Overview of Financial Information
Cobb County Finance Department Homepage
The financial information contained within this document is extracted from the County’s Comprehensive Annual Financial Report (CAFR). In order to provide a comprehensive condensed overview, the financial statements are presented in conformity with Generally Accepted Accounting Principles (GAAP). All financial information presented within this section is accompanied by a reference to a location in the CAFR where the information was obtained. Cobb County’s component units are not presented within this section.
The Government Finance Officers Association of the United States and Canada (GFOA) has given an Award for Outstanding Achievement in Popular Annual Financial Reporting to Cobb County for its Cobb County, Georgia 2010 Popular Report for fiscal year ended September 30, 2010. The award is a prestigious national honor, recognizing conformance with the highest standards for preparation of state and local government popular reports. In order to receive this award, the published report must reflect the program standards of creativity, presentation, understandability and reader appeal.
Where the money comes from…
The major sources of revenues for the County include property taxes, sales taxes, charges for services and grants & contributions. The total revenues for FY11 were $818,281,791. This is a 2% increase from FY10. The largest increase in revenues was a $24,074,777, (or a 9.9%) increase in property tax revenue.
Where the money goes…
The County’s total expenses increased 5.75% in FY11 over FY10. The two largest program functions in FY11 were Public Safety and General Government. The largest decreases were in also reflected in Public Safety and General Government functions. Public Safety decreased 7.7% [or $17.5 million] and the majority of the decrease was in personnel services.
The County’s “business-type” operations include the Water and Sewer Fund, the Solid Waste Disposal Fund, Transit Fund and the Cobblestone Golf Course Fund. The business-type operations are designed to recover 100% of their costs, including debt payments and depreciation or 100% of their cash flow needs.
How the money is budgeted:
The fiscal year 2011 operating budget which was prepared in the fall and submitted to the Board of Commissioners at the end of fiscal year 2010, totaled $721.8 million. The most significant budgeted fund is the General Fund. The adopted budget for the General Fund was $328 million. The Board of Commissioners amended the General Fund budget throughout FY11. The most significant expenditure amendments were decreases to personal services as vacant positions were eliminated and part-time positions were reduced. In addition, road maintenance contracts were also reduce as more of the work was perform by County employees.
Capital assets include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks, and similar items). Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost. However the cost of capital assets are not recognized in the year the assets was purchased or constructed, but over the life of the assets as depreciation expense. Donated capital assets are recorded at estimated fair market value at the date of donation.
As of September 30, 2011, Cobb County had $259.6 million in outstanding long-term debt, which does not include interest expense. Of this amount, $47.1 million comprises general obligation debt backed by the full faith and credit of the government and $212.5 million in revenue bonds. The County retired $19.4 million of outstanding bonds in FY11.
Requests for Information
For additional financial information or questions concerning any of the information provided in this report, please contact the Director of Finance / Comptroller, 100 Cherokee Street, Suite 400 Marietta, Georgia 30090-9610.
A Comprehensive Annual Financial Report is also available at http://finance.cobbcountyga.gov.
Cobb County Finance Department Homepage