Cobb County’s fiscal year starts October 1.  But taxes aren’t collected until the end of the year.  To bridge that gap, the county traditionally borrows money using something called a “Tax Anticipation Note (TANS).”  Finance Director Bill Volckmann will tell commissioners Tuesday the county will need to borrow significantly less in 2019 than last year, largely due to the slight increase of the millage rate approved in 2018.

Commissioners will consider a resolution next week to authorize a $64 million TANS to keep the county operating for the rest of the year.  Last year the county needed a $90 million TANS to bridge the annual gap.

“Because we need to borrow less, and the county has maintained its triple-A rating, this will result in significant savings for taxpayers,” said Volckmann.  

“This shows Cobb County’s budget is moving in the right direction,” said County Manager Rob Hosack.  “After years of struggling to balance the county’s budget, we are in a much better place now and can address some pressing concerns that include taking care of our employees.”

The exact amount of savings won’t be known until closing on the TANS, which -- if approved by commissioners -- will happen at the end of June.  Volckmann believes the savings will be in the $300,000-to-$400,000 range.