Cobb County School District Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2017 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, 2017 INTRODUCTORY SECTION Letter of Transmittal Certificate of Achievement / GFOA Certificate of Excellence / ASBO Cobb County School District - Function and Composition Cobb County School District Elected Officials and Superintendent of Schools Cobb County School District - Superintendent's Executive Cabinet Cobb County School District - Organizational Chart FINANCIAL SECTION Independent Auditor's Report Management's Discussion and Analysis Basic Financial Statements District-wide Financial Statements: Statement of Net Position Statement of Activities Fund Financial Statements: Balance Sheet - Governmental Funds Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position PAGE i-iv v vi vii viii ix x 1-3 4-15 16 17 18 19 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 20 21 22 23 24 25 26 27-68 69-76 77-79 80-84 85-89 90-107 108 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, 2016 and Nine Years Ago PAGE 109 110 111 112 113 114 115-116 117-118 119 120-121 122-123 124-125 126-127 128 129 130 131 Legal Debt Margin Information Last Ten Fiscal Years Legal Debt Margin Information Fiscal Year 2017 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 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148-155 156 157 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 158-159 160 161 162 163 164-165 (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 December 1, 2017 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, 2017. 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 four 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 23rd largest in the United States with an active daily enrollment of 112,412. 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 David Chastain, Chair Scott Sweeney, Vice Chair David Banks David Morgan Randy Scamihorn Susan Thayer Brad Wheeler 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. Mr. Ragsdale also previously served as the Deputy Superintendent for Operations and as the Chief Technology Officer. During his tenure with the District, he has managed plant operations, provided oversight for the District's technology integration, and been responsible for planning and execution of capital projects approved by Cobb voters and funded by the Special Purpose Local Option Sales Tax. Mr. Ragsdale holds a Bachelor of Science in Information Systems and a Master's Degree in Educational Leadership, both from Kennesaw State University and is also the recipient of Kennesaw State University's Distinguished Alumni Award. He has more than two decades of experience in school operations and information technology in the public and private sectors, including roles as Chief Information Officer for nearby Paulding County Schools and in network and database management for Bellsouth (AT&T) and IBM. The District prides itself on providing a quality educational experience to all of our students, while efficiently managing our resources. Here are a few of the many accomplishments from the 2017 fiscal year: The District average score on the newly redesigned SAT of 1088 is 38 points higher than the state average and 40 points higher than the national average. The four-year graduation rate for Cobb high schools was 83.6% in 2017. Cobb exceeds the state graduation rate of 80.6% by 3.0%. The Georgia Department of Education has only awarded a STEM (Science, Technology, Engineering, and Math) or STEAM (adds the Arts) certification to 58 public schools in Georgia, out of a total of 2,200 schools. Cobb is proud of the fact that we have six of our schools who share this rare distinction. Our STEM certified schools are: Ford Elementary, Tritt Elementary, Cooper Middle, Kennesaw Mountain High, and Wheeler High. Our STEAM certified schools are: Mableton Elementary and Wheeler High. 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 2016 (most recent figures available), Cobb County had one of the metropolitan area's highest median household incomes at $70,947, an unemployment rate of 4.6%, and a growing population which increased from 670,438 in 2007 to 748,150 in 2016. Student enrollment for the 2017 fiscal year was 112,412. We are pleased by the positive increase in property values in fiscal year 2017 and expect this trend to continue into fiscal year 2018. In fiscal year 2017 the District's gross property digest increased by 6.3% over the 2016 fiscal year's digest as compared to an increase of 3.6% the previous year and was the largest annual increase in nine years. In regards to state funding, the District experienced a $10.4 million reduction in QBE formula earnings in fiscal year 2017 due to austerity cuts. This was $18.1 million less than last year's $28.5 million austerity cut. ____________________________________________________________________________________ LONG-TERM FINANCIAL PLANNING ____________________________________________________________________________________ The District anticipates meeting its projected capital improvement needs by means of county special sales tax revenues. On March 21, 2017, the voters of Cobb County approved the continuation of the Education Special Purpose Local Option Sales Tax (Ed-SPLOST V), beginning January 1, 2019 and ending December 31, 2023. The revenue generated from the 1% special education 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 148 - 155, in the statistical section. The District anticipates acquiring a short-term construction loan in the next fiscal year, which will expedite the completion of various construction projects authorized by the previous SPLOST IV Special Sales Tax Initiative. The District's exceptional Aaa credit rating, first issued by Moody's in 2015, and reaffirmed in 2017, should qualify the District for a competitive interest rate. ____________________________________________________________________________________ OTHER INFORMATION ____________________________________________________________________________________ New Educational Model: The Cobb County School District has now completed its second year as a Strategic Waiver School System. 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 Uniform Guidance and Governmental Auditing Standards. iii Financial Reporting Awards: Every year since 1980, our comprehensive annual financial report has earned a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association ofthe United States and Canada (GFOA). Additionally, the District's comprehensive annual financial report received the Association of School Business Officials' (ASBO) Certificate of Excellence in Financial Reporting every year since 1984. These prestigious awards are made only to government units which publish a comprehensive annual financial report that is easily readable, efficiently organized, and conforming to program standards and satisfies generally accepted accounting principles and applicable legal requirements. The awards are valid for a period of one year only. We believe the accompanying report continues to conform to award eligibility, and will submit it for determination as appropriate. Budget Presentation Award: The District prepares an official budget document each year which is issued as a separate report. Since 1990, the district has received the Distinguished Budget Presentation Award from GFOA. In order to receive this award, the District must publish a budget document that meets program criteria as a policy document, a financial plan, an operations guide, and as a communications device. The award is valid for a period of one year only. We have received the Meritorious Budget Award from ASBO every year since 2005. The criteria required by ASBO includes an introductory, organizational, financial and information section. We believe the most recent budget continues to conform to program requirements, and we are submitting it to GFOA and ASBO to determine its eligibility for another award. Acknowledgments: We wish to express our appreciation to Jan Hendrix, Director ofAccounting Services, and to the entire staff of the Financial Services Division whose dedicated efforts have enabled this report to be prepared on a timely basis. The active involvement and professional support of Mauldin & Jenkins, LLC Audit Manager, Christopher McKellar, and his auditing staff have been instrumental in the prompt completion of the associated audit of this report. In closing, sincere gratitude is expressed to the Board of Education for their leadership and dedication to the Cobb County School District, its taxpayers, employees, and, most importantly, its students. To the citizens of the Cobb County School District, please accept our gratitude for your support of our successful school district. Superintendent Bradley Reuben Johnson Chief Financial Officer lV c:f-l. Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Pre.sented to Cobb County School District Georgia For its Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2016 Executive Director/CEO v The Certificate of Excellence in Financial Reporting is presented to Cobb County School District for its Comprehensive Annual Financial Report (CAFR) for the Fiscal Year Ended June 30, 2016. The CAFR has been reviewed and met or exceeded ASBO International's Certificate of Excellence standards. Anthony N. Dragona, Ed.D., RSBA President vi John D. Musso, CAE, RSBA Executive Director COBB COUNTY SCHOOL DISTRICT FUNCTION AND COMPOSITION JUNE 30, 2017 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, 2017, 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. David Chastain Mr. Scott Sweeney Mr. Brad Wheeler Mrs. Susan Thayer Mr. David Morgan Mr. David Banks Mr. Randy Scamihorn Term Expires December 31, 2018 December 31, 2018 December 31, 2020 December 31, 2018 December 31, 2020 December 31, 2020 December 31, 2020 vii COBB COUNTY SCHOOL DISTRICT ELECTED OFFICIALS AND SUPERINTENDENT OF SCHOOLS JUNE 30, 2017 RANDY SCAMIHORN POST 1 5 Years Served SUSAN THAYER DAVID MORGAN POST 2 3 Years Served POST 3 9 Years Served DAVID CHASTAIN POST 4 3 Years Served DAVID BANKS POST 5 9 Years Served SCOTT SWEENEY BRAD WHEELER CHRIS RAGSDALE POST 6 7 Years Served POST 7 5 Years Served viii SUPERINTENDENT COBB COUNTY SCHOOL DISTRICT SUPERINTENDENT'S EXECUTIVE CABINET JUNE 30, 2017 Chris Ragsdale CCSD Superintendent John Adams Deputy Superintendent of HR & Operations Alice Stouder Deputy Superintendent of Leadership & Accountability Dr. Kevin Daniel Chief of Staff Dr. Mary Elizabeth Davis Chief Academic Officer Dr. Angela Bacon Chief Technology Officer Bradley Johnson Chief Financial Officer ix COBB COUNTY SCHOOL DISTRICT ORGANIZATIONAL CHART JUNE 30, 2017 Citizens of Cobb County Board of Education Board Attorney Superintendent Chris Ragsdale Deputy Superintendent Leadership & Acc ountabi lity Alice Stouder Deputy Superintendent HR & Operations John Adams Chief of Staff Dr. Kevin Daniel Chief Financial Officer Bradley Johnson Chief Academic Officer Dr. Mary Elizabeth Davis Chief Technology Officer Dr. Angela Bacon x 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, 2017, 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 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, 2017, 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. 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 4 through 15 and pages 69 through 75 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. 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 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. 2 The combining and individual 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 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. Other Reporting Required by Governmental Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 1, 2017 on our consideration of the Cobb County Board of Education's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Cobb County Board of Education's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Cobb County Board of Education's internal control over financial reporting and compliance. Atlanta, Georgia December 1, 2017 3 (This page was left blank intentionally) MANAGEMENT'S DISCUSSION AND ANALYSIS COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2017 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, 2017. 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 2017 are as follows: Total net position increased from $807.0 million in 2016 to $829.1 million in 2017, an increase of $22.1 million, primarily from an increase in capital assets. Total revenue increased from $1,237.4 million in 2016 to $1,300.6 million in 2017, an increase of $63.2 million. The revenue increase was primarily from an increase in state funding, as well as higher property and sales taxes. Total expenses increased from $1,161.5 million in 2016 to $1,278.5 million in 2017, an increase of $117.0 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. 4 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2017 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 on the balances left at year-end that are available for spending in future periods. These statements also provide a detailed short-term view of the District's general government operations and the basic services it provides. Governmental fund information helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs. The District maintains numerous governmental funds with the majority of activity occurring in the General Fund. Proprietary Funds Proprietary funds are those used to account for ongoing organizations and activities which are similar to those found in the private sector. The District's proprietary funds are internal service funds and report activities that provide supplies and services for its other programs and activities. The District's internal service funds consist of the Unemployment Compensation Fund and the Self-Insurance Fund. 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. 5 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2017 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 2016 and 2017. In 2017, the District's net position increased 2.7%, or $22.1 million, over the prior year. Total current and other assets reflected a net decrease of 6.1%, or $23.4 million, primarily due to a decrease in cash and cash equivalents. Capital Assets increased by 5.3%, or $73.0 million, which was largely attributable to capital improvements to local school buildings financed by SPLOST sales taxes, as well as school buses and technology equipment. Governmental accounting standards require the District to report its proportional liability of state-administered pension plans in which the District participates for the benefit of its employees. Finally, the Condensed Statement of Net Position Table indicates a reduction in Restricted Net Position over the past fiscal year from $137.2 million in 2016 to $115.8 million in 2017, a decrease of 15.6%, which is primarily due to a decrease in the District's restricted fund balances for capital improvements funded by the SPLOST3 and SPLOST4 special sales tax, as the projects in those funds near completion. 6 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2017 Table I Condensed Statement of Net Postion (amounts expressed in millions) 2017 Net Position (731.3) 314.5 359.3 17.5 115.8 103.1 1,444.6 1,168.7 (1,000.0) (500.0) 0.0 500.0 1,000.0 1,500.0 Deferred Outflows of Resources Unrestricted Restricted Other Liabilities Current Assets Deferred Inflows of Resources Investment in Capital Assets Long-Term Liabilities Governmental Activities Assets: Current and Other Assets Capital Assets Total Assets 2016 2017 $ 382.7 $ 1,371.6 1,754.3 359.3 1,444.6 1,803.9 Percentage Change (6.1) 5.3 2.8 Deferred Outflows of Resources 98.5 314.5 219.3 Liabilities: Long-Term Liabilities Other Liabilities Total Liabilities $ 840.1 $ 1,168.7 39.1 112.4 103.1 (8.3) 952.5 1,271.8 33.5 Deferred Inflows of Resources 93.4 17.5 (81.3) Net Position: Investment in Capital Assets Restricted Unrestricted Total Net Position $ 1,371.6 $ 137.2 (701.8) $ 807.0 $ 1,444.6 115.8 (731.3) 829.1 5.3 (15.6) (4.2) 2.7 7 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2017 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 2016 and 2017. Revenues In 2017, the District's total revenues increased 5.1%, or $63.2 million, over the prior year due primarily to an increase in state and federal funding and greater property tax revenue. Operating grants and contributions increased by 6.0%, or $34.8 million, primarily due to an increase in state instructional program revenue. Capital grants and contributions decreased by 48.7%, or $9.2 million, primarily due to a substantial reduction in state-funded school construction grant requests over the previous year. General property taxes increased 6.4%, or $30.3 million, mainly due to a 6.3% increase in the real property tax digest. Charges for services decreased by 0.5% or $0.3 million, due to a decrease in cell tower proceeds. All other categories of charges: after school program revenue, school meal sales revenues, and facility use revenues remained constant or showed slight increases in 2017. Other revenue increased by 112.5%, or $4.5 million, largely as a result of $1.7 million gain on the sale of capital assets, $0.5 million increase in interest income, a $1.0 million donation, and an increase of $0.9 million in the District's E-Rate Grant funding. Expenses In 2017, the District's total expenses increased 10.1%, or $117.0 million, over the prior year due primarily to an increase in instructional and school administrative salaries and employer-paid benefits. Instruction increased by 10.6%, or $80.3 million, largely due to a 2.5% increase in teacher salary schedules. Pupil and Instructional Services expenditures increased this fiscal year. Combined, these expenses jumped 12.5% from $76.9 million in 2016 to $86.5 million in 2017 to meet our students' changing needs. School and administrative services increased 8.5%, or $15.8 million, in large part due to the salary increase, as well as a 19% increase in employer health insurance contributions for classified employees. 8 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2017 Table II Changes in Net Position from Operating Results (amounts expressed in millions) Program Revenues and Expenses - 2017 $1,000 $800 $600 $400 $200 $0 Governmental Activities Revenues: Program Revenues: Charges for Services Operating Grants and Contributions Capital Grants and Contributions General Revenues: Taxes Other Total Revenues Expenses: I ns tructi on Pupil and Instructional Services School and Administrative Services Student Transportation Maintenance and Operations Student Activities Total Expenses Increase in Net Positon Beginning Net Position Ending Net Postion 2016 2017 2016 2017 Change 2016-2017 $ 62.5 $ 62.2 579.5 614.3 18.9 9.7 572.5 4.0 1,237.4 605.9 8.5 1,300.6 $ 754.4 $ 834.7 76.9 86.5 186.8 203.2 52.5 56.3 59.8 66.8 31.1 31.0 1,161.5 1,278.5 $ 75.9 $ 22.1 731.1 807.0 $ 807.0 $ 829.1 -0.5% 6.0% -48.7% 5.8% 112.5% 5.1% 10.6% 12.5% 8.8% 7.2% 11.7% -0.3% 10.1% -70.9% 10.4% 2.7% 9 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2017 Table III Net Cost of Governmental Activities (amounts expressed in millions) $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 $834.7 Total and Net Costs - 2017 $281.9 $202.7 $86.5 $134.7 $58.2 $56.3 $66.8 $51.1 $65.9 $31.5 $0.5 Ins truct Pupil/Instr Sch/Admin Trans Maint/Oper Other Net Cost Total Cost Total Cost of Services 2016 2017 Ins tructi on $ 754.4 $ 834.7 Pupi l /Ins tructi ona l Servi ces 76.9 86.5 School /Admi ni s tra ti ve Servi ces Student Tra ns porta ti on 186.8 52.5 202.7 56.3 Ma i ntena nce a nd Opera ti ons 59.8 66.8 Oth e r 31.1 31.5 Total $ 1,161.5 $ 1,278.5 Change 2016-2017 Net Cost of Services 2016 2017 10.6% $ 223.5 $ 281.9 12.5% 49.1 58.2 8.5% 7.2% 121.5 48.0 134.7 51.1 11.7% 58.6 65.9 1.3% (0.1) 0.5 10.1% $ 500.6 $ 592.3 Change 2016-2017 26.1% 18.5% 10.9% 6.5% 12.5% -600.0% 18.3% Governmental Activities The Net Cost of Governmental Activities Table (Table III) presents the total and net cost of six major District activities for fiscal year ended June 30, 2017: 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 2017 was $1,278.5 million. Users of the District's programs financed $62.2 million of the costs. Federal and State grants, subsidized programs and contributions financed $624.0 million of the cost. District taxpayers financed the remaining costs of 2017 which totaled $592.3 million. 10 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2017 The School District's Funds The District ended fiscal year 2017 with a healthy fund balance in its governmental funds. The combined balance of all governmental funds, at $245.8 million, was 5.2% lower than 2016's ending balance of $259.3 million due to increased expenditures in instructional services and in new school construction. In spite of an increase in expenditures, the General Fund's fund balance increased by $8.9 million, or 8.5%, due to increased property tax revenue and state funding. SPLOST IV decreased its fund balance by 14.6% from the prior year, or $15.0 million, due to a 37.3% increase in expenses in 2017 as many taxpayerapproved construction projects were in full swing. The nonmajor governmental fund balances decreased in the aggregate by $7.4 million, or 14.1%. Much of this decrease was in SPLOST III, as it no longer had sales tax revenue and neared the 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 2017, by $32.2 million and $29.0 million, respectively. This reflected a rebound in property tax values and increased tax collections at the state level. Although we budgeted a decrease in General Fund Balance of $23.2 million, due to higher than expected revenues, the General Fund Balance, in fact, increased by $8.9 million. Actual revenue exceeded budget by $27.9 million, and actual expenditures were below budget by $4.1 million. This netted a favorable budget variance of $32.0 million. General Fund Balance The unassigned General Fund balance at June 30, 2017 was $96.1 million. This represents approximately 35 days of general fund expenditures. The Board of Education made a concerted effort to maintain adequate reserves for the District. 11 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2017 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 and IV focus on revitalizing schools. For SPLOST III, collections of the tax began on January 1, 2009 and ended on December 31, 2013. The SPLOST III fund, which is included with nonmajor governmental funds, had expenditures of $6.5 million and an ending fund balance of $9.1 million in 2017. SPLOST IV began January 1, 2014 and will end on December 31, 2018. The SPLOST IV fund had expenditures of $156.6 million and an ending fund balance of $87.4 million. A full listing of SPLOST III and SPLOST IV projects can be located on pages 115-118. On March 21, 2017, the voters of Cobb County approved the continuation of the Education Special Purpose Local Option Sales Tax (Ed-SPLOST V) beginning January 1, 2019. Nonmajor Governmental Funds The Nonmajor Governmental Funds, including the SPLOST III Fund mentioned above, had aggregate expenditures of $170.9 million and aggregate fund balances of $45.1 million in 2017. Within the Nonmajor Governmental Funds, the Funds with the highest expenditures in 2017 were School Nutrition at $55.1 million, Local School Funds at $31.1 million, Title I (of the Elementary and Secondary Education Act) at $23.9 million, and Special Education at $21.5 million. Nonmajor Governmental Funds ending the year with the highest fund balances were School Nutrition at $19.2 million, Local School Funds at $8.4 million, and After School Program at $5.0 million. The fund balance of Nonmajor Governmental Funds, in aggregate, decreased from $52.5 million in 2016 to $45.1 million in 2017, a decrease of $7.4 million. Descriptions of these funds can be located on pages 77-79. 12 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2017 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 2016 and 2017. Capital assets increased 5.3% from $1,371.6 million in 2016 to $1,444.6 million in 2017, an increase of $73.0 million. Construction in Progress increased by $52.8 million, or 74.4%, due to the start of construction on three new schools. Land increased by $1.6 million, or 1.2%, as land was acquired for future school expansion. Library and Textbooks increased by $0.4 million, or 2.3%. Equipment increased by less than $0.4 million. More detailed information about capital assets can be found in Note 5 of the Notes to the Basic Financial Statements. Long-Term Obligations As of June 30, 2017, the District had $10.0 million in outstanding long-term obligations for compensated absences and a net pension liability of $1,150.9 million. More detailed information about long-term obligations can be found in Notes 9, 12 and 13 of the Notes to the Basic Financial Statements. 13 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2017 Table IV Capital Assets, Net of Depreciation (amounts expressed in millions) Equi pment 6% Li bra ry Books and Te xtb o o ks 1% Land 9% Cons truction in Progres s 9% I n tangibles 0% Buildings and I mp ro ve men ts 75% Land Buildings and Improvements Construction in Progress Equipment Intangibles Library Books and Textbooks Capital Assets: Land Construction in Progress Intangibles Buildings and Improvements Equipment Library Books and Textbooks Total Change 2016 2017 2016-2017 $ 132.2 $ 133.8 70.8 123.5 3.9 4.0 1,065.6 81.4 1,083.5 81.7 17.7 18.1 $ 1,371.6 $ 1,444.6 1.2% 74.4% 2.6% 1.7% 2.3% 5.3% 14 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2017 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 Ed-SPLOST V capital financing initiative which will enable the financing of new schools for the approximate 2,000 new students projected to enter the District in the next five years and for 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. Contacting the District's Financial Management This financial report is designed to provide a general overview of Cobb County School District's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to Financial Services Division, Cobb County School District, 440 Glover Street, Marietta, Georgia, 30060. 15 (This page was left blank intentionally) COBB COUNTY SCHOOL DISTRICT STATEMENT OF NET POSITION JUNE 30, 2017 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Receivables (net of allowance for uncollectables): Taxes Intergovernmental 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 Unrestricted (Deficit) Total Net Position See accompanying notes to the basic financial statements. Governmental Activities $ 247,861 21,424 83,624 2,260 1,161 2,997 133,818 123,542 5,791 1,890,450 201,261 95,602 (1,005,885) $ 1,803,906 314,460 314,460 28,942 196 73,224 786 7,158 10,658 1,150,862 1,271,826 17,478 17,478 1,444,579 96,550 19,198 (731,265) $ 829,062 16 COBB COUNTY SCHOOL DISTRICT STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2017 (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 $ 834,731 36,683 49,846 203,091 56,325 66,763 31,075 $ 1,278,514 Program Revenues Operating Capital Charges Grants and Grants and for Services Contributions Contributions Net (Expense) Revenue and Changes in Net Position $ 1,187 $ 543,386 $ 11 - 29,135 25,979 1,832 37,868 - 5,247 898 - 30,977 - $ 62,208 $ 614,312 $ 8,220 $ 183 365 946 - 9,714 $ (281,938) (10,510) (47,649) (135,142) (51,078) (65,865) (98) (592,280) General Revenues: Taxes: Property Taxes Levied for General Purposes Sales Tax Interest Income Gain on Sale of Capital Assets Other $ 473,864 132,036 1,754 1,694 5,021 Total General Revenues 614,369 Change in Net Position 22,089 Net Position - Beginning of Year 806,973 Net Position - End of Year $ 829,062 See accompanying notes to the basic financial statements. 17 COBB COUNTY SCHOOL DISTRICT BALANCE SHEET GOVERNMENTAL FUNDS JUNE 30, 2017 (amounts expressed in thousands) Assets: Cash and Cash Equivalents Receivables (net of allowance for uncollectables): Taxes Intergovernmental Accounts Due from Other Funds Prepaids Inventories Total Assets General Special Purpose Nonmajor Total Local Option Governmental Governmental Sales Tax IV Funds Funds $ 95,571 $ 98,058 $ 45,417 $ 239,046 10,070 11,354 - 21,424 75,287 307 8,030 83,624 780 - 1,480 2,260 5,066 - 960 6,026 1,138 - 9 1,147 1,013 - 1,984 2,997 $ 188,925 $ 109,719 $ 57,880 $ 356,524 LIABILITIES,DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES: Liabilities: Accounts Payable $ 5,763 $ Intergovernmental Payables 196 Accrued Payroll and Payroll Withholdings 48,116 Accrued Employee Benefits 19,343 Due to Other Funds 960 Unearned Revenue - Total Liabilities 74,378 22,285 $ 624 $ 28,672 - - 196 - 4,055 52,171 - 1,700 21,043 - 5,066 6,026 - 786 786 22,285 12,231 108,894 Deferred Inflows of Resources: Unavailable Revenue - Property Taxes Unavailable Revenue - Intergovernmental Total Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities, Deferred Inflows of Resources, and Fund Balances 963 346 1,309 - - 963 - 565 911 - 565 1,874 2,151 - 1,993 4,144 - 87,434 26,330 113,764 - - 16,531 16,531 15,023 - 786 15,809 96,064 - (556) 95,508 113,238 87,434 45,084 245,756 $ 188,925 $ 109,719 $ 57,880 $ 356,524 See accompanying notes to the basic financial statements. 18 COBB COUNTY SCHOOL DISTRICT RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET POSITION JUNE 30, 2017 (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 Other long-term assets are not available to pay for current period's expenditures and therefore are unavailable in the funds. Property Taxes Intergovernmental 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 $ 245,756 $ 2,450,464 (1,005,885) 1,444,579 (1,150,862) 314,460 (17,478) 963 911 (853,880) 1,874 779 (10,046) $ 829,062 See accompanying notes to the basic financial statements. 19 COBB COUNTY SCHOOL DISTRICT STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2017 (amounts expressed in thousands) REVENUES: Taxes Intergovernmental Tuition and Fees Interest Income Rentals Athletic Ticket Sales Other Total Revenues General Special Purpose Local Option Sales Tax IV Nonmajor Governmental Funds Total Governmental Funds $ 475,835 $ 519,721 11 1,662 438 1,739 999,406 132,036 $ 9,119 510 - 141,665 -$ 94,178 58,833 163 - 2,925 2,654 158,753 607,871 623,018 58,844 2,335 438 2,925 4,393 1,299,824 EXPENDITURES: Current: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operations Student Activities Capital Outlay Total Expenditures 714,555 24,385 27,614 106,625 47,984 66,462 1,510 989,135 11,769 144,869 156,638 28,039 7,936 18,704 70,730 1,979 1,561 31,075 10,869 170,893 742,594 32,321 46,318 189,124 49,963 68,023 31,075 157,248 1,316,666 Excess (deficiency) of Revenues Over (Under) Expenditures 10,271 (14,973) (12,140) (16,842) Other Financing Sources (Uses): Transfers-In Transfers-Out Proceeds from Sale of Capital Assets Total Other Financing Sources (Uses) 123 (5,980) 4,438 (1,419) - 4,785 - (123) - 29 - 4,691 4,908 (6,103) 4,467 3,272 Net Change in Fund Balances 8,852 (14,973) (7,449) (13,570) Fund Balances, Beginning of Year 104,386 102,407 52,533 259,326 Fund Balances, End of Year $ 113,238 $ 87,434 $ 45,084 $ 245,756 See accompanying notes to the basic financial statements. 20 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, 2017 (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 comprised solely of amounts contributed to the plan for the current year. However, in the statement of activities, expenses related to pensions include amounts that do not require the use of current financial resources. This amount represents the difference in the required accounting treatment of pensions and related items. Revenues in the statement of activities that do not provide current financial resources are considered as unavailable revenues in the governmental funds. Property taxes Intergovernmental $ (13,570) $ 159,303 (83,550) 75,753 (35,481) (1,971) 629 (1,342) 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 (2,773) (46) (452) $ 22,089 See accompanying notes to the basic financial statements. 21 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, 2017 (amounts expressed in thousands) REVENUES: Local State Federal Other Total Revenues Budgeted Amounts Original Final $ 470,734 $ 471,332 499,560 498,571 5,096 5,487 666 666 976,056 976,056 Actual Amounts $ 479,095 514,011 5,912 4,949 1,003,967 Variance With Final Budget $ 7,763 15,440 425 4,283 27,911 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 School Nutrition Community Service Operations Capital Outlay Transfers Total Expenditures 712,979 23,871 11,089 16,700 10,129 69,296 5,175 68,695 48,854 16,019 90 81 3,078 986,056 715,246 24,794 13,800 15,813 11,349 71,280 7,169 68,956 48,512 16,140 105 82 15 5,993 999,254 715,250 24,385 12,518 15,676 10,748 71,356 7,077 66,604 47,984 16,921 99 419 82 16 5,980 995,115 (4) 409 1,282 137 601 (76) 92 2,352 528 (781) 6 (419) (1) 13 4,139 Net Change in Fund Balance (10,000) (23,198) 8,852 32,050 Fund Balance, Beginning of Year 104,386 104,386 104,386 - Fund Balance, End of Year $ 94,386 $ 81,188 $ 113,238 $ 32,050 See accompanying notes to the basic financial statements. 22 COBB COUNTY SCHOOL DISTRICT STATEMENT OF FUND NET POSITION PROPRIETARY FUNDS JUNE 30, 2017 (amounts expressed in thousands) Assets: Current Assets: Cash and Cash Equivalents Prepaids Total Current Assets Liabilities: Current Liabilities: Accounts Payable Claims Payable, due within one year Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Total Current Liabilities Noncurrent Liabilities: Claims payable, due in more than one year Total Liabilities Net Position: Unrestricted Governmental Activities Internal Service Funds $ 8,815 14 8,829 270 2,628 4 6 2,908 5,142 8,050 $ 779 See accompanying notes to the basic financial statements. 23 COBB COUNTY SCHOOL DISTRICT STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITON PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2017 (amounts expressed in thousands) OPERATING REVENUES: Charges for Services Total Operating Revenues Governmental Activities Internal Service Funds $ 6,326 6,326 OPERATING EXPENSES: School and Administrative Services Total Operating Expenses 7,567 7,567 Operating Loss Transfers-In (1,241) 1,195 Change in Net Position (46) Total Net Position, Beginning of Year 825 Total Net Position, End of Year $ 779 See accompanying notes to the basic financial statements. 24 COBB COUNTY SCHOOL DISTRICT STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2017 (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 Used in 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 Used in Operating Activities: Operating Loss Adjustments to Reconcile Operating Loss to Net Cash Used in Operating Activities: Decrease in Prepaids Increase in Claims Payable Increase in Accrued Payroll and Payroll Withholdings Decrease in Accounts Payable Total Adjustments Net Cash Used in Operating Activities See accompanying notes to the basic financial statements. Governmental Activities Internal Service Funds $ 6,322 (299) (5,803) (678) (458) 1,195 1,195 737 8,078 8,815 $ (1,241) 6 787 1 (11) 783 $ (458) 25 COBB COUNTY SCHOOL DISTRICT STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES FIDUCIARY FUNDS JUNE 30, 2017 (amounts expressed in thousands) Assets: Cash and Cash Equivalents Total Assets Liabilities: Due to Student Groups Payroll Withholdings Payable Total Liabilities Agency Funds $ 41,902 $ 41,902 $ 1,592 40,310 $ 41,902 See accompanying notes to the basic financial statements. 26 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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 14 and 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. 27 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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 afterschool 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. 28 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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. 29 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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. 30 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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, 2017, were purchased with a maturity date less than one year from the date of purchase. Investments made by the District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. Investment income is reported in the fund containing the invested assets which generated the income. The Official Code of Georgia Annotated Section 36-83-4 authorizes the District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: (1) Obligations issued by the State of Georgia or by other States, (2) Obligations issued by the United States government, (3) Obligations fully insured or guaranteed by the United States government or a United States government agency, (4) Obligations of any corporation of the United States government, (5) Prime banker's acceptances, (6) The Local Government Investment Pool administered by the State Treasurer of the State of Georgia. (7) Repurchase agreements, and, (8) Obligations of other political subdivisions of the State of Georgia. 31 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) F. Receivables Receivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Intergovernmental and Taxes Receivables at June 30, 2017 were as follows: (amounts expressed in thousands) Special General Fund Purpose Local Option Sales Tax IV Nonmajor Governmental Federal Receivables $ -$ -$ 7,206 State / Local Receivables Intergovernmental Receivables $ 75,287 75,287 $ 307 307 $ 824 8,030 Total $ 7,206 76,418 $ 83,624 Taxes Receivables Allowances Net Taxes Receivables General Fund $ 10,550 (480) $ 10,070 Special Purpose Local Option Sales Tax IV $ 11,354 $ 11,354 Nonmajor Governmental $ - - $ - Total $ 21,904 (480) $ 21,424 G. Property Taxes The Cobb County Board of Commissioners fixed the property tax levy for the 2016 tax digest year (calendar year) in July 2016 (levy date) based on property values as of January 1, 2016. Taxes were due on October 17, 2016 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2016 tax digest are reported as revenue in the governmental funds for fiscal year 2017. 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, 2017 totaled $475,835,000. 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 2016 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 32 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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 $270,006,753 has been collected or on December 31, 2018, whichever occurs first. I. Tax Abatements In fiscal year 2017, the Cobb County School District implemented Governmental Accounting Standards Board (GASB) Statement No. 77, Tax Abatement Disclosures. This statement requires state and local governments to disclose tax abatement agreements entered by other governments that reduce the reporting governments tax revenues. The following information should be disclosed; (1) brief descriptive information, such as the tax being abated, the authority under which tax abatements are provided, eligibility criteria, the mechanism by which taxes are abated, provisions for recapturing abated taxes, and the types of commitments made by tax abatement recipients; (2) the gross dollar amount of taxes abated during the period; and (3) commitments made by a government, other than to abate taxes, as part of a tax abatement agreement. Cobb County, through the Development Authority of Cobb County, allows for taxable revenue bond financing, pursuant to the Georgia Development Authorities law, under Title 36 Chapter 62 of the Official Code of Georgia, in order to promote the creation of jobs and stimulate development activity within Cobb County. The taxable revenue bond financings result in the reduction of ad valorem (real and/or personal property) taxes. The County offers a reduction in property taxes through the structure of these financing arrangements. Specifically, the Development Authority of Cobb County, a tax exempt public organization created independently from the County, may enter into agreements with private individuals or entities in order to incentivize these businesses to build, relocate, expand, or renovate in Cobb County. The agreements involve a bond issuance and saleleaseback transaction, whereby the Development Authority takes title to property and leases it back to the company. The business or individual is responsible for making ad valorem tax payments on its leasehold interest. The rental payments for the leasehold offset the debt service on the bonds over a fixed 10 year term, so that at the end of the incentive period the bonds are fully retired and the company regains title of the property through an option to purchase. 33 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The Development Authority considers the fiscal impacts of a proposed project and weighs such benefits against the costs of reduced revenue impacts when considering whether to enter into a taxable revenue bond deal with an individual or entity. Generally eligible projects involve a commitment of significant capital investment and/or the creation of net new jobs to the County, which propose a favorable return on investment for the County. There are no additional commitments other than to provide favorable tax treatment. There are provisions for recapturing some portion of the value of these incentives in the event capital investment and job creation numbers are not met during the incentive period; however, the Development Authority can immediately return title to a company for a nonperforming project, which cancels the incentive going forward. There are no amounts receivable from other governments. For the fiscal year ended June 30, 2017, the tax abatement programs noted above abated property taxes due to the School District that were levied on January 1, 2016 and due on October 17, 2016 totaling $738,574. Included in that amount abated, the following are individual tax abatement agreements that each exceeded 10 percent of the total amount abated: Amount of Taxes Abated Tax Abatement Project % Abated (in thousands) Terrell Mill LLC (Quintiles) 30% $ 75,880 Federal Express - Phase II 60% 86,899 Novelis Global Technology Center 100% 87,463 Home Depot USA 100% 259,348 J. 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. K. Prepaid Items Payments made to vendors for services that will benefit periods subsequent to June 30, 2017, are recorded as prepaid, according to the consumption method. 34 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) L. Capital Assets Capital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase. On the District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated acquisition value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. Capitalization thresholds and estimated useful lives of capital assets reported in the District- wide statements are as follows: General Useful Policy Life Land All N/A Buildings and Improvements Equipment All $10,000 20 to 50 Years 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. M. 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 1.N and Note 13), 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 two source: property taxes and intergovernmental. These amounts are deferred and recognized as inflows of resources in the period that the amounts become available. 35 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) N. Pensions For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Teachers Retirement System of Georgia (TRS) and additions to/deductions from TRS's fiduciary net position have been determined on the same basis as they are reported by TRS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the 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. O. 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. 36 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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. P. 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, through resolution by the Board of Education. 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. The Board and the Chief Financial Officer have the authority to assign fund balances. 5) Unassigned Fund Balance - Residual spendable fund balance after subtracting all above amounts. Positive unassigned values are only reported in the General Fund. 37 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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 majority vote prior to the government's fiscal yearend. Future modification or rescission of committed funds must likewise be accomplished by a formal majority 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 / Art Career and Cultural Tuition School / Adult High School Facility Use / Public Safety Local Schools Revenue Source Donations by individuals or organizations to benefit school programs. Funds earned or donated at local schools used by local principals to benefit students and faculty subject to District policy. Voluntary student contributions to fund Performing Arts Programs and donations to fund artist workshops at local schools. User tuition charges and GED fees. 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, 2017 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 Nonspendable: Inventory Prepaids $ 1,013,000 1,138,000 Restricted for: Capital Projects School Nutrition Committed to: Local School Activities After School Program Tuition School / Adult High School Facility Use and Public Safety Programs Performing Arts and Art Career and Cultural Donations for the Benefit of School Programs Assigned to: Appropriation for Next Year's Budget Instruction Pupil Services Instructional Services Media Services School and Administrative Services Support Services - Business Maintenance and Operations Transportation Other Support Services Capital Outlay District Wide GNETS 3,175,000 3,696,000 3,000 553,000 16,000 659,000 729,000 1,514,000 541,000 77,000 4,060,000 Special Purpose Local Option Sales Tax IV Nonmajor Governmental Funds Total $ 1,984,000 $ 2,997,000 9,000 $ 1,147,000 $ 87,434,000 9,116,000 $ 96,550,000 17,214,000 $ 17,214,000 8,383,000 5,021,000 1,352,000 1,238,000 301,000 236,000 $ 8,383,000 $ 5,021,000 $ 1,352,000 $ 1,238,000 $ 301,000 $ 236,000 449,000 337,000 $ 3,175,000 $ 3,696,000 $ 3,000 $ 553,000 $ 16,000 $ 659,000 $ 729,000 $ 1,514,000 $ 541,000 $ 77,000 $ 4,060,000 $ 449,000 $ 337,000 Unassigned: Total Fund Balance 96,064,000 $ 113,238,000 $ 87,434,000 (556,000) $ 95,508,000 $ 45,084,000 $ 245,756,000 39 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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. The District makes certain reclassification of revenues and expenditures presented on a budgetary basis to conform to GAAP basis financial statements. Several supplementary appropriations were necessary during the fiscal year ended June 30, 2017. The District's budgetary statements for the General Fund differ somewhat from generally accepted accounting principles (GAAP) prepared statements. The dollar effect for these differences are detailed in the following reconciliation for the year-end net change in fund balance (budgetary basis) to the year-end net change in fund balance (GAAP basis): Actual Revenues GAAP Basis Other Financing Sources budgeted as revenues Budgeted Revenues, Budgetary Basis $ 999,406,000 4,561,000 1,003,967,000 Actual Expenditures GAAP Basis Other Financing Uses budgeted as expenditures Budgetary Expenditures, Budgetary Basis Net Change in Fund Balance, Budgetary Basis 989,135,000 5,980,000 $995,115,000 $ 8,852,000 Net Change in Fund Balance, GAAP Basis $ 8,852,000 40 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 2. LEGAL COMPLIANCE BUDGETS (Continued) For the year ended June 30, 2017, 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: Instruction $ School Administration Central Operations School Nutrition Capital Outlay Donations: Other Support Services After School Program: Instruction Tuition School/Adult High School: Instruction Improvement of Instructional Services Maintenance and Operation of Plant Title IV: Pupil Services 4,000 76,000 781,000 419,000 1,000 17,000 162,000 31,000 18,000 6,000 7,000 41 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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. 42 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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, 2017, the District had deposits with a carrying amount of $192,028,321 and a bank balance of $198,058,731. 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, 2017, the District's investments included $97,735,388 in a local government 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 26 days. In addition, the District had $269,669 in certificates of deposit in various financial institutions. These investments are reported as cash equivalents. 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. Georgia Fund One, created by OCGA 36-83-8, is a stable asset value investment pool. The Georgia Fund One's primary objectives are safety of capital, investment income, liquidity and diversification while maintaining principal ($1 per share value). The pool is not registered with the SEC as an investment company. Asset value is calculated weekly to ensure stability. The pool distributes earnings (net of management fees) on a monthly basis and determines participant's shares sold and redeemed based on $1 per share. The pool also adjusts the value of its investments to fair market value as of year-end and the District's investment in the Georgia Fund One is reported at fair value. As of June 30, 2017, the District considers amounts held in Georgia Fund 1 as cash equivalents for financial statement presentation. 43 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 3. CASH EQUIVALENTS, DEPOSITS AND INVESTMENTS (Continued) Fair Value Measurements The Georgia Fund One is an investment pool which does not meet the criteria of GASB Statement No. 79 and is thus valued at fair value in accordance with GASB Statement No. 31. As a result, the District does not disclose investment in Georgia Fund One within the fair value hierarchy. Credit Risk The District's investment policy is to apply the prudent investor rule which states "investments shall be made with judgment and care, under circumstances when prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the primary objective of safety of capital as well as the objective of obtaining a market rate of return." The policy of the District is to invest funds with larger banking institutions 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. 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. 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. 44 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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 Note 5. CAPITAL ASSETS The following is a summary of changes in the capital assets during the fiscal year: Governmental Activities Balance June 30, 2016 Increases Decreases Balance June 30, 2017 Capital Assets, Not Being Depreciated: Land $ 132,247,000 $ 2,457,000 $ (886,000) $ 133,818,000 Construction In Progress 70,785,000 128,988,000 (76,231,000) 123,542,000 Total Capital Assets Not Being Depreciated 203,032,000 131,445,000 (77,117,000) 257,360,000 Capital Assets Being Depreciated: Buildings and Improvements 1,818,881,000 75,181,000 (3,612,000) 1,890,450,000 Intangibles 4,491,000 1,300,000 - 5,791,000 Equipment 183,457,000 20,782,000 (2,978,000) 201,261,000 Library/Textbooks 91,932,000 6,826,000 (3,156,000) 95,602,000 Total Capital Assets Being Depreciated 2,098,761,000 104,089,000 (9,746,000) 2,193,104,000 Less Accumulated Depreciation for: Buildings and Improvements 753,289,000 55,777,000 (2,067,000) 806,999,000 Intangibles 638,000 1,186,000 - 1,824,000 Equipment 102,095,000 20,080,000 (2,636,000) 119,539,000 Library/Textbooks 74,172,000 6,507,000 (3,156,000) 77,523,000 Total Accumulated Depreciation 930,194,000 83,550,000 (7,859,000) 1,005,885,000 Total Capital Assets Being Depreciated Net 1,168,567,000 20,539,000 (1,887,000) 1,187,219,000 Governmental Capital Assets,Net $ 1,371,599,000 $ 151,984,000 $ (79,004,000) $ 1,444,579,000 45 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 5. CAPITAL ASSETS (Continued) 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 $ 63,961 3,272 2,640 7,597 6,036 44 83,550 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 $5,066,000 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 year- end, as detailed below. The $960,000 receivable due to Local Schools from the General Fund largely represented local school excess cash reserves invested with interest. Interfund receivable and payable balances by fund as of June 30, 2017 are disclosed in the following schedule: Re ce ivable Payable Governmental Funds: General Fund $ 5,066,000 $ 960,000 Nonmajor Governmental Funds: Miscelleous Grants Adult Education GNETS Title I Special Ed Federal Grant Vocational Education Title II Homeless Grant Title III Title IV Local Schools Total Nonmajor Governmental Funds 960,000 960,000 1,580,000 84,000 28,000 2,197,000 826,000 21,000 165,000 3,000 97,000 65,000 - 5,066,000 Total $ 6,026,000 $ 6,026,000 46 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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 transfer 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, 2017, consisted of the following: Transfers Out: General Fund: General Fund General Fund General Fund General Fund Total General Fund Nonmajor Governmental Funds: 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 Total for All Funds Amount $ 3,565,000 949,000 271,000 1,195,000 $ 5,980,000 $ 123,000 $ 123,000 $ 6,103,000 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%. 47 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 8. RISK MANAGEMENT (Continued) Estimated claims for the next fiscal year total $2,628,000 and the non-current liability for succeeding years is $5,142,000. 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 2016 $ 6,407,000 $ 3,549,000 $ (2,973,000) $ 6,983,000 2017 $ 6,983,000 $ 4,847,000 $ (4,060,000) $ 7,770,000 Note 9. LONG-TERM OBLIGATIONS Fiscal year 2017 long-term obligations are as follows: Accrued Vacation Pay Net Pension Liabilit y Total Balance 6/30/2016 Increases Decreases Balance 6/30/2017 Current Amounts Due Within One Year Long-term Amounts Due After One Year $ 9,594,000 $ 4,779,000 $ 4,327,000 $ 10,046,000 $ 4,530,000 $ 5,516,000 $ 823,504,000 $ 414,700,000 $ $ 833,098,000 $ 419,479,000 $ 87,342,000 $ 1,150,862,000 $ 91,669,000 $ 1,160,908,000 $ - $ 1,150,862,000 4,530,000 $ 1,156,378,000 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, 2017 was $1,857,551. 48 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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, 2017 included additions and renovations at two elementary schools, two middle schools, and four high schools. As of June 30, 2017, the contract price and expenditures to date for the largest projects were as follows: Project Contract Price Expenditures To Date Replacement School Brumby ES $ 24,266,172 Maintenance/Renovation Campbell MS 10,881,306 Replacement School East Cobb MS 30,454,877 Replacement School Mountain View ES 25,032,410 Maintenance/Renovation North Cobb HS 24,440,870 Maintenance/Renovation Pope HS 25,336,410 Maintenance/Renovation South Cobb HS 9,790,564 Replacement School Walton HS 51,285,355 $ 9,789,713 1,640,973 14,167,235 24,393,804 8,170,684 16,761,910 651,208 47,674,769 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, 2017, 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 are accrued and includes social security, medicare, and workers compensation. Employees are not compensated for sick leave benefits upon termination of their employment. Therefore, no liability is reported for earned but unused sick leave benefits. 49 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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, 2017: Net Pension Liability Deferred Outflows related to Pensions Deferred Inflows related to Pensions Pension Expense $ 1,150,862,000 314,460,000 17,478,000 128,380,000 Teachers Retirement System of Georgia (TRS) Plan Description Substantially all teachers, administrators and clerical personnel are members of this costsharing multiple-employer defined benefit public employee retirement system. TRS was created in 1943 by an act of the Georgia General Assembly and is administered by a ten member Board of Trustees. TRS is funded by a combination of employee, employer and State of Georgia contributions. Benefits are established and may be amended by State statute and provide retirement, death, long-term disability, survivor and health insurance premium benefits. TRS issues a publicly available financial report that can be obtained at www.trsga.com/publications. Benefits Provided TRS retirement benefits are determined as 2 % of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. 50 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 13. RETIREMENT PLANS (Continued) Contributions Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full- time public school support personnel are funded on behalf of the employer by the State of Georgia. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Plan members are currently required to contribute 6.00 percent of their annual covered payroll and the District is currently required to contribute 14.27 percent of the covered payroll. The District's contributions to TRS for the year ended June 30, 2017 was $90,646,328. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At June 30, 2017, the District reported a liability for its proportionate share of the net pension liability that reflected a reduction for support provided to the District by the State of Georgia for certain public school support personnel. The amount recognized by the District as its proportionate share of the net pension liability, the related State of Georgia support, and the total portion of the net pension liability that was associated with the District were as follows: District's proportionate share of the net pension liability $ 1,150,754,699 State of Georgia's proportionate share of the net pension liability associated with the District 1,761,485 Total $ 1,152,516,184 The net pension liability was measured as of June 30, 2016. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2015. An expected total pension liability as of June 30, 2016 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, 2016. At June 30 2016, the District's proportion was 5.577763%, which was an increase of 0.169091% from its proportion measured as of June 30, 2015. 51 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 13. RETIREMENT PLANS (Continued) For the year ended June 30, 2017, the District recognized pension expense of $126,085,007 and revenue of $264,458 for support provided by the State of Georgia for certain support personnel. At June 30, 2017, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Differences between expected and actual experience De fe rre d Outflows of Re s ource s $ 17,143,143 De fe rre d Inflows of Re s ource s $ 5,690,490 Changes of Assumptions 29,825,972 - Net difference between projected and actual earnings on pension plan investments 145,575,208 - Changes in proportion and differences between District contributions and proportionate share of contributions 31,254,185 11,787,661 District contributions subsequent to the measurement date 90,646,328 - Total $ 314,444,836 $ 17,478,151 District contributions subsequent to the measurement date of $90,646,328 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, 2018. 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: 2018 2019 2020 2021 2022 Total $ 25,293,616 25,293,561 89,656,833 62,757,461 3,318,886 $ 206,320,357 52 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 13. RETIREMENT PLANS (Continued) Actuarial assumptions: The total pension liability as of June 30, 2016 was determined by an actuarial valuation as of June 30, 2015 using the following actuarial assumptions, applied to all periods included in the measurement: Inflation Salary increases Investment rate of return Post-Retirement Benefit Increases 2.75% 3.75-9.00%, average, including inflation 7.50%, net of pension plan investment expense including inflation 1.50% semi-annually Post-retirement mortality rates were based on the RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males) for service retirements and depended beneficiaries. The RP-2000 Disable Mortality Table with future mortality improvement projected to 2025 with Society of Actuaries' projection scale BB (set forward two years for males and four years for females) was used for death after disability retirement. There is a margin for future mortality improvement on the tables used by the System. Based on the results of the most recent experience study adopted by the Board on November 18, 2015, the numbers of expected future deaths are 8-11% less than the actual number of deaths that occurred during the study period for healthy retirees and 9-11% less than expected under the selected table for disabled retirees. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. The actuarial assumptions used in the June 30, 2015 valuation were based on the results of an actuarial experience study for the period July 1, 2009 June 30, 2014. 53 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 13. RETIREMENT PLANS (Continued) The long-term expected rate of return on pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of pension plan investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Asset class Fixed income Domestic large equities Domestic mid equities Domestic small equities International developed market equities International emerging market equities Total Target allocation 30.00% 39.80 3.70 1.50 19.40 5.60 100.00% Long-term expected real rate of return* (0.50)% 9.00 12.00 13.50 8.00 12.00 * Rates shown are net of the 2.75% assumed rate of inflation Remainder of Page Intentionally Left Blank 54 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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 $ 1,791,163,884 Current discount rate (7.5%) $ 1,150,754,699 1 % Increase (8.5%) $ 623,483,296 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, 2017, the District reported a payable of $10,760,739 for the outstanding amount of contributions to the TRS pension plan required for the year ended June 30, 2017. 55 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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. 56 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 13. RETIREMENT PLANS (Continued) Contributions 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, 2017 was 24.81% of annual covered payroll for old and new plan members and 21.81% for GSEPS members. The District's contributions to ERS totaled $0 for the year ended June 30, 2017. 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, 2017, the District reported a liability for its proportionate share of the net pension liability of $107,570. The net pension liability was measured as of June 30, 2016. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2015. An expected total pension liability as of June 30, 2016 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, 2016. At June 30 2016, the Employer's proportion was 0.002274%, which was a increase of 0.000113% from its proportion measured as of June 30, 2015. Remainder of Page Intentionally Left Blank 57 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 13. RETIREMENT PLANS (Continued) For the year ended June 30, 2017, the District recognized pension expense of ($22,037). At June 30, 2017, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Differences between expected and actual experience Deferred Outflows of Resources $ - Deferred Inflows of Resources $ 248 Changes of assumptions 911 - Net difference between projected and actual earnings on pension plan investments 10,937 - Changes in proportion and differences between District contributions and proportionate share of contributions 3,709 - Total $ 15,557 $ 248 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: 2018 $ 2019 2020 2021 Total $ 4,211 1,546 5,897 3,655 15,309 58 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 13. RETIREMENT PLANS (Continued) Actuarial assumptions: The total pension liability as of June 30, 2016 was determined by an actuarial valuation as of June 30, 2015 using the following actuarial assumptions, applied to all periods included in the measurement: Inflation Salary increases Investment rate of return 2.75% 3.25-7.00%, including inflation 7.50%, net of pension plan investment expense including inflation Post-retirement mortality rates were based on the RP-2000 Combined Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB and set forward 2 years for both males and females for service retirements and dependent beneficiaries. The RP-2000 Disabled Mortality Table with future mortality improvement projected to 2025 with Society of Actuaries' projection scale BB and set back 7 years for males and set forward 3 years for females was used for death after disability retirement. There is a margin for future mortality improvement in the tables used by the System. Based on the results of the most recent experience study adopted by the Board on December 17, 2015, the numbers of expected future deaths are 9-12% less than the actual number of deaths that occurred during the study period for service retirements and beneficiaries and for disability retirements. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. The actuarial assumptions used in the June 30, 2015 valuation were based on the results of an actuarial experience study for the period July 1, 2009 June 30, 2014. Remainder of Page Intentionally Left Blank 59 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 13. RETIREMENT PLANS (Continued) The long-term expected rate of return on pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of pension plan investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Asset class Target allocation Long-term expected real rate of return* Fixed income Domestic large equities Domestic mid equities Domestic small equities International developed market equities International emerging market equities Alternatives Total 30.00% 37.20 3.40 1.40 17.80 5.20 5.00 100.00% (0.50)% 9.00 12.00 13.50 8.00 12.00 10.50 * Rates shown are net of the 2.75% assumed rate of inflation 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. 60 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 13. RETIREMENT PLANS (Continued) 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 1-percentage-point lower (6.50%) or 1-percentage-point higher (8.50%) than the current rate: District's proportionate share of the net pension liability 1% Decrease (6.5%) $ 145,777 Current discount rate (7.5%) $ 107,570 1 % Increase (8.5%) $ 75,010 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. Remainder of Page Intentionally Left Blank 61 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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. 62 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 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 the supplemental defined contribution plan for the year ended June 30, 2017 was $578,457 with an average number of participants of 1,265. Pension Liabilities and Pension Expense At June 30, 2017, 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 $12,322,331 The net pension liability was measured as of June 30, 2016. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2015. An expected total pension liability as of June 30, 2016 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, 2016. For the year ended June 30, 2017, the District recognized pension expense of $2,020,095 and revenue of $2,020,095 for support provided by the State of Georgia. 63 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 13. RETIREMENT PLANS (Continued) Actuarial assumptions: The total pension liability was determined by an actuarial valuation as of June 30, 2015, using the following actuarial assumptions, applied to all periods included in the measurement: Inflation Salary increases Investment rate of return 2.75% N/A 7.50%, net of pension plan investment expense, including inflation Post-retirement mortality rates were based on the RP-2000 Combined Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females) for the period after service retirements and for dependent beneficiaries. The RP2000 Disabled Mortality Table projected to 2025 with projection scale BB (set forward 5 years for both males and females) was used for death after disability retirement. There is a margin for future mortality improvement in the tables used by the System. Based on the results of the most recent experience study adopted by the Board on December 17, 2015, the numbers of expected future deaths are 9-11% less than the actual number of deaths that occurred during the study period for healthy retirees and 9-11% less than expected under the selected table for disabled retirees. Rates of mortality in active service were based on the RP-2000 Employee Mortality Table projected to 2025 with projection scale BB. The actuarial assumptions used in the June 30, 2015 valuation were based on the results of an actuarial experience study for the period July 1, 2009 June 30, 2014. Remainder of Page Intentionally Left Blank 64 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 13. RETIREMENT PLANS (Continued) The long-term expected rate of return on pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of pension plan investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Asset class Target allocation Long-term expected real rate of return* Fixed income Domestic large equities Domestic mid equities Domestic small equities International developed market equities International emerging market equities International emerging market equities Total 30.00% 37.20 3.40 1.40 17.80 5.20 5.00 100.00% (0.50)% 9.00 12.00 13.50 8.00 12.00 10.50 * Rates shown are net of the 2.75% assumed rate of inflation 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. 65 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 14. POST-EMPLOYMENT BENEFITS Georgia School Personnel Post-Employment Health Benefit Fund Plan Description The Georgia School Personnel Postemployment Health Benefit Fund (School OPEB Fund) is a cost-sharing multiple-employer defined benefit postemployment healthcare plan that covers eligible former employees of public school systems, libraries, and regional education service agencies. The School OPEB Fund provides health insurance benefits to eligible former employees and their qualified beneficiaries through the State Employees Health Benefit Plan administered by the Department of Community Health. The Official Code of Georgia Annotated (O.C.G.A.) assigns the authority to establish and amend the benefit provisions of the group health plans, including benefits for retirees, to the Board of Community Health (Board). Additional information about the School OPEB Fund is disclosed in the State of Georgia Comprehensive Annual Financial Report. This report can be obtained from the Georgia Department of Audits and Accounts at www.audits.ga.gov/SGD/CAFR.html. 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. For members with fewer than five years of service as of January 1, 2012, contributions also vary based on years of service. On average, members with five years or more of service as of January 1, 2012 pay approximately 25% of the cost of the health insurance coverage. In accordance with the Board resolution dated December 8, 2011, for members with fewer than five years of service as of January 1, 2012, the State provides a premium subsidy in retirement that ranges from 0% for fewer than 10 years of service to 75% (but no greater than the subsidy percentage offered to active employees) for 30 or more years of service. The subsidy for eligible dependents ranges from 0% to 55% (but no greater than the subsidy percentage offered to dependents of active employees minus 20%). No subsidy is available to Medicare eligible members not enrolled in a Medicare Advantage Option. The Board of Community Health sets all member premiums by resolution and in accordance with the law and applicable revenue and expense projections. Any subsidy policy adopted by the Board may be changed at any time by Board resolution and does not constitute a contract or promise of any amount of subsidy. 66 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 14. POST-EMPLOYMENT BENEFITS (Continued) Participating employers are statutorily required to contribute in accordance with the employer contribution rates established by the Board. The contribution rates are established to fund all benefits due under the health insurance plans for both active and retired employees 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 active and retiree contribution rates established by the Board for employers participating in the School OPEB Fund were as follows for the fiscal year ended June 30, 2017: Certified Employees July 1, 2016 June 30, 2017 Non-Certified Employees July 1, 2016 December 31, 2016 January 1, 2017 - June 30, 2017 $945.00 per member per month $746.20 per member per month $846.20 per member per month No additional contribution was required by the Board for fiscal year 2017 nor contributed to the School OPEB Fund to prefund retiree benefits. Such additional contribution amounts are determined annually by the Board in accordance with the School 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 2017 2016 2015 Contribution $ 115,072,580 $ 107,009,060 $ 101,172,545 Contribution Percentage 100% 100% 100% 67 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2017 Note 15. DEFICIT FUND EQUITY As of June 30, 2017, the Miscellaneous Grants Fund reported a deficit fund balance of $547,439. The deficit will be supported by the future recognition of unavailable revenue as of June 30, 2017. 68 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2017 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 2017 2016 2015 5.578% 5.409% 5.327% $ 1,150,755 $ 823,417 $ 673,042 1,761 1,497 1,082 $ 1,152,516 $ 824,914 $ 674,124 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 612,318 187.93% 76.06% 570,929 144.22% 81.44% 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. 69 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2017 Schedule of Contributions Teacher Retirement System of Georgia Last 10 Fiscal Years (amounts expressed in thousands) Contractually required contribution 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 $ 90,646 $ 87,340 75,145 66,741 63,011 58,156 57,920 58,052 56,849 54,401 Contributions in relation to the contractually required contribution 90,646 87,340 75,145 66,741 63,011 58,156 57,920 58,052 56,849 54,401 Contribution Deficiency $ - - - - - - - - - - District's covered-employee payroll $ 635,179 $ 612,318 570,929 544,177 551,528 564,936 565,694 594,769 612,597 585,717 Contributions as a percentage of covered-employee payroll 14.27% 14.26% 13.16% 12.26% 11.42% 10.29% 10.24% 9.76% 9.28% 9.29% Source: District Records This schedule is presented to illustrate the requirement to show information for 10 years. 70 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2017 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 Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. In 2010, assumed rates of salary increase were adjusted to more closely reflect actual and anticipated experience. On November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). 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 required contributions for year ended June 30, 2017 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 Post-retirement benefit increases June 30, 2014 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 1.50% semi-annually 71 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2017 Schedule of Proportionate Share of Net Pension Liability Employee Retirement System of Georgia For the Year Ended June 30 (amounts expressed in thousands) Agency's proportion of the net pension liability Agency's proportionate share of the net pension liability Agency's covered-employee payroll Agency'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 2017 2016 2015 0.002274% 0.002161% 0.002063% $ 108 $ 88 $ 77 $ 53 $ 49 $ 46 203.77% 72.34% 179.59% 167.39% 76.20% 77.99% Note: Schedule is intended to show information for the last 10 fiscal years. Additional years will be displayed as they become available. 72 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2017 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 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 $ - 13 11 9 18 14 13 13 14 15 - 13 11 $ - - - 9 18 14 13 13 14 15 - - - - - - - District's covered-employee payroll $ - 53 49 46 122 123 123 121 133 142 Contributions as a percentage of covered-employee payroll 0.00% 24.53% 22.45% 19.57% 14.75% 11.38% 10.57% 10.74% 10.53% 10.56% Source: District Records This schedule is presented to illustrate the requirement to show information for 10 years. 73 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2017 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 Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. In 2010, assumed rates of salary increase were adjusted to more closely reflect actual and anticipated experience. On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males). 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, 2017 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 Post-retirement benefit increases June 30, 2014 Entry Age Level percentage of payroll, open 30 years Five-year smoothed market 2.75% 3.25%-7.00%, including inflation 7.5%, net of pension plan investment expense, including inflation 1.50% semi-annually 74 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2017 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 2017 2016 2015 0.0% 0.0% 0.0% $ -$ -$ - 12,322 8,097 7,321 $ 12,322 $ 8,097 $ 7,321 $ 38,188 $ 34,827 $23,583 N/A 81.00% N/A N/A 87.00% 88.29% Note: Schedule is intended to show information for the last 10 fiscal years. Additional years will be displayed as they become available. 75 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2017 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 Annuity Mortality Table, which was used prior to 2010. In 2010, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience. On December 17, 2015 the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with project scale BB (set forward 3 years for males and 2 years for females). 76 (This page was left blank intentionally) 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. These revenues have been committed by the Board for use by local principals to benefit students and faculty subject to District policy. Performing Arts/Art Career and Cultural This fund is created to account for funds for the Performing Arts Program which offers an opportunity for students in kindergarten through eighth grade to experience professional quality performing arts experiences. These experiences include off-campus trips to art museums, symphony concerts, ballet and theater performances, as well as in-house musical and dramatic presentations. The program is funded through voluntary student contributions and charges for participation. Art Career and Cultural fund is created to provide accounting of funds which are provided to local artists as compensation for workshops held in the district's schools. Tuition School/Adult High School 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. Miscellaneous Grants This fund is established to provide accounting of funds received and represent a compilation of several grants which are awarded for educational purposes. 77 School Nutrition (i3) Investing in Innovation Adult Education GNETS Title I Special Education Vocational Education Title II Homeless Grant USDA Fruits and Vegetables Title III 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 funds for federal categorical grant funds which flow through the Georgia Department of Education and are used to provide educational services to homeless children. This fund is established to provide accounting of federal grant funds which flow through the Georgia Department of Education Food and Nutrition Program. The funds provide free fresh fruits and vegetables to school children outside of the lunch or breakfast food service periods. This fund is established to provide accounting of federally funded grants for programs that support Limited English Proficiency (LEP) students and their families, through language instructional programs. These programs include community participation programs, family literacy services, parent outreach and training activities to improve the English language skills of limited English proficient children and assistance for parents in helping their children to improve their academic achievement. 78 Title IV Local School Funds 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 two nonmajor funds used for those purposes; the Special Purpose Local Option Sales Tax III Fund and the District-Wide Building Fund. 79 COBB COUNTY SCHOOL DISTRICT COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2017 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Intergovernmental Receivable Accounts Receivable Due From Other Funds Prepaid Expenditures Inventories Total Assets Special Revenue Donations Facility Use/ Public Safety After School Program Performing Arts/ Art Career and Cultural $ 247 $ 1,261 $ 5,035 $ 301 - - - - - - - - - - - - - - - - - - - - $ 247 $ 1,261 $ 5,035 $ 301 LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES: Liabilities: Accounts Payable Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities Deferred Inflows of Resources: Unavailable Revenue - Intergovernmental Total Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities, Deferred Inflows of Resources, and Fund Balances $ 11 $ 15 $ 13 $ - - 7 1 - - 1 - - - - - - - - - - 11 23 14 - - - - - - - - - - - - - - - - - 236 1,238 5,021 301 - - - - - - - - 236 1,238 5,021 301 $ 247 $ 1,261 $ 5,035 $ 301 80 Tuition School/ Adult High School Misc. Grants Special Revenue School Nutrition (i3) Investing in Innovation Adult Education GNETS $ 1,633 $ - $ 19,767 $ - 124 - - 1,475 5 - - - - - - - - 1,984 $ 1,633 $ 1,599 $ 21,756 $ 1$ -$ - - 141 667 - - - - - - - - - - - - 1 $ 141 $ 667 $ 11 $ 1$ 61 $ 237 - 1,056 33 - 655 - 1,580 - - - 786 281 1,581 2,558 - 565 - - 565 - - - 1,984 - - 17,214 1,352 - - - - - - (547) - 1,352 (547) 19,198 $ 1,633 $ 1,599 $ 21,756 $ 1$ 7$ 16 - 41 205 - 9 81 - 84 28 - - - 1 141 330 - - - - - - - - - - - - - - - - - 337 - - - - - 337 1 $ 141 $ 667 Continued--- 81 COBB COUNTY SCHOOL DISTRICT COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2017 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Intergovernmental Receivable Accounts Receivable Due From Other Funds Prepaid Expenditures Inventories Total Assets Special Revenue Title I Special Vocational Education Education Title II $ -$ -$ 4,082 2,495 - - - - - - - - $ 4,082 $ 2,495 $ -$ - 12 250 - - - - 9 - - - 21 $ 250 LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES: Liabilities: Accounts Payable Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities Deferred Inflows of Resources: Unavailable Revenue - Intergovernmental Total Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities, Deferred Inflows of Resources, and Fund Balances $ 282 $ -$ 1,241 362 2,197 - 4,082 1,148 521 826 - 2,495 -$ 15 - 53 - 17 21 165 - - 21 250 - - - - - - - - - - - - - - - - - - - - $ 4,082 $ 2,495 $ 9 - - - - - - - (9) - - - 21 $ 250 82 Homeless Grant Special Revenue USDA Fruits and Vegetables Title III Title IV Local School Funds $ -$ -$ -$ - $ 7,423 4 - 171 84 - - - - - - - - - - 960 - - - - - - - - - - $ 4$ - $ 171 $ 84 $ 8,383 $ 1$ -$ 1$ 5$ - - - 53 13 - - - 20 1 - 3 - 97 65 - - - - - - 4 - 171 84 - - - - - - - - - - - - - - - - - - - - - - - - - 8,383 - - - - - - - - - - - - - - 8,383 $ 4$ - $ 171 $ 84 $ 8,383 Continued--- 83 COBB COUNTY SCHOOL DISTRICT COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2017 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Intergovernmental Receivable Accounts Receivable Due From Other Funds Prepaid Expenditures Inventories Total Assets Capital Projects District- Special Purpose wide Local Option Building Sales Tax III Total $ 521 $ - - - - $ 521 $ 9,228 $ - 9,228 $ 45,417 8,030 1,480 960 9 1,984 57,880 LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES: Liabilities: Accounts Payable Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities Deferred Inflows of Resources: Unavailable Revenue - Intergovernmental Total Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities, Deferred Inflows of Resources, and Fund Balances $ 72 $ 72 - - - - 449 - 449 $ 521 $ 112 $ 112 624 4,055 1,700 5,066 786 12,231 - 565 - 565 9,116 9,116 9,228 $ 1,993 26,330 16,531 786 (556) 45,084 57,880 Concluded. 84 (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, 2017 (amounts expressed in thousands) REVENUES: Intergovernmental Tuition and Fees Interest Income Athletic Ticket Sales Other Total Revenues Donations Special Revenue Facility Use/ After Public School Safety Program Performing Arts/Art Career and Culture $ -$ -$ -$ - - 1,216 9,652 364 - - - - - - - - 146 - - 1 146 1,216 9,652 365 EXPENDITURES: Current: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operation of Plant Student Activities Capital Outlay Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers-In Transfers-Out Proceeds from Sale of Capital Assets Total Other Financing Sources (Uses) 32 - 1,041 323 8 - - - 19 - - - 90 555 8,170 - - - - - - 1,532 - - - - - - - - 24 - 149 2,087 9,235 323 (3) (871) 417 42 - 949 - - - (123) - - - - - - - 826 - - Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year (3) (45) 417 42 239 1,283 4,604 259 $ 236 $ 1,238 $ 5,021 $ 301 85 Tuition School/ Adult High School Misc. Grants Special Revenue School Nutrition (i3) Investing in Innovation Adult Education GNETS $ - $ 1,426 $ 36,316 $ 871 - 18,678 - - 89 - - - - 1,275 14 871 2,701 55,097 -$ - 1,088 $ - 1,088 5,340 - 21 5,361 657 - 152 280 8 - 1,097 1,942 1 228 4 1,134 3,309 - 55,099 - 29 55,128 (226) (608) (31) 271 - 271 45 1,307 $ 1,352 $ - - - - - 29 - 29 (608) 61 (2) 19,200 (547) $ 19,198 $ - - 3,946 - - 778 3 - 399 - 1,088 195 - - 20 - - 21 - - - - - - 3 1,088 5,359 (3) - (3) 3 -$ - 2 - - - - - - - - - 2 - 335 -$ 337 Continued--- 86 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2017 (amounts expressed in thousands) Special Revenue REVENUES: Intergovernmental Tuition and Fees Interest Income Athletic Ticket Sales Other Total Revenues EXPENDITURES: Current: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operation of Plant Student Activities Capital Outlay Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers-In Transfers-Out Proceeds from Sale of Capital Assets Total Other Financing Sources (Uses) Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year Title I Special Vocational Education Education Title II $ 23,853 $ 21,488 $ - - - - - - - - 23,853 21,488 746 $ 1,832 - - - - - - - - 746 1,832 10,450 2,040 10,070 953 326 14 23,853 8,730 4,415 5,576 1,180 1,587 21,488 511 - - - 31 1,506 7 293 - - - - - - 197 33 746 1,832 - - - - - - - - - - - - - - - - - - - - - - - - - - - - $ -$ -$ -$ - 87 Special Revenue Homeless Grant USDA Fruit and Vegetables Title III Title IV Local School Funds $ 75 $ 91 $ 1,378 $ 530 $ - - - - - 28,052 - - - - 3 - - - - 2,925 - - - - - 75 91 1,378 530 30,980 7 - 104 296 - 4 - 561 129 - 40 - 641 39 - 2 91 71 43 - 22 - 1 23 - - - - - - - - - - 31,075 - - - - - 75 91 1,378 530 31,075 - - - - (95) - - - - - - - - - - - - - - - - - - - - - - - - (95) - - - - 8,478 $ -$ -$ -$ - $ 8,383 Continued--- 88 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2017 (amounts expressed in thousands) Capital Projects REVENUES: Intergovernmental Tuition and Fees Interest Income Athletic Ticket Sales Other Total Revenues DistrictWide Building Special Purpose Local Option Sales Tax III $ -$ 15 - - 3 68 - - 1,197 - 1,200 83 Total $ 94,178 58,833 163 2,925 2,654 158,753 EXPENDITURES: Current: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operation of Plant Student Activities Capital Outlay Total Expenditures - 542 - 5,005 5,547 - 2,067 - 4,433 6,500 28,039 7,936 18,704 70,730 1,979 1,561 31,075 10,869 170,893 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) (4,347) 3,565 - 3,565 (6,417) - (12,140) 4,785 (123) 29 4,691 Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year (782) 1,231 (6,417) 15,533 (7,449) 52,533 $ 449 $ 9,116 $ 45,084 Concluded. 89 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, 2017 (amounts expressed in thousands) REVENUES: Local Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services General Administration School Administration Business Services Central Operations Other Support Services Community Services Operations Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 146 $ 146 $ 146 $ - 146 146 146 - 50 50 41 41 78 78 3 3 5 5 3 3 194 194 - - 1 1 32 18 8 33 19 59 - 3 3 2 2 1 67 127 17 (17) 1 - 375 375 149 226 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year (229) (229) (3) 226 239 239 239 - $ 10 $ 10 $ 236 $ 226 90 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, 2017 (amounts expressed in thousands) REVENUES: Local Other Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 1,297 $ 1,329 $ 1,216 $ 949 949 949 2,246 2,278 2,165 (113) - (113) EXPENDITURES: Maintenance and Operation of Plant 1,546 1,573 1,532 41 Community Service Operations 700 705 678 27 Total Expenditures 2,246 2,278 2,210 68 Net Change in Fund Balance Fund Balance, Beginning of Year - - (45) (45) 1,283 1,283 1,283 - Fund Balance, End of Year $ 1,283 $ 1,283 $ 1,238 $ (45) 91 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, 2017 (amounts expressed in thousands) REVENUES: Local Total Revenues EXPENDITURES: Instruction Community Service Operations Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 9,294 $ 9,448 $ 9,652 $ 204 9,294 9,448 9,652 204 879 8,415 9,294 879 9,342 10,221 1,041 8,194 9,235 (162) 1,148 986 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year $ 4,604 4,604 $ (773) 4,604 3,831 $ 417 4,604 5,021 $ 1,190 - 1,190 92 COBB COUNTY SCHOOL DISTRICT PERFORMING ARTS/ART CAREER AND CULTURAL-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, 2017 (amounts expressed in thousands) REVENUES: Local Total Revenues EXPENDITURES: Instruction Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 401 $ 403 $ 365 $ (38) 401 403 365 (38) 401 403 323 80 401 403 323 80 Net Change in Fund Balance Fund Balance, Beginning of Year - - 42 42 259 259 259 - Fund Balance, End of Year $ 259 $ 259 $ 301 $ 42 93 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, 2017 (amounts expressed in thousands) REVENUES: Local Other Total Revenues EXPENDITURES: Instruction Improvement of Instructional Services Educational Media Services School Administration Maintenance and Operation of Plant Central Operations Community Services Operations Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 751 $ 827 $ 871 $ 44 271 271 271 - 1,022 1,098 1,142 44 575 626 657 (31) 114 134 152 (18) 7 7 - 7 22 22 18 4 - 2 8 (6) - 3 1 2 304 304 261 43 1,022 1,098 1,097 1 Net Change in Fund Balance - - 45 45 Fund Balance, Beginning of Year 1,307 1,307 1,307 - Fund Balance, End of Year $ 1,307 $ 1,307 $ 1,352 $ 45 94 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, 2017 (amounts expressed in thousands) REVENUES: Local State Federal Other Sources Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services General Administration Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 15 $ 86 $ 25 $ (61) - 2,558 1,425 (1,133) - 1 1 - - 3,429 1,250 (2,179) 15 6,074 2,701 (3,373) - 5,782 - 1 15 286 - 5 15 6,074 3,076 1 228 4 3,309 2,706 - 58 1 2,765 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - (608) (608) 61 61 61 - $ 61 $ 61 $ (547) $ (608) 95 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, 2017 (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 $ 19,060 $ 19,060 $ 18,769 $ 1,285 1,285 1,322 35,387 35,387 34,994 6 6 41 55,738 55,738 55,126 (291) 37 (393) 35 (612) 58,921 58,921 58,921 58,921 55,128 55,128 3,793 3,793 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year (3,183) 19,200 (3,183) 19,200 (2) 19,200 $ 16,017 $ 16,017 $ 19,198 $ 3,181 - 3,181 96 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, 2017 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: Improvement of Instructional Services Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ -$ -$ -$ - - - - - - 3 3 - - 3 3 - Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - (3) (3) - 3 3 3 - $ 3$ -$ -$ - 97 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, 2017 (amounts expressed in thousands) REVENUES: State Federal Total Revenues EXPENDITURES: Community Service Operations Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 456 $ 464 $ 464 $ - 619 625 624 (1) 1,075 1,089 1,088 (1) 1,075 1,089 1,088 1 1,075 1,089 1,088 1 Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 98 COBB COUNTY SCHOOL DISTRICT GNETS-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2017 (amounts expressed in thousands) REVENUES: State Federal Other Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services General Administration School Administration Business Services Maintenance and Operation of Plant Student Transportation Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 4,952 $ 5,126 $ 4,972 $ 415 809 368 31 41 21 5,398 5,976 5,361 (154) (441) (20) (615) 3,987 4,276 3,946 330 920 959 778 181 276 449 399 50 49 51 49 2 142 147 145 2 9 20 1 19 7 32 21 11 8 42 20 22 5,398 5,976 5,359 617 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - 2 2 335 335 335 - $ 335 $ 335 $ 337 $ 2 99 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, 2017 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Federal Grant Administration General Administration Student Transportation Other Support Services Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 21,784 $ 31,338 $ 23,853 $ 21,784 31,338 23,853 (7,485) (7,485) 7,678 25 10,252 722 418 210 2,479 21,784 12,701 2,589 13,486 1,043 517 326 676 31,338 10,461 2,041 9,471 601 473 326 480 23,853 2,240 548 4,015 442 44 196 7,485 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 100 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, 2017 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services General Administration Student Transportation Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 19,252 $ 25,966 $ 21,488 $ 19,252 25,966 21,488 (4,478) (4,478) 7,338 5,296 4,603 1,133 882 19,252 10,428 6,362 6,098 1,481 1,597 25,966 8,730 4,415 5,576 1,180 1,587 21,488 1,698 1,947 522 301 10 4,478 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 101 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, 2017 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: Instruction Improvement of Instructional Services Federal Grant Administration General Administration Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 691 $ 746 $ 746 $ - 691 746 746 - 569 707 707 - 113 30 30 - 2 2 2 - 7 7 7 - 691 746 746 - Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 102 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, 2017 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: Improvement of Instructional Services General Administration Support Services - Central Federal Grant Administration Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 1,768 $ 2,358 $ 1,832 $ 1,768 2,358 1,832 (526) (526) 1,309 1,762 1,386 376 34 50 36 14 248 336 257 79 177 210 153 57 1,768 2,358 1,832 526 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 103 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, 2017 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: Instructional Pupil Services General Administration Student Transportation Federal Grant Administration Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 50 $ 97 $ 75 $ (22) 50 97 75 (22) - 8 7 1 2 5 4 1 1 2 2 - 13 34 22 12 34 48 40 8 50 97 75 22 Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 104 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, 2017 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: School Nutrition Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 37 $ 91 $ 91 $ - 37 91 91 - 37 91 91 - 37 91 91 - Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 105 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, 2017 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Student Transportation Other Support Services Federal Grant Administration Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 1,496 $ 2,408 $ 1,378 $ (1,030) 1,496 2,408 1,378 (1,030) 92 368 533 5 477 21 1,496 317 860 943 8 239 41 2,408 104 561 620 1 71 21 1,378 213 299 323 7 168 20 1,030 Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 106 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, 2017 (amounts expressed in thousands) REVENUES: Federal Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 516 $ 534 $ 530 $ (4) 516 534 530 (4) EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Federal Grant Administration General Administration Business Support Services Student Transportation Other Support Service Total Expenditures 288 300 296 4 117 122 129 (7) 3 6 3 3 32 36 36 - 9 11 11 - 16 18 18 - 35 27 23 4 16 14 14 - 516 534 530 4 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 107 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. 108 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF FUND NET POSITION INTERNAL SERVICE FUNDS JUNE 30, 2017 (amounts expressed in thousands) Assets: Unemployment Compensation Fund SelfInsurance Fund Total Current Assets: Cash Prepaids Total Current Assets $ 637 $ 8,178 $ 8,815 - 14 14 637 8,192 8,829 Liabilities: Current Liabilities: Accounts Payable Claims Payable, due within one year Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Total Current Liabilities Noncurrent liabilities: Claims payable, due in more than one year Total Liablilities Net Position: Unrestricted $ 6 264 270 - 2,628 2,628 - 4 4 - 6 6 6 2,902 2,908 - 5,142 5,142 6 8,044 8,050 631 $ 148 $ 779 109 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION INTERNAL SERVICE FUNDS FOR THE YEAR ENDED JUNE 30, 2017 (amounts expressed in thousands) OPERATING REVENUES: Charges for Services Total Revenues Unemployment Compensation Fund SelfInsurance Fund Total $ 114 $ 6,212 $ 6,326 114 6,212 6,326 OPERATING EXPENSES: School and Administrative Services Total Expenditures 90 7,477 7,567 90 7,477 7,567 Operating Income (Loss) 24 (1,265) (1,241) Transfers-In - 1,195 1,195 Change in Net Position 24 (70) (46) Total Net Position, Beginning of Year 607 218 825 Total Net Position, End of Year $ 631 $ 148 $ 779 110 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR THE YEAR ENDED JUNE 30, 2017 (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 (used in) 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 (used in) Operating Activities: Operating Income (Loss) Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by (used in) Operating Activities: Decrease in Prepaid Items Increase in Claims Payables Increase in Accounts Payable Decrease in Accrued Payroll and Payroll Withholdings Total Adjustments Net Cash Provided by Operating Activities Unemployment Compensation Fund SelfInsurance Fund Total $ 115 $ 6,207 $ 6,322 - (299) (299) (90) (5,713) (5,803) - (678) (678) 25 (483) (458) - 1,195 1,195 - 1,195 1,195 25 712 737 612 7,466 8,078 $ 637 $ 8,178 $ 8,815 $ 24 $ (1,265) $ (1,241) - 6 6 - 787 787 1 - 1 - (11) (11) 1 782 783 $ 25 $ (483) $ (458) 111 Fiduciary Funds These funds are established to account for assets held by the District as a trustee or agent. The District has one individual Agency Fund, the Payroll Withholding Fund. This fund is used to account for assets held by the District as an agent for salary withholdings collection agencies. 112 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES FIDUCIARY FUNDS JUNE 30, 2017 (amounts expressed in thousands) Agency Funds ASSETS: Cash and Cash Equivalents Total Assets Student Activity Payroll Withholding Total $ 1,592 $ 40,310 $ 41,902 $ 1,592 $ 40,310 $ 41,902 LIABILITIES: Due to Student Groups $ Payroll Withholdings Payable Total Liabilities $ 1,592 $ - 1,592 $ - $ 40,310 40,310 $ 1,592 40,310 41,902 113 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF CHANGES IN FIDUCIARY ASSETS AND LIABILITIES FIDUCIARY FUNDS FOR THE YEAR ENDED JUNE 30, 2017 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Balance, Beginning of Year Additions Deductions Balance, End of Year Student Activity Payroll Withholding $ 1,447 $ 37,653 $ 1,721 (1,576) 526,686 (524,029) $ 1,592 $ 40,310 $ 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 $ 1,447 $ 1,721 (1,576) 1,592 -$ - - 37,653 - 526,686 - (524,029) - 40,310 1,447 37,653 1,721 (1,576) 526,686 (524,029) $ 1,592 $ 40,310 $ Total 39,100 528,407 (525,605) 41,902 1,447 1,721 (1,576) 1,592 37,653 526,686 (524,029) 40,310 39,100 528,407 (525,605) 41,902 114 COBB COUNTY SCHOOL DISTRICT SPLOST 3 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2017 LOCATION/DESCRIPTION Approved Budget Revised Budget Expended Inception through 06/30/17 Expended FY17 Encumbered as of 6/30/17 Uncommitted Acworth Intermediate Addison ES Adult Education Center Allatoona HS Argyle ES Austell ES Awtrey MS Baker ES Baker Road Bus Shop Barber MS Bells Ferry ES Belmont Hills ES Big Shanty ES Birney ES Blackwell ES Brumby ES Brumby Replacement ES Bryant ES Bullard ES Campbell HS Campbell MS Chalker ES Cheatham Hill ES Clarkdale ES Clarkdale Replacement ES Clay ES Compton ES Cooper MS Daniell MS Davis ES Dickerson MS Dodgen MS Dowell ES Due West ES Durham MS East Cobb MS East Side ES East Side Replacement ES Eastvalley ES Fair Oaks ES Floyd MS Ford ES Frey ES Garrett MS Garrison Mill ES Green Acres ES Griffin MS Harmony Leland ES Harrison HS Haven @ Fitzhugh Lee Haven @ Hawthorne Haven @ Sky View Hayes ES Hendricks ES Hightower Trail Ms Hillgrove HS Hollydale ES Keheley ES Kell HS Kemp ES Kennesaw ES Kennesaw Mountain HS Kennesaw Warehouse Kincaid ES King Springs ES King Springs K-1 @ Brown LaBelle ES Lassiter Hs $ 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 1,077,413 537,008 19,710,822 1,108,522 $ 1,396,810 1,368,772 2,480,809 2,274,182 689,768 4,510,882 4,545,999 810,587 1,581,390 6,180,294 1,475,999 2,398,530 3,901,148 1,205,364 1,428,769 3,313,409 2,258,009 1,130,657 6,038,127 6,585,224 1,944,401 3,597,195 184,107 6,046,433 992,997 2,183,205 1,907,394 6,424,047 3,181,735 2,437,722 2,574,829 2,527,560 1,597,852 2,422,184 2,345,522 541,642 20,229,489 1,506,228 1,543,929 3,314,056 4,041,265 1,562,652 10,960,147 4,112,967 1,755,452 2,460,017 1,374,419 21,634,447 312,664 1,696,592 847,433 1,628,165 1,035,207 3,903,571 3,018,751 1,389,660 3,542,098 3,266,090 1,433,983 2,595,773 6,143,738 17,745,156 3,460,879 3,188,844 1,532,904 1,289,855 20,944,463 1,108,514 $ 1,396,802 1,368,766 2,480,801 2,274,174 689,760 4,510,870 4,545,993 810,586 1,581,385 6,180,285 1,475,993 2,370,533 3,901,141 1,205,358 1,428,761 3,313,409 2,258,001 1,130,651 5,984,878 6,585,216 1,944,393 3,597,187 184,107 6,046,428 992,990 2,118,297 1,907,387 6,424,035 3,181,725 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 1,543,924 3,314,048 4,041,259 1,562,646 10,960,133 4,112,959 1,755,445 2,397,930 1,374,411 21,634,429 312,659 1,696,584 477,910 1,628,160 1,035,200 3,903,562 3,018,740 1,389,652 3,542,088 3,266,084 1,433,976 2,595,762 6,143,728 17,734,636 3,460,871 3,188,836 1,325,505 1,289,850 20,944,450 -$ 4,620 83 28,568 747 214,811 5,700 85,978 5,700 5,234 10,000 441,172 11,562 253,199 448,597 370,191 - -$ 2,214 885 55,316 284,246 164,644 - 8 8 6 8 8 8 12 6 1 5 9 6 25,783 7 6 8 8 6 53,249 8 8 8 5 7 64,023 7 12 10 12 14 15,007 9 10 9 2 10 8 5 8 6 6 14 8 7 6,771 8 18 5 8 85,277 5 7 9 11 8 10 6 7 11 10 10,520 8 8 42,755 5 13 115 COBB COUNTY SCHOOL DISTRICT SPLOST 3 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2017 LOCATION/DESCRIPTION Lewis ES Lindley 6th Grade Academy Lindley MS Lost Mountain MS Lovinggood MS Mableton ES Mableton Replacement ES Mabry MS Maintenance Facility Argo Road Mars Hill Road Bus Shop Martha Moore Education Center McCall Primary McCleskey MS McClure MS McEachern HS Milford ES Mount Bethel ES Mountain View ES Mountain View Replacement ES Murdock ES Nicholson ES Nickajack ES North Cobb HS Norton Park ES Oakwood School Osborne Hs Palmer MS Pebblebrook Hs Pickett's Mill ES Pine Mountain MS Pitner ES Pitts Transportation Center Pope HS Powder Springs ES Powers Ferry ES Riverside Intermediate Riverside Primary Rocky Mount ES Rose Garden Russell ES Sanders ES Sanders Road Bus Shop Sedalia Park ES Shallowford Falls ES Simpson MS Sky View Administration Sky View ES Smitha MS Smyrna ES Sope Creek ES South Cobb HS Sprayberry HS Still ES Systemwide Tapp MS Teasley ES Timber Ridge ES Tritt ES Varner ES Vaughan ES Walton HS West Cobb 9th Grade Center Wheeler Hs 440 Annex 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 2,433,140 2,083,632 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 1,782,903 769,896 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 Expended Inception Expended Encumbered Budget through 06/30/17 FY17 as of 6/30/17 Uncommitted 2,229,817 2,198,828 1,776,821 2,881,718 1,498,856 370,770 22,114,487 5,676,767 1,053,920 699,219 516,902 756,862 11,818,030 1,580,384 8,863,712 1,312,611 2,721,416 2,023,771 790,055 3,699,063 1,311,402 2,546,664 21,771,336 2,923,910 794,278 3,622,334 1,082,348 6,831,391 699,216 9,073,927 1,961,404 22,588,170 14,085,596 4,703,174 1,148,061 1,394,194 724,176 3,008,333 423,253 1,853,682 1,745,112 1,012,526 1,444,178 1,545,848 11,279,695 242,194 383,049 7,665,782 31,748,956 5,364,561 25,979,312 15,890,596 2,956,240 11,642,196 6,005,369 13,118,154 1,133,676 1,977,206 3,270,561 1,381,882 7,292,733 29,485,221 10,743 14,979,990 7,989,435 612,574 79,827 2,229,808 2,198,821 1,776,813 2,879,382 1,498,851 370,767 22,114,481 5,547,831 1,053,916 699,217 516,899 756,857 11,818,019 1,580,378 8,863,705 1,312,606 2,721,407 2,023,760 752,735 3,692,049 1,311,394 2,546,657 21,691,318 2,916,901 794,272 3,609,157 1,049,019 6,831,293 699,211 9,073,913 1,452,303 22,588,160 14,085,580 4,702,965 1,148,054 1,394,187 724,169 3,008,324 423,249 1,853,672 1,745,105 1,012,521 1,444,173 1,545,838 11,279,682 242,193 383,046 7,665,771 31,748,948 5,364,550 25,979,297 15,890,583 2,456,094 9,006,048 6,005,361 13,118,142 1,133,669 1,977,200 3,270,551 1,381,874 7,292,724 29,485,204 10,743 10,993,520 7,713,342 525,126 79,826 222,727 598,408 1,480 2,181 376,681 8,488 1,480 1,480 21,861 1,480 1,480 1,480 1,480 111,654 1,480 1,480 1,480 1,480 1,480 1,480 1,480 1,480 1,480 78,938 18,323 14,639 529 266,325 10,743 1,646,115 1,131,550 79,059 1,480 9,052 30,679 425,776 410,970 3,612,665 2,240 - 9 7 8 2,336 5 3 6 128,936 4 2 3 5 11 6 7 5 9 11 28,268 7,014 8 7 80,018 7,009 6 13,177 2,650 98 5 14 83,325 10 16 209 7 7 7 9 4 10 7 5 5 10 13 1 3 11 8 11 15 13 89,176 2,636,148 8 12 7 6 10 8 9 17 373,805 273,853 87,448 1 634,431,444 $ 625,315,041 $ 6,499,544 $ 4,998,687 $ 4,117,716 116 COBB COUNTY SCHOOL DISTRICT SPLOST 4 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2017 LOCATION/DESCRIPTION Approved Budget Revised Budget Expended Inception through 06/30/17 Expended FY17 Encumbered as of 06/30/17 Uncommitted Acworth Intermediate $ Addison ES Adult Education Center Allatoona HS Argyle ES Austell ES Awtrey MS Baker ES Baker Road Bus Shop Barber MS Bells Ferry ES Belmont Hills ES Big Shanty ES Birney ES Blackwell ES Brumby ES Brumby Replacement ES Bryant ES Bullard ES Campbell HS Campbell MS Career Academy Chalker ES Cheatham Hill ES Clarkdale Replacement ES Clay ES Compton ES Cooper MS Daniell MS Davis ES Dickerson MS Dodgen MS Dowell ES Due West ES Durham MS East Cobb MS East Cobb Replacement MS East Side Replacement ES Eastvalley ES Fair Oaks ES Floyd MS Ford ES Frey ES Garrett MS Garrison Mill ES Green Acres ES Griffin MS Harmony Leland ES Harmony Leland/Clay Replacement ES Harrison HS Haven @ Hawthorne Haven at Sky View Hawthorne Administration Hayes ES Hendricks ES Hightower Trail MS Hillgrove HS Hollydale ES Keheley ES Kell HS Kemp ES Kennesaw ES Kennesaw Mountain HS Kennesaw Warehouse Kincaid ES King Springs (K-5) 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 3,816,562 361,762 1,577,041 $ 1,188,824 512,544 2,094,144 851,874 939,827 1,455,015 1,732,658 35,767 1,327,416 1,239,098 737,349 1,485,340 1,565,447 1,116,349 1,187,395 26,990,230 1,478,512 1,608,955 28,733,877 7,399,660 29,497,911 1,267,656 2,881,355 1,010,857 686,342 1,625,784 1,764,482 2,231,499 1,585,287 2,863,750 4,413,052 1,737,504 817,327 1,659,485 1,255,437 39,082,453 1,332,662 899,494 1,482,953 2,505,985 1,441,308 2,681,873 4,691,090 1,485,488 1,976,705 3,085,561 961,746 10,083 22,878,379 54,640 690,585 222,526 6,255,363 1,771,504 4,055,530 3,050,496 1,829,043 2,466,521 2,379,849 1,502,293 1,066,581 3,813,919 10,921,687 4,620,565 1,380,083 1,027,980 $ 762,915 355,386 1,550,761 623,472 658,702 1,047,843 1,113,659 35,767 1,042,420 781,299 676,999 1,108,192 1,311,783 966,751 1,137,382 11,100,529 1,093,714 1,079,422 5,052,210 6,022,850 297,677 890,400 1,687,936 846,413 610,006 836,651 1,148,179 1,317,423 825,135 1,243,798 2,661,200 1,254,544 713,423 977,290 924,264 20,543,814 1,135,828 827,225 1,121,892 988,422 1,235,152 2,635,019 903,473 926,521 1,227,448 2,860,032 869,240 10,083 2,263,596 20,827 618,951 178,388 5,037,096 1,321,248 3,470,250 2,472,013 945,393 869,304 2,061,433 1,109,426 934,533 2,383,245 7,943,115 892,416 1,158,554 151,822 $ 166,767 44,117 325,064 65,324 92,016 114,557 363,038 35,767 338,954 229,790 110,668 169,298 493,429 190,806 196,568 9,939,485 178,152 163,225 2,796,887 1,270,310 297,677 88,620 574,258 577,332 119,292 123,255 74,981 235,633 347,024 206,057 1,675,725 309,326 66,598 90,580 33,792 14,656,677 508,655 238,780 187,266 43,539 83,681 531,410 277,762 277,804 399,862 1,033,908 103,171 10,083 363,012 139,077 1,664,910 565,703 117,393 828,620 233,530 222,318 458,573 231,813 124,636 485,038 1,128,147 116,534 118,387 30,327 $ 19,704 111,133 13,807 17,976 86,909 23,334 79,119 17,210 11,710 55,716 96,641 33,406 29,788 13,519,763 49,045 223,717 9,321,770 171,468 923,832 19,704 871,195 26,064 13,259 20,780 88,253 107,185 120,983 184,323 893,280 31,329 13,713 93,647 128,356 14,871,039 71,564 30,451 100,693 82,425 23,967 11,718 133,545 128,347 454,842 143,600 20,706 1,000,713 7,364 769,138 368,430 104,316 185,149 30,926 144,402 201,488 28,068 14,006 232,770 97,038 116,067 29,155 518,734 406,205 157,158 432,250 214,595 263,149 320,263 595,665 205,877 440,589 48,640 321,432 157,023 116,192 20,225 2,369,938 335,753 305,816 14,359,897 1,205,342 28,276,402 357,552 322,224 138,380 63,077 768,353 528,050 806,891 639,169 1,435,629 858,572 451,631 90,191 588,548 202,817 3,667,600 125,270 41,818 260,368 1,435,138 182,189 35,136 3,654,072 430,620 294,415 81,929 71,800 19,614,070 33,813 64,270 44,138 449,129 81,826 480,964 393,334 852,724 1,452,815 116,928 364,799 118,042 1,197,904 2,881,534 3,612,082 192,374 117 COBB COUNTY SCHOOL DISTRICT SPLOST 4 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2017 Approved LOCATION/DESCRIPTION Budget King Springs K-1 @ Brown 85,000 LaBelle ES 160,393 Lassiter HS 13,447,646 Lewis ES 3,396,001 Lindley 6th Grade Academy 876,943 Lindley MS 848,625 Lost Mountain MS 7,079,609 Lovinggood MS 32,079 Mableton Replacement ES 96,236 Mabry MS 938,206 Maintenance Facility Argo Road - Mars Hill Road Bus Shop - Martha Moore Education Center - McCall Primary 32,079 McCleskey MS 2,413,932 McClure MS - McEachern HS 8,737,474 Milford ES 64,157 Mount Bethel ES 3,744,478 Mountain View ES 2,695,904 Mountain View Replacement ES 23,330,216 Murdock ES 319,277 Nicholson ES 2,306,880 Nickajack ES 2,258,194 North Cobb HS 23,328,254 Norton Park ES 756,708 Oakwood School 386,339 Osborne HS 3,290,500 Osborne Replacement HS 29,900,000 Palmer MS 25,663 Pebblebrook HS 4,438,112 Pickett's Mill ES 28,870 Pine Mountain MS 2,677,281 Pitner ES 128,710 Pitts Transportation Center 30,000,000 Pope HS 20,943,137 Powder Springs ES 624,080 Powers Ferry ES 189,873 Riverside Intermediate 6,416 Riverside Primary 53,892 Rocky Mount ES 532,668 Russell ES 3,334,456 Sanders ES 881,756 Sanders Road Bus Shop - Sedalia Park ES 28,870 Shallowford Falls ES 670,531 Simpson MS 470,438 Smitha MS 1,521,727 Smyrna ES - Sope Creek ES 3,469,077 South Cobb HS 17,960,694 Sprayberry HS 1,072,858 Still ES 3,383,412 Systemwide 231,771,535 Tapp MS 5,049,770 Teasley ES 4,749,141 Timber Ridge ES 534,845 Tritt ES 3,490,899 Varner ES 320,873 Vaughan ES 600,441 Walton HS 1,493,167 Walton Replacement HS 39,946,400 Wheeler HS 22,124,756 440 Annex - 440 Glover Street - 514 Glover Street - 538 Glover Street - 560 Glover Street - 590 Commerce Park Drive - TOTAL PROJECT EXPENDITURES $ 717,844,707 $ Revised Expended Inception Budget through 06/30/17 129,828 129,628 1,137,705 15,651,749 881,545 2,429,840 1,612,379 919,202 1,704,195 773,844 1,506,293 1,022,428 9,426,253 1,488,624 8,722,595 1,202,048 1,653,181 1,107,455 2,292,433 1,826,101 37,889 37,875 45,831 45,830 14,682 14,682 690,943 646,657 2,832,339 1,642,134 1,428,986 1,240,578 10,828,979 10,384,705 838,492 725,023 4,907,784 1,222,492 749,820 730,372 32,523,313 1,266,371 31,094,281 938,101 1,297,140 755,509 3,290,034 1,121,076 28,929,003 11,424,708 2,071,719 989,770 1,126,452 605,967 2,606,561 2,310,925 32,180,926 751,179 1,394,956 1,138,026 6,570,666 1,091,659 4,939,820 1,016,459 3,646,539 841,396 1,219,082 983,825 27,473,067 28,954,403 26,834,778 19,070,849 1,673,663 1,468,194 796,922 553,139 1,394,371 1,196,371 869,786 1,324,246 742,604 745,645 2,000,181 917,535 1,981,528 1,004,046 1,318,117 43,741 1,033,330 1,366,851 940,593 1,036,815 1,510,969 841,619 2,725,723 1,567,969 797,749 4,748,206 16,171,711 614,375 1,449,961 3,133,062 3,047,206 2,141,705 1,483,443 945,328 45,283,343 6,026,484 5,902,372 982,440 5,550,759 5,351,016 1,481,076 835,931 4,490,134 1,118,034 1,496,977 1,565,827 1,181,810 885,859 1,023,493 1,008,360 57,120,796 51,911,155 28,121,786 27,451,794 253,958 10,150,685 140,830 6,667,182 5,308,009 2,846,688 37,634 34,761 12,744 12,744 41,391 41,391 717,844,707 $ 390,121,766 $ Expended FY17 110,900 242,490 312,002 101,100 231,800 346,275 1,075,558 292,675 807,104 866,458 17,395 42,954 242,948 1,164,044 119,564 2,287,371 80,265 464,873 48,328 22,541,124 116,331 165,410 241,384 8,493,636 254,964 291,388 483,702 680,380 128,551 2,033,597 309,257 69,150 252,163 9,829,574 15,474,738 130,322 105,059 133,278 159,321 147,577 214,320 185,820 43,741 167,340 183,446 148,642 134,349 324,809 409,979 1,394,650 527,506 106,795 1,982,676 136,668 211,861 122,178 222,109 125,126 172,224 178,962 26,136,322 716,316 140,830 2,309,107 2,026,049 1,568 12,744 156,637,630 Encumbered as of 06/30/17 Uncommitted - 200 16,528 239,632 794,222 12,427,687 19,704 673,473 43,691 886,660 90,080 393,785 110,611 593,047 123,746 162,830 56,766 488,960 109,701 356,631 - 14 - 1 - - - 44,286 688,476 501,729 108,523 79,885 198,940 245,334 31,082 82,387 108,048 3,577,244 - 19,448 219,865 1,209,167 70,826 257,444 82,823 458,808 32,776 2,136,182 15,785,589 1,718,706 46,204 899,063 - 383,803 191,158 104,478 1,423,425 30,006,322 120,537 136,393 201,794 1,429,052 20,706 54,494 136,169 2,668,974 55,983 179,274 113,316 524,973 8,150,335 1,733,219 24,977 180,492 39,426 204,357 76,371 121,629 - 127,182 88,975 489,626 22,795 1,059,851 29,694 947,788 15,584 1,258,792 43,121 49,616 19,071 310,965 112,606 556,744 94,322 1,063,432 25,688 157,686 102,935 3,195,310 9,349,826 3,688,823 195,004 710,497 130,410 407,705 163,027 39,380,971 4,881,017 56,159 143,584 15,340 629,805 87,979 3,284,121 16,983 298,184 97,529 582,439 - 15,133 3,134,651 2,074,990 176,377 493,615 108,146 4,982 14,006 3,469,497 1,792,775 668,546 - 2,873 - - - - $ 92,035,774 $ 235,687,167 118 (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, implementation of GASB Statements No. 63 and 65 as of July 1, 2012, and implementation of GASB statements No. 68 and 71 as of July 1, 2014. 119 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, 2008 $ 1,054,860 Fiscal Year June 30, 2009 June 30, 2010 $ 1,060,388 $ 1,054,911 June 30, 2011 $ 1,066,545 1,826 - 227,758 1,523 - 244,178 1,356 - 285,849 163,602 21,676 - 171,646 $ 1,284,444 $ 1,306,089 $ 1,342,116 $ 1,423,469 Source: District Records 120 June 30, 2012 $ 1,230,853 June 30, 2013 $ 1,262,788 Fiscal Year June 30, 2014 June 30, 2015 $ 1,256,656 $ 1,329,345 June 30, 2016 $ 1,371,599 June 30, 2017 $ 1,444,579 56,155 20,200 147,483 49,860 20,924 20 149,881 110,228 19,213 3 157,363 $ 1,454,691 $ 1,483,473 $ 1,543,463 $ 92,760 19,295 43 (710,349) 731,094 $ 117,940 19,200 64 (701,830) 806,973 $ 96,550 19,198 (731,265) 829,062 121 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 Interest Income Gain on Sale of Capital Assets Other Total General Revenues Extraordinary Item: Gain after Insurance Recovery Change in Net Position June 30, 2008 Fiscal Year June 30, 2009 June 30, 2010 June 30, 2011 $ 729,888 27,550 48,324 186,033 49,432 58,822 - - 2,413 $ 1,102,462 $ 737,527 29,467 47,395 182,836 47,802 61,988 - - 300 $ 1,107,315 $ 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 $ 1,481 $ 1,276 $ 1,184 $ 1,241 11 11 10 13 44,199 43,557 41,142 27,312 1,110 2,254 1,332 909 - - - 28,721 501,582 866 468,115 2,739 491,465 199 518,300 541 $ 549,249 $ 517,952 $ 535,332 $ 577,037 $ (553,213) $ (589,363) $ (553,643) $ (473,336) $ 466,320 $ 482,690 $ 470,456 $ 423,694 1,415 142 52 43 128,043 110,242 112,395 113,739 17,428 7,307 2,323 1,475 15,070 5,931 2,979 3,070 - - - - 532 876 953 2,962 $ 628,808 $ 607,188 $ 589,158 $ 544,983 - - 512 - $ 75,595 $ 17,825 $ 36,027 $ 71,647 Source: District Records 122 June 30, 2012 June 30, 2013 Fiscal Year June 30, 2014 June 30, 2015 June 30, 2016 June 30, 2017 $ 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 $ 754,427 31,201 45,668 186,859 52,503 59,762 - 31,116 - $ 1,161,536 $ 834,731 36,683 49,846 202,694 56,325 66,763 397 31,075 - $ 1,278,514 $ 1,068 $ 1,101 $ 913 $ 1,121 $ 1,192 $ 1,187 11 10 13 10 11 11 27,921 29,104 28,035 27,963 29,008 29,135 983 1,842 2,004 1,830 1,127 898 29,402 28,608 30,970 31,193 31,169 30,977 478,937 30,832 504,819 7,524 512,800 8,085 545,592 5,867 579,489 18,902 614,312 9,714 $ 569,154 $ 573,008 $ 582,820 $ 613,576 $ 660,898 $ 686,234 $ (504,986) $ (495,476) $ (472,040) $ (475,143) $ (500,638) $ (592,280) $ 405,965 $ 400,271 $ 404,759 $ 421,043 $ 443,533 $ 473,864 - - - - - - 122,557 121,008 121,712 126,923 128,980 132,036 1,079 - - - - - 2,076 1,632 1,697 1,352 1,242 1,754 516 - 175 - - 1,694 4,015 1,347 3,687 1,769 2,762 5,021 $ 536,208 $ 524,258 $ 532,030 $ 551,087 $ 576,517 $ 614,369 - - - - - - $ 31,222 $ 28,782 $ 59,990 $ 75,944 $ 75,879 $ 22,089 123 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, 2008 Fiscal Year June 30, 2009 June 30, 2010 June 30, 2011 (a) $ 26,739 $ 101,848 - - - - - $ 128,587 $ 2,714 $ 77,575 - 80,289 $ 5,823 $ 79,783 - 85,606 $ 324 46,256 99,863 146,443 All Other Governmental Funds Reserved $ Unreserved, reported in: Special Revenues Funds Capital Projects Funds Nonspendable Restricted Committed Assigned Unassigned Total All Other Governmental Funds $ 21,580 $ 22,627 53,105 97,312 $ 24,165 $ 20,470 115,594 160,229 $ 67,008 $ 22,966 108,716 198,690 $ - 1,365 136,076 11,646 11,893 160,980 (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 124 June 30, 2012 June 30, 2013 Fiscal Year June 30, 2014 June 30, 2015 June 30, 2016 June 30, 2017 $ -$ -$ -$ -$ -$ - - - - - - - 353 674 676 844 1,004 2,151 - - - - - - - - 5,000 10,000 8,200 - 34,396 98,637 59,272 75,349 47,596 89,510 31,050 90,588 20,342 74,840 15,023 96,064 $ 133,386 $ 135,295 $ 142,782 $ 132,482 $ 104,386 $ 113,238 $ -$ -$ -$ -$ -$ - - - - - - - - - - - - - 1,706 1,848 1,464 1,844 1,922 1,993 76,355 70,804 129,444 110,264 135,367 113,764 11,883 12,577 14,790 14,990 16,169 16,531 4,737 2,289 1,557 1,468 1,487 786 - - - (9) (5) (556) $ 94,681 $ 87,518 $ 147,255 $ 128,557 $ 154,940 $ 132,518 125 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 2008 $ 589,915 519,632 34,795 15,070 1 631 735 1,160,779 Fiscal Year 2009 2010 $ 585,637 477,654 33,143 5,931 11 1,824 1,374 1,105,574 $ 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 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 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 1,088,938 675,152 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 Excess (Deficiency) of Revenues Over (Under) Expenditures 20,384 16,636 40,491 14,651 Other Financing Sources (Uses): Transfers-In Transfers-Out Proceeds from Sale of Capital Assets Total Other Financing Sources (Uses) 6,345 (8,476) 172 (1,959) 3,576 (5,696) 103 (2,017) 3,492 (4,271) 114 (665) 27,953 (29,451) 268 (1,230) Extraordinary Item: Proceeds from Insurance Recovery - - 3,952 - Net Change in Fund Balances $ 18,425 $ 14,619 $ 43,778 $ 13,421 Non-Capitalized Expenditures Capitalized Expenditures Total Expenditures Debt Service as a Percentage of Non-Capitalized Expenditures $ 1,055,849 84,546 $ 1,140,395 $ 1,050,220 38,718 $ 1,088,938 $ 1,019,111 45,848 $ 1,064,959 $ 994,729 115,893 $ 1,110,622 0.40% 0.73% - - Source: District Records 126 2012 $ 530,686 510,582 55,448 2,325 526 3,410 4,016 1,106,993 2013 $ 518,604 512,258 56,088 1,717 1,383 3,194 1,347 1,094,591 Fiscal Year 2014 2015 $ 527,683 520,737 57,170 1,846 1,545 3,219 3,687 1,115,887 $ 548,738 552,431 57,750 1,578 1,353 3,013 1,769 1,166,632 2016 $ 572,621 599,546 59,022 1,516 647 2,749 2,481 1,238,582 2017 $ 607,871 623,018 58,844 2,335 438 2,925 4,393 1,299,824 634,330 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 1,195,311 720,608 29,098 44,343 185,351 47,943 66,190 465 31,116 - 115,357 1,240,471 742,594 32,321 46,318 189,124 49,963 68,023 31,075 - 157,248 1,316,666 (79,649) (5,765) 67,642 (28,679) (1,889) (16,842) 24,930 (25,424) 787 293 21,448 (21,942) 458 (36) 1,218 (2,013) 377 (418) 1,993 (2,438) 126 (319) 4,041 (4,486) 621 176 4,908 (6,103) 4,467 3,272 - - - $ (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) $ (1,713) $ (13,570) $ 1,051,784 143,527 $ 1,195,311 $ 1,119,674 120,797 $ 1,240,471 $ 1,157,363 159,303 $ 1,316,666 - - - - - - 127 COBB COUNTY SCHOOL DISTRICT PROPERTY TAX LEVIES AND COLLECTIONS JUNE 30, 2017 Property Taxes Collected and Balances Receivable 2011 2012 2013 2014 2015 General Fund Collections Balance Receivable 2016 amounts in thousands $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2017 Balances as of June 30, 2017 (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 2011 2012 2013 2014 2015 2016 2017 Total $ 428,077 $ 403,777 $ 394,842 $ 385,590 $ 398,979 $ 413,425 $ 439,272 $ 2,863,962 422,494 399,261 391,485 383,051 397,194 411,807 437,484 2,842,776 98.70% 98.88% 99.15% 99.34% 99.55% 99.61% 99.59% 99.26% $ 5,488 $ 4,417 $ 3,252 $ 2,414 $ 1,585 $ 1,228 $ - $ 18,384 427,982 403,678 394,737 385,465 398,779 413,035 437,484 2,861,160 $ 95 $ 99 $ 105 $ 125 $ 200 $ 390 $ 1,788 $ 2,802 99.98% 99.98% 99.97% 99.97% 99.95% 99.91% 99.59% 99.90% 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 128 COBB COUNTY SCHOOL DISTRICT ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN FISCAL YEARS amounts in thousands Property Digest Components - Assessed Values $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Motor Vehicles Public Services Maint & Operations (amounts expressed in thousands) Net M&O For Maintenance & Operations of Schools Fiscal Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Real Property $ 20,510,838 21,420,500 21,007,134 18,958,062 17,573,940 16,898,249 16,352,749 17,266,640 18,421,285 19,947,408 Personal Property $ 1,343,632 1,451,112 1,424,923 1,352,078 1,357,140 1,374,209 1,439,170 1,607,722 1,607,041 1,722,374 Public Total Assessed Services Motor Vehicle Value $ 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 20,401,547 870,412 1,365,200 21,109,974 855,371 990,609 21,874,306 853,860 718,250 23,241,892 Direct Estimated Rate Actual Value 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 1.890% 54,685,822 1.890% 58,104,731 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 129 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 2008 2009 2010 2011 2012 School District 2013 2014 County Government 2015 2016 2017 (all tax rates are per $1000 assessed valuation) Fiscal Year 2008 2009 School District Maint & Operations 18.90 18.90 Total Direct Rate 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 2016 18.90 18.90 2017 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 7.72 7.72 7.52 7.32 7.12 6.66 2.56 2.56 2.56 2.56 3.06 3.06 3.06 3.06 3.06 2.96 0.22 0.22 0.22 0.22 0.33 0.33 0.33 0.33 0.33 0.23 9.60 9.60 9.60 9.60 11.11 11.11 10.91 10.71 10.51 9.85 0.25 0.25 0.25 0.25 0.25 0.20 0.15 0.10 0.05 - 9.85 9.85 9.85 9.85 11.36 11.31 11.06 10.81 10.56 9.85 Additional Overlapping Rates City of Acworth 7.60 7.60 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 4.00 4.00 3.06 3.06 3.06 City of Kennesaw 9.50 9.50 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 8.99 8.99 8.99 8.99 8.99 8.99 8.99 8.99 8.99 8.99 Note: Maintenance and operations tax for schools has a cap of 18.90 mils. Source: Cobb County Government, Georgia Department of Revenue 130 COBB COUNTY SCHOOL DISTRICT PRINCIPAL PROPERTY TAXPAYERS DECEMBER 31, 2016 AND NINE YEARS AGO Principal Property Taxpayers - 2016 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% CP Venture Five, LLC GC Net Lease UK Lasalle Inc. Walton Properties Cobb EMC Lockheed Martin Corp Ohio Teacher Retirement Fund AT&T/Bellsouth Home Depot Georgia Power Taxpayer Georgia Power Home Depot AT&T/Bellsouth Ohio Teacher Retirement Fund Lockheed Martin Corp Cobb EMC Walton Properties UK Lasalle Inc. GC Net Lease CP Venture Five, LLC Wildwood Associates Post Properties Inland Properties Diamondrock Waverly Owner, LLC TOTAL Type of Business Utilities Retail Telecommunications Investment Aircraft Utilities Real Estate Real Estate Real Estate Real Estate Real Estate Real Estate Real Estate Real Estate December 31, 2016 Percent of Total Taxes Taxes Rank Levied Levied 1 $ 9,370,437 2.133% 2 3,946,036 0.898% 3 2,163,170 0.492% 4 1,985,096 0.452% 5 1,878,380 0.428% 6 1,686,200 0.384% 7 1,464,151 0.333% 8 1,426,649 0.325% 9 1,374,330 0.313% 10 1,215,304 0.277% December 31, 2007 Percent of Total Taxes Taxes Rank Levied Levied 2 $ 2,167,009 0.472% 1 3,543,022 0.771% 4 1,764,954 0.384% 6 1,481,812 0.323% 5 1,704,490 0.371% 10 1,110,352 0.242% 3 1,960,491 0.427% 7 1,417,132 0.308% 8 1,193,008 0.260% 9 1,153,202 0.251% $ 26,509,753 6.035% $ 17,495,472 3.809% Note: School millage rate is 66% of total county rate. Total taxes levied are multiplied by 66% to arrive at amount of school taxes. Information is available only by calendar year; therefore, data reported is for December 31, 2016 and nine years earlier, December 31, 2007. Source: Office of Tax Commissioner, Cobb County, GA 131 COBB COUNTY SCHOOL DISTRICT LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS (amounts expressed in thousands) Debt Limit Total debt applicable to limit 2008 $ 2,418,538 - 2009 $ 2,528,743 - Fiscal Year 2010 2011 $ 2,477,428 $ 2,264,959 - - 2012 $ 2,136,385 - Legal Debt Margin Total debt applicable as a percentage of debt limit $ 2,418,538 - $ 2,528,743 - $ 2,477,428 $ 2,264,959 $ 2,136,385 - - - Debt Limit Total debt applicable to limit 2013 $ 2,089,113 - 2014 $ 2,040,157 - Fiscal Year 2015 $ 2,110,997 - 2016 $ 2,187,433 - 2017 $ 2,324,189 - Legal Debt Margin Total debt applicable as a percentage of debt limit $ 2,089,113 - $ 2,040,157 - $ 2,110,997 $ 2,187,433 $ 2,324,189 - - - Source: District Records 132 COBB COUNTY SCHOOL DISTRICT LEGAL DEBT MARGIN INFORMATION FISCAL YEAR 2017 Legal Debt Information - Fiscal Year 2017 $0 $2,324,189 Total Amount of Debt Applicable to Debt Limit Legal Debt Margin (amounts expressed in thousands) Net Assessed Valuation, Cobb County School District, January 1, 2016 $ 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 23,241,892 2,324,189 - 2,324,189 133 COBB COUNTY SCHOOL DISTRICT RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS Debt Per Capita $50 $- 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (amounts expressed in thousands, except per capita) Total General Primary Fiscal Obligation Capital Government Year Bonds Leases Debt Annual Personal Income 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 - $ - 7,376 $ - 7,376 $ - 31,428,153 31,709,070 30,016,575 30,246,898 31,981,653 33,662,185 34,419,921 36,192,750 36,400,450 38,385,767 Population 615,377 617,750 618,206 633,084 642,143 649,141 658,101 670,967 682,267 687,209 Debt as a Percentage of Personal Income 0.02% - Notes: Cobb County School District information based on fiscal years beginning July 1 and ending June 30. Demographic and economic data provided by calendar year. Population of 687,209 provided by the US Census Bureau (July 1, 2016 estimate); excludes the City of Marietta. Annual Personal Income data is as of December 31st of the fiscal year. NA - Information not available at time of publication. Sources: District Records, Annual Personal Income: US Department of Commerce Bureau of Economic Analysis. 134 Total Debt Per Capita $ 12 - - - - - - - - - COBB COUNTY SCHOOL DISTRICT RATIO OF NET GENERAL BONDED DEBT TO ESTIMATED ACTUAL VALUE AND NET BONDED DEBT PER CAPITA LAST TEN FISCAL YEARS 100.00% Ratio of Net Bonded Debt to Estimated Actual Value 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Fiscal Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Population 615,377 $ 617,750 618,206 633,084 642,143 649,141 658,101 670,967 682,267 687,209 Estimated Actual Value 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 54,685,822,000 58,104,731,000 Gross Bonded Debt Restricted for Bonded Debt - $ 1,826,000 $ - 1,523,000 - 1,356,000 - - - - - - - - - - - - - - Note: All general obligation bonds were retired in fiscal year 2007. Population provided by US Census Bureau (2016 estimate); excludes the City of Marietta. Net Bonded Debt Ratio of Net Net Bonded Debt Bonded to Est. Debt Per Actual Value Capita - -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - 135 COBB COUNTY SCHOOL DISTRICT COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT JUNE 30, 2017 Direct and Overlapping Debt Per Capita $0 $38 Direct: Cobb County Schools Indirect: Cobb County Government Direct General Obligation Debt: Gross Bonded Debt $ -$ - Overlapping General Obligation Debt: Cobb County Government (97% of $26,885,000) Total Direct and Overlapping General Obligation Debt Debt Per Capita:* Direct General Obligation Debt Overlapping General Obligation Debt Total $ 26,078,450 $ $ 26,078,450 26,078,450 $ - 38 $ 38 *Population of 687,209 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. 136 COBB COUNTY SCHOOL DISTRICT COBB COUNTY DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN CALENDAR YEARS 800,000 Cobb County Population Growth 750,000 700,000 650,000 600,000 550,000 500,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Calendar Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Personal Income Population (In Thousands) 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 36,192,750 741,334 36,400,450 748,150 38,385,767 Per Capita Personal Income $ 46,877 46,643 43,834 43,858 45,866 47,594 47,993 49,513 49,101 51,308 Median Household Income $ 64,817 70,472 63,514 59,896 57,995 65,423 66,300 68,656 70,246 70,947 Median Age 35.9 36.2 34.8 35.4 35.6 35.4 36.1 36.2 36.3 36.5 Active Student Enrollment 106,056 105,742 106,488 106,836 106,502 107,914 109,529 111,060 111,848 112,412 Unemployment Rate 3.8% 5.6% 8.8% 9.7% 8.9% 8.0% 7.1% 6.0% 5.0% 4.6% Notes: Student Enrollment is based on the data for the end of the school year which is subsequent to the calendar year end. NA - Information not available at time of publication. 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. 137 COBB COUNTY SCHOOL DISTRICT PRINCIPAL EMPLOYERS CURRENT YEAR AND NINE YEARS AGO Principal Employers - 2016 70,000 60,000 50,000 40,000 30,000 20,000 10,000 - Kroger Co. Six Flags Over Georgia Brand Energy & Infrastructure Holdings Publix Super Markets Cobb County Government Lockheed Martin Kennesaw State University Wellstar Health System Home Depot Cobb County School District Employer Cobb County School District Home Depot Wellstar Health System Kennesaw State University Lockheed Martin Cobb County Government Publix Super Markets Brand Energy & Infrastructure Holdings Six Flags Over Georgia Kroger Co. Walmart Total Rank 1 2 3 4 5 6 7 8 9 10 2016 Employees 14,980 12,000 11,596 5,980 5,100 5,086 3,619 2,803 2,772 2,523 66,459 Percentage of Total County Employment 3.74% 3.00% 2.90% 1.49% 1.27% 1.27% 0.90% 0.70% 0.69% 0.63% 16.59% Rank 1 4 2 7 3 5 6 9 10 8 2007 Employees 15,533 6,276 9,838 3,185 6,617 5,427 3,215 Percentage of Total County Employment 4.24% 1.71% 2.68% 0.87% 1.80% 1.48% 0.88% 2,240 1,898 2,660 56,889 0.61% 0.52% 0.73% 15.52% Information is available by calendar year; therefore, data reported is for years ended December 31, 2016, and nine years earlier, December 31, 2007. Principal Employers within the county provided by 2016 and 2007 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 138 COBB COUNTY SCHOOL DISTRICT COMPARISON OF METROPOLITAN ATLANTA SCHOOL DISTRICT PROPERTY TAX RATES JUNE 30, 2017 METRO ATLANTA SCHOOL DISTRICT TAX RATES 30.000 25.000 20.000 15.000 10.000 5.000 0.000 Atlanta Clayton Cobb Dekalb Douglas Fulton Gwinnett Marietta Rockdale City County County County County County County City County Atlanta City Fulton County Clayton County Cobb County Gwinnett County Marietta City Dekalb County Douglas County Rockdale County (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 19.095 18.900 23.380 21.000 18.483 21.850 17.970 25.320 Source: Georgia Department of Revenue Maintenance & Operations 21.715 19.095 18.900 23.380 19.800 18.483 19.800 17.970 25.320 Debt Service 0.025 0.000 0.000 0.000 1.200 0.000 2.050 0.000 0.000 139 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 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (dollars expressed in millions) Calendar Year Ended 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Bank Deposits (a) $ 10,026 10,739 10,542 9,468 9,490 10,269 10,933 11,936 13,769 13,797 Single-Family Residences (b) Number Market of Units Value 1,276 $ 332 510 118 434 99 491 114 597 161 734 204 1,077 316 938 277 923 314 939 311 Total New Construction (b) Number Market of Permits Value 9,687 $ 838 7,019 572 5,102 349 5,594 410 5,587 656 5,667 581 6,320 711 7,352 596 5,596 1,078 5,725 1,371 Estimated Actual Value of Taxable Property (c) $ 60,463 63,219 61,936 56,624 53,410 52,227 51,004 52,775 54,686 58,105 (a) Bank deposits as of June 30, 2007 and 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. Source: Cobb County Tax Commissioner. 140 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 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (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 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% 2016 935,568 4,177,064 21,587 1,249,680 54,339 6,438,238 21,874,329 29.43% 2017 918,620 4,764,134 26,027 1,330,396 59,702 7,098,879 23,241,892 30.54% Source: Cobb County Office of Tax Commissioner 141 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 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Fiscal Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Professional Personnel (a) 9,101 9,213 9,272 8,378 8,290 8,008 7,907 8,036 8,050 8,099 Other Operating Personnel (b) 3,379 3,391 3,046 2,841 2,970 2,896 2,821 2,769 2,943 2,953 Service Personnel (c) 2,972 3,049 2,994 2,857 2,847 2,813 2,834 2,949 2,599 2,613 Total Personnel 15,452 15,653 15,312 14,076 14,107 13,717 13,562 13,754 13,592 13,665 Active Student Enrollment 106,056 105,742 106,488 106,836 106,502 107,914 109,529 111,060 111,848 112,412 Ratio of Pupils to Professional Personnel 11.7 to 1 11.5 11.5 12.8 12.8 13.5 13.9 13.8 13.9 13.9 (a) Professional personnel consists of all certified personnel including teachers, librarians, counselors, supervisors, consultants, coordinators, principals, assistant principals and other leadership personnel. (b) Other operating personnel includes non-certified leadership personnel, classroom aides, secretarial and clerical employees, and other technicians. (c) Service personnel includes food service personnel, custodial employees, bus drivers and maintenance/warehouse employees. Source: District Records 142 COBB COUNTY SCHOOL DISTRICT OPERATING STATISTICS LAST TEN FISCAL YEARS Cost Per Pupil Enrolled $10,500 $10,000 $9,500 $9,000 $8,500 $8,000 $7,500 $7,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2017 Fiscal Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2017 Expenses $ 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 1,161,536,000 1,278,514,000 Active Student Enrollment 106,056 105,742 106,488 106,836 106,502 107,914 109,529 111,060 111,848 112,412 Cost Per Pupil Enrolled $ 10,395 10,472 10,226 9,832 10,086 9,901 9,631 9,803 10,385 11,373 Percentage of Change 0.74% -2.35% -3.86% 2.58% -1.83% -2.73% 1.79% 5.94% 9.52% Professional Personnel 9,101 9,213 9,272 8,378 8,290 8,008 7,907 8,036 8,050 8,099 Ratio of Pupils to Professional Personnel 11.7 to 1 11.5 11.5 12.8 12.8 13.5 13.9 13.8 13.9 13.9 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 143 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 2008 2009 2010 2011 2012 2013 2014 Other Capital Outlay Business Serv. School & Admin. 2015 2016 Pupil Services 2017 Instruction (amounts expressed in thousands) Fiscal Pupil Year Instruction Services School & Administrative Services Business Services 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 $ 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 19,248 719,560 25,478 742,169 24,385 83,620 85,445 74,888 72,761 78,172 77,821 78,407 84,588 103,673 106,625 $ 100,139 101,253 97,049 93,103 93,237 100,191 103,311 106,063 110,845 114,446 Capital Outlay Other $ 15,970 $ 2,085 14,977 1,484 3,522 9,214 6,659 7,676 - 4,346 3,769 2,546 1,510 1,489 458 465 - Total $ 931,690 932,214 863,036 821,638 839,615 834,752 835,694 893,446 962,567 989,135 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 144 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 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (amounts expressed in thousands) Fiscal Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Local Taxes $ 460,537 475,294 462,518 427,174 408,123 397,592 405,970 421,814 443,641 475,835 Intergovernmental $ 449,098 404,313 404,856 431,352 391,997 415,168 431,907 459,181 490,747 519,721 Interest Income $ 9,843 4,497 2,475 2,410 1,981 1,562 1,637 1,294 1,189 1,662 Other $ 1,082 2,276 1,830 1,091 1,092 2,406 4,991 2,935 1,751 2,188 Total $ 920,560 886,380 871,679 862,027 803,193 816,728 844,505 885,224 937,328 999,406 Other includes Tuition & Fees, Insurance & Damage Recoveries, Rentals and Other Revenues. Source: District Records 145 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 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Fiscal Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Debt Service Fund Expenditures - General Fund Expenditures $ 931,690,000 932,214,000 863,036,000 821,638,000 839,615,000 834,752,000 835,694,000 893,446,000 962,567,000 989,135,000 Note: Debt Service was fully paid by the end of fiscal year 2007. Source: District Records 146 Ratio of Debt Service Fund to General Fund Expenditures 0.00% 0.00% 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 2017 797,022,000 Maturity 1970 1977 1980 1983 1994 1990 1994 1996 1997 1997 1997 2001 2002 2004 2007 2002 2003 2008 2013 2018 2023 Action Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Failed Passed 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 25,160 Con 841 562 868 986 1,629 2,922 5,165 4,241 7,611 7,511 11,481 2,573 2,311 6,409 13,124 18,820 26,403 10,262 14,137 17,325 8,902 Void 17 31 38 36 63 5 10 22 219 103 65 126 268 142 177 545 44 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 34,106 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% 73.87% Note: 1997, 1998, 2003, 2008, 2013 and 2017 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. 147 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name 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 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 1,105 131,924 962 870 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 1,090 131,924 962 853 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 1,084 131,924 962 830 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 1,115 131,924 913 821 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 1,123 131,924 913 832 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 1,149 131,924 913 776 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 1,094 131,924 913 697 81,334 662 619 56,904 537 410 85,236 562 569 106,694 987 774 83,098 712 702 68,409 562 340 84,461 837 702 105,886 912 792 111,299 837 721 49,828 412 - 99,181 912 1,002 116,071 962 993 136,261 987 873 124,148 963 673 137,108 1,063 1,110 131,924 913 717 81,334 662 610 56,904 537 452 85,236 562 518 106,694 987 789 83,098 712 697 68,049 562 356 84,461 837 617 105,886 912 893 111,299 837 744 49,828 412 - 99,181 912 942 116,071 962 1,015 136,261 987 805 124,148 963 656 137,108 1,063 1,131 148 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name Clarkdale (1963) (a) Square Feet Capacity Enrollment Clarkdale Replacement (2012) Square Feet Capacity Enrollment Clay (1961) Square Feet Capacity Enrollment Compton (1969) Square Feet Capacity Enrollment Davis (1987) Square Feet Capacity Enrollment Dowell (1989) Square Feet Capacity Enrollment Due West (1957) Square Feet Capacity Enrollment East Side (1952) Square Feet Capacity Enrollment East Side Replacement (2011) Square Feet Capacity Enrollment Eastvalley (1960) Square Feet Capacity Enrollment Fair Oaks (1957) Square Feet Capacity Enrollment Ford (1991) Square Feet Capacity Enrollment Frey (1996) Square Feet Capacity Enrollment Garrison Mill (1984) Square Feet Capacity Enrollment Green Acres (1996) Square Feet Capacity Enrollment Harmony Leland (1951) Square Feet Capacity Enrollment 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 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 85,764 512 517 407 - 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 85,764 512 544 394 - 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 85,764 512 582 391 - 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 - 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 - 129,988 862 631 55,412 437 381 99,427 937 559 86,131 788 584 106,003 963 922 70,367 587 594 - 149,764 1,087 1,304 60,029 562 692 97,993 863 898 91,129 862 681 125,717 963 742 85,775 688 675 90,915 688 767 65,127 512 699 - 129,988 862 724 55,412 437 396 99,427 937 590 86,131 788 578 106,003 963 942 70,367 587 626 - 149,764 1,087 1,268 60,029 562 691 97,993 863 960 91,129 862 717 125,717 963 746 85,775 688 690 90,915 688 732 65,127 512 721 - - - - - - 129,988 862 726 129,988 863 798 55,412 437 407 55,412 437 395 99,427 937 576 88,079 788 559 86,131 788 568 86,131 788 572 106,003 963 1,013 106,003 963 973 70,367 587 627 70,367 587 635 - - - - - - 149,764 1,087 1,266 149,764 1,087 1,298 60,029 562 693 60,029 562 720 97,993 863 956 97,993 863 961 91,129 862 723 91,129 862 805 125,717 963 783 125,717 963 817 85,775 688 672 85,775 688 674 90,915 688 737 90,915 688 706 65,127 512 686 65,127 512 672 Continued--- 149 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name Hayes (1993) Square Feet Capacity Enrollment Hendricks (2001) Square Feet Capacity Enrollment Hollydale (1968) Square Feet Capacity Enrollment Keheley (1986) Square Feet Capacity Enrollment Kemp (2002) Square Feet Capacity Enrollment Kennesaw (1991) Square Feet Capacity Enrollment Kincaid (1972) Square Feet Capacity Enrollment King Springs (1956) Square Feet Capacity Enrollment LaBelle (1955) Square Feet Capacity Enrollment Lewis (1986) Square Feet Capacity Enrollment Mableton (1950) Square Feet Capacity Enrollment Mableton Replacement (2012) Square Feet Capacity Enrollment McCall Primary (2005) Square Feet Capacity Enrollment Milford (1954) Square Feet Capacity Enrollment Mount Bethel (1978) Square Feet Capacity Enrollment Mountain View (1986) Square Feet Capacity Enrollment 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 69,776 612 653 105,016 912 960 102,725 862 819 117,579 962 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 1,002 102,725 862 829 117,579 962 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 1,029 102,725 862 833 117,579 962 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 69,776 612 635 105,016 912 996 102,725 862 848 119,189 962 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 1,006 102,725 887 853 119,189 962 985 123,025 962 584 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 73,352 612 559 110,096 937 984 102,725 887 840 119,189 962 961 123,025 962 531 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 1,011 102,725 887 837 119,189 962 934 123,025 962 529 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 1,040 102,725 887 853 119,189 962 883 123,025 962 568 89,012 862 667 70,537 588 529 123,000 962 995 116,400 962 639 83,969 762 702 59,658 587 913 82,912 688 530 115,363 962 656 - 148,523 962 1,023 88,158 562 407 73,352 612 467 110,096 937 1,119 102,725 887 837 119,189 962 850 123,025 962 584 89,012 862 649 70,537 588 508 123,000 962 953 116,400 962 601 83,969 762 699 59,658 587 944 82,912 688 480 115,363 962 597 - 148,523 962 1,064 88,158 562 375 73,352 612 461 110,096 937 1,132 102,725 887 755 150 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name Murdock (1975) Square Feet Capacity Enrollment Nicholson (1990) Square Feet Capacity Enrollment Nickajack (1998) Square Feet Capacity Enrollment Norton Park (1961) Square Feet Capacity Enrollment Pickett's Mill (2008) Square Feet Capacity Enrollment Pitner (2003) Square Feet Capacity Enrollment Powder Springs (1988) Square Feet Capacity Enrollment Powers Ferry (1951) Square Feet Capacity Enrollment Riverside Primary (2005) Square Feet Capacity Enrollment Riverside Intermediate (2001) Square Feet Capacity Enrollment Rocky Mount (1977) Square Feet Capacity Enrollment Russell (1961) Square Feet Capacity Enrollment Sanders (1997) Square Feet Capacity Enrollment Sedalia Park (1956) Square Feet Capacity Enrollment Shallowford Falls (1990) Square Feet Capacity Enrollment Sky View (1957) (b) Square Feet Capacity Enrollment 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 50,270 462 387 123,233 962 875 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 50,270 462 409 123,233 962 861 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 50,270 462 399 123,233 962 823 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 50,270 462 373 123,233 962 825 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 50,270 462 400 123,233 962 830 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 - 123,233 962 859 75,800 637 500 122,342 937 1,130 87,935 837 808 139,090 963 736 136,261 962 909 101,870 888 807 59,190 462 448 85,236 562 710 123,000 962 1,101 71,408 612 602 104,362 962 704 116,302 862 809 99,735 888 815 112,620 962 654 - 123,233 962 896 75,800 637 516 122,342 937 1,115 87,935 837 916 139,090 963 750 136,261 962 888 101,870 888 824 59,190 462 436 85,236 562 671 123,000 962 1,182 72,896 612 622 104,362 962 697 116,302 862 827 99,735 888 845 112,620 962 669 - 123,233 962 937 123,233 962 1,019 75,800 637 544 75,800 637 538 122,342 937 1,054 122,342 937 1,068 87,935 837 950 87,935 837 917 139,090 963 732 139,090 987 761 136,261 962 892 136,261 962 966 101,870 888 815 101,870 888 838 59,190 462 446 59,190 462 437 85,236 562 639 85,236 562 613 123,000 962 1,220 123,000 962 1,221 72,896 612 613 72,896 612 584 104,362 962 699 104,362 962 688 116,302 862 774 116,302 862 747 99,735 888 866 99,735 912 868 112,620 962 640 112,620 962 663 - - - - - - Continued--- 151 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 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 - 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 1,058 143,107 962 962 133,344 1,162 1,164 117,539 963 784 107,837 812 804 73,450 612 616 109,769 937 907 109,827 962 714 122,260 937 666 156,660 1,037 838 178,465 1,162 936 220,228 1,338 1,407 170,905 1,162 942 177,356 1,163 945 166,048 1,187 1,271 183,798 1,212 1,249 173,487 1,162 1,030 143,107 962 991 133,344 1,162 1,166 117,539 963 783 108,100 837 874 73,450 612 606 109,769 937 912 109,827 963 719 122,260 937 722 156,660 1,037 861 178,465 1,162 903 220,228 1,338 1,426 170,905 1,162 1,001 177,356 1,163 989 166,048 1,187 1,271 183,798 1,212 1,268 173,487 1,162 1,061 152 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name East Cobb (1963) Square Feet Capacity Enrollment Floyd (1964) Square Feet Capacity Enrollment Garrett (1972) Square Feet Capacity Enrollment Griffin (1972) Square Feet Capacity Enrollment Hightower Trail (1993) Square Feet Capacity Enrollment Lindley 6th Grade Academy (1962) Square Feet Capacity Enrollment (b) Lindley (2001) Square Feet Capacity Enrollment Lost Mountain (1992) Square Feet Capacity Enrollment Lovinggood (2006) Square Feet Capacity Enrollment Mabry (1978) Square Feet Capacity Enrollment McCleskey (1983) Square Feet Capacity Enrollment McClure (2006) Square Feet Capacity Enrollment Palmer (2001) Square Feet Capacity Enrollment Pine Mountain (1979) Square Feet Capacity Enrollment Simpson (1988) Square Feet Capacity Enrollment Smitha (1993) Square Feet Capacity Enrollment 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 186,961 1,362 1,310 166,551 1,112 969 152,212 963 779 186,947 1,162 1,201 149,038 1,012 1,014 111,260 788 589 179,170 1,162 1,089 165,107 1,137 943 175,345 1,162 1,406 160,581 1,162 893 149,577 937 715 191,209 1,163 1,090 175,974 1,162 990 169,809 912 710 143,888 962 895 169,345 1,137 1,001 2015 186,961 1,362 1,243 166,551 1,112 933 152,212 963 838 186,947 1,162 1,180 149,038 1,012 1,068 111,260 788 530 179,170 1,162 1,161 165,107 1,137 962 175,345 1,162 1,426 160,581 1,162 893 149,577 937 677 191,209 1,163 1,137 175,974 1,162 1,024 169,809 912 691 143,888 962 913 169,345 1,137 988 2016 2017 186,961 1,362 1,225 186,961 1,362 1,198 166,551 1,112 943 166,551 1,112 933 152,212 963 916 152,212 963 885 186,947 1,162 1,237 186,947 1,162 1,282 149,038 1,012 1,076 149,038 1,012 1,125 111,260 788 532 111,260 788 501 179,170 1,162 1,139 179,170 1,162 1,005 165,107 1,137 1,058 165,107 1,137 1,103 175,345 1,162 1,354 175,345 1,162 1,413 160,581 1,162 889 165,479 1,162 881 149,577 937 696 149,577 937 676 191,209 1,163 1,198 191,209 1,162 1,234 175,974 1,162 1,019 175,974 1,162 942 169,809 912 616 169,809 912 597 143,888 962 935 143,888 962 960 169,345 1,137 969 169,345 1,137 991 Continued--- 153 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 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 2,583 157,435 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 2,574 157,435 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 2,561 157,435 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 2,649 157,435 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 2,569 157,435 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 2,574 157,435 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 2,639 157,435 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 2,582 157,435 1,137 808 330,289 1,912 1,717 374,180 2,637 2,509 337,584 2,587 1,949 319,000 1,987 2,334 321,068 1,987 1,437 319,000 1,987 2,120 310,950 2,112 2,121 504,107 2,362 2,199 406,817 2,787 2,755 328,000 2,062 1,821 319,768 1,788 2,377 260,606 1,912 1,919 388,425 2,612 1,906 297,400 2,062 1,703 307,655 2,312 2,616 157,435 1,137 859 330,289 1,912 1,670 374,180 2,638 2,600 337,584 2,587 2,024 319,000 1,987 2,371 321,068 1,987 1,484 319,000 1,987 2,099 310,950 2,112 2,179 504,107 2,362 2,227 406,817 2,787 2,810 328,000 2,062 1,977 319,768 1,788 2,375 260,606 1,912 1,990 388,425 2,612 1,899 297,400 2,062 1,610 307,655 2,312 2,615 154 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name 2008 2009 Wheeler (1964) Square Feet 318,504 318,504 Capacity 1,837 1,837 Enrollment 1,797 1,877 Oakwood (1944) Square Feet 93,612 93,612 Capacity 462 520 Enrollment 286 192 Performance Learning Center (located at Oakwood) Enrollment - 58 Hawthorne (Haven) (1958) (c) Square Feet 32,500 32,500 Capacity 312 312 Enrollment 156 158 Fitzhugh Lee (Haven) (1935)(c) Square Feet 35,684 35,684 Capacity 312 312 Enrollment - - Kennesaw Charter (d) Enrollment 495 504 Mableton Charter (d) Enrollment 569 595 International Academy of Smyrna (d) Enrollment 414 438 Devereux Georgia (d) Enrollment 108 115 Sky View (1957) (b) (Haven - 2016) Square Feet - - Capacity - - Enrollment - - 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 361,490 2,162 2,049 93,858 462 78 70 32,500 312 69 35,684 312 33 871 - 944 87 - 2015 341,594 2,112 2,008 93,858 462 91 93 32,500 312 77 35,684 312 37 858 - 966 88 - 2016 2017 440,214 2,187 2,075 434,631 2,187 2,076 93,858 462 63 93,858 462 55 148 147 - - - - - - - - - - - - 838 778 - - 1,033 993 78 86 50,270 50,270 462 462 119 102 Concluded. (a) Original Clarkdale building destroyed by flood fall 2009. Clarkdale Replacement school opened for school year 2012-13. (b) In fiscal year 2016, Haven Academy combined its two campuses (Fitzhugh Lee and Hawthorne) to become a one campus program at the Sky View facility. (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. Data reflects the new Five-Year Local Facilities Plan approved by the Board on April 28, 2016. The 2016 - 2020 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 155 COBB COUNTY SCHOOL DISTRICT TEACHERS' SALARY SCHEDULE LAST TEN FISCAL YEARS $100,000 $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 2008 2009 2010 Teachers' Salary Range 2011 2012 2013 2014 2015 Minimum Maximum Cobb Average 2016 2017 Fiscal Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Minimum $ 39,140 39,962 38,958 38,958 38,958 38,958 38,958 39,347 41,330 42,364 Maximum $ 82,435 84,204 82,088 82,088 82,088 82,088 82,088 82,908 87,087 89,264 Cobb Average $ 52,977 54,286 53,320 54,168 53,770 54,323 54,435 55,773 58,425 60,185 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 $ 51,466 52,823 53,155 52,830 53,002 52,956 52,973 53,424 54,215 55,530 156 COBB COUNTY SCHOOL DISTRICT ADMINISTRATIVE SALARY SCHEDULE JUNE 30, 2017 $325,000 $300,000 $275,000 $250,000 $225,000 $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 $ 308,860 133,217 113,416 99,834 89,668 114,928 92,981 90,004 Maximum $ 308,860 158,386 133,218 114,916 123,154 133,218 123,443 120,469 157 COBB COUNTY SCHOOL DISTRICT SCHEDULE OF INSURANCE IN FORCE JUNE 30, 2017 Type of Coverage Name of Company and Policy Number Bus, Truck, Motor Vehicles Liability Property Theft Employee's Blanket Bond General Liability Property Boiler (Includes Insurance) Student Athletic Self Insured Self Insured BerkelyCrime BGOV-45002366-20 Self Insured Travelers KTJ-CMB-1G46706-9-15 T.W. Lord & Associates Superintendent's Old Republic Surety Co. Bond APO002121620 Principal's Old Republic Surety Co. Bond APS1177822 Worker's Compensation Self Insured Excess Worker's State National Insurance Compensation NDE-0859281-15 Disability, Long-Term The Hartford 402273 Disability, Short-Term The Hartford 402273 STD Plan Option 1 STD Plan Option 2 STD Plan Option 3 STD Plan Option 4 STD Plan Option 5 STD Plan Option 6 STD Plan Option 7 STD Plan Option 8 Life Insurance and AD&D The Hartford 402273 Dependent Life The Hartford 402273 Optional Life and AD&D The Hartford 402273 Policy Period From To Liability Limits Annual Premium 6/1/1994 Ongoing $300,000 N/A 6/1/1994 Ongoing N/A 8/1/2016 8/1/2017 $7,500,000 N/A $20,799 6/1/1994 Ongoing $500,000 7/1/2016 7/1/2017 $500,000,000 N/A $533,662 8/1/2016 8/1/2017 Varies Student/Parent Funded 5/1/2016 5/1/2017 $100,000 $350 8/1/2016 8/1/2017 $10,000 $3,990 N/A N/A Statutory 10/1/2016 10/1/2017 $1,000,000 N/A $128,315 1/1/2017 12/31/2017 Benefit Schedule per salary $1,344,744 1/1/2017 12/31/2017 8th calendar day. 66.67% of weekly earnings. Employee pays $21.08 per month. 15th calendar day. 66.67% of weekly earnings. Employee pays $17.46 per month. 31st calendar day. 66.67% of weekly earnings. Employee pays $11.45 per month. 61st calendar day. 66.67% of weekly earnings. Employee pays $11.15 per month. 8th calendar day. 50% of weekly earnings. Employee pays $15.41 per month. 15th calendar day. 50% of weekly earnings. Employee pays $12.76 per month. 31st calendar day. 50% of weekly earnings. Employee pays $8.37 per month. 61st calendar day. 50% of weekly earnings. Employee pays $8.13 per month. 1/1/2017 12/31/2017 The first $10,000 of coverage for smokers or first $13,000 for non- smokers is paid by CCSD. 1/1/2017 12/31/2017 Coverage options: $10,000 Employee pays $1.75 for $10,000 of or $25,000 coverage of child(ren) or $4.37 for $25,000 of coverage; employee pays $3.58 for $10,000 of coverage of spouse or $8.96 for $25,000 monthly. 1/1/2017 12/31/2017 Employee can choose up to Employee pays $0.165 per $1,000 of 7 times his/her annual Supplemental Life coverage monthly. earnings. (Max. $500,000) Continued --- 158 COBB COUNTY SCHOOL DISTRICT SCHEDULE OF INSURANCE IN FORCE JUNE 30, 2017 Type of Coverage Name of Company and Policy Number Policy Period From To Liability Limits Annual Premium Dental Insurance High Option MetLife Dental 11-1554000000 Low Option Cancer Insurance Economy Plan Standard Plan Deluxe Plan Critical Illness Insurance Ages 18-35 Years Allstate Benefits V1935 Allstate Benefits V1935 Ages 36-50 Years Ages 51-60 Years Ages 61-63 Years Ages 64+ Years Vision Insurance Preferred Plus Plan Avesis 9155NC Base Plan Legal Insurance Accident Insurance ARAG Group 17840-001 Allstate Benefits V1935 Hospital Indemnity Allstate Benefits V1935 1/1/2017 12/31/2017 Plus Plan provides preferred Employee pays $36.23 for single rates with a maximum coverage, $67.00 for employee plus coverage of $1,000 per one, or $110.48 for family coverage participant per calendar monthly. 1/1/2017 12/31/2017 Base Plan has co-pays for Employee pays $14.30 for single Preventative and Diagnostic coverage, $26.74 for employee plus services with a maximum of one, or $45.80 for family coverage $750 coverage per monthly. participant per calendar year. 1/1/2017 12/31/2017 Based on Benefit Schedule Employee pays rates monthly 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. 1/1/2017 12/31/2017 Provides $10,000 critical Employee pays rates monthly illness coverage to depending on 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. 1/1/2017 12/31/2017 Based on Benefit Schedule Employee pays rates monthly depending on chosen plan. Single coverage is $4.81; coverage for employee plus one family member is $8.99, and family coverage is $13.36 each month. Single coverage is $1.10 per month; coverage for employee plus one family member is $1.94, and family coverage is $2.86 each month. 1/1/2017 12/31/2017 Based on Benefit Schedule Employee pays $13.52 for single coverage or $16.88 for family Coverage monthly. 1/1/2017 12/31/2017 Based on Benefit Schedule Employee pays monthly premium of $15.35 self, $26.52 self and spouse, $32.92 self and children, or $42.85 family. 1/1/2017 12/31/2017 Based on Benefit Schedule Employee pays monthly premium of $9.36 self, $25.09 self and spouse, $16.25 self and children, or $27.17 family. Concluded. Source: District Records 159 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 2008 2009 2010 2011 2012 Lunch 2013 Breakfast 2014 2015 2016 2017 (amounts expressed in thousands) Lunch Meals Served: Free Reduced Paid Total Daily Average Student Price 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 6,360 783 4,455 11,598 64 $2.25-$2.50 6,119 868 4,293 11,280 63 $2.25-$2.50 Breakfast Meals Served: Free Reduced Paid Total Daily Average Student Price 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 2,916 246 453 3,615 20 $1.25 2,853 290 468 3,611 20 1.25 Total Meals Served: Free Reduced Paid Total Daily Average Source: District Records 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 9,276 1,029 4,908 15,213 84 8,972 1,159 4,762 14,891 83 160 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 2008 2009 2010 2011 2012 Elementary 201M3iddle2014High2015 2016 2017 Fiscal Year Elementary Middle High 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 2016 67 25 16 2017 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. 161 Total 109 110 110 109 109 108 108 108 108 108 COBB COUNTY SCHOOL DISTRICT NUMBER OF HIGH SCHOOL GRADUATES AND AVERAGE DAILY ENROLLMENT AND ATTENDANCE LAST TEN FISCAL YEARS 113,000 112,000 111,000 110,000 109,000 108,000 107,000 106,000 105,000 104,000 103,000 102,000 101,000 100,000 Cobb County School District Average Daily Enrollment Fiscal Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Average Daily Enrollment 106,734 106,256 106,835 106,868 106,944 108,240 109,752 111,264 112,308 112,821 Average Daily Attendance 102,497 102,144 102,444 102,732 103,008 103,857 105,548 106,895 107,872 108,150 Attendance Percentage 96% 96% 96% 96% 96% 96% 96% 96% 96% 96% Number of Graduates 6,765 7,126 7,177 7,350 7,192 7,425 7,313 7,366 7,714 7,970 Graduate Percentage N/A N/A N/A N/A 76.00% 76.50% 78.20% 81.45% 83.80% 83.60% Note: Beginning in 2016 Graduate Percentages were adjusted to match the Georgia Department of Education four-year Adjusted Cohort Graduation Rate (ACGR). This rate calculation began for the school year ended 2012 and is released in October with a one-year lag. (i.e. the school year ended 2016 will be available October 2017) Source: District Records 162 COBB COUNTY SCHOOL DISTRICT ACTIVE ENROLLMENT BY GRADE LEVEL LAST TEN FISCAL YEARS 120,000 Active Enrollment By Grade Level 100,000 80,000 60,000 40,000 20,000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 Pre-K Grade Grade Grade Grade Grade Grade Grade Grade Grade Grade Grade Grade Year and K 1 2 3 4 5 6 7 8 9 10 11 12 Total 2008 9,065 8,260 8,262 8,233 8,052 8,037 8,035 8,143 8,187 8,928 8,083 7,406 7,365 106,056 2009 8,874 8,142 8,176 8,298 8,147 8,189 7,812 7,973 8,254 8,810 8,331 7,491 7,245 105,742 2010 9,262 8,029 8,286 8,285 8,291 8,230 8,131 7,822 8,007 9,850 7,391 7,551 7,353 106,488 2011 9,253 8,292 8,001 8,369 8,166 8,344 8,077 8,165 7,868 9,804 8,121 6,549 7,827 106,836 2012 9,159 8,189 8,303 8,184 8,330 8,284 8,155 8,186 8,154 9,437 8,021 6,865 7,235 106,502 2013 9,523 8,297 8,296 8,422 8,191 8,495 8,242 8,249 8,229 9,637 7,938 6,931 7,464 107,914 2014 9,363 8,669 8,473 8,464 8,503 8,331 8,389 8,381 8,372 9,874 8,394 6,882 7,434 109,529 2015 9,363 8,461 8,829 8,592 8,541 8,680 8,290 8,474 8,599 10,090 8,817 6,918 7,406 111,060 2016 9,164 8,453 8,643 8,978 8,610 8,610 8,562 8,385 8,574 10,077 8,890 7,280 7,622 111,848 2017 9,224 Source: District Records 8,230 8,606 8,729 8,914 8,742 8,461 8,640 8,564 9,902 8,943 7,594 7,863 112,412 163 COBB COUNTY SCHOOL DISTRICT CLASSROOM BUILDINGS, GRADE LEVELS AND ACREAGE JUNE 30, 2017 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 717 610 452 518 789 697 356 617 893 744 942 1,015 805 656 1,131 798 395 559 572 973 635 1,298 720 961 805 817 674 706 672 850 584 649 508 953 601 699 944 480 597 1,064 375 461 1,132 755 1,019 538 1,068 917 761 966 838 437 613 1,221 584 688 747 868 663 991 1,166 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 22.9 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 9.6 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 54 29 50 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 63 61 57 30 36 61 39 61 53 58 61 61 73 Portable Classrooms 2 2 15 2 3 1 2 10 5 11 1 2 1 3 1 3 7 4 1 2 - 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 88,079 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 1,063 863 437 788 788 963 587 1,087 562 863 862 963 688 688 512 962 962 862 588 962 962 762 587 688 962 962 562 612 937 887 962 637 937 837 987 962 888 462 562 962 612 962 862 912 962 962 1,162 164 COBB COUNTY SCHOOL DISTRICT CLASSROOM BUILDINGS, GRADE LEVELS AND ACREAGE JUNE 30, 2017 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) Skyview (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-12 K-6 K-8 1-12 Active Enrollment 783 874 606 912 719 722 861 903 1,426 1,001 989 1,271 1,268 1,061 1,198 933 885 1,282 1,125 501 1,005 1,103 1,413 881 676 1,234 942 597 960 991 859 1,670 2,600 2,024 2,371 1,484 2,099 2,179 2,227 2,810 1,977 2,375 1,990 1,899 1,610 2,615 2,076 55 147 102 778 993 86 112,412 Size of Occupied Site (acres) Year (a) 10.9 1978 12.9 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 22.0 1988 21.8 1993 16.9 1975 114.7 2008 47.9 1964 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 52 39 60 62 60 64 71 87 71 72 73 74 71 83 68 60 70 62 45 71 70 71 71 58 71 71 57 59 70 70 100 136 133 102 102 102 108 127 143 106 94 96 134 106 119 112 43 6.2 1958 18 7.0 1935 17 10.1 1957 30 2,948.5 7,169 Portable Classrooms 3 3 2 15 - 1 102 Square Footage 117,539 108,100 73,450 109,769 109,827 122,260 156,660 178,465 220,228 170,905 177,356 166,048 183,798 173,487 186,961 166,551 152,212 186,947 149,038 111,260 179,170 165,107 175,345 165,479 149,577 191,209 175,974 169,809 143,888 169,345 157,435 330,289 374,180 337,584 319,000 321,068 319,000 310,950 504,107 406,817 328,000 319,768 260,606 260,606 297,400 307,655 434,631 93,858 32,500 35,684 50,270 Capacity 963 837 612 937 963 937 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 1,162 1,162 912 962 1,137 1,137 1,912 2,638 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 2,187 462 312 312 462 16,729,685 120,303 (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 165 (This page was left blank intentionally)