Cobb County School District Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2020 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, 2020 INTRODUCTORY SECTION Letter of Transmittal Certificate of Achievement / GFOA Certificate of Excellence / ASBO Cobb County School District - Function and Composition Cobb County School District Elected Officials and Superintendent of Schools Cobb County School District - Superintendent's Executive Cabinet Cobb County School District - Organizational Chart FINANCIAL SECTION Independent Auditor's Report Management's Discussion and Analysis Basic Financial Statements District-wide Financial Statements: Statement of Net Position Statement of Activities Fund Financial Statements: Balance Sheet - Governmental Funds Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities PAGE i-iv v vi vii viii ix x 1-4 5-17 18 19 20 21 22 23 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 Notes to the Basic Financial Statements Required Supplementary Information Combining and Individual Fund Financial Statements and Schedules: Combining and Individual Fund Statements and Schedules Fund Descriptions Combining Balance Sheet - Nonmajor Governmental Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor Governmental Funds Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual (Non-GAAP Budgetary Basis) Annually Budgeted Nonmajor Governmental Funds Internal Service Funds Fund Descriptions Combining Statement of Fund Net Position - Internal Service Funds Combining Statement of Revenues, Expenses, and Changes in Fund Net Position - Internal Service Funds Combining Statement of Cash Flows - Internal Service Funds Supplementary Schedules: SPLOST IV - Special Purpose Local Option Sales Tax Projects SPLOST V - Special Purpose Local Option Sales Tax Projects PAGE 24 25 26 27 28-68 69-76 77-79 80-84 85-89 90-107 108 109 110 111 112-113 114-115 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, 2018 and Nine Years Ago Legal Debt Margin Information Last Ten Fiscal Years Legal Debt Margin Information Fiscal Year 2019 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 PAGE 116 117-118 119-120 121-122 123-124 125 126 127 128 129 130 131 132 133 134 135 136 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 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 137 138 139 140 141 142 143 144 145-152 153 154 155-156 157 158 159 160 161-162 One Team, One Goal: Student Success 514 Glover Street Marietta, GA 30060 Telephone: (770) 426-3300 www.cobbk12.org December 2, 2020 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, 2020. This report conforms to generally accepted accounting principles as applicable to governmental entities. The Financial Services Division prepared this report. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the District's administration and is presented for your careful review. We believe the data, as presented, is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the District as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the District's financial activity have been included. A comprehensive framework of internal control is in place to give reasonable assurance that the financial statements are free of any material misstatements. Because the cost of internal controls should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. Readers of this report are encouraged to consider the information presented here in conjunction with additional information presented in the Management's Discussion and Analysis beginning on page five of this report. __________________________________________________________________________________ PROFILE OF THE SCHOOL DISTRICT ____________________________________________________________________________________ Cobb County School District is one of two public school districts located in Cobb County, Georgia. The District serves the entire county area with the exception of the City of Marietta, which has its own independent school district. It provides a program of public education from kindergarten through grade twelve. The purpose and responsibility of the District is to provide a thorough and efficient educational system for the children enrolled in public schools within its boundaries whereby each child has access to programs and services that are appropriate to his or her educational needs. The District is the second largest school system in Georgia and the 23rd largest in the United States with an active daily enrollment of 111,760. The District is governed by a Board of Education consisting of seven members elected from seven county posts. Members serve four-year terms and each year appoints a chairperson and vice-chairperson. The Board appoints a Superintendent to oversee the day-to-day administration of the School District. BOARD OF EDUCATION SUPERINTENDENT Brad Wheeler, Chair David Banks, Vice Chair David Chastain Charisse Davis Jaha Howard David Morgan Randy Scamihorn Chris Ragsdale 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 2020 fiscal year: The District average score on the SAT of 1107 was 64 points higher than the state average and 77 points higher than the national average. The four-year graduation rate for Cobb high schools was 88.6% in 2020, an increase of 1.6% from 2019. Cobb exceeds the state graduation rate of 83.8% by 4.8 percentage points. Georgia Milestones testing was suspended for the 2019-2020 school year due to COVID-19. A key state performance measure for student academic achievement is the College and Career Readiness Performance Index (CCRPI). The District has outperformed the state average for eight consecutive years ending with the 2018-2019 school year. CCRPI testing and reporting was also suspended for the 2019-2020 school year, due to the COVID-19 pandemic. Another notable achievement was the recognition of the Cobb County School District as one of America's "Best-in-State Employers" by Forbes. The District was recognized first in 2019, and again in 2020, and moved up from #23 to #22 this past year. It is one of only two school district to make the Top 25 in Georgia and landed ahead of notable Georgia companies such as The Home Depot, UPS, and Coca-Cola. 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 2019 (most recent figures available), Cobb County continued its trend of a growing population, which increased from 689,655 in 2010 to 760,141 in 2019. The unemployment rate remained low at 3.0%. Student enrollment for the 2020 fiscal year was 111,760. We are pleased by the positive increase in property values in fiscal year 2020 and expect this trend to continue into fiscal year 2021. In fiscal year 2020 the District's gross property digest increased by 5.5% over the 2019 fiscal year's digest as compared to an increase of 8.5% the previous year. This sustained increase in property valuations provides a stable and growing revenue source. ____________________________________________________________________________________ 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 148-155, in the statistical section. The District anticipates acquiring a short-term construction loan in the next fiscal year, which will expedite the completion of various construction projects authorized by the 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 Government Auditing Standards. iii Financial Reporting Awards: Every year since 1980, our comprehensive annual financial report has earned a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association ofthe United States and Canada (GFOA). Additionally, the District's comprehensive annual financial report received the Association of School Business Officials' (ASBO) Certificate of Excellence in Financial Reporting every year since 1984. These prestigious awards are made only to government units which publish a comprehensive annual financial report that is easily readable, efficiently organized, and conforming to program standards and satisfies generally accepted accounting principles and applicable legal requirements. The awards are valid for a period of one year only. We believe the accompanying report continues to conform to award eligibility and will submit it for determination as appropriate. Budget Presentation Award: The District prepares an official budget document each year which is issued as a separate report. Since 1990, the district has received the Distinguished Budget Presentation Award from GFOA. In order to receive this award, the District must publish a budget document that meets program criteria as a policy document, a financial plan, an operations guide, and as a communications device. The award is valid for a period of one year only. We have received the Meritorious Budget Award from ASBO every year since 2005. The criteria required by ASBO includes an introductory, organizational, financial and information section. We believe the most recent budget continues to conform to program requirements, and we are submitting it to GFOA and ASBO to determine its eligibility for another award. Acknowledgments: We wish to express our appreciation to Jan Hendrix, Director 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 Director, 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. Bradley Reuben Johnson Chief Financial Officer iv Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Cobb County School District Georgia For its Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2019 Executive Director/CEO v vi COBB COUNTY SCHOOL DISTRICT FUNCTION AND COMPOSITION JUNE 30, 2020 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, 2020, the members of the Board and years of expiration of their terms are as follows: Title Chair Vice-Chair Board Member Board Member Board Member Board Member Board Member Name Mr. Brad Wheeler Mr. David Banks Mrs. Charisse Davis Dr. Jaha Howard Mr. David Morgan Mr. David Chastain Mr. Randy Scamihorn Term Expires December 31, 2020 December 31, 2020 December 31, 2022 December 31, 2022 December 31, 2020 December 31, 2022 December 31, 2020 vii COBB COUNTY SCHOOL DISTRICT ELECTED OFFICIALS AND SUPERINTENDENT OF SCHOOLS JUNE 30, 2020 RANDY SCAMIHORN POST 1 8 Years Served DR. JAHA HOWARD POST 2 2 Years Served DAVID MORGAN POST 3 12 Years Served DAVID CHASTAIN POST 4 6 Years Served DAVID BANKS POST 5 12 Years Served CHARISSE DAVIS BRAD WHEELER CHRIS RAGSDALE POST 6 2 Years Served POST 7 8 Years Served SUPERINTENDENT viii COBB COUNTY SCHOOL DISTRICT SUPERINTENDENT'S EXECUTIVE CABINET JUNE 30, 2020 Chris Ragsdale CCSD Superintendent Dr. Kevin Daniel Chief of Staff John Floresta Chief Strategy & Accountability Officer Sherri Hill Chief School Leadership Officer Bradley Reuben Johnson Chief Financial Officer Jennifer Lawson Chief Academic Officer Marc Smith Chief Technology & Operations Officer ix COBB COUNTY SCHOOL DISTRICT ORGANIZATIONAL CHART JUNE 30, 2020 Citizens of Cobb County Board of Education Board Attorney Superintendent Chris Ragsdale Chief School Leadership Officer Sherri Hill Chief Technology & Operations Officer Marc Smith Chief of Staff Dr. Kevin Daniel Chief Financial Officer Bradley Reuben Johnson 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, 2020, 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, 2020, 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 Note 16, the Cobb County Board of Education implemented Governmental Accounting Standards Board (GASB) Statement No. 84, Fiduciary Activities, as of July 1, 2019. This standard significantly changed the accounting for the Cobb County Board of Education's fiduciary activities. 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, as listed in the table of contents, 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 IV schedule of expenditures of Special Purpose Local Option Sales Tax Projects, the SPLOST V 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 IV schedule of expenditures of Special Purpose Local Option Sales Tax Projects, and the SPLOST V schedule of expenditures of Special Purpose Local Option Sales Tax Projects are 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 IV schedule of expenditures of Special Purpose Local Option Sales Tax Projects, and the SPLOST V schedule of expenditures of Special Purpose Local Option Sales Tax Projects, are fairly stated, in all material respects, in relation to the basic financial statements as a whole. 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 Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 2, 2020 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 2, 2020 4 MANAGEMENT'S DISCUSSION AND ANALYSIS COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2020 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, 2020. 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 2020 are as follows: Total net position, as restated, increased from $122.8 million in fiscal year 2019 to $175.2 million in fiscal year 2020, an increase of $52.4 million, primarily due to the combined increase in District cash and capital assets of $169 million, due to increased state instructional funding and the completion of several large District building construction projects. This was largely offset by a $134.6 million increase in long-term liabilities, primarily due to actuarially estimated increases in future long-term pension and post-employment costs. Total revenue increased from $1,428.8 million in fiscal year 2019 to $1,518.2 million in fiscal year 2020, an increase of $89.4 million. The revenue increase was mainly from an increase in state funding and also from increased local property taxes due to higher property valuations. Total expenses increased from $1,288.3 million in fiscal year 2019 to $1,465.5 million in fiscal year 2020, an increase of $177.2 million. The increase in expense was largely due to a 8.0% salary increase to all permanent employees, as well as a higher actuarial estimate of future pension and post-employment benefit costs. 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, 2020 The Statement of Net Position presents information on all of the District's assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the difference between them reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The Statement of Activities presents information showing how the District's net position changed during the most recent fiscal year. Changes in net position appear as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses appear in this statement for some items that will result in future fiscal period cash flows (e.g., uncollected taxes and earned but unused vacation leave). Fund Financial Statements A fund is a grouping of related accounts used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with financerelated legal requirements. District funds are in one of two categories: governmental funds and proprietary funds. Governmental Funds Most of the District's activities are reported in governmental funds. The governmental fund statements focus on how money flows in and out of those funds and on the balances left at year-end that are available for spending in future periods. These statements also provide a detailed short-term view of the District's general government operations and the basic services it provides. Governmental fund information helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs. The District maintains numerous governmental funds with the majority of activity occurring in the General Fund. Proprietary Funds Proprietary funds are those used to account for ongoing organizations and activities which are similar to those found in the private sector. The District's proprietary funds are internal service funds and report activities that provide supplies and services for its other programs and activities. The District's internal service funds consist of the Unemployment Compensation Fund and the Self-Insurance Fund. 6 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2020 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 2019 and fiscal year 2020. In fiscal year 2020, the District's net position increased 42.7%, or $52.4 million, over the prior year, as restated. This resulted primarily from a net increase of both assets and liabilities as described below. Total current and other assets reflected a net increase of 14.1%, or $72.6 million, largely due to an increase in cash as a result of higher state educational funding and increased property tax revenue due to an increase in property values. Capital Assets increased by 7.1%, or $110.6 million, which was chiefly attributable to both new construction and capital improvements to local school buildings financed by SPLOST sales taxes. Governmental accounting standards require the District to report its proportional liability of state-administered pension plans and now the proportional liability of post-employment Benefits, namely retiree health insurance. 7 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2020 Table I Condensed Statement of Net Postion (amounts expressed in millions) 2020 Net Position (1,530.9) 387.3 587.3 251.5 101.3 281.3 1,604.8 1,935.9 (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 Deferred Inflows of Resources Other Liabilities Current Assets Restricted Long-Term Liabilities Unrestricted Net Investment in Capital Assets Governmental Activities Assets: Current and Other Assets Capital Assets Total Assets 2019 2020 $ 551.4 $ 587.3 1,558.7 1,669.3 2,110.1 2,256.6 Percentage Change 6.5 7.1 6.9 Deferred Outflows of Resources 267.7 387.3 44.7 Liabilities: Long-Term Liabilities Other Liabilities Total Liabilities $ 1,801.3 $ 1,935.9 7.5 230.9 281.3 21.8 2,032.2 2,217.2 9.1 Deferred Inflows of Resources 222.8 251.5 12.9 Net Position: Net Investment in Capital Assets Restricted Unrestricted Total Net Position $ 1,535.4 $ 122.6 (1,535.2) $ 122.8 $ 1,604.8 101.3 (1,530.9) 175.2 4.5 (17.4) 0.3 42.7 8 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2020 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 2019 and fiscal year 2020. Revenues In fiscal year 2020, the District's total revenues increased 6.3%, or $89.3 million, over the prior year due primarily to increases in state funding and increased property tax revenue. Charges for services decreased by 10.6% or $8.0 million primarily due to the premature closing of schools in March due to the pandemic. Local school nutrition revenue decreased $3.9 million and ASP revenue decreased by $1.9 million. Operating grants and contributions increased by 8.4%, or $53.3 million, largely due to an increase in state instructional program revenue. Capital grants and contributions increased by 371.4%, or $20.8 million, primarily due to state grants to fund new school construction and improvements. General property taxes increased 6.2%, or $34.0 million, mainly due to a 6.0% increase in the real property tax digest. Interest income decreased 19.1%, or $1.3 million, due primarily due to the decline in market interest rates. Other revenue decreased by 79.7%, or $12.2 million. This was primarily due to the absence of large gains on sale of capital assets that were realized in fiscal year 2019. 9 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2020 Expenses In fiscal year 2020, the District's total expenses increased 13.8%, or $177.2 million, due primarily to higher salary costs from the 8% raise, and higher pension and post-employment benefit costs due to a higher actuarial estimate of future pension and retiree benefit costs. Instruction increased by 17.1%, or $142.8 million, largely due to the 8% salary raise and higher pension and post-employment benefit costs as compared to last year. Pupil and instructional services increased by 17.9%, or $16.2 million, also due to the 8.0% salary raise and higher pension and post-employment benefit costs. School and administrative services increased 1.4%, or $2.7 million. Student transportation increased by 3.1%, or $1.9 million, primarily from the 8.0% salary raise received by the bus drivers. Maintenance and operations increased by 21.0% or $15.7 million, primarily from the salary increase and higher pension and retiree benefit costs. Student activities decreased by 7.0% or $2.2 million, primarily from COVID 19 as field trips and other activities were cancelled. 10 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2020 Table II Changes in Net Position from Operating Results (amounts expressed in millions) Program Revenues and Expenses - 2020 $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: Instruction Pupil and Instructional Services School and Administrative Services Student Transportation Maintenance and Operations Student Activities Interest and Fiscal Charges Total Expenses Decrease in Net Position Restatement GASB 84 Beginning Net Position Ending Net Position 2019 2020 2019 2020 Change 2019-2020 $ 75.5 $ 67.5 634.4 687.7 5.6 26.4 691.1 6.9 15.3 1,428.8 727.8 5.5 3.1 1,518.0 $ 833.4 $ 976.2 90.6 106.8 196.0 198.7 61.1 63.0 74.6 90.3 31.6 29.4 1.0 1.1 1,288.3 1,465.5 $ 140.5 $ 52.5 1.6 - (19.3) 122.8 $ 122.8 $ 175.3 -10.6% 8.4% 371.4% 5.3% -20.3% -79.7% 6.2% 17.1% 17.9% 1.4% 3.1% 21.0% -7.0% 10.0% 13.8% -62.6% 736.3% 42.8% 11 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2020 Table III Net Cost of Governmental Activities (amounts expressed in thousands) $1,200, 000 Total and Net Costs - 2020 $1,000, 000 976,197 Net Cost Total Cost $800,00 0 $600,00 0 $400,000 332,643 $200,00 0 $0 ($200,000) 198,713 47,402 59,389 131,774 62,984 90,260 17,536 56,338 56,063 88,753 29,450 1,084 1,084 (211) Total Cost of Services 2019 2020 Change 2019-2020 Net Cost of Services 2019 2020 Change 2019-2020 I ns tructi on Pupil Services Instructional Services School/Administrative Services Student Transportation Maintenance and Operations Student Activities Interest and Fiscal Charges Total $ 833,448 37,209 53,378 196,042 61,112 74,614 31,664 871 $ 1,288,338 $ 976,197 47,402 59,389 198,713 62,984 90,260 29,450 1,084 1,465,479 17.1% 27.4% 11.3% 1.4% 3.1% 21.0% -7.0% 24.5% 13.7% $ 264,331 13,220 51,048 116,287 55,263 72,285 (582) 871 $ 572,723 $ 332,643 17,536 56,338 131,774 56,063 88,753 (211) 1,084 $ 683,980 25.8% 32.6% 10.4% 13.3% 1.4% 22.8% -63.7% 24.5% 19.4% 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, 2020: Instruction, Pupil Services, Instructional Services, School and Administrative Services, Student Transportation, Maintenance and Operations, Student Activities, and Interest and Fiscal Charges. 12 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2020 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 2020 was $1,465.5 million. Users of the District's programs financed $67.4 million of the costs. Federal and State grants, subsidized programs and contributions funded $714.1 million of the costs. Lastly, District taxpayers financed the remaining costs of fiscal year 2020, which totaled $675.4 million. The School District's Funds The District ended fiscal year 2020 with a healthy fund balance in its governmental funds. The combined balance of all governmental funds, at $285.8 million, was 6.9% lower than 2020's ending balance, as restated, of $301.0 million. The General Fund's fund balance increased by $36.9 million, or 19.7%, due primarily to increased state funding and greater property tax revenue. SPLOST V, the District's primary capital improvement fund, had an ending fund balance of $0.2 million, which was 97.2% lower than 2020's ending balance of $7.8 million, due to extensive capital investment in multiple District construction projects. The System Wide/County-Wide Fund decreased its fund balance by 68.3% from the prior year, or $0.5 million. The nonmajor governmental fund balances increased in the aggregate by $50.0 million, or 45.1%. This increase was due to the reclassification of SPLOST IV from a major fund to a nonmajor fund in the current fiscal year, as SPLOST IV had a fund balance of $27.6 million, pending the completion of specific capital improvement 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 District transitioned to an all virtual instructional model on March 16, 2020, due to the COVID-19 pandemic. Despite this hardship, District administration chose to continue to pay the salaries of all permanent employees through the end of the school year. We are very pleased with the financial results of the General Fund in such unusual circumstances. The final amended budget for revenues was unchanged from the original budget, at just under $1.2 billion. The final amended budget for expenditures was only 1.2% greater in total than the original budget, with an amended final expenditure budget of $1.2 billion, with a forecasted decrease in Fund Balance of $33.4 million. Actual revenue exceeded budgeted revenue by $32.2 million, primarily from greater property tax revenue. Actual expenditures were $38.0 million less than budgeted. The net effect of these favorable variances totaled $70.2 million, and resulted in a net increase to fund balance of $36.9 million. 13 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2020 General Fund Balance The unassigned General Fund balance at June 30, 2020 was $139.7 million. This represents approximately 44 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 IV and V focus on revitalizing schools. The SPLOST IV special sales tax began January 1, 2014 and ended on December 31, 2018. The SPLOST V special sales tax began January 1, 2019 and will end on December 31, 2023. The SPLOST IV fund had expenditures of $62.5 million and an ending fund balance of $27.6 million. SPLOST V had expenditures of $154.8 million and an ending fund balance of $0.2 million. A full listing of SPLOST IV and SPLOST V projects can be located on pages 112-115. The System Wide/County-Wide Fund had no expenditures and an ending fund balance of $0.3 million. Nonmajor Governmental Funds The Nonmajor Governmental Funds, had aggregate expenditures of $217.3 million and aggregate fund balances of $60.7 million in fiscal year 2020. Within the Nonmajor Governmental Funds, the Funds with the highest expenditures in fiscal year 2020 were SPLOST IV at $62.5 million, School Nutrition at $54.7 million, Local School Funds at $29.4 million, Title I (of the Elementary and Secondary Education Act) at $18.6 million, and Special Education at $23.8 million. Nonmajor Governmental Funds ending the year with the highest fund balances were SPLOST IV at $27.6 million, School Nutrition at $8.3 million, Local School Funds at $11.8 million, and After School Program at $4.3 million. The fund balance of Nonmajor Governmental Funds, in aggregate, increased from $109.1 million in fiscal year 2019 to $60.7 million in fiscal year 2020, an increase of $50.0 million. Descriptions of these funds can be located on pages 77-79. 14 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2020 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 2019 and fiscal year 2020. Capital assets increased 7.1% from $1,558.7 million in fiscal year 2019 to $1,669.3 million in fiscal year 2020, an increase of $110.6 million. Construction in Progress increased by $46.3 million, or 25.5%. Land increased by $4.3 million, or 3.1%, as land was acquired for future school expansion. Buildings and Improvements increased by $58.6 million, or 5.2%. Furthermore, Library and Textbooks decreased by $6.4 million, or 27.9%. Equipment increased by $9.3 million, or 10.3%. 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, 2020, the District had $13.1 million in outstanding long-term obligations for compensated absences, a net pension liability of $1,158.5 million, and other postemployment benefits of $755.7 million. More detailed information about long-term obligations can be found in Notes 10, 11, 14 and 15 of the Notes to the Basic Financial Statements. 15 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2020 Table IV Capital Assets, Net of Depreciation (amounts expressed in thousands) Equi pment 6% Li bra ry Books and Te xtb o o ks 1% La nd 8% Cons truction in Progres s 14% I n tangibles 0% Bui ldings a nd I mp ro vements 71% 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 2019 2020 2019-2020 $ 136,711 $ 141,010 181,345 227,667 5,951 4,457 1,121,406 90,380 1,180,017 99,661 22,897 16,512 $ 1,558,690 $ 1,669,324 3.1% 25.5% -25.1% 5.2% 10.3% -27.9% 7.1% 16 COBB COUNTY SCHOOL DISTRICT Management's Discussion and Analysis JUNE 30, 2020 Factors Bearing on the District's Future The economic consequences and fluctuations in the U.S. and global stock markets resulting from the spread of COVID-19, and responses thereto by local, State, and the federal governments could have a material impact on the investments in the TRS pension plan, which could materially increase the School District's required contribution rates in future fiscal years. The COVID-19 pandemic is having a negative effect on the State's finances which is likely to affect the amount of State funding appropriated in current and possibly future fiscal years to public schools, including the School District. The School District lost approximately $59 million in State funding for the fiscal year 2021 budget due to state austerity reductions. Additionally, the School District budgeted approximately $15 million in COVID-19 related expenditures, offset by a one-time CARES Act federal stimulus grant of approximately $15.7 million to help with COVD-19 response efforts. As a result of the School District's careful implementation of significant budget reductions over the past years and prudent fiscal management, the School District was well positioned to budget approximately $31 million in revenue reserve to offset the shortfall in revenue due to the reduction in state funding, and School District's fiscal year 2021 budget includes step increases for all eligible staff members and the School District does not anticipate furloughs or pay cuts. We are fortunate that the Cobb County School District has no issued long-term debt, allowing us to devote our financial resources to providing a quality education for our students. We are also grateful for our citizens' approval of the Ed-SPLOST 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 remains 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. 17 COBB COUNTY SCHOOL DISTRICT STATEMENT OF NET POSITION JUNE 30, 2020 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Receivables (net of allowance for uncollectibles): 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 Accrued Salaries and Benefits Notes Payable Accrued Interest Payable Unearned Revenue Noncurrent Liabilities: Claims Payable, Due Within One Year Claims Payable, Due In More Than One Year Compensated Absences, Due Within One Year Compensated Absences, Due In More Than One Year Net Other Post-Employment Benefits (OPEB) Liability 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 Miscellaneous Grants GNETS Unrestricted (Deficit) Total Net Position See accompanying notes to the basic financial statements. Governmental Activities $ 458,726 27,296 96,673 291 510 3,802 141,010 227,667 10,479 2,110,716 261,820 78,167 (1,160,535) 2,256,622 338,520 48,831 387,351 49,791 129,545 99,260 1,320 1,436 3,192 5,397 5,183 7,876 755,723 1,158,513 2,217,236 49,011 202,500 251,511 1,604,839 92,605 8,347 50 306 (1,530,921) $ 175,226 18 COBB COUNTY SCHOOL DISTRICT STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2020 (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 $ 976,197 47,402 59,389 198,713 62,984 90,260 29,450 1,084 $ 1,465,479 Program Revenues Operating Charges Grants and for Services Contributions Capital Grants and Contributions $ 1,605 $ 620,381 $ 34,674 29,387 2,092 28,915 - 6,921 1,507 - 29,661 - - - $ 67,447 $ 687,696 $ 21,570 479 959 3,348 - 26,356 Net (Expense) Revenue and Changes in Net Position $ (332,641) (17,536) (56,338) (131,776) (56,063) (88,753) 211 (1,084) $ (683,980) General Revenues: Taxes: Property Taxes Levied for General Purposes Sales Tax Interest Income Other $ 580,281 147,488 5,522 3,132 Total General Revenues 736,423 Change in Net Position 52,443 Net Position - Beginning of Year, As Originally Presented 121,136 Restatements - Changes in Accounting Principles 1,647 Net Position -Beginning of the Year, Restated 122,783 Net Position - End of Year $ 175,226 See accompanying notes to the basic financial statements. 19 COBB COUNTY SCHOOL DISTRICT BALANCE SHEET GOVERNMENTAL FUNDS JUNE 30, 2020 (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 $ 260,395 10,661 78,970 137 8,905 510 717 $ 360,295 LIABILITIES,DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES: Liabilities: Accounts Payable $ 8,102 Accrued Payroll and Payroll Withholdings 53,208 Notes Payable - Accrued Employee Benefits 71,475 Accrued Interest Payable - Due to Other Funds Unearned Revenue Total Liabilities 993 - 133,778 Special Purpose Local Option Sales Tax V System Wide/ County-Wide Building Nonmajor Total Governmental Governmental Funds Funds $ 83,124 $ 35,529 $ 65,570 $ 444,618 16,635 1,951 14 - $ 101,724 $ - - 27,296 - 15,752 96,673 - 140 291 - 993 9,898 - - 510 - 3,085 3,802 35,529 $ 85,540 $ 583,088 $ 32,058 $ - 63,998 - 1,320 - 97,376 - $ 9,600 $ 49,760 - 3,115 56,323 35,262 - 99,260 - 1,739 73,214 - - 1,320 - 8,905 9,898 - 1,436 1,436 35,262 24,795 291,211 Deferred Inflows of Resources: Unavailable Revenue - Property Taxes Unavailable Revenue - Sales 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 1,952 - 1,952 4,128 4,128 1,227 - 83,681 139,657 224,565 $ 360,295 220 220 $ 101,724 $ - - 1,952 - - 4,128 - - 6,080 - 3,085 4,312 267 33,251 33,738 - 20,245 20,245 - 4,164 87,845 - - 139,657 267 60,745 285,797 35,529 $ 85,540 $ 583,088 See accompanying notes to the basic financial statements. 20 COBB COUNTY SCHOOL DISTRICT RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET POSITION JUNE 30, 2020 (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 OPEB plan are not due and payable with current financial resources and therefore are not reported in the funds. Net Other Post-Employment Benefits Liability (OPEB) Deferred Outflows of Resources - OPEB Deferred Inflows of Resources - OPEB Other long-term assets are not available to pay for current period's expenditures and therefore are unavailable in the funds. Property Taxes Unavailable Revenue Splost V 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 $ 285,797 $ 2,829,859 (1,160,535) 1,669,324 (1,158,513) 338,520 (49,011) (869,004) (755,723) 48,831 (202,500) (909,392) 1,952 4,128 5,480 (13,059) $ 175,226 See accompanying notes to the basic financial statements. 21 COBB COUNTY SCHOOL DISTRICT STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2020 (amounts expressed in thousands) REVENUES: Taxes Intergovernmental Tuition and Fees Interest Income Rentals Athletic Ticket Sales Other Total Revenues General $ 580,813 603,286 5,298 1,010 2,336 1,192,743 Special Purpose Local Option Sales Tax V $ 143,360 1,951 - 798 - - - 146,109 System Wide/ CountyWide $ - - - 589 - - - 589 Nonmajor Governmental Funds $ - 105,190 54,203 1,227 - 3,034 796 164,450 Total Governmental Funds $ 724,173 710,427 54,203 7,912 1,010 3,034 3,132 1,503,891 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 823,950 36,978 38,260 117,988 55,801 80,258 14 1,153,249 198 538 153,013 1,084 154,833 - 28,173 - 6,629 - 19,019 - 65,510 - 1,946 - 2,110 - 29,450 - 64,500 852,123 43,607 57,279 183,696 58,285 82,368 29,450 217,527 - - - 217,337 1,084 1,525,419 Excess (deficiency) of Revenues Over (Under) Expenditures 39,494 (8,724) 589 (52,887) (21,528) Other Financing Sources (Uses): Transfers-In Transfers-Out Proceeds from Sale of Capital Assets Total Other Financing Sources (Uses) 123 (3,019) 303 (2,593) 1,168 - 1,168 (1,168) (1,168) 3,019 (123) 11 2,907 4,310 (4,310) 314 314 Net Change in Fund Balances 36,901 (7,556) (579) (49,980) (21,214) Fund Balances, Beginning of Year, As Originally Presented 187,664 7,776 846 109,078 305,364 Restatements - Changes in Accounting Principles - - - 1,647 1,647 Fund Balance - Beginning of the Year, Restated 187,664 7,776 846 110,725 307,011 Fund Balances, End of Year $ 224,565 $ 220 $ 267 $ 60,745 $ 285,797 See accompanying notes to the basic financial statements. 22 COBB COUNTY SCHOOL DISTRICT RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2020 (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 Sales taxes The net effect of various miscellaneous transactions involving capital assets (i.e., sales and disposals) is to decrease net position. Internal service funds are used by management to charge the costs of insurance to individual funds. The net expenses of the internal service funds is reported with governmental activities. Some items reported in the statement of activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. This activity consists of the increase in compensated absences. Change in Net Position of Governmental Activities $ (21,214) $ 211,528 (89,217) 122,311 (46,780) 6,220 (532) 4,128 (11,677) 1,844 (1,857) $ 52,443 See accompanying notes to the basic financial statements. 23 COBB COUNTY SCHOOL DISTRICT GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (amounts expressed in thousands) REVENUES: Local State Federal Other Total Revenues Budgeted Amounts Original Final $ 563,157 $ 562,047 589,811 590,921 7,333 7,333 628 628 1,160,929 1,160,929 Actual Amounts $ 589,457 595,662 7,624 426 1,193,169 EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Services Maintenance and Operation of Plant Student Transportation Central Operations Other Support Services School Nutrition Community Service Operations Capital Outlay Transfers Total Expenditures 859,060 27,366 14,225 18,933 12,639 84,966 6,938 74,678 55,081 21,936 391 99 3,317 1,179,629 858,449 30,784 22,636 18,938 16,256 77,663 7,875 78,011 55,492 23,021 807 99 40 4,238 1,194,309 823,950 36,978 20,522 17,738 12,218 76,989 8,594 80,258 55,801 18,877 741 471 98 14 3,019 1,156,268 Net Change in Fund Balance (18,700) (33,380) 36,901 Fund Balance, Beginning of Year 187,664 187,664 187,664 Variance With Final Budget $ 27,410 4,741 291 (202) 32,240 34,499 (6,194) 2,114 1,200 4,038 674 (719) (2,247) (309) 4,144 66 (471) 1 26 1,219 38,041 70,281 - Fund Balance, End of Year $ 168,964 $ 154,284 $ 224,565 $ 70,281 See accompanying notes to the basic financial statements. 24 COBB COUNTY SCHOOL DISTRICT STATEMENT OF FUND NET POSITION PROPRIETARY FUNDS JUNE 30, 2020 (amounts expressed in thousands) Assets: Current Assets: Cash and Cash Equivalents Total Current Assets Liabilities: Current Liabilities: Accounts Payable Claims Payable, due within one year Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Total Current Liabilities Noncurrent Liabilities: Claims payable, due in more than one year Total Liabilities Net Position: Unrestricted Governmental Activities Internal Service Funds $ 14,108 14,108 31 3,192 4 4 3,231 5,397 8,628 $ 5,480 See accompanying notes to the basic financial statements. 25 COBB COUNTY SCHOOL DISTRICT STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITON PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2020 (amounts expressed in thousands) OPERATING REVENUES: Charges for Services Total Operating Revenues Governmental Activities Internal Service Funds $ 9,198 9,198 OPERATING EXPENSES: School and Administrative Services Total Operating Expenses 7,354 7,354 Change in Net Position 1,844 Total Net Position, Beginning of Year 3,636 Total Net Position, End of Year $ 5,480 See accompanying notes to the basic financial statements. 26 COBB COUNTY SCHOOL DISTRICT STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2020 (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 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 Claims Payable Decrease in Accounts Payable Increase 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 $ 9,198 (344) (5,237) (665) 2,952 2,952 11,156 14,108 $ 1,844 1,287 (181) 2 1,108 $ 2,952 27 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Reporting Entity The Cobb County School District (District) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters of Cobb County and has a superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the District is a primary government and consists of all the organizations that compose its legal entity. A financial reporting entity consists of a primary government and its component units. A component unit is a legally separate entity that must be included in the reporting entity of a primary government in conformity with generally accepted accounting principles. Based on the guidance of the Governmental Accounting Standards Board (GASB) Statements No. 14 and No. 61, there are no component units combined with the District for financial statement presentation purposes, and the District is not included in any other governmental reporting entity. B. Basis of Presentation The District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and the notes to the basic financial statements of the Cobb County School District. District-wide Statements The Statement of Net Position and the Statement of Activities display information about the financial activities of the overall District. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and non-exchange transactions. The Statement of Activities presents a comparison between direct expenses and program revenues for each function of the District's governmental activities. Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the District related to the administration and support of the District's programs, such as office and maintenance personnel and accounting) are not allocated to programs, except for federal indirect costs allocated to federal grant programs. 28 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Program revenues include charges paid by the recipients of goods or services offered by the programs as well as grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. Fund Financial Statements The fund financial statements provide information about the District's funds. Separate statements for each category (governmental and proprietary ) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. All remaining governmental funds are aggregated and reported as nonmajor funds. The District reports the following major governmental funds: General Fund is the District's primary operating fund. It accounts for all financial resources of the District, except those resources required to be accounted for in another fund. Special Purpose Local Option Sales Tax V Fund (SPLOST V) accounts for salestax proceeds required to be used for capital outlay for educational purposes as authorized by local referendum. System Wide/Countywide Building Fund accounts for the proceeds of short-term construction notes used for temporarily financing capital outlay in the SPLOST V fund. Additionally, the District reports the following fund types: Special revenue funds account for restricted or committed specific revenues and their related expenditures. Special revenues for the District include various federal and state grants, donations to the District, rental of District facilities, charges for after-school programs, adult high school, and performing arts. Capital project funds account for restricted and assigned revenues and related capital expenditures. The expenditures are used for capital outlays for educational purposes as authorized by local referendum and management's decision. Internal service funds (proprietary funds) account for insurance and unemployment compensation provided to other funds of the District on a cost reimbursement basis. 29 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. Basis of Accounting/Measurement Focus The basis of accounting determines when transactions are reported on the financial statements. The District-wide governmental activities and proprietary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. The District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The District considers all non-grant revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The District considers all intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes, intergovernmental and interest are considered to be subject to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, claims and judgments, and compensated absences, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities and acquisitions under capital leases are reported as other financing sources. 30 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The State of Georgia reimburses the District for teachers' salaries and operating costs through the Quality Basic Education (QBE) Formula Earnings program. State of Georgia law defines the formula driven grant that determines the cost of an academic school year and the State of Georgia's share in this cost. Generally, teachers are contracted for the school year (July 1 June 30) and paid over a twelve-month contract period, generally August 1 through July 31. In accordance with the requirements of the enabling legislation of the QBE program, the State of Georgia reimburses the District over the same twelvemonth period in which teachers are paid, funding the academic school year expenditures. At June 30, the amount of teachers' salaries incurred but not paid until July of the subsequent year are accrued as the State of Georgia has only postponed the final payment of their share of the cost until the subsequent appropriations for cash management purposes. By June 30 of each year, the State of Georgia has a signed appropriation that includes this final amount, which represents the State of Georgia's intent to fund this final payment. Based on guidance in Government Accounting Standards Board (GASB) Statement No. 33, paragraph 74, the State of Georgia recognizes its QBE liability for the July and August salaries at June 30, and the District recognizes the same QBE as a receivable and revenue, consistent with symmetrical recognition. Under the terms of grant agreements, the District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net position available to finance the program. It is the District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses result from providing services. Operating revenues in the internal service funds are charges to customers for services. Operating expenses for internal service funds consist of the cost of services and administrative expenses. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. D. Cash and Cash Equivalents The District's cash and cash equivalents are considered to be cash on-hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Law OCGA 45-8-14 authorizes the District to deposit its funds in one or more solvent banks or insured Federal savings and loans associations. 31 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 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, 2020, have a maturity date of less than three months. 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, 2020 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, 2020 were as follows: (amounts expressed in thousands) Taxes Receivables Allowances Net Taxes Receivables General Fund $ 12,312 (1,651) $ 10,661 Special Purpose Local Option Sales Tax V $ 16,635 - $ 16,635 Total $ 28,947 (1,651) $ 27,296 Federal Receivables State / Local Receivables Intergovernmental Receivables General Fund $ 142 78,828 $ 78,970 Special Purpose Local Option Sales Tax V $ - 1,951 $ 1,951 Nonmajor Governmental $ 11,693 4,059 $ 15,752 Total $ 11,835 84,838 $ 96,673 Accounts Receivable Accounts Receivable General Fund $ 137 $ 137 Special Purpose Local Option Sales Tax V $ 14 $ 14 Nonmajor Governmental $ 140 $ 140 Total $ 291 $ 291 33 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) G. Property Taxes The Cobb County Board of Commissioners fixed the property tax levy for the 2019 tax digest year (calendar year) in July 2019 (levy date) based on property values as of January 1, 2019. Taxes were due on October 15, 2019 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2019 tax digest are reported as revenue in the governmental funds for fiscal year 2020. 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, 2020 totaled $580,813,000. 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 2019 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 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 $581,988,435 has been collected or on December 31, 2023, 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, 34 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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. For the fiscal year ended June 30, 2020, the tax abatement programs noted above abated property taxes due to the School District that were levied on January 1, 2019 and due on October 15, 2019 totaling $3,052,590. 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 Home Depot USA Home Depot USA - Real HighWoods Realty LP Akers 75, LLC Greenstone Encore Center % Abated 70 80 80 90 100 Amount of Taxes Abated $ 471,066 319,405 567,000 324,426 459,733 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. 35 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) K. Prepaid Items Payments made to vendors for services that will benefit periods subsequent to June 30, 2020, 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. Capitalization thresholds and estimated useful lives of capital assets reported in the Districtwide statements are as follows: General Useful Policy Life Land All N/A Buildings and Improvements $50,000 20 to 50 Years Equipment $10,000 5 to 10 Years Intangible Assets $1,000,000 10 Years Library Books and Textbooks All 5 Years 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. 36 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Governmental funds report unavailable revenues from one source: property taxes. These amounts are deferred and recognized as inflows of resources in the period that the amounts become available. The District reports a deferred outflow of resources for employer contributions made to the pension and OPEB plans subsequent to the measurement date, as these will be recognized as a reduction to the District's net pension liability and net OPEB liability in the year ended June 30, 2021. The District also reports deferred outflows of resources and deferred inflows of resources for experience gains or losses, assumption changes, and for the change in the District's proportionate share based on actual contributions towards the pension and OPEB plans, which are amortized into pension and OPEB expense over the expected remaining service lives of plan members. Finally, the District reports deferred outflows of resources and deferred inflows of resources for the net difference between projected and actual earnings on pension and OPEB investments. These items will be amortized against pension and OPEB expense over a five year period. N. Pensions For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Teachers Retirement System of Georgia (TRS) and additions to/deductions from TRS's fiduciary net position have been determined on the same basis as they are reported by TRS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the 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. 37 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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. 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. 38 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4) Assigned Fund Balance - Amounts that are intended by the Board of Education for specific purposes, but are neither restricted nor committed. The Board of Education can choose to delegate this authority. The Board and the Chief Financial Officer have the authority to assign fund balances. 5) Unassigned Fund Balance - Residual spendable fund balance after subtracting all above amounts. Positive unassigned values are only reported in the General Fund. Committed Fund Balances The Board of Education, as the government's highest level of decision-making authority, may commit fund balance by a formal majority vote prior to the District's fiscal year-end. Likewise, future modification or rescission of committed funds must be accomplished by a formal majority vote of the Board of Education prior to fiscal year-end. Pursuant to the requirements of GASB Statement No. 54, the Board of Education, on June 8, 2011, committed substantially all of the revenue received by the following Special Revenue funds to be used exclusively for each respective program's expenditures. Special Revenue Fund Donations 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. 39 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) When an expenditure is incurred that qualifies for payment from either of the three unrestricted fund balance categories, it will be applied in the following order: 1) Committed 2) Assigned 3) Unassigned Minimum Unassigned General Fund Balance The Board of Education will strive to maintain a minimum unassigned general fund balance, less encumbrances, equivalent to a range of 30 to 55 days of annual expenditures unless this is unfeasible due to circumstances beyond its control such as: a) A substantial decrease in the county property tax digest b) A substantial decrease in State funding c) An unanticipated fiscal necessity Schedule of Fund Balances Fund Balances: General Fund Nonspendable: Inventory Prepaids $ 717,000 510,000 Restricted for: Capital Projects School Nutrition Miscellaneous Grants GNETS Committed to: Donations for the Benefit of School Programs Facility Use and Public Safety Programs Performing Arts and Art Career and Cultural Tuition School / Adult High School After School Program Local School Activities Assigned to: Appropriation for Next Year's Budget Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operations Capital Outlay Districtwide 31,256,000 15,207,000 450,000 2,349,000 9,536,000 600,000 842,000 23,441,000 Unassigned: 139,657,000 Total Fund Balance $ 224,565,000 Special Purpose System Local Option Wide/ Sales Tax V Countywide $ 220,000 $ 267,000 $ 220,000 $ 267,000 Nonmajor Governmental Funds $ 3,085,000 27,633,000 5,262,000 50,000 306,000 366,000 1,053,000 386,000 2,325,000 4,303,000 11,812,000 4,164,000 $ 60,745,000 Total $ 3,802,000 510,000 28,120,000 5,262,000 50,000 306,000 366,000 1,053,000 386,000 2,325,000 4,303,000 11,812,000 31,256,000 15,207,000 450,000 2,349,000 9,536,000 600,000 842,000 23,441,000 4,164,000 139,657,000 $ 285,797,000 40 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 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, 2020. The District's budgetary statements for the General Fund differ somewhat from generally accepted accounting principles (GAAP) prepared statements. The dollar effect for these differences are detailed in the following reconciliation for the year-end net change in fund balance (budgetary basis) to the year-end net change in fund balance (GAAP basis): Reconciliation of GAAP to Budget Basis Actual Revenues GAAP Basis Other Financing Sources budgeted as revenues Budgeted Revenues, Budgetary Basis General Fund $ 1,192,743,000 426,000 1,193,169,000 Actual Expenditures GAAP Basis Other Financing Uses budgeted as expenditures Budgetary Expenditures, Budgetary Basis 1,153,249,000 3,019,000 1,156,268,000 Net Change in Fund Balance, Budgetary Basis $ 36,901,000 Net Change in Fund Balance, GAAP Basis $ 36,901,000 41 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 2. LEGAL COMPLIANCE BUDGETS (Continued) For the year ended June 30, 2020, 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: Fund/Function Overexpenditure General Fund: Pupil Services $ Business Services Maintenance and Operation of Plant Student Transportation School Nutrition Facility Use/Public Safety: Maintenance and Operation of Plant After School Program: Pupil Services Maintenance and Operation of Plant Tuition School/Adult High School: Instruction Maintenance and Operation of Plant Pre K Lottery: Instruction GNETS: School Administration Special Education: Instruction Improvement of Instructional Services General Administration Student Transportation 6,194,000 719,000 2,247,000 309,000 471,000 159,000 7,000 165,000 384,000 7,000 4,000 4,000 1,585,000 323,000 104,000 23,000 42 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 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, 2020, 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, 2020 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, 2020, the District had deposits with a carrying amount of $162,077,947 and a bank balance of $165,681,360. 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, 2020, the District's investments included $296,648,467 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 38 days. In addition, the District had $275,828 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, 2020 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, 2020, 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, 2020 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, 2020 Note 5. CAPITAL ASSETS The following is a summary of changes in the capital assets during the fiscal year, rounded to the thousands: Balance Balance June 30, 2019 Increas es Decreas es June 30, 2020 Governmental Activities Capital Assets, Not Being Depreciated: Land Construction In Progress $ 136,711,000 $ 4,299,000 $ - $ 141,010,000 181,345,000 168,448,000 (122,126,000) 227,667,000 Total Capital Assets Not Being Depreciated Capital Assets Being Depreciated: Buildings and Improvements 318,056,000 172,747,000 (122,126,000) 368,677,000 2,021,392,000 123,319,000 (33,995,000) 2,110,716,000 Intangibles 10,479,000 - - 10,479,000 Equipment 241,562,000 35,901,000 (15,643,000) 261,820,000 Library/Textbooks Total Capital Assets Being Depreciated 79,139,000 2,352,572,000 1,687,000 160,907,000 (2,659,000) (52,297,000) 78,167,000 2,461,182,000 Less Accumulated Depreciation for: Buildings and Improvements Intangibles 899,986,000 4,528,000 54,079,000 1,494,000 (23,366,000) - 930,699,000 6,022,000 Equipment 151,182,000 25,571,000 (14,594,000) 162,159,000 Library/Textbooks Total Accumulated Depreciation 56,242,000 1,111,938,000 8,073,000 89,217,000 (2,660,000) (40,620,000) 61,655,000 1,160,535,000 Total Capital Assets Being Depreciated Net 1,240,634,000 71,690,000 (11,677,000) 1,300,647,000 Governmental Capital Assets,Net $ 1,558,690,000 $ 244,437,000 $ (133,803,000) $ 1,669,324,000 Current year depreciation expense by function for governmental activities is as follows: In s tru ctio n Pupil Services School and Administrative Services Pupil Transportation Maintenance and Operations School Nutrition Services $ 77,787,000 2,422,000 2,662,000 4,870,000 1,359,000 117,000 $ 89,217,000 47 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 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 $8,905,000 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 $993,000 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, 2020 are disclosed in the following schedule, rounded to the thousands: 48 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 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, 2020, consisted of the following, rounded to the thousands: Transfers Out: General Fund: General Fund General Fund General Fund Total General Fund Transfers In: Facility Use / Public Safety Fund Tuition School / Adult High School Fund District Building Fund Amount 1,118,000 279,000 1,622,000 $ 3,019,000 Major Governmental Funds: System Wide/County-Wide Total Major Governmental Funds Special Purpose Local Option Sales Tax V 1,168,000 $ 1,168,000 Nonmajor Governmental Funds: Facility Use / Public Safety Fund Total Nonmajor Governmental Funds General Fund 123,000 $ 123,000 Total for All Funds $ 4,310,000 Note 8. RISK MANAGEMENT The District is self-insured for all claims under general liability, vehicle accidents and workers compensation. The District maintains a policy for excess workers compensation. The District is commercially insured for property, contents and boiler, and carries fidelity bond coverage for employee dishonesty, in addition to a state-mandated Superintendent's bond and school principals' bond. The District has not had any significant reductions in insurance coverage from coverage in the prior year. 49 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 8. RISK MANAGEMENT (Continued) Premiums are paid into Internal Service funds by user funds and are available to pay claims and administrative costs of the program and establish claim reserves. These interfund premiums are recognized as revenue in the internal service funds. Actuarial analysis provides estimated ultimate losses for workers compensation and automobile liability, which are converted to present value using an interest rate of 3%. Estimated claims for the next fiscal year total $3,192,000 and the non-current liability for succeeding years is $5,397,000. 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 2019 $ 6,853,000 $ 5,124,000 $ (4,675,000) $ 7,302,000 2020 $ 7,302,000 $ 4,645,000 $ (3,358,000) $ 8,589,000 Note 9. SHORT-TERM NOTES In January 2020, the District issued $99,260,000 in revenue-anticipation notes to be applied to the current expenses of constructing, equipping and upgrading various school facilities and improvements as voted upon by District stakeholders in the Special Purpose Local Option Sales Tax referendum on March 21, 2017. The short-term construction notes bear an interest rate of 2.0% with a maturity date of December 16, 2020. The District will repay the notes with proceeds from the local option sales tax collected in calendar year 2020. If the proceeds are not sufficient to pay the entire principal and interest on the notes, property taxes within the 20 mil limitation prescribed by law may be levied upon all taxable property within Cobb County and immediately due. The principal and interest payment on December 16, 2020, will total $101,002,564. The following represents the activity related to short-term notes during fiscal year ended June 30, 2020. Beginning Balance $ 89,110,000 Additions $ 99,260,000 Deletions $ (89,110,000) Ending Balance $ 99,260,000 50 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 10. COMPENSATED ABSENCES It is the District's policy to allow employees to accumulate earned but unused vacation benefits. Employees are compensated for qualifying vacation benefits upon termination of their employment with the District. A liability for these vacation benefits are accrued and includes social security, medicare, and workers compensation. Employees are not compensated for sick leave benefits upon termination of their employment. Therefore, no liability is reported for earned but unused sick leave benefits. Note 11. LONG-TERM OBLIGATIONS Fiscal year 2020 long-term obligations are as follows: Long-term Current Amounts Due Amounts Due Balance 6/30/2019 Increases Decreases Balance 6/30/2020 Within One Year After One Year Accrued Vacation Pay $ 11,202,000 $ 6,303,000 $ 4,446,000 $ 13,059,000 $ 5,183,000 $ 7,876,000 Net OPEB Liability $ 786,663,000 $ 68,278,000 $ 99,218,000 $ 755,723,000 $ - $ 755,723,000 Net Pension Liability $ 996,094,000 $ 300,195,000 $ 137,776,000 $ 1,158,513,000 $ - $ 1,158,513,000 Total $ 1,793,959,000 $ 374,776,000 $ 241,440,000 $ 1,927,295,000 $ 5,183,000 $ 1,922,112,000 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, 2020 was $1,909,123. 51 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 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, 2020, included additions and renovations at two elementary school, four high schools and one central office location. As of June 30, 2020, the contract price and expenditures to date for the largest projects were as follows: Project Contract Price Expenditures To Date Additions/Modifications 514 Glover Street Additions/Modifications Campbell HS Additions/Modifications Pebblebrook HS New Replacement School Clay-Harmony Leland ES New Replacement School King Springs New Replacement School Cobb Career New Replacement School Osborne HS $ 26,354,433 42,451,462 51,445,775 29,450,919 37,332,082 15,894,881 57,666,212 $ 19,068,447 9,187,252 2,149,895 29,272,311 31,076,131 15,077,079 44,874,940 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, 2020, 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. 52 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 14. RETIREMENT PLANS Teachers Retirement System of Georgia (TRS) Plan Description Substantially all teachers, administrators and clerical personnel are members of this costsharing multiple-employer defined benefit public employee retirement system. TRS was created in 1943 by an act of the Georgia General Assembly and is administered by a ten member Board of Trustees. TRS is funded by a combination of employee, employer and State of Georgia contributions. Benefits are established and may be amended by State statute and provide retirement, death, long-term disability, survivor and health insurance premium benefits. TRS issues a publicly available financial report that can be obtained at www.trsga.com/publications. Benefits Provided TRS retirement benefits are determined as 2 % of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. Contributions Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Pursuant to O.C.G.A. 47-3-63, the employer contributions for certain full- time public school support personnel are funded on behalf of the employer by the State of Georgia. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Plan members are currently required to contribute 6.00 percent of their annual covered payroll and the District is currently required to contribute 21.14 percent of the covered payroll. The District's contributions to TRS for the year ended June 30, 2020 was $151,993,730. 53 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 14. RETIREMENT PLANS (Continued) Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At June 30, 2020, 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 $ 1,158,513,225 State of Georgia's proportionate share of the net pension liability associated with the District 220,188 Total $ 1,158,733,413 The net pension liability was measured as of June 30, 2019. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2018. An expected total pension liability as of June 30, 2019 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, 2019. At June 30, 2019, the District's proportion was 5.387756%, which was a increase of 0.021487% from its proportion measured as of June 30, 2018. For the year ended June 30, 2020, the District recognized pension expense of $198,773,980 and revenue of $188,527 for support provided by the State of Georgia for certain support personnel. At June 30, 2020, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the sources on the following page. 54 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 14. RETIREMENT PLANS (Continued) Differences between expected and actual experience De fe rre d Outflows of Re s ource s $ 65,299,710 De fe rre d Inflows of Re s ource s $ 343,469 Changes of Assumptions 111,174,459 - Net difference between projected and actual earnings on pension plan investments - 27,587,735 Changes in proportion and differences between District contributions and proportionate share of contributions 10,051,940 21,079,989 District contributions subsequent to the measurement date 151,993,730 - Total $ 338,519,839 $ 49,011,193 District contributions subsequent to the measurement date of $151,993,730 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, 2021. 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: 2021 2022 2023 2024 Total $ 62,637,625 5,058,310 31,551,993 38,266,988 $ 137,514,916 55 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 14. RETIREMENT PLANS (Continued) Actuarial assumptions: The total pension liability as of June 30, 2019 was determined by an actuarial valuation as of June 30, 2018 using the following actuarial assumptions, applied to all periods included in the measurement: Inflation Salary increases Investment rate of return Post retirement benefit increases 2.50% 3.00-8.75%, average, including inflation 7.25%, net of pension plan investment expense including inflation 1.50% semi-annually Post-retirement mortality rates were based on the RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males) for service retirements and depended beneficiaries. The RP-2000 Disable Mortality Table with future mortality improvement projected to 2025 with Society of Actuaries' projection scale BB (set forward two years for males and four years for females) was used for death after disability retirement. 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, 2018 valuation were based on the results of an actuarial experience study for the period July 1, 2009 June 30, 2014, with the exception of the long-term assumed rate of return on assets (discount rate), which was changed from 7.50% to 7.25%, and the assumed annual rate of inflation, which was changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation. 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. Remainder of Page Intentionally Left Blank 56 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 14. RETIREMENT PLANS (Continued) The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Asset class Fixed income Domestic large equities Domestic small equities International developed market equities International emerging market equities Total * Rates shown are net of the 2.50% assumed rate of inflation Target allocation 30.00 % 51.00 1.50 12.40 5.10 100.00 % Long-term expected real rate of return* (0.10) % 8.90 13.20 8.90 10.90 Discount rate: The discount rate used to measure the total pension liability was 7.25%, which was a decrease from the discount rate of 7.50% utilized in the previous valuation. 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 7.25%, 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 (6.25%) or one percentage point higher (8.25%) than the current rate: 1% Decrease (6.25%) District's proportionate share of the net pension liabilit $ 1,880,606,038 Current discount rate (7.25%) $ 1,158,513,225 1 % Increase (8.25%) $ 564,696,364 57 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 14. RETIREMENT PLANS (Continued) Pension plan fiduciary net position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS financial report which is publically available at www.trsga.com/publications. Payables to the pension plan At June 30, 2020, the District reported a payable of $16,373,541 for the outstanding amount of contributions to the TRS pension plan required for the year ended June 30, 2020. Public School Employee Retirement System of Georgia (PSERS) Plan Description PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. These employees include bus drivers, maintenance, custodial, and lunchroom personnel. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/formspubs/formspubs. Benefits Provided A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service. Upon retirement, the member will receive a monthly benefit of $15.25, 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 58 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 14. RETIREMENT PLANS (Continued) by employees during the year, with an additional amount to finance any unfunded accrued liability. Plan members who became members prior to July 1, 2012 contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012 contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The District does not make an annual contribution to PSERS. Employees who are covered by PSERS are eligible to participate in a supplemental defined contribution plan. If the employee contributes 1% of salary to the 403b plan administered by VALIC, s/he will receive a contribution equal to 2% of salary each month to match, for a total contribution of 3% of salary. The District's contributions to the supplemental defined contribution plan for the year ended June 30, 2020 was $469,860 with an average number of participants of 854. Pension Liabilities and Pension Expense At June 30, 2020, 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 $10,813,343 The net pension liability was measured as of June 30, 2019. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2018. An expected total pension liability as of June 30, 2019 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, 2019. For the year ended June 30, 2020, the District recognized pension expense of $3,334,705 and revenue of $3,334,705 for support provided by the State of Georgia. 59 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 14. RETIREMENT PLANS (Continued) Actuarial assumptions: The total pension liability was determined by an actuarial valuation as of June 30, 2018, using the following actuarial assumptions, applied to all periods included in the measurement: Inflation Salary increases Investment rate of return Post retirement benefit increase 2.75% N/A 7.30%, net of pension plan investment expense, including inflation 1.50% semi-annually 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, 2018 valuation were based on the results of an actuarial experience study for the period July 1, 2009 June 30, 2014. 60 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 14. RETIREMENT PLANS (Continued) The long-term expected rate of return on pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of pension plan investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Asset class Target allocation Long-term expected real rate of return* Fixed income Domestic large equities Domestic small equities International developed market equities International emerging market equities Alternatives Total 30.00 % 46.20 1.30 12.40 5.10 5.00 100.00 % (0.10) % 8.90 13.20 8.90 10.90 12.00 * 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 7.30%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Pension plan fiduciary net position: Detailed information about the pension plan's fiduciary net position is available in the separately issued PSERS financial report which is publicly available at www.ers.ga.gov/formspubs/. 61 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 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 $20,940,906 for the year ended June 30, 2020. Active employees are not required to contribute to the School OPEB Fund. 62 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued) OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB At June 30, 2020, the District reported a liability of $755,722,646 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2019. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2018. An expected total OPEB liability as of June 30, 2019 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, 2019. At June 30, 2019, the District's proportion was 6.158032%, which was a decrease of 0.031439% from its proportion measured as of June 30, 2018. For the year ended June 30, 2020, the District recognized OPEB expense of $14,719,925. At June 30, 2020, the District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: De fe rre d Outflows of Re s ource s De fe rre d Inflows of Re s ource s Differences between expected and actual experience $ - $ 82,214,757 Changes of Assumptions 26,244,771 106,533,029 Net difference between projected and actual earnings on OPEB plan investments 1,645,732 - Changes in proportion and differences between District contributions and proportionate share of contributions - 13,752,483 District contributions subsequent to the measurement date 20,940,906 - Total $ 48,831,409 $ 202,500,269 63 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued) District contributions subsequent to the measurement date of $20,940,906 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, 2021. 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: 2021 2022 2023 2024 2025 2026 $ (39,355,822) (39,355,822) (39,419,085) (34,124,210) (18,377,265) (3,977,562) $ (174,609,766) Actuarial assumptions: The total OPEB liability as of June 30, 2019 was determined by an actuarial valuation as of June 30, 2018 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, 2019: 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 Pre-Medicare Eligible Medicare Eligible 2.75% 3.25 8.75%, including inflation 7.30%, compounded annually, net of investment expense, and including inflation 7.250% 5.375% 4.75% 4.75% 2028 2022 64 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued) Mortality rates were based on the RP-2000 Combined Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements based on Scale BB as follows: For TRS Members: 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. 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, 2018 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, and adopted by the pension Board on December 17, 2015. The next experience study for TRS will be for the period ending June 30, 2018. The remaining actuarial assumptions (eg., initial per capita costs, healthcare cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2017 valuation were based on a review of recent plan experience done concurrently with the June 30, 2018 valuation. 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. 65 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued) 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 Long-term expected real rate of return* Fixed income Domestic large equities Domestic small equities International developed market equities International emerging market equities Alternatives Total 30.00 % 46.20 1.30 12.40 5.10 5.00 100.00 % (0.10) % 8.90 13.20 8.90 10.90 12.00 * Net of inflation Discount rate: The discount rate has changed since the prior measurement date from 3.87% 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 (3.50% 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 2119. 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 2026. Therefore, the calculated discount rate of 3.58% was applied to all periods of projected benefit payments to determine the total OPEB liability. 66 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 15. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued) Sensitivity of the District's proportionate share of the net OPEB liability to changes in the discount rate: The following presents the District's proportionate share of the net OPEB liability calculated using the discount rate of 3.58%, 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 1- percentage-point lower (2.58%) or 1-percentage-point higher (4.58%) than the current rate: 1% Current 1 % Decrease Discount Rate Increase (2.58%) (3.58%) (4.58%) District's proportionate share of the net pension liability $ 878,399,149 $ 755,722,646 $ 655,930,818 Sensitivity of the District's proportionate share of the net OPEB liability to changes in the healthcare cost trend rate: The following table presents the District's proportionate share of the net OPEB liability, as well as what the District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower and 1-percentage-point higher than the current healthcare cost trend rates: District's proportionate share of the net pension liability 1% Decrease $ 636,616,261 Current Discount Rate $ 755,722,646 1 % Increase $ 906,996,793 OPEB plan fiduciary net position: Detailed information about the OPEB plan's fiduciary net position is available in the Comprehensive Annual Financial Report which is publicly available and can be obtained at https://sao.georgia.gov/comprehensive-annual-financialreports. 67 COBB COUNTY SCHOOL DISTRICT Notes to the Basic Financial Statements JUNE 30, 2020 Note 16. CHANGE IN ACCOUNTING PRINCIPLE In conjunction with the implementation of Governmental Accounting Standards Board (GASB) Statement No. 84, Fiduciary Activities, the School District is required to reevaluate the accounting treatment of fiduciary activities. The new standard requires the School District to determine if funds are still considered fiduciary, and if so, if they are considered custodial funds under the new definitions of GASB Statement No. 84. Therefore, in conjunction with the implementation of GASB Statement No. 84 the following restatements were required to the beginning fund balance of the governmental funds and net position of governmental activities to properly report the District's student activities and payroll withholdings. Net Position - Beginning of Year, As Originally Presented Restatements for Implementation of GASB No. 84 Net Position, Beginning of Year, Restated Governmental Activities $ 121,136,000 1,647,000 $ 122,783,000 Fund Balances, Beginning of Year, As Originally Presented Restatements for Implementation of GASB No. 84 Fund Balances, Beginning of Year, Restated Nonmajor Governmental Funds $ 109,078,000 1,647,000 $ 110,725,000 68 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2020 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 2020 2019 2018 2017 2016 2015 5.388% 5.366% 5.532% 5.578% 5.409% 5.327% $ 1,158,513 $ 996,094 $1,028,202 $1,150,755 $823,417 $673,042 220 249 694 1,761 1,497 1,082 $ 1,158,733 $ 996,343 $1,028,896 $1,152,516 $824,914 $674,124 District's covered payroll during measurement period District's proportionate share of the net pension liability as a percentage of its covered payroll Plan fiduciary net position as a percentage of the total pension liability 657,526 176.19% 78.56% 638,999 635,179 612,318 570,929 544,177 155.88% 80.27% 161.88% 79.33% 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. 69 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2020 Schedule of Contributions Teacher Retirement System of Georgia Last 10 Fiscal Years (amounts expressed in thousands) Contractually required contribution 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 $ 151,994 $ 137,423 $ 107,389 $ 90,646 $ 87,340 75,145 66,741 63,011 58,156 57,920 Contributions in relation to the contractually required contribution 151,994 137,423 107,389 90,646 87,340 75,145 66,741 63,011 58,156 57,920 Contribution Deficiency $ -$ -$ -$ -$ - $- $- $- $- $- District's covered payroll $ 718,988 $ 657,526 $ 638,999 $ 635,179 $ 612,318 570,929 544,177 551,528 564,936 565,694 Contributions as a percentage of covered payroll 21.14% 20.90% 16.81% 14.27% 14.26% 13.16% 12.26% 11.42% 10.29% 10.24% Source: District Records. This schedule is presented to illustrate the requirement to show information for ten fiscal years. COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2020 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). On May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed rate of inflation has been reduced from 2.75% to 2.50%. 71 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2020 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 2020 2019 2018 2017 2016 2015 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $ -$ -$ -$ -$ -$ - 10,813 $ 10,813 9,992 $ 9,992 9,300 12,322 8,097 7,321 $ 9,300 $ 12,322 $ 8,097 $ 7,321 District's covered-employee payroll during measurement period $ 43,669 $ 39,077 $ 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 85.02% N/A 85.26% 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. 72 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2020 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 RP2000 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). On March 15, 2018, the Board adopted a new funding policy. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for June 30, 2017 actuarial valuation. In addition, based on the Board's new funding policy, the assumed investment rate of return was further reduced by 0.10% from 7.40% to 7.30% as of the June 30, 2018 measurement date. 73 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2020 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 2020 6.158032% 2019 6.189471% 2018 6.259222% $ 755,722,646 $ 755,722,646 $786,662,770 $ 879,418,172 $786,662,770 $ 879,418,172 District's covered-employee payroll $ 575,518,845 $555,635,744 $ 548,725,520 District's proportionate share of the net OPEB liability as a percentage of its covered-employee payroll 131.31% 141.58% 160.27% Plan fiduciary net position as a percentage of the total OPEB liability 4.63% 2.93% 1.61% Note: Schedule is intended to show information for the last ten fiscal years. Additional years will be displayed as they become available. 74 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2020 Schedule of Contributions - School OPEB Fund For the Year Ended June 30 Contractually required contributions 2020 $ 20,940,906 2019 2018 $ 33,165,263 $ 32,079,432 Contributions in relation to the contractually required contributions $ 20,940,906 Contribution deficiency (excess) $ - $ 33,165,263 $ - $ 32,079,432 $ - District's covered-employee payroll Contributions as a percentage of covered-employee payroll $ 637,114,654 $ 575,518,845 $ 555,635,744 3.29% 5.76% 5.77% Note: Schedule is intended to show information for the last ten fiscal years. Additional years will be displayed as they become available. 75 COBB COUNTY SCHOOL DISTRICT Required Supplementary Information JUNE 30, 2020 Notes to Required Supplementary Information For the Year Ended June 30 School OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. Changes in assumptions: The June 30, 2017 actuarial valuation was revised, for various factors, including the methodology used to determine how employees and retirees were assigned to each of the OPEB Funds annd anticipated participation percentages. Current and former employees of State organizations (including technical colleges, community service boards and public health departments) are now assigned to the State OPEB fund based on their last employer payroll location irrespective of retirement affiliation. The discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017 to 3.87% as of June 30, 2018, and back to 3.58% as of June 30, 2019. 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. 76 (This page was left blank intentionally) COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES Nonmajor Governmental Funds Special Revenue Funds These funds are used to account for proceeds of specific revenue sources that are legally restricted or committed to expenditures for specified purposes other than debt service or capital projects. These funds also account for receipts and expenditures of resources transferred from the General Fund where revenues are inadequate to finance specified activities. Donations Facility Use/Public Safety This fund is created to provide accounting of donations which are made to the District for specific purposes by individuals or organizations. This fund is created to provide accounting of the Facility Use program which organizes the rental of school facilities during non-instructional hours to provide the community with a place to hold activities at a nominal fee and to account for funds collected for parking decals sold to students, which are used to pay for campus police officers. In addition to parking decals sold to students, funds are transferred from the General fund. After School Program This fund is created to provide accounting of funds for the After School Program which utilizes designated school facilities for the purpose of providing supervision to children from school release time until 6:00 p.m. These revenues have been committed by the Board for use by local principals to benefit students and faculty subject to District policy. Performing Arts/Art Career and Cultural Tuition School/Adult High School Miscellaneous Grants This fund is created to account for funds for the Performing Arts Program which offers an opportunity for students in kindergarten through eighth grade to experience professional quality performing arts experiences. These experiences include off-campus trips to art museums, symphony concerts, ballet and theater performances, as well as in-house musical and dramatic presentations. The program is funded through voluntary student contributions and charges for participation. Art Career and Cultural fund is created to provide accounting of funds which are provided to local artists as compensation for workshops held in the district's schools. This fund is created to provide accounting for the Tuition School Program which provides the opportunity for students to make up school classes and provide enrichment and remedial work at various instructional levels. This program is supported by user tuition charges. This fund is created to account for funds for the Adult High School Program which provides the opportunity for students 16 years of age, and older, who are not enrolled in a regular high school, to improve their basic educational skills and work towards high school completion. This fund is established to provide accounting of funds received and represent a compilation of several grants which are awarded for educational purposes. 77 77 School Nutrition/FNS Catered Food Service This fund is established to provide accounting of funds which are used for the operation of school lunchrooms. All lunches and breakfasts provide at least one-third of each student's nutritional needs and are available at a minimal cost. Free and reduced meals are provided for qualifying students. All lunchrooms are regularly inspected by the Cobb County Health Department and meet prescribed standards of the State Department of Education. The FNS Catered Food Service fund is established to offer additional revenue and staff training. Pre-Kindergarten (Lottery) This fund is established to prepare children for Kindergarten. This program is funded by the Georgia lottery and is a voluntary for all eligible four year olds residents. Adult Education This fund is established to provide accounting for grant funds via the Georgia Department of Technical and Adult Education which are used to educate adults and is a part of the national effort to ensure that all adults are literate and able to compete in the global economy. GNETS This fund is established to provide accounting for grant funds via the Georgia Department of Education which are used to provide appropriate education for students identified as severely emotionally behavior disordered, or autistic. This fund reports a restricted fund balance due to an MOU with other metro school districts. Title I Special Education Vocational Education 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. Title II This fund is established to provide accounting of federal categorical grant funds which flow through the Georgia Department of Education to our school district. The funds are used to advance teacher quality through professional learning, preparation, recruitment and retention as well as upgrading teachers' skills in science and math through training. Homeless Grant USDA Fruits and Vegetables Title III This fund is established to provide accounting of funds for federal categorical grant funds which flow through the Georgia Department of Education and are used to provide educational services to homeless children. This fund is established to provide accounting of federal grant funds which flow through the Georgia Department of Education Food and Nutrition Program. The funds provide free fresh fruits and vegetables to school children outside of the lunch or breakfast food service periods. This fund is established to provide accounting of federally funded grants for programs that support Limited English Proficiency (LEP) students and their families, through language instructional programs. These programs include community participation programs, family literacy services, parent outreach and training activities to improve the English language skills of limited English proficient children and assistance for parents in helping their children to improve their academic achievement. 78 Title IV 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. Local School Funds This fund is established to provide accounting for local school resources generated through ticket sales, commissions, vending, donations, etc. in which the administration has a material degree of involvement. These revenues have been committed by the Board for use by local principals to benefit students and faculty subject to District policy. Beginning in FY20, Student activity funds are reported in this fund. Capital Projects Funds These funds are established to provide accounting for financial resources to be used for the acquisition and construction of major capital facilities. The District has two nonmajor funds used for those purposes; the District Building Fund and the Special Purpose Local Option Sales Tax IV Fund. 79 79 COBB COUNTY SCHOOL DISTRICT COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2020 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Intergovernmental Receivable Accounts Receivable Due From Other Funds Inventories Total Assets LIABILITIES AND FUND BALANCES: Liabilities: Accounts Payable Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities Fund Balances: Nonspendable Restricted Committed Assigned Total Fund Balances Total Liabilities and Fund Balances Donations Special Revenue Facility Use/ Public Safety After School Program Performing Arts/ Art Career and Cultural $ 369 $ 1,046 $ 4,335 $ 386 - - - - 36 7 - - - - - - - - - $ 369 $ 1,082 $ 4,342 $ 386 $ 3$ 21 $ 39 $ - - 6 - - - 2 - - - - - - - - - - 3 29 39 - - - - - - - - - 366 1,053 4,303 386 - - - - 366 1,053 4,303 386 $ 369 $ 1,082 $ 4,342 $ 386 80 Tuition School/ Adult High School Misc. Grants Special Revenue School Nutrition/ FNS Catered PRE K Food Service Lottery Adult Education GNETS $ 2,775 $ - $ 2,775 $ 32 $ 7,753 $ 25 220 - 97 - - - 3,085 57 $ 11,155 $ 7$ - 7$ -$ - 126 1,228 - - - - - - 126 $ 1,228 $ -$ 414 36 - 450 1$ 258 $ 5 369 1 745 - - - 1,436 7 2,808 2,325 2,325 $ 2,775 $ - 3,085 50 5,262 - - - - 50 8,347 57 $ 11,155 $ -$ 2$ - 5 24 180 2 11 82 - 89 660 - - - 7 126 922 - 7$ - - - 306 - - - - - 306 126 $ 1,228 Continued--- 81 COBB COUNTY SCHOOL DISTRICT COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2020 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Intergovernmental Receivable Accounts Receivable Due From Other Funds Inventories Total Assets LIABILITIES AND FUND BALANCES: Liabilities: Accounts Payable Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities Fund Balances: Nonspendable Restricted Committed Assigned Total Fund Balances Total Liabilities and Fund Balances Special Revenue Title I Special Education Vocational Education Title II $ -$ -$ -$ - 4,071 5,505 109 558 - - - - - - - - - - - - $ 4,071 $ 5,505 $ 109 $ 558 $ 27 $ -$ -$ 10 878 1,037 - 106 322 495 - 24 2,844 3,973 109 418 - - - - 4,071 5,505 109 558 - - - - - - - - - - - - - - - - - - - - $ 4,071 $ 5,505 $ 109 $ 558 82 Homeless Grant Special Revenue USDA Fruits and Vegetables Title III Title IV Local School Funds $ -$ -$ -$ - $ 10,819 1 - 725 329 - - - - - - - - - - 993 - - - - - $ 1$ -$ 725 $ 329 $ 11,812 $ -$ -$ -$ 133 $ - - - 56 35 - - - 16 3 - 1 - 653 158 - - - - - - 1 - 725 329 - - - - - - - - - - - - - - - 11,812 - - - - - - - - - 11,812 $ 1$ -$ 725 $ 329 $ 11,812 Continued--- 83 COBB COUNTY SCHOOL DISTRICT COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2020 (amounts expressed in thousands) ASSETS: Cash and Cash Equivalents Intergovernmental Receivable Accounts Receivable Due From Other Funds Inventories Total Assets LIABILITIES AND FUND BALANCES: Liabilities: Accounts Payable Accrued Payroll and Payroll Withholdings Accrued Employee Benefits Due to Other Funds Unearned Revenue Total Liabilities Fund Balances: Nonspendable Restricted Committed Assigned Total Fund Balances Total Liabilities and Fund Balances Capital Projects District Special Purpose Building Local Option Fund Sales Tax IV Total $ 4,046 $ 284 - $ 4,330 $ 34,002 $ - 2,571 - 36,573 $ 65,570 13,181 2,711 993 3,085 85,540 $ 166 $ 166 4,164 4,164 $ 4,330 $ 8,940 $ 8,940 9,600 3,115 1,739 8,905 1,436 24,795 27,633 27,633 36,573 $ 3,085 33,251 20,245 4,164 60,745 85,540 Concluded. 84 (This page was left blank intentionally) COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2020 (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 $ -$ -$ -$ - - 1,207 8,255 360 - - - - - - - - 261 - - 1 261 1,207 8,255 361 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) 50 - 1,134 252 24 - 7 - 30 - - - 93 543 6,766 - - - - - - 1,893 165 - - - - - - - - - 197 2,436 8,072 252 64 (1,229) 183 109 - 1,118 - - - (123) - - - - - - - 995 - - Net Change in Fund Balances Fund Balances, Beginning of Year, As Originally Presented Restatements - Changes in Accounting Principles Fund Balance - Beginning of the Year, Restated Fund Balances, End of Year 64 (234) 183 109 302 1,287 4,120 277 - - - - 302 1,287 4,120 277 $ 366 $ 1,053 $ 4,303 $ 386 85 Tuition School/ Adult High School Misc. Grants Special Revenue School Nutrition/ FNS Catered PRE K Food Service Lottery Adult Education GNETS $ -$ 1,264 - - 1,264 213 $ 27,909 $ - 16,489 - 216 - - 55 127 268 44,741 105 $ - 105 1,109 $ - 1,109 4,886 - 84 4,970 1,012 - 134 163 8 - 1,317 81 - 151 - - - 19 54,652 - - - - - - - - 251 54,652 105 652 3,694 - - 762 - - 286 - 427 216 - - 5 - 30 12 - - - - - - 105 1,109 4,975 (53) 279 - 279 226 2,099 2,099 $ 2,325 $ 17 (9,911) - - - - - 11 - 11 17 (9,900) 33 18,247 - - 33 18,247 50 $ 8,347 $ - - - -$ - (5) - - - - - - - - - (5) - 311 - - - 311 -$ 306 Continued--- 86 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2020 (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, As Originally Presented Restatements - Changes in Accounting Principles Fund Balance - Beginning of the Year, Restated Fund Balances, End of Year Title I Special Vocational Education Education Title II $ 18,563 $ 23,796 $ - - - - - - - - 18,563 23,796 734 $ 2,092 - - - - - - - - 734 2,092 7,186 1,798 9,034 492 53 18,563 12,207 1,748 6,565 1,468 1,808 23,796 678 - - - 40 1,654 16 438 - - - - - - - - 734 2,092 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - $ -$ -$ -$ - 87 Special Revenue Homeless Grant USDA Fruit and Vegetables Title III Title IV Local School Funds $ 57 $ 117 $ 1,505 $ 2,089 $ - - - - - 26,628 - - - - 8 - - - - 3,034 - - - - - 57 117 1,505 2,089 29,670 1 - 188 933 - 6 - 458 655 - 35 - 859 382 - 2 117 - 98 - 13 - - 19 - - - - 2 - - - - - 29,450 - - - - - 57 117 1,505 2,089 29,450 - - - - 220 - - - - - - - - - - - - - - - - - - - - - - - - 220 - - - - 9,945 - - - - 1,647 - - - - 11,592 $ -$ -$ -$ - $ 11,812 Continued--- 88 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2020 (amounts expressed in thousands) Capital Projects REVENUES: Intergovernmental Tuition and Fees Interest Income Athletic Ticket Sales Other Total Revenues District Building Fund Special Purpose Local Option Sales Tax IV $ 5,004 $ - 20 268 5,292 17,011 - 983 - 17,994 Total $ 105,190 54,203 1,227 3,034 796 164,450 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) 1,020 - 48 1,978 3,046 2,246 1,622 - 1,622 - 62,522 62,522 (44,528) - 28,173 6,629 19,019 65,510 1,946 2,110 29,450 64,500 217,337 (52,887) 3,019 (123) 11 2,907 Net Change in Fund Balances Fund Balances, Beginning of Year, As Originally Presented Restatements - Changes in Accounting Principles Fund Balance - Beginning of the Year, Restated Fund Balances, End of Year 3,868 296 (44,528) 72,161 (49,980) 109,078 - - 1,647 296 72,161 110,725 $ 4,164 $ 27,633 $ 60,745 Concluded. 89 COBB COUNTY SCHOOL DISTRICT DONATIONS-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (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 $ 261 $ 261 $ 261 $ - 261 261 261 - 153 153 48 48 87 87 4 4 12 12 2 2 233 233 23 23 1 1 50 103 24 24 30 57 - 4 11 1 1 1 64 169 17 6 - 1 563 563 197 366 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year (302) (302) 64 366 302 302 302 - $ -$ -$ 366 $ 366 90 COBB COUNTY SCHOOL DISTRICT FACILITY USE/ PUBLIC SAFETY-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (amounts expressed in thousands) REVENUES: Local Other Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 1,333 $ 1,333 $ 1,207 $ 1,118 1,118 1,118 2,451 2,451 2,325 (126) - (126) EXPENDITURES: Maintenance and Operation of Plant Community Service Operations Total Expenditures 1,857 594 2,451 1,857 594 2,451 2,016 543 2,559 (159) 51 (108) Net Change in Fund Balance Fund Balance, Beginning of Year 1,287 1,287 (234) 1,287 Fund Balance, End of Year $ 1,287 $ 1,287 $ 1,053 $ (234) - (234) 91 COBB COUNTY SCHOOL DISTRICT AFTER SCHOOL PROGRAM-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (amounts expressed in thousands) REVENUES: Local Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 9,995 $ 9,995 $ 8,255 $ (1,740) 9,995 9,995 8,255 (1,740) EXPENDITURES: Instruction Pupil Services Maintenance and Operation of Plant Community Service Operations Total Expenditures 1,359 - 8,636 9,995 1,359 - 11,637 12,996 1,134 7 165 6,766 8,072 225 (7) (165) 4,871 4,924 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year $ 4,120 4,120 $ (3,001) 4,120 1,119 $ 183 4,120 4,303 $ 3,184 - 3,184 92 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, 2020 (amounts expressed in thousands) REVENUES: Local Total Revenues EXPENDITURES: Instruction Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 423 $ 423 $ 361 $ (62) 423 423 361 (62) 423 423 252 171 423 423 252 171 Net Change in Fund Balance Fund Balance, Beginning of Year - - 109 109 277 277 277 - Fund Balance, End of Year $ 277 $ 277 $ 386 $ 109 93 COBB COUNTY SCHOOL DISTRICT TUITION SCHOOL/ADULT HIGH SCHOOL-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (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 Community Services Operations Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 831 $ 981 $ 1,264 $ 283 279 279 279 - 1,110 1,260 1,543 283 628 138 8 23 1 312 1,110 628 288 8 23 1 312 1,260 1,012 134 8 163 1,317 (384) 154 8 23 (7) 149 (57) Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - 226 226 2,099 2,099 2,099 - $ 2,099 $ 2,099 $ 2,325 $ 226 94 COBB COUNTY SCHOOL DISTRICT MISCELLANEOUS GRANTS-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (amounts expressed in thousands) REVENUES: Local State Other Sources Total Revenues EXPENDITURES: Instruction Pupil Services General Administration Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 20 $ 20 $ 50 $ 30 254 254 213 (41) 19 19 5 (14) 293 293 268 (25) 123 123 81 42 151 151 151 - 19 19 19 - 293 293 251 42 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - 17 17 33 33 33 - $ 33 $ 33 $ 50 $ 17 95 COBB COUNTY SCHOOL DISTRICT SCHOOL NUTRITION/FNS CATERED FOOD SERVICE-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (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 $ 21,496 $ 21,496 $ 16,716 $ (4,780) 1,323 1,323 1,339 16 33,375 33,375 26,570 (6,805) 40 40 127 87 56,234 56,234 44,752 (11,482) 59,533 59,533 59,533 59,533 54,652 54,652 4,881 4,881 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year (3,299) 18,247 (3,299) 18,247 (9,900) 18,247 $ 14,948 $ 14,948 $ 8,347 $ (6,601) - (6,601) 96 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, 2020 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: Instruction Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 101 $ 101 $ 105 $ 4 101 101 105 4 101 101 105 (4) 101 101 105 (4) Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 97 COBB COUNTY SCHOOL DISTRICT ADULT EDUCATION-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (amounts expressed in thousands) REVENUES: State Federal Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 492 $ 487 $ 451 $ (36) 704 711 658 (53) 1,196 1,198 1,109 (89) EXPENDITURES: Instruction 671 692 652 40 Improvement of Instructional Services 500 467 427 40 Maintenance of Plant Services Community Service Operations 25 32 30 2 - 7 - 7 Total Expenditures 1,196 1,198 1,109 89 Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 98 COBB COUNTY SCHOOL DISTRICT GNETS-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (amounts expressed in thousands) REVENUES: State Federal Other Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 4,910 $ 4,834 $ 4,496 $ 415 568 390 104 114 84 5,429 5,516 4,970 (338) (178) (30) (546) 4,138 4,137 3,694 443 771 801 762 39 281 302 286 16 49 53 44 9 161 168 172 (4) 1 39 12 27 16 16 5 11 5,417 5,516 4,975 541 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year 12 - (5) (5) 311 311 311 - $ 323 $ 311 $ 306 $ (5) 99 COBB COUNTY SCHOOL DISTRICT TITLE I-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (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 $ 22,207 $ 21,742 $ 18,563 $ 22,207 21,742 18,563 (3,179) (3,179) 8,590 2,374 9,753 708 591 191 22,207 8,970 2,111 9,232 713 581 135 21,742 7,186 1,798 8,420 614 492 53 18,563 1,784 313 812 99 89 82 3,179 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 100 COBB COUNTY SCHOOL DISTRICT SPECIAL EDUCATION-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (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 $ 20,754 $ 21,851 $ 23,796 $ 20,754 21,851 23,796 1,945 1,945 5,569 5,493 6,624 1,294 1,774 20,754 10,622 1,838 6,242 1,364 1,785 21,851 12,207 1,748 6,565 1,468 1,808 23,796 (1,585) 90 (323) (104) (23) (1,945) Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 101 COBB COUNTY SCHOOL DISTRICT VOCATIONAL EDUCATION-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (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 $ 738 $ 734 $ 734 $ - 738 734 734 - 664 678 678 - 42 21 21 - 13 19 19 - 19 16 16 - 738 734 734 - Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 102 COBB COUNTY SCHOOL DISTRICT TITLE II-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (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 $ 2,395 $ 2,361 $ 2,092 $ 2,395 2,361 2,092 (269) (269) 1,840 1,797 1,551 246 64 65 56 9 383 383 382 1 108 116 103 13 2,395 2,361 2,092 269 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 103 COBB COUNTY SCHOOL DISTRICT HOMELESS GRANT-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (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 $ 81 $ 57 $ (24) 69 81 57 (24) 4 3 1 2 5 9 6 3 2 2 2 - 18 27 13 14 40 40 35 5 69 81 57 24 Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 104 COBB COUNTY SCHOOL DISTRICT USDA-FRESH FRUITS & VEGETABLES-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: School Nutrition Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 31 $ 150 $ 117 $ (33) 31 150 117 (33) 31 150 117 33 31 150 117 33 Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 105 COBB COUNTY SCHOOL DISTRICT TITLE III-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (amounts expressed in thousands) REVENUES: Federal Total Revenues EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Federal Grant Administration Total Expenditures Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 1,352 $ 2,133 $ 1,505 $ 1,352 2,133 1,505 (628) (628) 317 501 188 313 255 524 458 66 755 1,088 843 245 25 20 16 4 1,352 2,133 1,505 628 Net Change in Fund Balance - - - - Fund Balance, Beginning of Year - - - - Fund Balance, End of Year $ -$ -$ -$ - 106 COBB COUNTY SCHOOL DISTRICT TITLE IV-SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) FOR THE YEAR ENDED JUNE 30, 2020 (amounts expressed in thousands) REVENUES: Federal Total Revenues Budgeted Amounts Original Final Actual Amounts Variance With Final Budget $ 2,296 $ 3,110 $ 2,089 $ (1,021) 2,296 3,110 2,089 (1,021) EXPENDITURES: Instruction Pupil Services Improvement of Instructional Services Federal Grant Administration General Administration School Administration Business Support Services Maintenance Student Transportation Other Support Service Total Expenditures 1,203 554 286 77 69 19 4 70 14 2,296 1,314 836 720 70 64 3 29 4 47 23 3,110 933 655 334 48 55 2 20 2 19 21 2,089 381 181 386 22 9 1 9 2 28 2 1,021 Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year - - - - - - - - $ -$ -$ -$ - 107 Internal Service Funds These funds are established to account for the financing of goods or services provided by one department to other departments on a cost-reimbursement basis. The District has two individual funds in the Internal Service Funds category. The Unemployment Compensation and SelfInsurance are used to account for the District's self-insurance programs. 108 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF FUND NET POSITION INTERNAL SERVICE FUNDS JUNE 30, 2020 (amounts expressed in thousands) Assets: Unemployment Compensation Fund Self- Insurance Fund Total Current Assets: Cash Total Current Assets $ 666 $ 13,442 $ 14,108 666 13,442 14,108 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 $ - 31 31 - 3,192 3,192 - 4 4 - 4 4 - 3,231 3,231 - 5,397 5,397 - 8,628 8,628 666 $ 4,814 $ 5,480 109 COBB COUNTY SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION INTERNAL SERVICE FUNDS FOR THE YEAR ENDED JUNE 30, 2020 (amounts expressed in thousands) OPERATING REVENUES: Charges for Services Total Revenues Unemployment Compensation Fund SelfInsurance Fund Total $ 114 $ 9,084 $ 9,198 114 9,084 9,198 OPERATING EXPENSES: School and Administrative Services Total Expenditures 95 7,259 7,354 95 7,259 7,354 Change in Net Position 19 1,825 1,844 Total Net Position, Beginning of Year 647 2,989 3,636 Total Net Position, End of Year $ 666 $ 4,814 $ 5,480 110 COBB COUNTY SCHOOL DISTRICT STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR THE YEAR ENDED JUNE 30, 2020 (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 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 Claims Payable Decrease in Accounts Payable Increase in Accrued Payroll and Payroll Withholdings Total Adjustments Net Cash Provided by Operating Activities Unemployment Compensation Fund SelfInsurance Fund Total $ 114 $ 9,084 $ 9,198 - (344) (344) (95) (5,142) (5,237) - (665) (665) 19 2,933 2,952 19 2,933 2,952 647 10,509 11,156 666 13,442 14,108 $ 19 $ 1,825 $ 1,844 - 1,287 1,287 - (181) (181) - 2 2 - 1,108 1,108 $ 19 $ 2,933 $ 2,952 111 (This page was left blank intentionally) COBB COUNTY SCHOOL DISTRICT SPLOST 4 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2020 LOCATION/DESCRIPTION Approved Budget Revised Budget Expended Inception through 06/30/20 Expended FY20 Encumbered as of 06/30/20 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 REPLACEMENT ES CLAY ES COBB CAREER ACADEMY (NOW CITA) CLAY-HARMONY LELAND REPLACEMENT 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 FITZHUGH LEE FLOYD MS FORD ES FREY ES GARRETT MS GARRISON MILL ES GREEN ACRES ES GRIFFIN MS HARMONY LELAND ES HARRISON HS HAVEN @ HAWTHORNE HAVEN AT SKY VIEW HAWTHORNE CENTER HAYES ES HENDRICKS ES HIGHTOWER TRAIL MS HILLGROVE HS HOLLYDALE ES HORIZON HS KEHELEY ES KELL HS KEMP ES KENNESAW ES KENNESAW MOUNTAIN HS KENNESAW WAREHOUSE KINCAID ES KING SPRINGS ES KING SPRINGS PRIMARY (K-1) LABELLE 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 29,884,400 713,483 972,053 5,304,276 575,203 1,391,811 3,105,288 3,455,215 57,742 459,338 3,661,474 29,125,616 54,534 117,079 277,470 1,412,827 984,706 725,907 3,743,963 320,873 534,205 1,500,906 86,000 27,497,531 25,663 - 4,742,176 383,330 2,519,268 580,902 788,445 386,339 1,418,099 613,703 327,289 2,908,159 1,479,566 5,500,000 3,816,562 361,762 85,000 160,393 1,204,833 $ 1,177,341 371,448 2,413,453 731,526 770,446 1,245,572 1,670,014 35,767 1,233,658 1,324,247 996,888 1,320,052 1,455,680 1,088,836 1,171,834 27,398,141 1,289,597 1,438,482 19,092,815 7,316,916 1,032,128 2,632,039 1,067,715 891,947 27,294,542 10,083 1,240,952 1,404,511 1,561,087 1,115,659 1,543,861 3,736,544 1,457,821 1,088,982 1,342,113 1,068,185 39,026,782 1,291,402 972,013 1,304,837 12,262 1,266,203 1,406,544 2,695,494 1,241,284 1,186,469 2,220,190 3,217,436 955,474 28,185,728 20,827 917,274 247,875 5,790,465 1,850,996 3,818,966 3,164,201 1,124,043 921,672 1,084,852 2,549,934 1,286,744 1,024,718 2,977,663 13,979,399 1,003,739 1,301,967 143,963 1,116,352 1,204,827 $ -$ 1,177,235 4,100 371,448 - 2,413,320 259,999 731,517 1,438 770,441 - 1,245,299 18,483 1,669,071 - 35,767 - 1,233,654 6,648 1,324,129 47,971 996,881 4,033 1,320,043 38,668 1,455,672 - 1,088,831 - 1,171,829 - 26,794,077 244,319 1,289,593 - 1,438,478 - 18,925,452 3,181,114 6,790,572 439,212 1,032,124 - 2,631,866 4,558 1,067,671 1,012 891,941 1,004 18,345,315 15,926,869 10,083 - 1,240,947 - 1,404,317 40,860 1,561,007 40,023 1,115,652 - 1,543,861 - 3,735,907 24,735 1,457,816 - 1,088,926 598 1,295,610 26,113 1,068,185 - 38,328,710 370,461 1,291,396 1,004 966,186 41,412 1,304,833 - 11,667 11,667 1,223,553 33,308 1,406,536 - 2,695,401 4,111 1,207,921 65,268 1,186,464 - 2,220,183 1,004 3,172,379 50,918 955,469 - 28,179,934 1,250,163 20,827 - 917,216 41,011 247,875 - 5,790,402 4,744 1,850,991 - 3,763,893 - 3,164,192 - 1,124,036 - 907,865 6,162 1,084,820 3,488 2,549,531 29,139 1,286,713 14,474 1,024,713 - 2,977,608 4,628 13,919,542 134,503 1,003,620 10,048 1,296,923 - 143,963 - 1,116,346 - - 935 - 305,307 - 167,304 475,430 4,221,461 305,991 55,066 12,938 1,438 - 6 106 133 9 5 273 8 4 118 7 9 8 5 5 298,757 4 4 59 50,914 4 173 44 6 4,727,766 5 194 80 7 637 5 56 46,503 392,081 6 5,827 4 595 42,650 8 93 33,363 5 7 45,057 5 5,794 58 63 5 7 9 7 13,807 32 403 31 5 55 46,919 119 3,606 6 112 COBB COUNTY SCHOOL DISTRICT SPLOST 4 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2020 LOCATION/DESCRIPTION LASSITER HS LEWIS ES LINDLEY 6TH GRADE ACADEMY LINDLEY MS LOST MOUNTAIN MS LOVINGGOOD MS MABLETON ES MABRY MS MAINTENANCE FACILITY ARGO ROAD MARS HILL ROAD BUS SHOP MARTHA MOORE EDUCATION CENTER MCCALL PRIMARY MCCLESKEY MS MCCLURE MS MCEACHERN HS MILFORD ES MOUNT BETHEL ES MOUNTAIN VIEW ES MOUNTAIN VIEW REPLACEMENT ES MURDOCK ES NICHOLSON ES NICKAJACK ES NORTH COBB HS NORTON PARK ES OSBORNE HS OSBORNE REPLACEMENT HS PALMER MS 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 EARLY LEARNING CENTER SOUTH COBB HS SPRAYBERRY HS STILL ES SYSTEMWIDE TAPP MS TEASLEY ES TIMBER RIDGE ES TRITT ES VARNER ES VAUGHN ES WALTON HS WALTON REPLACEMENT HS WHEELER HS 440 GLOVER STREET 484 GLOVER STREET 514 GLOVER STREET 538 GLOVER STREET 560 GLOVER STREET 580 GLOVER STREET 590 COMMERCE PARK 650 SOUTH COBB DR TOTAL PROJECT EXPENDITURES Approved Revised Expended Inception Expended Encumbered Budget Budget through 06/30/20 FY20 as of 06/30/20 Uncommitted 13,447,646 20,357,493 20,270,973 6,151,211 19,306 67,214 3,396,001 1,711,698 1,704,905 - 6,785 8 876,943 922,454 875,511 3,933 46,927 16 848,625 1,287,145 1,287,024 25,889 - 121 7,079,609 8,976,417 8,972,347 27,939 - 4,070 32,079 1,545,162 1,545,133 11,975 - 29 96,236 1,366,940 1,366,933 - - 7 938,206 2,072,137 2,072,117 6,292 - 20 - 37,874 37,874 - - - - 45,831 45,831 - - - - 14,682 14,682 - - - 32,079 683,196 683,054 - - 142 2,413,932 2,346,792 2,346,740 12,503 - 52 - 1,447,791 1,447,787 - - 4 8,737,474 11,199,935 11,141,313 3,683 58,598 24 64,157 784,870 784,864 - - 6 3,744,478 1,310,606 1,309,623 9,172 - 983 2,695,904 735,376 735,372 - - 4 23,330,216 31,763,588 31,763,583 - - 5 319,277 1,118,774 1,118,724 1,459 - 50 2,306,880 904,277 904,261 4,465 - 16 2,258,194 1,814,823 1,780,103 41,808 - 34,720 23,328,254 29,003,824 29,002,500 151,672 - 1,324 756,708 1,341,837 1,341,762 2,730 - 75 3,290,500 2,629,149 2,629,142 - - 7 29,900,000 67,784,713 51,879,125 25,149,854 13,701,746 2,203,842 25,663 1,370,548 1,370,543 - - 5 4,438,112 5,589,560 5,580,262 121,747 - 9,298 28,870 1,097,379 1,097,374 5,934 - 5 2,677,281 1,010,275 1,010,270 423 - 5 128,710 30,000,000 1,207,570 27,212,034 1,207,565 27,212,034 21,112 - 5 - - 20,943,137 28,256,675 28,254,822 112,226 1,820 33 624,080 2,018,004 2,018,000 - - 4 189,873 626,763 626,712 752 - 51 6,416 1,414,427 1,414,427 - - - 53,892 888,064 888,058 - - 6 532,668 908,886 908,881 - - 5 - 13,012 13,012 - - - 3,334,456 1,042,633 1,042,633 - - - 881,756 1,124,486 1,124,409 3,479 - 77 - 1,622,645 1,622,645 - - - 28,870 1,446,514 1,446,508 - - 6 670,531 1,572,272 1,572,265 1,276 - 7 470,438 1,152,957 1,152,951 - - 6 1,521,727 1,839,639 1,835,566 65,536 - 4,073 - 801,958 801,952 1,099 - 6 3,469,077 1,565,354 1,565,346 - - 8 - 133,359 8,241 8,241 117,541 7,577 17,960,694 13,508,116 13,507,469 19,079 - 647 1,072,858 2,677,535 2,677,529 935 - 6 3,383,412 1,173,217 1,173,217 - - - 201,887,135 10,725,555 9,449,818 4,455 - 1,275,737 5,049,770 1,252,625 1,252,620 - - 5 4,749,141 5,561,859 5,560,628 18,668 - 1,231 534,845 965,971 965,965 1,004 - 6 3,490,899 1,583,932 1,583,920 5,231 - 12 320,873 1,691,854 1,691,672 17,226 - 182 600,441 1,064,201 1,064,194 1,004 - 7 1,493,167 1,008,360 1,008,360 - - - 39,946,400 95,329,845 95,154,365 6,250,958 3,135 172,345 22,124,756 28,403,990 28,209,924 32,425 94,180 99,886 500,000 11,447,432 10,264,472 775,057 431,691 751,269 - 55,000 28,306 28,306 26,054 640 500,000 9,426,728 9,304,604 999,426 93,056 29,068 - 54,701 54,701 - - - - 137,423 137,423 - - - - 167,659 167,659 4,962 - - - 41,391 41,391 - - - - 330,195 $ 717,844,707 $ 716,273,470 $ 312,192 27,438 18,001 2 685,727,260 $ 62,521,854 $ 20,164,710 $ 10,381,500 113 COBB COUNTY SCHOOL DISTRICT SPLOST 5 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2020 LOCATION/DESCRIPTION Approved Budget Revised Budget Expended Inception Expended through 06/30/20 FY20 Encumbered as of 6/30/20 Uncommitted ACWORTH INTERMEDIATE $ ADDISON ES ADULT ED AT HAWTHORNE ALLATOONA HS ARGYLE ES AUSTELL ES AWTREY MS BAKER ES BAKER ROAD BUS SHOT BARBER MS BELLS FERRY ES BELMONT HILLS ES BIG SHANTY ES BIRNEY ES BLACKWELL ES BRUMBY REPLACEMENT ES BRYANT ES BULLARD ES CAMPBELL HS CAMPBELL MS CHALKER ES CHEATHAM HILL ES CITY VIEW ES CLARKDALE REPLACEMENT ES CLAY ES CLAY-HARMONY LELAND ES COBB INNOVATION & TECHNOLOGY ACADEMY COMPTON ES COOPER MS DANIELL MS DAVIS ES DICKERSON MS DODGEN MS DOWELL ES DUE WEST ES DURHAM MS EAST COBB REPLACEMENT MS EAST SIDE ES EASTVALLEY ES EASTVALLEY ES REPLACEMENT ES FAIR OAKS ES FLOYD MS FORD ES FREY ES GARRETT MS GARRISON MILL ES GREEN ACRES ES GRIFFIN MS HARRISON HS HAVEN AT SKY VIEW HAYES ES HENDRICKS ES HIGHTOWER TRAIL MS HILLGROVE HS HOLLYDALE ES HORIZON HS HORIZON HS (THE EXCHANGE) KEHELEY ES KELL HS KEMP ES KENNESAW MOUNTAIN HS KENNESAW ES KENNESAW WAREHOUSE KINCAID ES KING SPRINGS ES KING SPRINGS PRIMARY (K-1) KING SPRINGS REPLACEMENT ES -$ 750,209 $ - 2,101,935 - - 2,003,126 - 464,337 - 471,879 - 913,188 - 786,925 - - - 850,353 - 287,733 - 200,574 - 606,213 - 730,065 - 1,086,156 - 291,753 - 1,198,817 - 941,823 - 46,933,281 - 3,497,317 - 725,625 - 934,127 912,979 - 332,331 - 149,979 - 36,699,741 - - - 312,578 - 2,128,935 - 880,229 - 617,430 - 965,829 - 1,016,968 - 1,384,541 - 293,221 - 945,702 - 396,137 - 1,029,198 - 574,737 - 38,678,147 - 753,338 - 858,732 - 694,393 - 1,554,583 - 765,927 - 617,544 - 300,791 - 3,096,984 - 2,835,851 - 144,472 - 790,416 - 664,588 - 861,397 - 2,202,178 - 1,026,397 - 171,838 - 8,525,000 - 899,872 - 1,922,174 - 829,789 - 2,109,044 - 714,164 - 5,884,089 - 1,026,464 - 245,707 - 82,226 - 41,086,246 736,013 $ 1,101,365 1,865,397 425,724 442,910 671,228 683,577 815,869 255,908 186,096 581,207 712,854 636,060 252,509 788,733 746,889 7,979,593 2,504,875 684,384 907,492 735,978 300,191 142,428 31,527,198 238,354 1,242,189 812,762 600,008 858,860 920,963 983,632 281,128 839,948 315,897 881,673 536,627 731,383 781,514 675,070 741,190 724,696 576,483 286,029 1,784,215 1,753,482 140,754 750,382 638,972 785,123 1,946,059 672,233 164,135 5,905,788 801,050 1,085,933 790,530 1,920,519 688,587 2,733,243 936,498 224,901 82,226 32,186,048 109,208 $ 935,488 1,465,631 20,820 48,669 456,961 481,977 593,580 89,651 45,764 75,131 128,258 35,802 100,045 88,981 82,590 6,224,497 2,218,877 83,730 174,361 32,382 89,134 4,465 22,908,938 71,677 1,005,117 580,258 103,910 599,656 663,263 358,843 126,798 610,412 154,374 81,702 90,283 123,531 548,187 132,713 135,652 508,367 85,976 86,857 1,499,133 1,246,659 28,883 127,518 84,246 546,723 1,484,990 472,168 15,433 5,905,788 354,666 716,202 128,305 1,439,527 94,989 814,069 434,462 28,492 1,472 28,227,664 -$ 887,241 11,000 114,550 59,568 72,747 33,662,312 369,776 - 576,259 26,099 7,742 299,037 235,057 11,613 997,253 768,108 11,000 7,106 - 22,093 554,920 6,283 217,696 23,249 6,988,297 14,196 113,329 126,729 38,613 28,969 127,410 43,780 34,484 31,825 14,478 25,006 17,211 450,096 39,244 337,337 194,934 5,291,376 622,666 41,241 26,635 177,001 32,140 7,551 4,596,284 74,224 886,746 41,368 17,422 106,969 88,263 101,872 12,093 105,754 80,240 147,525 38,110 38,678,147 21,955 77,218 19,323 578,336 41,231 29,448 14,762 315,516 314,261 3,718 40,034 25,616 76,274 245,119 347,058 7,703 2,619,212 76,729 281,321 39,259 182,242 25,577 2,933,150 66,717 20,806 1,911,901 114 COBB COUNTY SCHOOL DISTRICT SPLOST 5 - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS FISCAL YEAR 2020 LOCATION/DESCRIPTION LABELLE ES LASSITER HS LEWIS ES LINDLEY 6TH GRADE ACADEMY LINDLEY MS LOST MOUNTAIN MS LOVINGGOOD MS MABLETON ES MABRY MS MAINTENANCE FACILITY ARGO ROAD MARS HILL BUS SHOP MCCALL PRIMARY MCCLESKEY MS MCCLURE MS MCEACHERN HS MILFORD ES MOUNT BETHEL ES MOUNTAIN VIEW ES MURDOCK ES NICHOLSON ES NICKAJACK ES NORTH COBB HS NORTON PARK ES OSBORNE HS OSBORNE REPLACEMENT HS PALMER MS PEARSON MS PEBBLEBROOK HS PICKETT'S MILL ES PINE MOUNTAIN MS PITNER ES PITTS TRANSPORTATION CENTER POPE HS POWDER SPRINGS ES POWERS FERRY ES RIVERSIDE ES RIVERSIDE PRIMARY ROCKY MOUNT ES RUSSELL ES SANDERS ES SANDER ROAD BUS SHOP SEDALIA PARK ES SHALLOWFORD FALLS ES SIMPSON MS SMITHA MS SMYRNA ES SOPE CREEK ES SOUTH COBB EARLY LEARNING CENTER SOUTH COBB HS SPRAYBERRY HS STILL ES SYSTEMWIDE SYSTEMWIDE UNALLOCATED TAPP MS TEASLEY ES TIMBER RIDGE ES TRITT ES VARNER ES VAUGHN ES WALTON REPLACEMENT HS WHEELER HS 440 GLOVER STREET 484 GLOVER SECOND DATA CENTER 514 GLOVER STREET 580 GLOVER STREET 650 SOUTH COBB DRIVE TOTAL PROJECT EXPENDITURES EXPENDITURES FUNDED BY TRANSFERS ***FUND TOTAL*** Approved Revised Expended Inception Expended Encumbered Budget Budget through 06/30/20 FY20 as of 6/30/20 Uncommitted - 1,346,677 1,036,070 568,443 253,653 56,954 - 3,103,784 2,083,893 1,629,702 765,988 253,903 - 264,560 250,634 90,222 - 13,926 - 1,143,653 1,043,969 882,015 25,568 74,116 - 2,245,904 1,187,673 2,385,386 63,206 995,025 - 977,433 902,842 666,429 - 74,591 - 1,043,235 965,136 694,644 - 78,099 - 427,295 404,729 157,718 - 22,566 - 981,969 843,207 621,822 69,430 69,332 - 36,049 35,235 - - 814 - - - - - - - 464,305 457,372 68,320 - 6,933 - 824,898 699,054 484,888 63,206 62,638 - 1,062,459 900,315 644,066 69,171 92,973 - 2,293,102 1,613,040 1,124,262 476,658 203,404 - 601,685 507,274 46,802 53,474 40,937 - 838,005 674,214 27,463 - 163,791 - 364,665 341,361 166,928 - 23,304 - 853,467 831,021 159,872 2,139 20,307 - 558,128 536,415 80,028 - 21,713 - 500,231 471,069 225,977 5,003 24,159 - 2,681,144 1,810,203 1,223,634 553,867 317,074 - 735,621 716,641 145,003 - 18,980 - 1,133,036 1,055,917 61,552 - 77,119 - 11,672,112 226,291 732,025 700,962 10,744,859 - 2,260,671 1,533,084 1,281,950 91,643 635,944 - 42,715,707 1,735,636 1,735,635 809,558 40,170,513 - 63,702,335 5,639,053 4,739,665 49,434,196 8,629,086 - 752,556 732,996 122,217 - 19,560 - 733,381 599,994 410,343 55,066 78,321 - 403,638 277,590 71,423 - 126,048 - 5,417,500 909,098 821,722 184,790 4,323,612 - 2,161,406 1,124,584 684,095 613,426 423,396 - 752,951 473,606 287,984 8,047 271,298 - 454,459 443,983 86,698 - 10,476 - 930,251 754,113 345,967 43,475 132,663 - - - - - - - 651,968 639,930 134,567 - 12,038 - 782,847 770,402 140,417 - 12,445 - 757,307 734,776 139,491 - 22,531 - - - - - - - 753,981 351,222 153,294 - 402,759 - 751,919 664,467 471,076 10,124 77,328 - 890,631 797,932 657,212 56,721 35,978 - 1,196,695 786,015 539,962 56,721 353,959 - 923,289 796,291 97,369 - 126,998 - 987,252 962,005 182,625 - 25,247 - 735,318 475,487 287,054 3,572 256,259 - 2,371,911 2,213,472 1,732,747 11,000 147,439 - 24,329,248 2,800,705 2,374,243 900,350 20,628,193 - 385,786 354,323 153,588 - 31,463 - 41,244,608 6,960,588 3,198,476 14,953 34,269,067 797,022,000 274,421,211 - - - 274,421,211 - 964,175 838,224 598,047 58,721 67,230 - 730,684 696,378 496,838 - 34,306 - 553,476 512,631 88,647 - 40,845 - 461,875 228,964 29,162 - 232,911 - 888,455 772,703 141,030 - 115,752 - 744,040 724,905 114,970 - 19,135 - 7,824,480 3,666,975 3,129,380 591,657 3,565,848 - 2,366,589 2,117,018 1,606,004 58,500 191,071 - 1,833,676 832,997 620,839 - 1,000,679 - 6,569,470 5,831,433 5,722,604 110,764 627,273 - 32,305,583 23,482,000 21,001,501 5,746,246 3,077,337 - 11,613 11,613 11,613 - - - 387,319 153,102 153,102 97,602 136,615 797,022,000 797,022,000 217,697,432 153,664,663 107,988,463 471,336,105 1,168,000 $ 797,022,000 $ 797,022,000 $ 217,697,432 $ 154,832,663 $ 107,988,463 $ 471,336,105 115 (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 GNETS Unrestricted (Deficit) Total Net Position June 30, 2011 $ 1,066,545 Fiscal Year June 30, 2012 June 30, 2013 $ 1,230,853 $ 1,262,788 June 30, 2014 $ 1,256,656 163,602 21,676 - 171,646 56,155 20,200 147,483 49,860 20,924 20 - 149,881 110,228 19,213 3 - 157,363 $ 1,423,469 $ 1,454,691 $ 1,483,473 $ 1,543,463 (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, 2015 (1) June 30, 2016 $ 1,329,345 $ 1,371,599 Fiscal Year June 30, 2017 June 30, 2018 (2) June 30, 2019 $ 1,444,579 $ 1,463,720 $ 1,535,405 June 30, 2020 $ 1,604,839 92,760 19,295 43 - (710,349) 117,940 19,200 64 - (701,830) 96,550 19,198 (731,265) 123,455 18,910 (1,625,362) 104,068 18,247 33 311 (1,536,928) 92,605 8,347 50 306 (1,530,921) $ 731,094 $ 806,973 $ 829,062 $ (19,277) $ 121,136 $ 175,226 118 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 Instructional 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 Change in Net Position June 30, 2011 Fiscal Year June 30, 2012 June 30, 2013 June 30, 2014 $ 689,680 $ 682,212 $ 685,671 $ 677,187 30,563 30,031 27,093 26,938 48,853 51,475 53,389 45,115 152,083 175,717 156,481 161,460 43,563 44,698 46,888 49,563 56,608 60,143 70,437 63,398 - - - 419 28,930 29,746 28,525 30,780 93 118 - - $ 1,050,373 $ 1,074,140 $ 1,068,484 $ 1,054,860 $ 1,241 $ 1,068 $ 1,101 $ 913 13 11 10 13 27,312 909 28,721 518,300 541 27,921 983 29,402 478,937 30,832 29,104 1,842 28,608 504,819 7,524 28,035 2,004 30,970 512,800 8,085 $ 577,037 $ 569,154 $ 573,008 $ 582,820 $ (473,336) $ (504,986) $ (495,476) $ (472,040) $ 423,694 $ 405,965 $ 400,271 $ 404,759 43 - - - 113,739 122,557 121,008 121,712 1,475 1,079 - - 3,070 2,076 1,632 1,697 - 516 - 175 2,962 4,015 1,347 3,687 $ 544,983 $ 536,208 $ 524,258 $ 532,030 $ 71,647 $ 31,222 $ 28,782 $ 59,990 Source: District Records 119 June 30, 2015 June 30, 2016 Fiscal Year June 30, 2017 June 30, 2018 June 30, 2019 June 30, 2020 $ 704,451 $ 754,427 $ 834,731 $ 842,846 $ 833,448 $ 976,197 27,468 31,201 36,683 37,822 37,209 47,402 47,475 45,668 49,846 49,754 53,378 59,389 173,717 186,859 202,694 207,198 196,042 198,713 49,975 52,503 56,325 61,737 61,112 62,984 53,469 59,762 66,763 73,717 74,614 90,260 - - 397 - - - 32,164 31,116 31,075 30,691 31,664 29,450 - - - 167 871 1,084 $ 1,088,719 $ 1,161,536 $ 1,278,514 $ 1,303,932 $ 1,288,338 $ 1,465,479 $ 1,121 $ 1,192 $ 1,187 $ 1,239 $ 1,286 $ 1,605 10 11 11 9 - - 27,963 1,830 31,193 545,592 5,867 29,008 1,127 31,169 579,489 18,902 29,135 898 30,977 614,312 9,714 37,472 2,401 31,664 632,068 2,658 39,668 2,329 32,246 634,436 5,650 34,674 1,507 29,661 687,696 26,356 $ 613,576 $ 660,898 $ 686,234 $ 707,511 $ 715,615 $ 781,499 $ (475,143) $ (500,638) $ (592,280) $ (596,421) $ (572,723) $ (683,980) $ 421,043 $ 443,533 $ 473,864 $ 504,117 $ 546,318 $ 580,281 - - - - - - 126,923 128,980 132,036 137,708 144,769 147,488 - - - - - - 1,352 1,242 1,754 3,741 6,832 5,522 - - 1,694 - 12,335 - 1,769 2,762 5,021 1,964 2,882 3,132 $ 551,087 $ 576,517 $ 614,369 $ 647,530 $ 713,136 $ 736,423 $ 75,944 $ 75,879 $ 22,089 $ 51,109 $ 140,413 $ 52,443 120 COBB COUNTY SCHOOL DISTRICT FUND BALANCES, GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (amounts expressed in thousands) General Fund Nonspendable Restricted Committed Assigned Unassigned Total General Fund June 30, 2011 Fiscal Year June 30, 2012 June 30, 2013 June 30, 2014 $ 324 $ 353 $ 674 $ 676 - - - - - - - 5,000 46,256 99,863 34,396 98,637 59,272 75,349 47,596 89,510 $ 146,443 $ 133,386 $ 135,295 $ 142,782 All Other Governmental Funds Nonspendable $ Restricted Committed Assigned Unassigned Total All Other Governmental Funds $ 1,365 $ 136,076 11,646 11,893 - 160,980 $ 1,706 $ 76,355 11,883 4,737 - 94,681 $ 1,848 $ 70,804 12,577 2,289 - 87,518 $ 1,464 129,444 14,790 1,557 - 147,255 (a) General Fund assigned fund balance increased due to the sale of assets and allocated for future Source: District Records 121 June 30, 2015 June 30, 2016 Fiscal Year June 30, 2017 June 30, 2018 June 30, 2019 (a) June 30, 2020 $ 844 $ 1,004 $ 2,151 $ 980 $ 828 $ 1,227 - - - - - - 10,000 8,200 - - - - 31,050 90,588 20,342 74,840 15,023 96,064 30,535 109,206 66,131 120,705 83,681 139,657 $ 132,482 $ 104,386 $ 113,238 $ 140,721 $ 187,664 $ 224,565 $ 1,844 $ 1,922 $ 1,993 $ 2,228 $ 110,264 135,367 113,764 120,492 2,965 $ 96,409 14,990 16,169 16,531 17,042 18,030 1,468 1,487 786 390 296 (9) (5) (556) (24) - $ 128,557 $ 154,940 $ 132,518 $ 140,128 $ 117,700 $ 3,085 33,738 20,245 4,164 - 61,232 122 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 2011 $ 540,938 520,316 54,410 3,070 466 3,320 2,753 1,125,273 Fiscal Year 2012 2013 $ 530,686 510,582 55,448 2,325 526 3,410 4,016 1,106,993 $ 518,604 512,258 56,088 1,717 1,383 3,194 1,347 1,094,591 EXPENDITURES: Current: Instruction Pupil Services Instructional Services School and Administrative Services Student Transportation Maintenance and Operations School Nutrition Program Student Activities Interest and Fiscal Charges Capital Outlay Debt Service: Interest and Fiscal Charges Total Expenditures 634,684 25,611 47,255 148,066 40,509 56,584 28,930 93 128,890 - 1,110,622 634,330 25,740 49,700 169,535 41,469 56,514 29,746 118 179,490 - 1,186,642 628,513 23,067 51,492 152,266 43,674 59,473 28,525 - 113,346 - 1,100,356 2014 $ 527,683 520,737 57,170 1,846 1,545 3,219 3,687 1,115,887 625,644 23,572 43,083 157,034 45,961 60,286 419 30,780 61,466 1,048,245 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) 14,651 27,953 (29,451) 268 (1,230) (79,649) 24,930 (25,424) 787 293 (5,765) 21,448 (21,942) 458 (36) 67,642 1,218 (2,013) 377 (418) Net Change in Fund Balances Non-Capitalized Expenditures Capitalized Expenditures Total Expenditures Debt Service as a Percentage of Non-Capitalized Expenditures $ 13,421 $ 994,729 115,893 $ 1,110,622 $ (79,356) $ (5,801) $ 67,224 $ 1,010,754 175,888 $ 1,186,642 $ 997,944 102,412 $ 1,100,356 $ 989,861 58,384 $ 1,048,245 - - - - (a) General Fund assigned fund balance increased due to the sale of three District properties. Source: District Records 123 2015 $ 548,738 552,431 57,750 1,578 1,353 3,013 1,769 1,166,632 2016 $ 572,621 599,546 59,022 1,516 647 2,749 2,481 1,238,582 Fiscal Year 2017 2018 $ 607,871 623,018 58,844 2,335 438 2,925 4,393 1,299,824 $ 640,509 633,454 59,179 4,997 1,932 3,528 2,875 1,346,474 2019 (a) $ 690,882 635,892 61,670 10,658 1,861 3,576 2,882 1,407,421 2020 $ 724,173 710,427 54,203 7,912 1,010 3,034 3,132 1,503,891 675,310 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 1,311,283 790,474 36,064 55,056 190,102 55,815 71,635 31,664 - 170,419 871 1,402,100 852,123 43,607 57,279 183,696 58,285 82,368 29,450 217,527 1,084 1,525,419 (28,679) (1,889) (16,842) 35,191 5,321 (21,528) 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) 3,582 (3,955) 19,567 19,194 4,310 (4,310) 314 314 $ (28,998) $ (1,713) $ (13,570) $ 35,093 $ 24,515 $ (21,214) $ 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 $ 1,233,970 168,130 $ 1,402,100 $ 1,313,891 211,528 $ 1,525,419 - - - - - - 124 COBB COUNTY SCHOOL DISTRICT PROPERTY TAX LEVIES AND COLLECTIONS JUNE 30, 2020 Property Taxes Collected and Balances Receivable 2014 2015 2016 2017 2018 General Fund Collections Balance Receivable 2019 amounts in thousands $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2020 Balances as of June 30, 2020 (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 2014 2015 2016 2017 2018 2019 2020 Total $ 385,590 $ 398,979 $ 413,425 $ 439,272 $ 468,387 $ 508,461 $ 536,187 $ 3,150,301 383,051 397,194 411,807 437,484 466,239 505,912 532,737 3,134,424 99.34% 99.55% 99.61% 99.59% 99.54% 99.50% 99.36% 99.50% $ 2,490 $ 1,710 $ 1,506 $ 1,614 $ 1,815 $ 1,815 $ - $ 10,950 385,541 398,904 413,313 439,098 468,054 507,727 532,737 3,145,374 $ 49 $ 75 $ 112 $ 174 $ 333 $ 734 $ 3,450 $ 4,927 99.99% 99.98% 99.97% 99.96% 99.93% 99.86% 99.36% 99.84% 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. 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Motor Vehicles Public Services Maint & Operations (amounts expressed in thousands) Net M&O For Maintenance & Operations of Schools Fiscal Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Real Property $ 18,958,062 17,573,940 16,898,249 16,352,749 17,266,640 18,421,285 19,947,408 21,599,228 23,677,091 25,105,013 Personal Property $ 1,352,078 1,357,140 1,374,209 1,439,170 1,607,722 1,607,041 1,722,374 1,825,340 1,963,114 2,061,394 Public Total Assessed Services Motor Vehicle Value $ 680,936 $ 1,658,511 $ 22,649,587 753,229 1,679,543 21,363,852 838,778 1,779,893 20,891,129 893,003 1,716,625 20,401,547 870,412 1,365,200 21,109,974 855,371 990,609 21,874,306 853,860 718,250 23,241,892 839,298 518,534 24,782,400 869,266 393,218 26,902,689 888,756 314,519 28,369,682 Direct Estimated Rate Actual Value 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 1.890% 67,256,723 1.890% 70,924,205 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 2011 2012 2013 2014 2015 School District 2016 2017 County Government 2018 2019 2020 (all tax rates are per $1000 assessed valuation) Fiscal Year 2011 2012 School District Maint & Operations 18.90 18.90 Total Direct Rate 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 2019 18.90 18.90 2020 18.90 18.90 County Government General Fire District Debt Service Total County Rate State of Georgia Total Overlapping Rate 6.82 7.72 7.72 7.52 7.32 7.12 6.66 6.76 8.46 8.46 2.56 3.06 3.06 3.06 3.06 3.06 2.96 2.96 2.86 2.86 0.22 0.33 0.33 0.33 0.33 0.33 0.23 0.13 0.13 0.13 9.60 11.11 11.11 10.91 10.71 10.51 9.85 9.85 11.45 11.45 0.25 0.25 0.20 0.15 0.10 0.05 - - - - 9.85 11.36 11.31 11.06 10.81 10.56 9.85 9.85 11.45 11.45 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 4.00 4.00 3.06 3.06 3.06 3.25 3.25 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 9.50 9.50 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, 2019 AND NINE YEARS AGO Principal Property Taxpayers - 2019 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% GC Net Lease Galleria LLC/OTR UK Lasalle Inc. Wildwood Properties Cobb EMC Walton Properties Lockheed Martin Corp AT&T/Bellsouth Home Depot Georgia Power Taxpayer Georgia Power Home Depot AT&T/Bellsouth Lockheed Martin Corp Walton Properties Cobb EMC Wildwood Properties UK Lasalle Inc. Galleria LLC/OTR GC Net Lease SP4 Windy Ridge LP Ohio Teacher Retirement Fund Wells REIT II Wildwood Properties Diversity Development Properties Diamondrock Waverly Owner, LLC TOTAL Type of Business Utilities Retail Telecommunications Aircraft Real Estate Utilities Real Estate Real Estate Real Estate Real Estate Real Estate Investment Real Estate Real Estate Real Estate December 31, 2019 Percent of Total Taxes Taxes Rank Levied Levied 1 $ 10,149,090 1.893% 2 4,624,225 0.862% 3 2,315,967 0.432% 4 2,206,576 0.412% 5 2,203,050 0.411% 6 1,849,949 0.345% 7 1,704,831 0.318% 8 1,436,940 0.268% 9 1,320,337 0.246% 10 1,241,156 0.231% December 31, 2010 Percent of Total Taxes Taxes Rank Levied Levied 1 $ 5,388,594 1.259% 2 3,448,511 0.806% 6 1,636,353 0.382% 7 1,635,099 0.382% 9 1,254,591 0.293% 5 1,955,944 0.457% 4 1,995,730 0.466% 3 2,173,174 0.508% 8 1,471,885 0.344% 0.000% 10 1,201,984 0.281% $ 29,052,121 5.418% $ 22,161,865 5.178% Note: School millage rate is 62% of total county rate. Total taxes levied are multiplied by 62% to arrive at amount of school taxes. Information is available only by calendar year; therefore, data reported is for December 31, 2019 and nine years earlier, December 31, 2010 Source: Office of Tax Commissioner, Cobb County, GA 128 COBB COUNTY SCHOOL DISTRICT LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS (amounts expressed in thousands) Debt Limit Total debt applicable to limit Legal Debt Margin Total debt applicable as a percentage of debt limit 2011 $ 2,264,959 - 2012 $ 2,136,385 - Fiscal Year 2013 $ 2,089,113 - 2014 $ 2,040,157 - 2015 $ 2,110,997 - $ 2,264,959 $ 2,136,385 $ 2,089,113 $ 2,040,157 $ 2,110,997 - - - - - Debt Limit Total debt applicable to limit Legal Debt Margin Total debt applicable as a percentage of debt limit 2016 $ 2,187,433 - 2017 $ 2,324,189 - Fiscal Year 2018 $ 2,478,240 - 2019 $ 2,690,269 - 2020 $ 2,836,968 - $ 2,187,433 $ 2,324,189 $ 2,478,240 $ 2,690,269 $ 2,836,968 - - - - - Source: District Records 129 COBB COUNTY SCHOOL DISTRICT LEGAL DEBT MARGIN INFORMATION FISCAL YEAR 2020 Legal Debt Information - Fiscal Year 2020 $0 $2,836,968,182 Total Amount of Debt Applicable to Debt Limit Legal Debt Margin (amounts expressed in thousands) Net Assessed Valuation, Cobb County School District, January 1, 2019 $ 28,369,681,822 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 $ 2,836,968,182 $ - $ - $ 2,836,968,182 130 COBB COUNTY SCHOOL DISTRICT RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS Debt Per Capita 50 - 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (amounts expressed in thousands, except per capita) Total General Primary Annual Fiscal Obligation Capital Government Personal Year Bonds Leases Debt Income 2011 $ -$ -$ -$ 30,246,898 2012 - - - 31,981,653 2013 - - - 33,662,185 2014 - - - 34,419,921 2015 - - - 36,192,750 2016 - - - 36,400,450 2017 - - - 38,385,767 2018 - - - 40,281,455 2019 - - - 43,263,716 2020 - - - 44,995,411 Population 633,084 642,143 649,141 658,101 670,967 682,267 687,209 694,706 696,059 699,274 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 699,274 provided by the US Census Bureau (July 1, 2019 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% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Fiscal Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Population 633,084 $ 642,143 649,141 658,101 670,967 682,267 687,209 694,706 696,059 699,274 Estimated Actual Value 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 67,256,722,613 70,924,204,555 Gross Bonded Debt - Restricted for Bonded Debt - Note: All general obligation bonds were retired in fiscal year 2007. Population provided by US Census Bureau (2019 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, 2020 Direct and Overlapping Debt Per Capita $0 $19 Direct: Cobb County Schools Indirect: Cobb County Government Direct General Obligation Debt: Gross Bonded Debt $ -$ - Overlapping General Obligation Debt: Cobb County Government (99% of $13,290,000) Total Direct and Overlapping General Obligation Debt Debt Per Capita:* Direct General Obligation Debt Overlapping General Obligation Debt Total $ 13,157,100 $ $ 13,157,100 13,157,100 $ - 19 $ 19 *Population of 699,274 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 Cobb County Population Growth 700,000 650,000 600,000 550,000 500,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Calendar Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Population 689,655 697,277 707,277 717,190 730,981 741,334 748,150 755,754 756,865 760,141 Personal Income (In Thousands) 30,246,898 31,981,653 33,662,185 34,419,921 36,192,750 36,400,450 38,385,767 40,281,455 43,263,716 44,995,411 Per Capita Personal Income 43,858 45,866 47,594 47,993 49,513 49,101 51,308 53,300 57,162 59,194 Median Household Income 59,896 57,995 65,423 66,300 68,656 70,246 70,947 75,654 78,894 79,601 Median Age 35.4 35.6 35.4 36.1 36.2 36.3 36.5 36.6 36.7 37.3 Active Student Enrollment 106,836 106,502 107,914 109,529 111,060 111,848 112,412 111,482 111,386 111,760 Unemployment Rate 9.7% 8.9% 8.0% 7.1% 6.0% 5.0% 4.6% 4.4% 3.7% 3.0% 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 - 2019 70,000 60,000 50,000 40,000 30,000 20,000 10,000 - Six Flags Over Georgia Kroger Co. Brand Energy & Infrastructure Holdings Publix Super Markets Lockheed Martin Kennesaw State University Cobb County Government Home Depot Wellstar Health System Cobb County School District Employer Cobb County School District Wellstar Health System Home Depot Cobb County Government Kennesaw State University Lockheed Martin Publix Super Markets Brand Energy & Infrastructure Holdings Kroger Co. Six Flags Over Georgia Ryla Teleservices Inc Walmart Dobbins Air Force Base Total Rank 1 2 3 4 5 6 7 8 9 10 2019 Employees 13,781 13,610 13,000 5,375 4,834 4,700 3,569 2,800 2,500 1,926 66,095 Percentage of Total County Employment 3.42% 3.37% 3.22% 1.33% 1.20% 1.17% 0.88% 0.69% 0.62% 0.48% 16.38% Rank 1 2 3 6 7 4 8 5 9 10 2010 Employees 15,312 11,840 11,784 5,103 3,400 7,568 2,905 Percentage of Total County Employment 4.42% 3.42% 3.40% 1.47% 0.98% 2.18% 0.84% 6,011 2,750 2,547 69,220 1.73% 0.79% 0.73% 19.96% Information is available by calendar year; therefore, data reported is for years ended December 31, 2019, and nine years earlier, December 31, 2010. Principal Employers within the county provided by 2019 and 2010 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, 2020 METRO ATLANTA SCHOOL DISTRICT TAX RATES 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 20.740 20.000 18.900 23.080 20.750 17.796 21.600 17.970 24.700 Source: Georgia Department of Revenue Maintenance & Operations 20.740 20.000 18.900 23.080 19.650 17.796 19.700 17.970 24.700 136 Debt Service 0.000 0.000 0.000 0.000 1.100 0.000 1.900 0.000 0.000 COBB COUNTY SCHOOL DISTRICT COBB COUNTY BANK DEPOSITS, CONSTRUCTION AND TAXABLE PROPERTY VALUES LAST TEN YEARS dollars in millions $1,400 Cobb County New Construction $1,200 $1,000 $800 $600 $400 $200 $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (dollars expressed in millions) Calendar Year Ended 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Bank Deposits (a) 9,468 9,490 10,269 10,933 11,936 13,769 13,797 15,216 15,633 18,247 Single-Family Residences (b) Number Market of Units Value 491 114 597 161 734 204 1,077 316 938 277 923 314 939 311 943 290 982 297 875 257 Total New Construction (b) Number Market of Permits Value 5,594 410 5,587 656 5,667 581 6,320 711 7,352 596 5,596 1,078 5,725 1,371 9,825 994 10,758 976 10,915 1,355 Estimated Actual Value of Taxable Property (c) 56,624 53,410 52,227 51,004 52,775 54,686 58,105 61,956 67,257 70,924 (a) 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. (c) Source: Cobb County Tax Commissioner. 137 COBB COUNTY SCHOOL DISTRICT PROPERTY DIGEST REDUCTIONS DUE TO EXEMPTIONS LAST TEN FISCAL YEARS amounts in thousands $40,000,000 Digest Reductions Compared to Gross Property Digest $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Gross Property Digest Personal Property Exemption Elderly Exemption Homestead Exemption (amounts expressed in thousands) Reductions Disabled Personal Total Gross as Percent Fiscal Homestead Elderly Residents Property Conservation Digest Property of Gross Year Exemption Exemption Exemption Exemption Exemption Reductions Digest Digest 2011 $ 1,133,942 $ 3,308,523 $ 15,208 $ 1,501,213 $ 66,204 $ 6,025,090 $ 28,674,677 21.01% 2012 1,086,141 3,305,864 14,608 1,274,139 53,464 5,734,216 27,098,067 21.16% 2013 1,041,831 3,299,172 15,660 1,175,141 52,676 5,584,480 26,475,609 21.09% 2014 999,067 3,420,226 16,281 1,196,382 53,574 5,685,530 26,087,102 21.79% 2015 965,937 3,755,620 18,132 1,068,067 53,146 5,860,902 26,970,876 21.73% 2016 935,568 4,177,064 21,587 1,249,680 54,339 6,438,238 28,312,566 22.74% 2017 918,620 4,764,134 26,027 1,330,396 59,702 7,098,879 30,340,771 23.40% 2018 903,943 5,350,772 31,221 793,748 66,325 7,146,009 31,928,409 22.38% 2019 889,782 5,921,610 40,762 704,910 72,640 7,729,704 34,632,393 22.32% 2020 882,981 6,493,656 49,265 769,184 75,071 8,270,157 36,639,839 22.57% 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Fiscal Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Professional Personnel (a) 8,378 8,290 8,008 7,907 8,036 8,050 8,099 8,092 8,141 8,217 Other Operating Personnel (b) 2,841 2,970 2,896 2,821 2,769 2,943 2,953 2,587 2,604 2,932 Service Personnel (c) 2,857 2,847 2,813 2,834 2,949 2,599 2,613 2,927 2,895 2,632 Total Personnel 14,076 14,107 13,717 13,562 13,754 13,592 13,665 13,606 13,640 13,781 Active Student Enrollment 106,836 106,502 107,914 109,529 111,060 111,848 112,412 111,482 111,386 111,760 Ratio of Pupils to Professional Personnel 12.8 to 1 12.8 13.5 13.9 13.8 13.9 13.9 13.8 13.7 13.6 (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 $13,500 $13,000 $12,500 $12,000 $11,500 $11,000 $10,500 $10,000 $9,500 $9,000 $8,500 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Fiscal Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Expenses 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 1,288,338,000 1,465,479,000 Active Student Enrollment 106,836 106,502 107,914 109,529 111,060 111,848 112,412 111,482 111,386 111,760 Cost Per Pupil Enrolled 9,832 10,086 9,901 9,631 9,803 10,385 11,373 11,696 11,566 13,113 Percentage of Change 2.58% -1.83% -2.73% 1.79% 5.94% 9.52% 2.84% -1.11% 13.37% Professional Personnel 8,378 8,290 8,008 7,907 8,036 8,050 8,099 8,092 8,141 8,217 Ratio of Pupils to Professional Personnel 12.8 to 1 12.8 13.5 13.9 13.8 13.9 13.9 13.8 13.7 13.6 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 $1,200,000 Expenditures by School Function $1,100,000 $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 2011 2012 2013 2014 2015 2016 2017 Other Capital Outlay Business Serv. School & Admin. 2018 2019 Pupil Services 2020 Instruction (amounts expressed in thousands) Fiscal Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Pupil Instruction Services $ 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 27,891 802,325 27,645 862,210 36,978 School & Administrative Business Services Services $ 72,761 $ 93,103 78,172 93,237 77,821 100,191 78,407 103,311 84,588 106,063 103,673 110,845 106,625 114,446 113,283 118,690 112,484 124,249 117,988 136,059 Capital Outlay Other $ 3,522 $ - 9,214 - 6,659 - 4,346 1,489 3,769 458 2,546 465 1,510 - 3,119 - 6,474 - 14 - Total $ 821,638 839,615 834,752 835,694 893,446 962,567 989,135 1,017,805 1,073,177 1,153,249 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 $1,200,000 $1,100,000 $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 Other Interest Intergovernmental Local Taxes $0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (amounts expressed in thousands) Fiscal Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Local Taxes $ 427,174 408,123 397,592 405,970 421,814 443,641 475,835 502,801 546,113 580,813 Intergovernmental $ 431,352 391,997 415,168 431,907 459,181 490,747 519,721 543,085 545,342 603,286 Interest Income $ 2,410 1,981 1,562 1,637 1,294 1,189 1,662 3,352 6,473 5,298 Other $ 1,091 1,092 2,406 4,991 2,935 1,751 2,188 3,801 4,161 3,346 Total $ 862,027 803,193 816,728 844,505 885,224 937,328 999,406 1,053,039 1,102,089 1,192,743 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Debt Service Fund Expenditures - General Fund Expenditures $ 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 1,073,177,000 1,153,249,000 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 Amount 1950 $ 1,500,000 1957 1,750,000 1961 2,500,000 1962 3,000,000 1964 4,000,000 1969 15,000,000 1973 16,500,000 1977 22,000,000 1979 20,000,000 1981 8,000,000 1985 27,000,000 1987 58,500,000 1989 59,500,000 1991 39,600,000 1995 220,865,000 1997 609,200,000 1998 626,773,000 2003 636,504,000 2008 797,657,000 2013 717,845,000 2017 797,022,000 Maturity 1970 1977 1980 1983 1994 1990 1994 1996 1997 1997 1997 2001 2002 2004 2007 2002 2003 2008 2013 2018 2023 Action Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Passed Failed Passed Passed Passed Passed Passed Pro 2,907 2,023 3,187 2,816 2,942 7,769 7,405 10,694 9,725 9,858 24,476 10,716 15,510 20,197 18,140 14,204 36,433 36,078 21,873 23,273 25,160 Con 841 562 868 986 1,629 2,922 5,165 4,241 7,611 7,511 11,481 2,573 2,311 6,409 13,124 18,820 26,403 10,262 14,137 17,325 8,902 Void 17 31 38 36 63 5 10 22 219 103 65 126 268 142 177 545 44 44 Total Votes 3,765 2,616 4,093 3,838 4,634 10,696 12,580 14,957 17,555 17,472 35,957 13,354 17,947 26,874 31,406 33,201 63,381 46,340 36,010 40,642 34,106 Approval Percentage 77.56% 78.26% 78.59% 74.07% 64.36% 72.67% 58.91% 71.60% 56.10% 56.76% 68.07% 80.64% 87.03% 75.91% 58.02% 43.01% 57.98% 77.85% 60.74% 57.33% 73.87% Note: 1997, 1998, 2003, 2008, 2013 and 2017 referendums were for a 1% local option sales tax with the amounts shown representing an estimate of collections for the full five year life of the tax. All other referendums were for bond issues. Source: Cobb County Board of Elections. 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 Brumby Replacement (2018) Square Feet Capacity Enrollment Bryant (1991) Square Feet Capacity Enrollment Bullard (2003) Square Feet Capacity Enrollment Chalker (1997) Square Feet Capacity Enrollment 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 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 - 114,090 962 771 136,261 962 997 124,148 962 816 131,924 913 821 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 - 116,071 962 825 136,261 987 971 124,148 963 743 131,924 913 832 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 - 116,071 962 962 136,261 987 933 124,148 963 683 131,924 913 776 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 - 116,071 962 953 136,261 987 894 124,148 963 675 131,924 913 732 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 - 116,071 962 980 136,261 987 910 124,148 963 707 131,924 913 697 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 - 116,071 962 993 136,261 987 873 124,148 963 673 131,924 913 717 81,334 662 610 56,904 537 452 85,236 562 518 106,694 987 789 83,098 712 697 68,409 562 356 84,461 837 617 105,886 912 893 111,299 837 744 49,828 412 - 99,181 912 942 - 116,071 962 1,015 136,261 987 805 124,148 963 656 131,924 913 671 81,334 662 631 56,904 537 427 85,326 562 486 106,694 987 791 83,098 712 717 68,409 562 348 84,461 837 600 105,886 912 854 111,299 837 747 49,828 412 - 99,181 912 910 - 116,071 962 1,013 136,261 987 835 124,148 963 644 131,924 913 662 81,334 662 604 56,904 537 364 85,326 562 464 106,694 987 863 83,098 712 768 68,409 562 358 84,461 837 530 105,886 912 822 111,299 837 697 49,828 412 - - 168,576 1,062 942 116,071 962 1,031 136,261 987 827 124,148 963 673 131,924 925 639 81,334 662 635 56,904 562 369 85,326 562 469 106,694 1,025 871 83,098 737 751 68,409 562 355 84,461 837 520 105,886 925 777 111,299 837 743 49,828 412 - - 168,576 1,162 962 116,071 962 977 136,261 987 838 124,148 975 686 145 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name Cheatham Hill (1997) Square Feet Capacity Enrollment 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 122,260 937 1,115 394 - 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 90,915 687 738 137,108 1,063 1,123 391 - 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 90,915 688 785 137,108 1,063 1,149 - 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 90,915 688 866 137,108 1,063 1,112 - 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 90,915 688 767 137,108 1,063 1,094 - 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 90,915 688 732 137,108 1,063 1,110 - 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 90,915 688 737 137,108 1,063 1,131 - 129,988 863 798 55,412 437 395 88,079 788 559 86,131 788 572 106,003 963 973 70,367 587 635 - 149,764 1,087 1,298 60,029 562 720 97,993 863 961 91,129 862 805 125,717 963 817 85,775 688 674 90,915 688 706 137,108 1,063 1,116 - 129,988 863 813 55,412 437 391 88,079 788 546 86,131 788 573 106,003 963 980 70,367 587 617 - 149,764 1,087 1,288 60,029 562 727 97,993 863 894 91,129 862 838 125,717 963 805 85,775 688 698 90,915 688 704 137,108 1,063 1,087 137,108 1,063 1,110 - - - - - - 129,988 863 811 129,988 887 792 55,412 437 406 55,412 450 387 88,079 788 497 88,079 800 526 86,131 788 608 86,131 800 602 106,003 963 992 106,003 975 980 70,367 587 576 70,367 600 588 - - - - - - 149,764 1,087 1,256 149,764 1,087 1,226 60,029 562 709 60,029 562 800 97,993 863 841 97,993 875 820 91,129 862 842 91,129 862 890 125,717 963 830 125,717 975 852 85,775 688 699 85,775 700 700 90,915 688 628 90,915 700 603 Continued--- 146 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name Harmony Leland (1951) Square Feet Capacity Enrollment 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 85,764 512 582 117,579 962 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 65,127 512 591 119,189 962 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 65,127 512 678 119,189 962 985 123,025 962 584 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 65,127 512 699 119,189 962 961 123,025 962 531 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 65,127 512 721 119,189 962 934 123,025 962 529 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 65,127 512 686 119,189 962 883 123,025 962 568 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 65,127 512 672 119,189 962 850 123,025 962 584 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 65,127 512 642 119,189 962 900 123,025 962 645 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 65,127 512 616 119,189 962 923 123,025 962 585 89,012 862 615 70,537 588 489 123,000 962 972 116,400 962 652 83,969 762 683 59,658 587 1,097 82,912 688 438 115,363 962 556 - 148,523 962 1,047 88,158 562 359 73,352 612 374 110,096 937 1,122 65,127 512 605 119,189 962 958 123,025 962 590 89,012 862 593 70,537 600 479 123,000 962 955 116,400 975 654 83,969 762 672 59,658 587 1,083 82,912 700 432 115,363 962 568 - 148,523 962 1,045 88,158 512 346 73,352 637 356 110,096 937 1,100 147 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name Mountain View (1986) Square Feet Capacity Enrollment 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 102,725 862 848 123,233 962 823 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 78,720 587 629 101,862 962 703 116,302 862 872 101,125 887 804 112,947 962 690 102,725 887 853 123,233 962 825 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 99,735 888 816 112,620 962 674 102,725 887 840 123,233 962 830 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 99,735 888 828 112,620 962 658 102,725 887 837 123,233 962 859 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 99,735 888 815 112,620 962 654 102,725 887 853 123,233 962 896 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 99,735 888 845 112,620 962 669 102,725 887 837 123,233 962 937 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 99,735 888 866 112,620 962 640 102,725 887 755 123,233 962 1,019 75,800 637 538 122,342 937 1,068 87,935 837 917 139,090 987 761 136,261 962 966 101,870 888 838 59,190 462 437 85,236 562 613 123,000 962 1,221 72,896 612 584 104,362 962 688 116,302 862 747 99,735 912 868 112,620 962 663 144,362 962 772 123,233 962 1,012 75,800 637 534 122,342 937 1,104 87,935 837 901 139,090 987 764 136,261 962 913 101,870 888 777 59,190 462 482 85,236 562 534 123,000 962 1,147 72,896 612 610 104,362 962 666 116,302 862 732 99,735 912 850 112,620 962 713 144,362 962 848 144,362 962 857 123,233 962 973 123,233 962 1,002 75,800 637 520 75,800 637 492 122,342 937 1,151 122,342 937 1,186 87,935 837 870 87,935 837 827 139,090 987 751 139,090 987 755 136,261 962 876 136,261 962 877 101,870 888 770 101,870 900 801 59,190 462 464 59,190 462 414 85,236 562 551 85,236 562 537 123,000 962 1,109 123,000 962 1,049 72,896 612 595 72,896 612 614 104,362 962 648 104,362 962 638 116,302 862 727 116,302 862 693 99,735 912 755 99,735 912 739 112,620 962 728 112,620 962 684 Continued--- 148 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name Sky View (1957) (b) Square Feet Capacity Enrollment 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 50,270 462 373 - 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 50,270 462 400 - 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 - - 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 - 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 - 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 - 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 - 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 - 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 - 143,107 962 1,051 133,344 1,162 1,165 117,539 963 756 108,100 837 892 73,450 612 563 109,769 937 915 109,827 963 789 122,260 937 764 156,660 1,037 794 178,465 1,162 922 220,228 1,338 1,552 170,905 1,162 1,068 177,356 1,163 1,068 166,048 1,187 1,315 183,798 1,212 1,261 - 143,107 962 1,028 133,344 1,162 1,178 117,539 975 769 108,100 837 952 73,450 612 575 109,769 937 920 109,827 975 876 122,260 937 735 156,660 1,037 729 178,465 1,162 894 220,228 1,437 1,619 170,905 1,162 1,122 177,356 1,175 1,017 166,048 1,187 1,305 183,798 1,187 1,294 149 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name Durham (1998) Square Feet Capacity Enrollment 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 2011 173,487 1,162 1,103 181,573 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 2012 173,487 1,162 1,101 186,961 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 2013 173,487 1,162 1,093 186,961 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 2014 173,487 1,162 1,025 186,961 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 2015 173,487 1,162 1,058 186,961 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 2016 173,487 1,162 1,030 186,961 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 2017 173,487 1,162 1,061 186,961 1,362 1,198 166,551 1,112 933 152,212 963 885 186,947 1,162 1,282 149,038 1,012 1,125 111,260 788 501 179,170 1,162 1,005 165,107 1,137 1,103 175,345 1,162 1,413 165,479 1,162 881 149,577 937 676 191,209 1,162 1,234 175,974 1,162 942 169,809 912 597 143,888 962 960 2018 173,487 1,162 1,039 186,961 1,362 1,284 166,551 1,112 930 152,212 963 876 186,947 1,162 1,379 149,038 1,012 1,074 111,260 788 584 179,170 1,162 1,022 165,107 1,137 1,090 175,345 1,162 1,368 165,479 1,162 930 149,577 937 672 191,209 1,162 1,217 175,974 1,162 923 169,809 912 625 143,888 962 944 2019 2020 173,487 1,162 1,101 173,487 1,162 1,104 222,963 1,387 1,392 222,963 1,387 1,495 166,551 1,112 968 166,551 1,112 974 152,212 963 895 152,212 975 963 186,947 1,162 1,415 186,947 1,137 1,465 149,038 1,012 1,063 149,038 1,012 1,070 111,260 788 620 111,260 700 629 179,170 1,162 1,112 179,170 1,162 1,180 165,107 1,137 1,051 165,107 1,137 1,066 175,345 1,162 1,401 175,345 1,162 1,352 165,479 1,162 938 165,479 1,162 956 149,577 937 692 149,577 937 696 191,209 1,162 1,111 191,209 1,162 1,070 175,974 1,162 888 175,974 1,162 905 169,809 912 696 169,809 900 694 143,888 962 912 143,888 962 898 Continued--- 150 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name Smitha (1993) Square Feet Capacity Enrollment Tapp (1975) Square Feet Capacity Enrollment Allatoona (2008) Square Feet Capacity Enrollment Campbell (1963) Square Feet Capacity Enrollment Cobb Horizon (1944)(Oakwood)(e) 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 2011 167,815 1,137 907 157,435 1,137 661 328,370 1,912 1,554 370,042 2,637 2,224 93,612 462 175 235,445 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 2012 169,345 1,137 968 157,435 1,137 724 325,200 1,912 1,762 374,180 2,637 2,105 93,858 462 79 243,215 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 2013 169,345 1,137 995 157,435 1,137 761 325,200 1,912 1,717 374,180 2,637 2,188 93,858 462 70 243,215 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 2014 169,345 1,137 1,001 157,435 1,137 805 325,200 1,912 1,724 374,180 2,637 2,258 93,858 462 78 337,584 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 2015 169,345 1,137 988 157,435 1,137 769 325,200 1,912 1,773 374,180 2,637 2,380 93,858 462 91 337,584 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 2016 169,345 1,137 969 157,435 1,137 808 330,289 1,912 1,717 374,180 2,637 2,509 93,858 462 63 337,584 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 2017 169,345 1,137 991 157,435 1,137 859 330,289 1,912 1,670 374,180 2,638 2,600 93,858 462 55 337,584 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 2018 169,345 1,137 1,012 157,435 1,137 939 330,289 1,912 1,704 374,180 2,638 2,731 93,858 462 68 337,584 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 2019 169,345 1,137 1,036 157,435 1,137 953 330,289 1,912 1,692 427,488 2,662 2,743 93,858 462 227 333,954 2,538 2,315 319,000 1,962 2,343 321,068 2,013 1,451 319,000 1,987 1,878 300,195 2,062 2,087 504,107 2,362 2,312 485,833 2,838 2,730 220,696 2,062 2,004 319,768 1,788 2,353 336,955 1,912 1,915 420,443 2,638 1,891 297,400 2,062 1,698 2020 169,345 1,137 1,050 157,435 1,137 924 330,289 1,937 1,784 376,451 2,562 2,820 93,858 462 334 444,830 2,587 2,314 319,000 1,987 2,317 321,068 2,025 1,451 319,000 1,987 1,824 376,835 2,087 2,051 504,107 2,450 2,345 485,833 2,862 2,769 220,696 2,062 2,102 264,915 1,537 2,313 336,955 1,912 1,921 420,443 2,612 1,919 297,400 2,087 1,728 151 COBB COUNTY SCHOOL DISTRICT SCHOOL BUILDINGS LAST TEN FISCAL YEARS School Name 2011 2012 Walton (1975) Square Feet 308,814 307,655 Capacity 2,362 2,312 Enrollment 2,649 2,569 Wheeler (1964) Square Feet 318,504 318,504 Capacity 1,837 1,837 Enrollment 2,020 1,955 Performance Learning Center (located at Oakwood)(e) Enrollment 76 57 Hawthorne (Haven) (1958) (c) Square Feet 32,500 32,500 Capacity 312 312 Enrollment 99 88 Fitzhugh Lee (Haven) (1935)(c) Square Feet 35,684 35,684 Capacity 312 312 Enrollment 42 43 Kennesaw Charter (d) Enrollment 515 614 Mableton Charter (d) Enrollment 529 526 International Academy of Smyrna (d) Enrollment 744 793 Devereux Georgia (d) Enrollment 96 62 Sky View (1957) (b) (Haven - 2016) Square Feet - - Capacity - - Enrollment - - 2013 307,655 2,312 2,574 318,504 1,837 1,948 59 32,500 312 77 35,684 312 39 782 - 943 75 - 2014 307,655 2,312 2,639 361,490 2,162 2,049 70 32,500 312 69 35,684 312 33 871 - 944 87 - 2015 307,655 2,312 2,582 341,594 2,112 2,008 93 32,500 312 77 35,684 312 37 858 - 966 88 - 2016 307,655 2,312 2,616 440,214 2,187 2,075 148 - - 838 - 1,033 78 50,270 462 119 2017 307,655 2,312 2,615 434,631 2,187 2,076 147 - - 778 - 993 86 50,270 462 102 2018 373,256 2,312 2,603 434,631 2,187 2,063 122 - - 558 - - 89 50,270 462 86 2019 2020 342,656 2,312 2,643 466,505 2,837 2,614 434,631 2,187 2,125 434,631 2,187 2,153 - - - - - - - - - - - - - - 464 287 - - - - 79 66 50,270 50,270 462 462 66 75 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. (e) Oakwood and the Performance Learning Center opend as Cobb Horizon High School on the Oakwood campus August 2018. 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. 152 COBB COUNTY SCHOOL DISTRICT TEACHERS' SALARY SCHEDULE LAST TEN FISCAL YEARS $120,000 Teachers' Salary Range $100,000 $80,000 $60,000 $40,000 $20,000 $0 2011 2012 2013 2014 2015 2016 2017 2018 Minimum Maximum Cobb Average 2019 2020 Fiscal Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Minimum $ 38,958 38,958 38,958 38,958 39,347 41,330 42,364 42,364 43,465 46,942 Maximum $ 82,088 82,088 82,088 82,088 82,908 87,087 89,264 89,264 91,585 98,912 Cobb Average $ 54,168 53,770 54,323 54,435 55,773 58,425 60,185 60,309 62,066 67,545 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 $ 52,830 53,002 52,956 52,973 53,424 54,215 55,530 56,333 57,066 60,552 153 COBB COUNTY SCHOOL DISTRICT ADMINISTRATIVE SALARY SCHEDULE JUNE 30, 2020 $400,000 $375,000 $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 $ 378,000 155,086 105,071 106,605 99,360 123,813 112,982 102,888 Maximum $ 378,000 171,984 136,465 144,050 136,465 145,774 145,774 133,490 154 COBB COUNTY SCHOOL DISTRICT SCHEDULE OF INSURANCE IN FORCE JUNE 30, 2020 Type of Coverage Name of Company and Policy Number Policy Period From To Liability Limits Annual Premium Bus, Truck, Motor Vehicles Liability Property Theft Employee's Blanket Bond General Liability Property Boiler (Includes Insurance) Student Athletic Self Insured Self Insured BerkelyCrime BGOV-45002366-23 Self Insured Travelers KTJ-CMB-1G46706-9-19 T.W. Lord & Associates 6/1/1994 Ongoing $300,000 6/1/1994 Ongoing N/A 8/1/2019 8/1/2020 $7,500,000 6/1/1994 Ongoing $500,000 7/1/2019 7/1/2020 $500,000,000 8/1/2019 8/1/2020 Varies N/A N/A $22,878 N/A $609,510 Student/Parent Funded Superintendent's Bond Principal's Bond Worker's Compensation Excess Worker's Compensation Parking Lot GL Policy Excess Flood Garrett Middle School Drone Insurance Disability, Long-Term Disability, Short-Term STD Plan Option 1 Old Republic Surety Co. APO002121620 Old Republic Surety Co. APS1177822 Self Insured Star Insurance WCE-0693519719 Atain Speciality CIP400068 Lloyd's of London DEF11670005304 Old Republic Surety Co. AVC00410301 The Hartford 402273 The Hartford 402273 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 5/1/2019 5/1/2020 $100,000 $350 8/1/2019 8/1/2020 $10,000 $3,990 N/A N/A Statutory 10/1/2019 10/1/2020 $1,000,000 N/A $154,922 11/30/2019 11/30/2020 $1,000,000 $2,947 07/01/2019 06/30/2020 $15,453,434 $16,435 1/18/2019 1/17/2020 $1,000,000 $1,332 1/1/2020 12/31/2020 Benefit Schedule per salary $1,201,131 1/1/2020 12/31/2020 14 Day Elimination Period. 66.67% of standard income up to $1,200 per week. Employee pays $.23 per $10 of weekly benefit. 1/1/2020 1/1/2020 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. 12/31/2020 12/31/2020 Coverage options: Child $10,000 or $25,000 Spouse up to $50,000 Employee pays $.132 per $10 of weekley benefit. Employee pays $.231 per $10 of weekly benefit. Employee pays $.145 per $10 of weekly benefit. The first $15,000 is paid by CCSD. (smokers and non-smokers) Employee pays $1.75 for $10,000 of coverage of child(ren) or $4.37 for $25,000 of coverage; Spousal coverage depends on the age of the spouse. Optional Life and AD&D The Hartford 402273 1/1/2020 12/31/2020 Employee can choose up to Employee pays $0.152 per $1,000 of 7 times his/her annual Supplemental Life coverage monthly. earnings. (Max. $500,000) 155 COBB COUNTY SCHOOL DISTRICT SCHEDULE OF INSURANCE IN FORCE JUNE 30, 2020 Name of Company Type of Coverage and Policy Number Dental Insurance Plus Option MetLife Dental 158287 Base Option Critical Illness with Cancer Insurance Voya 70174 Policy Period From To 1/1/2020 12/31/2020 Liability Limits Annual Premium Plus Plan provides preferred Employee pays $45.01 for single rates with a maximum coverage, $84.17 for employee plus coverage of $1,000 per one, or $137.28 for family coverage participant per calendar monthly. 1/1/2020 12/31/2020 Base Plan has co-pays for Employee pays $17.20 for single Preventative and Diagnostic coverage, $32.16 for employee plus services with a maximum of one, or $55.08 for family coverage $750 coverage per monthly. participant per calendar year. 1/1/2020 12/31/2020 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 1/1/2020 12/31/2020 Based on Benefit Schedule 1/1/2020 12/31/2020 Based on Benefit Schedule 1/1/2020 12/31/2020 Based on Benefit Schedule 1/1/2020 12/31/2020 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. Employee pays $13.52 for single coverage or $16.88 for family Coverage monthly. Employee pays monthly premium of $7.59 self, $12.59 self and spouse, $14.84 self and children, or $19.84 family. Employee pays monthly premium of $9.54 self, $22.63 self and spouse, $14.61 self and children, or $27.70 family. 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 2011 2012 2013 2014 2015 Lunch 2016 Breakfast 2017 2018 2019 2020 (amounts expressed in thousands) Lunch Meals Served: Free Reduced Paid Total Daily Average Student Price 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 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 5,430 860 4,339 10,629 60 $2.35-$2.60 4,153 695 3,423 8,271 62 $2.35-$2.60 Breakfast Meals Served: Free Reduced Paid Total Daily Average Student Price 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 2,456 288 517 3,261 18 $1.25 1,988 242 460 2,690 20 $1.50 Total Meals Served: Free Reduced Paid Total Daily Average Source: District Records 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 1,158 4,761 14,891 83 8,096 1,159 4,762 13,823 80 7,886 1,109 4,618 13,890 78 6,141 937 3,883 10,961 82 157 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 2011 2012 2013 2014 2015 2016 2017 2018 Elementary Middle High 2019 2020 Fiscal Year Elementary Middle High 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 2019 67 25 17 2020 67 25 17 Elementary, Middle and High Schools only. Special schools not listed. Oakwood High School converted to digital academy in 2012 becoming a Special school. Sky View Elementary converted to Administrative Facility in 2013. In 2014, Brown Elementary closed and Smyrna Elementary opened for instruction. 158 Total 109 109 108 108 108 108 108 108 109 109 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Average Daily Enrollment 106,868 106,944 108,240 109,752 111,264 112,308 112,821 111,723 111,527 111,593 Average Daily Attendance 102,732 103,008 103,857 105,548 106,895 107,872 108,150 106,863 106,876 107,899 Attendance Percentage 96% 96% 96% 96% 96% 96% 96% 96% 96% 97% Number of Graduates 7,350 7,192 7,425 7,313 7,366 7,714 7,970 8,126 8,261 8,379 Graduate Percentage N/A 76.00% 76.50% 78.20% 81.45% 83.80% 83.60% 85.20% 87.00% 88.60% Note: Beginning in 2016 Graduate Percentages were adjusted to match the Georgia Department of Education four-year Adjusted Cohort Graduation Rate (ACGR). This rate calculation began for the school year ended 2012 and is released in October with a one-year lag. (i.e. the school year ended 2016 will be available October 2017) Source: District Records 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 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 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 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 2019 9,024 7,995 8,154 8,216 8,556 8,700 8,916 8,727 8,616 9,623 8,853 7,873 8,133 111,386 2020 9,256 Source: District Records 7,838 8,186 8,178 8,347 8,613 8,740 8,949 8,816 9,684 9,001 7,945 8,207 111,760 160 COBB COUNTY SCHOOL DISTRICT CLASSROOM BUILDINGS, GRADE LEVELS AND ACREAGE JUNE 30, 2020 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 639 635 369 469 871 751 355 520 777 743 962 977 838 686 1,110 792 387 526 602 980 588 1,226 800 820 890 852 700 603 605 958 590 593 479 955 654 672 1,083 432 568 1,045 346 356 1,100 857 1,002 492 1,186 827 755 877 801 414 537 1,049 614 638 693 739 684 1,028 1,178 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 18.0 2018 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 11.0 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 65 46 36 52 59 52 24 73 61 63 62 68 55 29 50 50 62 38 69 36 54 53 62 44 44 33 61 61 53 38 61 62 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 6 2 1 4 3 13 5 10 1 3 4 1 7 9 4 1 2 - 161 Square Footage 131,924 81,334 56,904 85,236 106,694 83,098 68,409 84,461 105,886 111,299 49,828 168,576 116,071 136,261 124,148 137,108 129,988 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 925 662 562 562 1,025 737 562 837 925 837 412 1,162 962 987 975 1,063 887 450 800 800 975 600 1,087 562 875 862 975 700 700 512 962 962 862 600 962 975 762 587 700 962 962 512 637 937 962 962 637 937 837 987 962 900 462 562 962 612 962 862 912 962 962 1,162 COBB COUNTY SCHOOL DISTRICT CLASSROOM BUILDINGS, GRADE LEVELS AND ACREAGE JUNE 30, 2020 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 Cobb Horizon Harrison Hillgrove Kell Kennesaw Mountain Lassiter McEachern North Cobb Osborne Pebblebrook Pope South Cobb Sprayberry Walton Wheeler 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 6-12 K-12 K-6 1-12 Active Enrollment 769 952 575 920 876 735 729 894 1,619 1,122 1,017 1,305 1,294 1,104 1,495 974 963 1,465 1,070 629 1,180 1,066 1,352 956 696 1,070 905 694 898 1,050 924 1,784 2,820 334 2,314 2,317 1,451 1,824 2,051 2,345 2,769 2,102 2,313 1,921 1,919 1,728 2,614 2,153 75 287 66 111,760 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 17.6 2018 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 10.0 1944 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 58.6 1975 48.4 1964 6.2 1958 10.1 1957 Number of Classrooms 62 52 39 60 62 60 64 71 87 71 72 73 73 71 84 68 60 70 62 44 71 70 71 71 58 71 71 56 59 70 70 100 132 43 133 100 104 102 107 126 147 60 80 98 134 107 145 112 18 30 2,967.0 7,145 Portable Classrooms 6 2 2 6 8 14 - 116 Square Footage 117,539 108,100 73,450 109,769 109,827 122,260 156,660 178,465 220,228 170,905 177,356 166,048 183,798 173,487 222,963 166,551 152,212 186,947 149,038 111,260 179,170 165,107 175,345 165,479 149,577 191,209 175,974 169,809 143,888 169,345 157,435 330,289 376,451 93,858 444,830 319,000 321,068 319,000 376,835 504,107 485,833 220,696 264,915 336,955 420,443 297,400 466,505 434,631 32,500 50,270 Capacity 975 837 612 937 975 937 1,037 1,162 1,437 1,162 1,175 1,187 1,187 1,162 1,387 1,112 975 1,137 1,012 700 1,162 1,137 1,162 1,162 937 1,162 1,162 900 962 1,137 1,137 1,937 2,562 462 2,587 1,937 2,025 1,987 2,087 2,450 2,862 2,062 1,537 1,912 2,612 2,087 2,837 2,187 312 462 17,328,332 120,995 (a) Occupied year represents the year during which the school was initially opened and utilized for instructional purposes, but does not reflect the most recent year of subsequent additions, improvements, or renovations, if any. (b) With the opening of Smyrna Elementary for school year 2013-14, Brown Elementary closed at the end of 2012-13. During fiscal year ended 2015, Brown facilities were used to house Teasley primary grades during construction of new classrooms at Teasley Elementary. (c) Operated by 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)