Cobb County School District Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2018 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, 2018 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 1-4 5-16 17 18 19 20 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual (Non-GAAP Budgetary Basis) General Fund Statement of Fund Net Position Proprietary Funds Statement of Revenues, Expenses, and Changes in Fund Net Position Proprietary Funds Statement of Cash Flows - Proprietary Funds Statement of Fiduciary Assets and Liabilities Fiduciary Funds Notes to the Basic Financial Statements Required Supplementary Information Combining and Individual Fund Financial Statements and Schedules: Combining and Individual Fund Statements and Schedules Nonmajor Governmental Funds Combining Balance Sheet - Nonmajor Governmental Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor Governmental Funds Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual (Non-GAAP Budgetary Basis) Annually Budgeted Nonmajor Governmental Funds Internal Service Funds Fund Descriptions PAGE 21 22 23 24 25 26 27 28-65 66-73 74-76 77-81 82-86 87-104 105 Combining Statement of Fund Net Position - Internal Service Funds Combining Statement of Revenues, Expenses, and Changes in Fund Net Position - Internal Service Funds Combining Statement of Cash Flows - Internal Service Funds Fiduciary Funds Fund Descriptions Combining Statement of Fiduciary Assets and Liabilities Fiduciary Funds Combining Statement of Changes in Fiduciary Assets and Liabilities Fiduciary Funds Supplementary Schedules: SPLOST III - Special Purpose Local Option Sales Tax Projects SPLOST IV - Special Purpose Local Option Sales Tax Projects STATISTICAL SECTION (Unaudited) Statistical Section Contents Net Position by Component Last Ten Fiscal Years Changes in Net Position Last Ten Fiscal Years Fund Balances, Governmental Funds Last Ten Fiscal Years Changes in Fund Balances, Governmental Funds Last Ten Fiscal Years Property Tax Levies and Collections Assessed and Estimated Actual Value of Taxable Property Last Ten Fiscal Years Direct and Overlapping Property Tax Rates Last Ten Fiscal Years Principal Property Taxpayers December 31, 2017 and Nine Years Ago PAGE 106 107 108 109 110 111 112-113 114-115 116 117-118 119-120 121-122 123-124 125 126 127 128 Legal Debt Margin Information Last Ten Fiscal Years Legal Debt Margin Information Fiscal Year 2018 Ratios of Outstanding Debt by Type Last Ten Fiscal Years Ratio of Net General Bonded Debt to Estimated Actual Value and Net Bonded Debt per Capita Last Ten Fiscal Years Computation of Direct and Overlapping General Obligation Debt Cobb County Demographic and Economic Statistics Last Ten Calendar Years Principal Employers Current Year and Nine Years Ago Comparison of Metropolitan Atlanta School District Property Tax Rates Cobb County Bank Deposits, Construction and Taxable Property Values Last Ten Years Property Digest Reductions Due to Exemptions Last Ten Fiscal Years Number of Personnel and Ratio of Pupils to Professional Personnel Last Ten Fiscal Years Operating Statistics Last Ten Fiscal Years General Fund Expenditures by Function Last Ten Fiscal Years General Fund Revenues by Source Last Ten Fiscal Years Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures Last Ten Fiscal Years Results of All Bond and Sales Tax Referendums School Buildings Last Ten Fiscal Years Teachers Salary Schedule Last Ten Fiscal Years Administrative Salary Schedule PAGE 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145-152 153 154 Schedule of Insurance in Force School Lunch and Breakfast Program Last Ten Fiscal Years Number of Schools Last Ten Fiscal Years Number of High School Graduates and Average Daily Enrollment and Attendance Last Ten Fiscal Years Active Enrollment by Grade Level Last Ten Fiscal Years Classroom Buildings, Grade Levels and Acreage PAGE 155-156 157 158 159 160 161-162 (This page was left blank intentionally) One Team, One Goal: Student Success 514 Glover Street Marietta, GA 30060 Telephone: (770) 426-3300 www.cobbk12.org December 4, 2018 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, 2018. 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 111,482. The District is governed by a Board of Education consisting of seven members elected from seven county posts. Members serve four-year terms and each year appoints BOARD OF EDUCATION SUPERINTENDENT Brad Wheeler, Chair David Chastain, Vice Chair David Banks David Morgan Randy Scamihorn Scott Sweeney Susan Thayer 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 2018 fiscal year: The District average score on the newly redesigned SAT of 1,107 is 43 points higher than the state average and 39 points higher than the national average. The four-year graduation rate for Cobb high schools was 85.2% in 2018. Cobb exceeds the state graduation rate of 81.6% by 3.6%. A key state performance measure for student academic achievement is the College and Career Readiness Performance Index (CCRPI). The District has outperformed that state average for seven consecutive years. Cobb schools averaged a score of 79.6 in 2018, exceeding the state average of 76.6 by three percentage points. We are also very proud that 19 of our schools had CCRPI scores above 90. 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 2017 (most recent figures available), Cobb County continued its trend of a growing population, which increased from 679,822 in 2008 to 755,754 in 2017. The unemployment rate remained low at 4.4%. Student enrollment for the 2017 fiscal year was 111,482. We are pleased by the positive increase in property values in fiscal year 2018 and expect this trend to continue into fiscal year 2019. In fiscal year 2018 the District's gross property digest increased by 6.6% over the 2017 fiscal year's digest as compared to an increase of 6.3% the previous year. This sustained increase in property valuations provides a stable and growing revenue source. In regards to state funding, the District experienced a $10.4 million reduction in QBE formula earnings in fiscal year 2018 due to austerity cuts. This was just slightly less than last year's austerity reduction. We are very encouraged that no austerity cut was included in the state's budgeted funding for fiscal year 2019. ____________________________________________________________________________________ LONG-TERM FINANCIAL PLANNING ____________________________________________________________________________________ The District anticipates continuing to meet 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 144-151, 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 new SPLOST V 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 third 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 of the 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 of Accounting 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. Chris Rag ale Superintendent Bradley Reuben Johnson Chief Financial Officer IV lf.l Lt G~ Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Cobb County School District Georgia For its Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2017 ~ p. ~ Executive Director/CEO ,- v 8, rF 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, 2017. The CAFR has been reviewed and met or exceeded ASBO International's Certificate of Excellence standards. Charles E. Peterson, Jr., SFO, RSBA, MBA President vi John D. Musso, CAE Executive Director COBB COUNTY SCHOOL DISTRICT FUNCTION AND COMPOSITION JUNE 30, 2018 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, 2018, the members of the Board and years of expiration of their terms are as follows: Title Chair Vice-Chair Board Member Board Member Board Member Board Member Board Member Name Mr. Brad Wheeler Mr. David Chastain Mr. Scott Sweeney Mrs. Susan Thayer Mr. David Morgan Mr. David Banks Mr. Randy Scamihorn Term Expires December 31, 2020 December 31, 2018 December 31, 2018 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, 2018 RANDY SCAMIHORN POST 1 6 Years Served SUSAN THAYER DAVID MORGAN POST 2 4 Years Served POST 3 10 Years Served DAVID CHASTAIN POST 4 4 Years Served DAVID BANKS POST 5 10 Years Served SCOTT SWEENEY BRAD WHEELER CHRIS RAGSDALE POST 6 8 Years Served POST 7 6 Years Served SUPERINTENDENT viii COBB COUNTY SCHOOL DISTRICT SUPERINTENDENT'S EXECUTIVE CABINET JUNE 30, 2018 Chris Ragsdale John Adams Alice Stouder Dr. Kevin Daniel Jennifer Lawson John Floresta Bradley Johnson CCSD Superintendent Deputy Superintendent of Human Resources & Operations Deputy Superintendent of Leadership & Accountability Chief of Staff Interim Chief Academic Officer Chief Strategy & Accountability Officer Chief Financial Officer ix COBB COUNTY SCHOOL DISTRICT ORGANIZATIONAL CHART JUNE 30, 2018 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 Interi m Chief Academic Officer Jennifer Lawson Chief Strategy & Accountability Officer John Floresta 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, 2018, 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, 2018, and the respective changes in financial position, and, where applicable, cash flows thereof and the budgetary comparison for the General Fund, for the year then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter As discussed in notes 15 and 16, the Cobb County Board of Education implemented Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Post Employment Benefits Other Than Pensions, as of July 1, 2017. This standard significantly changed the accounting for the Cobb County Board of Education's net other postemployment benefits (OPEB) liability and the related disclosures. Our opinions are not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis, Schedule of Proportionate Share of Net Pension Liability Teacher Retirement System of Georgia, Schedule of Contributions Teacher Retirement System of Georgia, Schedule of Proportionate Share of Net Pension Liability Public School Employee Retirement System of Georgia, Schedule of Proportionate Share of the Net OPEB Liability School OPEB Fund, and the Schedule of Contributions School OPEB Fund on pages 5 through 16 and pages 66 through 73 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. 2 Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Cobb County Board of Education's basic financial statements. The combining and individual fund financial statements and schedules, the SPLOST III schedule of expenditures of Special Purpose Local Option Sales Tax Projects, the SPLOST IV schedule of expenditures of Special Purpose Local Option Sales Tax Projects, and the introductory and statistical sections are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual 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. 3 Other Reporting Required by Governmental Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 4, 2018 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 4, 2018 4 MANAGEMENT'S DISCUSSION AND ANALYSIS COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2018 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, 2018. The intent of this discussion and analysis is to look at the District's financial performance as a whole. Readers should also review the transmittal letter and complete financial statements, with notes, to enhance their understanding of the District's financial performance. Financial Highlights Key financial highlights for fiscal year 2018 are as follows: Total net position decreased from $829.1 million in fiscal year 2017 to $(19.3) million in fiscal year 2018, a decrease of $848.4 million, primarily due to the additional liability of $879.4 million in other post-employment benefits (OPEB). This is the first year the District is required to report this long-term liability under GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. Employers are now required to report the long-term liability associated with providing medical and other insurance coverage to retirees. Total revenue increased from $1,300.6 million in fiscal year 2017 to $1,355.0 million in fiscal year 2018, an increase of $54.4 million. The revenue increase was mainly from an increase in property taxes due to higher property valuations and an increase in state funding. Total expenses increased from $1,278.5 million in fiscal year 2017 to $1,304.0 million in fiscal year 2018, an increase of $25.5 million. The increased expense was largely due to higher instructional salaries and benefits. All permanent employees received a one-time 1.1% salary bonus. Increased employer contribution costs for the TRS retirement program and health insurance for classified employees resulted in a significant increase in employee benefit expense. Overview of the Financial Statements This discussion and analysis serves as an introduction to the District's basic financial statements. The basic financial statements comprise three components: 1) District-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. 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. 5 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2018 The Statement of Net Position presents information on all of the District's assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the difference between them reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The Statement of Activities presents information showing how the District's net position changed during the most recent fiscal year. Changes in net position appear as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses appear in this statement for some items that will result in future fiscal period cash flows (e.g., uncollected taxes and earned but unused vacation leave). Fund Financial Statements A fund is a grouping of related accounts used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with financerelated legal requirements. District funds are in one of 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. 6 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2018 District-wide Financial Analysis The Condensed Statement of Net Position Table (Table I), presented on the following page, summarizes and compares the Statement of Net Position for fiscal year 2017 and fiscal year 2018. In fiscal year 2018, the District's net position increased 72.6%, or $51.1 million, over the prior year. This resulted primarily from a decrease in the long-term liability for other postemployment benefits, specifically retiree health insurance, after restatement of the prior year to account for post-employment benefits. Total current and other assets reflected a net increase of 19.9%, or $71.4 million, largely due to an increase in cash as a result of higher tax revenue and increased state funding. Capital Assets increased by 2.7%, or $38.8 million, which was chiefly attributable to capital improvements to local school buildings financed by SPLOST sales taxes. Governmental accounting standards require the District to report its proportional liability of state-administered pension plans and now the proportional liability of post-employment benefits, namely retiree health insurance. 7 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2018 Table I Condensed Statement of Net Postion (amounts expressed in millions) 2018 Net Position (1,625.4) 223.9 430.7 94.9 142.4 137.5 1,463.7 1,924.9 (1,800.0) (1,400.0) (1,000.0) (600.0) (200.0) 200.0 600.0 1,000.0 1,400.0 1,800.0 Deferred Outflows of Resources Unrestricted Restricted Other Liabilities Current Assets Deferred Inflows of Resources Net Investment in Capital Assets Long-Term Liabilities Governmental Activities Assets: Current and Other Assets Capital Assets Total Assets 2017 2018 $ 359.3 $ 1,444.6 1,803.9 430.7 1,483.4 1,914.1 Percentage Change 19.9 2.7 6.1 Deferred Outflows of Resources 347.1 223.9 (35.5) Liabilities: Long-Term Liabilities Other Liabilities Total Liabilities $ 2,100.8 $ 1,924.9 (8.4) 103.1 137.5 33.4 2,203.9 2,062.4 (6.4) Deferred Inflows of Resources 17.5 94.9 442.3 Net Position: Net Investment in Capital Assets $ 1,444.6 $ 1,463.7 (0.1) Restricted 115.8 142.4 40.5 Unrestricted (1,630.8) (1,625.4) 0.3 Total Net Position $ (70.4) $ (19.3) 72.6 8 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2018 Changes in Net Position from Operating Results The Changes in Net Position from Operating Results Table (Table II), presented on the following page, summarizes and compares the Statement of Activities for fiscal year 2017 and fiscal year 2018. Revenues In fiscal year 2018, the District's total revenues increased 4.2%, or $54.4 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 2.9%, or $17.8 million, largely due to an increase in state instructional program revenue. Capital grants and contributions decreased by 72.2%, or $7.0 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 9.6% increase in the real property tax digest. Charges for services increased by 17.0% or $10.6 million. Other revenue decreased by 71.6%, or $4.8 million. However, the previous fiscal year was unusually large because of several non-recurring transactions, such as a $1.7 million capital gain and a $1.0 million donation. Expenses In fiscal year 2018, the District's total expenses increased 2.0%, or $25.4 million, due for the most part to an increase in instructional and school administrative salaries and employerpaid benefits, as well as increased operational costs in school support operations. Instruction increased by 1.0%, or $8.1 million, largely due to a 1.1% one-time salary bonus and a 17.8% increase in required employer contributions to the TRS teacher retirement plan. School and administrative services increased 2.0%, or $4.0 million, mainly due to the bonus, the increase in employer retirement contributions, and additionally a 12.5% increase in employer health insurance contributions for classified employees. Student transportation increased by 9.6%, or $5.4 million, due to increased salary and benefit costs, along with increased fuel costs. Maintenance and operations increased by 10.3% or $6.9 million, mostly due to increased salary and benefit costs. 9 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2018 Table II Changes in Net Position from Operating Results (amounts expressed in millions) Program Revenues and Expenses - 2018 $1,000 $500 $0 Governmental Activities Revenues: Program Revenues: Charges for Services Operating Grants and Contributions Capital Grants and Contributions General Revenues: Taxes Interest Income Other Total Revenues Expenses: I ns tructi on Pupil and Instructional Services School and Administrative Services Student Transportation Maintenance and Operations Student Activities Interest and Fiscal Charges Total Expenses Increase (Decrease) in Net Positon Beginning Net Position, as Restated Ending Net Postion 2017 2018 2017 2018 Change 2017-2018 $ 62.2 $ 72.8 614.3 632.1 9.7 2.7 605.9 1.8 6.7 1,300.6 641.8 3.7 1.9 1,355.0 $ 834.7 $ 842.8 86.5 87.6 203.1 207.2 56.3 61.7 66.8 73.7 31.1 30.7 - 0.2 1,278.5 1,303.9 $ (877.4) $ 807.0 $ (70.4) $ 51.1 (70.4) (19.3) 17.0% 2.9% -72.2% 5.9% 105.6% -71.6% 4.2% 1.0% 1.3% 2.0% 9.6% 10.3% -1.3% 100.0% 2.0% -105.8% -108.7% 72.6% 10 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2018 Table III Net Cost of Governmental Activities (amounts expressed in thousands) $1,000, 000 $800,00 0 842,846 Total and Net Costs - 2018 Net Cost Total Cost $600,00 0 $400,00 0 275,960 $200,00 0 $0 ($200,000) 207,198 37,822 49,754 133,285 12,459 47,700 61,737 73,717 56,507 71,316 30,691 167 167 (973) Total Cost of Services 2017 2018 Change 2017-2018 Net Cost of Services 2017 2018 Change 2017-2018 I ns tructi on $ Pupil Services Instructional Services School/Administrative Services Student Transportation Maintenance and Operations Student Activities Interest and Fiscal Charges Total $ 834,731 36,683 49,846 203,091 56,325 66,763 31,075 - 1,278,514 $ 842,846 37,822 49,754 207,198 61,737 73,717 30,691 167 1,303,932 1.0% 3.1% -0.2% 2.0% 9.6% 10.4% -1.2% 100.0% 2.0% $ 281,938 10,510 47,649 135,142 51,078 65,865 98 - $ 592,280 $ 275,960 12,459 47,700 133,285 56,507 71,316 (973) 167 $ 596,421 -2.1% 18.5% 0.1% -1.4% 10.6% 8.3% -1092.9% 100.0% 0.7% Governmental Activities The Net Cost of Governmental Activities Table (Table III) presents the total and net cost of eight major District activities for fiscal year ended June 30, 2018: Instruction, Pupil Services, Instructional Services, School and Administrative Services, Student Transportation, Maintenance and Operations, Student Activities, and Interest and Fiscal Charges. 11 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2018 Net Cost of Services is the total cost less fees generated by the activities and intergovernmental revenue provided for specific programs. The net cost shows the financial burden on the District's taxpayers by each activity. The total cost of governmental services in fiscal year 2018 was $1,303.9 million. Users of the District's programs financed $72.8 million of the costs. Federal and State grants, subsidized programs and contributions funded $634.7 million of the costs. Lastly, District taxpayers financed the remaining costs of fiscal year 2018, which totaled $596.4 million. The School District's Funds The District ended fiscal year 2018 with a healthy fund balance in its governmental funds. The combined balance of all governmental funds, at $280.8 million, was 14.2% higher than 2017's ending balance of $245.8 million. The General Fund's fund balance increased by $27.5 million, or 24.3%, due primarily to increased property tax revenue. SPLOST IV increased its fund balance by 13.6% from the prior year, or $11.9 million, as capital outlay expenditures decreased, while revenues remained relatively unchanged. The nonmajor governmental fund balances decreased in the aggregate by $4.5 million, or 10.0%. 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. The final amended budget for revenues was unchanged from the original budget. The final amended budget for expenditures was only 1.5% greater in total than the original budget. The only significant revised budget line item was for transfers from the General Fund. The final amended budget for transfers was $14.7 million, an $11.7 million increase over the original budget of $3.0 million. Budgeted transfers were increased for anticipated property purchases and improvements specifically approved by the Cobb County Board of Education. Actual transfers from the General Fund totaled $8.1 million, significantly under budget. Revenue for local property taxes and state student funding were both higher in fiscal year 2018, by $30.2 million and $17.8 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 $18.9 million, due to higher than expected revenues and lower than expected expenditures, the General Fund Balance, in fact, increased by $27.5 million. Actual revenue exceeded budget by $30.0 million, and actual expenditures were below budget by $16.4 million. This netted a favorable budget variance of $46.4 million. 12 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2018 General Fund Balance The unassigned General Fund balance at June 30, 2018 was $109.2 million. This represents approximately 39 days of general fund expenditures. The Board of Education made a concerted effort to maintain adequate reserves for the District. 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 $4.9 million and an ending fund balance of $4.3 million in 2018. SPLOST IV began January 1, 2014 and will end on December 31, 2018. The SPLOST IV fund had expenditures of $128.4 million and an ending fund balance of $99.3 million. A full listing of SPLOST III and SPLOST IV projects can be located on pages 112-115. On March 21, 2018, 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 $165.1 million and aggregate fund balances of $40.6 million in fiscal year 2018. Within the Nonmajor Governmental Funds, the Funds with the highest expenditures in fiscal year 2018 were School Nutrition at $53.2 million, Local School Funds at $30.7 million, Title I (of the Elementary and Secondary Education Act) at $21.7 million, and Special Education at $21.1 million. Nonmajor Governmental Funds ending the year with the highest fund balances were School Nutrition at $18.9 million, Local School Funds at $9.4 million, and After School Program at $4.3 million. The fund balance of Nonmajor Governmental Funds, in aggregate, decreased from $45.1 million in fiscal year 2017 to $40.6 million in fiscal year 2018, a decrease of $4.5 million. Descriptions of these funds can be located on pages 74-76. 13 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2018 Capital Assets and Debt Administration Capital Assets The Capital Assets, Net of Depreciation (Table IV), presented on the following page, summarizes and compares the capital assets for fiscal year 2017 and fiscal year 2018. Capital assets increased 2.7% from $1,444.6 million in fiscal year 2017 to $1,483.4 million in fiscal year 2018, an increase of $38.8 million. Construction in Progress increased by $38.8 million, or 31.4%. Land increased by $1.0 million, or 0.8%, as land was acquired for future school expansion. Furthermore, Library and Textbooks increased by $1.7 million, or 9.7%. And Equipment decreased by $11.3 million, or 13.8%. 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, 2018, the District had $10.4 million in outstanding long-term obligations for compensated absences, a net pension liability of $1,028.2 million, and other postemployment benefits of $879.4 million. More detailed information about long-term obligations can be found in Notes 10, 11, 14 and 15 of the Notes to the Basic Financial Statements. 14 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2018 Table IV Capital Assets, Net of Depreciation (amounts expressed in thousands) Equi pment 5% Li bra ry Books and Te xtb o o ks 1% La nd 9% Cons truction in Progres s 11% I n tangibles 0% Bui ldings a nd I mp ro vements 74% Land Construction in Progress Buildings and Improvements Equipment Intangibles Library Books and Textbooks Capital Assets: Land Construction in Progress Intangibles Buildings and Improvements Equipment Library Books and Textbooks Total Change 2017 2018 2017-2018 $ 133,818 123,542 3,967 1,083,451 81,722 18,079 $ 1,444,579 $ 134,853 162,340 4,273 1,091,692 70,423 19,837 $ 1,483,418 0.8% 31.4% 7.7% 0.8% -13.8% 9.7% 2.7% 15 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2018 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 that 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. 16 (This page was left blank intentionally) COBB COUNTY SCHOOL DISTRICT STATEMENT OF NET POSITION JUNE 30, 2018 (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 Related to Other Post-Employment Benefits Total Deferred Outflows of Resources LIABILITIES: Accounts Payable and Other Current Liabilities Intergovermental Payables Accrued Salaries and Benefits Notes Payable Accrued Interest Payable Unearned Revenue Noncurrent Liabilities: Due Within One Year Due In More Than One Year Other Post-Employment Benefits (OPEB) Net Pension Liability Total Liabilities DEFERRED INFLOWS OF RESOURCES: Related to Defined Benefit Pension Plans Related to Other Post-Employment Benefits Total Deferred Inflows of Resources NET POSITION: Net Investment in Capital Assets Restricted for: Capital Projects School Nutrition Services Unrestricted (Deficit) Total Net Position See accompanying notes to the basic financial statements. Governmental Activities $ 308,930 20,046 97,740 602 336 3,016 134,853 162,340 7,449 1,954,597 207,082 73,783 (1,056,686) 1,914,088 191,568 32,336 223,904 20,283 275 75,632 40,000 406 876 8,141 9,157 879,418 1,028,202 2,062,390 24,143 70,736 94,879 1,463,720 123,455 18,910 (1,625,362) $ (19,277) 17 COBB COUNTY SCHOOL DISTRICT STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2018 (amounts expressed in thousands) GOVERNMENTAL ACTIVITIES Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operations Student Activities Interest and Fiscal Charges Total Governmental Activities Expenses $ 842,846 37,822 49,754 207,198 61,737 73,717 30,691 167 $ 1,303,932 Program Revenues Operating Charges Grants and for Services Contributions Capital Grants and Contributions $ 1,239 $ 564,386 $ 9 37,472 25,326 1,998 35,128 - 5,230 2,401 - 31,664 - - - $ 72,785 $ 632,068 $ 1,261 28 56 1,313 - 2,658 Net (Expense) Revenue and Changes in Net Position $ (275,960) (12,459) (47,700) (133,285) (56,507) (71,316) 973 (167) $ (596,421) General Revenues: Taxes: Property Taxes Levied for General Purposes Sales Tax Interest Income Other $ 504,117 137,708 3,741 1,964 Total General Revenues 647,530 Change in Net Position 51,109 Net Position - Beginning of Year, As Originally Presented 829,062 Restatements - Changes in Accounting Principles (899,448) Net Position - Beginning of Year, Restated (70,386) Net Position - End of Year $ (19,277) See accompanying notes to the basic financial statements. 18 COBB COUNTY SCHOOL DISTRICT BALANCE SHEET GOVERNMENTAL FUNDS JUNE 30, 2018 (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 Local Option Sales Tax IV System Wide/ CountyWide Nonmajor Total Governmental Governmental Funds Funds $ 116,129 $ 120,667 $ 20,706 $ 40,965 $ 298,467 8,057 11,989 83,611 1,365 358 - 8,761 - 168 - 812 - $ 217,896 $ 134,021 $ - - 20,046 - 12,764 97,740 - 244 602 - 795 9,556 - 24 192 - 2,204 3,016 20,706 $ 56,996 $ 429,619 LIABILITIES,DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES: Liabilities: Accounts Payable $ 3,989 $ Intergovernmental Payables 65 Accrued Payroll and Payroll Withholdings 48,484 Notes Payable - Accrued Employee Benefits 21,563 Accrued Interest Payable - Due to Other Funds 795 Unearned Revenue - Total Liabilities 74,896 14,832 $ - 19,459 - 406 - 34,697 -$ 933 $ 19,754 - 210 275 - 3,798 52,282 20,541 - 40,000 - 1,779 23,342 - - 406 - 8,761 9,556 - 876 876 20,541 16,357 146,491 Deferred Inflows of Resources: Unavailable Revenue - Property Taxes Total Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities, Deferred Inflows of Resources, and Fund Balances 2,279 - 2,279 - 980 - - 99,324 - - 30,535 - 109,206 - 140,721 99,324 $ 217,896 $ 134,021 $ - - 2,279 - - 2,279 - 2,228 3,208 165 21,003 120,492 - 17,042 17,042 - 390 30,925 - (24) 109,182 165 40,639 280,849 20,706 $ 56,996 $ 429,619 See accompanying notes to the basic financial statements. 19 COBB COUNTY SCHOOL DISTRICT RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET POSITION JUNE 30, 2018 (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 due and payable with current financial resources and therefore are not reported in the funds. Net Pension Liability Deferred Outflows of Resources - Pension Related Items Deferred Inflows of Resources - Pension Related Items The deferred outflows of resources, deferred inflows of resources, and the net OPEB liability related to the District's pension plan are not due and payable with current financial resources and therefore are not reported in the funds. Net Other Post-Employment Benefits Liability (OPEB) Deferred Outflows of Resources - OPEB Deferred Inflows of Resources - OPEB Other long-term assets are not available to pay for current period's expenditures and therefore are unavailable in the funds. Property Taxes Internal service funds are used by management to charge the costs of insurance. The assets and liabilities of the internal service funds are included in governmental activities in the statement of net position. Long-term liabilities are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-term liabilities at year-end consist of: Compensated absences Total Net Position-Governmental Activities $ 280,849 $ 2,540,104 (1,056,686) 1,483,418 (1,028,202) 191,568 (24,143) (860,777) (879,418) 32,336 (70,736) (917,818) 2,279 3,217 (10,445) $ (19,277) See accompanying notes to the basic financial statements. 20 COBB COUNTY SCHOOL DISTRICT STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2018 (amounts expressed in thousands) REVENUES: Taxes Intergovernmental Tuition and Fees Interest Income Rentals Athletic Ticket Sales Other Total Revenues General $ 502,801 543,085 9 3,352 1,932 1,860 1,053,039 Special Purpose Local Option Sales Tax IV $ 137,708 1,401 - 1,174 - - - 140,283 System Wide/ CountyWide $ - - - 165 - - - 165 Nonmajor Governmental Funds $ - 88,968 59,170 306 - 3,528 1,015 152,987 Total Governmental Funds $ 640,509 633,454 59,179 4,997 1,932 3,528 2,875 1,346,474 EXPENDITURES: Current: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operations Student Activities Capital Outlay Debt Service: Interest Total Expenditures 725,698 27,891 29,124 113,283 50,455 68,235 3,119 1,017,805 5,804 122,422 167 128,393 - 28,725 - 5,818 - 17,273 - 69,399 - 2,008 - 1,532 - 30,691 - 9,639 - - - 165,085 754,423 33,709 46,397 188,486 52,463 69,767 30,691 135,180 167 1,311,283 Excess (deficiency) of Revenues Over (Under) Expenditures 35,234 11,890 165 (12,098) 35,191 Other Financing Sources (Uses): Transfers-In Transfers-Out Proceeds from Sale of Capital Assets Total Other Financing Sources (Uses) 123 - (8,132) - 258 - (7,751) - - 7,759 - (123) - 17 - 7,653 7,882 (8,255) 275 (98) Net Change in Fund Balances 27,483 11,890 165 (4,445) 35,093 Fund Balances, Beginning of Year 113,238 87,434 - 45,084 245,756 Fund Balances, End of Year $ 140,721 $ 99,324 $ 165 $ 40,639 $ 280,849 See accompanying notes to the basic financial statements. 21 COBB COUNTY SCHOOL DISTRICT RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2018 (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. In the governmental funds, current year expenditures related to OPEB are comprised solely of amounts contributed to the plan for the current year. However, in the statement of activities, expenses related to OPEB include amounts that do not require the use of current financial resources. This amount represents the difference in the required accounting treatment of OPEB and related items. Revenues in the statement of activities that do not provide current financial resources are considered as unavailable revenues in the governmental funds. Property taxes Intergovermental $ 35,093 $ 134,515 (91,214) 43,301 (6,897) (18,370) 1,316 (911) 405 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 (4,462) 2,438 (399) $ 51,109 See accompanying notes to the basic financial statements. 22 COBB COUNTY SCHOOL DISTRICT GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2018 (amounts expressed in thousands) REVENUES: Local State Federal Other Total Revenues Budgeted Amounts Original Final $ 490,627 $ 490,961 525,903 525,569 5,753 5,753 1,117 1,117 1,023,400 1,023,400 Actual Amounts $ 509,679 537,122 5,964 655 1,053,420 Variance With Final Budget $ 18,718 11,553 211 (462) 30,020 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 Transfers Total Expenditures 740,731 25,516 12,825 17,163 10,623 73,210 5,625 70,920 49,524 17,275 91 86 2,985 1,026,574 741,368 25,792 13,604 17,179 11,659 73,105 6,426 70,428 50,350 17,526 107 86 14,706 1,042,336 726,735 27,891 13,897 15,834 10,769 75,311 7,775 68,797 51,150 19,064 87 409 86 8,132 1,025,937 14,633 (2,099) (293) 1,345 890 (2,206) (1,349) 1,631 (800) (1,538) 20 (409) 6,574 16,399 Net Change in Fund Balance Fund Balance, Beginning of Year (3,174) 113,238 (18,936) 113,238 27,483 113,238 46,419 - Fund Balance, End of Year $ 110,064 $ 94,302 $ 140,721 $ 46,419 See accompanying notes to the basic financial statements. 23 COBB COUNTY SCHOOL DISTRICT STATEMENT OF FUND NET POSITION PROPRIETARY FUNDS JUNE 30, 2018 (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 $ 10,463 144 10,607 529 2,248 2 6 2,785 4,605 7,390 $ 3,217 See accompanying notes to the basic financial statements. 24 COBB COUNTY SCHOOL DISTRICT STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITON PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2018 (amounts expressed in thousands) OPERATING REVENUES: Charges for Services Total Operating Revenues Governmental Activities Internal Service Funds $ 8,146 8,146 OPERATING EXPENSES: School and Administrative Services Total Operating Expenses 6,081 6,081 Operating Income 2,065 Transfers-In 373 Change in Net Position 2,438 Total Net Position, Beginning of Year 779 Total Net Position, End of Year $ 3,217 See accompanying notes to the basic financial statements. 25 COBB COUNTY SCHOOL DISTRICT STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2018 (amounts expressed in thousands) Cash Flows from Operating Activities: Receipts from Interfund Services Provided Payments to Suppliers Payments for Medical Fees and Insurance Claims Payments to Employees Net Cash Provided by Operating Activities Cash Flows from Noncapital Financing Activities: Transfers-In Net Cash Provided by Noncapital Financing Activities Net Change in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year Cash and Cash Equivalents at End of Year Reconciliation of Operating Income to Net Cash Provided by Operating Activities: Operating Income Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities: Increase in Prepaids Decrease in Claims Payable Increase in Accounts Payable Decrease in Accrued Payroll and Payroll Withholdings Total Adjustments Net Cash Provided by Operating Activities See accompanying notes to the basic financial statements. Governmental Activities Internal Service Funds $ 8,146 (144) (6,137) (590) 1,275 373 373 1,648 8,815 10,463 $ 2,065 (130) (917) 259 (2) (790) $ 1,275 26 COBB COUNTY SCHOOL DISTRICT STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES FIDUCIARY FUNDS JUNE 30, 2018 (amounts expressed in thousands) Assets: Cash and Cash Equivalents Total Assets Liabilities: Due to Student Groups Payroll Withholdings Payable Total Liabilities Agency Funds $ 40,686 $ 40,686 $ 1,642 39,044 $ 40,686 See accompanying notes to the basic financial statements. 27 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Reporting Entity The Cobb County School District (District) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters of Cobb County and has a superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the District is a primary government and consists of all the organizations that compose its legal entity. A financial reporting entity consists of a primary government and its component units. A component unit is a legally separate entity that must be included in the reporting entity of a primary government in conformity with generally accepted accounting principles. Based on the guidance of the Governmental Accounting Standards Board (GASB) Statements No. 14 and No. 61, there are no component units combined with the District for financial statement presentation purposes, and the District is not included in any other governmental reporting entity. B. Basis of Presentation The District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and the notes to the basic financial statements of the Cobb County School District. District-wide Statements The Statement of Net Position and the Statement of Activities display information about the financial activities of the overall District, 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 non-exchange transactions. The Statement of Activities presents a comparison between direct expenses and program revenues for each function of the District's governmental activities. Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the District related to the administration and support of the District's programs, such as office and maintenance personnel and accounting) are not allocated to programs, except for federal indirect costs allocated to federal grant programs. 28 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Program revenues include charges paid by the recipients of goods or services offered by the programs as well as grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. Fund Financial Statements The fund financial statements provide information about the District's funds, 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) accounts for salestax proceeds required to be used for capital outlay for educational purposes as authorized by local referendum. System Wide/Countywide Building Fund accounts for the proceeds of short-term construction notes used for temporarily financing capital outlay in the SPLOST IV fund. Additionally, the District reports the following fund types: Special revenue funds account for restricted or committed specific revenues and their related expenditures. Special revenues for the District include various federal and state grants, donations to the District, rental of District facilities, charges for after-school programs, adult high school, and performing arts. Capital project funds account for restricted and assigned revenues and related capital expenditures. The expenditures are used for capital outlays for educational purposes as authorized by local referendum and management's decision. Internal service funds (proprietary funds) account for insurance and unemployment compensation provided to other funds of the District on a cost reimbursement basis. 29 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fiduciary funds (agency funds) account for assets and liabilities held by the District as an agent for various governments or individuals on the accrual basis of accounting. Specifically, the District temporarily holds assets for numerous school student activity organizations and payroll withholdings. C. Basis of Accounting/Measurement Focus The basis of accounting determines when transactions are reported on the financial statements. The District-wide governmental activities and proprietary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. Agency funds report only assets and liabilities and, accordingly, do not have a measurement focus. The District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The District considers all non-grant revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes, intergovernmental and interest are considered to be subject to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, claims and judgments, and compensated absences, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities and acquisitions under capital leases are reported as other financing sources. 30 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The State of Georgia reimburses the District for teachers' salaries and operating costs through the Quality Basic Education (QBE) Formula Earnings program. State of Georgia law defines the formula driven grant that determines the cost of an academic school year and the State of Georgia's share in this cost. Generally, teachers are contracted for the school year (July 1 June 30) and paid over a twelve-month contract period, generally September 1 through August 31. In accordance with the requirements of the enabling legislation of the QBE program, the State of Georgia reimburses the District over the same twelve-month period in which teachers are paid, funding the academic school year expenditures. At June 30, the amount of teachers' salaries incurred but not paid until July and August of the subsequent year are accrued as the State of Georgia has only postponed the final payment of their share of the cost until the subsequent appropriations for cash management purposes. By June 30 of each year, the State of Georgia has a signed appropriation that includes this final amount, which represents the State of Georgia's intent to fund this final payment. Based on guidance in Government Accounting Standards Board (GASB) Statement No. 33, paragraph 74, the State of Georgia recognizes its QBE liability for the July and August salaries at June 30, and the District recognizes the same QBE as a receivable and revenue, consistent with symmetrical recognition. Under the terms of grant agreements, the District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net position available to finance the program. It is the District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses result from providing services. Operating revenues in the internal service funds are charges to customers for services. Operating expenses for internal service funds consist of the cost of services and administrative expenses. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. D. Cash and Cash Equivalents The District's cash and cash equivalents are considered to be cash on-hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Law OCGA 45-8-14 authorizes the District to deposit its funds in one or more solvent banks or insured Federal savings and loans associations. 31 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 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, 2018, 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. 32 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 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, 2018 were as follows: (amounts expressed in thousands) Federal Receivables State / Local Receivables Intergovernmental Receivables General Fund $ - 83,611 $ 83,611 Special Purpose Local Option Sales Tax IV $ - 1,365 $ 1,365 Nonmajor Governmental $ 11,709 1,055 $ 12,764 Total $ 11,709 86,031 $ 97,740 Taxes Receivables Allowances Net Taxes Receivables General Fund $ 8,982 (925) $ 8,057 Special Purpose Local Option Sales Tax IV $ 11,989 $ 11,989 Nonmajor Governmental $ - - $ - Total $ 20,971 (925) $ 20,046 G. Property Taxes The Cobb County Board of Commissioners fixed the property tax levy for the 2017 tax digest year (calendar year) in July 2017 (levy date) based on property values as of January 1, 2017. Taxes were due on October 16, 2017 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2017 tax digest are reported as revenue in the governmental funds for fiscal year 2018. 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, 2018 totaled $502,801,000. 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 2017 tax year (calendar year) for the Cobb County School District were as follows (a mill equals $1 per thousand dollars of assessed value): School Operations 18.90 mills 33 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 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 $132,299,025 has been collected or on December 31, 2018, whichever occurs first. I. Tax Abatements Cobb County, through the Development Authority of Cobb County, allows for taxable revenue bond financing, pursuant to the Georgia Development Authorities Law, under Title 36 Chapter 62 of the Official Code of Georgia, in order to promote the creation of jobs and stimulate development activity within Cobb County. The taxable revenue bond financings result in the reduction of ad valorem (real and/or personal property) taxes. The County offers a reduction in property taxes through the structure of these financing arrangements. Specifically, the Development Authority of Cobb County, a tax-exempt public organization created independently from the County, may enter into agreements with private individuals or entities in order to incentivize these businesses to build, relocate, expand, or renovate in Cobb County. The agreements involve a bond issuance and saleleaseback transaction, whereby the Development Authority takes title to property and leases it back to the company. The business or individual is responsible for making ad valorem tax payments on its leasehold interest. The rental payments for the leasehold offset the debt service on the bonds over a fixed 10-year term, so that at the end of the incentive period, the bonds are fully retired and the company regains title of the property through an option to purchase. The Development Authority considers the fiscal impacts of a proposed project and weighs such benefits against the costs of reduced revenue impacts when considering whether to enter into a taxable revenue-bond deal with an individual or entity. Generally, eligible projects involve a commitment of significant capital investment and/or the creation of net new jobs to the County, which propose a favorable return on investment for the County. There are no additional commitments other than to provide favorable tax treatment. There are provisions for recapturing some portion of the value of these incentives in the event capital investment and job creation numbers are not met during the incentive period; however, the Development Authority can immediately return title to a company for a nonperforming project, which cancels the incentive going forward. There are no amounts receivable from other governments. 34 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) For the fiscal year ended June 30, 2018, the tax abatement programs noted above abated property taxes due to the School District that were levied on January 1, 2017 and due on October 15, 2017 totaling $1,859,837. Included in the amount abated, the following are individual tax abatement agreements that each exceeded 10 percent of the total amount abated: Tax Abatement Project Genuine Parts Home Depot USA - Real Home Depot USA HighWoods Realty LP % Abated 100 99 100 100 Amount of Taxes Abated (in thousands) $ 291,170 399,256 413,201 435,025 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, 2018, are recorded as prepaid, according to the consumption method. 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. 35 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Capitalization thresholds and estimated useful lives of capital assets reported in the Districtwide statements are as follows: General Useful Policy Life Land All N/A Buildings and Improvements $25,000 20 to 50 Years Equipment $10,000 5 to 10 Years Intangible Assets $1,000,000 10 Years Library Books and Textbooks All 5 Years 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 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 and OPEB (described in Note 1.N, Note 1.O, Note 14 and Note 15), Cobb County School District measures unavailable revenue, which arises under a modified accrual basis of accounting and qualifies for reporting in this category. Accordingly, unavailable revenue is reported only in the governmental funds balance sheet. Governmental funds report unavailable revenues from two sources: property taxes and intergovernmental. These amounts are deferred and recognized as inflows of resources in the period that the amounts become available. 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. 36 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the 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. Other Postemployment Benefits (OPEB) For purposes of measuring the net OPEB liability (asset), deferred outflows of resources and deferred inflows of resources related to OPEB and OPEB expense, information about the fiduciary net position of the Georgia School Employees Postemployment Benefit Fund (School OPEB Fund) and additions to/deductions from the School OPEB Fund's fiduciary net position have been determined on the same basis as they are reported by the School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. P. Net Position The School District's net position in the District-wide Statements are classified as follows: Net investment in capital assets This represents the School District's total investment in capital assets, net of outstanding debt obligations, as applicable, related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets. Restricted net position These amounts represent resources for which the School District is legally or contractually obligated to spend resources for capital projects and support of Federal Programs in accordance with restrictions imposed by external third parties. Unrestricted net position Unrestricted net position represents resources derived from property taxes, sales, taxes, grants and contributions not restricted to specific programs, charges for services, and miscellaneous revenues. These resources are used for transactions relating to the educational and general operations of the School District, and may be used at the discretion of its Board to meet current expenses for those purposes. 37 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Q. Fund Balance Fund equity at the governmental fund financial reporting level is classified as "fund balance". Fund equity for all other reporting is classified as "net position". Generally, fund balance represents the difference between the assets, liabilities, and deferred inflows of resources under the current financial resources measurement focus of accounting. In the fund financial statements, governmental funds report fund balance classifications that comprise a hierarchy based primarily on the extent to which the District is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. The District's fund balances per Cobb County School District Board Policy DI, Accounting and Reporting, are classified as follows: 1) Non-spendable Fund Balance - Non-cash assets such as inventories or prepaid items. 2) Restricted Fund Balance - Funds with limitations imposed on their use by external restrictions imposed by creditors, grantors, or laws or regulations of other governments. 3) Committed Fund Balance - Amounts that must be used for specific purposes pursuant to a formal action of the Board of Education through a majority vote by June 30. Only the Board may modify or rescind the commitment, through resolution by the Board of Education. 4) Assigned Fund Balance - Amounts that are intended by the Board of Education for specific purposes, but are neither restricted nor committed. The Board of Education can choose to delegate this authority. The Board and the Chief Financial Officer have the authority to assign fund balances. 5) Unassigned Fund Balance - Residual spendable fund balance after subtracting all above amounts. Positive unassigned values are only reported in the General Fund. 38 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 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 District's fiscal year-end. Likewise, future modification or rescission of committed funds must be accomplished by a formal majority vote of the Board of Education prior to fiscal year-end. Pursuant to the requirements of GASB Statement No. 54, the Board of Education, on June 8, 2011, committed substantially all of the revenue received by the following Special Revenue funds to be used exclusively for each respective program's expenditures. Special Revenue Fund Donations Facility Use / Public Safety After School Program Performing Arts / Art Career and Cultural Tuition School / Adult High School Local Schools Revenue Source Donations by individuals or organizations to benefit school programs. User rental fees and student parking permit fees. Funds earned or donated at local schools used by local principals to benefit students and faculty subject to District policy. Voluntary student contributions to fund Performing Arts Programs and donations to fund artist workshops at local schools. User tuition charges and GED fees. Funds earned or donated at local schools used by local principals to benefit students and faculty subject to District policy. Assigned Fund Balances The District's Board of Education, through resolution, delegates to the Superintendent, through the Chief Financial Officer, the authority to assign funds for particular purposes. Spending Prioritization When expenditures are incurred by the District that would qualify for payment with either restricted or unrestricted funds, they will be paid from restricted funds. 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 39 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Minimum Unassigned General Fund Balance The Board of Education will strive to maintain a minimum unassigned general fund balance, less encumbrances, equivalent to a range of 30 to 55 days of annual expenditures unless this is unfeasible due to circumstances beyond its control such as: a) A substantial decrease in the county property tax digest b) A substantial decrease in State funding c) An unanticipated fiscal necessity Schedule of Fund Balances Fund Balances: General Fund Special Purpose System Nonmajor Local Option Wide/ Governmental Sales Tax IV Countywide Funds Total Nonspendable: Inventory Prepaids $ 812,000 168,000 $ 2,204,000 $ 3,016,000 24,000 $ 192,000 Restricted for: Capital Projects School Nutrition Miscellaneous Grants $ 99,324,000 $ 165,000 4,268,000 16,706,000 29,000 $ 103,757,000 $ 16,706,000 $ 29,000 Committed to: Donations for the Benefit of School Programs Facility Use and Public Safety Programs Performing Arts and Art Career and Cultural Tuition School / Adult High School After School Program Local School Activities 204,000 1,330,000 307,000 1,585,000 4,257,000 9,359,000 $ 204,000 $ 1,330,000 $ 307,000 $ 1,585,000 $ 4,257,000 $ 9,359,000 Assigned to: Appropriation for Next Year's Budget Instruction Instructional Services School and Administrative Services Support Services - Business Maintenance and Operations Other Support Services Capital Outlay GNETS Districtwide 7,800,000 15,029,000 733,000 727,000 812,000 731,000 643,000 4,060,000 326,000 64,000 $ 7,800,000 $ 15,029,000 $ 733,000 $ 727,000 $ 812,000 $ 731,000 $ 643,000 $ 4,060,000 $ 326,000 $ 64,000 Unassigned: 109,206,000 (24,000) $ 109,182,000 Total Fund Balance $ 140,721,000 $ 99,324,000 $ 165,000 $ 40,639,000 $ 280,849,000 40 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 2. LEGAL COMPLIANCE BUDGETS The Board of Education budgets its operations on an annual basis for the General Fund and for all Special Revenue Funds except the Local Schools Fund. Capital Projects Funds are budgeted on a multi-year, project-length basis. Prior to July 1 each year, the administration of the District submits a proposed budget to the Board of Education, which conducts public hearings and legally adopts the budget. The administration then submits the adopted budget to the Georgia Department of Education for final approval. The District prepares its annual budget using the budgetary basis of accounting, which differs from generally accepted accounting principles in the United States of America (GAAP) as allowed by the State of Georgia. Under the budgetary basis of accounting, the District does not budget for other financing sources and uses, but rather budgets those as revenues and current expenditures of the funds. Appropriations not spent or encumbered lapse at year-end and encumbrances outstanding at that time are rebudgeted in the following fiscal year. Budget amendments that are funded through a decrease in fund balance must be approved by the Board of Education. All other budget amendments may be approved by the Superintendent or his designee. 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 conform to GAAP basis financial statements. Several supplementary appropriations were necessary during the fiscal year ended June 30, 2018. The District's budgetary statements for the General Fund differ somewhat from generally accepted accounting principles (GAAP) prepared statements. The dollar effect for these differences are detailed in the following reconciliation for the year-end net change in fund balance (budgetary basis) to the year-end net change in fund balance (GAAP basis): Reconciliation of GAAP to Budget Basis General Fund Actual Revenues GAAP Basis Other Financing Sources budgeted as revenues Budgeted Revenues, Budgetary Basis Actual Expenditures GAAP Basis Other Financing Uses budgeted as expenditures Budgetary Expenditures, Budgetary Basis $ 1,053,039,000 381,000 1,053,420,000 1,017,805,000 8,132,000 1,025,937,000 Net Change in Fund Balance, Budgetary Basis $ 27,483,000 Net Change in Fund Balance, GAAP Basis $ 27,483,000 41 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 2. LEGAL COMPLIANCE BUDGETS (Continued) For the year ended June 30, 2018, 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: Pupil Services $ Improvement of Instructional Services School Administration Business Services Student Transportation Central Operations School Nutrition Donations: Other Support Services After School Program: Instruction Tuition School/Adult High School: Improvement of Instructional Services Maintenance and Operation of Plant Miscellaneous Grants: Student Transportation Special Education: Instruction Student Transportation Title IV: Business Support Services 2,099,000 293,000 2,206,000 1,349,000 800,000 1,538,000 409,000 22,000 409,000 13,000 8,000 11,000 4,075,000 1,692,000 1,000 42 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 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. State statutes also allow deposits and investments (other than federal or state government instruments) amounts that exceed standard depository insurance limits to be collateralized by participation in the State of Georgia Secure Deposit Program. As of June 30, 2018, the financial institution holding some of the District's deposits is a participant in the State of Georgia Secure Deposit Program, which is administered by the Office of the State Treasurer, requires participating banks holding deposits of public funds to pledge collateral at varying rates depending on the tier assigned by the State. Acceptable security for deposits consists of any one of or any combination of the following: (1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, (2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, (3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, (4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, (5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, (6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and 43 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 3. CASH EQUIVALENTS, DEPOSITS AND INVESTMENTS (Continued) (7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. Cash Equivalents and Deposits Cash equivalents consist of bank checking, savings, money-market accounts, and certificate of deposits. Custodial credit risk-deposits and investments Custodial credit risk is the risk that in the event of bank failure, the District's cash equivalents and deposits may not be returned to the District. At June 30, 2018, the District had deposits with a carrying amount of $179,341,852 and a bank balance of $187,563,689. The bank balance was covered entirely by Federal depository insurance, by collateral held by the District or the District's agent in the District's name, or by a multiple financial institution collateral pool authorized by the State of Georgia that insures public deposits. The District has no custodial credit risk since there are no uncollateralized or uninsured securities not in the District's name. Investments As of June 30, 2018, the District's investments included $170,274,446 in a local government investment pool account called Georgia Fund 1, the combined state general fund and local government investment pool managed by the Office of the State Treasurer. On that date, these funds had a weighted average maturity of 10 days. In addition, the District had $269,856 in certificates of deposit in various financial institutions. These investments are reported as cash equivalents. The District's investment in Georgia Fund 1, 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 1. Georgia Fund 1, created by OCGA 36-83-8, is a stable asset value investment pool. 44 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 3. CASH EQUIVALENTS, DEPOSITS AND INVESTMENTS (Continued) Georgia Fund 1's primary objectives are safety of capital, investment income, liquidity and diversification while maintaining principal ($1 per share value). The pool is not registered with the SEC as an investment company. Asset value is calculated weekly to ensure stability. The pool distributes earnings (net of management fees) on a monthly basis and determines participant's shares sold and redeemed based on $1 per share. The pool also adjusts the value of its investments to fair market value as of year-end and the District's investment in the Georgia Fund 1 is reported at fair value. As of June 30, 2018, the District considers amounts held in Georgia Fund 1 as cash equivalents for financial statement presentation. Fair Value Measurements Georgia Fund 1 is an investment pool that does not meet the criteria of GASB Statement No. 79 and is thus valued at fair value in accordance with GASB Statement No. 31. As a result, the District does not disclose investment in Georgia Fund 1 within the fair value hierarchy. Credit Risk The District's investment policy is to apply the prudent investor rule which states "investments shall be made with judgment and care, under circumstances when prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the primary objective of safety of capital as well as the objective of obtaining a market rate of return." The policy of the District is to invest funds with larger banking institutions that are able to collateralize the public funds at 110%. Any bid to purchase securities must be from a broker/dealer who is a member of the NASD and SIPC and have a major presence in the metropolitan area. Concentration of Credit Risk Concentration of credit risk is defined as investments of more than 5% in any one issuer. Georgia Fund 1 is excluded from the requirement of disclosing concentration of credit risk. 45 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 3. CASH EQUIVALENTS, DEPOSITS AND INVESTMENTS (Continued) Interest Rate Risk In accordance with its investment policy, the District will minimize interest rate risk, which is the risk that the 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 that have this type of risk. Note 4. NON-MONETARY TRANSACTIONS The District received food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. See Note 1 Inventories Remainder of Page Intentionally Left Blank 46 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 5. CAPITAL ASSETS The following is a summary of changes in the capital assets during the fiscal year: Governmental Activities Balance June 30, 2017 Increases Decreases Balance June 30, 2018 Capital Assets, Not Being Depreciated: Land $ 133,818,000 $ 1,727,000 $ (692,000) $ 134,853,000 Construction In Progress 123,542,000 110,852,000 (72,054,000) 162,340,000 Total Capital Assets Not Being Depreciated 257,360,000 112,579,000 (72,746,000) 297,193,000 Capital Assets Being Depreciated: Buildings and Improvements 1,890,450,000 68,203,000 (4,056,000) 1,954,597,000 Intangibles 5,791,000 1,658,000 - 7,449,000 Equip ment Library /T ext books Total Capital Assets Being Depreciated 201,261,000 95,602,000 2,193,104,000 13,355,000 8,581,000 91,797,000 (7,534,000) (30,400,000) (41,990,000) 207,082,000 73,783,000 2,242,911,000 Less Accumulated Depreciation for: Buildings and Improvements Intangibles Equip ment 806,999,000 1,824,000 119,539,000 58,759,000 1,352,000 24,280,000 (2,853,000) - (7,160,000) 862,905,000 3,176,000 136,659,000 Library /T ext books 77,523,000 6,823,000 (30,400,000) 53,946,000 Total Accumulated Depreciation 1,005,885,000 91,214,000 (40,413,000) 1,056,686,000 Total Capital Assets Being Depreciated Net 1,187,219,000 Governmental Capital Assets,Net $ 1,444,579,000 583,000 $ 113,162,000 (1,577,000) 1,186,225,000 $ (74,323,000) $ 1,483,418,000 47 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 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 $ 68,016 3,452 2,811 8,763 8,128 44 91,214 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 $8,761,000 receivable due to the General Fund from various nonmajor governmental funds was primarily for the financing of federal and state grant expenditures whose reimbursements were pending at year-end, as detailed below. The $795,000 receivable due to Local Schools from the General Fund largely represented local school excess cash reserves invested with interest, net of the interfund payable. Interfund receivable and payable balances by fund as of June 30, 2018 are disclosed in the following schedule: Re ce ivable Payable Governmental Funds: General Fund $ 8,761,000 $ 795,000 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 795,000 795,000 192,000 228,000 68,000 3,583,000 3,440,000 198,000 539,000 19,000 68,000 426,000 8,761,000 Total $ 9,556,000 $ 9,556,000 48 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 7. INTERFUND TRANSFERS Interfund transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the fund that statute or budget requires to expend them and (2) to use unrestricted revenues in the general fund to finance various programs accounted for in other funds in accordance with budgetary authorizations. The transfer amount from the General Fund to the Countywide Building Fund was for the purchase of land for future use at a school site and for portable classroom expenditures. The remaining transfers out of the General Fund were to provide needed supplemental funding of various school support services. The transfer into the General Fund from nonmajor governmental funds represents excess uncommitted revenue above program expenditures that was moved to benefit the various instructional and support services of the District. Interfund transfers for the year ended June 30, 2018, 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: Countywide Building Fund Facility Use / Public Safety Fund Tuition School / Adult High School Fund Self-Insurance Fund General Fund Amount $ 6,540,000 949,000 270,000 373,000 $ 8,132,000 123,000 $ 123,000 Total for All Funds $ 8,255,000 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 converted to present value using an interest rate of 3%. 49 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 8. RISK MANAGEMENT (Continued) Estimated claims for the next fiscal year total $2,248,000 and the non-current liability for succeeding years is $4,605,000. 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 2017 $ 6,983,000 $ 4,847,000 $ (4,060,000) $ 7,770,000 2018 $ 7,770,000 $ 3,112,000 $ (4,029,000) $ 6,853,000 Note 9. SHORT-TERM NOTES In March 2018, the District issued $40,000,000 in revenue-anticipation notes to be applied to the current expenses of constructing, equipping and upgrading various school facilities and improvements as voted upon by District stakeholders in the Special Purpose Local Option Sales Tax referendum on March 19, 2013. The short-term construction notes bear an interest rate of 2.0% with a maturity date of December 20, 2018. The District will repay the notes with proceeds from the local option sales tax collected in calendar year 2018. The principal and interest payment on December 20, 2018, will total $40,642,222. The following represents the activity related to short-term notes during fiscal year ended June 30, 2018. Beginning Balance $ - $ - Additions $ 40,000,000 $ 40,000,000 Deletions $ - $ - Ending Balance $ 40,000,000 $ 40,000,000 Note 10. COMPENSATED ABSENCES It is the District's policy to allow employees to accumulate earned but unused vacation benefits. Employees are compensated for qualifying vacation benefits upon termination of their employment with the District. A liability for these vacation benefits are accrued and includes social security, medicare, and workers compensation. Employees are not compensated for sick leave benefits upon termination of their employment. Therefore, no liability is reported for earned but unused sick leave benefits. 50 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 11. LONG-TERM OBLIGATIONS Fiscal year 2018 long-term obligations are as follows: Accrued Vacation Pay Net OPEB Liabilit y Net Pension Liabilit y Total Balance 6/30/2017 Increases Decreases Balance 6/30/2018 Current Amounts Due Within One Year Long-term Amounts Due After One Year $ 10,046,000 $ 6,067,000 $ 5,668,000 $ 10,445,000 $ 5,893,000 $ 4,552,000 $ 932,084,000 $ 50,706,000 $ 103,372,000 $ 879,418,000 $ - $ 879,418,000 $ 1,150,862,000 $ 137,509,000 $ $ 2,092,992,000 $ 194,282,000 $ 260,169,000 $ 1,028,202,000 $ 369,209,000 $ 1,918,065,000 $ - $ 1,028,202,000 5,893,000 $ 1,912,172,000 Accrued vacation pay, pension, and OPEB obligations are largely liquidated by the General Fund. Note 12. ON-BEHALF PAYMENTS The State of Georgia makes certain health insurance and pension plan payments on behalf of the District for its employees. The District records these payments as both a revenue and expenditure in the General Fund. The total of the on-behalf payments for the fiscal year ended June 30, 2018 was $1,847,935. Note 13. COMMITMENTS AND CONTINGENCIES The District makes various contractual commitments on an ongoing basis for construction and remodeling of its capital assets. The major outstanding commitments as of June 30, 2018, included additions and renovations at one elementary school, one middle school, and six high schools. As of June 30, 2018, the contract price and expenditures to date for the largest projects were as follows: Project Contract Price Expenditures To Date Additions/Modifications Campbell HS $ 11,433,508 Additions/Modifications Harrison HS 23,539,237 Additions/Modifications North Cobb HS 25,525,453 Additions/Modifications South Cobb HS 10,051,076 New Replacement School Brumby ES 24,933,059 New Replacement School East Cobb MS 31,162,414 New Replacement School Osborne HS 55,062,326 New Replacement School Walton HS 88,088,183 $ 10,391,594 2,775,262 24,864,117 7,986,310 23,444,793 29,357,931 6,025,634 56,636,598 51 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 13. COMMITMENTS AND CONTINGENCIES (Continued) The District participates in numerous state and federal grant programs, which are governed by various rules and regulations of the grantor agencies. Costs charged to the respective grant programs are subject to audit and adjustment by the grantor agencies; therefore, to the extent that the District has not complied with the rules and regulations governing the grants, refunds of any money received may be required. In addition, the collectability of any related receivable at June 30, 2018, may be impaired. In the opinion of the District, there are no significant contingent liabilities relating to compliance with the rules and regulations governing the respective grants; for this reason, no provision has been recorded in the accompanying combined financial statements for such contingencies. The District is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the District's attorney and management, the resolution of these matters will not have a material adverse effect on the financial condition of the District. Note 14. RETIREMENT PLANS Teachers Retirement System of Georgia (TRS) Plan Description Substantially all teachers, administrators and clerical personnel are members of this costsharing multiple-employer defined benefit public employee retirement system. TRS was created in 1943 by an act of the Georgia General Assembly and is administered by a ten member Board of Trustees. TRS is funded by a combination of employee, employer and State of Georgia contributions. Benefits are established and may be amended by State statute and provide retirement, death, long-term disability, survivor and health insurance premium benefits. TRS issues a publicly available financial report that can be obtained at www.trsga.com/publications. Benefits Provided TRS retirement benefits are determined as 2 % of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. 52 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 14. 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 16.81 percent of the covered payroll. The District's contributions to TRS for the year ended June 30, 2018 was $107,389,386. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At June 30, 2018, 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 $ 1,028,202,243 State of Georgia's proportionate share of the net pension liability associated with the District 693,418 Total $ 1,028,895,661 The net pension liability was measured as of June 30, 2017. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2016. An expected total pension liability as of June 30, 2017 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, 2017. At June 30 2017, the District's proportion was 5.532339%, which was a decrease of 0.045424% from its proportion measured as of June 30, 2016. 53 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 14. RETIREMENT PLANS (Continued) For the year ended June 30, 2018, the District recognized pension expense of $114,380,657 and revenue of $10,589 for support provided by the State of Georgia for certain support personnel. At June 30, 2018, 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 Changes of Assumptions Net difference between projected and actual earnings on pension plan investments Changes in proportion and differences between District contributions and proportionate share of contributions District contributions subsequent to the measurement date Total De fe rre d Outflows of Re s ource s $ 38,461,097 22,539,468 De fe rre d Inflows of Re s ource s $ 3,880,327 - - 7,075,751 23,178,372 13,186,747 107,389,386 $ 191,568,323 $ 24,142,825 District contributions subsequent to the measurement date of $107,389,386 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, 2019. 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: 2019 2020 2021 2022 2023 Total $ (4,915,991) 58,947,121 32,265,453 (26,728,553) 468,082 $ 60,036,112 54 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 14. RETIREMENT PLANS (Continued) Actuarial assumptions: The total pension liability as of June 30, 2017 was determined by an actuarial valuation as of June 30, 2016 using the following actuarial assumptions, applied to all periods included in the measurement: Inflation Salary increases Investment rate of return 2.75% 3.25-9.00%, average, including inflation 7.50%, net of pension plan investment expense including inflation 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. 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, 2016 valuation were based on the results of an actuarial experience study for the period July 1, 2009 June 30, 2014. 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: Long-term Target expected real Asset class allocation rate of return* Fixed income Domestic large equities Domestic mid equities Domestic small equities International developed market equities International emerging market equities Total 30.00% 39.80 3.70 1.50 19.40 5.60 100.00% (0.50)% 9.00 12.00 13.50 8.00 12.00 * Rates shown are net of the 2.75% assumed rate of inflation 55 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 14. 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 $ 1,687,400,517 Current discount rate (7.5%) $ 1,028,202,243 1 % Increase (8.5%) $ 485,171,027 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, 2018, the District reported a payable of $12,133,177 for the outstanding amount of contributions to the TRS pension plan required for the year ended June 30, 2018. Public School Employee Retirement System of Georgia (PSERS) Plan Description PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. These employees include bus drivers, maintenance, custodial, and lunchroom personnel. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. 56 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 14. RETIREMENT PLANS (Continued) 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. 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, 2018 was $505,815 with an average number of participants of 1,094. 57 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 14. RETIREMENT PLANS (Continued) Pension Liabilities and Pension Expense At June 30, 2018, 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 $9,299,926 The net pension liability was measured as of June 30, 2017. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2016. An expected total pension liability as of June 30, 2017 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, 2017. For the year ended June 30, 2018, the District recognized pension expense of $1,874,297 and revenue of $1,874,297 for support provided by the State of Georgia. Actuarial assumptions: The total pension liability was determined by an actuarial valuation as of June 30, 2016, 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, 2016 valuation were based on the results of an actuarial experience study for the period July 1, 2009 June 30, 2014. 58 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 14. RETIREMENT PLANS (Continued) The long-term expected rate of return on pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of pension plan investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Asset class Target allocation Long-term expected real rate of return* Fixed income Domestic large equities Domestic 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 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. 59 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) Plan Description The District participates in the State of Georgia School Employees Postemployment Benefit Fund (the School OPEB Fund) which is another postemployment benefit (OPEB) plan administered by the State of Georgia Department of Community Health (DCH). Certified teachers and non-certified employees of the District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit postemployment healthcare plan, reported as an employee trust fund of the State of Georgia and administered by a Board of Community Health (DCH Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the DCH Board. The School OPEB Fund is included in the State of Georgia Comprehensive Annual Financial Report which is publicly available and can be obtained at https://sao.georgia.gov/comprehensive-annual-financialreports. Benefits The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies, and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted. Contributions As established by the Board of Community Health, the School OPEB Fund is substantially funded on a pay-as-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions required and made to the School OPEB Fund from the District were $32,079,432 for the year ended June 30, 2018. Active employees are not required to contribute to the School OPEB Fund. 60 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued) OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB Effective July 1, 2017, the District implemented the provisions of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, which significantly changed the District's accounting for OPEB amounts. The information disclosed in this note is presented in accordance with this new standard. At June 30, 2018, the District reported a liability of $879,418,172 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2017. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2016. An expected total OPEB liability as of June 30, 2017 was determined using standard roll-forward techniques. The District's proportion of the net OPEB liability was actuarially determined based on employer contributions to the School OPEB Fund during the fiscal year ended June 30, 2017. At June 30 2017, the District's proportion was 6.259222%, which was a decrease of 0.03% (or 0.030020)% from its proportion measured as of June 30, 2016. For the year ended June 30, 2018, the District recognized OPEB expense of $50,449,682. At June 30, 2018, the District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Changes of Assumptions Net difference between projected and actual earnings on OPEB plan investments Changes in proportion and differences between District contributions and proportionate share of contributions District contributions subsequent to the measurement date Total De fe rre d Outflows of Re s ource s $ - De fe rre d Inflows of Re s ource s $ 66,965,449 257,216 - - 3,770,841 32,079,432 $ 32,336,648 $ 70,736,290 61 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued) District contributions subsequent to the measurement date of $32,079,432 are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2019. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Total Year ended June 30: 2019 2020 2021 2022 2023 2024 $ (12,658,051) (12,658,051) (12,658,051) (12,658,051) (12,722,354) (7,124,516) $ (70,479,074) Actuarial assumptions: The total OPEB liability as of June 30, 2017 was determined by an actuarial valuation as of June 30, 2016 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2017: Inflation Salary increases Long-term expected rate of return Healthcare cost trend rate: Pre-Medicare Eligible Medicare Eligible Ultimate trend rate Pre-Medicare Eligible Medicare Eligible Year of Ultimate trend rate 2.75% TRS - 3.25 9.00%, including inflation PSERS N/A 3.88%, compounded annually, net of investment expense, and including inflation 7.75% 5.75% 5.00% 5.00% 2022 Mortality rates were based on the RP-2000 Combined Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements based on Scale BB as follows: For TRS Members: The RP-2000 White Collar Mortality Table projected to 2025 with projection scale BB (set forward 1 year for males) was used for death after service retirement and beneficiaries. The RP-2000 Disabled Mortality Table projected to 2025 with projection scale BB (set forward 2 years for males and four years for females) was used for death after disability retirement. 62 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued) For PSERS Members: The RP-2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females) was used for the period after service retirement and for beneficiaries of deceased members. The RP-2000 Disabled Mortality Table projected to 2025 with projection scale BB (set forward 5 years for both males and females) was used for the period after disability retirement. The actuarial assumptions used in the June 30, 2016 valuation were based on the results of an actuarial experience study for the pension system, which covered the five-year period ending June 30, 2014. Projection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the Board and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. Additionally, there was a change that affected measurement of the total OPEB liability since the prior measurement date. The methodology used to determine employee and retiree participation in the School OPEB Fund is based on their current or last employer payroll location. Current and former employees of public school districts, libraries, regional educational service agencies, and community colleges are allocated to the School OPEB Fund irrespective of retirement system affiliation. The long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Long-Term Expected Asset Class Target Allocation Real Rate of Return Local Government Investment Pool 100% 3.88% 63 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued) Discount rate: The discount rate has changed since the prior measurement date from 3.07% to 3.58%. In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 3.58% was used as the discount rate. This is comprised mainly of the yield or index rate for 20 year tax-exempt general obligation municipal bonds with an average rating of AA or higher (3.56% per the Bond Buyer Index). The projection of cash flows used to determine the discount rate assumed that the current sharing of costs between the employer and the member will continue and that contributions from the employer will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2115. Based on these assumptions, the OPEB plan's fiduciary net position was projected to be available to make OPEB payments for inactive employees through year 2029. Therefore, the long-term expected rate of return on OPEB plan investments was applied to discount projected benefit payments until 2029. The discount rate of 3.58% was the single rate which, when applied to all projected benefit payments, resulted in the same present value of benefit payments when the above discussed calculations are combined. The calculated discount rate of 3.58% was applied to all periods of projected benefit payments to determine the total OPEB liability. Sensitivity of the District's proportionate share of the net OPEB liability to changes in the discount rate: The following presents the District's proportionate share of the net OPEB liability calculated using the discount rate of 3.58%, as well as what the District's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1percentage-point lower (2.58%) or 1-percentage-point higher (4.58%) than the current rate: District's proportionate share of the net pension liability 1% Decrease (2.58%) $ 1,044,151,550 Current Discount Rate (3.58%) $ 879,418,172 1 % Increase (4.58%) $ 749,410,172 64 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2018 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued) Sensitivity of the District's proportionate share of the net OPEB liability to changes in the healthcare cost trend rate: The following table presents the District's proportionate share of the net OPEB liability calculated using the healthcare cost trend rates of 5.00% to 7.75%. The table also shows what the District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower (4.00% to 6.75%) and 1-percentage-point higher (6.00% to 8.75%) than the current rates: District's proportionate share of the net pension liability 1% Decrease (4.00% to 6.75%) $ 728,937,474 Current Discount Rate (5.00% to 7.75%) 1 % Increase (6.00% to 8.75%) $ 879,418,172 $ 1,075,343,810 Note 16. CHANGE IN ACCOUNTING PRINCIPLE In conjunction with the implementation of Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (other postemployment benefits or OPEB), the District is required to change its accounting treatment of OPEB liabilities and the related OPEB expense. The new standard requires that the District's proportionate share of the net OPEB liability be recorded on the Statement of Net Position. Therefore, in conjunction with the implementation of Statement No. 75, the following restatement was required to the beginning net position of the Governmental Activities to properly recognize the District's net OPEB liability and related deferred outflows of resources for contributions subsequent to the measurement date as of the end of the prior period: Net Position - beginning, as previously reported Recognition of the Net OPEB Liability related to the OPEB plan, in accordance with GASB Statement No. 75 Recognition of the beginning of the measurement period deferred outflows of resources for contributions subsequent to the measurement period, in accordance with GASB Statement No. 75 Governmental Activities $ 829,062,000 (932,084,000) 32,636,000 $ (70,386,000) 65 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2018 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 2018 2017 2016 2015 5.532% 5.578% 5.409% 5.327% $1,028,202 $1,150,755 $823,417 $673,042 694 1,761 1,497 1,082 $1,028,896 $1,152,516 $824,914 $674,124 District's covered payroll during measurement period 635,179 District's proportionate share of the net pension liability as a percentage of its covered payroll 161.88% Plan fiduciary net position as a percentage of the total pension liability 79.33% 612,318 570,929 544,177 187.93% 144.22% 123.68% 76.06% 81.44% 84.03% Note: Schedule is intended to show information for the last ten fiscal years. Additional years will be displayed as they become available. 66 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2018 Schedule of Contributions Teacher Retirement System of Georgia Last 10 Fiscal Years (amounts expressed in thousands) Contractually required contribution 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 $ 107,389 $ 90,646 $ 87,340 75,145 66,741 63,011 58,156 57,920 58,052 56,849 Contributions in relation to the contractually required contribution 107,389 90,646 87,340 75,145 66,741 63,011 58,156 57,920 58,052 56,849 Contribution Deficiency $ -$ - - - - - - - - - District's covered payroll $ 638,999 $ 635,179 $ 612,318 570,929 544,177 551,528 564,936 565,694 594,769 612,597 Contributions as a percentage of covered payroll 16.81% 14.27% 14.26% 13.16% 12.26% 11.42% 10.29% 10.24% 9.76% 9.28% Source: District Records. This schedule is presented to illustrate the requirement to show information for ten fiscal years. 67 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2018 Notes to Required Supplementary Information For the Year Ended June 30 Teacher Retirement System of Georgia 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). 68 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2018 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 2018 2017 2016 2015 0.0% 0.0% 0.0% 0.0% $ -$ -$ -$ - 9,300 12,322 8,097 7,321 $ 9,300 $ 12,322 $ 8,097 $ 7,321 District's covered-employee payroll during measurement period $ 34,462 $ 38,188 $ 34,827 $23,583 District's proportionate share of the net pension liability as a percentage of its covered-employee payroll Plan fiduciary net position as a percentage of the total pension liability N/A 85.69% N/A 81.00% N/A N/A 87.00% 88.29% Note: Schedule is intended to show information for the last ten fiscal years. Additional years will be displayed as they become available. 69 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2018 Notes to Required Supplementary Information For the Year Ended June 30 Public Schools Employees Retirement System 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). 70 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2018 Schedule of Proportionate Share of the Net OPEB Liability - School OPEB Fund For the Year Ended June 30 District's proportion of the net OPEB liability District's proportionate share of the net OPEB liability Total District's covered-employee payroll District's proportionate share of the net OPEB liability as a percentage of its covered-employee payroll Plan fiduciary net position as a percentage of the total OPEB liability 2018 6.259222% $ 879,418,172 $ 879,418,172 $ 548,725,520 160.27% 1.61% Note: Schedule is intended to show information for the last ten fiscal years. Additional years will be displayed as they become available. 71 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2018 Schedule of Contributions - School OPEB Fund For the Year Ended June 30 Contractually required contributions Contributions in relation to the contractually required contributions Contribution deficiency (excess) District's covered-employee payroll Contributions as a percentage of covered-employee payroll 2018 $ 32,079,432 $ 32,079,432 $ - $ 555,635,744 5.87% Note: Schedule is intended to show information for the last ten fiscal years. Additional years will be displayed as they become available. 72 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2018 Notes to Required Supplementary Information For the Year Ended June 30 School OPEB Fund Changes of benefit terms: In the June 30, 2010 actuarial valuation, there was a change of benefit terms to require Medicare-eligible recipients to enroll in a Medicare Advantage plan to receive the State subsidy. Changes in assumptions: In the revised June 30, 2017 actuarial valuation, there was a change relating to employee allocation. Employees were previously allocated based on their Retirement System membership, and currently employees are allocated based on their current employer payroll location. In the June 30, 2015 actuarial valuation, decremental and underlying inflation assumptions were changed to reflect the Retirement Systems' experience studies. In the June 30, 2012 actuarial valuation, a data audit was performed and data collection procedures and assumptions were changed. 73 (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 Miscellaneous Grants This fund is created to provide accounting for the Tuition School Program which provides the opportunity for students to make up school classes and provide enrichment and remedial work at various instructional levels. This program is supported by user tuition charges. This fund is created to account for funds for the Adult High School Program which provides the opportunity for students 16 years of age, and older, who are not enrolled in a regular high school, to improve their basic educational skills and work towards high school completion. This fund is established to provide accounting of funds received and represent a compilation of several grants which are awarded for educational purposes. 74 School Nutrition Pre-Kindergarten (Lottery) 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 prepare children for Kindergarten. This program is funded by the Georgia lottery and is a voluntary for all eligible four year olds residents. 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. 75 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. 76 COBB COUNTY SCHOOL DISTRICT COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2018 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Intergovernmental Receivable Accounts Receivable Due From Other Funds Prepaid Expenditures Inventories Total Assets LIABILITIES AND FUND BALANCES: Liabilities: Accounts Payable Intergovernmental Payables Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities and Fund Balances Special Revenue Donations Facility Use/ Public Safety After School Program Performing Arts/ Art Career and Cultural $ 224 $ 1,355 $ 4,304 $ 307 - - - - - - - - - - - - - - - - - - - - $ 224 $ 1,355 $ 4,304 $ 307 $ 20 $ 16 $ 45 $ - - 8 1 - - 1 1 - - - - - - - - - 20 25 47 - - - - - - - - - 204 1,330 4,257 307 - - - - - - - - 204 1,330 4,257 307 $ 224 $ 1,355 $ 4,304 $ 307 77 Tuition School/ Adult High School Misc. Grants Special Revenue School Nutrition PRE K Lott Adult Education GNETS $ 1,861 $ - $ 1,861 $ - $ 19,341 $ 258 - 184 60 - - - - - 2,204 442 $ 21,605 $ 9$ -$ - - 286 725 - - - - - - - 1 - - - - 9 $ 287 $ 725 $ 12 $ -$ 83 $ 210 242 10 1,025 22 1 711 - 192 - - - 876 276 413 2,695 1,585 1,585 $ 1,861 $ - 2,204 29 16,706 - - - - - - 29 18,910 442 $ 21,605 $ -$ 7$ 2 6 41 221 3 11 108 - 228 68 - - - 9 287 399 - 1 - - - - - - - - - 326 - (1) - - - 326 9 $ 287 $ 725 Continued--- 78 COBB COUNTY SCHOOL DISTRICT COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2018 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Intergovernmental Receivable Accounts Receivable Due From Other Funds Prepaid Expenditures Inventories Total Assets LIABILITIES AND FUND BALANCES: Liabilities: Accounts Payable Intergovernmental Payables Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities and Fund Balances Special Revenue Title I Special Vocational Education Education Title II $ -$ -$ -$ - 5,087 4,930 192 683 - - - - - - - - 13 - 6 - - - - - $ 5,100 $ 4,930 $ 198 $ 683 $ 53 $ -$ -$ 16 1,081 994 - 104 383 496 - 24 3,583 3,440 198 539 - - - - 5,100 4,930 198 683 13 - 6 - - - - - - - - - - - - - (13) - (6) - - - - - $ 5,100 $ 4,930 $ 198 $ 683 79 Homeless Grant Special Revenue USDA Fruits and Vegetables Title III Title IV Local School Funds $ -$ -$ -$ - $ 8,564 19 - 125 459 - - - - - - - - - - 795 - - - 4 - - - - - - $ 19 $ - $ 125 $ 463 $ 9,359 $ -$ -$ 2$ 9$ - - - 39 26 - - - 16 2 - 19 - 68 426 - - - - - - 19 - 125 463 - - - - 4 - - - - - - - - - - 9,359 - - - - - - - - (4) - - - - - 9,359 $ 19 $ - $ 125 $ 463 $ 9,359 Continued--- 80 COBB COUNTY SCHOOL DISTRICT COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2018 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Intergovernmental Receivable Accounts Receivable Due From Other Funds Prepaid Expenditures Inventories Total Assets LIABILITIES AND FUND BALANCES: Liabilities: Accounts Payable Intergovernmental Payables Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities and Fund Balances Capital Projects District- Special Purpose wide Local Option Building Sales Tax III Total $ 619 $ - - - - $ 619 $ 4,381 $ - 4,381 $ 40,965 12,764 244 795 24 2,204 56,996 $ 555 $ 555 - - - 64 - 64 $ 619 $ 113 $ 113 933 210 3,798 1,779 8,761 876 16,357 4,268 4,268 4,381 $ 2,228 21,003 17,042 390 (24) 40,639 56,996 Concluded. 81 (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, 2018 (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 $ -$ -$ -$ - - 1,314 9,742 355 - - - - - - - - 137 - - 1 137 1,314 9,742 356 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) 43 - 1,288 350 17 - - - 20 - - - 67 536 9,080 - - - - - - 1,512 - - - - - - 22 - 138 - 169 2,048 10,506 350 (32) (734) (764) 6 - 949 - - - (123) - - - - - - - 826 - - Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year (32) 92 (764) 6 236 1,238 5,021 301 $ 204 $ 1,330 $ 4,257 $ 307 82 Tuition School/ Adult High School Misc. Grants Special Revenue School Nutrition PRE K Lottery Adult Education GNETS $ -$ 421 $ 33,939 $ 934 - 18,689 - - 214 - - - - 643 112 934 1,064 52,954 104 $ - 104 1,114 $ - 1,114 5,771 - 74 5,845 565 153 - - - - 142 279 - 254 18 53,222 - 11 - 10 - - - - - - 27 27 971 488 53,249 104 - 4,680 - - 681 - - 264 - 1,114 207 - - 16 - - 7 - - - - - 1 104 1,114 5,856 (37) 576 (295) 270 - 270 233 1,352 $ 1,585 $ - - - - - 7 - 7 576 (547) (288) 19,198 29 $ 18,910 $ - - - -$ - (11) - - - - - - - - - (11) - 337 -$ 326 Continued--- 83 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2018 (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 $ 21,741 $ 21,056 $ - - - - - - - - 21,741 21,056 754 $ 1,998 - - - - - - - - 754 1,998 8,360 2,686 10,020 481 184 10 21,741 12,029 2,001 4,101 1,213 1,712 21,056 587 - - - 35 1,692 11 280 - - - - - - 121 26 754 1,998 - - - - - - - - - - - - - - - - - - - - - - - - - - - - $ -$ -$ -$ - 84 Special Revenue Homeless Grant USDA Fruit and Vegetables Title III Title IV Local School Funds $ 79 $ 77 $ 1,171 $ 743 $ - - - - - 28,136 - - - - 3 - - - - 3,528 - - - - - 79 77 1,171 743 31,667 7 - 139 420 - 6 - 287 140 - 38 - 614 68 - 2 77 - 44 - 26 - - 59 - - - - 3 - - - - - 30,691 - - 131 9 - 79 77 1,171 743 30,691 - - - - 976 - - - - - - - - - - - - - - - - - - - - - - - - 976 - - - - 8,383 $ -$ -$ -$ - $ 9,359 Continued--- 85 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2018 (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 $ -$ - - - 7 82 - - 48 - 55 82 Total $ 88,968 59,170 306 3,528 1,015 152,987 EXPENDITURES: Current: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operation of Plant Student Activities Capital Outlay Total Expenditures - 798 - 6,192 6,990 - 1,995 - 2,935 4,930 28,725 5,818 17,273 69,399 2,008 1,532 30,691 9,639 165,085 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) (6,935) 6,540 - 10 6,550 (4,848) - (12,098) 7,759 (123) 17 7,653 Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year (385) 449 (4,848) 9,116 (4,445) 45,084 $ 64 $ 4,268 $ 40,639 Concluded. 86 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, 2018 (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 $ 137 $ 137 $ 137 $ - 137 137 137 - 57 57 49 49 81 81 3 3 4 4 2 2 158 158 9 9 1 1 43 14 17 32 20 61 - 3 2 2 - 2 56 102 31 (22) - 1 364 364 169 195 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year (227) (227) (32) 195 236 236 236 - $ 9$ 9$ 204 $ 195 87 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, 2018 (amounts expressed in thousands) REVENUES: Local Other Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 1,319 $ 1,348 $ 1,314 $ (34) 949 961 949 (12) 2,268 2,309 2,263 (46) EXPENDITURES: Maintenance and Operation of Plant 1,558 1,594 1,512 82 Community Service Operations 710 715 659 56 Total Expenditures 2,268 2,309 2,171 138 Net Change in Fund Balance - - 92 92 Fund Balance, Beginning of Year 1,238 1,238 1,238 - Fund Balance, End of Year $ 1,238 $ 1,238 $ 1,330 $ 92 88 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, 2018 (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 $ 9,703 $ 9,703 $ 9,742 $ 39 9,703 9,703 9,742 39 879 8,824 9,703 879 12,995 13,874 1,288 9,218 10,506 (409) 3,777 3,368 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year $ 5,021 5,021 $ (4,171) 5,021 850 $ (764) 5,021 4,257 $ 3,407 - 3,407 89 COBB COUNTY SCHOOL DISTRICT PERFORMING ARTS/ART CAREER AND CULTURAL PROGRAM-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2018 (amounts expressed in thousands) REVENUES: Local Total Revenues EXPENDITURES: Instruction Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 411 $ 411 $ 356 $ (55) 411 411 356 (55) 411 411 350 61 411 411 350 61 Net Change in Fund Balance - - 6 6 Fund Balance, Beginning of Year 301 301 301 - Fund Balance, End of Year $ 301 $ 301 $ 307 $ 6 90 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, 2018 (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 $ 822 $ 831 $ 934 $ 103 270 270 270 - 1,092 1,101 1,204 103 627 635 565 70 129 129 142 (13) 7 7 - 7 22 22 3 19 1 2 10 (8) 3 3 3 - 303 303 248 55 1,092 1,101 971 130 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - 233 233 1,352 1,352 1,352 - $ 1,352 $ 1,352 $ 1,585 $ 233 91 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, 2018 (amounts expressed in thousands) REVENUES: Local State Federal Other Sources Total Revenues EXPENDITURES: Instruction Improvement of Instructional Services General Administration Student Transportation Community Services Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 15 $ 39 $ 619 $ 580 - 702 421 (281) - - - - 376 298 24 (274) 391 1,039 1,064 25 - 686 180 506 391 334 279 55 - 9 8 1 - - 11 (11) - 10 10 - 391 1,039 488 551 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - 576 576 (547) (547) (547) - $ (547) $ (547) $ 29 $ 576 92 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, 2018 (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 $ 19,412 $ 19,412 $ 18,903 $ 1,322 1,322 1,359 34,982 34,982 32,580 7 7 119 55,723 55,723 52,961 (509) 37 (2,402) 112 (2,762) 58,577 58,577 58,619 58,619 53,249 53,249 5,370 5,370 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year (2,854) 19,198 (2,896) 19,198 (288) 19,198 $ 16,344 $ 16,302 $ 18,910 $ 2,608 - 2,608 93 COBB COUNTY SCHOOL DISTRICT PRE K LOTTERY-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2018 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: Instruction Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 104 $ 104 $ 104 $ - 104 104 104 - 104 104 104 - 104 104 104 - Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 94 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, 2018 (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 $ 515 $ 493 $ 468 $ (25) 681 704 646 (58) 1,196 1,197 1,114 (83) 1,196 1,197 1,114 83 1,196 1,197 1,114 83 Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 95 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, 2018 (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 $ 5,126 $ 5,333 $ 5,303 $ 415 905 468 31 104 74 5,572 6,342 5,845 (30) (437) (30) (497) 4,071 4,934 4,680 254 849 849 681 168 411 296 264 32 51 53 53 - 153 155 154 1 10 20 1 19 7 7 7 - 20 28 16 12 5,572 6,342 5,856 486 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - (11) (11) 337 337 337 - $ 337 $ 337 $ 326 $ (11) 96 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, 2018 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Federal Grant Administration General Administration Student Transportation Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 22,610 $ 28,625 $ 21,741 $ 22,610 28,625 21,741 (6,884) (6,884) 8,588 2,468 10,140 752 453 209 22,610 10,679 3,217 12,908 1,032 593 196 28,625 8,370 2,686 9,430 590 481 184 21,741 2,309 531 3,478 442 112 12 6,884 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 97 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, 2018 (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 $ 20,041 $ 22,209 $ 21,056 $ 20,041 22,209 21,056 (1,153) (1,153) 8,003 5,003 5,073 1,076 886 20,041 7,954 6,420 6,496 1,319 20 22,209 12,029 2,001 4,101 1,213 1,712 21,056 (4,075) 4,419 2,395 106 (1,692) 1,153 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 98 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, 2018 (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 $ 708 $ 754 $ 754 $ - 708 754 754 - 647 708 708 - 51 26 26 - 8 11 11 - 2 9 9 - 708 754 754 - Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 99 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, 2018 (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 $ 1,702 $ 3,083 $ 1,998 $ (1,085) 1,702 3,083 1,998 (1,085) 1,225 35 277 165 1,702 2,368 69 494 152 3,083 1,610 44 236 108 1,998 758 25 258 44 1,085 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 100 COBB COUNTY SCHOOL DISTRICT HOMELESS GRANT-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2018 (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 $ 69 $ 94 $ 79 $ (15) 69 94 79 (15) 8 7 7 - 5 10 6 4 1 2 2 - 23 29 26 3 32 46 38 8 69 94 79 15 Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 101 COBB COUNTY SCHOOL DISTRICT USDA-FRESH FRUITS & VEGETABLES-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2018 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: School Nutrition Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 16 $ 77 $ 77 $ - 16 77 77 - 16 77 77 - 16 77 77 - Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 102 COBB COUNTY SCHOOL DISTRICT TITLE III-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2018 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Student Transportation Federal Grant Administration Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 1,539 $ 2,185 $ 1,171 $ (1,014) 1,539 2,185 1,171 (1,014) 136 845 532 5 21 1,539 612 501 1,023 7 42 2,185 270 287 592 22 1,171 342 214 431 7 20 1,014 Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 103 COBB COUNTY SCHOOL DISTRICT TITLE IV-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2018 (amounts expressed in thousands) REVENUES: Federal Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 516 $ 1,356 $ 743 $ (613) 516 1,356 743 (613) EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Federal Grant Administration General Administration Business Support Services Maintenance Student Transportation Other Support Service Total Expenditures 283 721 429 292 135 344 140 204 6 85 26 59 36 61 42 19 11 31 17 14 17 17 18 (1) - 4 3 1 28 72 59 13 - 21 9 12 516 1,356 743 613 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 104 Internal Service Funds These funds are established to account for the financing of goods or services provided by one department to other departments on a cost-reimbursement basis. The District has two individual funds in the Internal Service Funds category. The Unemployment Compensation and SelfInsurance are used to account for the District's self-insurance programs. 105 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF FUND NET POSITION INTERNAL SERVICE FUNDS JUNE 30, 2018 (amounts expressed in thousands) Assets: Unemployment Compensation Fund SelfInsurance Fund Total Current Assets: Cash Prepaids Total Current Assets $ 671 $ 9,792 $ 10,463 - 144 144 671 9,936 10,607 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 $ 14 515 529 - 2,248 2,248 - 2 2 - 6 6 14 2,771 2,785 - 4,605 4,605 14 7,376 7,390 657 $ 2,560 $ 3,217 106 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION INTERNAL SERVICE FUNDS FOR THE YEAR ENDED JUNE 30, 2018 (amounts expressed in thousands) OPERATING REVENUES: Charges for Services Total Revenues Unemployment Compensation Fund SelfInsurance Fund Total $ 70 $ 8,076 $ 8,146 70 8,076 8,146 OPERATING EXPENSES: School and Administrative Services Total Expenditures 44 6,037 6,081 44 6,037 6,081 Operating Income 26 2,039 2,065 Transfers-In - 373 373 Change in Net Position 26 2,412 2,438 Total Net Position, Beginning of Year 631 148 779 Total Net Position, End of Year $ 657 $ 2,560 $ 3,217 107 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR THE YEAR ENDED JUNE 30, 2018 (amounts expressed in thousands) Cash Flows from Operating Activities: Receipts from Interfund Services Provided Payments to Suppliers Payments for Medical Fees and Insurance Claims Payments to Employees Net Cash Provided by Operating Activities Cash Flows from Noncapital Financing Activities: Transfers-In Net Cash Provided by Noncapital Financing Activities Net Change in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year Cash and Cash Equivalents at End of Year Reconciliation of Operating Income to Net Cash Provided by Operating Activities: Operating Income Adjustments to Reconcile Operating Income Net Cash Provided by Operating Activities: Increase in Prepaid Items Decrease 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 $ 70 $ 8,076 $ 8,146 - (144) (144) (36) (6,101) (6,137) - (590) (590) 34 1,241 1,275 - 373 373 - 373 373 34 1,614 1,648 637 8,178 8,815 $ 671 $ 9,792 $ 10,463 $ 26 $ 2,039 $ 2,065 - (130) (130) - (917) (917) 8 251 259 - (2) (2) 8 (798) (790) $ 34 $ 1,241 $ 1,275 108 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. 109 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES FIDUCIARY FUNDS JUNE 30, 2018 (amounts expressed in thousands) Agency Funds ASSETS: Cash and Cash Equivalents Total Assets Student Activity Payroll Withholding Total $ 1,642 $ 39,044 $ 40,686 $ 1,642 $ 39,044 $ 40,686 LIABILITIES: Due to Student Groups $ Payroll Withholdings Payable Total Liabilities $ 1,642 $ - 1,642 $ - $ 39,044 39,044 $ 1,642 39,044 40,686 110 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF CHANGES IN FIDUCIARY ASSETS AND LIABILITIES FIDUCIARY FUNDS FOR THE YEAR ENDED JUNE 30, 2018 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Balance, Beginning of Year Additions Deductions Balance, End of Year Student Activity Payroll Withholding $ 1,592 $ 40,310 $ 1,764 (1,714) 547,617 (548,883) $ 1,642 $ 39,044 $ 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 $ 1,592 $ 1,764 (1,714) 1,642 -$ - - 40,310 - 547,617 - (548,883) - 39,044 1,592 40,310 1,764 (1,714) 547,617 (548,883) $ 1,642 $ 39,044 $ Total 41,902 549,381 (550,597) 40,686 1,592 1,764 (1,714) 1,642 40,310 547,617 (548,883) 39,044 41,902 549,381 (550,597) 40,686 111 COBB COUNTY SCHOOL DISTRICT SPLOST 3 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2018 LOCATION/DESCRIPTION Approved Budget Revised Budget Expended Inception through 06/30/18 Expended FY18 Encumbered as of 6/30/18 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 Cobb Replacement 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 at 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 Primary (K-1) LaBelle ES $ 496,193 $ 1,108,522 $ 1,043,331 1,396,810 397,104 1,368,772 - 2,480,809 1,318,244 2,274,182 113,337 689,768 4,154,806 4,513,362 3,436,575 4,559,499 721,525 810,587 651,496 1,581,390 7,076,214 6,180,294 1,327,563 1,475,999 2,013,432 2,392,584 3,942,821 3,901,147 377,384 1,205,364 1,080,925 1,428,768 - 4,263,409 1,040,025 2,262,325 106,366 1,130,657 4,883,357 6,003,393 5,799,494 6,585,224 1,449,276 1,948,220 3,113,452 3,597,195 946,788 184,107 - 6,046,433 514,377 992,997 1,427,439 2,121,587 1,101,700 1,907,394 6,180,190 6,424,047 3,827,240 3,189,835 1,885,533 2,437,722 1,662,303 2,574,829 2,198,797 2,527,560 1,210,036 1,600,327 1,460,314 2,422,184 3,613,109 2,409,522 - 450,000 - 541,642 27,030,976 20,229,489 991,794 1,506,228 1,455,706 1,543,929 2,259,564 3,314,056 3,535,560 4,041,265 1,335,206 1,562,652 14,734,437 10,960,147 3,796,410 4,112,967 1,237,190 1,755,452 2,064,731 2,478,017 591,860 1,374,419 4,240,110 21,634,447 1,711,339 312,664 1,100,656 1,696,592 - 847,433 1,016,015 1,628,165 282,202 1,035,206 5,280,637 3,903,571 176,890 3,018,751 1,061,830 1,389,659 3,508,784 3,542,098 446,849 3,266,090 882,673 1,433,983 2,260,679 2,595,773 3,347,006 6,143,738 21,244,784 17,743,913 3,458,008 3,464,479 2,570,192 3,221,943 1,077,413 1,532,904 537,008 1,289,855 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 2,392,576 3,901,141 1,205,358 1,428,761 4,192,272 2,258,001 1,130,651 5,992,253 6,585,216 1,946,482 3,597,187 184,107 6,046,428 992,990 2,121,581 1,907,387 6,424,035 3,189,148 2,437,710 2,574,815 2,527,553 1,597,843 2,422,174 2,409,060 403,664 541,640 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 2,464,900 1,374,411 21,634,429 312,659 1,696,584 823,349 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 17,743,904 3,463,290 3,215,795 1,510,375 1,289,850 -$ 22,043 878,863 7,375 2,089 3,284 7,423 15,000 63,547 403,664 66,970 345,439 9,268 2,419 26,959 184,870 - -$ 10,508 70,462 4,008 10,653 2,471 34,400 11,805 3,243 - 8 8 6 8 8 8 2,492 2,998 1 5 9 6 8 6 6 7 675 316 6 487 8 1,738 8 5 7 6 7 12 687 12 14 7 13 10 462 11,936 2 10 8 5 8 6 6 14 8 7 1,312 8 18 5 8 24,084 5 6 9 11 7 10 6 7 11 10 9 1,189 2,905 22,529 5 112 COBB COUNTY SCHOOL DISTRICT SPLOST 3 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2018 LOCATION/DESCRIPTION Lassiter HS 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 Vaughn ES Walton HS Walton Replacement HS West Cobb 9th Grade Center Wheeler HS 440 Glover Street 514 Glover Street 538 Glover Street 590 Commerce Park Drive 650 South Cobb Dr TOTAL PROJECT EXPENDITURES Approved Budget 19,710,822 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 Budget 20,944,463 2,229,817 2,198,828 1,776,821 2,879,387 1,498,856 370,770 22,114,487 5,547,839 1,053,920 699,219 516,902 759,330 11,818,030 1,580,384 8,863,712 1,312,611 2,721,416 2,023,771 790,055 3,704,163 1,311,402 2,592,387 22,305,640 2,922,610 949,498 3,609,167 1,077,938 6,831,304 699,216 9,073,926 1,952,880 22,588,170 14,085,596 4,702,973 1,148,061 1,394,194 724,175 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 7,677,002 31,748,956 5,367,061 25,979,312 15,890,596 2,939,547 9,839,008 6,005,369 13,122,024 1,133,676 1,982,906 3,270,561 1,381,882 7,292,733 8,300 29,485,221 14,816,726 8,040,661 560,989 79,827 10,743 634,513,239 $ Expended Inception through 06/30/18 20,944,450 2,229,808 2,198,821 1,776,813 2,879,382 1,498,851 370,767 22,114,481 5,547,831 1,053,916 699,217 516,899 758,225 11,818,019 1,580,378 8,863,705 1,312,606 2,721,407 2,023,760 769,728 3,695,330 1,311,394 2,588,617 22,144,724 2,922,601 807,181 3,609,157 1,077,931 6,831,293 699,211 9,073,913 1,952,873 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 5,366,686 25,979,297 15,890,583 2,939,538 9,006,048 6,005,361 13,120,517 1,133,669 1,982,900 3,270,551 1,381,874 7,292,724 29,485,204 12,232,516 7,770,998 560,983 79,826 10,743 630,245,517 $ Expended FY18 1,368 16,993 3,281 41,960 453,406 5,700 12,908 28,912 500,570 2,136 483,444 2,375 5,700 1,238,997 57,656 35,857 4,930,476 Encumbered as of 6/30/18 - - - - - - 7,726 - - 56,208 101,969 - - - - - - - - - - - - - - 8,287 - - 2,521,793 17,500 - - - $ 2,861,033 Uncommitted 13 9 7 8 5 5 3 6 8 4 2 3 1,105 11 6 7 5 9 11 20,327 1,107 8 3,770 104,708 9 40,348 10 7 11 5 13 7 10 16 8 7 7 6 9 4 10 7 5 5 10 13 1 3 11,231 8 375 15 13 9 832,960 8 1,507 7 6 10 8 9 13 - 17 62,417 252,163 6 1 - $ 1,406,689 113 COBB COUNTY SCHOOL DISTRICT SPLOST 4 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2018 LOCATION/DESCRIPTION Approved Budget Acworth Intermediate Addison ES Adult Education Center Allatoona HS Argyle ES Austell ES Awtrey MS Baker ES Baker Road Bus Shop Barber MS Bells Ferry ES Belmont Hills ES Big Shanty ES Birney ES Blackwell ES 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 Center 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 $ 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 Revised Budget Expended Inception through 06/30/18 Expended FY18 Encumbered as of 06/30/18 Uncommitted 1,231,113 $ 1,149,658 379,253 2,131,924 732,580 772,491 1,228,219 1,655,730 35,767 1,228,412 1,299,567 1,010,416 1,307,818 1,481,671 1,111,831 1,171,708 27,124,821 1,324,403 1,422,016 19,038,975 6,342,027 29,497,911 1,014,510 2,721,229 1,086,043 915,886 1,262,341 1,322,442 1,477,322 1,108,871 1,545,767 3,668,997 1,491,961 1,082,654 1,224,129 1,068,286 39,309,083 1,335,789 954,383 1,336,528 1,149,010 1,435,613 2,717,413 1,151,379 1,177,629 2,272,458 3,117,651 984,885 10,083 28,214,763 29,423 896,067 247,876 6,043,362 1,815,025 3,765,662 3,199,901 1,144,653 1,072,063 2,549,114 1,305,527 1,007,526 3,019,966 13,776,404 980,106 1,331,488 1,100,164 $ 796,109 364,712 1,967,557 702,343 737,646 1,202,060 1,600,441 35,767 1,155,657 1,251,967 720,190 1,257,595 1,420,054 1,025,939 1,171,708 25,510,320 1,250,029 1,341,146 14,638,218 6,294,098 425,441 970,185 2,348,831 1,029,953 681,530 889,558 1,289,575 1,434,192 982,671 1,493,300 3,626,005 1,424,061 748,798 1,191,727 1,057,603 37,117,716 1,200,367 896,890 1,273,248 1,118,207 1,377,427 2,660,336 1,110,623 1,130,658 1,954,827 3,072,585 933,297 10,083 5,524,690 20,827 722,010 240,647 5,810,404 1,769,033 3,730,698 3,039,036 1,096,934 1,036,364 2,413,966 1,239,823 966,973 2,836,723 12,183,775 930,397 1,253,133 72,184 $ 33,194 9,326 416,796 78,871 78,944 154,217 486,782 113,237 470,668 43,191 149,403 108,271 59,188 34,326 14,409,791 156,315 261,724 9,586,008 271,248 127,764 79,785 660,895 183,540 71,524 52,907 141,396 116,769 157,536 249,502 964,805 169,517 35,375 214,437 133,339 16,573,902 64,539 69,665 151,356 129,785 142,275 25,317 207,150 204,137 727,379 212,553 64,057 3,261,094 103,059 62,259 773,308 447,785 260,448 567,023 151,541 167,060 352,533 130,397 32,440 453,478 4,240,660 37,981 94,579 81,633 $ 278,034 43,188 231,967 (500) 701,284 576,964 796,068 267,276 180,119 300,855 7,229 71,860 9,035 2,850 259,990 10,582 1,030,269 47,945 216,028 20,573,053 132,932 7,229 151,417 (4,551) 7,229 - 49,316 75,515 14,541 164,367 30,237 34,845 26,159 55,289 29,567 47,600 58,259 50,723 61,617 85,892 913,217 74,374 80,870 3,823,793 47,929 28,276,402 44,325 105,122 56,090 54,237 71,928 32,867 35,901 54,340 43,432 40,142 67,900 73,866 32,402 101 1,161,098 87,477 57,493 63,280 30,803 58,186 57,077 40,756 46,971 101,603 45,066 51,588 2,117,020 8,596 41,125 81,541 50,543 34,964 153,636 47,719 35,699 135,148 65,704 40,553 183,243 1,592,629 49,709 78,355 114 COBB COUNTY SCHOOL DISTRICT SPLOST 4 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2018 LOCATION/DESCRIPTION King Springs Primary (K-1) LaBelle ES Lassiter HS Lewis ES Lindley 6th Grade Academy Lindley MS Lost Mountain MS Lovinggood MS 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 Osborne Replacement 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 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 Vaughn ES Walton HS Walton Replacement HS Wheeler HS 440 Glover Street 514 Glover Street 538 Glover Street 560 Glover Street 590 Commerce Park Drive 650 South Cobb Dr TOTAL PROJECT EXPENDITURES Approved Budget 85,000 160,393 13,447,646 3,396,001 876,943 848,625 7,079,609 32,079 96,236 938,206 32,079 2,413,932 8,737,474 64,157 3,744,478 2,695,904 23,330,216 319,277 2,306,880 2,258,194 23,328,254 756,708 386,339 3,290,500 29,900,000 25,663 4,438,112 28,870 2,677,281 128,710 30,000,000 20,943,137 624,080 189,873 6,416 53,892 532,668 3,334,456 881,756 28,870 670,531 470,438 1,521,727 3,469,077 17,960,694 1,072,858 3,383,412 231,771,535 5,049,770 4,749,141 534,845 3,490,899 320,873 600,441 1,493,167 39,946,400 22,124,756 - $ 717,844,707 $ Revised Budget Expended Inception through 06/30/18 144,133 1,154,552 15,467,142 1,785,785 870,646 1,211,302 8,910,926 1,491,278 1,403,112 2,010,570 37,889 45,831 14,682 681,026 2,340,025 1,449,653 11,165,681 788,005 1,339,506 735,377 31,813,922 1,117,411 904,547 1,782,657 28,854,364 1,370,951 849,167 2,659,319 61,373,307 1,372,263 5,500,131 1,116,787 1,013,313 1,238,877 27,106,114 29,215,842 2,044,913 632,013 1,455,386 904,582 909,700 13,600 1,063,627 1,145,919 1,685,070 1,498,088 1,594,121 1,154,392 1,772,244 834,444 1,605,946 13,559,208 2,711,693 1,199,517 26,000,103 1,253,978 5,571,381 984,536 1,609,299 1,735,955 1,089,797 1,008,360 96,339,243 28,184,136 10,389,255 6,022,753 59,003 130,538 41,391 284,844 143,963 926,828 3,234,186 1,206,693 834,876 1,180,352 8,876,290 1,434,377 1,308,599 1,980,172 37,874 45,831 14,682 654,957 2,312,697 1,410,561 10,888,593 759,793 1,262,129 735,372 31,695,581 1,043,197 869,729 1,694,104 28,406,602 1,300,813 699,241 2,511,323 6,464,619 1,342,343 5,276,881 1,042,036 990,843 1,093,307 26,984,518 28,015,062 1,974,436 599,589 1,364,785 866,891 870,163 13,012 1,015,592 1,095,240 1,440,932 1,007,704 1,528,820 1,124,271 1,737,125 766,271 1,525,026 11,198,788 2,520,968 1,145,760 8,423,275 1,225,558 5,483,753 946,606 1,550,078 1,308,181 1,037,500 1,008,360 60,970,225 28,012,022 8,861,334 4,935,489 44,302 98,357 41,391 284,754 717,844,707 $ 518,514,429 $ Expended FY18 Encumbered as of 06/30/18 Uncommitted 14,335 45,283 804,346 287,491 61,032 157,924 153,695 232,329 201,144 154,071 8,300 670,563 169,983 503,888 34,770 39,637 5,000 601,300 105,096 114,220 573,028 16,981,894 174,361 93,274 200,398 5,713,440 204,317 337,061 25,577 149,447 109,482 149,740 8,944,213 506,242 46,450 168,414 124,287 124,518 13,012 98,057 91,194 1,397,191 67,111 492,005 282,652 169,156 151,896 75,065 8,065,726 379,263 200,432 2,520,903 243,118 132,737 110,675 432,044 126,371 151,641 9,059,070 560,228 2,194,152 2,088,801 9,541 85,613 143,924 147,486 264,931 391,260 15,049 - 3,956 21,422 3,005 129,873 12,181 85,495 145,399 48,676,697 30,641 82,570 106,830 103,968 120,441 375,399 13,721 2,352 1,590,902 23,226 330,074 31,252,008 2,193 780,000 10,398 - 170 80,238 11,968,025 187,832 20,721 30,950 34,636 52,945 73,091 30,398 15 23,064 27,328 39,092 147,215 28,212 77,377 5 118,341 74,214 34,818 76,372 362,267 70,138 4,527 147,996 6,231,991 29,920 192,609 74,751 22,470 63,000 14,766 1,096,812 70,477 32,424 90,601 37,691 39,537 588 48,035 50,679 123,697 114,985 51,580 30,121 32,767 68,173 80,920 769,518 190,725 53,757 17,576,828 28,420 64,402 37,930 59,221 97,700 52,297 4,117,010 169,921 1,527,921 307,264 4,303 32,181 90 128,392,663 $ 110,701,462 $ 88,628,816 115 (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, implementation of GASB Statements No. 68 and 71 as of July 1, 2014, and the implementation of GASB Statement No. 75 as of July 1, 2017. 116 COBB COUNTY SCHOOL DISTRICT NET POSITION BY COMPONENT LAST TEN FISCAL YEARS (amounts expressed in thousands) Net Position Components Investment in Capital Assets Restricted for: Debt Service Fund Capital Projects Fund School Nutrition Service Fund Miscellaneous Grants Unrestricted (Deficit) Total Net Position June 30, 2009 $ 1,060,388 Fiscal Year June 30, 2010 June 30, 2011 $ 1,054,911 $ 1,066,545 June 30, 2012 $ 1,230,853 1,523 - 244,178 1,356 - 285,849 163,602 21,676 - 171,646 56,155 20,200 147,483 $ 1,306,089 $ 1,342,116 $ 1,423,469 $ 1,454,691 (1) Net position was restated due to the implementation of GASBS Nos, 68 and 71, effective July 1,2014. (2) Net Position was restated due to the implementation of GASBS Nos. 75, effective July 1, 2017. Source: District Records 117 June 30, 2013 $ 1,262,788 June 30, 2014 Fiscal Year June 30, 2015 (1) June 30, 2016 $ 1,256,656 $ 1,329,345 $ 1,371,599 June 30, 2017 June 30, 2018 (2) $ 1,444,579 $ 1,463,720 49,860 20,924 20 149,881 110,228 19,213 3 157,363 $ 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) 123,455 18,910 - (1,625,362) 829,062 $ (19,277) 118 COBB COUNTY SCHOOL DISTRICT CHANGES IN NET POSITION LAST TEN FISCAL YEARS (amounts expressed in thousands) Governmental Activities Expenses: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operations School Nutrition Program Student Activities Interest and Fiscal Charges Total Governmental Expenses Program Revenues Charges For Services: Instruction Pupil Services School and Administrative Services Maintenance and Operations Student Activities Operating Grants and Contributions Capital Grants and Contributions Total Governmental Expenses Governmental Net Expenses General Revenues and Other Changes in Net Position General Revenues Taxes: Property Taxes Levied for General Purposes Property Taxes Levied for Debt Service Sales Tax Intergovernmental Interest Income Gain on Sale of Capital Assets Other Total General Revenues Extraordinary Item: Gain after Insurance Recovery Change in Net Position June 30, 2009 Fiscal Year June 30, 2010 June 30, 2011 June 30, 2012 $ 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 $ 682,212 30,031 51,475 175,717 44,698 60,143 - 29,746 118 $ 1,074,140 $ 1,276 $ 1,184 $ 1,241 $ 1,068 11 10 13 11 43,557 41,142 27,312 27,921 2,254 1,332 909 983 - - 28,721 29,402 468,115 2,739 491,465 199 518,300 541 478,937 30,832 $ 517,952 $ 535,332 $ 577,037 $ 569,154 $ (589,363) $ (553,643) $ (473,336) $ (504,986) $ 482,690 $ 470,456 $ 423,694 $ 405,965 142 52 43 - 110,242 112,395 113,739 122,557 7,307 2,323 1,475 1,079 5,931 2,979 3,070 2,076 - - - 516 876 953 2,962 4,015 $ 607,188 $ 589,158 $ 544,983 $ 536,208 - 512 - - $ 17,825 $ 36,027 $ 71,647 $ 31,222 Source: District Records 119 June 30, 2013 June 30, 2014 Fiscal Year June 30, 2015 June 30, 2016 June 30, 2017 June 30, 2018 $ 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 $ 842,846 37,822 49,754 207,198 61,737 73,717 - 30,691 167 $ 1,303,932 $ 1,101 $ 913 $ 1,121 $ 1,192 $ 1,187 $ 1,239 10 13 10 11 11 9 29,104 28,035 27,963 29,008 29,135 37,472 1,842 2,004 1,830 1,127 898 2,401 28,608 30,970 31,193 31,169 30,977 31,664 504,819 7,524 512,800 8,085 545,592 5,867 579,489 18,902 614,312 9,714 632,068 2,658 $ 573,008 $ 582,820 $ 613,576 $ 660,898 $ 686,234 $ 707,511 $ (495,476) $ (472,040) $ (475,143) $ (500,638) $ (592,280) $ (596,421) $ 400,271 $ 404,759 $ 421,043 $ 443,533 $ 473,864 $ 504,117 - - - - - - 121,008 121,712 126,923 128,980 132,036 137,708 - - - - - - 1,632 1,697 1,352 1,242 1,754 3,741 - 175 - - 1,694 - 1,347 3,687 1,769 2,762 5,021 1,964 $ 524,258 $ 532,030 $ 551,087 $ 576,517 $ 614,369 $ 647,530 - - - - - - $ 28,782 $ 59,990 $ 75,944 $ 75,879 $ 22,089 $ 51,109 120 COBB COUNTY SCHOOL DISTRICT FUND BALANCES, GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (amounts expressed in thousands) General Fund Reserved Unreserved Nonspendable Restricted Committed Assigned Unassigned Total General Fund June 30, 2009 Fiscal Year June 30, 2010 June 30, 2011 (a) June 30, 2012 $ 2,714 $ 5,823 $ -$ - 77,575 79,783 - - - - 324 353 - - - - - - - - - - 46,256 34,396 - - 99,863 98,637 $ 80,289 $ 85,606 $ 146,443 $ 133,386 All Other Governmental Funds Reserved $ Unreserved, reported in: Special Revenues Funds Capital Projects Funds Nonspendable Restricted Committed Assigned Unassigned Total All Other Governmental Funds $ 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 $ - 1,706 76,355 11,883 4,737 94,681 (a) Implementation of GASB Statement No. 54: Fund Balance Reporting and Governmental Fund Type Definitions began July 1, 2010. Statement No. 54 provides clarification and transparency to fund balance classifications. The new standard changes overall definitions and classifications of governmental fund balance. Prior to these classifications, fund balance was separated into two groups, Reserved and Unreserved. Under GASB No. 54, the District's fund balance is classified as follows: 1) Nonspendable Fund Balance - Noncash assets, such as inventories and prepaid items. 2) Restricted Fund Balance - Funds with limitations imposed on their use by external restrictions. 3) Committed Fund Balance - Amounts that can only be used for specific purposes pursuant to a formal vote of the Cobb County Board of Education. 4) Assigned Fund Balance - Amounts designated by the Board of Education for specific purposes. 5) Unassigned Fund Balance - Residual, spendable fund balance after subtracting categories listed above. Source: District Records 121 June 30, 2013 June 30, 2014 Fiscal Year June 30, 2015 June 30, 2016 June 30, 2017 June 30, 2018 $ -$ -$ -$ -$ -$ - - - - - - - 674 676 844 1,004 2,151 980 - - - - - - - 5,000 10,000 8,200 - - 59,272 75,349 47,596 89,510 31,050 90,588 20,342 74,840 15,023 96,064 30,535 109,206 $ 135,295 $ 142,782 $ 132,482 $ 104,386 $ 113,238 $ 140,721 $ -$ -$ -$ -$ -$ - - - - - - - - - - - - - 1,848 1,464 1,844 1,922 1,993 2,228 70,804 129,444 110,264 135,367 113,764 120,492 12,577 14,790 14,990 16,169 16,531 17,042 2,289 1,557 1,468 1,487 786 390 - - (9) (5) (556) (24) $ 87,518 $ 147,255 $ 128,557 $ 154,940 $ 132,518 $ 140,128 122 COBB COUNTY SCHOOL DISTRICT CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (amounts expressed in thousands) REVENUES: Taxes Intergovernmental Tuition and Fees Interest Income Insurance and Damage Recoveries Rentals Athletic Ticket Sales Other Total Revenues 2009 $ 585,637 477,654 33,143 5,931 11 1,824 1,374 1,105,574 Fiscal Year 2010 2011 $ 574,944 493,883 31,684 2,979 3 897 1,060 1,105,450 $ 540,938 520,316 54,410 3,070 466 3,320 2,753 1,125,273 2012 $ 530,686 510,582 55,448 2,325 526 3,410 4,016 1,106,993 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 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 1,110,622 634,330 25,740 49,700 169,535 41,469 56,514 29,746 118 179,490 1,186,642 Excess (Deficiency) of Revenues Over (Under) Expenditures 16,636 40,491 14,651 (79,649) Other Financing Sources (Uses): Transfers-In Transfers-Out Proceeds from Sale of Capital Assets Total Other Financing Sources (Uses) 3,576 (5,696) 103 (2,017) 3,492 (4,271) 114 (665) 27,953 (29,451) 268 (1,230) 24,930 (25,424) 787 293 Extraordinary Item: Proceeds from Insurance Recovery - 3,952 - - Net Change in Fund Balances $ 14,619 $ 43,778 $ 13,421 $ (79,356) Non-Capitalized Expenditures Capitalized Expenditures Total Expenditures Debt Service as a Percentage of Non-Capitalized Expenditures $ 1,050,220 38,718 $ 1,088,938 $ 1,019,111 45,848 $ 1,064,959 $ 994,729 115,893 $ 1,110,622 $ 1,010,754 175,888 $ 1,186,642 0.73% 0.00% - - Source: District Records 123 2013 $ 518,604 512,258 56,088 1,717 1,383 3,194 1,347 1,094,591 2014 $ 527,683 520,737 57,170 1,846 1,545 3,219 3,687 1,115,887 Fiscal Year 2015 2016 $ 548,738 552,431 57,750 1,578 1,353 3,013 1,769 1,166,632 $ 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 2018 $ 640,509 633,454 59,179 4,997 1,932 3,528 2,875 1,346,474 628,513 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 1,316,666 754,423 33,709 46,397 188,486 52,463 69,767 30,691 - 135,180 167 1,311,283 (5,765) 67,642 (28,679) (1,889) (16,842) 35,191 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 7,882 (8,255) 275 (98) - - $ (5,801) $ 67,224 $ 997,944 102,412 $ 1,100,356 $ 989,861 58,384 $ 1,048,245 - - - - $ (28,998) $ (1,713) $ (13,570) $ 35,093 $ 1,051,784 143,527 $ 1,195,311 $ 1,119,674 120,797 $ 1,240,471 $ 1,157,363 159,303 $ 1,316,666 $ 1,176,768 134,515 $ 1,311,283 - - - - - - 124 COBB COUNTY SCHOOL DISTRICT PROPERTY TAX LEVIES AND COLLECTIONS JUNE 30, 2018 Property Taxes Collected and Balances Receivable 2012 2013 2014 2015 2016 General Fund Collections Balance Receivable 2017 amounts in thousands $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2018 Balances as of June 30, 2018 (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 2012 2013 2014 2015 2016 2017 2018 Total $ 403,777 $ 394,842 $ 385,590 $ 398,979 $ 413,425 $ 439,272 $ 468,387 $ 2,904,272 399,261 391,485 383,051 397,194 411,807 437,484 466,239 2,886,521 98.88% 99.15% 99.34% 99.55% 99.61% 99.59% 99.54% 99.39% $ 4,446 $ 3,285 $ 2,462 $ 1,668 $ 1,435 $ 1,343 $ - $ 14,639 403,707 394,770 385,513 398,862 413,242 438,827 466,239 2,901,160 $ 70 $ 72 $ 77 $ 117 $ 183 $ 445 $ 2,148 $ 3,112 99.98% 99.98% 99.98% 99.97% 99.96% 99.90% 99.54% 99.89% Statute of limitations for collection of delinquent taxes is seven years as permitted by the State of Georgia; therefore, only seven years of data is available. Source: Office of Tax Commissioner, Cobb County 125 COBB COUNTY SCHOOL DISTRICT ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN FISCAL YEARS amounts in thousands Property Digest Components - Assessed Values $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Motor Vehicles Public Services Maint & Operations (amounts expressed in thousands) Net M&O For Maintenance & Operations of Schools Fiscal Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Real Property 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 21,599,228 Personal Property 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 1,825,340 Public Services Motor Vehicle 523,121 1,892,692 547,675 1,794,543 680,936 1,658,511 753,229 1,679,543 838,778 1,779,893 893,003 1,716,625 870,412 1,365,200 855,371 990,609 853,860 718,250 839,298 518,534 Total Assessed Value 25,287,425 24,774,275 22,649,587 21,363,852 20,891,129 20,401,547 21,109,974 21,874,306 23,241,892 24,782,400 Direct Estimated Rate Actual Value 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 1.890% 61,956,001 Property Taxes - Assessments are based on 40% of the appraised market value as of January 1 each year. Source: Office of Tax Commissioner, Cobb County 126 COBB COUNTY SCHOOL DISTRICT DIRECT AND OVERLAPPING PROPERTY TAX RATES LAST TEN FISCAL YEARS PROPERTY TAX RATES 25.00 22.50 20.00 17.50 15.00 12.50 10.00 7.50 5.00 2.50 0.00 2009 2010 2011 2012 2013 School District 2014 2015 County Government 2016 2017 2018 (all tax rates are per $1000 assessed valuation) Fiscal Year 2009 2010 School District Maint & Operations 18.90 18.90 Total Direct Rate 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 2018 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 7.72 7.72 7.52 7.32 7.12 6.66 6.76 2.56 2.56 2.56 3.06 3.06 3.06 3.06 3.06 2.96 2.96 0.22 0.22 0.22 0.33 0.33 0.33 0.33 0.33 0.23 0.13 9.60 9.60 9.60 11.11 11.11 10.91 10.71 10.51 9.85 9.85 0.25 0.25 0.25 0.25 0.20 0.15 0.10 0.05 - - 9.85 9.85 9.85 11.36 11.31 11.06 10.81 10.56 9.85 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 4.00 4.00 3.06 3.06 3.06 3.25 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 127 COBB COUNTY SCHOOL DISTRICT PRINCIPAL PROPERTY TAXPAYERS DECEMBER 31, 2017 AND NINE YEARS AGO Principal Property Taxpayers - 2017 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% UK Lasalle Inc. GC Net Lease Piedmont 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 Piedmont GC Net Lease UK Lasalle Inc. Wildwood Associates Post Properties Diversity Development Properties Diamondrock Waverly Owner, LLC CP Venture Five, LLC TOTAL Type of Business Utilities Retail Telecommunications Investment Aircraft Utilities Real Estate Medical Real Estate Real Estate Real Estate Real Estate Real Estate Real Estate Real Estate December 31, 2017 Percent of Total Taxes Taxes Rank Levied Levied 1 $ 9,111,978 1.945% 2 3,928,032 0.839% 3 2,387,160 0.510% 4 2,168,450 0.463% 5 1,874,525 0.400% 6 1,808,226 0.386% 7 1,569,699 0.335% 8 1,518,895 0.324% 9 1,372,254 0.293% 10 1,328,357 0.284% December 31, 2008 Percent of Total Taxes Taxes Rank Levied Levied 2 $ 2,364,247 0.495% 1 3,893,583 0.815% 3 1,953,458 0.409% 6 1,625,246 0.340% 4 1,871,518 0.392% 5 1,805,519 0.378% 7 1,461,486 0.306% 8 1,322,961 0.277% 9 1,201,983 0.251% 10 1,184,025 0.248% $ 27,067,576 5.779% $ 18,684,026 3.911% 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, 2017 and nine years earlier, December 31, 2008 Source: Office of Tax Commissioner, Cobb County, GA 128 COBB COUNTY SCHOOL DISTRICT LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS (amounts expressed in thousands) Debt Limit Total debt applicable to limit 2009 $ 2,528,743 - 2010 $ 2,477,428 - Fiscal Year 2011 2012 $ 2,264,959 $ 2,136,385 - - 2013 $ 2,089,113 - Legal Debt Margin Total debt applicable as a percentage of debt limit $ 2,528,743 - $ 2,477,428 - $ 2,264,959 $ 2,136,385 $ 2,089,113 - - - Debt Limit Total debt applicable to limit 2014 $ 2,040,157 - 2015 $ 2,110,997 - Fiscal Year 2016 $ 2,187,433 - 2017 $ 2,324,189 - 2018 $ 2,478,240 - Legal Debt Margin Total debt applicable as a percentage of debt limit $ 2,040,157 - $ 2,110,997 - $ 2,187,433 $ 2,324,189 $ 2,478,240 - - - Source: District Records 129 COBB COUNTY SCHOOL DISTRICT LEGAL DEBT MARGIN INFORMATION FISCAL YEAR 2018 Legal Debt Information - Fiscal Year 2018 $0 $2,478,240,022 Total Amount of Debt Applicable to Debt Limit Legal Debt Margin (amounts expressed in thousands) Net Assessed Valuation, Cobb County School District, January 1, 2017 $ 24,782,400,215 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 $ 2,478,240,022 $ - $ - $ 2,478,240,022 130 COBB COUNTY SCHOOL DISTRICT RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS Debt Per Capita 50 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (amounts expressed in thousands, except per capita) Total General Primary Fiscal Obligation Capital Government Year Bonds Leases Debt 2009 - - - 2010 - - - 2011 - - - 2012 2013 - - - - - - 2014 - - - 2015 - - - 2016 - - - 2017 - - - 2018 - - - Annual Personal Income 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 40,281,455 Population 617,750 618,206 633,084 642,143 649,141 658,101 670,967 682,267 687,209 694,706 Debt as a Percentage of Personal Income - 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 694,706 provided by the US Census Bureau (July 1, 2017 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. 131 Total Debt Per Capita - 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% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Fiscal Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Population 617,750 618,206 633,084 642,143 649,141 658,101 670,967 682,267 687,209 694,706 Estimated Actual Value 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 61,956,000,536 Gross Bonded Debt - Restricted for Bonded Debt 1,523,000 1,356,000 - Note: All general obligation bonds were retired in fiscal year 2007. Population provided by US Census Bureau (2018 estimate); excludes the City of Marietta. Net Bonded Debt Ratio of Net Net Bonded Debt Bonded to Est. Debt Per Actual Value Capita - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 132 COBB COUNTY SCHOOL DISTRICT COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT JUNE 30, 2018 Direct and Overlapping Debt Per Capita $0 $29 Direct: Cobb County Schools Indirect: Cobb County Government Direct General Obligation Debt: Gross Bonded Debt $ -$ - Overlapping General Obligation Debt: Cobb County Government (97% of $21,090,000) Total Direct and Overlapping General Obligation Debt Debt Per Capita:* Direct General Obligation Debt Overlapping General Obligation Debt Total $ 20,457,300 $ $ 20,457,300 20,457,300 $ - 29 $ 29 *Population of 694,706 from US Census Bureau (less estimated population for City of Marietta). Note: The overlap percentage is determined by the percentage of Fire District to Debt Service Fund of Cobb County Government. 133 COBB COUNTY SCHOOL DISTRICT COBB COUNTY DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN CALENDAR YEARS 800,000 750,000 700,000 650,000 600,000 Cobb County Population Growth 550,000 500,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Calendar Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Population 679,822 684,776 689,655 697,277 707,277 717,190 730,981 741,334 748,150 755,754 Personal Income (In Thousands) 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 40,281,455 Per Capita Personal Income 46,643 43,834 43,858 45,866 47,594 47,993 49,513 49,101 51,308 53,300 Median Household Income 70,472 63,514 59,896 57,995 65,423 66,300 68,656 70,246 70,947 75,654 Median Age 36.2 34.8 35.4 35.6 35.4 36.1 36.2 36.3 36.5 36.6 Active Student Enrollment 105,742 106,488 106,836 106,502 107,914 109,529 111,060 111,848 112,412 111,482 Unemployment Rate 5.6% 8.8% 9.7% 8.9% 8.0% 7.1% 6.0% 5.0% 4.6% 4.4% 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. 134 COBB COUNTY SCHOOL DISTRICT PRINCIPAL EMPLOYERS CURRENT YEAR AND NINE YEARS AGO Principal Employers - 2017 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. Dobbins Air Force Base Walmart Total Rank 1 2 3 4 5 6 7 8 9 10 2017 Employees 13,606 12,000 11,596 5,980 5,100 5,086 3,619 2,803 2,772 2,523 65,085 Percentage of Total County Employment 3.29% 2.90% 2.81% 1.45% 1.23% 1.23% 0.88% 0.68% 0.67% 0.61% 15.75% Rank 1 5 3 7 4 6 8 10 2 9 2008 Employees 15,452 6,400 9,276 3,734 6,611 5,775 3,062 Percentage of Total County Employment 4.44% 1.84% 2.66% 1.07% 1.90% 1.66% 0.88% 2,492 0.72% 12,000 2,840 67,642 3.44% 0.82% 19.43% Information is available by calendar year; therefore, data reported is for years ended December 31, 2017, and nine years earlier, December 31, 2008. Principal Employers within the county provided by 2017 and 2008 Cobb County Government CAFRs. School District employee totals include each employee in his/her primary job position only. Sources: District Records, Cobb County Government, US Bureau of Labor Statistics 135 COBB COUNTY SCHOOL DISTRICT COMPARISON OF METROPOLITAN ATLANTA SCHOOL DISTRICT PROPERTY TAX RATES JUNE 30, 2018 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 23.280 20.950 18.546 21.850 17.970 25.320 Source: Georgia Department of Revenue Maintenance & Operations 21.740 19.095 18.900 23.280 19.750 18.546 19.800 17.970 25.320 Debt Service 0.000 0.000 0.000 0.000 1.200 0.000 2.050 0.000 0.000 136 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 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (dollars expressed in millions) Calendar Year Ended 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Bank Deposits (a) 10,739 10,542 9,468 9,490 10,269 10,933 11,936 13,769 13,797 15,216 Single-Family Residences (b) Number Market of Units Value 510 118 434 99 491 114 597 161 734 204 1,077 316 938 277 923 314 939 311 943 290 Total New Construction (b) Number Market of Permits Value 7,019 572 5,102 349 5,594 410 5,587 656 5,667 581 6,320 711 7,352 596 5,596 5,725 9,825 1,078 1,371 994 Estimated Actual Value of Taxable Property (c) 63,219 61,936 56,624 53,410 52,227 51,004 52,775 54,686 58,105 61,956 (a) Bank deposits as of June 30, 2008 and 2009, supplied by the Georgia Department of Banking and Finance. Bank deposits June 30, 2010 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. 137 COBB COUNTY SCHOOL DISTRICT PROPERTY DIGEST REDUCTIONS DUE TO EXEMPTIONS LAST TEN FISCAL YEARS amounts in thousands $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 Digest Reductions Compared to Gross Property Digest Gross Property Digest Personal Property Exemption Elderly Exemption Homestead Exemption $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (amounts expressed in thousands) Fiscal Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Homestead Exemption 1,165,038 1,160,256 1,133,942 1,086,141 1,041,831 999,067 965,937 935,568 918,620 903,943 Elderly Exemption 3,115,732 3,374,955 3,308,523 3,305,864 3,299,172 3,420,226 3,755,620 4,177,064 4,764,134 5,350,772 Disabled Residents Exemption 15,099 15,389 15,208 14,608 15,660 16,281 18,132 21,587 26,027 31,221 Personal Property Exemption 1,086,274 1,159,876 1,501,213 1,274,139 1,175,141 1,196,382 1,068,067 1,249,680 1,330,396 793,748 Conservation Exemption 80,282 82,041 66,204 53,464 52,676 53,574 53,146 54,339 59,702 66,325 Total Digest Reductions 5,462,425 5,792,517 6,025,090 5,734,216 5,584,480 5,685,530 5,860,902 6,438,238 7,098,879 7,146,009 Gross Property Digest 25,287,425 24,774,275 22,649,587 21,363,851 20,891,129 20,401,572 21,109,974 21,874,329 23,241,892 24,782,400 Reductions as Percent of Gross Digest 21.60% 23.38% 26.60% 26.84% 26.73% 27.87% 27.76% 29.43% 30.54% 28.84% Source: Cobb County Office of Tax Commissioner 138 COBB COUNTY SCHOOL DISTRICT NUMBER OF PERSONNEL AND RATIO OF PUPILS TO PROFESSIONAL PERSONNEL LAST TEN FISCAL YEARS Ratio of Pupils to Professional Personnel 25 20 15 10 5 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Fiscal Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Professional Personnel (a) 9,213 9,272 8,378 8,290 8,008 7,907 8,036 8,050 8,099 8,092 Other Operating Personnel (b) 3,391 3,046 2,841 2,970 2,896 2,821 2,769 2,943 2,953 2,587 Service Personnel (c) 3,049 2,994 2,857 2,847 2,813 2,834 2,949 2,599 2,613 2,927 Total Personnel 15,653 15,312 14,076 14,107 13,717 13,562 13,754 13,592 13,665 13,606 Active Student Enrollment 105,742 106,488 106,836 106,502 107,914 109,529 111,060 111,848 112,412 111,482 Ratio of Pupils to Professional Personnel 11.5 to 1 11.5 12.8 12.8 13.5 13.9 13.8 13.9 13.9 13.8 (a) Professional personnel consists of all certified personnel including teachers, librarians, counselors, supervisors, consultants, coordinators, principals, assistant principals and other leadership personnel. (b) Other operating personnel includes non-certified leadership personnel, classroom aides, secretarial and clerical employees, and other technicians. (c) Service personnel includes food service personnel, custodial employees, bus drivers and maintenance/warehouse employees. Source: District Records 139 COBB COUNTY SCHOOL DISTRICT OPERATING STATISTICS LAST TEN FISCAL YEARS Cost Per Pupil Enrolled $10,500 $10,000 $9,500 $9,000 $8,500 $8,000 $7,500 $7,000 2008 2009 2010 2011 2012 2013 2014 2015 2017 2018 Fiscal Year 2008 2009 2010 2011 2012 2013 2014 2015 2017 2018 Expenses 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 1,303,932,000 Active Student Enrollment 105,742 106,488 106,836 106,502 107,914 109,529 111,060 111,848 112,412 111,482 Cost Per Pupil Enrolled 10,472 10,226 9,832 10,086 9,901 9,631 9,803 10,385 11,373 11,696 Percentage of Change -2.35% -3.86% 2.58% -1.83% -2.73% 1.79% 5.94% 9.52% 2.84% Professional Personnel 9,213 9,272 8,378 8,290 8,008 7,907 8,036 8,050 8,099 8,092 Ratio of Pupils to Professional Personnel 11.5 to 1 11.5 12.8 12.8 13.5 13.9 13.8 13.9 13.9 13.8 Note: Professional personnel consists of all certified personnel including teachers, librarians, counselors, supervisors consultants, coordinators, principals, assistant principals and other leadership personnel. Source: District Records 140 COBB COUNTY SCHOOL DISTRICT GENERAL FUND EXPENDITURES BY FUNCTION LAST TEN FISCAL YEARS amounts in thousands $1,000,000 Expenditures by School Function $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 2009 2010 2011 2012 2013 2014 2015 Other Capital Outlay Business Serv. School & Admin. 2016 2017 Pupil Services 2018 Instruction (amounts expressed in thousands) Fiscal Pupil Year Instruction Services School & Administrative Services Business Services 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 $ 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 24,385 754,822 27,891 85,445 74,888 72,761 78,172 77,821 78,407 84,588 103,673 106,625 113,283 $ 101,253 97,049 93,103 93,237 100,191 103,311 106,063 110,845 114,446 118,690 Capital Outlay Other $ 14,977 $ 7,676 1,484 - 3,522 - 9,214 - 6,659 4,346 1,489 3,769 458 2,546 465 1,510 - 3,119 - Total $ 932,214 863,036 821,638 839,615 834,752 835,694 893,446 962,567 989,135 1,017,805 Instruction includes expenditures for Instruction and Instructional Services. Business Services includes expenditures for Student Transportation and Maintenance & Operations. Other includes expenditures for School Nutrition Program and Student Activities. Source: District Records 141 COBB COUNTY SCHOOL DISTRICT GENERAL FUND REVENUES BY SOURCE LAST TEN FISCAL YEARS amounts in thousands $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 Other Interest Intergovernmental Local Taxes $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (amounts expressed in thousands) Fiscal Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Local Taxes $ 475,294 462,518 427,174 408,123 397,592 405,970 421,814 443,641 475,835 502,801 Intergovernmental $ 404,313 404,856 431,352 391,997 415,168 431,907 459,181 490,747 519,721 543,085 Interest Income $ 4,497 2,475 2,410 1,981 1,562 1,637 1,294 1,189 1,662 3,352 Other $ 2,276 1,830 1,091 1,092 2,406 4,991 2,935 1,751 2,188 3,801 Total $ 886,380 871,679 862,027 803,193 816,728 844,505 885,224 937,328 999,406 1,053,039 Other includes Tuition & Fees, Insurance & Damage Recoveries, Rentals and Other Revenues. Source: District Records 142 COBB COUNTY SCHOOL DISTRICT RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES LAST TEN FISCAL YEARS Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Fiscal Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Debt Service Fund Expenditures - General Fund Expenditures 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 1,017,805,000 Note: Debt Service was fully paid by the end of fiscal year 2007. Source: District Records 143 Ratio of Debt Service Fund to General Fund Expenditures 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% 195019571961196219641969197319771979198119851987198919911995199719982003200820132017 Referendums: Year 1950 1957 1961 1962 1964 1969 1973 1977 1979 1981 1985 1987 1989 1991 1995 1997 1998 2003 2008 2013 2017 Amount $ 1,500,000 1,750,000 2,500,000 3,000,000 4,000,000 15,000,000 16,500,000 22,000,000 20,000,000 8,000,000 27,000,000 58,500,000 59,500,000 39,600,000 220,865,000 609,200,000 626,773,000 636,504,000 797,657,000 717,845,000 797,022,000 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. 144 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 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 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 1,131 131,924 913 671 81,334 662 631 56,904 537 427 85,326 562 486 106,694 987 791 83,098 712 717 68,049 562 348 84,461 837 600 105,886 912 854 111,299 837 747 49,828 412 - 99,181 912 910 116,071 962 1,013 136,261 987 835 124,148 963 644 137,108 1,063 1,116 145 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 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 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 55,412 437 407 99,427 937 576 86,131 788 568 106,003 963 1,013 70,367 587 627 - 149,764 1,087 1,266 60,029 562 693 97,993 863 956 91,129 862 723 125,717 963 783 85,775 688 672 90,915 688 737 65,127 512 686 - - - - - - 129,988 863 798 129,988 863 813 55,412 437 395 55,412 437 391 88,079 788 559 88,079 788 546 86,131 788 572 86,131 788 573 106,003 963 973 106,003 963 980 70,367 587 635 70,367 587 617 - - - - - - 149,764 1,087 1,298 149,764 1,087 1,288 60,029 562 720 60,029 562 727 97,993 863 961 97,993 863 894 91,129 862 805 91,129 862 838 125,717 963 817 125,717 963 805 85,775 688 674 85,775 688 698 90,915 688 706 90,915 688 704 65,127 512 672 65,127 512 642 Continued--- 146 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 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 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 1,132 102,725 887 755 119,189 962 900 123,025 962 645 89,012 862 616 70,537 588 509 123,000 962 988 116,400 962 627 83,969 762 714 59,658 587 1,047 82,912 688 430 115,363 962 547 - 148,523 962 1,034 88,158 562 360 73,352 612 424 110,096 937 1,118 144,362 962 772 147 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 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 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 75,800 637 544 122,342 937 1,054 87,935 837 950 139,090 963 732 136,261 962 892 101,870 888 815 59,190 462 446 85,236 562 639 123,000 962 1,220 72,896 612 613 104,362 962 699 116,302 862 774 99,735 888 866 112,620 962 640 - 123,233 962 1,019 123,233 962 1,012 75,800 637 538 75,800 637 534 122,342 937 1,068 122,342 937 1,104 87,935 837 917 87,935 837 901 139,090 987 761 139,090 987 764 136,261 962 966 136,261 962 913 101,870 888 838 101,870 888 777 59,190 462 437 59,190 462 482 85,236 562 613 85,236 562 534 123,000 962 1,221 123,000 962 1,147 72,896 612 584 72,896 612 610 104,362 962 688 104,362 962 666 116,302 862 747 116,302 862 732 99,735 912 868 99,735 912 850 112,620 962 663 112,620 962 713 - - - - - - Continued--- 148 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name Smyrna (2013) Square Feet Capacity Enrollment Sope Creek (1978) Square Feet Capacity Enrollment Still (1978) Square Feet Capacity Enrollment Teasley (1961) Square Feet Capacity Enrollment Timber Ridge (1990) Square Feet Capacity Enrollment Tritt (1979) Square Feet Capacity Enrollment Varner (1990) Square Feet Capacity Enrollment Vaughan (1996) Square Feet Capacity Enrollment Awtrey (1965) Square Feet Capacity Enrollment Barber (2005) Square Feet Capacity Enrollment Campbell (1951) Square Feet Capacity Enrollment Cooper (2001) Square Feet Capacity Enrollment Daniell (1966) Square Feet Capacity Enrollment Dickerson (1981) Square Feet Capacity Enrollment Dodgen (1975) Square Feet Capacity Enrollment Durham (1998) Square Feet Capacity Enrollment 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 - 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 1,061 143,107 962 1,004 133,344 1,162 1,216 117,539 963 768 108,100 837 871 73,450 612 573 109,769 937 906 109,827 963 787 122,260 937 772 156,660 1,037 818 178,465 1,162 915 220,228 1,338 1,495 170,905 1,162 1,044 177,356 1,163 1,055 166,048 1,187 1,293 183,798 1,212 1,242 173,487 1,162 1,039 149 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 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 186,961 1,362 1,225 166,551 1,112 943 152,212 963 916 186,947 1,162 1,237 149,038 1,012 1,076 111,260 788 532 179,170 1,162 1,139 165,107 1,137 1,058 175,345 1,162 1,354 160,581 1,162 889 149,577 937 696 191,209 1,163 1,198 175,974 1,162 1,019 169,809 912 616 143,888 962 935 169,345 1,137 969 2017 2018 186,961 1,362 1,198 186,961 1,362 1,284 166,551 1,112 933 166,551 1,112 930 152,212 963 885 152,212 963 876 186,947 1,162 1,282 186,947 1,162 1,379 149,038 1,012 1,125 149,038 1,012 1,074 111,260 788 501 111,260 788 584 179,170 1,162 1,005 179,170 1,162 1,022 165,107 1,137 1,103 165,107 1,137 1,090 175,345 1,162 1,413 175,345 1,162 1,368 165,479 1,162 881 165,479 1,162 930 149,577 937 676 149,577 937 672 191,209 1,162 1,234 191,209 1,162 1,217 175,974 1,162 942 175,974 1,162 923 169,809 912 597 169,809 912 625 143,888 962 960 143,888 962 944 169,345 1,137 991 169,345 1,137 1,012 Continued--- 150 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name Tapp (1975) Square Feet Capacity Enrollment Allatoona (2008) Square Feet Capacity Enrollment Campbell (1963) Square Feet Capacity Enrollment Harrison (1991) Square Feet Capacity Enrollment Hillgrove (2006) Square Feet Capacity Enrollment Kell (2002) Square Feet Capacity Enrollment Kennesaw Mountain (2000) Square Feet Capacity Enrollment Lassiter (1981) Square Feet Capacity Enrollment McEachern (1930) Square Feet Capacity Enrollment North Cobb (1957) Square Feet Capacity Enrollment Osborne (1961) Square Feet Capacity Enrollment Pebblebrook (1963) Square Feet Capacity Enrollment Pope (1987) Square Feet Capacity Enrollment South Cobb (1951) Square Feet Capacity Enrollment Sprayberry (1973) Square Feet Capacity Enrollment Walton (1975) Square Feet Capacity Enrollment 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 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 2,615 157,435 1,137 939 330,289 1,912 1,704 374,180 2,638 2,731 337,584 2,587 2,165 319,000 1,962 2,395 321,068 2,013 1,451 319,000 1,987 2,001 310,950 2,112 2,145 504,107 2,362 2,289 406,817 2,787 2,762 328,000 2,062 1,973 319,768 1,788 2,438 336,955 1,912 1,957 388,425 2,612 1,796 297,400 2,062 1,643 373,256 2,312 2,603 151 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name 2009 2010 Wheeler (1964) Square Feet 318,504 318,504 Capacity 1,837 1,837 Enrollment 1,877 1,981 Oakwood (1944) Square Feet 93,612 93,612 Capacity 520 462 Enrollment 192 156 Performance Learning Center (located at Oakwood) Enrollment 58 47 Hawthorne (Haven) (1958) (c) Square Feet 32,500 32,500 Capacity 312 312 Enrollment 158 160 Fitzhugh Lee (Haven) (1935)(c) Square Feet 35,684 35,684 Capacity 312 312 Enrollment - - Kennesaw Charter (d) Enrollment 504 437 Mableton Charter (d) Enrollment 595 472 International Academy of Smyrna (d) Enrollment 438 580 Devereux Georgia (d) Enrollment 115 105 Sky View (1957) (b) (Haven - 2016) Square Feet - - Capacity - - Enrollment - - 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 440,214 2,187 2,075 93,858 462 63 148 - - 838 - 1,033 78 50,270 462 119 2017 2018 434,631 2,187 2,076 434,631 2,187 2,063 93,858 462 55 93,858 462 68 147 122 - - - - - - - - - - - - 778 558 - - 993 - 86 89 50,270 50,270 462 462 102 86 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 152 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 2009 2010 2011 Teachers' Salary Range 2012 2013 2014 2015 2016 Minimum Maximum Cobb Average 2017 2018 Fiscal Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Minimum $ 39,962 38,958 38,958 38,958 38,958 38,958 39,347 41,330 42,364 42,364 Maximum $ 84,204 82,088 82,088 82,088 82,088 82,088 82,908 87,087 89,264 89,264 Cobb Average $ 54,286 53,320 54,168 53,770 54,323 54,435 55,773 58,425 60,185 60,309 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 $ 52,823 53,155 52,830 53,002 52,956 52,973 53,424 54,215 55,530 56,333 153 COBB COUNTY SCHOOL DISTRICT ADMINISTRATIVE SALARY SCHEDULE JUNE 30, 2018 $350,000 $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 $ 318,680 137,214 121,685 98,758 89,668 118,689 95,825 90,004 Maximum $ 318,680 158,386 133,218 115,059 121,685 133,218 123,443 124,083 154 COBB COUNTY SCHOOL DISTRICT SCHEDULE OF INSURANCE IN FORCE JUNE 30, 2018 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 Life Insurance and AD&D Dependent Life The Hartford 402273 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 8/1/2017 8/1/2018 $7,500,000 N/A $20,799 6/1/1994 Ongoing $500,000 7/1/2017 7/1/2018 $500,000,000 N/A $482,061 8/1/2017 8/1/2018 Varies Student/Parent Funded 5/1/2017 5/1/2018 $100,000 $350 8/1/2017 8/1/2018 $10,000 $3,990 N/A N/A Statutory 10/1/2017 10/1/2018 $1,000,000 N/A $147,003 1/1/2018 12/31/2018 Benefit Schedule per salary $1,300,553 1/1/2018 12/31/2018 14 Day Elimination Period. 66.67% of standard income up to $1,200 per week. Employee pays $.219 per $10 of weekly benefit. 1/1/2018 1/1/2018 1/1/2018 60 Day Elimination Period. 66.67% of standard weekly income, up to $1,200 per week. 14 Day Elimination Period. 50% of standard weekly income, up to $1,200 per week. 60 Day Elimination Period. 50% ofstandard weekly income, up to $1,200 per week. 12/31/2018 12/31/2018 Coverage options: $10,000 or $25,000 12/31/2018 Employee can choose up to 7 times his/her annual earnings. (Max. $500,000) Employee pays $.126 per $10 of weekley benefit. Employee pays $.220 per $10 of weekly benefit. Employee pays $.138 per $10 of weekly benefit. The first $15,000 is paid by CCSD. (smokers and non-smokers) Employee pays $1.95 for $10,000 of coverage of child(ren) or $4.87 for $25,000 of coverage; Spousal coverage depends on the age of the spouse. Employee pays $0.152 per $1,000 of Supplemental Life coverage monthly. Continued --- 155 COBB COUNTY SCHOOL DISTRICT SCHEDULE OF INSURANCE IN FORCE JUNE 30, 2018 Type of Coverage Name of Company and Policy Number Policy Period From To Liability Limits Annual Premium Dental Insurance Plus Option MetLife Dental 158287 Base Option Critical Illness with Cancer Insurance Voya 70174 1/1/2018 12/31/2018 Plus Plan provides preferred Employee pays $43.70 for single rates with a maximum coverage, $81.72 for employee plus coverage of $1,000 per one, or $133.28 for family coverage participant per calendar monthly. 1/1/2018 12/31/2018 Base Plan has co-pays for Employee pays $16.70 for single Preventative and Diagnostic coverage, $31.22 for employee plus services with a maximum of one, or $53.48 for family coverage $750 coverage per monthly. participant per calendar year. 1/1/2018 12/31/2018 Based on Benefit Schedule Cost is determied based on age and amount of coverage elected by employee. Vision Insurance Plus Plan MetLife Vision 158287 Base Plan Legal Insurance Accident Insurance ARAG Group 17840-001 Voya 70174 Hospital Indemnity Voya 70174 Whole Life Unum R0710731 1/1/2018 12/31/2018 Based on Benefit Schedule Employee pays rates monthly depending on chosen plan. Single coverage is $6.58; coverage for employee plus one family member is $12.29, and family coverage is $18.26 each month. Single coverage is $5.45; coverage for employee plus one family member is $10.19, and family coverage is $15.15 each month. 1/1/2018 12/31/2018 Based on Benefit Schedule Employee pays $13.52 for single coverage or $16.88 for family Coverage monthly. 1/1/2018 12/31/2018 Based on Benefit Schedule Employee pays monthly premium of $7.59 self, $12.59 self and spouse, $14.84 self and children, or $19.84 family. 1/1/2018 12/31/2018 Based on Benefit Schedule Employee pays monthly premium of $9.54 self, $22.63 self and spouse, $14.61 self and children, or $27.70 family. 1/1/2018 12/31/2018 Employee $15,000- Cost based on smoker/non-smoker, $100,000 Spouse $10,000- age, etc. This policy is Portable. $25,000 Child $10,000- Concluded. Source: District Records 156 COBB COUNTY SCHOOL DISTRICT SCHOOL LUNCH AND BREAKFAST PROGRAM LAST TEN FISCAL YEARS amounts in thousands Meals Served 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2009 2010 2011 2012 2013 Lunch 2014 Breakfast 2015 2016 2017 2018 (amounts expressed in thousands) Lunch Meals Served: Free Reduced Paid Total Daily Average Student Price 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 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 5,569 834 4,149 10,552 61 $2.25-$2.50 Breakfast Meals Served: Free Reduced Paid Total Daily Average Student Price 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 2,527 275 469 3,271 19 $1.25 Total Meals Served: Free Reduced Paid Total Daily Average Source: District Records 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 8,096 1,109 4,618 13,823 80 157 COBB COUNTY SCHOOL DISTRICT NUMBER OF SCHOOLS LAST TEN FISCAL YEARS 120 Number of Schools 110 100 90 80 70 60 50 40 30 20 10 0 2009 2010 2011 2012 2013 2014 2015 2016 Elementary Middle High 2017 2018 Fiscal Year Elementary Middle High 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 2018 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. Total 110 110 109 109 108 108 108 108 108 108 158 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 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Average Daily Enrollment 106,256 106,835 106,868 106,944 108,240 109,752 111,264 112,308 112,821 111,723 Average Daily Attendance 102,144 102,444 102,732 103,008 103,857 105,548 106,895 107,872 108,150 106,863 Attendance Percentage 96% 96% 96% 96% 96% 96% 96% 96% 96% 96% Number of Graduates 7,126 7,177 7,350 7,192 7,425 7,313 7,366 7,714 7,970 8,126 Graduate Percentage N/A N/A N/A 76.00% 76.50% 78.20% 81.45% 83.80% 83.60% 85.20% 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 159 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 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 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 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 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 2018 9,087 Source: District Records 8,028 8,171 8,458 8,614 8,919 8,597 8,550 8,675 9,698 8,933 7,753 7,999 111,482 160 COBB COUNTY SCHOOL DISTRICT CLASSROOM BUILDINGS, GRADE LEVELS AND ACREAGE JUNE 30, 2018 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 671 631 427 486 791 717 348 600 854 747 910 1,013 835 644 1,116 813 391 546 573 980 617 1,288 727 894 838 805 698 704 642 900 645 616 509 988 627 714 1,047 430 547 1,034 360 424 1,118 772 1,012 534 1,104 901 764 913 777 482 534 1,147 610 666 732 850 713 1,004 1,216 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 16.1 2017 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 61 61 40 60 52 63 61 57 30 36 61 39 61 53 58 61 61 73 Portable Classrooms 2 2 1 4 3 1 2 12 5 11 2 5 3 1 7 9 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 73,352 110,096 144,362 123,233 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 1,087 562 863 862 963 688 688 512 962 962 862 588 962 962 762 587 688 962 962 562 612 937 962 962 637 937 837 987 962 888 462 562 962 612 962 862 912 962 962 1,162 161 COBB COUNTY SCHOOL DISTRICT CLASSROOM BUILDINGS, GRADE LEVELS AND ACREAGE JUNE 30, 2018 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) Skyview (Haven) Kennesaw 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-12 K-6 1-12 Active Enrollment 768 871 573 906 787 772 818 915 1,495 1,044 1,055 1,293 1,242 1,039 1,284 930 876 1,379 1,074 584 1,022 1,090 1,368 930 672 1,217 923 625 944 1,012 939 1,704 2,731 2,165 2,395 1,451 2,001 2,145 2,289 2,762 1,973 2,438 1,957 1,796 1,643 2,603 2,063 68 122 86 558 89 111,482 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 70 100 136 130 101 104 102 108 127 143 106 94 98 134 106 138 112 43 6.2 1958 18 10.1 1957 30 2,944.6 7,177 Portable Classrooms 4 3 8 2 15 - 1 110 Square Footage 117,539 108,100 73,450 109,769 109,827 122,260 156,660 178,465 220,228 170,905 177,356 166,048 183,798 173,487 186,961 166,551 152,212 186,947 149,038 111,260 179,170 165,107 175,345 165,479 149,577 191,209 175,974 169,809 143,888 169,345 157,435 330,289 374,180 337,584 319,000 321,068 319,000 310,950 504,107 406,817 328,000 319,768 336,955 260,606 297,400 373,256 434,631 93,858 32,500 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 1,962 2,013 1,987 2,112 2,362 2,787 2,062 1,788 1,912 2,612 2,062 2,312 2,187 462 312 462 16,877,588 120,067 (a) Occupied year represents the year during which the school was initially opened and utilized for instructional purposes, but does not reflect the most recent year of subsequent additions, improvements, or renovations, if any. (b) With the opening of Smyrna Elementary for school year 2013-14, Brown Elementary closed at the end of 2012-13. During fiscal year ended 2015, Brown facilities were used to house Teasley primary grades during construction of new classrooms at Teasley Elementary. (c) Performance Learning Center is housed at Oakwood. (d) Operated by unaffiliated non-profit entities. Enrollment reported by Cobb County School District; buildings do not belong to the district. Source: District Records 162 (This page was left blank intentionally)