total Expenditures 39 40 24 16 25 30 12 18 64 70 36 34 Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 101 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, 2015 (amounts expressed in thousands) REVENUES: Federal Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget - Positive (Negative) $ 34 $ 132 $ 132 $ - 34 132 132 - EXPENDITURES: School Nutrition Total Expenditures 34 132 132 - 34 132 132 - Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 102 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, 2015 (amounts expressed in thousands) REVENUES: Federal Total Revenues Budgeted Amounts Original Final Actual Amounts $ 1,279 $ 2,384 $ 1,387 1,279 2,384 1,387 Variance With Final Budget - Positive (Negative) $ (997) (997) EXPENDITURES: Instruction 47 198 52 146 Pupil Services 228 329 201 128 Improvement of Instructional Services 730 1,217 862 355 Student Transportation 35 30 8 22 Other Support Services 210 579 239 340 Federal Grant Administration 29 31 25 6 Total Expenditures 1,279 2,384 1,387 997 Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 103 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, 2015 (amounts expressed in thousands) REVENUES: Federal Total Revenues Budgeted Amounts Original Final $ 1,652 $ 692 1,652 692 Actual Amounts $ 643 643 Variance With Final Budget - Positive (Negative) $ (49) (49) EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Federal Grant Administration General Administration Business Support Services Maintenance & Operations Student Transportation Other Support Service Total Expenditures 877 369 321 48 264 133 128 5 18 7 5 2 181 47 51 (4) - 12 11 1 48 18 14 4 13 - - - 204 88 95 (7) 47 18 18 - 1,652 692 643 49 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 104 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. 105 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF FUND NET POSITION INTERNAL SERVICE FUNDS JUNE 30, 2015 (amounts expressed in thousands) Assets: Unemployment Compensation Fund SelfInsurance Fund Total Current Assets: Cash Due from Other Funds Prepaids Total Current Assets $ 588 $ 6,920 $ 7,508 4 1 5 - 4 4 592 6,925 7,517 Liabilities: Current Liabilities: Accounts Payable Claims Payable 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 $ 17 307 324 - 1,852 1,852 - 11 11 - 11 11 17 2,181 2,198 - 4,555 4,555 17 6,736 6,753 575 $ 189 $ 764 106 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION INTERNAL SERVICE FUNDS FOR THE YEAR ENDED JUNE 30, 2015 (amounts expressed in thousands) OPERATING REVENUES: Charges for Services Total Revenues Unemployment Compensation Fund SelfInsurance Fund Total $ 256 $ 4,961 $ 5,217 256 4,961 5,217 OPERATING EXPENSES: School and Administrative Services 135 5,784 5,919 Operating Income (Loss) Transfers-In 121 (823) (702) - 445 445 Change in Net Position Total Net Position, Beginning of Year 121 (378) (257) 454 567 1,021 Total Net Position, End of Year $ 575 $ 189 $ 764 107 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR THE YEAR ENDED JUNE 30, 2015 (amounts expressed in thousands) 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 Operating Activities Cash Flows from Noncapital Financing Activities: Transfers-In Net Cash Provided by Noncapital Financing 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 Operating Activities: Operating Income (Loss) Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by Operating Activities: Decrease in Accounts Receivable Decrease in Due From Other Funds Decrease in Prepaid Items Increase in Claims Payables Decrease in Accounts Payable Total Adjustments Net Cash Provided by Operating Activities Unemployment Compensation Fund SelfInsurance Fund Total $ 716 $ 12,264 $ 12,980 - (360) (360) (128) (4,743) (4,871) - (686) (686) 588 6,475 7,063 - 445 445 - 445 445 588 6,920 7,508 - - - $ 588 $ 6,920 $ 7,508 $ 121 $ (823) $ (702) - 104 104 460 7,199 7,659 - 53 53 - 51 51 7 (109) (102) 467 7,298 7,765 $ 588 $ 6,475 $ 7,063 108 Fiduciary Funds These funds are established to account for assets held by the District as a trustee or agent. The District has two individual Agency Funds, the Student Activity Fund and the Payroll Withholding Fund. The funds are used to account for assets held by the District as an agent for special school groups and clubs and for salary withholdings collection agencies. 109 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES FIDUCIARY FUNDS JUNE 30, 2015 (amounts expressed in thousands) Agency Funds ASSETS: Cash and Cash Equivalents Student Activity Payroll Withholding Total $ 1,338 $ 35,027 $ 36,365 Total Assets 1,338 35,027 36,365 LIABILITIES: Due to Student Groups Payroll Withholdings Payable Total Liabilities 1,338 - $ 1,338 $ 35,027 35,027 $ 1,338 35,027 36,365 110 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF CHANGES IN FIDUCIARY ASSETS AND LIABILITIES FIDUCIARY FUNDS FOR THE YEAR ENDED JUNE 30, 2015 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Balance, Beginning of Year Additions Deductions Balance, End of Year Student Activity Payroll Withholding $ 1,201 $ 19,819 $ 1,480 468,437 (1,343) (453,229) $ 1,338 $ 35,027 $ LIABILITIES: Due to Student Groups: Balance, Beginning of Year Additions Deductions Balance, End of Year Payroll Withholdings Payable: Balance, Beginning of Year Additions Deductions Balance, End of Year Total Liabilities: Balance, Beginning of Year Additions Deductions Balance, End of Year $ 1,201 $ 1,480 (1,343) 1,338 -$ - - - 19,819 - 468,437 - (453,229) - 35,027 1,201 19,819 1,480 (1,343) 468,437 (453,229) $ 1,338 $ 35,027 $ Total 21,020 469,917 (454,572) 36,365 1,201 1,480 (1,343) 1,338 19,819 468,437 (453,229) 35,027 21,020 469,917 (454,572) 36,365 111 (This page was left blank intentionally) COBB COUNTY SCHOOL DISTRICT SPLOST 3 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2015 LOCATION/DESCRIPTION Approved Budget ACWORTH INTERMEDIATE ADDISON ELEMENTARY ADULT EDUCATION CENTER ALLATOONA HIGH ARGYLE ELEMENTARY AUSTELL ES AWTREY MIDDLE BAKER ELEMENTARY BAKER ROAD BUS SHOP BARBER MIDDLE BELLS FERRY ELEMENTARY BELMONT HILLS ELEMENTARY BIG SHANTY ELEMENTARY BIRNEY ELEMENTARY BLACKWELL ELEMENTARY BRUMBY ELEMENTARY BRUMBY REPLACEMENT BRYANT ELEMENTARY BULLARD ELEMENTARY CAMPBELL HIGH CAMPBELL MIDDLE CHALKER ELEMENTARY CHEATHAM HILL ELEMENTARY CLARKDALE ELEMENTARY CLARKDALE REPLACEMENT ELEMENTARY CLAY ELEMENTARY COMPTON ELEMENTARY COOPER MIDDLE DANIELL MIDDLE DAVIS ELEMENTARY DICKERSON MIDDLE DODGEN MIDDLE DOWELL ELEMENTARY DUE WEST ELEMENTARY DURHAM MIDDLE EAST COBB MIDDLE EAST SIDE ELEMENTARY EAST SIDE REPLACEMENT ELEMENTARY EASTVALLEY ELEMENTARY FAIR OAKS ELEMENTARY FLOYD MIDDLE FORD ELEMENTARY FREY ELEMENTARY GARRETT MIDDLE GARRISON MILL ELEMENTARY GREEN ACRES ELEMENTARY GRIFFIN MIDDLE HARMONY LELAND ELEMENTARY HARRISON HIGH HAVEN @ FITZHUGH LEE HAVEN @ HAWTHORNE HAVEN @ SKY VIEW HAYES ELEMENTARY HENDRICKS ES HIGHTOWER TRAIL MIDDLE HILLGROVE HIGH HOLLYDALE ELEMENTARY KEHELEY ELEMENTARY KELL HIGH KEMP ELEMENTARY KENNESAW ELEMENTARY KENNESAW MOUNTAIN HIGH KENNESAW WAREHOUSE KINCAID ELEMENTARY KING SPRINGS ELEMENTARY LABELLE ELEMENTARY LASSITER HIGH $496,193 1,043,331 397,104 - 1,318,244 113,337 4,154,806 3,436,575 721,525 651,496 7,076,214 1,327,563 2,013,432 3,942,821 377,384 1,080,925 1,040,025 106,366 4,883,357 5,799,494 1,449,276 3,113,452 946,788 - 514,377 1,427,439 1,101,700 6,180,190 3,827,240 1,885,533 1,662,303 2,198,797 1,210,036 1,460,314 3,613,109 27,030,976 991,794 1,455,706 2,259,564 3,535,560 1,335,206 14,734,437 3,796,410 1,237,190 2,064,731 591,860 4,240,110 1,711,339 1,100,656 1,016,015 282,202 5,280,637 176,890 1,061,830 3,508,784 446,849 882,673 2,260,679 3,347,006 21,244,784 3,458,008 2,570,192 537,008 19,710,822 Revised Budget Expended Inception through 06/30/15 $1,108,920 1,397,616 1,371,811 2,466,948 2,274,580 690,574 4,511,280 4,539,576 838,604 1,574,515 6,179,276 1,476,397 2,336,581 3,900,861 1,206,095 1,429,167 3,306,941 2,261,923 1,132,543 5,740,445 6,585,672 1,935,806 3,591,944 184,107 6,046,881 988,301 2,033,653 1,907,843 6,419,387 3,221,729 2,438,170 2,575,277 2,513,416 1,599,330 2,422,632 2,345,971 541,642 20,230,345 1,506,676 1,537,210 3,340,678 4,043,151 1,564,571 10,961,059 4,125,709 1,750,378 2,392,842 1,322,021 21,616,104 312,664 1,733,813 20,900 1,617,459 997,340 3,896,521 3,010,782 1,389,373 3,542,999 3,270,061 1,435,789 2,599,251 5,890,938 23,328,830 3,461,410 3,188,221 1,290,258 20,921,621 $1,108,514 1,396,802 1,350,001 2,464,735 2,274,174 689,760 4,510,870 4,523,094 765,955 1,574,110 6,178,815 1,475,993 2,335,687 3,900,406 1,204,611 1,428,761 3,306,941 2,258,000 1,130,651 5,736,561 6,585,216 1,935,351 3,591,487 184,107 6,046,428 987,845 2,019,199 1,907,387 6,418,977 3,178,038 2,437,710 2,574,815 2,512,553 1,597,843 2,422,174 2,345,513 541,640 20,229,479 1,506,220 1,536,014 3,241,287 4,041,259 1,562,646 10,960,133 4,112,959 1,749,565 2,392,696 1,321,566 21,615,322 312,659 1,696,584 15,606 1,616,598 996,478 3,896,064 3,010,373 1,388,917 3,542,088 3,266,084 1,433,976 2,499,649 5,890,529 16,542,760 3,458,799 3,165,307 1,289,850 20,917,165 Expended FY15 $61,701 10,745 168,716 154,810 194,782 70,013 51,855 64,531 696,043 53,654 46,298 76,920 166,291 225,599 57,989 146,726 162,618 68,573 110,603 75,988 235,845 96,264 57,717 94,823 90,684 58,997 67,831 115,978 82,307 92,504 80,466 49,643 66,659 270,081 110,008 65,012 80,915 697,702 139,783 102,992 46,117 191,711 70,197 208,401 75,609 340,411 831,618 15,606 78,282 55,059 99,403 198,127 68,126 53,486 398,263 86,971 141,382 129,789 3,788,989 68,138 79,888 85,133 144,894 Encumbered as of 6/30/15 17,125 15,662 33,576 83,844 3,786 95,777 1,602,671 17,998 2,440 Uncommitted $406 814 4,685 2,213 406 814 410 820 39,073 405 461 404 894 455 1,484 406 3,923 1,892 3,884 456 455 457 453 456 14,454 456 410 43,691 460 462 863 1,487 458 458 2 866 456 1,196 15,547 1,892 1,925 926 12,750 813 146 455 782 5 37,229 1,508 861 862 457 409 456 911 3,977 1,813 3,825 409 5,183,399 2,611 4,916 408 2,016 112 COBB COUNTY SCHOOL DISTRICT SPLOST 3 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2015 LOCATION/DESCRIPTION LEWIS ELEMENTARY LINDLEY 6TH GRADE ACADEMY LINDLEY MIDDLE LOST MOUNTAIN MIDDLE LOVINGGOOD MIDDLE MABLETON ELEMENTARY MABLETON REPLACEMENT ES MABRY MIDDLE MAINTENANCE FACILITY ARGO ROAD MARS HILL ROAD BUS SHOP MARTHA MOORE EDUCATION CENTER MCCALL PRIMARY MCCLESKEY MIDDLE MCCLURE MIDDLE MCEACHERN HIGH MILFORD ELEMENTARY MOUNTAIN VIEW REPLACEMENT ES MOUNTAIN VIEW ELEMENTARY MT BETHEL ELEMENTARY MURDOCK ELEMENTARY NICHOLSON ELEMENTARY NICKAJACK ELEMENTARY NORTH COBB HIGH NORTON PARK ELEMENTARY OAKWOOD HIGH OSBORNE HIGH PALMER MIDDLE PEBBLEBROOK HIGH PICKETT'S MILL ELEMENTARY PINE MOUNTAIN MIDDLE PITNER ELEMENTARY PITTS TRANSPORTATION CENTER POPE HIGH POWDER SPRINGS ELEMENTARY POWERS FERRY ELEMENTARY RIVERSIDE INTERMEDIATE RIVERSIDE PRIMARY ROCKY MOUNT ELEMENTARY ROSE GARDEN SCHOOL RUSSELL ELEMENTARY SANDERS ELEMENTARY SANDERS ROAD BUS SHOP SEDALIA PARK ELEMENTARY SHALLOWFORD FALLS ELEMENTARY SIMPSON MIDDLE SKY VIEW ADMINISTRATION SKY VIEW ELEMENTARY SMITHA MIDDLE SMYRNA ELEMENTARY SOPE CREEK ELEMENTARY SOUTH COBB HIGH SPRAYBERRY HIGH STILL ELEMENTARY SYSTEMWIDE TAPP MIDDLE TEASLEY ELEMENTARY TEASLEY PRIMARY (FORMALLY BROWN ES) TIMBER RIDGE ELEMENTARY TRITT ELEMENTARY VARNER ELEMENTARY VAUGHAN ELEMENTARY WALTON HIGH WEST COBB 9TH GRADE CENTER WHEELER HIGH 440 GLOVER STREET 514 GLOVER STREET 538 GLOVER STREET 590 COMMERCE PARK DRIVE TOTAL PROJECT EXPENDITURES Approved Budget 1,078,833 2,194,040 747,495 2,541,438 78,500 - 28,150,542 4,925,337 1,327,752 820,382 518,652 110,691 18,904,274 690,684 4,945,324 914,540 2,083,632 2,433,140 3,828,525 937,614 3,006,933 29,811,178 1,924,009 772,510 7,299,608 63,477 3,300,243 17,072,723 926,767 26,949,449 17,804,561 3,742,333 657,886 896,148 323,888 1,611,065 372,663 786,539 1,446,584 1,415,981 1,057,753 899,547 19,920,740 1,262,673 5,472,621 28,170,146 6,227,104 28,519,045 25,333,056 970,841 231,269,444 6,640,133 1,782,903 1,077,413 769,896 1,473,177 4,070,429 613,490 3,456,045 18,303,208 9,409,088 379,955 491,861 229,503 - $797,656,675 Revised Budget 2,230,637 2,194,173 1,777,223 2,658,099 1,499,769 370,770 22,115,080 5,677,679 1,053,981 700,343 516,902 758,182 11,814,580 1,576,796 8,740,552 1,313,483 356,339 2,024,211 2,720,083 3,693,118 1,312,314 2,547,603 21,694,084 2,957,154 794,278 3,544,869 1,098,991 6,823,255 694,530 9,073,260 1,447,787 22,172,324 14,081,407 4,703,592 1,146,021 1,394,611 724,593 2,898,605 453,016 1,853,464 1,745,529 1,012,681 1,444,596 1,532,272 11,279,078 243,695 383,049 7,667,381 31,749,434 5,365,387 25,902,897 15,863,266 2,447,498 15,562,638 6,007,970 13,120,248 731,583 1,137,556 1,978,042 3,272,459 1,385,222 7,298,415 29,529,758 10,512,793 7,606,682 510,976 79,864 $633,974,115 Expended Inception through 06/30/15 2,229,808 2,193,763 1,776,813 2,656,655 1,498,851 370,767 22,114,481 4,087,704 1,052,436 698,472 516,899 756,857 11,813,657 1,573,862 7,123,798 1,308,208 356,338 2,022,302 2,717,768 3,690,798 1,310,408 2,545,671 21,691,318 2,867,864 794,272 3,538,323 1,047,849 6,815,881 693,511 9,071,348 1,445,123 22,161,223 14,076,733 4,367,989 1,144,117 1,392,707 722,689 2,896,670 419,866 1,851,457 1,743,625 1,011,041 1,442,693 1,530,364 11,277,167 242,193 383,046 7,053,026 31,748,948 5,363,070 25,900,359 15,860,683 2,441,216 9,004,990 5,999,568 12,886,591 729,677 1,133,669 1,975,730 3,270,551 1,381,874 7,292,724 29,178,424 8,376,777 4,905,500 433,521 78,346 $610,169,985 Expended FY15 66,628 47,483 151,689 51,214 255,269 88,880 107,033 38,560 44,680 62,959 2,793,166 259,108 356,338 90,172 343,084 191,665 57,381 96,975 124,513 963,833 285,290 78,244 59,064 128,853 60,402 47,157 246,047 92,999 2,902,780 45,157 97,054 62,298 727,007 126,904 66,176 76,885 75,174 224,872 61,831 4,954,538 84,083 100,134 96,149 74,170 1,322,183 11,040 661,256 10,783,673 33,467 59,172 76,832 65,980 61,840 163,998 1,110,129 462,623 604,169 44,565 18,135 $45,019,226 Encumbered as of 6/30/15 1,489,531 259,013 349,569 1,203 137,492 55,407 69,008 152,107 1,373 - $4,387,582 Uncommitted 829 410 410 1,444 918 3 599 1,589,975 1,545 1,871 3 1,325 923 2,934 127,223 5,275 1 1,909 2,315 2,320 1,906 1,932 2,766 89,290 6 6,546 51,142 7,374 1,019 1,912 2,664 11,101 4,674 76,590 1,904 1,904 1,904 1,935 33,150 2,007 1,904 1,640 1,903 1,908 1,911 1,502 3 264,786 486 2,317 2,538 2,583 5,079 6,557,648 8,402 96,165 1,906 3,887 2,312 1,908 3,348 5,691 295,927 2,067,008 2,549,075 76,082 1,518 $19,416,548 113 COBB COUNTY SCHOOL DISTRICT SPLOST 4 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2015 LOCATION/DESCRIPTION Approved Budget Revised Budget Expended Inception through 06/30/15 ACWORTH INTERMEDIATE ADDISON ELEMENTARY ADULT EDUCATION CENTER ALLATOONA HIGH ARGYLE ELEMENTARY AUSTELL ELEMENTARY AWTREY MIDDLE BAKER ELEMENTARY BARBER MIDDLE BELLS FERRY ELEMENTARY BELMONT HILLS ELEMENTARY BIG SHANTY ELEMENTARY BIRNEY ELEMENTARY BLACKWELL ELEMENTARY BRUMBY ELEMENTARY BRUMBY REPLACEMENT ES BRYANT ELEMENTARY BULLARD ELEMENTARY CAMPBELL HIGH CAMPBELL MIDDLE CHALKER ELEMENTARY CHEATHAM HILL ELEMENTARY CLARKDALE REPLACEMENT ES CLAY ELEMENTARY COMPTON ELEMENTARY COOPER MIDDLE DANIELL MIDDLE DAVIS ELEMENTARY DICKERSON MIDDLE DODGEN MIDDLE DOWELL ELEMENTARY DUE WEST ELEMENTARY DURHAM MIDDLE EAST COBB MIDDLE EAST COBB REPLACEMENT MIDDLE EAST SIDE REPLACEMENT ES EASTVALLEY ELEMENTARY FAIR OAKS ELEMENTARY FLOYD MIDDLE FORD ELEMENTARY FREY ELEMENTARY GARRETT MIDDLE GARRISON MILL ELEMENTARY GREEN ACRES ELEMENTARY GRIFFIN MIDDLE HARMONY LELAND ELEMENTARY HARRISON HIGH HAVEN @ SKY VIEW HAVEN @ FITZHUGH LEE HAVEN @ HAWTHORNE HAWTHORNE ADMINISTRATION HAYES ELEMENTARY HENDRICKS ES HIGHTOWER TRAIL MIDDLE HILLGROVE HIGH HOLLYDALE ELEMENTARY KEHELEY ELEMENTARY KELL HIGH KEMP ELEMENTARY KENNESAW ELEMENTARY KENNESAW MOUNTAIN HIGH KENNESAW WAREHOUSE KINCAID ELEMENTARY $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 1,402,438 713,483 972,053 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 1,418,099 613,703 327,289 2,908,159 1,479,566 6,500,000 3,816,562 $1,175,824 2,711,047 416,578 1,897,163 554,041 632,413 4,662,973 1,431,973 1,210,621 822,300 446,853 1,256,000 1,069,988 750,367 1,183,088 28,260,636 3,963,335 1,210,683 27,875,917 7,168,649 937,880 1,973,707 372,326 1,746,283 1,222,099 2,156,420 1,905,278 1,042,081 2,608,174 4,344,209 4,299,383 534,077 1,541,787 1,643,621 28,657,699 1,074,686 543,019 1,021,718 2,461,802 1,186,378 1,353,945 4,566,231 915,801 1,203,698 2,643,260 612,276 28,823,218 325,548 3,900 59,840 176,082 5,489,050 928,888 3,855,853 2,474,328 1,446,202 1,909,939 2,135,526 1,081,892 691,148 3,365,671 7,610,116 4,324,386 $489,311 421,457 246,524 694,425 289,765 360,110 601,606 506,689 514,120 413,134 407,853 513,023 551,733 423,310 746,591 5,354,394 820,920 544,889 1,197,977 928,699 446,941 628,222 177,519 298,436 455,346 737,368 751,309 349,661 680,107 735,257 531,207 516,241 619,552 589,178 343,198 490,001 569,610 566,298 822,483 510,069 500,065 467,937 486,999 796,852 593,334 1,002,777 149,930 773 40,397 549,005 467,757 2,313,814 1,071,851 524,449 369,829 969,904 620,679 455,239 920,761 2,001,178 648,123 Expended FY15 Encumbered as of 6/30/15 $489,311 421,457 246,524 694,425 289,765 360,110 408,783 506,161 514,120 413,134 407,853 512,069 551,733 250,673 746,591 93,492 820,920 324,848 743,456 702,557 446,941 628,222 177,519 298,436 455,346 531,156 529,630 349,661 680,107 735,257 531,207 374,577 619,552 338,643 343,198 490,001 563,049 566,298 545,703 335,432 361,969 467,937 486,999 796,852 560,503 709,225 149,930 773 40,397 549,005 467,757 2,114,169 1,071,851 524,449 369,829 644,657 620,679 455,239 620,335 1,938,294 648,123 $0 - 64,316 - 17,469 - 72,680 - 31,527 - 77,500 - 966,094 - 42,395 257,496 77,500 - 95,243 - 7,614 61,803 119,346 96,305 104,647 61,544 5,978 - 499 23,312 24,371 11,998 16,155 9,588 88,311 82,511 20,055 22,888 1,680 677,491 86,905 39,077 33,426 68,312 60,837 128,227 Uncommitted $686,513 2,289,590 170,054 1,138,422 264,276 272,303 4,043,898 925,284 623,821 409,166 39,000 711,450 518,255 249,557 436,497 21,940,148 3,142,415 665,794 26,635,545 5,982,454 413,439 1,345,485 194,807 1,352,604 766,753 1,411,438 1,092,166 692,420 1,808,721 3,512,647 3,663,529 17,836 860,691 1,048,465 28,657,699 731,488 52,519 428,796 1,871,133 363,895 831,878 4,050,011 447,864 716,699 1,846,408 9,354 27,732,130 93,107 3,900 39,012 112,797 4,940,045 459,451 864,548 1,315,572 921,753 1,501,033 1,132,196 461,213 235,909 2,376,598 5,548,101 3,548,036 114 COBB COUNTY SCHOOL DISTRICT SPLOST 4 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2015 LOCATION/DESCRIPTION KING SPRINGS ELEMENTARY LABELLE ELEMENTARY LASSITER HIGH LEWIS ELEMENTARY LINDLEY 6TH GRADE ACADEMY LINDLEY MIDDLE LOST MOUNTAIN MIDDLE LOVINGGOOD MIDDLE MABLETON ELEMENTARY MABRY MIDDLE MARTHA MOORE EDUCATION CENTER MCCALL PRIMARY MCCLESKEY MIDDLE MCCLURE MIDDLE MCEACHERN HIGH MILFORD ELEMENTARY MOUNTAIN VIEW ELEMENTARY MOUNTAIN VIEW REPLACEMENT ELEMENT MT BETHEL ELEMENTARY MURDOCK ELEMENTARY NICHOLSON ELEMENTARY NICKAJACK ELEMENTARY NORTH COBB HIGH NORTON PARK ELEMENTARY OAKWOOD SCHOOL OSBORNE HIGH OSBORNE REPLACEMENT HIGH PALMER MIDDLE PEBBLEBROOK HIGH PICKETT'S MILL ELEMENTARY PINE MOUNTAIN MIDDLE PITNER ELEMENTARY PITTS TRANSPORTATION CENTER POPE HIGH POWDER SPRINGS ELEMENTARY POWERS FERRY ELEMENTARY RIVERSIDE INTERMEDIATE RIVERSIDE PRIMARY ROCKY MOUNT ELEMENTARY RUSSELL ELEMENTARY SANDERS ELEMENTARY SEDALIA PARK ELEMENTARY SHALLOWFORD FALLS ELEMENTARY SIMPSON MIDDLE SMITHA MIDDLE SMYRNA ELEMENTARY SOPE CREEK ELEMENTARY SOUTH COBB HIGH SPRAYBERRY HIGH STILL ELEMENTARY SYSTEMWIDE TAPP MIDDLE TEASLEY ELEMENTARY TEASLEY PRIMARY TIMBER RIDGE ELEMENTARY TRITT ELEMENTARY VARNER ELEMENTARY VAUGHAN ELEMENTARY WALTON HIGH WALTON REPLACEMENT HIGH WHEELER HIGH 440 GLOVER STREET 514 GLOVER STREET TOTAL PROJECT EXPENDITURES $ Approved Budget 361,762 160,393 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 2,695,904 23,330,216 3,744,478 319,277 2,306,880 2,258,194 23,328,254 756,708 386,339 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 6,416 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 3,383,412 231,771,535 5,049,770 4,749,141 85,000 534,845 3,490,899 320,873 600,441 1,493,167 39,946,400 22,124,756 717,844,707 $ Revised Expended Inception Expended Encumbered Budget through 06/30/15 FY15 as of 6/30/15 Uncommitted 1,328,450 629,816 609,680 17,329 681,305 836,101 433,081 433,081 96,562 306,458 15,045,156 1,319,703 991,657 132,786 13,592,667 3,980,312 469,167 469,167 - 3,511,145 1,526,988 365,188 365,188 59,422 1,102,378 1,859,278 583,288 375,425 12,900 1,263,090 9,150,116 3,453,479 3,221,204 4,557,152 1,139,485 1,311,416 757,759 757,759 13,156 540,501 829,825 204,646 204,646 - 625,179 2,094,277 574,877 558,277 111,172 1,408,228 14,682 14,682 14,682 - - 419,268 319,051 319,051 - 100,217 3,173,294 384,843 257,809 35,317 2,753,134 1,221,512 628,441 303,459 161,199 431,872 10,729,947 1,337,197 1,337,197 7,760,299 1,632,451 563,258 398,866 398,866 - 164,392 544,029 469,819 469,819 - 74,210 27,642,636 4,789,598 4,789,598 865,671 21,987,367 4,445,922 494,675 494,675 140,180 3,811,067 926,818 495,952 495,952 11,028 419,838 2,628,991 362,088 362,088 - 2,266,903 2,961,242 508,660 508,660 - 2,452,582 25,350,255 1,101,393 680,213 136,644 24,112,218 1,597,841 555,426 555,426 75,991 966,424 626,949 136,329 136,329 45,269 445,351 5,144,826 974,400 974,400 39,046 4,131,380 29,380,000 - - - 29,380,000 1,090,089 562,641 347,313 95,488 431,960 6,360,909 1,283,831 889,930 14,606 5,062,472 642,583 449,454 449,454 - 193,129 3,570,301 506,988 342,969 80,511 2,982,802 852,331 524,724 524,724 - 327,607 29,982,609 11,448,724 11,448,724 232,696 18,301,189 22,188,502 901,809 614,566 960,645 20,326,048 1,450,660 577,867 577,867 524,387 348,406 535,381 277,818 277,818 - 257,563 939,090 553,279 553,279 137,003 248,808 551,443 353,472 353,472 - 197,971 983,087 342,657 342,657 - 640,430 1,644,815 512,208 512,208 - 1,132,607 1,612,043 558,649 558,649 - 1,053,394 633,634 443,875 424,322 - 189,759 1,032,292 688,315 609,561 - 343,977 1,467,221 533,900 385,711 - 933,321 2,503,617 584,783 584,783 576,740 1,342,094 520,814 215,716 215,716 - 305,098 4,248,873 685,576 685,576 111,885 3,451,412 19,642,799 966,573 552,376 65,836 18,610,390 2,759,233 893,279 893,279 68,700 1,797,254 1,126,200 521,436 521,436 - 604,764 118,586,265 2,003,725 1,748,367 - 116,582,540 5,898,602 491,287 296,990 273,766 5,133,549 5,823,596 3,745,844 3,717,508 1,796,585 281,167 96,085 16,305 16,305 2,423 77,357 1,191,940 438,125 438,125 61,112 692,703 4,098,524 606,178 606,178 115,185 3,377,161 1,136,924 605,232 605,232 153,975 377,717 1,176,938 594,212 403,630 - 582,726 1,879,380 600,255 600,255 45,604 1,233,521 53,094,595 4,450,374 4,130,739 46,163,659 2,480,562 27,709,014 15,264,430 14,878,440 10,070,930 2,373,654 8,918,279 2,386,257 2,131,150 150,354 6,381,668 592,776 281,819 277,043 50,210 260,747 717,844,707 $ 119,430,227 $ 105,237,549 $ 79,578,523 $ 518,835,957 115 (This page was left blank intentionally) (This page was left blank intentionally) STATISTICAL SECTION (Unaudited) This part of the District's Comprehensive Annual 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, capital asset data, 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 Statement No. 54 as of July 1, 2010, and implementation of GASB Statements No. 63 and 65 as of July 1, 2012. 116 COBB COUNTY SCHOOL DISTRICT NET POSITION BY COMPONENT LAST TEN FISCAL YEARS (amounts expressed in thousands) Net Position Components Investment in Capital Assets Restricted for: Debt Service Fund Capital Projects Fund School Nutrition Service Fund Miscellaneous Grants Unrestricted (Deficit) Total Net Position June 30, 2006 $ 873,831 Fiscal Year June 30, 2007 June 30, 2008 $ 877,694 $ 1,054,860 June 30, 2009 $ 1,060,388 6,777 - 170,994 11,785 - 319,370 1,826 - 227,758 1,523 - 244,178 $ 1,051,602 $ 1,208,849 $ 1,284,444 $ 1,306,089 Source: District Records 117 June 30, 2010 $ 1,054,911 June 30, 2011 $ 1,066,545 Fiscal Year June 30, 2012 June 30, 2013 $ 1,230,853 $ 1,262,788 June 30, 2014 $ 1,256,656 June 30, 2015 $ 1,329,345 1,356 - 285,849 163,602 21,676 171,646 56,155 20,200 147,483 49,860 20,924 20 149,881 110,228 19,213 3 157,363 $ 1,342,116 $ 1,423,469 $ 1,454,691 $ 1,483,473 $ 1,543,463 $ 92,760 19,295 43 (710,349) 731,094 118 COBB COUNTY SCHOOL DISTRICT CHANGES IN NET POSITION LAST TEN FISCAL YEARS (amounts expressed in thousands) 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 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 Property Taxes Levied for Debt Service Sales Tax Intergovernmental Tuition and Fees Interest Income Insurance and Damage Recoveries Gain on Sale of Capital Assets Other Total General Revenues Extraordinary Item: Gain after Insurance Recovery Change in Net Position June 30, 2006 Fiscal Year June 30, 2007 June 30, 2008 June 30, 2009 $ 629,565 $ 690,562 $ 729,888 $ 737,527 24,453 25,523 27,550 29,467 36,513 38,970 48,324 47,395 149,359 171,343 186,033 182,836 43,660 45,646 49,432 47,802 53,565 55,836 58,822 61,988 - - - - 29,476 - - - 4,500 4,606 2,413 300 $ 971,091 $ 1,032,486 $ 1,102,462 $ 1,107,315 $ 1,361 $ 1,205 $ 1,481 $ 1,276 13 6 11 11 40,710 44,245 44,199 43,557 840 893 1,110 2,254 29,651 - - - 437,251 481,508 501,582 468,115 20,306 34,884 866 2,739 $ 530,132 $ 562,741 $ 549,249 $ 517,952 $ (440,959) $ (469,745) $ (553,213) $ (589,363) $ 412,017 $ 445,840 $ 466,320 $ 482,690 20,851 22,473 1,415 142 125,742 129,099 128,043 110,242 12,928 14,178 17,428 7,307 - - - - 17,178 21,231 15,070 5,931 2 4 - - - - - - 648 523 532 876 $ 589,366 $ 633,348 $ 628,808 $ 607,188 - - - - $ 148,407 $ 163,603 $ 75,595 $ 17,825 Source: District Records 119 June 30, 2010 June 30, 2011 Fiscal Year June 30, 2012 June 30, 2013 June 30, 2014 June 30, 2015 $ 737,900 31,584 46,721 165,345 46,513 60,912 - - - $ 1,088,975 $ 689,680 30,563 48,853 152,083 43,563 56,608 - 28,930 93 $ 1,050,373 $ 682,212 30,031 51,475 175,717 44,698 60,143 - 29,746 118 $ 1,074,140 $ 685,671 27,093 53,389 156,481 46,888 70,437 - 28,525 - $ 1,068,484 $ 677,187 26,938 45,115 161,460 49,563 63,398 419 30,780 - $ 1,054,860 $ 704,451 27,468 47,475 173,717 49,975 53,469 - 32,164 - $ 1,088,719 $ 1,184 $ 1,241 $ 1,068 $ 1,101 $ 913 $ 1,121 10 13 11 10 13 10 41,142 27,312 27,921 29,104 28,035 27,963 1,332 909 983 1,842 2,004 1,830 - 28,721 29,402 28,608 30,970 31,193 491,465 518,300 478,937 504,819 512,800 545,592 199 541 30,832 7,524 8,085 5,867 $ 535,332 $ 577,037 $ 569,154 $ 573,008 $ 582,820 $ 613,576 $ (553,643) $ (473,336) $ (504,986) $ (495,476) $ (472,040) $ (475,143) $ 470,456 $ 423,694 $ 405,965 $ 400,271 $ 404,759 $ 421,043 52 43 - - - - 112,395 113,739 122,557 121,008 121,712 126,923 2,323 1,475 1,079 - - - - - - - - - 2,979 3,070 2,076 1,632 1,697 1,352 - - - - - - - - 516 - 175 - 953 2,962 4,015 1,347 3,687 1,769 $ 589,158 $ 544,983 $ 536,208 $ 524,258 $ 532,030 $ 551,087 512 - - - - - $ 36,027 $ 71,647 $ 31,222 $ 28,782 $ 59,990 $ 75,944 120 COBB COUNTY SCHOOL DISTRICT FUND BALANCES, GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (amounts expressed in thousands) General Fund Reserved Unreserved Nonspendable Restricted Committed Assigned Unassigned Total General Fund June 30, 2006 Fiscal Year June 30, 2007 June 30, 2008 June 30, 2009 $ 18,825 $ 28,335 $ 26,739 $ 93,944 114,566 101,848 - - - - - - - - - - - - - - - $ 112,769 $ 142,901 $ 128,587 $ 2,714 77,575 - 80,289 All Other Governmental Funds Reserved $ Unreserved, reported in: Special Revenues Funds Capital Projects Funds Nonspendable Restricted Committed Assigned Unassigned Total All Other Governmental Funds $ 127,327 $ 24,459 (88,793) 62,993 $ 61,017 $ 22,063 (18,507) 64,573 $ 21,580 $ 22,627 53,105 97,312 $ 24,165 20,470 115,594 160,229 (a) Implementation of GASB Statement No. 54: Fund Balance Reporting and Governmental Fund Type Definitions began July 1, 2010. Statement No. 54 provides clarification and transparency to fund balance classifications. The new standard changes overall definitions and classifications of governmental fund balance. Prior to these classifications, fund balance was separated into two groups, Reserved and Unreserved. Under GASB No. 54, the District's fund balance is classified as follows: 1) Nonspendable Fund Balance - Noncash assets, such as inventories and prepaid items. 2) Restricted Fund Balance - Funds with limitations imposed on their use by external restrictions. 3) Committed Fund Balance - Amounts that can only be used for specific purposes pursuant to a formal vote of the Cobb County Board of Education. 4) Assigned Fund Balance - Amounts designated by the Board of Education for specific purposes. 5) Unassigned Fund Balance - Residual, spendable fund balance after subtracting categories listed above. Source: District Records 121 June 30, 2010 June 30, 2011 (a) Fiscal Year June 30, 2012 June 30, 2013 June 30, 2014 June 30, 2015 $ 5,823 $ 79,783 -$ - -$ - -$ -$ - - - - - 324 353 674 676 844 - - - - - - - - - - 5,000 10,000 - 46,256 34,396 59,272 47,596 31,050 - 99,863 98,637 75,349 89,510 90,588 $ 85,606 $ 146,443 $ 133,386 $ 135,295 $ 142,782 $ 132,482 $ 67,008 $ -$ 22,966 - 108,716 - - 1,365 - 136,076 - 11,646 - 11,893 - - $ 198,690 $ 160,980 $ -$ 1,706 76,355 11,883 4,737 94,681 $ -$ 1,848 70,804 12,577 2,289 87,518 $ -$ - 1,464 129,444 14,790 1,557 - 147,255 $ - - 1,844 110,264 14,990 1,468 (9) 128,557 122 COBB COUNTY SCHOOL DISTRICT CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (amounts expressed in thousands) REVENUES: Taxes Intergovernmental Tuition and Fees Interest Income Insurance and Damage Recoveries 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: Principal Retirement Interest and Fiscal Charges Total Expenditures 2006 $ 555,012 470,136 58,905 17,178 2 334 2,908 1,000 1,105,475 Fiscal Year 2007 2008 $ 593,038 529,965 34,488 21,231 4 397 782 1,179,905 $ 589,915 519,632 34,795 15,070 1 631 735 1,160,779 2009 $ 585,637 477,654 33,143 5,931 11 1,824 1,374 1,105,574 573,603 20,998 33,948 126,927 37,443 51,251 29,476 - 147,980 46,561 6,320 1,074,507 653,593 23,117 37,193 154,002 40,328 55,007 - 131,234 49,699 6,092 1,150,265 700,308 25,206 46,992 167,644 45,002 58,119 92,901 1,810 2,413 1,140,395 692,193 25,770 45,427 164,325 43,938 61,237 48,372 7,376 300 1,088,938 Excess (Deficiency) of Revenues Over (Under) Expenditures 30,968 29,640 20,384 16,636 Other Financing Sources (Uses): Transfers-In Transfers-Out Proceeds from Sale of Capital Assets Proceeds from Capital Lease Agreements Total Other Financing Sources (Uses) 34,827 (35,992) 181 - (984) 25,953 (27,730) 340 9,865 8,428 6,345 (8,476) 172 - (1,959) 3,576 (5,696) 103 - (2,017) Extraordinary Item: Proceeds from Insurance Recovery - - - - Net Change in Fund Balances $ 29,984 $ 38,068 $ 18,425 $ 14,619 Non-Capitalized Expenditures Capitalized Expenditures Total Expenditures Debt Service as a Percentage of Non-Capitalized Expenditures $ 962,671 111,836 $ 1,074,507 $ 1,028,751 121,514 $ 1,150,265 $ 1,055,849 84,546 $ 1,140,395 $ 1,050,220 38,718 $ 1,088,938 5.49% 5.42% 0.40% 0.73% Source: District Records 123 2010 $ 574,944 493,883 31,684 2,979 3 897 1,060 1,105,450 2011 $ 540,938 520,316 54,410 3,070 466 3,320 2,753 1,125,273 Fiscal Year 2012 2013 $ 530,686 510,582 55,448 2,325 526 3,410 4,016 1,106,993 $ 518,604 512,258 56,088 1,717 1,383 3,194 1,347 1,094,591 2014 $ 527,683 520,737 57,170 1,846 1,545 3,219 3,687 1,115,887 2015 $ 548,738 552,431 57,750 1,578 1,353 3,013 1,769 1,166,632 675,152 26,636 43,890 142,959 41,949 59,112 75,261 1,064,959 634,684 25,611 47,255 148,066 40,509 56,584 28,930 93 128,890 1,110,622 634,330 25,740 49,700 169,535 41,469 56,514 29,746 118 179,490 1,186,642 628,513 23,067 51,492 152,266 43,674 59,473 28,525 - 113,346 1,100,356 625,644 23,572 43,083 157,034 45,961 60,286 419 30,780 61,466 1,048,245 675,310 25,373 46,245 172,304 45,583 63,466 458 32,164 - 134,408 1,195,311 40,491 14,651 (79,649) (5,765) 67,642 (28,679) 3,492 (4,271) 114 - (665) 27,953 (29,451) 268 - (1,230) 24,930 (25,424) 787 - 293 21,448 (21,942) 458 - (36) 1,218 (2,013) 377 - (418) 1,993 (2,438) 126 - (319) 3,952 $ 43,778 $ 1,019,111 45,848 $ 1,064,959 - $ 13,421 $ 994,729 115,893 $ 1,110,622 - - - $ (79,356) $ (5,801) $ 67,224 $ 1,010,754 175,888 $ 1,186,642 $ 997,944 102,412 $ 1,100,356 $ 989,861 58,384 $ 1,048,245 - $ (28,998) $ 1,051,784 143,527 $ 1,195,311 - - - - - - 124 COBB COUNTY SCHOOL DISTRICT PROPERTY TAX LEVIES AND COLLECTIONS JUNE 30, 2015 Property Taxes Collected and Balances Receivable 2009 2010 2011 2012 2013 General Fund Collections Balance Receivable 2014 amounts in thousands $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2015 Balances as of June 30, 2015 (amounts expressed in thousands) General Fund: Total Taxes Levied Collected Current Year Percent of Taxes Collected Subsequent Years Collected Total Collected All Years Balance Receivable Percent of Taxes Collected 2009 2010 2011 2012 2013 2014 2015 Total $ 477,932 $ 468,234 $ 428,077 $ 403,777 $ 394,842 $ 385,590 $ 398,979 $ 2,957,431 470,480 460,995 422,494 399,261 391,485 383,051 397,014 2,924,780 98.44% 98.45% 98.70% 98.88% 99.15% 99.34% 99.51% 98.90% $ 7,160 $ 6,846 $ 5,220 $ 4,196 $ 3,040 $ 2,027 $ - $ 28,489 477,640 467,841 427,714 403,457 394,525 385,078 397,014 2,953,269 $ 292 $ 393 $ 363 $ 320 $ 317 $ 512 $ 1,965 $ 4,162 99.94% 99.92% 99.92% 99.92% 99.92% 99.87% 99.51% 99.86% 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. Source: Office of Tax Commissioner, Cobb County 125 COBB COUNTY SCHOOL DISTRICT ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN FISCAL YEARS amounts in thousands $30,000,000 Property Digest Components - Assessed Values $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 2006 2007 2008 2009 Motor Vehicles 2010 2011 Public Services 2012 2013 2014 Maint & Operations 2015 (amounts expressed in thousands) Net M&O Net Bond For Maintenance & Operations of Schools For Debt Service of School Bonds Fiscal Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Real Property $ 17,288,487 18,981,827 20,510,838 21,420,500 21,007,134 18,958,062 17,573,940 16,898,249 16,352,749 17,266,640 Personal Property $ 1,319,018 1,344,532 1,343,632 1,451,112 1,424,923 1,352,078 1,357,140 1,374,209 1,439,170 1,607,722 Real Property $ 18,630,090 20,349,394 - Personal Property $ 1,319,018 1,344,532 - Public Total Assessed Services Motor Vehicle Value $ 457,754 $ 1,688,346 $ 22,095,208 491,717 1,747,132 23,932,775 485,234 1,845,671 24,185,375 523,121 1,892,692 25,287,425 547,675 1,794,543 24,774,275 680,936 1,658,511 22,649,587 753,229 1,679,543 21,363,852 838,778 1,779,893 20,891,129 893,003 1,716,625 20,401,573 870,412 1,365,200 21,109,974 Direct Estimated Rate Actual Value 1.900% $ 55,238,019 1.900% 59,831,937 1.890% 60,463,438 1.890% 63,218,563 1.890% 61,935,688 1.890% 56,623,969 1.890% 53,409,628 1.890% 52,227,822 1.890% 51,003,931 1.890% 52,774,935 Note: Prior to 2008, the property digest for debt service of school bonds included properties annexed by the City of Marietta that were no longer taxed for general operations but were still taxed for unpaid school bonds issued before the date of annexation. Taxes levied for debt service were discontinued in July 2007 after bonds were fully paid in fiscal year 2007. Prior to 2008, Maintenance and Operations assessments were included in the bonds amount; however, in 2008 through 2012, only the M & O is reflected. Property Taxes - Assessments are based on 40% of the appraised market value as of January 1 each year. Source: Office of Tax Commissioner, Cobb County 126 COBB COUNTY SCHOOL DISTRICT DIRECT AND OVERLAPPING PROPERTY TAX RATES LAST TEN FISCAL YEARS PROPERTY TAX RATES 25.00 22.50 20.00 17.50 15.00 12.50 10.00 7.50 5.00 2.50 0.00 2006 2007 2008 2009 2010 School District 2011 2012 County Government 2013 2014 2015 (all tax rates are per $1000 assessed valuation) Fiscal Year 2006 2007 School District Maint & Operations Debt Service 19.00 0.90 19.00 0.90 Total Direct Rate 19.90 19.90 2008 18.90 - 18.90 2009 18.90 - 18.90 2010 18.90 - 18.90 2011 18.90 - 18.90 2012 18.90 - 18.90 2013 18.90 - 18.90 2014 18.90 - 18.90 2015 18.90 - 18.90 County Government General Fire District Debt Service Total County Rate State of Georgia Total Overlapping Rate 6.82 6.82 6.82 6.82 6.82 6.82 7.72 7.72 7.52 7.32 2.56 2.56 2.56 2.56 2.56 2.56 3.06 3.06 3.06 3.06 0.22 0.22 0.22 0.22 0.22 0.22 0.33 0.33 0.33 0.33 9.60 9.60 9.60 9.60 9.60 9.60 11.11 11.11 10.91 10.71 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.20 0.15 0.10 9.85 9.85 9.85 9.85 9.85 9.85 11.36 11.31 11.06 10.81 Additional Overlapping Rates City of Acworth 7.87 7.68 7.60 7.60 7.60 7.60 7.60 7.60 7.60 7.60 City of Austell 3.12 3.12 3.12 3.12 3.12 3.12 3.12 4.00 4.00 3.06 City of Kennesaw 8.25 8.25 9.50 9.50 9.50 9.50 9.50 9.50 9.50 9.50 City of Powder Spgs 8.50 8.50 8.50 8.50 8.50 8.50 8.50 8.50 8.50 8.50 City of Smyrna 9.57 9.17 8.99 8.99 8.99 8.99 8.99 8.99 8.99 8.99 Source: Cobb County Government, Georgia Department of Revenue 127 COBB COUNTY SCHOOL DISTRICT PRINCIPAL PROPERTY TAXPAYERS DECEMBER 31, 2014 AND NINE YEARS AGO Principal Property Taxpayers - 2014 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Walton Communities Inland Properties CP Venture Five, LLC Atlanta Gas Light Ohio Teacher Retirement Fund Cobb EMC AT&T/Bellsouth Lockheed Martin Corporation Home Depot Georgia Power Taxpayer Georgia Power Home Depot Lockheed Martin Corporation AT&T/Bellsouth Cobb EMC Ohio Teacher Retirement Fund Atlanta Gas Light CP Venture Five, LLC Inland Properties Walton Communities Post Properties Wildwood Associates AMLI Land Development 3200 Windy Hill Rd Investments TOTAL Type of Business Utilities Retail Aircraft Telecommunications Utilities Investment Utilities Real Estate Real Estate Real Estate Real Estate Real Estate Real Estate Real Estate December 31, 2014 Percent of Total Taxes Taxes Rank Levied Levied 1 $ 9,357,027 2.345% 2 4,608,893 1.155% 3 2,777,721 0.696% 4 2,174,643 0.545% 5 1,999,997 0.501% 6 1,974,806 0.495% 7 1,427,035 0.358% 8 1,072,372 0.269% 9 1,040,810 0.261% 10 950,911 0.238% December 31, 2005 Percent of Total Taxes Taxes Rank Levied Levied 5 $ 1,884,000 0.478% 1 3,658,000 0.928% 6 1,704,000 0.432% 3 2,267,000 0.575% 7 1,690,000 0.429% 8 1,424,000 0.361% 2 2,317,000 0.588% 4 2,022,000 0.513% 9 1,235,000 0.313% 10 1,152,000 0.292% $ 27,384,214 6.863% $ 19,353,000 4.909% Note: School millage rate is 64% of total county rate. Total taxes levied are multiplied by 64% to arrive at amount of school taxes. Information is available only by calendar year; therefore, data reported is for December 31, 2014 and nine years earlier, December 31, 2005. Source: Office of Tax Commissioner, Cobb County, GA 128 COBB COUNTY SCHOOL DISTRICT LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS (amounts expressed in thousands) Debt Limit Total debt applicable to limit Legal Debt Margin Total debt applicable as a percentage of debt limit 2006 $ 2,209,521 42,103 2007 $ 2,393,278 - Fiscal Year 2008 $ 2,418,538 - 2009 $ 2,528,743 - 2010 $ 2,477,428 - $ 2,167,418 $ 2,393,278 $ 2,418,538 $ 2,528,743 $ 2,477,428 1.91% - - - - Debt Limit Total debt applicable to limit Legal Debt Margin Total debt applicable as a percentage of debt limit 2011 $ 2,264,959 2012 $ 2,136,385 Fiscal Year 2013 $ 2,089,113 2014 $ 2,040,157 2015 $ 2,110,997 - - - - - $ 2,264,959 $ 2,136,385 $ 2,089,113 $ 2,040,157 $ 2,110,997 - - - - - Source: District Records 129 COBB COUNTY SCHOOL DISTRICT LEGAL DEBT MARGIN INFORMATION FISCAL YEAR 2015 Legal Debt Information - Fiscal Year 2015 $0 $2,110,997 Total Amount of Debt Applicable to Debt Limit Legal Debt Margin (amounts expressed in thousands) Net Assessed Valuation, Cobb County School District, January 1, 2014 $ Debt Limit - 10% of Assessed Value $ Amount of Debt Applicable to Debt Limit: Total Bonded Debt $ Total Amount of Debt Applicable to Debt Limit $ Legal Debt Margin $ Sources: Cobb County Office of Tax Commissioner, District Records 130 21,109,974 2,110,997 - 2,110,997 COBB COUNTY SCHOOL DISTRICT RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS Debt Per Capita $100 $50 $- 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (amounts expressed in thousands, except per capita) Total General Primary Fiscal Obligation Capital Government Year Bonds Leases Debt 2006 $ 2007 44,780 $ - 4,239 $ 9,186 49,019 $ 9,186 2008 2009 2010 2011 2012 2013 2014 - 7,376 7,376 - - - - - - - - - - - - - - - - - - 2015 - - - Annual Personal Income 27,731,499 29,673,178 31,428,153 31,709,070 30,016,575 30,246,898 31,981,653 33,662,185 34,419,921 36,192,750 Population 596,736 606,706 615,377 617,750 618,206 633,084 642,143 649,141 658,101 670,967 Debt as a Percentage of Personal Income 0.18% 0.03% 0.02% - - - - - - - Total Debt Per Capita $ 82 15 12 - - - - - - - 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 670,967 provided by the US Census Bureau (July 1, 2014 estimate); excludes the City of Marietta. Sources: District Records, Annual Personal Income: US Department of Commerce Bureau of Economic Analysis 131 COBB COUNTY SCHOOL DISTRICT RATIO OF NET GENERAL BONDED DEBT TO ESTIMATED ACTUAL VALUE AND NET BONDED DEBT PER CAPITA LAST TEN FISCAL YEARS Ratio of Net Bonded Debt to Estimated Actual Value 0.09% 0.08% 0.07% 0.06% 0.05% 0.04% 0.03% 0.02% 0.01% 0.00% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Fiscal Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Population 596,736 $ 606,706 615,377 617,750 618,206 633,084 642,143 649,141 658,101 670,967 Estimated Actual Value 55,238,019,000 $ 59,831,937,000 60,463,438,000 63,218,563,000 61,935,688,000 56,623,969,000 53,409,628,000 52,227,822,000 51,003,931,000 52,774,935,000 Gross Bonded Debt Restricted for Bonded Debt 44,780,000 $ 2,538,000 $ - 2,599,000 - 1,826,000 - 1,523,000 - 1,356,000 - - - - - - - - - - All general obligation bonds were retired in fiscal year 2007. Population provided by US Census Bureau (2014 estimate); excludes the City of Marietta. Net Bonded Debt Ratio of Net Net Bonded Debt Bonded to Est. Debt Per Actual Value Capita 42,242,000 0.08% $ 71 - - - - - - - - - - - - - - - - - - - - - - - - - - - 132 COBB COUNTY SCHOOL DISTRICT COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT JUNE 30, 2015 Direct and Overlapping Debt Per Capita $0 $26 Direct: Cobb County Schools Indirect: Cobb County Government Direct General Obligation Debt: Gross Bonded Debt Overlapping General Obligation Debt: Cobb County Government (93% of $18,440,000) Total Direct and Overlapping General Obligation Debt Debt Per Capita:* Direct General Obligation Debt Overlapping General Obligation Debt Total $ - $ - $ 17,149,200 $ $ 17,149,200 17,149,200 $ - 26 $ 26 *Population of 670,967 from US Census Bureau (less estimated population for City of Marietta). Note: The overlap percentage is determined by the percentage of Fire District to Debt Service Fund of Cobb County Government. 133 COBB COUNTY SCHOOL DISTRICT COBB COUNTY DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN CALENDAR YEARS 740,000 Cobb County Population Growth 720,000 700,000 680,000 660,000 640,000 620,000 600,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Fiscal Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Personal Income Population (In Thousands) 646,754 $ 27,731,499 661,913 29,673,178 670,438 31,428,153 679,822 31,709,070 684,776 30,016,575 689,655 30,246,898 697,277 31,981,653 707,277 33,662,185 717,190 34,419,921 730,981 36,192,750 Per Capita Personal Income $ 42,878 44,829 46,877 46,643 43,834 43,858 45,866 47,594 47,993 49,513 Median Household Income $ 62,423 61,682 64,817 70,472 63,514 59,896 57,995 65,423 66,300 68,656 Median Age 34.9 35.6 35.9 36.2 34.8 35.4 35.6 35.4 36.1 36.2 Student Enrollment 105,482 106,572 106,056 105,742 106,488 106,836 106,502 107,914 109,529 111,060 Unemployment Rate 4.8% 4.1% 3.8% 5.6% 8.8% 9.7% 8.9% 8.0% 7.1% 6.0% Sources: Population (includes city of Marietta), 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. 134 COBB COUNTY SCHOOL DISTRICT PRINCIPAL EMPLOYERS CURRENT YEAR AND NINE YEARS AGO Principal Employers - 2014 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 - Marietta City Schools Kroger Company Six Flags Over Georgia Publix Super Markets Cobb County Government Kennesaw State University Lockheed Martin Corporation Wellstar Health System Cobb County School District Home Depot Employer Home Depot Cobb County School District Wellstar Health System Lockheed Martin Corporation Kennesaw State University Cobb County Government Publix Super Markets Six Flags Over Georgia Kroger Company Marietta City Schools Dobbins Air Force Base Genuine Parts Total Rank 1 2 3 4 5 6 7 8 9 10 2014 Employees 20,000 13,794 13,498 6,000 5,146 5,068 3,574 2,464 2,226 1,115 72,885 Percentage of Total County Employment 5.08% 3.50% 3.43% 1.52% 1.31% 1.29% 0.91% 0.63% 0.57% 0.28% 18.52% Rank 2 1 3 4 6 5 7 8 9 10 2005 Employees 8,421 13,784 8,409 7,800 3,254 5,413 3,151 2,765 Percentage of Total County Employment 2.38% 3.89% 2.37% 2.20% 0.92% 1.53% 0.89% 0.78% 2,359 2,000 57,356 0.67% 0.56% 16.19% Information is available by calendar year; therefore, data reported is for years ended December 31, 2014, and nine years earlier, December 31, 2005. Principal Employers within the county provided by 2014 and 2005 Cobb County Government CAFRs. School District employee totals include each employee in his/her primary job position only. Sources: District Records, Cobb County Government, US Bureau of Labor Statistics 135 COBB COUNTY SCHOOL DISTRICT COMPARISON OF METROPOLITAN ATLANTA SCHOOL DISTRICT PROPERTY TAX RATES JUNE 30, 2015 METRO ATLANTA SCHOOL DISTRICT TAX RATES 30.000 25.000 20.000 15.000 10.000 5.000 0.000 Atlanta Clayton Cobb City County County Dekalb Douglas Fulton Gwinnett Marietta Rockdale County County County County City County School Millage Rates (all tax rates are per $1000 assessed valuation) School District Atlanta City Clayton County Cobb County Dekalb County Douglas County Fulton County Gwinnett County Marietta City Rockdale County Total Rate 21.740 19.804 18.900 23.980 21.350 18.502 21.850 17.970 25.390 Source: Georgia Department of Revenue Maintenance & Operations 21.640 19.804 18.900 23.980 19.850 18.502 19.800 17.970 25.390 136 Debt Service 0.100 0.000 0.000 0.000 1.500 0.000 2.050 0.000 0.000 COBB COUNTY SCHOOL DISTRICT COBB COUNTY BANK DEPOSITS, CONSTRUCTION AND TAXABLE PROPERTY VALUES LAST TEN YEARS dollars in millions $1,400 Cobb County New Construction $1,200 $1,000 $800 $600 $400 $200 $0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 (dollars expressed in millions) Year Ended 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bank Deposits (a) $ 8,478 9,369 10,026 10,739 10,542 9,468 9,490 10,269 10,933 11,936 Single-Family Residences (b) Number Market of Units Value 2,655 $ 636 2,082 521 1,276 332 510 118 434 99 491 114 597 161 734 204 1,077 316 938 277 Total New Construction (b) Number Market of Permits Value 10,286 $ 1,262 10,232 1,029 9,687 838 7,019 572 5,102 349 5,594 410 5,587 656 5,667 581 6,320 711 7,352 596 Estimated Actual Value of Taxable Property (c) $ 51,525 55,238 59,832 60,463 63,219 56,624 53,410 52,227 51,004 52,775 (a) Bank deposits as of June 30, 2005 through 2008, supplied by the Georgia Department of Banking and Finance. Bank deposits June 30, 2009 and after, are supplied by the Federal Deposit Insurance Corporation (FDIC). (b) New residence and construction data for the 12-month period ended December 31 is supplied by the Cobb County Community Development Agency and is on a calendar-year basis. (c) Source is Cobb County Tax Commissioner. 137 COBB COUNTY SCHOOL DISTRICT PROPERTY DIGEST REDUCTIONS DUE TO EXEMPTIONS LAST TEN FISCAL YEARS amounts in thousands $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 Digest Reductions Compared to Gross Property Digest Gross Property Digest Personal Property Exemption Elderly Exemption Homestead Exemption $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (amounts expressed in thousands) Reductions Disabled Personal Total Gross as Percent Fiscal Homestead Elderly Residents Property Conservation Digest Property of Gross Year Exemption Exemption Exemption Exemption Exemption Reductions Digest Digest 2006 $ 1,176,070 $ 2,355,408 $ 15,610 $ 1,078,322 $ 83,016 $ 4,708,426 $ 22,095,208 21.31% 2007 1,170,390 2,612,133 14,708 1,182,458 85,575 5,065,264 23,932,775 21.16% 2008 1,166,776 2,921,905 14,666 1,264,100 83,478 5,450,925 24,185,375 22.54% 2009 1,165,038 3,115,732 15,099 1,086,274 80,282 5,462,425 25,287,425 21.60% 2010 1,160,256 3,374,955 15,389 1,159,876 82,041 5,792,517 24,774,275 23.38% 2011 1,133,942 3,308,523 15,208 1,501,213 66,204 6,025,090 22,649,587 26.60% 2012 1,086,141 3,305,864 14,608 1,274,139 53,464 5,734,216 21,363,851 26.84% 2013 1,041,831 3,299,172 15,660 1,175,141 52,676 5,584,480 20,891,129 26.73% 2014 999,067 3,420,226 16,281 1,196,382 53,574 5,685,530 20,401,572 27.87% 2015 965,937 3,755,620 18,132 1,068,067 53,146 5,860,902 21,109,974 27.76% Source: Cobb County Office of Tax Commissioner 138 COBB COUNTY SCHOOL DISTRICT NUMBER OF PERSONNEL AND RATIO OF PUPILS TO PROFESSIONAL PERSONNEL LAST TEN FISCAL YEARS Ratio of Pupils to Professional Personnel 25 20 15 10 5 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Fiscal Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Professional Personnel (a) 8,508 9,313 9,101 9,213 9,272 8,378 8,290 8,008 7,907 8,036 Other Operating Personnel (b) 2,961 3,138 3,379 3,391 3,046 2,841 2,970 2,896 2,821 2,769 Service Personnel (c) 2,335 2,478 2,972 3,049 2,994 2,857 2,847 2,813 2,834 2,949 Total Personnel 13,804 14,929 15,452 15,653 15,312 14,076 14,107 13,717 13,562 13,754 Active Student Enrollment 105,482 106,572 106,056 105,742 106,488 106,836 106,502 107,914 109,529 111,060 Ratio of Pupils to Professional Personnel 12.4 to 1 11.4 11.7 11.5 11.5 12.8 12.8 13.5 13.9 13.8 (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. 139 COBB COUNTY SCHOOL DISTRICT OPERATING STATISTICS LAST TEN FISCAL YEARS Cost Per Pupil Enrolled $10,500 $10,000 $9,500 $9,000 $8,500 $8,000 $7,500 $7,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Fiscal Year Expenses Active Student Enrollment Cost Per Pupil Enrolled Percentage of Change Professional Personnel 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 $ 971,091,000 1,032,486,000 1,102,462,000 1,107,315,000 1,088,975,000 1,050,373,000 1,074,140,000 1,068,484,000 1,054,860,000 1,088,719,000 105,482 106,572 106,056 105,742 106,488 106,836 106,502 107,914 109,529 111,060 $ 9,206 9,688 10,395 10,472 10,226 9,832 10,086 9,901 9,631 9,803 - 5.23% 7.30% 0.74% -2.35% -3.86% 2.58% -1.83% -2.73% 1.79% 8,508 9,313 9,101 9,213 9,272 8,378 8,290 8,008 7,907 8,036 Ratio of Pupils to Professional Personnel 12.4 to 1 11.4 11.7 11.5 11.5 12.8 12.8 13.5 13.9 13.8 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 140 COBB COUNTY SCHOOL DISTRICT GENERAL FUND EXPENDITURES BY FUNCTION LAST TEN FISCAL YEARS amounts in thousands $1,000,000 Expenditures by School Function $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 2006 2007 2008 2009 2010 2011 2012 Other Capital Outlay Business Serv. School & Admin. 2013 2014 Pupil Services 2015 Instruction (amounts expressed in thousands) Fiscal Pupil Year Instruction Services School & Administrative Services Business Services 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 $ 568,611 $ 15,414 $ 650,506 16,894 711,160 18,716 703,297 19,566 671,102 18,513 635,497 16,755 641,662 17,330 632,579 17,502 628,652 19,489 679,320 19,248 74,866 80,690 83,620 85,445 74,888 72,761 78,172 77,821 78,407 84,588 $ 86,146 92,320 100,139 101,253 97,049 93,103 93,237 100,191 103,311 106,063 Capital Outlay Other $ 5,581 $ 4,063 9,232 15,970 5,536 2,085 14,977 7,676 1,484 - 3,522 - 9,214 - 6,659 4,346 - 1,489 3,769 458 Total $ 754,681 855,178 931,690 932,214 863,036 821,638 839,615 834,752 835,694 893,446 Instruction includes expenditures for Instruction and Instructional Services. Business Services includes expenditures for Student Transportation and Maintenance & Operations. Other includes expenditures for School Nutrition Program and Student Activities. Source: District Records 141 COBB COUNTY SCHOOL DISTRICT GENERAL FUND REVENUES BY SOURCE LAST TEN FISCAL YEARS amounts in thousands $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 Other Interest Intergovernmental Local Taxes $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (amounts expressed in thousands) Fiscal Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Local Taxes $ 408,599 441,716 460,537 475,294 462,518 427,174 408,123 397,592 405,970 421,814 Intergovernmental $ 381,436 422,286 449,098 404,313 404,856 431,352 391,997 415,168 431,907 459,181 Interest Income $ 9,714 12,150 9,843 4,497 2,475 2,410 1,981 1,562 1,637 1,294 Other $ 900 799 1,082 2,276 1,830 1,091 1,092 2,406 4,991 2,935 Total $ 800,649 876,951 920,560 886,380 871,679 862,027 803,193 816,728 844,505 885,224 Other includes Tuition & Fees, Insurance & Damage Recoveries, Rentals and Other Revenues. Source: District Records 142 COBB COUNTY SCHOOL DISTRICT RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES LAST TEN FISCAL YEARS Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures 7% 6% 5% 4% 3% 2% 1% 0% Fiscal Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Debt Service Fund Expenditures $ 46,158,000 46,571,000 - - - - - - - - General Fund Expenditures $ 754,681,000 855,178,000 931,690,000 932,214,000 863,036,000 821,638,000 839,615,000 834,752,000 835,694,000 893,446,000 Note: Debt Service was fully paid by the end of fiscal year 2007. Source: District Records 143 Ratio of Debt Service Fund to General Fund Expenditures 6.12% 5.45% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% COBB COUNTY SCHOOL DISTRICT RESULTS OF ALL BOND AND SALES TAX REFERENDUMS 1950 TO PRESENT Percentage of Voters Approving Referendums 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1950 1957 1961 1962 1964 1969 1973 1977 1979 1981 1985 1987 1989 1991 1995 1997 1998 2003 2008 2013 Referendums: Year Amount 1950 $ 1,500,000 1957 1,750,000 1961 2,500,000 1962 3,000,000 1964 4,000,000 1969 15,000,000 1973 16,500,000 1977 22,000,000 1979 20,000,000 1981 8,000,000 1985 27,000,000 1987 58,500,000 1989 59,500,000 1991 39,600,000 1995 220,865,000 1997 609,200,000 1998 626,773,000 2003 636,504,000 2008 797,657,000 2013 717,845,000 Maturity 1970 1977 1980 1983 1994 1990 1994 1996 1997 1997 1997 2001 2002 2004 2007 2002 2003 2008 2013 2018 Action Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Failed Passed Passed Passed Passed Pro 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 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 Void 17 31 38 36 63 5 10 22 219 103 - 65 126 268 142 177 545 - - 44 Total Votes 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 Approval Percentage 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% Note: 1997, 1998, 2003, 2008 and 2013 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. All other referendums were for bond issues. Source: Cobb County Board of Elections. 144 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name 2006 Acworth Intermediate (2001) Square Feet Capacity Enrollment Addison (1989) Square Feet Capacity Enrollment Argyle (1961) Square Feet Capacity Enrollment Austell (2005) Square Feet Capacity Enrollment Baker (1988) Square Feet Capacity Enrollment Bells Ferry (1963) Square Feet Capacity Enrollment Belmont Hills (1952) Square Feet Capacity Enrollment Big Shanty (1968) Square Feet Capacity Enrollment Birney (1973) Square Feet Capacity Enrollment Blackwell (1998) Square Feet Capacity Enrollment Brown (1955) Square Feet Capacity Enrollment Brumby (1966) Square Feet Capacity Enrollment Bryant (1991) Square Feet Capacity Enrollment Bullard (2003) Square Feet Capacity Enrollment Chalker (1997) Square Feet Capacity Enrollment Cheatham Hill (1997) Square Feet Capacity Enrollment 131,924 962 746 81,334 637 559 61,503 562 757 85,236 512 332 106,668 962 738 54,862 462 599 67,106 562 581 83,417 837 742 106,180 912 876 111,299 837 736 49,828 412 257 99,181 912 914 114,090 962 952 136,261 962 1,197 124,148 962 975 122,260 937 1,060 2007 131,924 962 757 81,334 637 563 61,503 562 763 85,236 512 350 106,668 962 811 54,862 462 618 67,106 562 663 83,417 837 783 106,180 912 923 111,299 837 766 49,828 412 256 99,181 912 865 114,090 962 912 136,261 962 1,188 124,148 962 956 122,260 937 1,112 2008 131,924 962 808 81,334 637 591 61,503 562 666 85,236 512 324 106,668 962 772 54,862 462 621 67,106 562 656 83,417 837 785 106,180 912 863 111,299 837 723 49,828 412 246 99,181 912 802 114,090 962 818 136,261 962 1,234 124,148 962 885 122,260 937 1,105 2009 131,924 962 870 81,334 637 583 61,503 562 654 85,236 512 326 106,668 962 806 54,862 462 580 67,106 562 612 83,417 837 851 106,180 912 751 111,299 837 710 49,828 412 264 99,181 912 860 114,090 962 797 136,261 962 1,109 124,148 962 838 122,260 937 1,090 2010 131,924 962 853 81,334 637 557 61,503 562 662 85,236 512 309 106,668 962 819 54,862 462 586 67,106 562 619 83,417 837 859 106,180 912 710 111,299 837 722 49,828 412 292 99,181 912 954 114,090 962 802 136,261 962 1,046 124,148 962 849 122,260 937 1,084 2011 131,924 962 830 81,334 637 587 61,503 562 652 85,236 512 320 106,668 962 809 54,862 462 604 67,106 562 534 83,417 837 825 106,180 912 750 111,299 837 735 49,828 412 297 99,181 912 963 114,090 962 771 136,261 962 997 124,148 962 816 122,260 937 1,115 2012 131,924 913 821 81,334 662 594 56,238 537 647 85,236 562 314 106,694 987 789 83,098 712 590 68,409 562 496 84,461 837 789 105,886 912 755 111,299 837 703 49,828 412 302 99,181 912 952 116,071 962 825 136,261 987 971 124,148 963 743 137,108 1,063 1,123 2013 131,924 913 832 81,334 662 596 56,238 537 641 85,236 562 470 106,694 987 761 83,098 712 585 68,409 562 481 84,461 837 759 105,886 912 768 111,299 837 703 49,828 412 285 99,181 912 1,000 116,071 962 962 136,261 987 933 124,148 963 683 137,108 1,063 1,149 2014 2015 131,924 913 776 81,334 662 587 56,904 537 480 85,236 562 532 106,694 987 756 83,098 712 593 68,409 562 307 84,461 837 771 105,886 912 775 111,299 837 730 49,828 412 - 99,181 912 1,051 116,071 962 953 136,261 987 894 124,148 963 675 137,108 1,063 1,112 131,924 913 732 81,334 662 615 56,904 537 454 85,236 562 553 106,694 987 782 83,098 712 738 68,409 562 360 84,461 837 753 105,886 912 732 111,299 837 723 49,828 412 - 99,181 912 1,024 116,071 962 980 136,261 987 910 124,148 963 707 137,108 1,063 1,094 145 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name 2006 Clarkdale (1963) (a) Square Feet 44,412 Capacity 362 Enrollment 480 Clarkdale Replacement (2012) Square Feet - Capacity - Enrollment - Clay (1961) Square Feet 51,930 Capacity 437 Enrollment 515 Compton (1969) Square Feet 100,586 Capacity 912 Enrollment 690 Davis (1987) Square Feet 87,763 Capacity 787 Enrollment 608 Dowell (1989) Square Feet 106,003 Capacity 962 Enrollment 1,003 Due West (1957) Square Feet 47,350 Capacity 437 Enrollment 478 East Side (1952) Square Feet 77,918 Capacity 787 Enrollment 870 East Side Replacement (2011) Square Feet - Capacity - Enrollment - Eastvalley (1960) Square Feet 58,150 Capacity 562 Enrollment 614 Fair Oaks (1957) Square Feet 84,153 Capacity 812 Enrollment 747 Ford (1991) Square Feet 91,129 Capacity 837 Enrollment 1,021 Frey (1996) Square Feet 124,148 Capacity 962 Enrollment 938 Garrison Mill (1984) Square Feet 85,775 Capacity 687 Enrollment 618 Green Acres (1996) Square Feet 90,915 Capacity 687 Enrollment 695 Harmony Leland (1951) Square Feet 85,764 Capacity 512 Enrollment 583 2007 44,412 362 455 - 51,930 437 491 100,586 912 698 87,763 787 632 106,003 962 1,054 47,350 437 435 77,918 787 982 - 58,150 562 569 98,789 862 894 91,129 837 1,061 124,148 962 897 85,775 687 645 90,915 687 673 85,764 512 558 2008 44,412 362 464 - 51,930 437 528 100,586 912 541 87,763 787 581 106,003 962 1,087 71,112 612 459 77,918 787 961 - 58,150 562 550 98,789 862 825 91,129 837 1,027 124,148 962 830 85,775 687 705 90,915 687 653 85,764 512 475 2009 44,412 362 440 - 51,930 437 536 100,586 912 516 87,763 787 558 106,003 962 1,061 71,112 612 497 77,918 787 990 - 58,150 562 556 98,789 862 806 91,129 837 884 124,148 962 621 85,775 687 699 90,915 687 658 85,764 512 517 2010 407 - 51,930 437 535 100,586 912 485 87,763 787 557 106,003 962 996 71,112 612 538 77,918 787 1,031 - 58,150 562 619 98,789 862 839 91,129 837 863 124,148 962 670 85,775 687 724 90,915 687 712 85,764 512 544 2011 394 - 51,930 437 543 100,586 912 485 87,763 787 540 106,003 962 1,019 71,112 612 536 77,918 787 1,059 - 58,150 562 622 98,789 862 824 91,129 837 831 124,148 962 677 85,775 687 706 90,915 687 738 85,764 512 582 2012 391 - 55,412 437 510 99,427 937 453 86,131 788 543 106,003 963 980 70,367 587 553 - 149,764 1,087 1,119 60,029 562 638 97,993 863 837 91,129 862 753 125,717 963 693 85,775 688 723 90,915 688 785 65,127 512 591 2013 - 129,988 862 587 55,412 437 351 99,427 937 556 86,131 788 559 106,003 963 968 70,367 587 547 - 149,764 1,087 1,221 60,029 562 661 97,993 863 831 91,129 862 713 125,717 963 737 85,775 688 716 90,915 688 866 65,127 512 678 2014 2015 - - - - - - 129,988 862 631 129,988 862 724 55,412 437 381 55,412 437 396 99,427 937 559 99,427 937 590 86,131 788 584 86,131 788 578 106,003 963 922 106,003 963 942 70,367 587 594 70,367 587 626 - - - - - - 149,764 1,087 1,304 149,764 1,087 1,268 60,029 562 692 60,029 562 691 97,993 863 898 97,993 863 960 91,129 862 681 91,129 862 717 125,717 963 742 125,717 963 746 85,775 688 675 85,775 688 690 90,915 688 767 90,915 688 732 65,127 512 699 65,127 512 721 Continued--- 146 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name 2006 Hayes (1993) Square Feet 117,579 Capacity 962 Enrollment 1,139 Hendricks (2001) Square Feet 123,000 Capacity 962 Enrollment 599 Hollydale (1968) Square Feet 89,995 Capacity 812 Enrollment 875 Keheley (1986) Square Feet 68,030 Capacity 587 Enrollment 542 Kemp (2002) Square Feet 123,000 Capacity 962 Enrollment 904 Kennesaw (1991) Square Feet 113,828 Capacity 962 Enrollment 960 Kincaid (1972) Square Feet 81,752 Capacity 762 Enrollment 615 King Springs (1956) Square Feet 58,785 Capacity 562 Enrollment 606 LaBelle (1955) Square Feet 58,505 Capacity 537 Enrollment 481 Lewis (1986) Square Feet 115,363 Capacity 962 Enrollment 1,101 Mableton (1950) Square Feet 47,426 Capacity 412 Enrollment 461 Mableton Replacement (2012) Square Feet - Capacity - Enrollment - McCall Primary (2005) Square Feet 88,217 Capacity 512 Enrollment 409 Milford (1954) Square Feet 64,168 Capacity 612 Enrollment 576 Mount Bethel (1978) Square Feet 105,016 Capacity 912 Enrollment 933 Mountain View (1986) Square Feet 102,725 Capacity 862 Enrollment 770 2007 117,579 962 1,091 123,000 962 633 89,995 812 859 68,030 587 516 123,000 962 896 113,828 962 893 81,752 762 605 58,785 562 622 80,655 687 475 115,363 962 1,153 47,426 412 429 - 88,217 512 486 69,776 612 647 105,016 912 962 102,725 862 794 2008 117,579 962 1,080 123,000 962 618 89,995 812 841 68,030 587 513 123,000 962 913 113,828 962 952 81,752 762 614 58,785 562 583 80,655 687 475 115,363 962 1,124 47,426 412 407 - 88,217 512 469 69,776 612 653 105,016 912 960 102,725 862 819 2009 117,579 962 1,061 123,000 962 598 89,995 812 781 68,030 587 488 123,000 962 902 113,828 962 906 81,752 762 660 58,785 562 587 80,655 687 484 115,363 962 910 47,426 412 417 - 88,217 512 451 69,776 612 624 105,016 912 1,002 102,725 862 829 2010 117,579 962 1,116 123,000 962 576 89,995 812 764 68,030 587 465 123,000 962 926 113,828 962 915 81,752 762 675 58,785 562 617 80,655 687 486 115,363 962 885 47,426 412 399 - 88,217 512 459 69,776 612 650 105,016 912 1,029 102,725 862 833 2011 117,579 962 1,078 123,000 962 565 89,995 812 727 68,030 587 468 123,000 962 931 113,828 962 848 81,752 762 687 58,785 562 676 80,655 687 449 115,363 962 885 47,426 412 437 - 88,217 512 506 69,776 612 635 105,016 912 996 102,725 862 848 2012 119,189 962 1,020 123,025 962 603 89,012 862 735 70,537 588 470 123,000 962 929 116,400 962 824 83,969 762 670 59,658 587 692 82,912 688 456 115,363 962 800 47,426 412 457 - 88,158 562 451 73,352 612 658 110,096 937 1,006 102,725 887 853 2013 119,189 962 985 123,025 962 584 89,012 862 693 70,537 588 473 123,000 962 964 116,400 962 714 83,969 762 730 59,658 587 792 82,912 688 476 115,363 962 749 - 148,523 962 943 88,158 562 431 73,352 612 559 110,096 937 984 102,725 887 840 2014 119,189 962 961 123,025 962 531 89,012 862 693 70,537 588 484 123,000 962 1,031 116,400 962 712 83,969 762 740 59,658 587 832 82,912 688 576 115,363 962 763 - 148,523 962 950 88,158 562 407 73,352 612 466 110,096 937 1,011 102,725 887 837 2015 119,189 962 934 123,025 962 529 89,012 862 687 70,537 588 538 123,000 962 1,035 116,400 962 667 83,969 762 726 59,658 587 859 82,912 688 539 115,363 962 703 - 148,523 962 953 88,158 562 396 73,352 612 458 110,096 937 1,040 102,725 887 853 147 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name 2006 Murdock (1975) Square Feet 85,442 Capacity 687 Enrollment 845 Nicholson (1990) Square Feet 75,800 Capacity 637 Enrollment 563 Nickajack (1998) Square Feet 114,350 Capacity 837 Enrollment 828 Norton Park (1961) Square Feet 66,603 Capacity 612 Enrollment 806 Pickett's Mill (2008) Square Feet - Capacity - Enrollment - Pitner (2003) Square Feet 135,800 Capacity 962 Enrollment 1,083 Powder Springs (1988) Square Feet 101,870 Capacity 887 Enrollment 922 Powers Ferry (1951) Square Feet 56,104 Capacity 462 Enrollment 452 Riverside Primary (2005) Square Feet 85,236 Capacity 512 Enrollment 434 Riverside Intermediate (2001) Square Feet 123,000 Capacity 962 Enrollment 791 Rocky Mount (1977) Square Feet 78,720 Capacity 587 Enrollment 608 Russell (1961) Square Feet 63,212 Capacity 612 Enrollment 674 Sanders (1997) Square Feet 116,302 Capacity 862 Enrollment 867 Sedalia Park (1956) Square Feet 84,051 Capacity 787 Enrollment 791 Shallowford Falls (1990) Square Feet 73,600 Capacity 612 Enrollment 641 Sky View (1957) (b) Square Feet 50,270 Capacity 462 Enrollment 468 2007 123,233 962 836 75,800 637 541 114,350 837 785 87,301 787 750 - 135,800 962 1,049 101,870 887 936 56,104 462 470 85,236 512 545 123,000 962 838 78,720 587 597 101,862 962 651 116,302 862 889 101,125 887 752 112,947 962 654 50,270 462 448 2008 123,233 962 846 75,800 637 511 114,350 837 670 87,301 787 678 - 135,800 962 1,054 101,870 887 891 56,104 462 472 85,236 512 516 123,000 962 819 78,720 587 591 101,862 962 655 116,302 862 894 101,125 887 746 112,947 962 663 50,270 462 387 2009 123,233 962 875 75,800 637 521 114,350 837 725 87,301 787 764 136,261 962 724 135,800 962 971 101,870 887 892 56,104 462 477 85,236 512 440 123,000 962 777 78,720 587 606 101,862 962 687 116,302 862 936 101,125 887 799 112,947 962 695 50,270 462 409 2010 123,233 962 861 75,800 637 527 114,350 837 815 87,301 787 674 136,261 962 742 135,800 962 977 101,870 887 866 56,104 462 483 85,236 512 465 123,000 962 841 78,720 587 592 101,862 962 725 116,302 862 926 101,125 887 782 112,947 962 710 50,270 462 399 2011 123,233 962 823 75,800 637 497 114,350 837 904 87,301 787 730 136,261 962 717 135,800 962 945 101,870 887 811 56,104 462 490 85,236 512 491 123,000 962 871 78,720 587 629 101,862 962 703 116,302 862 872 101,125 887 804 112,947 962 690 50,270 462 373 2012 123,233 962 825 75,800 637 513 122,342 937 960 87,935 837 708 139,090 963 707 136,261 962 942 101,870 888 802 59,190 462 468 85,236 562 561 123,000 962 925 71,408 612 613 103,369 962 693 116,302 862 903 99,735 888 816 112,620 962 674 50,270 462 400 2013 123,233 962 830 75,800 637 511 122,342 937 1,055 87,935 837 788 139,090 963 723 136,261 962 937 101,870 888 783 59,190 462 467 85,236 562 681 123,000 962 1,107 71,408 612 614 103,369 962 728 116,302 862 829 99,735 888 828 112,620 962 658 - 2014 2015 123,233 962 859 123,233 962 896 75,800 637 500 75,800 637 516 122,342 937 1,130 122,342 937 1,115 87,935 837 808 87,935 837 916 139,090 963 736 139,090 963 750 136,261 962 909 136,261 962 888 101,870 888 807 101,870 888 824 59,190 462 448 59,190 462 436 85,236 562 710 85,236 562 671 123,000 962 1,101 123,000 962 1,182 71,408 612 602 72,896 612 622 104,362 962 704 104,362 962 697 116,302 862 809 116,302 862 827 99,735 888 815 99,735 888 845 112,620 962 654 112,620 962 669 - - - - - - Continued--- 148 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name Smyrna (2013) Square Feet Capacity Enrollment Sope Creek (1978) Square Feet Capacity Enrollment Still (1978) Square Feet Capacity Enrollment Teasley (1961) Square Feet Capacity Enrollment Timber Ridge (1990) Square Feet Capacity Enrollment Tritt (1979) Square Feet Capacity Enrollment Varner (1990) Square Feet Capacity Enrollment Vaughan (1996) Square Feet Capacity Enrollment Awtrey (1965) Square Feet Capacity Enrollment Barber (2005) Square Feet Capacity Enrollment Campbell (1951) Square Feet Capacity Enrollment Cooper (2001) Square Feet Capacity Enrollment Daniell (1966) Square Feet Capacity Enrollment Dickerson (1981) Square Feet Capacity Enrollment Dodgen (1975) Square Feet Capacity Enrollment Durham (1998) Square Feet Capacity Enrollment 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 - 106,348 962 1,070 82,687 612 625 56,810 462 561 73,450 587 507 109,912 937 863 109,827 962 845 122,260 937 1,138 143,704 1,012 843 175,345 1,162 866 176,241 1,137 1,187 175,345 1,162 1,034 141,419 1,087 930 165,953 1,157 1,397 182,985 1,162 861 173,487 1,162 1,708 - 106,348 962 1,093 121,289 962 670 56,810 462 538 73,450 587 526 109,912 937 892 109,827 962 790 122,260 937 1,128 143,704 1,012 776 175,345 1,162 922 205,911 1,337 1,017 175,345 1,162 956 165,011 1,162 949 165,953 1,187 1,265 182,985 1,162 1,083 173,487 1,162 1,141 - 106,348 962 1,078 121,289 962 687 56,810 462 487 73,450 587 510 109,912 937 892 109,827 962 824 122,260 937 1,076 143,704 1,012 839 175,345 1,162 942 205,911 1,337 961 175,345 1,162 926 165,011 1,162 931 165,953 1,187 1,195 182,985 1,162 1,151 173,487 1,162 1,116 - 106,348 962 1,064 121,289 962 750 56,810 462 513 73,450 587 539 109,912 937 899 109,827 962 829 122,260 937 859 143,704 1,012 862 175,345 1,162 927 205,911 1,337 1,024 175,345 1,162 872 165,011 1,162 943 165,953 1,187 1,122 182,985 1,162 1,122 173,487 1,162 1,129 - 106,348 962 1,142 121,289 962 775 56,810 462 578 73,450 587 590 109,912 937 936 109,827 962 833 122,260 937 817 143,704 1,012 920 175,345 1,162 914 205,911 1,337 1,106 175,345 1,162 827 165,011 1,162 981 165,953 1,187 1,119 182,985 1,162 1,104 173,487 1,162 1,111 - 106,348 962 1,159 121,289 962 776 56,810 462 670 73,450 587 589 109,912 937 909 109,827 962 791 122,260 937 742 143,704 1,012 863 175,345 1,162 954 205,911 1,337 1,146 175,345 1,162 832 165,011 1,162 1,017 165,953 1,187 1,142 182,985 1,162 1,132 173,487 1,162 1,103 - 133,344 1,162 1,142 116,074 963 764 55,944 487 689 73,450 612 650 109,769 937 908 109,827 962 774 122,260 937 721 149,860 1,037 881 178,465 1,162 967 207,172 1,338 1,201 170,905 1,162 851 163,526 1,163 972 166,048 1,187 1,212 183,798 1,212 1,190 173,487 1,162 1,101 - 133,344 1,162 1,157 116,074 963 768 55,944 487 718 73,450 612 615 109,769 937 926 109,827 962 742 122,260 937 676 156,660 1,037 848 178,465 1,162 966 207,172 1,338 1,278 170,905 1,162 942 177,356 1,163 977 166,048 1,187 1,212 183,798 1,212 1,185 173,487 1,162 1,093 143,107 962 863 133,344 1,162 1,181 116,074 963 814 55,944 487 720 73,450 612 610 109,769 937 918 109,827 962 703 122,260 937 659 156,660 1,037 850 178,465 1,162 979 220,228 1,338 1,286 170,905 1,162 936 177,356 1,163 978 166,048 1,187 1,237 183,798 1,212 1,157 173,487 1,162 1,025 143,107 962 954 133,344 1,162 1,150 117,539 963 789 52,764 487 777 73,450 612 612 109,769 937 900 109,827 962 674 122,260 937 690 156,660 1,037 823 178,465 1,162 938 220,228 1,338 1,409 170,905 1,162 939 177,356 1,163 962 166,048 1,187 1,254 183,798 1,212 1,227 173,487 1,162 1,058 149 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name 2006 East Cobb (1963) Square Feet 165,237 Capacity 1,162 Enrollment 1,257 Floyd (1964) Square Feet 166,551 Capacity 1,162 Enrollment 998 Garrett (1972) Square Feet 122,329 Capacity 812 Enrollment 923 Griffin (1972) Square Feet 186,947 Capacity 1,162 Enrollment 1,095 Hightower Trail (1993) Square Feet 141,264 Capacity 987 Enrollment 966 Lindley 6th Grade Academy (1962) Square Feet 114,635 Capacity 787 Enrollment (b) 230 Lindley (2001) Square Feet 179,170 Capacity 1,162 Enrollment 1,354 Lost Mountain (1992) Square Feet 137,027 Capacity 987 Enrollment 1,576 Lovinggood (2006) Square Feet - Capacity - Enrollment - Mabry (1978) Square Feet 158,434 Capacity 1,137 Enrollment 848 McCleskey (1983) Square Feet 113,525 Capacity 837 Enrollment 822 McClure (2006) Square Feet - Capacity - Enrollment - Palmer (2001) Square Feet 175,345 Capacity 1,162 Enrollment 1,173 Pine Mountain (1979) Square Feet 119,076 Capacity 792 Enrollment 1,261 Simpson (1988) Square Feet 110,000 Capacity 837 Enrollment 844 Smitha (1993) Square Feet 141,596 Capacity 987 Enrollment 1,306 2007 181,573 1,212 1,148 166,551 1,162 894 122,329 812 894 186,947 1,162 1,064 149,038 1,012 1,020 114,635 787 260 179,170 1,162 1,381 164,107 1,162 1,167 178,465 1,162 1,262 158,434 1,137 849 113,525 837 815 191,209 1,162 1,029 175,345 1,162 1,134 131,459 887 752 110,000 837 813 167,815 1,137 1,013 2008 181,573 1,212 1,130 166,551 1,162 882 122,329 812 909 186,947 1,162 993 149,038 1,012 986 114,635 787 198 179,170 1,162 1,252 164,107 1,162 1,107 178,465 1,162 1,238 158,434 1,137 941 113,525 837 752 191,209 1,162 1,155 175,345 1,162 1,101 131,459 887 743 110,000 837 871 167,815 1,137 965 2009 181,573 1,212 1,183 166,551 1,162 812 122,329 812 898 186,947 1,162 922 149,038 1,012 975 114,635 787 440 179,170 1,162 827 164,107 1,162 1,074 178,465 1,162 1,269 158,434 1,137 959 113,525 837 769 191,209 1,162 1,157 175,345 1,162 1,083 131,459 887 728 110,000 837 892 167,815 1,137 862 2010 181,573 1,212 1,241 166,551 1,162 819 122,329 812 862 186,947 1,162 916 149,038 1,012 964 114,635 787 470 179,170 1,162 832 164,107 1,162 1,131 178,465 1,162 1,185 158,434 1,137 892 113,525 837 765 191,209 1,162 1,165 175,345 1,162 1,069 131,459 887 772 110,000 837 889 167,815 1,137 817 2011 181,573 1,212 1,294 166,551 1,162 821 122,329 812 901 186,947 1,162 959 149,038 1,012 963 114,635 787 493 179,170 1,162 916 164,107 1,162 1,105 178,465 1,162 1,182 158,434 1,137 864 113,525 837 692 191,209 1,162 1,167 175,345 1,162 1,042 131,459 887 738 110,000 837 843 167,815 1,137 907 2012 186,961 1,362 1,281 166,551 1,112 870 122,329 812 853 186,947 1,162 1,064 149,038 1,012 956 111,260 788 523 179,170 1,162 1,041 165,107 1,137 1,016 175,345 1,162 1,214 160,581 1,162 849 113,525 937 668 191,209 1,163 1,138 175,974 1,162 999 131,399 887 725 110,000 837 862 169,345 1,137 968 2013 186,961 1,362 1,273 166,551 1,112 865 152,212 963 854 186,947 1,162 1,154 149,038 1,012 992 111,260 788 542 179,170 1,162 1,072 165,107 1,137 939 175,345 1,162 1,339 160,581 1,162 847 149,577 937 678 191,209 1,163 1,092 175,974 1,162 963 169,809 912 706 138,902 962 876 169,345 1,137 995 2014 2015 186,961 1,362 1,310 186,961 1,362 1,243 166,551 1,112 969 166,551 1,112 933 152,212 963 779 152,212 963 838 186,947 1,162 1,201 186,947 1,162 1,180 149,038 1,012 1,014 149,038 1,012 1,068 111,260 788 589 111,260 788 530 179,170 1,162 1,089 179,170 1,162 1,161 165,107 1,137 943 165,107 1,137 962 175,345 1,162 1,406 175,345 1,162 1,426 160,581 1,162 893 160,581 1,162 893 149,577 937 715 149,577 937 677 191,209 1,163 1,090 191,209 1,163 1,137 175,974 1,162 990 175,974 1,162 1,024 169,809 912 710 169,809 912 691 143,888 962 895 143,888 962 913 169,345 1,137 1,001 169,345 1,137 988 Continued--- 150 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name Tapp (1975) Square Feet Capacity Enrollment Allatoona (2008) Square Feet Capacity Enrollment Campbell (1963) Square Feet Capacity Enrollment Harrison (1991) Square Feet Capacity Enrollment Hillgrove (2006) Square Feet Capacity Enrollment Kell (2002) Square Feet Capacity Enrollment Kennesaw Mountain (2000) Square Feet Capacity Enrollment Lassiter (1981) Square Feet Capacity Enrollment McEachern (1930) Square Feet Capacity Enrollment North Cobb (1957) Square Feet Capacity Enrollment Osborne (1961) Square Feet Capacity Enrollment Pebblebrook (1963) Square Feet Capacity Enrollment Pope (1987) Square Feet Capacity Enrollment South Cobb (1951) Square Feet Capacity Enrollment Sprayberry (1973) Square Feet Capacity Enrollment Walton (1975) Square Feet Capacity Enrollment 2006 157,435 1,137 1,074 - 317,515 2,262 2,128 235,445 1,837 2,542 - 323,000 1,912 1,883 319,000 1,987 3,032 274,704 2,137 2,096 416,201 2,362 3,384 252,105 2,087 2,336 337,114 2,062 1,580 318,655 1,862 1,701 246,405 1,862 1,963 271,378 1,662 2,100 281,542 2,112 1,758 276,781 1,950 2,549 2007 157,435 1,137 897 - 317,515 2,262 2,145 235,445 1,837 2,601 321,543 1,912 1,142 323,000 1,912 1,882 319,000 1,987 2,938 274,704 2,137 2,026 416,201 2,362 2,652 320,736 2,087 2,531 337,114 2,062 1,483 318,655 1,862 1,780 246,405 1,862 1,879 271,378 1,662 2,036 281,542 2,112 1,705 308,814 2,362 2,559 2008 157,435 1,137 891 - 370,042 2,637 2,087 235,445 1,837 2,590 321,543 1,912 1,669 323,000 1,912 1,835 319,000 1,987 2,842 274,704 2,137 1,934 414,457 2,362 2,316 320,736 2,087 2,577 332,614 2,062 1,589 318,655 1,862 1,864 246,365 1,862 1,878 271,378 1,662 2,069 281,542 2,112 1,670 308,814 2,362 2,583 2009 157,435 1,137 819 328,370 1,912 845 370,042 2,637 2,093 235,445 1,837 2,347 321,543 1,912 1,833 323,000 1,912 1,805 319,000 1,987 2,357 274,704 2,137 1,973 436,728 2,362 2,210 320,736 2,087 2,501 332,614 2,062 1,643 318,655 1,862 1,993 246,365 1,862 1,806 271,378 1,662 2,009 281,542 2,112 1,655 308,814 2,362 2,574 2010 157,435 1,137 737 328,370 1,912 1,341 370,042 2,637 2,144 235,445 1,837 2,169 323,023 1,912 2,011 323,000 1,912 1,753 319,000 1,987 2,147 274,704 2,137 1,932 436,728 2,362 2,166 287,276 1,933 2,460 332,614 2,062 1,722 318,655 1,862 1,988 246,365 1,862 1,792 271,378 1,718 1,969 281,542 2,153 1,693 308,814 2,362 2,561 2011 157,435 1,137 661 328,370 1,912 1,554 370,042 2,637 2,224 235,445 1,837 2,094 323,023 1,912 2,003 323,000 1,912 1,688 319,000 1,987 1,955 274,704 2,137 1,990 436,728 2,362 2,127 287,276 1,933 2,524 332,614 2,062 1,671 318,655 1,862 1,957 246,365 1,862 1,773 271,378 1,718 1,957 281,542 2,153 1,754 308,814 2,362 2,649 2012 157,435 1,137 724 325,200 1,912 1,762 374,180 2,637 2,105 243,215 1,837 1,973 319,000 1,987 2,020 321,068 1,987 1,606 319,000 1,987 2,034 278,986 2,112 1,971 504,107 2,362 2,098 406,817 2,787 2,566 328,000 2,062 1,558 319,768 1,788 1,824 260,606 1,912 1,718 395,332 2,612 1,863 297,400 2,062 1,727 307,655 2,312 2,569 2013 157,435 1,137 761 325,200 1,912 1,717 374,180 2,637 2,188 243,215 1,837 1,918 319,000 1,987 2,065 321,068 1,987 1,526 319,000 1,987 2,121 310,950 2,112 1,944 504,107 2,362 2,174 406,817 2,787 2,533 328,000 2,062 1,701 319,768 1,788 1,990 260,606 1,912 1,725 388,425 2,612 1,898 297,400 2,062 1,741 307,655 2,312 2,574 2014 157,435 1,137 805 325,200 1,912 1,724 374,180 2,637 2,258 337,584 2,587 1,927 319,000 1,987 2,115 321,068 1,987 1,509 319,000 1,987 2,080 310,950 2,112 2,010 504,107 2,362 2,168 406,817 2,787 2,651 328,000 2,062 1,798 319,768 1,788 2,029 260,606 1,912 1,787 388,425 2,612 1,911 297,400 2,062 1,700 307,655 2,312 2,639 2015 157,435 1,137 769 325,200 1,912 1,773 374,180 2,637 2,380 337,584 2,587 1,926 319,000 1,987 2,213 321,068 1,987 1,499 319,000 1,987 2,090 310,950 2,112 2,086 504,107 2,362 2,137 406,817 2,787 2,750 328,000 2,062 1,812 319,768 1,788 2,173 260,606 1,912 1,868 388,425 2,612 1,954 297,400 2,062 1,701 307,655 2,312 2,582 151 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name 2006 2007 Wheeler (1964) Square Feet 270,744 318,504 Capacity 1,762 1,837 Enrollment 1,806 1,813 Oakwood (1944) Square Feet 93,612 93,612 Capacity 462 462 Enrollment 219 288 Performance Learning Center (located at Oakwood) Enrollment - - Hawthorne (Haven) (1958) (c) Square Feet 32,500 32,500 Capacity 312 312 Enrollment 182 170 Fitzhugh Lee (Haven) (1935)(c) Square Feet 35,684 35,684 Capacity 312 312 Enrollment - - Kennesaw Charter (d) Enrollment 436 540 Mableton Charter (d) Enrollment - - International Academy of Smyrna (d) Enrollment - - Devereux Georgia (d) Enrollment - 132 2008 318,504 1,837 1,797 93,612 462 286 - 32,500 312 156 35,684 312 - 495 569 414 108 2009 318,504 1,837 1,877 93,612 520 192 58 32,500 312 158 35,684 312 - 504 595 438 115 2010 318,504 1,837 1,981 93,612 462 156 47 32,500 312 160 35,684 312 - 437 472 580 105 2011 318,504 1,837 2,020 93,612 462 175 76 32,500 312 99 35,684 312 42 515 529 744 96 2012 318,504 1,837 1,955 93,858 462 79 57 32,500 312 88 35,684 312 43 614 526 793 62 2013 318,504 1,837 1,948 93,858 462 70 59 32,500 312 77 35,684 312 39 782 - 943 75 2014 2015 361,490 2,162 2,049 341,594 2,112 2,008 93,858 462 78 93,858 462 91 70 93 32,500 312 69 32,500 312 77 35,684 312 33 35,684 312 37 871 858 - - 944 966 87 88 Concluded. (a) Original Clarkdale building destroyed by flood fall 2009. Clarkdale Replacement school opened for school year 2012-13. (b) Sky View Elementary converted to Sky View Adminstrative Facility at the end of school year 2011-12. (c) Haven @ Fitzhugh Lee enrollment is included with Hawthorne until school year 2010-11. (d) Operated by a nonprofit, enrollment reported by CCSD; buildings do not belong to CCSD. Mableton Charter closed May 2012. Beginning 2012, data reflects the new Five-Year Local Facilities Plan approved by the Board on May 17, 2012. The 2012 - 2016 Local Facilities Plan has been approved by the Georgia Department of Education and validated by a Facilities Survey Team as required by State BOE rules. Source: District Records 152 COBB COUNTY SCHOOL DISTRICT TEACHERS' SALARY SCHEDULE LAST TEN FISCAL YEARS $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 2006 2007 2008 Teachers' Salary Range 2009 2010 2011 2012 2013 Minimum Maximum Cobb Average 2014 2015 Fiscal Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Minimum $ 35,938 37,160 39,140 39,962 38,958 38,958 38,958 38,958 38,958 39,347 Maximum $ 77,730 80,374 82,435 84,204 82,088 82,088 82,088 82,088 82,088 82,908 Cobb Average $ 49,854 51,239 52,977 54,286 53,320 54,168 53,770 54,323 54,435 55,773 Note: Minimum reflects T-4 Certification, Step 1; Maximum is T-7 Doctorate, Step 30+. Source: District Salary Schedules Georgia Department of Education State-wide Average $ 48,247 49,836 51,466 52,823 53,155 52,830 53,002 52,956 52,973 53,424 153 COBB COUNTY SCHOOL DISTRICT ADMINISTRATIVE SALARY SCHEDULE JUNE 30, 2015 $200,000 $175,000 $150,000 $125,000 $100,000 $75,000 $50,000 $25,000 $0 Administrative Salary Range Minimum Maximum Administrative Position Title Superintendent Chief Officers/Asst Superintendents Executive Directors Instructional Directors Classified Directors High School Principals Middle School Principals Elementary School Principals Source: District Records Minimum $ 186,850 109,835 91,852 99,121 77,219 100,818 84,224 82,432 Maximum $ 186,850 133,320 109,128 111,076 91,147 119,410 112,800 111,010 154 COBB COUNTY SCHOOL DISTRICT SCHEDULE OF INSURANCE IN FORCE JUNE 30, 2015 Type of Coverage Name of Company and Policy Number Policy Period From To Liability Limits Annual Premium Bus, Truck, Motor Vehicles Liability Property Theft Employee's Blanket Bond General Liability Property Boiler (Includes Insurance) Student Athletic Self Insured Self Insured Travelers #105651387 Self Insured Travelers KTJ-CMB-1849M21-A-14 T.W. Lord & Associates 6/1/1994 Ongoing $300,000 6/1/1994 Ongoing N/A 7/1/2014 7/1/2015 $7,500,000 6/1/1994 Ongoing $500,000 7/1/2014 7/1/2015 $500,000,000 8/1/2014 8/1/2015 Varies N/A N/A $23,956 N/A $566,347 Student/Parent Funded Superintendent's Old Republic Surety Co. Bond APO002121620 Principal's Old Republic Surety Co. Bond APS1177822 Worker's Compensation Self Insured Excess Worker's US Specialty Underwriters Compensation NDE-0812674-13 Disability, Long-Term The Hartford Policy #402273 Disability, Short-Term STD Plan Option 1 The Hartford Policy #402273 STD Plan Option 2 The Hartford Policy #402273 STD Plan Option 3 The Hartford Policy #402273 STD Plan Option 4 The Hartford Policy #402273 STD Plan Option 5 The Hartford Policy #402273 STD Plan Option 6 The Hartford Policy #402273 STD Plan Option 7 The Hartford Policy #402273 STD Plan Option 8 The Hartford Policy #402273 Life Insurance and The Hartford #402273 AD&D Dependent Life Insurance The Hartford Policy #402273 Optional Life and AD&D The Hartford #402273 5/1/2014 5/1/2015 $100,000 $350 8/1/2014 8/1/2015 $10,000 $3,990 N/A N/A Statutory 10/1/14 12/31/15 $1,000,000 N/A $114,890 1/1/2015 12/31/2015 Benefit Schedule per salary $1,103,786 1/1/2015 12/31/2015 8th calendar day. 66.67% of weekly earnings. Employee pays $13.53 per month. 1/1/2015 12/31/2015 15th calendar day. 66.67% of weekly earnings. Employee pays $11.21 per month. 1/1/2015 12/31/2015 31st calendar day. 66.67% of weekly earnings. Employee pays $7.35 per month. 1/1/2015 12/31/2015 61st calendar day. 66.67% of weekly earnings. Employee pays $7.16 per month. 1/1/2015 12/31/2015 8th calendar day. 50% of weekly earnings. Employee pays $9.89 per month. 1/1/2015 12/31/2015 15th calendar day. 50% of weekly earnings. Employee pays $8.19 per month. 1/1/2015 12/31/2015 31st calendar day. 50% of weekly earnings. Employee pays $5.37 per month. 1/1/2015 12/31/2015 61st calendar day. 50% of weekly earnings. Employee pays $5.22 per month. 1/1/2015 12/31/2015 2.5 times employee's Monthly - employee pays $0.123 per annualized regular salary $1,000 for Life and AD&D insurance. The first $10,000 of coverage for smokers or first $13,000 for non- smokers is paid by CCSD. 1/1/2015 12/31/2015 Coverage options: $10,000 Monthly - employee pays $1 for or $25,000 $10,000 of coverage of child(ren) or $2.50 for $25,000 of coverage; employee pays $2.05 for $10,000 of coverage of spouse or $5.13 for $25,000. 1/1/2015 12/31/2015 Employee can choose up to Monthly - employee pays $0.165 per 6 times his/her annual $1,000 of Supplemental Life and earnings if non-smoker, 5 AD&D coverage. times his/her salary if smoker Continued --- 155 COBB COUNTY SCHOOL DISTRICT SCHEDULE OF INSURANCE IN FORCE JUNE 30, 2015 Type of Coverage Dental Insurance Option: Plus Plan Dental Insurance Option: Base Plan Cancer Insurance Economy Plan Standard Plan Deluxe Plan Critical Illness Insurance Ages 18-35 Years Ages 36-50 Years Ages 51-60 Years Ages 61-63 Years Ages 64+ Years Vision Insurance Preferred Plus Plan Base Plan Legal Insurance Name of Company and Policy Number Delta Dental Policy 11-1554000000 Delta Dental Policy 11-1554000000 Allstate Insurance Policy #V1935 Policy #V1935 Policy #V1935 Allstate Insurance Policy #V1935 Policy #V1935 Policy #V1935 Policy #V1935 Policy #V1935 Avesis 9155NC 9155NC ARAG Group Policy #17840-001 Policy Period From To Liability Limits Annual Premium 1/1/2015 12/31/2015 Plus Plan provides preferred Monthly - employee pays $35.52 for rates with a maximum single coverage, $66.41 for employee coverage of $1,000 per plus one, or $108.31 for family participant per calendar coverage. year. 1/1/2015 12/31/2015 Base Plan has co-pays for Monthly - employee pays $14.02 for Preventative and Diagnostic single coverage, $26.22 for employee services with a maximum of plus one, or $44.90 for family $750 coverage per coverage. participant per calendar year. 1/1/2015 12/31/2015 Based on Benefit Schedule Monthly - employee pays rates depending on chosen plan. Single coverage is $7.06; family coverage is $11.66. Single coverage is $10.26; family coverage is $17.42. Single coverage is $14.48; family coverage is $24.84. 1/1/2015 12/31/2015 Provides $10,000 critical Monthly - employee pays rates illness coverage to depending age and smoking status. employee; $5,000 to insured Non-smoker pays $4.33 for self; $6.62 spouse and dependents. for family. Smoker pays $5.79 for self; $8.81 for family. Non-smoker pays $9.78 for self; $14.79 for family. Smoker pays $14.75 for self; $22.25 for family. Non-smoker pays $19.64 for self; $29.59 for family. Smoker pays $30.76 for self; $46.27 for family. Non-smoker pays $33.28 for self; $50.04 for family. Smoker pays $49.07 for self; $73.73 for family. Non-smoker pays $53.31 for self; $80.09 for family. Smoker pays $79.42 for self; $119.25 for family. 1/1/2015 12/31/2015 Based on Benefit Schedule Monthly - employee pays rates: Single coverage is $4.72; coverage for employee plus one family member is $8.82, and family coverage is $13.10 each month. Single coverage is $1.08 per month; coverage for employee plus one family member is $1.90, and family coverage is $2.70 each month. 1/1/2015 12/31/2015 Based on Benefit Schedule Monthly - employee pays $12.27 for single coverage or $15.23 for family Coverage. Concluded. Source: District Records 156 COBB COUNTY SCHOOL DISTRICT SCHOOL LUNCH AND BREAKFAST PROGRAM LAST TEN FISCAL YEARS amounts in thousands Meals Served 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2006 2007 2008 2009 2010 Lunch 2011 Breakfast 2012 2013 2014 2015 (amounts expressed in thousands) Lunch Meals Served: Free Reduced Paid Total Daily Average Student Price 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 4,432 852 6,208 11,492 64 $1.60-$1.85 4,654 950 6,380 11,984 67 $1.60-$1.85 4,794 931 6,285 12,010 67 $1.60-$1.85 5,072 967 6,068 12,107 67 $1.60-$1.85 5,431 954 5,761 12,146 69 $1.60-$1.85 5,683 783 5,400 11,866 69 $1.60-$1.85 6,109 857 5,431 12,397 70 $1.65-$1.90 6,259 805 4,489 11,553 65 $2.15-$2.40 5,974 748 4,031 10,753 64 $2.15-$2.40 6,317 813 4,492 11,622 66 $2.15-$2.40 Breakfast Meals Served: Free Reduced Paid Total Daily Average Student Price 1,700 194 432 2,326 13 $1.00 1,964 258 536 2,758 15 $1.00 2,118 264 557 2,939 16 $1.00 2,254 261 534 3,049 17 $1.00 2,342 260 486 3,088 17 $1.00 2,455 208 466 3,129 19 $1.00 2,732 237 489 3,458 19 $1.00 2,827 231 407 3,465 20 $1.25 2,586 206 354 3,146 19 $1.25 2,850 239 414 3,503 20 $1.25 Total Meals Served: Free Reduced Paid Total Daily Average Source: District Records 6,132 1,046 6,640 13,818 77 6,618 1,208 6,916 14,742 82 6,912 1,195 6,842 14,949 83 7,326 1,228 6,602 15,156 84 7,773 1,214 6,247 15,234 86 8,138 991 5,866 14,995 88 8,841 1,094 5,920 15,855 89 9,086 1,036 4,896 15,018 85 8,560 954 4,385 13,899 83 9,167 1,052 4,906 15,125 86 157 COBB COUNTY SCHOOL DISTRICT NUMBER OF SCHOOLS LAST TEN FISCAL YEARS 120 Number of Schools 110 100 90 80 70 60 50 40 30 20 10 0 2006 2007 2008 2009 2010 Elementary 2011 2012 Middle High 2013 2014 2015 Fiscal Year Elementary Middle High 2006 68 22 16 2007 68 24 17 2008 68 24 17 2009 68 25 17 2010 68 25 17 2011 68 25 16 2012 68 25 16 2013 67 25 16 2014 67 25 16 2015 67 25 16 Elementary, Middle and High Schools only. Special schools not listed. Oakwood High School converted to digital academy in 2012 becoming a Special school. Sky View Elementary converted to Administrative Facility in 2013. In 2014, Brown Elementary closed and Smyrna Elementary opened for instruction. 158 Total 106 109 109 110 110 109 109 108 108 108 COBB COUNTY SCHOOL DISTRICT NUMBER OF HIGH SCHOOL GRADUATES AND AVERAGE DAILY ENROLLMENT AND ATTENDANCE LAST TEN FISCAL YEARS 112,000 111,000 110,000 109,000 108,000 107,000 106,000 105,000 104,000 103,000 102,000 101,000 100,000 Cobb County School District Average Daily Enrollment Average Daily Enrollment Average Daily Attendance Fiscal Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Average Daily Enrollment 104,901 107,082 106,734 106,256 106,835 106,868 106,944 108,240 109,752 111,264 Average Daily Attendance 100,432 102,648 102,497 102,144 102,444 102,732 103,008 103,857 105,548 106,895 Attendance Percentage 96% 96% 96% 96% 96% 96% 96% 96% 96% 96% Number of Graduates 6,413 6,522 6,765 7,126 7,177 7,350 7,192 7,425 7,313 7,366 Graduate Percentage 94.41% 92.91% 91.85% 98.36% 97.61% 93.91% 99.41% 99.48% 98.37% 99.46% Note: Percentage of graduates based on active enrollment at end of current school year. Georgia Department of Education is required to use four-year Adjusted Cohort Graduation Rate (ACGR) for statewide graduation rates. Source: District Records 159 COBB COUNTY SCHOOL DISTRICT ACTIVE ENROLLMENT BY GRADE LEVEL LAST TEN FISCAL YEARS 120,000 100,000 80,000 60,000 40,000 20,000 0 2006 2007 Active Enrollment By Grade Level 2008 2009 2010 2011 2012 2013 2014 Grade 12 Grade 11 Grade 10 Grade 9 Grade 8 Grade 7 Grade 6 Grade 5 Grade 4 Grade 3 Grade 2 Grade 1 Pre-K and K 2015 Fiscal Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Pre-K and K 9,611 9,604 9,065 8,874 9,262 9,253 9,159 9,523 9,363 9,363 Grade 1 7,993 8,246 8,260 8,142 8,029 8,292 8,189 8,297 8,669 8,461 Grade 2 8,012 8,061 8,262 8,176 8,286 8,001 8,303 8,296 8,473 8,829 Grade 3 8,013 8,303 8,233 8,298 8,285 8,369 8,184 8,422 8,464 8,592 Grade 4 7,964 7,921 8,052 8,147 8,291 8,166 8,330 8,191 8,503 8,541 Grade 5 8,141 8,229 8,037 8,189 8,230 8,344 8,284 8,495 8,331 8,680 Grade 6 8,031 8,069 8,035 7,812 8,131 8,077 8,155 8,242 8,389 8,290 Grade 7 8,264 8,132 8,143 7,973 7,822 8,165 8,186 8,249 8,381 8,474 Grade 8 8,201 8,280 8,187 8,254 8,007 7,868 8,154 8,229 8,372 8,599 Grade 9 9,141 8,950 8,928 8,810 9,850 9,804 9,437 9,637 9,874 10,090 Grade 10 8,101 8,171 8,083 8,331 7,391 8,121 8,021 7,938 8,394 8,817 Grade 11 7,217 7,586 7,406 7,491 7,551 6,549 6,865 6,931 6,882 6,918 Grade 12 Total 6,793 105,482 7,020 106,572 7,365 106,056 7,245 105,742 7,353 106,488 7,827 106,836 7,235 106,502 7,464 107,914 7,434 109,529 7,406 111,060 Source: District Records 160 COBB COUNTY SCHOOL DISTRICT CLASSROOM BUILDINGS, GRADE LEVELS AND ACREAGE JUNE 30, 2015 School Name Acworth Intermediate Addison Argyle Austell Baker Bells Ferry Belmont Hills Big Shanty Birney Blackwell Brown (b) Brumby Bryant Bullard Chalker Cheatham Hill Clarkdale Clay Compton Davis Dowell Due West East Side Eastvalley Fair Oaks Ford Frey Garrison Mill Green Acres Harmony Leland 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 Primary Riverside Intermediate Rocky Mount Russell Sanders Sedalia Park Shallowford Falls Smyrna Sope Creek 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-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-1 2-5 K-5 K-5 K-5 K-5 K-5 K-5 K-5 Active Enrollment 732 615 454 553 782 738 360 753 732 723 1,024 980 910 707 1,094 724 396 590 578 942 626 1,268 691 960 717 746 690 732 721 934 529 687 538 1,035 667 726 859 539 703 953 396 458 1,040 853 896 516 1,115 916 750 888 824 436 671 1,182 622 697 827 845 669 954 1,150 Size of Occupied Site (acres) Year (a) 15.0 2001 12.5 1989 8.8 1961 12.4 2005 15.0 1988 10.0 1962 10.2 1952 22.3 1969 26.8 1973 16.0 1997 6.2 1955 9.5 1966 44.0 1991 20.0 2003 25.5 1997 19.2 1997 15.0 2012 8.0 1961 28.3 1969 13.0 1987 28.9 1989 10.2 1957 10.0 2011 7.8 1960 10.3 1957 39.0 1991 26.2 1996 14.1 1984 10.1 1995 8.4 1951 24.2 1994 23.0 2002 15.0 1968 20.7 1987 26.2 2003 20.7 1992 24.0 1972 9.9 1956 10.2 1955 10.9 1986 12.1 2012 6.0 2005 8.7 1954 25.0 1978 13.0 1986 15.3 1975 23.1 1989 16.8 1998 9.2 1961 40.9 2008 22.2 2003 15.9 1988 10.0 1951 9.0 2005 18.4 2001 21.8 1977 14.1 1961 21.1 1997 10.2 1956 15.3 1990 11.9 2013 16.0 1978 Number of Classrooms 59 42 36 36 63 45 36 52 59 52 24 56 61 63 62 68 53 29 60 50 62 38 69 36 54 53 62 44 44 33 61 61 53 38 61 61 48 37 44 61 61 36 40 60 55 61 40 60 52 62 61 57 30 36 61 39 61 53 57 61 61 73 Portable Classrooms 3 2 15 3 3 10 3 11 1 2 2 3 4 6 1 - Square Footage 131,924 81,334 56,904 85,236 106,694 83,098 68,409 84,461 105,886 111,299 49,828 99,181 116,071 136,261 124,148 137,108 129,988 55,412 99,427 86,131 106,003 70,367 149,764 60,029 97,993 91,129 125,717 85,775 90,915 65,127 119,189 123,025 89,012 70,537 123,000 116,400 83,969 59,658 82,912 115,363 148,523 88,158 73,352 110,096 102,725 123,233 75,800 122,342 87,935 139,090 136,261 101,870 59,190 85,236 123,000 72,896 104,362 116,302 99,735 112,620 143,107 133,344 Capacity 913 662 537 562 987 712 562 837 912 837 412 912 962 987 963 1,063 862 437 937 788 963 587 1,087 562 863 862 963 688 688 512 962 962 862 588 962 962 762 587 688 962 962 562 612 937 887 962 637 937 837 963 962 888 462 562 962 612 962 862 888 962 962 1,162 161 COBB COUNTY SCHOOL DISTRICT CLASSROOM BUILDINGS, GRADE LEVELS AND ACREAGE JUNE 30, 2015 School Name Still Teasley Timber Ridge Tritt Varner Vaughan Awtrey Barber Campbell Cooper Daniell Dickerson Dodgen Durham East Cobb Floyd Garrett Griffin Hightower Trail Lindley 6th Grade Academy Lindley Lost Mountain Lovinggood Mabry McCleskey McClure Palmer Pine Mountain Simpson Smitha Tapp Allatoona Campbell Harrison Hillgrove Kell Kennesaw Mountain Lassiter McEachern North Cobb Osborne Pebblebrook Pope South Cobb Sprayberry Walton Wheeler Oakwood Digital Academy Performance Learning Ctr (c) Hawthorne (Haven) Fitzhugh Lee (Haven) Kennesaw Charter (d) Smyrna Charter (d) Devereux Georgia (d) TOTALS Grades K-5 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 7-8 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 9-12 6-12 K-5 K-6 K-8 1-12 Active Enrollment 789 777 612 900 674 690 823 938 1,409 939 962 1,254 1,227 1,058 1,243 933 838 1,180 1,068 530 1,161 962 1,426 893 677 1,137 1,024 691 913 988 769 1,773 2,380 1,926 2,213 1,499 2,090 2,086 2,137 2,750 1,812 2,173 1,868 1,954 1,701 2,582 2,008 91 93 77 37 858 966 88 111,060 Size of Occupied Site (acres) Year (a) 10.9 1978 13.2 1961 11.5 1990 23.7 1979 20.0 1991 28.0 1996 26.2 1964 25.8 2005 33.2 1951 75.1 2001 20.0 1965 21.9 1980 20.6 1975 43.0 1998 20.0 1963 20.0 1964 36.6 1972 24.4 1972 26.4 1993 28.7 1962 33.3 2001 83.8 1992 29.4 2006 22.0 1979 34.8 1980 38.0 2006 43.1 2001 39.7 1979 16.5 1988 21.8 1993 16.9 1975 114.7 2008 47.9 1963 73.0 1991 95.0 2006 63.1 2002 75.0 2001 49.3 1980 74.9 1930 46.8 1957 50.7 1961 52.5 1963 47.0 1987 54.4 1951 41.3 1973 43.3 1975 48.4 1964 10.0 1944 Number of Classrooms 62 31 39 60 61 60 64 71 87 71 72 73 74 71 83 68 60 70 62 45 71 70 71 71 58 72 71 57 59 70 70 99 135 133 102 102 102 108 127 143 106 93 98 134 106 119 108 43 6.2 1958 18 7.0 1935 17 2,952.4 7,120 Portable Classrooms 2 2 8 5 - - 86 Square Footage 117,539 52,764 73,450 109,769 109,827 122,260 156,660 178,465 220,228 170,905 177,356 166,048 183,798 173,487 186,961 166,551 152,212 186,947 149,038 111,260 179,170 165,107 175,345 160,581 149,577 191,209 175,974 169,809 143,888 169,345 157,435 325,200 374,180 337,584 319,000 321,068 319,000 310,950 504,107 406,817 328,000 319,768 260,606 388,425 297,400 307,655 341,594 93,858 32,500 35,684 Capacity 963 487 612 937 962 937 1,037 1,162 1,338 1,162 1,163 1,187 1,212 1,162 1,362 1,112 963 1,162 1,012 788 1,162 1,137 1,162 1,162 937 1,163 1,162 912 962 1,137 1,137 1,912 2,637 2,587 1,987 1,987 1,987 2,112 2,362 2,787 2,062 1,788 1,912 2,612 2,062 2,312 2,112 462 312 312 16,660,222 119,515 (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) Performance Learning Center is housed at Oakwood. (d) Operated by unaffiliated non-profit entities. Enrollment reported by Cobb County School District; buildings do not belong to the district. Source: District Records 162