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					                    COBB COUNTY SCHOOL DISTRICT
               COMPREHENSIVE ANNUAL FINANCIAL REPORT
                         TABLE OF CONTENTS
                   FOR THE YEAR ENDED JUNE 30, 2005


                                                                 PAGE
                                  INTRODUCTORY

Letter of Transmittal                                            i-vii

GFOA Certificate of Achievement                                  viii

ASBO Certificate of Excellence                                   ix

Cobb County School District - Function and Composition           x

Cobb County School District – Elected Officials and
 Superintendent of Schools                                       xi

Cobb County School District - Superintendent's Cabinet           xii

Cobb County School District - Organizational Chart               xiii

                                      FINANCIAL

Independent Auditor's Report                                     1-2

Management’s Discussion and Analysis                             3-14

Basic Financial Statements

District-wide Financial Statements:

 Statement of Net Assets                                         15

 Statement of Activities                                         16

Fund Financial Statements:

 Balance Sheet - Governmental Funds                              17

 Reconciliation of the Governmental Funds Balance Sheet to the
  Statement of Net Assets                                        18

 Statement of Revenues, Expenditures, and Changes in Fund
  Balances - Governmental Funds                                  19
                                                                              PAGE

 Reconciliation of the Governmental Funds Statement of Revenues,
  Expenditures and Changes in Fund Balances to the Statement of
  Activities                                                                  20

 Statement of Revenues, Expenditures, and Changes in Fund
 Balance - Budget and Actual (Non-GAAP Budgetary Basis) -
  General Fund                                                                21

 Statement of Fund Net Assets – Proprietary Funds                             22

 Statement of Revenues, Expenses and Changes in Fund Net Assets -
  Proprietary Funds                                                           23

 Statement of Cash Flows - Proprietary Funds                                  24

 Statement of Assets and Liabilities – Fiduciary Funds                        25

Notes to the Basic Financial Statements                                       26-44

Combining and Individual Fund Statements and Schedules:

Combining and Individual Fund Statements and Schedules –
 Fund Descriptions                                                            45

Combining Balance Sheet - Nonmajor Governmental Funds                         46-51

Combining Statement of Revenues, Expenditures, and Changes in
 Fund Balances - Nonmajor Governmental Funds                                  52-57

Schedule of Revenues, Expenditures, and Changes in Fund
 Balances - Budget and Actual (Non-GAAP Budgetary Basis) -
  Annually Budgeted Nonmajor Governmental Funds                               58-87

Combining Statement of Fund Net Assets - Internal Service Funds               88-89

Combining Statement of Revenues, Expenses and Changes in Fund
 Net Assets - Internal Service Funds                                          90-91

Combining Statement of Cash Flows - Internal Service Funds                    92-93

Combining Statement of Assets and Liabilities – Fiduciary Funds               94

Combining Statement of Changes In Assets and Liabilities – All Agency Funds   95
                                                                             PAGE


Supplementary Schedules:

SPLOST I Projects                                                            96-97

SPLOST II Projects                                                           98-99


                          STATISTICAL (UNAUDITED)

General History

General Fund Expenditures by Function - Last Ten Fiscal Years                100

General Fund Revenues by Source - Last Ten Fiscal Years                      101

General Fund Per Pupil Cost - Last Ten Fiscal Years                          102

Assessments and Taxes

Property Tax Levies and Collections                                          103

Assessed and Estimated Actual Value of Taxable Property -
 Last Ten Fiscal Years                                                       104

Property Digest Reductions Due to Exemptions - Last Ten Fiscal Years         105

Property Tax Rates - Direct and Overlapping Governments -
  Last Ten Fiscal Years                                                      106

Comparison of Metropolitan Atlanta School District Property Tax Rates        107

Long-Term Debt

Results of all Bond and Sales Tax Referendums-1950 to Present                108

Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt
 Per Capita - Last Ten Fiscal Years                                          109

Computation of Legal Debt Margin                                             110

Computation of Direct and Overlapping General Obligation Debt                111

Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total
 General Expenditures - Last Ten Fiscal Years                                112
                                                                             PAGE

Miscellaneous

Cobb County Demographic Statistics - Last Ten Fiscal Years                   113

Cobb County Bank Deposits, Construction, and Taxable Property Values -
 Last Ten Fiscal Years                                                       114

Principal Taxpayers                                                          115

Number of Personnel and Ratio of Pupils to Professional Personnel -
 Last Ten Fiscal Years                                                       116

Administrative Salary Schedule                                               117

Teachers' Salary Schedule - Last Twenty Fiscal Years                         118

Schedule of Insurance in Force                                               119

Number of Schools - Last Twenty Fiscal Years                                 120

School Buildings                                                            121-122

Number of High School Graduates and Average Daily Enrollment and
 Attendance - Last Twenty Fiscal Years                                       123

Active Enrollment By Grade Level - Last Ten Fiscal Years                     124

School Breakfast and Lunch Program - Last Ten Fiscal Years                   125

                             SINGLE AUDIT SECTION

Independent Auditors' Report on Internal Control Over Financial Reporting
  and on Compliance and Other Matters Based on an Audit of Financial
  Statements Performed in Accordance With Government Auditing Standards     126-127

Independent Auditors’ Report on Compliance With Requirements
  Applicable to Each Major Program and Internal Control Over Compliance
  In Accordance With OMB Circular A-133                                     128-129

Schedule of Expenditures of Federal Awards                                  130-131

Notes to the Schedule of Expenditures of Federal Awards                      132

Illustrative Schedule of Findings and Questioned Costs                      133-134
CERTIFICATE OF ACHIEVEMENT / GFOA




               viii
CERTIFICATE OF EXCELLENCE / ASBO




               ix
                   COBB COUNTY SCHOOL DISTRICT
                       FUNCTION AND COMPOSITION
                              JUNE 30, 2005



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, 2005 the members of the Board and years of expiration of
their terms are as follows:


      Title                             Name                         Term Expires
 Chair                          Ms. Kathie Johnstone               December 31, 2006
 Vice-Chair                     Dr. Teresa Plenge                  December 31, 2008
 Board Member                   Ms. Betty Gray                     December 31, 2008
 Board Member                   Mr. Johnny Johnson                 December 31, 2008
 Board Member                   Mr. Curt Johnston                  December 31, 2006
 Board Member                   Mr. Lindsey Tippins                December 31, 2008
 Board Member                   Ms. Laura Searcy                   December 31, 2006




                                           x
             COBB COUNTY SCHOOL DISTRICT
    ELECTED OFFICIALS AND SUPERINTENDENT OF SCHOOLS
                       JUNE 30, 2005




LINDSEY TIPPINS     CURT JOHNSTON       BETTY GRAY        LAURA SEARCY

     POST 1              POST 2             POST 3            POST 4

  9 Years Served      9 Years Served    13 Years Served    9 Years Served




JOHNNY JOHNSON     KATHIE JOHNSTONE    TERESA PLENGE      JOSEPH REDDEN

     POST 5             POST 6             POST 7         SUPERINTENDENT

  9 Years Served     3 Years Served     9 Years Served




                                  xi
                 COBB COUNTY SCHOOL DISTRICT
                   SUPERINTENDENT’S CABINET
                          JUNE 30, 2005




Joseph Redden         Superintendent

Don Beers             Deputy Superintendent for Academic Achievement

Jill Kalina           Chief Academic Officer

Robert Morales        Chief Financial Officer

Frank Cyr, Jr.        Chief Human Resources Officer

Diane Bradford        Chief Operations Officer

Kimberly Quinn        Chief Information Officer

Alexis Kirijan        Executive Assistant to the Superintendent

Jay Dillon            Director, Communications

Vacant                Area Assistant Superintendent, Area 1

Dale Gaddis           Area Assistant Superintendent, Area 2

Vacant                Area Assistant Superintendent, Area 3

Linda Martin          Area Assistant Superintendent, Area 4

Bill Hite             Area Assistant Superintendent, Area 5

Vacant                Area Assistant Superintendent, Area 6

Judy Gilliam          Assistant Superintendent, Curriculum and Instruction

Tony Melton           Assistant Superintendent, Policy and Planning

Anna Howard           Assistant Superintendent, Special Student Services

Larry Wall            Director, Construction




                                  xii
                        COBB COUNTY SCHOOL DISTRICT
                          ORGANIZATIONAL CHART
                                JUNE 30, 2005

                                                Citizens of
                                               Cobb County




                                             Board of Education


                                                                     Board Attorney
                                                                      Glenn Brock

                                              Superintendent
                                              Joseph Redden

Exec Assistant to the
                                                                  Deputy Superintendent
  Superintendent
                                                                     Donald Beers
   Alexis Kirijan



    Director of
  Communications
    Jay Dillon



                  Chief Academic Officer
                         Jill Kalina




                  Chief Financial Officer
                     Robert Morales




                 Chief Human Resources
                         Officer
                        Frank Cyr




                 Chief Information Officer
                     Kimberly Quinn




                 Chief Operations Officer
                     Diane Bradford




                                                 xiii
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MANAGEMENT’S

 DISCUSSION

AND ANALYSIS
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                        COBB COUNTY SCHOOL DISTRICT
                        Management’s Discussion and Analysis
                                 JUNE 30, 2005


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, 2005. 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 2005 are as follows:

   •   Total net assets increased from $744.3 million in 2004 to $883.5 million in 2005,
       an increase of $139.2 million.

   •   Total revenue increased from $989.7 million in 2004 to $1,042.0 million in 2005,
       an increase of $52.3 million. Overall revenue for 2005 was $139.2 million more
       than expenses.

   •   Total expenses increased from $882.4 million in 2004 to $902.8 million in 2005,
       an increase of $20.4 million.

   •   The increase in program expenses primarily occurred in Instruction, where
       expenses increased from $564.6 million in 2004 to $581.9 million in 2005. Pupil
       and Instructional Services expenses increased from $52.7 million in 2004 to $55.0
       million in 2005. School and Administrative Services expenses increased from
       $141.6 million in 2004 to $142.3 million in 2005. Maintenance and Operations
       expenses increased from $45.1 million in 2004 to $47.2 million in 2005 and
       Transportation expenses increased from $37.4 million in 2004 to $40.6 million in
       2005. Other expenses decreased from $41.0 million in 2004 to $35.8 million in
       2005.

   •   Total Outstanding Long-Term Debt decreased $43.5 million, or 30%, from 2004
       to 2005.

Overview of the Financial Statements

This discussion and analysis is intended to serve 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.




                                             3
                        COBB COUNTY SCHOOL DISTRICT
                        Management’s Discussion and Analysis
                                 JUNE 30, 2005


District–wide Financial Statements

The District-wide financial statements are designed to provide readers with a broad
overview of the District’s finances, in a manner similar to a private-sector business.

The Statement of Net Assets presents information on all of the District’s assets and
liabilities, with the difference between the two reported as net assets. Over time,
increases or decreases in net assets 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 assets
changed during the most recent fiscal year. All changes in net assets are reported as soon
as the underlying event giving rise to the change occurs, regardless of the timing of
related cash flows. Thus, revenues and expenses are reported in this statement for some
items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes
and earned but unused vacation leave).

Fund Financial Statements

A fund is a grouping of related accounts that is 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 finance-related legal requirements. All of the funds of the District can be divided
into three categories: governmental funds, proprietary funds, and fiduciary funds.


Governmental Funds

Most of the District’s activities are reported in governmental funds, which focus on how
money flows in and out of those funds and the balances left at year-end available for
spending in future periods. The governmental fund statements 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.

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
the internal service funds and are used to 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, the Self-Insurance Fund, the Flexible
Benefits Fund, the Dental Insurance Fund, and the Purchasing/Warehouse Fund.


                                             4
                         COBB COUNTY SCHOOL DISTRICT
                         Management’s Discussion and Analysis
                                  JUNE 30, 2005



Fiduciary Funds

The District is the trustee, or fiduciary, for assets that belong to others, such as club and
class funds and payroll withholding funds. The District is responsible for ensuring that
the assets reported in these funds are used only for their intended purposes and by those
to whom the assets belong. The District excludes these activities from the district-wide
financial statements because it cannot use these assets to finance its operations.


District-wide Financial Analysis

The Statement of Net Assets for 2005 has been summarized and compared with net assets
for 2004. (See Condensed Statement of Net Assets Table – Table I). The District’s net
assets increased 19%, or $139.2 million, in 2005 over the prior year due primarily to an
increase in capital assets and a reduction in long-term debt. Buildings increased from
$861.0 million to $910.7 million, while Construction in Progress increased from $68.4
million to $147.1 million. Long-term general obligation bond debt was decreased by
$39.6 million. This was the combined result of a refinancing of outstanding bonds and
bond principal payments made during the fiscal year.




                                               5
                       COBB COUNTY SCHOOL DISTRICT
                       Management’s Discussion and Analysis
                                JUNE 30, 2005

Table I
Condensed Statement of Net Assets
(Amounts Expressed In Millions)

                                   Liabilities and Net Assets - 2005
                                                             $103.9
                          $218.7

        $11.4                                                                       $261.5




          $653.4                      Long-Term Liabilities
                                      Other Liabilities
                                      Invested in Capital Assets
                                      Restricted Assets
                                      Unrestricted Assets



Governmental Activities                                                                       Change
                                                                       2004       2005       2004-2005
Assets:
Current and Other Assets                                                 $390.3     $398.1         2%
Capital Assets                                                            759.5      850.9        12%
  Total Assets                                                         $1,149.8   $1,249.0         9%
Liabilities:
Long-Term Liabilities                                                   $147.4     $103.9        -30%
Other Liabilities                                                        258.1      261.5          1%
  Total Liabilities                                                     $405.5     $365.4        -10%
Net Assets:
Invested in Capital Assets
 Net of Related Debt                                                    $508.2     $653.4         29%
Restricted                                                                18.4       11.4        -38%
Unrestricted                                                             217.7      218.7          0%
  Total Net Assets                                                      $744.3     $883.5         19%




                                             6
                        COBB COUNTY SCHOOL DISTRICT
                        Management’s Discussion and Analysis
                                 JUNE 30, 2005

Changes in Net Assets from Operating Results

Revenues

The District’s total revenue increased 5.3%, or $52.3 million, in 2005. (See Changes in
Net Assets from Operating Results – Table II). Revenues from Taxes and from Capital
Grants and Contributions accounted for the majority of the District’s increase in revenue.
Capital Grants and Contributions in 2005 increased by $29.8 million. This resulted from
state capital grant reimbursements for new schools and classroom additions. Tax revenue
increased by $19.4 million. Intergovernmental revenue, primarily from the State,
increased $1.4 million. Finally, Other Revenue increased by $5.2 million, which was
primarily due to an increase in interest revenue, reflecting the market rise in interest rates
during the last year.

Revenue from Charges for Services decreased by $2.6 million, or 3.4%, and revenue
from Operating Grants and Contributions decreased by $0.9 million, or 0.25%.


Expenses

The District’s total expenses, which increased in total by $20.4 million, or 2.3%, are
primarily related to the instruction of students, providing pupil services, such as
counseling and testing, and transporting students. The District incurred moderate
increases in Pupil and Instructional Services and in School and Administrative Services.
Transportation expense increased by $3.2 million, or 9%. Other expenses, such as
student activities and interest expense, decreased by $5.2 million.

Student enrollment increased by 1,977 in 2005, which represents an increase of 2.0%.
The percentage increase in total expenses of 2.3% closely parallels the increase in student
enrollment and demonstrates effective control of expenses by the District.




                                              7
                                COBB COUNTY SCHOOL DISTRICT
                                Management’s Discussion and Analysis
                                         JUNE 30, 2005

Table II
Changes in Net Assets from Operating Results
(Amounts Expressed In Millions)
Revenues, In Millions                                                                             Expenses, In Millions




                                                             $1,000
$1,100
                                                              $900
$1,000
  $900                                                        $800
  $800                                                        $700
  $700                                                        $600
  $600                                                        $500
  $500                                                        $400
  $400
                                                              $300
  $300
                                                              $200
  $200
                                                              $100
  $100
    $0                                                          $0
                2004            2005                                        2004                  2005




         Charges for Services         Operating Grants
         Capital Grants               Taxes                           Instruction                   Pupil & Instr Serv
         Intergovernmental            Other                           Sch & Admin Serv              Maintenance
                                                                      Transportation                Other

Governmental Activities                                                                                                    Change
                                                                                           2004              2005        2004-2005
Revenues:
Program Revenues:
 Charges for Services                                                                     $76.7             $74.1            -3%
 Operating Grants and Contributions                                                       398.8             397.9             0%
 Capital Grants and Contributions                                                           8.4              38.2           355%
General Revenues:
 Taxes                                                                                    496.2             515.6             4%
 Intergovernmental                                                                          4.9               6.3            29%
 Other                                                                                      4.7               9.9           111%
  Total Revenues                                                                         $989.7          $1,042.0             5%
Expenses:
Instruction                                                                              $564.6           $581.9               3%
Pupil and Instructional Services                                                           52.7             55.0               4%
School and Administrative Services                                                        141.6            142.3               0%
Maintenance and Operations                                                                 45.1             47.2               5%
Transportation                                                                             37.4             40.6               9%
Other                                                                                      41.0             35.8             -13%
  Total Expenses                                                                         $882.4           $902.8               2%
     Increase in Net Assets                                                              $107.3           $139.2              30%
     Beginning Net Assets                                                                $637.0           $744.3              17%
     Ending Net Assets                                                                   $744.3           $883.5              19%




                                                         8
                                      COBB COUNTY SCHOOL DISTRICT
                                      Management’s Discussion and Analysis
                                               JUNE 30, 2005


Table III
Net Cost of Governmental Activities
(Amounts Expressed In Millions)

                                                              Total and Net Costs of Services - 2005




                                                                                                                             Net Cost
$600

$500                                                                                                                         Total Cost
$400

$300

$200

$100

  $0
        Instruction   Pupil/Instr Service   Sch/Adm Service      Maint/Oper       Transp         Other




                                                                    --Total Cost of Services--                --Net Cost of Services--
                                                                                           Change                                   Change
                                                                 2004         2005        2004-2005       2004         2005        2004-2005

Instruction                                                        $564.6         $581.9             3%    $196.5       $199.4            1%
Pupil and Instructional Services                                     52.7           55.0             4%      35.5         26.0          -27%
School and Administrative Services                                  141.6          142.3             0%      85.5         80.9           -5%
Maintenance and Operations                                           45.1           47.2             5%      43.7         46.4            6%
Transportation                                                       37.4           40.6             9%      31.1         34.6           11%
Other                                                                41.0           35.8           -13%       6.2          5.3          -15%
  Total                                                            $882.4         $902.8             2%    $398.5       $392.6           -1%



Governmental Activities

The Net Cost of Governmental Activities Table presents the total and net cost of six
major District activities: instruction, pupil and instructional services, school and
administrative services, maintenance and operations, transportation, and other. (See Net
Cost of Governmental Activities Table – Table III).

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 2005 was $902.8 million. Users of the District’s programs
financed $74.1 million of the costs. Federal and State grants, subsidized programs, and


                                                                         9
                        COBB COUNTY SCHOOL DISTRICT
                        Management’s Discussion and Analysis
                                 JUNE 30, 2005

contributions financed $436.1 million of the cost. The district taxpayers financed the
remainder of the District’s cost, which was $392.6 million for 2005.

The School District’s Funds

The District ended fiscal year 2005 with strong fund balances in its governmental funds.
The combined balance of all governmental funds, at $126.1 million, was higher than
2004’s ending balance of $122.8 million. At the end of 2005, the District had achieved a
modest increase in its assets, despite continued cuts in state funding, and maintained a
strong cash position from which to meet future financial obligations.


General Fund Budgetary Highlights

The FY2005 budget was developed utilizing a long-term approach balancing the
challenges of student growth, lower student/teacher ratios, and reductions in state funding
for education while maintaining an adequate fund balance reserve to ensure financial
stability.

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) and with a challenging
economy, the State of Georgia issued budget reductions to all school districts in Georgia,
specifically reducing District revenue by $22.4 million. Central office and system-wide
district staffing and operating estimates were reviewed as part of the budget balancing
process. The FY2005 original budget was approved with $724.2 million in revenue and
$721.8 million in expenditures for a budgeted surplus of $2.4 million.

For FY2005, actual General Fund revenue was $6.2 million under budget. Actual
expenditures were $30.9 million under budget. This is primarily the result of savings
realized from position vacancies and unfilled positions during the fiscal year.

General Fund Balance

The unreserved General Fund balance increased 23.0% to $51.5 million in 2005 as the
Board of Education made a concerted effort to improve the reserves of the District. This
performance is noteworthy when considered in light of the substantial reductions in state
funding detailed in the above section. The $9.7 million increase gives the District a fund
balance that is the equivalent of 26 days of expenditures. This fund balance remains
adequate to minimize the likelihood of the District entering the short-term debt market to
pay for current operating expenditures.




                                            10
                        COBB COUNTY SCHOOL DISTRICT
                        Management’s Discussion and Analysis
                                 JUNE 30, 2005

Other Governmental 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.
In September of 2003, Cobb County voters overwhelmingly approved a five-year
extension of a Special Purpose Local Option Sales Tax (SPLOST) to finance construction
of new schools and other capital projects. The sales tax is expected to generate a total of
$697 million over five years. Collections of the tax began on January 1, 2004. The
SPLOST II fund had expenditures of $123.8 million for the year ended June 30, 2005
and a fund balance of $7.8 million.

Capital Assets and Debt Administration

Capital Assets

Capital assets increased 12% from $759.5 million in 2004 to $850.8 million in 2005, an
increase of $91.3 million. (See Capital Assets at June 30 – Table IV). Construction in
progress increased by $78.6 million with additional new construction not completed at
fiscal year end. Building additions and improvements accounted for an additional $27.0
million, while the net cost of equipment and textbooks decreased by $15.6 million. The
District is committed to maintaining and improving its fixed assets as is evidenced by the
improvement or replacement of buildings as needed.

More detailed information about capital assets can be found in Note 6 of the Notes to the
Basic Financial Statements.




                                            11
                     COBB COUNTY SCHOOL DISTRICT
                     Management’s Discussion and Analysis
                              JUNE 30, 2005

Table IV
Capital Assets, Net of Depreciation
(Amounts Expressed In Millions)


                               $28.6 Capital Assets, Net - 2005
                                                                  $89.2
                                            $10.0

                                                                                          $147.1




   $575.9




                                  Land
                                  Construction in Progress
                                  Buildings
                                  Equipment
                                  Library Books and Textbooks


                                                                                              Change
                                                                          2004     2005      2004-2005

Land                                                                       $87.9    $89.2            1%
Construction in Progress                                                    68.5    147.1          115%
Buildings                                                                  548.9    575.9            5%
Equipment                                                                   34.9     28.6          -18%
Library Books and Textbooks                                                 19.3     10.0          -48%
 Total                                                                    $759.5   $850.8           12%




                                          12
                       COBB COUNTY SCHOOL DISTRICT
                       Management’s Discussion and Analysis
                                JUNE 30, 2005

Long-Term Debt

At the end of June 30, 2005, the District had $103.9 million in outstanding long-term
debt. (See Outstanding Long Term Debt Table – Table V). This is a reduction of 30%
from 2004. The District refinanced $128.9 million of general obligation bonds to take
advantage of a lower interest rate, realizing an economic gain of $3.5 million.

More detailed information about long-term debt can be found in Note 12 of the Notes to
the Basic Financial Statements.

Table V
Outstanding Long-Term Debt
(Amounts Expressed In Millions)


                                     Outstanding Long-Term Debt - 2005




                                                                                    Compensated
                                                                                    Absences

                                                                                    Capital Leases

  $225.0
  $200.0                                                                            Bonds Payable
  $175.0
  $150.0
  $125.0
  $100.0
   $75.0
   $50.0
   $25.0
    $0.0




                                                                                              Change
                                                                         2004      2005      2004-2005
Bonds Payable                                                             $128.9     $89.3        -31%
Capital Leases                                                              12.3       8.1        -34%
Compensated Absences                                                         6.2       6.5          5%
  Total                                                                   $147.4    $103.9        -30%




                                           13
                       COBB COUNTY SCHOOL DISTRICT
                       Management’s Discussion and Analysis
                                JUNE 30, 2005



Factors Bearing on the District’s Future

We are pleased that the Cobb County School District continues to enjoy a strong financial
position, even with the substantial reduction in state funding over the past three fiscal
years. We are fortunate that local tax revenues have continued to grow, reflecting the
vibrant local economy and we expect the local economy to remain strong. The continued
support of our schools by the public and by local community organizations and
businesses, is also an integral part of our ability to educate our students.

We expect our student enrollment to continue to increase, creating a continuing need for
more teachers and more classrooms. Continuing revenue from the Special Purpose Local
Option Sales Tax should facilitate our ability to build new schools and improve existing
schools to meet the challenge for additional classrooms. Our operating budget will likely
continue to be tight, as we expect funding from the State of Georgia to remain at a
reduced level from previous years. Despite these challenges, we remain committed to
use our financial resources efficiently to provide an exceptional educational experience
for our students.




                                           14
COBB COUNTY SCHOOL DISTRICT
STATEMENT OF NET ASSETS
JUNE 30, 2005

(amounts expressed in thousands)

                                                             Governmental
                                                               Activities
ASSETS:
Cash and Cash Equivalents                                       $332,446
Receivables (net of allowance for uncollectables):
   Taxes                                                          10,187
   Federal and State Aid                                          52,106
   Accounts                                                          952
   Accrued Interest                                                  371
Prepaids                                                              80
Inventories                                                        2,000
Capital Assets:
   Land                                                           89,205
   Construction in Progress                                      147,131
   Buildings                                                     910,750
   Equipment                                                      84,130
   Library Books and Textbooks                                    79,674
   Less: Accumulated Depreciation                               (460,018)
      Total Assets                                            $1,249,014

LIABILITIES:
Accounts Payable and Other Current Liabilities                   $54,317
Accrued Salaries and Benefits                                    102,574
Unearned Revenue                                                   1,461
Accrued Interest Payable                                           3,195
Notes Payable                                                    100,000
Noncurrent Liabilities:
  Due Within One Year                                             46,673
  Due In More Than One Year                                       57,250
     Total Liabilities                                           365,470

NET ASSETS:
Invested in Capital Assets, Net of Related Debt                  653,443
Restricted for Debt Service                                       11,361
Unrestricted                                                     218,740
      Total Net Assets                                          $883,544




See accompanying notes to the basic financial statements.

                                                        15
COBB COUNTY SCHOOL DISTRICT
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2005

(amounts expressed in thousands)


                                                                                                        Net (Expense)
                                                                           Operating      Capital         Revenue
                                                          Charges          Grants and    Grants and     and Changes
                                          Expenses      for Services      Contributions Contributions   in Net Assets
GOVERNMENTAL ACTIVITIES
Instruction                                 $581,871             $1,340       $346,593       $34,571       ($199,367)
Pupil Services                                22,342                 12         24,270           726           2,666
Instructional Services                        32,643                  0          2,535         1,453         (28,655)
School and Administrative Services           142,323             41,514         18,458         1,453         (80,898)
Pupil Transportation                          40,610                  0          5,989             0         (34,621)
Maintenance and Operations                    47,238                833              0             0         (46,405)
Student Activities                            29,401             30,438              0             0           1,037
Interest and Fiscal Charges                    6,375                  0              0             0          (6,375)

      Total Governmental Activities         $902,803         $74,137          $397,845       $38,203        (392,618)

                                       General Revenues:
                                          Taxes:
                                              Property Taxes Levied for General Purposes                     380,687
                                              Property Taxes Levied for Debt Service                          19,279
                                              Sales Tax                                                      115,673
                                          Intergovernmental (Unrestricted)                                     6,283
                                          Interest Income                                                      9,447
                                          Insurance and Damage Recoveries                                          1
                                          Other                                                                  500

                                             Total General Revenues                                          531,870

                                             Change in Net Assets                                            139,252

                                       Net Assets-Beginning of Year                                          744,292

                                       Net Assets-End of Year                                               $883,544




See accompanying notes to the basic financial statements.




                                                            16
COBB COUNTY SCHOOL DISTRICT
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2005

(amounts expressed in thousands)

                                                                                     Special Purpose  Other        Total
                                                             Debt     System-Wide     Local Option Governmental Governmental
                                                 General    Service   Building II      Sales Tax II   Funds        Funds
Assets:
   Cash and Cash Equivalents                    $146,898     $2,892        $39,904         $92,118      $50,634     $332,446
   Receivables (net of allowance for uncollectables):
        Taxes                                       9,701       486              0               0            0       10,187
        Federal and State Aid                      47,924         0              0               0        4,182       52,106
        Accounts                                      948         0              0               0            4          952
        Accrued Interest                               16         0            123             232            0          371
   Due from Other Funds                               690         0              0               0        2,029        2,719
   Prepaid Expenditures                                80         0              0               0            0           80
   Inventories                                        246         0              0               0        1,662        1,908
        Total Assets                            $206,503     $3,378        $40,027         $92,350      $58,511     $400,769

LIABILITIES AND FUND BALANCES:
Liabilities:
   Accounts Payable                               $2,218          0             $0         $22,148       $2,426      $26,792
   Accrued Payroll and Payroll Withholdings       73,707          0              0               0        6,644       80,351
   Accrued Employee Benefits                      20,252          0              0               0        1,931       22,183
   Due to Other Funds                             37,530          0              0               0        1,514       39,044
   Deferred Revenue                                2,915        158              0               0        1,461        4,534
   Notes Payable                                       0          0         37,595          62,405            0      100,000
   Accrued Interest Payable                            0          0          1,738               0            0        1,738
       Total Liabilities                         136,622        158         39,333          84,553       13,976      274,642

Fund Balances:
   Reserved for Student Activities                  0             0             0                0        1,483        1,483
   Reserved for Debt Service                    8,141         3,220             0                0            0       11,361
   Reserved for Encumbrances                    8,534             0             0           71,610          741       80,885
   Reserved for Future Capital Outlay             955             0             0                0            0          955
   Reserved for Technology Contract               463             0             0                0            0          463
   Reserved for Prepaid Exp. and Inventories      325             0             0                0        2,112        2,437
   Unreserved, reported in:
       General Fund                            51,463             0              0               0            0       51,463
       Special Revenue Funds                        0             0              0               0       20,543       20,543
       Capital Projects Funds                       0             0            694         (63,813)      19,656      (43,463)
       Total Fund Balances                     69,881         3,220            694           7,797       44,535      126,127
Total Liabilities and Fund Balances          $206,503        $3,378        $40,027         $92,350      $58,511     $400,769




See accompanying notes to the basic financial statements.


                                                                      17
COBB COUNTY SCHOOL DISTRICT
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET ASSETS
JUNE 30, 2005

(amounts expressed in thousands)


Total Fund Balances-Governmental Funds                                                            $126,127

Amounts reported for governmental activities in the statement of net assets
 are different because:

Capital assets used in governmental activities are not financial resources and
 therefore are not reported in the funds.
      Cost of capital assets                                                         1,310,890
      Accumulated depreciation                                                        (460,018)    850,872

Property taxes receivable will be collected after year-end, but are not available
 soon enough to pay for current period's expenditures, and therefore are
 deferred in the funds.                                                                              3,073

Internal service funds are used by management to charge the costs of insurance,
 purchasing and warehouse services to individual funds. The assets and liabilities
 of the internal service funds are included in governmental activities in the
 statement of net assets.                                                                            8,852

Long-term liabilities, including bonds payable, 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:
     Bonds payable                                                                     (87,440)
     Bond premium                                                                       (2,708)
     Deferred Amount of Refunding                                                          859
     Accrued interest on bonds payable                                                  (1,457)
     Capital leases                                                                     (8,140)
     Compensated absences                                                               (6,494)   (105,380)

Total Net Assets-Governmental Activities                                                          $883,544




See accompanying notes to the basic financial statements.

                                                         18
COBB COUNTY SCHOOL DISTRICT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2005

(amounts expressed in thousands)

                                                                                     Special Purpose  Other        Total
                                                          Debt        System-Wide     Local Option Governmental Governmental
                                             General     Service       Building II     Sales Tax II   Funds        Funds
REVENUES:
Taxes                                        $377,772    $19,121               $0         $115,673           $0    $512,566
Intergovernmental                             340,185          0                0           36,197       65,775      442,157
Tuition and Fees                                   33          0                0                0       58,242       58,275
Interest Income                                 5,193        333            1,709              638        1,574        9,447
Insurance and Damage Recoveries                     1          0                0                0            0            1
Rentals                                           433          0                0                0            0          433
Athletic Ticket Sales                               0          0                0                0        3,219        3,219
Other                                             303          0                0                0          336          639
       Total Revenues                         723,920     19,454            1,709          152,508      129,146    1,026,737

EXPENDITURES:
Current:
   Instruction                                512,190            0              0                0       33,276      545,466
   Pupil Services                              12,698            0              0                0        6,582       19,280
   Instructional Services                      26,668            0              0                0        4,392       31,060
   School and Administrative Services          70,601            0            103            7,222       47,318      125,244
   Pupil Transportation                        33,330            0              0                0        1,570       34,900
   Maintenance and Operations                  45,013            0              0                0        1,103       46,116
   Student Activities                               0            0              0                0       29,401       29,401
Capital Outlay                                  5,217            0              0          116,596       18,039      139,852
Debt Service:
   Principal Retirement                         4,237    169,095                0                0            0      173,332
   Interest and Fiscal Charges                    103      6,235              912                0          540        7,790
       Total Expenditures                     710,057    175,330            1,015          123,818      142,221    1,152,441

Excess of Revenues Over
 (Under) Expenditures                          13,863    (155,876)            694           28,690      (13,075)    (125,704)

Other Financing Sources (Uses):
   Transfers-In                                   208     23,000                0                0        1,730       24,938
   Transfers-Out                               (3,032)         0                0          (23,000)           0      (26,032)
   Sale of Capital Assets                           2          0                0                0            0            2
   Deferred Amount of Refunding                     0     (1,289)               0                0            0       (1,289)
   Premium on Bonds Issued                          0      4,062                0                0            0        4,062
   Refunding Bonds Issued                           0    127,665                0                0            0      127,665
   Bond Issuance Costs                              0       (305)               0                0            0         (305)
      Total Other Financing Sources (Uses)     (2,822)   153,133                0          (23,000)       1,730      129,041

Net Change in Fund Balances                    11,041       (2,743)           694            5,690      (11,345)       3,337

Fund Balances, Beginning of Year               58,840       5,963               0            2,107       55,880      122,790

Fund Balances, End of Year                    $69,881     $3,220            $694            $7,797      $44,535     $126,127




See accompanying notes to the basic financial statements.




                                                                       19
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, 2005

(amounts expressed in thousands)

Total Net Change in Fund Balances-Governmental Funds                                                    $3,337

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                                                                       139,852
      Non-capitalized items                                                                (16,463)
      Depreciation expense                                                                 (35,812)     87,577

Because some property taxes will not be collected for several months after the
 fiscal year ends, they are not considered as "available" revenues in the
 governmental funds, and are instead counted as deferred revenues.                                       3,073

In the statement of activities, only the gain on the sale of capital assets is reported,
 whereas in the governmental funds, the entire proceeds from the sale increase
 financial resources. Thus, the change in net assets differs from the change in
 fund balances by the carrying value of the capital asset sold.                                           (647)

Repayment of bond principal and capital leases is an expenditure in the
 governmental funds, but the repayment reduces long-term liabilities in the
 statement of net assets.                                                                               45,972

Governmental funds report the effect of premiums, discounts, and similar                                (1,849)
 items when debt is first issued, whereas these amounts are deferred and
 amortized in the statement of activities.

In the statement of activities, interest is accrued on outstanding bonds, whereas
 in governmental funds, an interest expenditure is recorded when due.                                     491

Internal service funds are used by management to charge the costs of insurance,
 purchasing and warehouse services to individual funds. The net revenue of the
 internal service funds is reported with governmental activities.                                        1,117

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.                                   181

Change in Net Assets of Governmental Activities                                                       $139,252

See accompanying notes to the basic financial statements.




                                                               20
COBB COUNTY SCHOOL DISTRICT
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS)
FOR THE YEAR ENDED JUNE 30, 2005

(amounts expressed in thousands)

                                                                                                  Variance With
                                                                                                  Final Budget -
                                                              Budgeted Amounts         Actual        Positive
                                                            Original      Final       Amounts       (Negative)
REVENUES:
Local                                                        $382,883     $382,871     $383,537            $666
State                                                         338,522      338,714      329,469          (9,245)
Federal                                                         2,516        2,516        4,720           2,204
Other                                                             271          271          408             137
      Total Revenues                                          724,192      724,372      718,134          (6,238)

EXPENDITURES:
Instruction                                                   524,125      524,446      511,915         12,531
Pupil Services                                                 13,418       13,490       12,594            896
Improvement of Instructional Services                          16,083       16,922       15,611          1,311
Educational Media Services                                     12,291       12,322       11,924            398
General Administration                                          5,863        5,872        6,199           (327)
School Administration                                          41,740       41,952       39,683          2,269
Business                                                        4,726        5,581        5,568             13
Maintenance & Operation of Plant                               45,538       46,297       44,425          1,872
Student Transportation                                         31,451       31,531       33,056         (1,525)
Central Operations                                             19,820       20,599       18,678          1,921
School Nutrition                                                    0            0            6             (6)
Community Service Operations                                       46           46           48             (2)
Facilities Acquisition & Construction Services                     20           23           14              9
Other                                                           3,108        3,032        3,032              0
Debt Service                                                    3,550       15,927        4,340         11,587
        Total Expenditures                                    721,779      738,040      707,093         30,947

Excess of Revenues Over
 (Under) Expenditures                                           2,413      (13,668)      11,041         24,709

Fund Balance, Beginning of Year                                58,840       58,840       58,840               0

Fund Balance, End of Year                                     $61,253      $45,172      $69,881        $24,709




See accompanying notes to the basic financial statements.



                                                        21
COBB COUNTY SCHOOL DISTRICT
STATEMENT OF FUND NET ASSETS
PROPRIETARY FUNDS
JUNE 30, 2005

(amounts expressed in thousands)

                                                             Governmental
                                                              Activities-
                                                               Internal
                                                                Service
                                                                 Funds
Assets:

Current Assets:
  Due from Other Funds                                          $11,679
  Inventories                                                        92
      Total Current Assets                                       11,771


Liabilities:

Current Liabilities:
  Accounts Payable                                                  284
  Claims Payable                                                  2,595
  Accrued Payroll and Payroll Withholdings                           35
  Accrued Employee Benefits                                           5
      Total Current Liabilities                                   2,919



Net Assets:

   Unrestricted                                                  $8,852




See accompanying notes to the basic financial statements.




                                                        22
COBB COUNTY SCHOOL DISTRICT
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2005

(amounts expressed in thousands)

                                                             Governmental
                                                              Activities-
                                                               Internal
                                                                Service
                                                                 Funds
OPERATING REVENUES:
Charges for Services                                            $12,245

OPERATING EXPENSES:
School and Administrative Services                               12,222

   Operating Loss                                                    23

Transfers-In                                                       2,134
Transfers-Out                                                     (1,040)

   Change in Net Assets                                           1,117

Total Net Assets, Beginning of Year                               7,735

Total Net Assets, End of Year                                    $8,852




See accompanying notes to the basic financial statements.



                                                        23
COBB COUNTY SCHOOL DISTRICT
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2005

(amounts expressed in thousands)

                                                                    Governmental
                                                                     Activities-
                                                                      Internal
                                                                       Service
                                                                        Funds
Cash Flows from Operating Activities:
   Receipts from Interfund Services Provided                             $11,128
   Payments to Suppliers                                                  (1,457)
   Payments for Medical Fees and Insurance Claims                         (8,826)
   Payments to Employees                                                  (1,939)

     Net Cash (Used) by Operating Activities                              (1,094)

Cash Flows from Noncapital Financing Activities:
   Transfers-In                                                            2,134
   Transfers-Out                                                          (1,040)

     Net Cash Provided by Noncapital Financing Activities                  1,094

     Net Increase in Cash and Cash Equivalents                                    0

Cash and Cash Equivalents at Beginning of Year                                    0

Cash and Cash Equivalents at End of Year                                         $0


Reconciliation of Operating (Loss) to Net Cash (Used) by Operating Activities:

   Operating Income (Loss)                                                   $23
   Adjustments to Reconcile Operating
    (Loss) to Net Cash Provided (Used) by
     Operating Activities:
      (Increase) Decrease in Due From Other Funds                         (1,322)
      Decrease in Inventories                                                (32)
      Increase/(Decrease) in Accounts Payable                                268
      Increase in Accrued Payroll & Payroll Withholdings                     (31)
          Total Adjustments                                               (1,117)
   Net Cash (Used) by Operating Activities                               ($1,094)

See accompanying notes to the basic financial statements.




                                                        24
COBB COUNTY SCHOOL DISTRICT
STATEMENT OF ASSETS AND LIABILITIES
FIDUCIARY FUNDS
JUNE 30, 2005

(amounts expressed in thousands)

                                                             Agency
                                                              Funds
Assets:

Due from Other Funds                                         $24,646


Liabilities:

Due to Student Groups                                          $826
Payroll Withholdings Payable                                  23,820

   Total Liabilities                                         $24,646




See accompanying notes to the basic financial statements.



                                                        25
                     COBB COUNTY SCHOOL DISTRICT
                       Notes to the Basic Financial Statements
                                    JUNE 30, 2005


Note 1. DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY:

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.


Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

A. 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 Assets and the Statement of Activities display information about
the financial activities of the overall District, except for fiduciary activities. Eliminations
have been made to minimize the double counting of internal activities. Governmental
activities generally are financed through taxes, intergovernmental revenues, and
nonexchange transactions.

The Statement of Activities presents a comparison between direct expenses and program
revenues for each function of the District’s governmental activities.

    •   Direct expenses are those that are specifically associated with a program or
        function and, therefore, are clearly identifiable to a particular function. Indirect
        expenses (expenses of the District related to the administration and support of the
        District’s programs, such as office and maintenance personnel and accounting)
        are not allocated to programs.

    •   Program revenues include (a) charges paid by the recipients of goods or services
        offered by the programs and (b) grants and contributions that are restricted to
        meeting the operational or capital requirements of a particular program. Revenues
        that are not classified as program revenues, including all taxes, are presented as
        general revenues.

 Fund Financial Statements:
The fund financial statements provide information about the District’s funds, including
fiduciary funds. Separate statements for each category (governmental, proprietary and
                                              26
                        COBB COUNTY SCHOOL DISTRICT
                          Notes to the Basic Financial Statements
                                       JUNE 30, 2005


fiduciary) are presented. The emphasis of fund financial statements is on major
governmental funds, each displayed in a separate column. All remaining governmental
funds are aggregated and reported as nonmajor funds.

The District reports the following major governmental funds:

   •       General Fund is the District’s primary operating fund. It accounts for all financial
           resources of the District, except those resources required to be accounted for in
           another fund.

   •       Debt Service Fund accounts for the resources accumulated and payments made
           for principal and interest on long-term general obligation debt of governmental
           funds.

   •       Capital Projects – System-Wide Building II Fund accounts for the proceeds of a
           short-term note used to temporarily finance capital outlay in the SPLOST II Fund.

   •       Capital Projects - Special Purpose Local Option Sales Tax II Fund (SPLOST II)
           accounts for sales tax proceeds required to be used for capital outlay for
           educational purposes as authorized by local referendum.

Additionally, the District reports the following fund types:

       •    Internal service funds (proprietary funds) account for industrial insurance and
            purchasing and warehouse services provided to other funds of the District on a
            cost reimbursement basis.

       •    Fiduciary funds (agency funds) account for assets held by the District as an
            agent for various funds, governments, or individuals. Specifically, the District
            temporarily holds assets for numerous school club and class organizations and
            also holds payroll withholdings.

B. 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
                                                27
                     COBB COUNTY SCHOOL DISTRICT
                       Notes to the Basic Financial Statements
                                    JUNE 30, 2005


been satisfied. Agency funds report only assets and liabilities and, accordingly, do not
have a measurement focus.

The District uses funds to report on its financial position and the results of its operations.
Fund accounting is designed to demonstrate legal compliance and to aid financial
management by segregating transactions related to certain governmental functions or
activities. A fund is a separate accounting entity with a self-balancing set of accounts.

Governmental funds are reported using the current financial resources measurement focus
and the modified accrual basis of accounting. Under this method, revenues are
recognized when measurable and available. The District considers all revenues reported
in the governmental funds to be available if they are collected within 60 days after year-
end. Property taxes, sales taxes and interest are considered to be susceptible 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.

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 assets 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.

C. 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.




                                              28
                    COBB COUNTY SCHOOL DISTRICT
                       Notes to the Basic Financial Statements
                                    JUNE 30, 2005


D. Investments:

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. Included in cash equivalents are items such as deposits with the
Georgia local government investment pool, certificates of deposit and money market
accounts. State statutes authorize the District to invest in obligations of the United States
and the State of Georgia, prime banker's acceptances, repurchase agreements and the
Georgia local government investment pool.

All of the District’s investments as of June 30, 2005 were purchased with a maturity date
less than one year from the date of purchase. These investments are stated at fair value.

Investments made by the District in nonparticipating interest-earning contracts (such as
certificates of deposit) and repurchase agreements are reported at cost. Participating
interest-earning contracts and money market investments with a maturity at purchase of
one year or less are reported at amortized cost. Both participating interest-earning
contracts and money market investments with a maturity at purchase greater than one
year are reported at fair value. 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 of Georgia,
       Office of Treasury and Fiscal Services,

   (7) Repurchase agreements, and,

   (8) Obligations of other political subdivisions of the State of Georgia.




                                             29
                    COBB COUNTY SCHOOL DISTRICT
                      Notes to the Basic Financial Statements
                                   JUNE 30, 2005


E. 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.

F. Property Taxes:

The Cobb County Board of Commissioners fixed the property tax levy for the 2004 tax
digest year (calendar year) in July 2004 (levy date) based on property values as of
January 1, 2004. Taxes were due on October 15, 2004 (lien date). Taxes collected within
the current fiscal year or within 60 days after year-end on the 2004 tax digest are reported
as revenue in the governmental funds for fiscal year 2005. 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, at the fund reporting level, during the
fiscal year ended June 30, 2005, for maintenance and operations amounted to
$380,687,000 and for school bonds amounted to $19,279,000.

Tax millage rates levied for the 2004 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                                                    19.00 mills
       School Bonds                                                           .90 mills
                                                                            19.90 mills

G. Sales Taxes:

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 $484,508,000 has been collected or on December 31, 2008, whichever occurs
first.

H. 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 when received, and expenses and revenues 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-

                                            30
                     COBB COUNTY SCHOOL DISTRICT
                       Notes to the Basic Financial Statements
                                    JUNE 30, 2005


first-out). The District uses the consumption method to account for inventories whereby
expenditures are recorded when inventory items are used. Revenues are recognized for
donated food commodities when the items are used.

I. Prepaid Items:

Payments made to vendors for services that will benefit periods subsequent to June 30,
2005, are recorded as prepaid items.

J. 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
fair market value on the date donated. Disposals are deleted at depreciated recorded cost.
The cost of normal maintenance and repairs that do not add to the value of assets or
materially extend the useful lives of the assets is not capitalized. Depreciation is
computed using the straight-line method.

Capitalization thresholds and estimated useful lives of capital assets reported in the
District-wide statements are as follows:

                                                       Capitalization          Estimated
                                                          Policy               Useful Life
       Land                                                   All                 N/A
       Buildings                                              All             20 to 50 years
       Equipment                                          $10,000              5 to 10 years
       Library Books and Textbooks                            All                    5 years

Depreciation is used to allocate the actual or estimated historical cost of all capital assets
over estimated useful lives.

K. General Obligation Bonds:

The District issues general obligation bonds to provide funds for the acquisition and
construction of major capital facilities. Bond issuance costs are recognized in the
financial statements during the fiscal year bonds are issued. General obligation bonds are
direct obligations and pledge the full faith and credit of the government. The outstanding
amount of these bonds is recorded in the Statement of Net Assets.




                                              31
                    COBB COUNTY SCHOOL DISTRICT
                      Notes to the Basic Financial Statements
                                   JUNE 30, 2005


Note 3. LEGAL COMPLIANCE - BUDGETS:

The Board of Education budgets its operations on an annual basis for the General Fund,
Debt Service Fund and all Special Revenue Funds except the Local Schools Fund.
Capital Projects Funds are budgeted on a multi-year, project-length basis. Prior to July 1
each year, the administration of the District submits a proposed budget to the Board of
Education which conducts public hearings and legally adopts the budget. The
administration then submits the adopted budget to the Georgia Department of Education
for final approval.

The District prepares the budget on a modified accrual basis whereby revenues are
generally recognized when earned and expenditures are generally recognized when
incurred. Appropriations not spent or encumbered lapse at year-end and encumbrances
outstanding at that time are rebudgeted in the following fiscal year. Budget amendments
which are funded through a decrease in fund balance must be approved by the Board of
Education. All other budget amendments may be approved by the Superintendent or his
designee.

The level of legal budgetary control (the level at which expenditures may not exceed
appropriations) is at the function level within individual funds. Several supplementary
appropriations were necessary during the fiscal year ended June 30, 2005.

For the year ended June 30, 2005, expenditures exceeded appropriations in several
function areas (the legal level of budgetary control). These overexpenditures were offset
by underexpenditures in other function areas within the same fund. The overexpenditures
are identified in the following schedule:




                                            32
                   COBB COUNTY SCHOOL DISTRICT
                     Notes to the Basic Financial Statements
                                  JUNE 30, 2005


                 Fund/Function                     Overexpenditure
 General Fund:
  General Administration                                  $327,000
  Student Transportation                                 1,525,000
  School Nutrition                                           6,000
  Community Service Operations                               2,000
 Tuition School Fund:
  Pupil Services                                             2,000
  Improvement of Instructional Services                     12,000
  Educational Media Services                                 8,000
  School Administration                                     67,000
  Maintenance & Operation of Plant                           2,000
 Adult High School Fund:
  Community Service Operations                              11,000
 School Nutrition Fund:
  School Nutrition Program                               1,189,000
 Psycho Education Center Fund:
  Pupil Services                                             3,000
  Improvement of Instructional Services                     11,000
  Maintenance & Operation of Plant                           5,000
 Pre-K Lottery Fund
  Instruction                                                6,000
 Special Education Fund:
  Pupil Services                                           960,000
 Vocational Education Fund:
  Instruction                                               50,000
 Drug Free Schools Fund:
  General Administration                                     1,000
 Title II Fund:
  General Administration                                    10,000
 Charter Schools Fund:
  Facilities Acquisition & Construction Services            73,000
 Federal Funded Grants Fund:
  Pupil Services                                             1,000
 Title III Fund:
  Pupil Services                                           128,000
  Improvement of Instructional Services                    209,000
  Central Operations                                        16,000
 Title V Fund:
  Improvement of Instructional Services                      2,000

The District’s budgetary statement for the School Nutrition Fund differs somewhat from
generally accepted accounting principles (GAAP) prepared statements. A difference
between the District's budgetary and GAAP statement for the year ended June 30, 2005 is
caused by the budgetary statements not containing a deferral of revenue for unused
                                            33
                       COBB COUNTY SCHOOL DISTRICT
                         Notes to the Basic Financial Statements
                                      JUNE 30, 2005


donated commodities and by an adjustment to inventory values. The dollar effect for this
difference is detailed in the following reconciliation of the year-end fund balance
(budgetary basis) to the year-end fund balance (GAAP basis) for the School Nutrition
Fund:

        Budget to GAAP Reconciliation

                                         School Nutrition
                                              Fund
 6-30-05 Fund Balance, Budgetary Basis     $15,812,000
 (Decrease) From Inventory Adjustment         (450,000)
 (Decrease) From Deferral of Revenues
   Associated With Donated Commodities      (1,048,000)
 6-30-05 Fund Balance, GAAP Basis          $14,314,000



Note 4. CASH EQUIVALENTS, DEPOSITS AND INVESTMENTS:

COLLATERALIZATION OF DEPOSITS
Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall
not be on deposit at any time in any depository for a time longer than ten days a sum of
money which has not been secured by surety bond, by guarantee of insurance or by
collateral. The aggregate of the face value of such surety bond and the market value of
securities pledged shall be equal to not less than 110 percent of the public funds being
secured after the deduction of the amount of deposit insurance. If a depository elects the
pooled method (OCGA 45-8-13.1) the aggregate of the market value of the securities
pledged to secure a pool of public funds shall be not less than 110 percent of the daily
pool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may,
in his discretion, waive the requirement for security in the case of operating funds placed
in demand deposit checking accounts.

Acceptable security for deposits consists of any one of or any combination of the
following:

        (1) Surety bond signed by a surety company duly qualified and authorized to
            transact business within the State of Georgia,

        (2) Insurance on accounts provided by the Federal Deposit Insurance
            Corporation,

        (3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of
            the United States or of the State of Georgia,

        (4) Bonds, bills notes, certificates of indebtedness or other obligations of the
                                              34
                    COBB COUNTY SCHOOL DISTRICT
                      Notes to the Basic Financial Statements
                                   JUNE 30, 2005


           counties or municipalities of the State of Georgia,

       (5) Bonds of any public authority created by the laws of the State of Georgia,
           providing that the statute that created the authority authorized the use of the
           bonds for this purpose,

       (6) Industrial revenue bonds and bonds of development authorities created by the
           laws of the State of Georgia, and

       (7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a
           subsidiary corporation of the United States government, which are fully
           guaranteed by the United States government both as to principal and interest
           or debt obligations issued by the Federal Land Bank, the Federal Home Loan
           Bank, the Federal Intermediate Credit Bank, the Central Bank for
           Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage
           Association, and the Federal National Mortgage Association.

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, 2005, the
District had deposits with a carrying amount of $262,431,266 and a bank balance of
$275,566,967. The bank balance was entirely covered by Federal depository insurance,
by collateral held by the District or the District’s agent in the District’s name, or by a
multiple financial institution collateral pool authorized by the State of Georgia that
insures public deposits. The District has no custodial credit risk since there are no
uncollateralized or uninsured and unregistered securities held by the counterparty, or by
its trust department or agent but not in the District’s name.

Investments

As of June 30, 2005, the District had the following investments:

                                                               Weighted
Investment Type                       Fair Value             Average Maturity

Investment Pool Accounts:
  State of Georgia Investment Pool $ 70,012,301                  24 days

Portfolio Weighted Average Maturity                              24 days


                                            35
                    COBB COUNTY SCHOOL DISTRICT
                      Notes to the Basic Financial Statements
                                   JUNE 30, 2005



Credit Risk
The District’s investment in the State of Georgia Investment Pool was rated AAAm by
Standard & Poor’s.

Concentration of Credit Risk
Concentration of credit risk is defined as investments of more than 5% in any one issuer.
The State of Georgia Investment Pool is excluded from the requirement of disclosing
concentration of credit risk.

Interest Rate Risk
In accordance with its investment policy, the District will minimize interest rate risk,
which is the risk that the market value of securities in the portfolio will fall due to
changes in market interest rates, by structuring the investment portfolio so that securities
mature to meet cash requirements for ongoing operations, thereby avoiding the need to
sale securities in the open market, and investment operating funds primarily in money
market funds or similar investment pools and limiting the average maturity in accordance
with the District’s cash requirements.

Foreign Currency Risk
The District is not authorized to invest in investments which have this type of risk.


NOTE 5. 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




                                             36
                          COBB COUNTY SCHOOL DISTRICT
                            Notes to the Basic Financial Statements
                                         JUNE 30, 2005


NOTE 6. CAPITAL ASSETS:

The following is a summary of changes in the Capital Assets during the fiscal year:

                                               Balance                                          Balance
                                             June 30,2004    Increases        Decreases       June 30,2005
Governmental Activities

Capital Assets, Not Being Depreciated:

 Land                                         $87,897,000     $1,308,000               $0      $89,205,000

 Construction In Progress                      68,461,000    140,532,000      (61,862,000)     147,131,000

Total Capital Assets Not Being Depreciated    156,358,000    141,840,000      (61,862,000)     236,336,000

Capital Assets Being Depreciated:

 Buildings                                    860,958,000     49,792,000                  0    910,750,000

 Equipment                                     92,296,000      2,002,000      (10,168,000)      84,130,000

 Library/Textbooks                             83,586,000                0     (3,912,000)      79,674,000

Less Accumulated Depreciation for:

 Buildings                                    312,030,000     22,865,000                  0    334,895,000

 Equipment                                     57,450,000      7,557,000       (9,520,000)      55,487,000

 Library/Textbooks                             64,246,000      5,390,000                  0     69,636,000

Total Capital Assets Being Depreciated-Net    603,114,000     15,982,000       (4,560,000)     614,536,000

Governmental Capital Assets-Net              $759,472,000   $157,822,000     ($66,422,000)    $850,872,000




Capital assets being acquired under capital leases as of June 30, 2005, are as follows:
                                                      Governmental
                                                          Funds
  Equipment                                           $13,653,000
  Less: Accumulated Depreciation                       (3,995,000)
                                                      $ 9,658,000

Current year depreciation expense by function for governmental activities is as follows:

    Instruction                                               $24,897,000
    Pupil Services                                              2,637,000
    Instructional Services                                        963,000
    School and Administrative Services                          2,152,000
    Pupil Transportation                                        4,938,000
    Maintenance and Operations                                    225,000
                                                              $35,812,000
                                                    37
                    COBB COUNTY SCHOOL DISTRICT
                      Notes to the Basic Financial Statements
                                   JUNE 30, 2005


Note 7. 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. Interfund receivable and
payable balances by fund as of June 30, 2005 are disclosed in the following schedule:

                                                        Receivable       Payable
         Governmental Funds:
         General Fund                                     $690,000 $37,530,000
         Other Governmental Funds:
           Adult Education                                        0        346,000
           Miscellaneous Grants                                   0         30,000
           Vocational Education                                   0         16,000
           Title IV                                               0         19,000
           Title II                                               0         69,000
           Charter Schools                                        0          4,000
           HHS Aids Ed                                            0          1,000
           Federal Funded Grants                                  0         15,000
           Title III                                              0         20,000
           Title V                                                0        168,000
           Local School Funds                             2,029,000        826,000
             Total Other Governmental Funds               2,029,000      1,514,000
         Proprietary Funds:
           Unemployment Compensation                        71,000                 0
           Self-Insurance                                8,907,000                 0
           Flexible Benefits                                67,000                 0
           Dental Insurance                              2,416,000                 0
           Purchasing/Warehouse                            218,000                 0
             Total Proprietary Funds                    11,679,000                 0
         Fiduciary Funds:
           Club & Class Agency Funds                       826,000           0
           Payroll Withholding Agency Fund              23,820,000           0
             Total Fiduciary Funds                      24,646,000           0
                TOTAL                                  $39,044,000 $39,044,000


Note 8. 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, (2)
move receipts restricted to debt service from the funds collecting the receipts to the debt
service fund as debt service payments become due, and (3) use unrestricted revenues in
the general fund to finance various programs accounted for in other funds in accordance
                                              38
                    COBB COUNTY SCHOOL DISTRICT
                       Notes to the Basic Financial Statements
                                    JUNE 30, 2005


with budgetary authorizations. All interfund payables should be repaid within one year.
Interfund transfers for the year ended June 30, 2005, consisted of the following:

                                  --------------------Transfer From----------------------
                                 General                         Proprietary-
                                  Fund           SPLOST II        Self Insur          Total
Transfer To:
General Fund                              $0                $0      $208,000         $208,000
Other Governmental Fds.:
  Public Safety                     632,000                   0                       632,000
  Adult High School                 259,000                   0                       259,000
  Artists at School Program           7,000                   0                         7,000
  Misc. Grants                            0                   0       832,000         832,000
    Total Other Gov. Fds.           898,000                   0       832,000       1,730,000
Debt Service Fund                         0          23,000,000             0      23,000,000
Proprietary Funds:
  Self-Insurance                    477,000                  0               0        477,000
  Flexible Benefits                   9,000                  0               0          9,000
  Purchasing/Warehouse            1,648,000                  0               0      1,648,000
    Total Proprietary Funds       2,134,000                  0               0      2,134,000
      TOTAL                      $3,032,000         $23,000,000   $1,040,000     $27,072,000


Note 9. RISK MANAGEMENT:

The district is exposed to various risks of loss related to torts; damage to and destruction
of assets; errors and omissions; and natural disasters for which the District carries
commercial insurance. The District is self-insured for motor vehicles, general liability,
property theft, dental benefits and workers compensation. An excess insurance coverage
insurance policy covers individual workers compensation claims in excess of $300,000.
Premiums are paid into Internal Service funds by user funds and are available to pay
claims, claim reserves and administrative costs of the program. These interfund
premiums are recognized as revenue in the Internal Service funds. The premiums are
calculated using an actuarial analysis. Liabilities are reported when it is probable a loss
has occurred and the amount can be reasonably estimated including amounts of claims
incurred but not yet reported. The District has not experienced any significant reduction
in insurance coverage from the previous year nor has it paid any settlements in excess of
insurance coverage in the past three fiscal years.

Changes in the balances of claims liabilities for the risk management funds for the current
and prior fiscal years are as follows:




                                               39
                     COBB COUNTY SCHOOL DISTRICT
                       Notes to the Basic Financial Statements
                                    JUNE 30, 2005


              Unpaid Claims at                                          Unpaid Claims at
               Beginning of      Claims and Changes                      End of Fiscal
                Fiscal Year          in Estimates      Claim Payments        Year
 2004        $324,000            $8,989,000           ($6,718,000)      $2,595,000
 2005        $2,595,000          $7,794,000           ($7,563,000)      $2,826,000


Note 10. SHORT-TERM NOTES:

In January 2005, the District issued $100,000,000 in revenue anticipation notes in order
to continue construction of new schools and school additions urgently needed to relieve
overcrowding. The notes bear interest at a rate of 3.00 percent and are due on December
31, 2005. The notes will be repaid with proceeds from a local option sales tax collected in
calendar year 2005. Principal and interest amounts to be repaid on December 31 are
$102,783,000.

The following represents the activity related to short-term notes during the fiscal year
ended June 30, 2005:

   Beginning                                                   Ending
    Balance          Additions             Deletions           Balance
 $110,000,000     $100,000,000          ($110,000,000)      $100,000,000


Note 11. CURRENT REFUNDINGS:

The District issued $127,665,000 of general obligation bonds for a current refunding of
$128,870,000 of series 1995 general obligation bonds. The refunding was undertaken to
reduce total future debt service payments. The $127,665,000 series 2004 Refunding
Bonds were issued at a premium of $4,062,000 with net costs of issuance of $163,000
resulting in net proceeds of $131,564,000. The reacquisition price exceeded the net
carrying amount of the old debt by $1,289,000. This amount is being netted against the
new debt and amortized over the new debt’s life, which is the same as the refunded debt.
The refunding resulted in an economic gain of $3,502,000 and a reduction of $3,581,000
in future debt service payments.


Note 12. LONG-TERM OBLIGATIONS:

The District issues general obligation bonds to provide funds for the acquisition and
construction of major capital facilities. The original amount of general obligation bonds
issued in prior years was $220,865,000. General obligation bonds payable from Debt
Service Fund monies and from future school bond property tax revenues mature as
follows:

                                                40
                         COBB COUNTY SCHOOL DISTRICT
                          Notes to the Basic Financial Statements
                                       JUNE 30, 2005


               Fiscal              Total Debt
               Year                 Service               Interest            Principal
               2006                $46,158,000            $3,498,000         $42,660,000
               2007                 46,571,000              1,791,000         44,780,000
                                   $92,729,000            $5,289,000         $87,440,000

Fiscal year 2005 changes in long-term debt are as follows:

                                                                                          Amounts
Bond      Interest          Balance                                        Balance       Due Within
Issues      Rate            6-30-04        Added            Retired        6-30-05        One Year
1995     4.75-6.00        $128,870,000             $0    $(128,870,000)             $0            $0
2004 Ref 4.00                        0    127,665,000      (40,225,000)     87,440,000    42,660,000
Deferred Amounts:
 For Issuance Premiums               0       4,062,000      (1,354,000)      2,708,000            ---
 On Refunding                        0     (1,289,000)          430,000      (859,000)            ---
 Total Bonded Debt         128,870,000    130,438,000     (170,019,000)     89,289,000    42,660,000

Accrued Vacation Pay         6,201,000      3,151,000       (2,858,000)      6,494,000       112,000

Capital Leases Payable      12,377,000              0       (4,237,000)      8,140,000     3,901,000

Total Long-Term Debt      $147,448,000   $133,589,000    ($177,114,000)   $103,923,000   $46,673,000

Accrued vacation pay and capital leases payable are generally liquidated by the General
Fund.

The District leases certain equipment through a Master Pooled Lease Certificate of
Participation program, which expires December, 2020. The District's total share
available under the program is $14,650,000. Amounts drawn under supplemental lease
agreements within the program bear interest at a variable rate, not to exceed fifteen
percent. Lease payments representing principal and interest are payable annually and
monthly, respectively. At June 30, 2005 $8,140,000 had been utilized, with principal
repayments in the 2005 fiscal year totaling $4,237,000. The lease is paid from the
general fund. The current supplemental lease concludes November, 2008.
The following is a schedule of future minimum lease payments required under the
remaining capital lease along with the present value of the net minimum lease payments
as of June 30, 2005. For purposes of this schedule, an assumed interest rate of 4.00%
was used for the certificate of participation program. The actual average interest rate in
effect for the year ended June 30, 2005 was 1.08%.

  Year Ending June 30:
       2006                                                        $4,227,000
       2007                                                         2,891,000
       2008                                                         1,578,000
  Total minimum lease payments                                      8,696,000
  Less amount representing interest                                 (556,000)
  Present value of net minimum lease payments                      $8,140,000


                                                   41
                      COBB COUNTY SCHOOL DISTRICT
                        Notes to the Basic Financial Statements
                                     JUNE 30, 2005


Note 13. 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, 2005 was $5,996,000.


Note 14. COMMITMENTS AND CONTINGENCIES:

The District makes various contractual commitments on an ongoing basis for
construction and remodeling of its fixed assets. The major outstanding commitments as
of June 30, 2005 were for construction of four new schools and major additions to other
existing schools. As of June 30, 2005 the total contract price and expenditures to date for
the largest projects were as follows:

                                                   Contract      Expenditures
                         Project                    Price          To Date
           New High School-Hillgrove               $34,292,000    $17,210,000
           New Middle School-McClure                19,120,000      3,884,000
           New Middle School-Lovinggood             15,616,000      8,787,000
           New Middle School-Barber                 14,236,000     13,096,000
           Addition-Walton High                     13,044,000      8,543,000
           Addition-Griffin Middle                  10,979,000      8,721,000


           GRAND TOTAL                           $107,287,000     $60,241,000


The District participates in numerous state and federal grant programs, which are
governed by various rules and regulations of the grantor agencies. Costs charged to the
respective grant programs are subject to audit and adjustment by the grantor agencies;
therefore, to the extent that the District has not complied with the rules and regulations
governing the grants, refunds of any money received may be required and the
collectability of any related receivable at June 30, 2005 may be impaired. In the opinion
of the District, there are no significant contingent liabilities relating to compliance with
the rules and regulations governing the respective grants; therefore, no provision has been
recorded in the accompanying combined financial statements for such contingencies.

The District is a defendant in various lawsuits. Although the outcome of these lawsuits is
not presently determinable, in the opinion of the District's attorney, the resolution of these
matters will not have a material adverse effect on the financial condition of the District.



                                              42
                     COBB COUNTY SCHOOL DISTRICT
                       Notes to the Basic Financial Statements
                                    JUNE 30, 2005


Note 15. COMPENSATED ABSENCES:

It is the District's policy to permit employees to accumulate earned but unused vacation
and sick pay benefits. Since sick leave does not vest, no liability is reported for it. All
vacation pay is accrued when incurred in the District-wide statements. A liability for these
amounts is reported in governmental funds only if they have matured as a result of
employee resignations and retirements.


Note 16. RETIREMENT PLANS:

Teachers Retirement System of Georgia (TRS):

Plan Description
Substantially all teachers, administrators and clerical personnel are members of this cost-
sharing 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 by State statute and provide
retirement, death, long-term disability, survivor and health insurance premium benefits.
TRS issues a comprehensive annual financial report that includes financial statements and
required supplementary information. The report may be obtained by writing to Teachers
Retirement System of Georgia, Two Northside 75, Suite 400, Atlanta, Georgia 30381-
7901.

Funding Policy
Plan members are required to contribute 5 percent of their annual covered payroll and the
District is required to contribute 9.24 percent of the covered payroll. The contribution is
an actuarially determined rate. The contribution requirements of plan members and the
District are established and may be amended by the TRS Board of Trustees. The District’s
contributions to TRS for the years ended June 30, 2005, 2004 and 2003 were $43,723,000,
$42,929,000 and $42,084,000, respectively, which were equal to the required contribution
for each year.

Public School Employee Retirement System of Georgia (PSERS):

Plan Description
Bus drivers, maintenance, custodial, and lunchroom personnel are members of this cost-
sharing multiple-employer defined benefit public employee retirement system. PSERS is
administered by a Board of Trustees. PSERS is funded by employee and State of Georgia
contributions. Benefits are established by State statute and provide retirement, death, long-
term disability and survivor benefits. PSERS issues an annual financial report that
includes financial statements and required supplementary information. The report may be
obtained by writing to Public School Employees Retirement System of Georgia, Two
Northside 75, Suite 300, Atlanta, Georgia 30318-7778.

                                             43
                    COBB COUNTY SCHOOL DISTRICT
                      Notes to the Basic Financial Statements
                                   JUNE 30, 2005



Funding Policy
Plan members are required to contribute four dollars per month for the nine month school
year. The State of Georgia makes an annual contribution to PSERS based upon an
actuarial calculation. The contribution requirements of plan members and the State are
established and may be amended by the PSERS Board of Trustees.




                                           44
 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
                                     Nonmajor Governmental Funds
Special Revenue Funds
These funds are used to account for the proceeds of specific revenue sources that are legally restricted to
expenditure for specified purposes. The District has three categories of special revenue funds depending
on the revenue source and program purpose. Each category consists of several individual funds:
1. Funds which are funded primarily through fees and tuitions to provide extracurricular activities and
special services to the students and citizens of the District.
         Donations                                  Public Safety
         Facility Use                               Adult High School
         After School Program                       Artists at School Program
         Performing Arts                            School Nutrition
         Tuition School                             Local Schools Fund
2. Funds which are funded with State revenues to provide programs and services specified by the State of
Georgia.
         Adult Education                            Local Assistance Grant
         Psycho Education Center                    Pre-K Lottery
         Miscellaneous Grants                       Lottery
3. Funds which are funded with Federal revenues to provide programs and services specified by the
Federal government.
         Title I                                    Charter Schools
         Special Education                          HHS Aids Education
         Vocational Education                       Homeless Grant
         Title VI                                   Federally Funded Grants
         Drug Free Schools                          Title III
         Title II                                   Title V
         Evenstart Grant                            Headstart Program

Capital Projects Funds
These funds are used to account for financial resources to be used for the acquisition and construction of
major capital facilities. The District has four nonmajor funds used for that purpose: District-Wide
Building, SPLOST I, HB 1187 Capital Outlay, and System-Wide Building I.


                                           Internal Service Funds
Internal Service Funds are used to account for the financing of goods or services provided by one
department to other departments on a cost-reimbursement basis. The District has five individual funds in
the Internal Service Funds category. The Unemployment, Self-Insurance and Dental Insurance Funds are
used to account for the District’s self-insurance programs. The Flexible Benefits Fund accounts for the
District’s cafeteria plan of flexible benefits. Purchasing and warehousing costs are allocated to users
through the Purchasing/Warehousing Fund.

                                                Agency Funds
Agency Funds are used to account for assets held by the District as a trustee or agent. The District has two
individual Agency Funds, the Club and Class Fund and the Payroll Withholding Fund. The funds are used
to account for assets held by the District as an agent for special school groups and clubs and for salary
withholdings collection agencies.




                                                    45
COBB COUNTY SCHOOL DISTRICT
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2005

(amounts expressed in thousands)

                                                               Special Revenue

                                                                After
                                                  Facility     School Performing       Tuition   Public
                                      Donations     Use       Program     Arts         School    Safety
ASSETS:

Cash and Cash Equivalents                  $35       $412      $1,650        $288        $697    $418
Federal and State Aid Receivable             0          0           0           0           0       0
Accounts Receivable                          0          0           1           0           0       0
Due from Other Funds                         0          0           0           0           0       0
Inventories                                  0          0           0           0           0       0
       Total Assets                        $35       $412      $1,651        $288        $697    $418



LIABILITIES AND FUND BALANCES:

Liabilities:
   Accounts Payable                         $0           $0        $3             $0       $6       $0
   Accrued Payroll and Payroll
     Withholdings                            0           14         1             3       286       31
   Accrued Employee Benefits                 0            1         0             0       226        6
   Due to Other Funds                        0            0         0             0         0        0
   Deferred Revenue                          0            0         4             0         0        0
       Total Liabilities                     0           15         8             3       518       37

Fund Balances:
   Reserved for Student Activities           0            0         0              0        0        0
   Reserved for Encumbrances                 2            0        14              0        7        0
   Reserved for Prepaid Expend.
    and Inventories                          0           0          0             0         0        0
   Unreserved, reported in:
    Special Revenue Funds                   33        397       1,629            285      172     381
    Capital Projects Funds                   0          0           0              0        0       0
      Total Fund Balances                   35        397       1,643            285      179     381

Total Liabilities and Fund Balances        $35       $412      $1,651        $288        $697    $418




                                                    46
                             Special Revenue

Adult    Artists at                             Psycho
 High     School       School       Adult      Education     Misc.       Local
School   Program      Nutrition   Education      Center     Grants    Assistance


 $102         $10     $16,029           $0         $747        $0            $1
    0           0           0          352          379       205             0
    0           0           3            0            0         0             0
    0           0           0            0            0         0             0
    0           0       1,662            0            0         0             0
 $102         $10     $17,694         $352       $1,126      $205            $1




   $0          $0        $455           $0         $345        $0            $0

    0           0        1,309           5            374      39             0
    0           0          358           1            109      11             0
    0           0            0         346              0      30             0
    0           0        1,258           0              0     125             1
    0           0        3,380         352            828     205             1


    0           0           0            0             0        0             0
   14           0         146            0             0        0             0

    0           0        2,112           0             0        0             0

   88          10       12,056           0            298       0             0
    0           0            0           0              0       0             0
  102          10       14,314           0            298       0             0

 $102         $10     $17,694         $352       $1,126      $205            $1

                                                                    Continued---




                                                 47
COBB COUNTY SCHOOL DISTRICT
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2005

(amounts expressed in thousands)

                                                           Special Revenue


                                       Pre-K                           Special Vocational
                                      Lottery   Lottery     Title I   Education Education   Title IV
ASSETS:

Cash and Cash Equivalents              $259           $0    $611        $2,083        $0        $0
Federal and State Aid Receivable          0            0    1,235        1,109        19        19
Accounts Receivable                       0            0        0            0         0         0
Due from Other Funds                      0            0        0            0         0         0
Inventories                               0            0        0            0         0         0
       Total Assets                    $259           $0   $1,846       $3,192       $19       $19



LIABILITIES AND FUND BALANCES:

Liabilities:
   Accounts Payable                       $0          $0      $24            $19      $0        $0
   Accrued Payroll and Payroll
     Withholdings                        203           0    1,534        2,487         3         0
   Accrued Employee Benefits              56           0      281          686         0         0
   Due to Other Funds                      0           0        0            0        16        19
   Deferred Revenue                        0           0        7            0         0         0
       Total Liabilities                 259           0    1,846        3,192        19        19

Fund Balances:
   Reserved for Student Activities         0           0        0              0       0          0
   Reserved for Encumbrances               0           0        0              0       0          0
   Reserved for Prepaid Expend.
    and Inventories                        0           0        0             0        0          0
   Unreserved, reported in:
    Special Revenue Funds                  0           0        0             0        0          0
    Capital Projects Funds                 0           0        0             0        0          0
      Total Fund Balances                  0           0        0             0        0          0

Total Liabilities and Fund Balances    $259           $0   $1,846       $3,192       $19       $19




                                                 48
                            Special Revenue

 Drug                                                               Federally
  Free                           Charter      HHS                    Funded
Schools   Title II   Evenstart   Schools      Aids Ed    Homeless    Grants        Title III


   $16       $0            $0        $0             $0        $9         $0             $0
    12      303             0       199              1         2         50            125
     0        0             0         0              0         0          0              0
     0        0             0         0              0         0          0              0
     0        0             0         0              0         0          0              0
   $28     $303            $0      $199             $1       $11        $50           $125




    $0        $1           $0      $192             $0        $0          $0            $0
                                                     0
    21       100            0          3             0         9          27            88
     7       133            0          0             0         2           8            17
     0        69            0          4             1         0          15            20
     0         0            0          0             0         0           0             0
    28       303            0        199             1        11          50           125


     0         0            0          0            0          0           0             0
     0         0            0          0            0          0           0             0

     0         0            0          0            0          0           0             0

     0         0            0          0            0          0           0             0
     0         0            0          0            0          0           0             0
     0         0            0          0            0          0           0             0

   $28     $303            $0      $199             $1       $11        $50           $125

                                                                               Continued---




                                               49
COBB COUNTY SCHOOL DISTRICT
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2005

(amounts expressed in thousands)

                                              Special Revenue
                                                                               Capital Projects
                                                                 Local        District-            HB 1187
                                              Headstart         Schools        Wide                Capital
                                      Title V Program            Fund         Building SPLOST I    Outlay
ASSETS:

Cash and Cash Equivalents                $0         $198          $5,474       $11,822    $9,773        $0
Federal and State Aid Receivable        172            0               0             0         0         0
Accounts Receivable                       0            0               0             0         0         0
Due from Other Funds                      0            0           2,029             0         0         0
Inventories                               0            0               0             0         0         0
       Total Assets                    $172         $198          $7,503       $11,822    $9,773        $0



LIABILITIES AND FUND BALANCES:

Liabilities:
   Accounts Payable                      $0             $0            $0           $0     $1,381        $0
   Accrued Payroll and Payroll
     Withholdings                         4          103               0            0          0         0
   Accrued Employee Benefits              0           29               0            0          0         0
   Due to Other Funds                   168            0             826            0          0         0
   Deferred Revenue                       0           66               0            0          0         0
       Total Liabilities                172          198             826            0      1,381         0

Fund Balances:
   Reserved for Student Activities        0              0         1,483            0         0          0
   Reserved for Encumbrances              0              0             0           43       515          0
   Reserved for Prepaid Expend.
    and Inventories                       0             0                 0         0         0          0
   Unreserved, reported in:
    Special Revenue Funds                 0             0          5,194             0         0         0
    Capital Projects Funds                0             0              0        11,779     7,877         0
      Total Fund Balances                 0             0          6,677        11,822     8,392         0

Total Liabilities and Fund Balances    $172         $198          $7,503       $11,822    $9,773        $0




                                                   50
Capital
Projects
System-
 Wide
Bldg. I     Total


      $0   $50,634
       0     4,182
       0         4
       0     2,029
       0     1,662
      $0   $58,511




      $0    $2,426

       0     6,644
       0     1,931
       0     1,514
       0     1,461
       0    13,976


       0     1,483
       0       741

       0     2,112

       0    20,543
       0    19,656
       0    44,535

      $0   $58,511

                          Concluded.




                     51
COBB COUNTY SCHOOL DISTRICT
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2005

(amounts expressed in thousands)

                                                            Special Revenue

                                                             After
                                               Facility     School Performing       Tuition   Public
                                   Donations     Use       Program     Arts         School    Safety
REVENUES:
Intergovernmental                        $0         $0          $0             $0       $0      $0
Tuition and Fees                          0        486       7,988            362      957     399
Interest Income                           0          0           0              0        0       0
Athletic Ticket Sales                     0          0           0              0        0       0
Other                                    62          0           0              0        0       0
       Total Revenues                    62        486       7,988            362      957     399

EXPENDITURES:
Current:
   Instruction                           48           0       612             505      728        0
   Pupil Services                         4           0         0               0        7        0
   Instructional Services                19           0         0               0       42        0
   School and Administrative
     Services                             2        464       6,047              0      136       0
   Pupil Transportation                   0          0           0              0        0       0
   Maintenance and Operations             0        115           0              0       26     929
   Student Activities                     0          0           0              0        0       0
Capital Outlay                            0          0           0              0        0       0
Debt Service:
    Interest and Fiscal Charges           0          0           0              0        0       0
       Total Expenditures                73        579       6,659            505      939     929

Excess of Revenues Over
 (Under) Expenditures                   (11)        (93)     1,329        (143)         18     (530)

Other Financing Sources:
   Transfers-In                           0           0          0             0         0     632
Total Other Financing Sources             0           0          0             0         0     632

Net Change in Fund Balances             (11)        (93)     1,329        (143)         18     102

Fund Balances, Beginning of Year         46        490        314             428      161     279

Fund Balances, End of Year              $35       $397      $1,643        $285        $179    $381




                                                 52
                             Special Revenue

Adult    Artists at                             Psycho
 High     School       School       Adult      Education     Misc.       Local
School   Program      Nutrition   Education      Center     Grants    Assistance

   $0          $0     $17,792         $955       $4,489      $756            $0
  137           0      20,658            0            0         0             0
    0           0         278            0            0         0             0
    0           0           0            0            0         0             0
    0           2         196            0           36        40             0
  137           2      38,924          955        4,525       796             0



    0           8            0           0        3,167       163             0
    0           0            0           0          901        20             0
    0           0            0           0          240       608             0

  366           0       35,189         955            160       5             0
    0           0            0           0             14       0             0
    0           0            0           0             33       0             0
    0           0            0           0              0       0             0
    0           0          220           0              2     832             0

    0           0            0           0            0         0             0
  366           8       35,409         955        4,517     1,628             0



 (229)          (6)      3,515           0             8     (832)            0


  259           7            0           0             0      832             0
  259           7            0           0             0      832             0

   30           1        3,515           0             8        0             0

   72           9       10,799           0            290       0             0

 $102         $10     $14,314           $0         $298        $0            $0

                                                                    Continued---




                                                 53
COBB COUNTY SCHOOL DISTRICT
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2005

(amounts expressed in thousands)

                                                        Special Revenue


                                    Pre-K                            Special Vocational
                                   Lottery   Lottery      Title I   Education Education   Title IV
REVENUES:
Intergovernmental                  $1,452     $433      $11,724      $21,495      $752       $87
Tuition and Fees                        0        0            0            0         0         0
Interest Income                         0        0            0            0         0         0
Athletic Ticket Sales                   0        0            0            0         0         0
Other                                   0        0            0            0         0         0
       Total Revenues               1,452      433       11,724       21,495       752        87

EXPENDITURES:
Current:
   Instruction                      1,358          0      9,032       13,872       380        11
   Pupil Services                       0          0        159        4,943         0        75
   Instructional Services               0          0        613          941       355         0
   School and Administrative
     Services                          94       433       1,323           753       17          1
   Pupil Transportation                 0         0         576           980        0          0
   Maintenance and Operations           0         0           0             0        0          0
   Student Activities                   0         0           0             0        0          0
Capital Outlay                          0         0          21             6        0          0
Debt Service:
    Interest and Fiscal Charges         0         0           0            0         0         0
       Total Expenditures           1,452       433      11,724       21,495       752        87

Excess of Revenues Over
 (Under) Expenditures                   0          0          0            0         0          0

Other Financing Sources:
   Transfers-In                         0           0         0            0         0          0
Total Other Financing Sources           0           0         0            0         0          0

Net Change in Fund Balances             0          0          0            0         0          0

Fund Balances, Beginning of Year        0           0         0            0         0          0

Fund Balances, End of Year             $0          $0        $0           $0        $0        $0




                                              54
                            Special Revenue

 Drug                                                                Federal
  Free                           Charter       HHS                   Funded
Schools   Title II   Evenstart   Schools      Aids Ed     Homeless   Grants            Title III

 $412     $2,473           $0      $208              $1       $93       $235            $1,130
    0          0            0         0               0         0          0                 0
    0          0            0         0               0         0          0                 0
    0          0            0         0               0         0          0                 0
    0          0            0         0               0         0          0                 0
  412      2,473            0       208               1        93        235             1,130



   288     1,219            0         41             0         91        118               445
   117         0            0          0             1          0         75               280
     0     1,146            0          0             0          0         39               382

     7        16            0        165             0          2              3            23
     0         0            0          0             0          0              0             0
     0         0            0          0             0          0              0             0
     0         0            0          0             0          0              0             0
     0        92            0          2             0          0              0             0

     0         0            0          0             0          0          0                 0
   412     2,473            0        208             1         93        235             1,130



     0         0            0          0             0          0              0             0


     0         0            0          0             0          0              0             0
     0         0            0          0             0          0              0             0

     0         0            0          0             0          0              0             0

     0         0            0          0             0          0              0             0

    $0        $0           $0         $0             $0        $0          $0               $0

                                                                                   Continued---




                                                55
COBB COUNTY SCHOOL DISTRICT
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2005

(amounts expressed in thousands)

                                           Special Revenue
                                                                            Capital Projects
                                                              Local        District-              HB 1187
                                           Headstart         Schools        Wide                  Capital
                                   Title V Program            Fund         Building SPLOST I      Outlay
REVENUES:
Intergovernmental                   $375         $828              $0           $0         $0         $85
Tuition and Fees                       0            0          27,219           36          0           0
Interest Income                        0            0             167          782          0           0
Athletic Ticket Sales                  0            0           3,219            0          0           0
Other                                  0            0               0            0          0           0
       Total Revenues                375          828          30,605          818          0          85

EXPENDITURES:
Current:
   Instruction                       362          828                  0          0          0          0
   Pupil Services                      0            0                  0          0          0          0
   Instructional Services              7            0                  0          0          0          0
   School and Administrative
     Services                          6             0              0         1,150         0           0
   Pupil Transportation                0             0              0             0         0           0
   Maintenance and Operations          0             0              0             0         0           0
   Student Activities                  0             0         29,401             0         0           0
Capital Outlay                         0             0            832           369    15,578          85
Debt Service:
    Interest and Fiscal Charges        0            0               0             0         0           0
       Total Expenditures            375          828          30,233         1,519    15,578          85

Excess of Revenues Over
 (Under) Expenditures                  0             0            372          (701)   (15,578)         0

Other Financing Sources:
   Transfers-In                        0              0                0          0          0          0
Total Other Financing Sources          0              0                0          0          0          0

Net Change in Fund Balances            0             0            372          (701)   (15,578)         0

Fund Balances, Beginning of Year       0              0         6,305        12,523    23,970           0

Fund Balances, End of Year            $0             $0        $6,677       $11,822    $8,392          $0




                                                56
Capital
Projects
System-
 Wide
Bldg. I      Total

      $0    $65,775
       0     58,242
     347      1,574
       0      3,219
       0        336
     347    129,146



       0     33,276
       0      6,582
       0      4,392

       1     47,318
       0      1,570
       0      1,103
       0     29,401
       0     18,039

     540        540
     541    142,221



    (194)   (13,075)


       0      1,730
       0      1,730

    (194)   (11,345)

     194     55,880

      $0    $44,535

                            Concluded.




                       57
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, 2005

(amounts expressed in thousands)

                                                                                      Variance With
                                                                                      Final Budget -
                                           Budgeted Amounts             Actual           Positive
                                        Original        Final          Amounts          (Negative)
REVENUES:
Local                                             $0            $61          $62                 $1
      Total Revenues                               0             61           62                  1

EXPENDITURES:
Instruction                                       0              54              48               6
Pupil Services                                    0              22               4              18
Improvement of Instructional Services             0              26              19               7
General Administration                            0               2               0               2
School Administration                             0               2               2               0
Central Operations                                0               1               0               1
       Total Expenditures                         0             107              73              34

Excess of Revenues Over
 (Under) Expenditures                             0             (46)         (11)                35

Fund Balance, Beginning of Year                   46             46              46               0

Fund Balance, End of Year                     $46                $0          $35                $35




                                             58
COBB COUNTY SCHOOL DISTRICT
FACILITY USE-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, 2005

(amounts expressed in thousands)

                                                                                Variance With
                                                                                Final Budget -
                                      Budgeted Amounts              Actual         Positive
                                   Original        Final           Amounts        (Negative)
REVENUES:
Local                                   $497           $497             $486             ($11)
      Total Revenues                     497            497              486              (11)

EXPENDITURES:
Maintenance & Operation of Plant          96               211           115               96
Community Service Operations             401               501           464               37
      Total Expenditures                 497               712           579              133

Excess of Revenues Over
 (Under) Expenditures                        0             (215)         (93)             122

Fund Balance, Beginning of Year          490               490           490                0

Fund Balance, End of Year               $490           $275             $397             $122




                                        59
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, 2005

(amounts expressed in thousands)

                                                                             Variance With
                                                                             Final Budget -
                                      Budgeted Amounts            Actual        Positive
                                   Original        Final         Amounts       (Negative)
REVENUES:
Local                                  $8,958         $8,958        $7,988           ($970)
      Total Revenues                    8,958          8,958         7,988            (970)

EXPENDITURES:
Instruction                               649            649           612              37
Community Service Operations            7,492          7,497         6,047           1,450
       Total Expenditures               8,141          8,146         6,659           1,487

Excess of Revenues Over
 (Under) Expenditures                    817               812       1,329             517

Fund Balance, Beginning of Year          314               314         314               0

Fund Balance, End of Year              $1,131         $1,126        $1,643            $517




                                        60
COBB COUNTY SCHOOL DISTRICT
PERFORMING ARTS-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, 2005

(amounts expressed in thousands)

                                                                                    Variance With
                                                                                    Final Budget -
                                           Budgeted Amounts             Actual         Positive
                                        Original        Final          Amounts        (Negative)
REVENUES:
Local                                        $424           $424            $362             ($62)
      Total Revenues                          424            424             362              (62)

EXPENDITURES:
Instruction                                   424               505          505                0
Improvement of Instructional Services           0                 0            0                0
       Total Expenditures                     424               505          505                0

Excess of Revenues Over
 (Under) Expenditures                             0             (81)        (143)             (62)

Fund Balance, Beginning of Year               428               428          428                0

Fund Balance, End of Year                    $428           $347            $285             ($62)




                                             61
COBB COUNTY SCHOOL DISTRICT
TUITION 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, 2005

(amounts expressed in thousands)

                                                                                     Variance With
                                                                                     Final Budget -
                                           Budgeted Amounts            Actual           Positive
                                        Original        Final         Amounts          (Negative)
REVENUES:
Local                                        $783           $982           $957               ($25)
      Total Revenues                          783            982            957                (25)

EXPENDITURES:
Instruction                                   613               851         728                123
Pupil Services                                  5                 5           7                 (2)
Improvement of Instructional Services          20                 0          12                (12)
Educational Media Services                     22                22          30                 (8)
School Administration                          69                69         136                (67)
Maintenance & Operation of Plant               23                24          26                 (2)
       Total Expenditures                     752               971         939                 32

Excess of Revenues Over
 (Under) Expenditures                             31            11              18               7

Fund Balance, Beginning of Year               161               161         161                  0

Fund Balance, End of Year                    $192           $172           $179                 $7




                                             62
COBB COUNTY SCHOOL DISTRICT
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, 2005

(amounts expressed in thousands)

                                                                             Variance With
                                                                             Final Budget -
                                      Budgeted Amounts            Actual        Positive
                                   Original        Final         Amounts       (Negative)
REVENUES:
Local                                    $442           $442          $399            ($43)
Other                                     631            631           632               1
      Total Revenues                    1,073          1,073         1,031             (42)

EXPENDITURES:
Maintenance & Operation of Plant        1,008          1,011           929              82
      Total Expenditures                1,008          1,011           929              82

Excess of Revenues Over
 (Under) Expenditures                        65            62          102              40

Fund Balance, Beginning of Year          279               279         279               0

Fund Balance, End of Year               $344           $341           $381             $40




                                        63
COBB COUNTY SCHOOL DISTRICT
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, 2005

(amounts expressed in thousands)

                                                                                Variance With
                                                                                Final Budget -
                                      Budgeted Amounts            Actual           Positive
                                   Original        Final         Amounts          (Negative)
REVENUES:
Local                                    $74           $134           $137                 $3
Other                                    260            260            259                 (1)
      Total Revenues                     334            394            396                  2

EXPENDITURES:
Community Service Operations             295               355         366                (11)
    Total Expenditures                   295               355         366                (11)

Excess of Revenues Over
 (Under) Expenditures                        39            39              30              13

Fund Balance, Beginning of Year              72             72             72               0

Fund Balance, End of Year               $111           $111           $102                $13




                                        64
COBB COUNTY SCHOOL DISTRICT
ARTISTS AT 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, 2005

(amounts expressed in thousands)

                                                                               Variance With
                                                                               Final Budget -
                                      Budgeted Amounts           Actual           Positive
                                   Original        Final        Amounts          (Negative)
REVENUES:
Local                                        $3            $3             $2             ($1)
Other                                         7             7              7               0
      Total Revenues                         10            10              9              (1)

EXPENDITURES:
Instruction                                  10            10             8                2
       Total Expenditures                    10            10             8                2

Excess of Revenues Over
 (Under) Expenditures                        0             0              1                1

Fund Balance, Beginning of Year               9             9             9                0

Fund Balance, End of Year                    $9            $9         $10                 $1




                                        65
COBB COUNTY SCHOOL DISTRICT
SCHOOL NUTRITION-SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS)
FOR THE YEAR ENDED JUNE 30, 2005

(amounts expressed in thousands)

                                                                               Variance With
                                                                               Final Budget -
                                      Budgeted Amounts             Actual         Positive
                                   Original        Final          Amounts        (Negative)
REVENUES:
Local                                 $19,914        $19,914         $20,936          $1,022
State                                   1,595          1,595           1,830             235
Federal                                12,121         12,121          16,035           3,914
Other                                      49             49             194             145
      Total Revenues                   33,679         33,679          38,995           5,316

EXPENDITURES:
School Nutrition Program               33,679         33,770          34,959           (1,189)
       Total Expenditures              33,679         33,770          34,959           (1,189)

Excess of Revenues Over
 (Under) Expenditures                        0             (91)        4,036           4,127

Fund Balance, Beginning of Year        11,776         11,776          11,776                0

Fund Balance, End of Year             $11,776        $11,685         $15,812          $4,127




                                        66
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, 2005

(amounts expressed in thousands)

                                                                               Variance With
                                                                               Final Budget -
                                      Budgeted Amounts           Actual           Positive
                                   Original        Final        Amounts          (Negative)
REVENUES:
State                                    $297          $291          $245               ($46)
Federal                                   707            721          710                (11)
      Total Revenues                    1,004          1,012          955                (57)

EXPENDITURES:
Community Service Operations            1,004          1,012          955                 57
    Total Expenditures                  1,004          1,012          955                 57

Excess of Revenues Over
 (Under) Expenditures                        0             0              0                0

Fund Balance, Beginning of Year               0             0              0               0

Fund Balance, End of Year                    $0            $0             $0              $0




                                        67
COBB COUNTY SCHOOL DISTRICT
PSYCHO EDUCATION CENTER-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, 2005

(amounts expressed in thousands)

                                                                                      Variance With
                                                                                      Final Budget -
                                           Budgeted Amounts              Actual          Positive
                                        Original        Final           Amounts         (Negative)
REVENUES:
State                                       $4,079         $4,079          $4,079                $0
Federal                                        438            596             410              (186)
Other                                           37             37              37                 0
      Total Revenues                         4,554          4,712           4,526              (186)

EXPENDITURES:
Instruction                                  3,252          3,463           3,169               294
Pupil Services                                 993            899             902                (3)
Improvement of Instructional Services          228            229             240               (11)
General Administration                           2              2               0                 2
School Administration                          151            177             160                17
Maintenance & Operation of Plant                28             28              33                (5)
Student Transportation                          15             29              14                15
       Total Expenditures                    4,669          4,827           4,518               309

Excess of Revenues Over
 (Under) Expenditures                         (115)             (115)             8             123

Fund Balance, Beginning of Year               290               290           290                 0

Fund Balance, End of Year                    $175           $175             $298              $123




                                             68
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, 2005

(amounts expressed in thousands)

                                                                                       Variance With
                                                                                       Final Budget -
                                           Budgeted Amounts              Actual           Positive
                                        Original        Final           Amounts          (Negative)
REVENUES:
Local                                        $832            $965             $40              ($925)
State                                         120             299             280                (19)
Federal                                         0             535             476                (59)
Other                                           0               0             832                832
      Total Revenues                          952           1,799           1,628               (171)

EXPENDITURES:
Instruction                                    49             255             162                 93
Pupil Services                                832             863             853                 10
Improvement of Instructional Services          71             686             608                 78
School Administration                           0               5               5                  0
Maintenance & Operation of Plant                0               0               0                  0
       Total Expenditures                     952           1,809           1,628                181

Excess of Revenues Over
 (Under) Expenditures                             0              (10)             0               10

Fund Balance, Beginning of Year                    0               0               0               0

Fund Balance, End of Year                         $0            ($10)             $0             $10




                                             69
COBB COUNTY SCHOOL DISTRICT
LOCAL ASSISTANCE 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, 2005

(amounts expressed in thousands )

                                                                                Variance With
                                                                                Final Budget -
                                       Budgeted Amounts           Actual           Positive
                                    Original        Final        Amounts          (Negative)
REVENUES:
    Total Revenues                           $0             $0             $0              $0

EXPENDITURES:
    Total Expenditures                        0              0              0               0

Excess of Revenues Over
 (Under) Expenditures                        0              0              0                0

Fund Balance, Beginning of Year               0              0              0               0

Fund Balance, End of Year                    $0             $0             $0              $0




                                        70
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, 2005

(amounts expressed in thousands )

                                                                                Variance With
                                                                                Final Budget -
                                       Budgeted Amounts           Actual           Positive
                                    Original        Final        Amounts          (Negative)
REVENUES:
State                                   $1,083         $1,452       $1,452                 $0
      Total Revenues                     1,083          1,452        1,452                  0

EXPENDITURES:
Instruction                                983          1,352        1,358                 (6)
Other Support Services                     100            100           94                  6
       Total Expenditures                1,083          1,452        1,452                  0

Excess of Revenues Over
 (Under) Expenditures                        0              0              0                0

Fund Balance, Beginning of Year               0              0              0               0

Fund Balance, End of Year                    $0             $0             $0              $0




                                        71
COBB COUNTY SCHOOL DISTRICT
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, 2005

(amounts expressed in thousands )

                                                                                 Variance With
                                                                                 Final Budget -
                                       Budgeted Amounts            Actual           Positive
                                    Original        Final         Amounts          (Negative)
REVENUES:
State                                        $0         $433           $433                 $0
      Total Revenues                          0          433            433                  0

EXPENDITURES:
School Administration                         0             433         433                  0
       Total Expenditures                     0             433         433                  0

Excess of Revenues Over
 (Under) Expenditures                        0               0              0                0

Fund Balance, Beginning of Year               0               0              0               0

Fund Balance, End of Year                    $0              $0             $0              $0




                                        72
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, 2005

(amounts expressed in thousands )

                                                                                    Variance With
                                                                                    Final Budget -
                                           Budgeted Amounts           Actual           Positive
                                        Original        Final        Amounts          (Negative)
REVENUES:
Federal                                    $10,441        $13,569      $11,724            ($1,845)
      Total Revenues                        10,441         13,569       11,724             (1,845)

EXPENDITURES:
Instruction                                  7,918         10,253        9,053              1,200
Pupil Services                                 102            191          159                 32
Improvement of Instructional Services          696            921          613                308
Educational Media Services                       3              4            0                  4
General Administration                         399            457          408                 49
School Administration                           95            123           59                 64
Maintenance & Operation of Plant                 4              4            0                  4
Student Transportation                         515            577          576                  1
Other Support Services                         708          1,038          856                182
School Nutrition                                 1              1            0                  1
       Total Expenditures                   10,441         13,569       11,724              1,845

Excess of Revenues Over
 (Under) Expenditures                             0             0              0                0

Fund Balance, Beginning of Year                    0             0              0               0

Fund Balance, End of Year                         $0            $0             $0              $0




                                             73
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, 2005

(amounts expressed in thousands )

                                                                                    Variance With
                                                                                    Final Budget -
                                           Budgeted Amounts           Actual           Positive
                                        Original        Final        Amounts          (Negative)
REVENUES:
Federal                                    $16,572        $25,233      $21,495            ($3,738)
      Total Revenues                        16,572         25,233       21,495             (3,738)

EXPENDITURES:
Instruction                                 11,165         18,245       13,877              4,368
Pupil Services                               2,978          3,984        4,944               (960)
Improvement of Instructional Services          727          1,099          941                158
General Administration                         747            859          744                115
Student Transportation                         955          1,037          980                 57
Other Support Services                           0              9            9                  0
       Total Expenditures                   16,572         25,233       21,495              3,738

Excess of Revenues Over
 (Under) Expenditures                             0             0              0                0

Fund Balance, Beginning of Year                    0             0              0               0

Fund Balance, End of Year                         $0            $0             $0              $0




                                             74
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, 2005

(amounts expressed in thousands )

                                                                                     Variance With
                                                                                     Final Budget -
                                           Budgeted Amounts            Actual           Positive
                                        Original        Final         Amounts          (Negative)
REVENUES:
State                                        $752           $752           $752                 $0
      Total Revenues                          752            752            752                  0

EXPENDITURES:
Instruction                                   326               330         380                (50)
Improvement of Instructional Services         394               387         355                 32
General Administration                         32                35          17                 18
       Total Expenditures                     752               752         752                  0

Excess of Revenues Over
 (Under) Expenditures                            0               0              0                0

Fund Balance, Beginning of Year                   0               0              0               0

Fund Balance, End of Year                        $0              $0             $0              $0




                                            75
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, 2005

(amounts expressed in thousands )

                                                                                 Variance With
                                                                                 Final Budget -
                                       Budgeted Amounts            Actual           Positive
                                    Original        Final         Amounts          (Negative)
REVENUES:
Federal                                      $0         $225            $87              ($138)
      Total Revenues                          0          225             87               (138)

EXPENDITURES:
Instruction                                  0               27             11              16
Pupil Services                               0              195             75             120
General Administration                       0                3              1               2
       Total Expenditures                    0              225             87             138

Excess of Revenues Over
 (Under) Expenditures                        0               0              0                0

Fund Balance, Beginning of Year               0              0               0               0

Fund Balance, End of Year                    $0             $0              $0              $0




                                        76
COBB COUNTY SCHOOL DISTRICT
DRUG FREE SCHOOLS-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, 2005

(amounts expressed in thousands)

                                                                                Variance With
                                                                                Final Budget -
                                      Budgeted Amounts            Actual           Positive
                                   Original        Final         Amounts          (Negative)
REVENUES:
Local                                     $0                $0          $0                 $0
Federal                                  383               503         412                (91)
      Total Revenues                     383               503         412                (91)

EXPENDITURES:
Instruction                              271               316         288                 28
Pupil Services                           105               181         117                 64
General Administration                     7                 6           7                 (1)
       Total Expenditures                383               503         412                 91

Excess of Revenues Over
 (Under) Expenditures                        0              0              0                0

Fund Balance, Beginning of Year               0              0              0               0

Fund Balance, End of Year                    $0             $0             $0              $0




                                        77
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, 2005

(amounts expressed in thousands )

                                                                                    Variance With
                                                                                    Final Budget -
                                           Budgeted Amounts           Actual           Positive
                                        Original        Final        Amounts          (Negative)
REVENUES:
Federal                                     $2,620         $2,860       $2,473              ($387)
      Total Revenues                         2,620          2,860        2,473               (387)

EXPENDITURES:
Instruction                                  1,240          1,297        1,219                 78
Improvement of Instructional Services        1,366          1,555        1,238                317
General Administration                           4              6           16                (10)
Other Support Services                          10              2            0                  2
       Total Expenditures                    2,620          2,860        2,473                387

Excess of Revenues Over
 (Under) Expenditures                             0             0              0                0

Fund Balance, Beginning of Year                    0             0              0               0

Fund Balance, End of Year                         $0            $0             $0              $0




                                             78
COBB COUNTY SCHOOL DISTRICT
EVENSTART 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, 2005

(amounts expressed in thousands )

                                                                                 Variance With
                                                                                 Final Budget -
                                       Budgeted Amounts            Actual           Positive
                                    Original        Final         Amounts          (Negative)
REVENUES:
State                                    $200           $200                $0           ($200)
      Total Revenues                      200            200                 0            (200)

EXPENDITURES:
Instruction                               177               177             0              177
General Administration                     23                23             0               23
       Total Expenditures                 200               200             0              200

Excess of Revenues Over
 (Under) Expenditures                        0               0              0                0

Fund Balance, Beginning of Year               0               0              0               0

Fund Balance, End of Year                    $0              $0             $0              $0




                                        79
COBB COUNTY SCHOOL DISTRICT
CHARTER SCHOOLS-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, 2005

(amounts expressed in thousands)

                                                                                Variance With
                                                                                Final Budget -
                                      Budgeted Amounts            Actual           Positive
                                   Original        Final         Amounts          (Negative)
REVENUES:
Federal                                      $0        $239           $208               ($31)
      Total Revenues                          0         239            208                (31)

EXPENDITURES:
Instruction                                  0             97              19              78
Central Operations                           0             25               0              25
Media Services                               0             25              24               1
Facilities Acquisition and
  Construction Services                       0             92         165                (73)
        Total Expenditures                    0            239         208                 31

Excess of Revenues Over
 (Under) Expenditures                        0              0              0                0

Fund Balance, Beginning of Year               0              0              0               0

Fund Balance, End of Year                    $0             $0             $0              $0




                                        80
COBB COUNTY SCHOOL DISTRICT
HHS AIDS 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, 2005

(amounts expressed in thousands )

                                                                                Variance With
                                                                                Final Budget -
                                       Budgeted Amounts           Actual           Positive
                                    Original        Final        Amounts          (Negative)
REVENUES:
Federal                                      $0             $1             $1              $0
      Total Revenues                          0              1              1               0

EXPENDITURES:
Pupil Services                                0              1              1               0
       Total Expenditures                     0              1              1               0

Excess of Revenues Over
 (Under) Expenditures                        0              0              0                0

Fund Balance, Beginning of Year               0              0              0               0

Fund Balance, End of Year                    $0             $0             $0              $0




                                        81
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, 2005

(amounts expressed in thousands )

                                                                                 Variance With
                                                                                 Final Budget -
                                       Budgeted Amounts            Actual           Positive
                                    Original        Final         Amounts          (Negative)
REVENUES:
Federal                                  $100           $106            $93               ($13)
      Total Revenues                      100            106             93                (13)

EXPENDITURES:
Instruction                                92               104             91              13
Pupil Services                              5                 0              0               0
General Administration                      3                 2              2               0
       Total Expenditures                 100               106             93              13

Excess of Revenues Over
 (Under) Expenditures                        0               0              0                0

Fund Balance, Beginning of Year               0              0               0               0

Fund Balance, End of Year                    $0             $0              $0              $0




                                        82
COBB COUNTY SCHOOL DISTRICT
FEDERAL FUNDED 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, 2005

(amounts expressed in thousands )

                                                                                     Variance With
                                                                                     Final Budget -
                                           Budgeted Amounts            Actual           Positive
                                        Original        Final         Amounts          (Negative)
REVENUES:
Federal                                      $270           $328           $235               ($93)
      Total Revenues                          270            328            235                (93)

EXPENDITURES:
Instruction                                   151               151         118                 33
Pupil Services                                117                74          75                 (1)
Improvement of Instructional Services           0               100          39                 61
General Administration                          2                 3           3                  0
       Total Expenditures                     270               328         235                 93

Excess of Revenues Over
 (Under) Expenditures                            0               0              0                0

Fund Balance, Beginning of Year                   0              0               0               0

Fund Balance, End of Year                        $0             $0              $0              $0




                                            83
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, 2005

(amounts expressed in thousands )

                                                                                    Variance With
                                                                                    Final Budget -
                                           Budgeted Amounts           Actual           Positive
                                        Original        Final        Amounts          (Negative)
REVENUES:
Federal                                     $1,249         $1,379       $1,130              ($249)
      Total Revenues                         1,249          1,379        1,130               (249)

EXPENDITURES:
Instruction                                    366            874          445                429
Pupil Services                                  83            152          280               (128)
Improvement of Instructional Services          630            173          382               (209)
General Administration                          12             10            7                  3
Business Services                                0              5            0                  5
Student Transportation                         139            110            0                110
Central Operations                              19              0           16                (16)
Other Support Services                           0             55            0                 55
       Total Expenditures                    1,249          1,379        1,130                249

Excess of Revenues Over
 (Under) Expenditures                            0              0              0                0

Fund Balance, Beginning of Year                   0              0              0               0

Fund Balance, End of Year                        $0             $0             $0              $0




                                            84
COBB COUNTY SCHOOL DISTRICT
TITLE V-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, 2005

(amounts expressed in thousands )

                                                                                     Variance With
                                                                                     Final Budget -
                                           Budgeted Amounts            Actual           Positive
                                        Original        Final         Amounts          (Negative)
REVENUES:
Federal                                      $495           $444           $375               ($69)
      Total Revenues                          495            444            375                (69)

EXPENDITURES:
Instruction                                   486               432         362                 70
Improvement of Instructional Services           0                 5           7                 (2)
General Administration                          8                 7           6                  1
Other Support Services                          1                 0           0                  0
       Total Expenditures                     495               444         375                 69

Excess of Revenues Over
 (Under) Expenditures                            0               0              0                0

Fund Balance, Beginning of Year                   0               0              0               0

Fund Balance, End of Year                        $0              $0             $0              $0




                                            85
COBB COUNTY SCHOOL DISTRICT
HEADSTART 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, 2005

(amounts expressed in thousands )

                                                                                 Variance With
                                                                                 Final Budget -
                                       Budgeted Amounts            Actual           Positive
                                    Original        Final         Amounts          (Negative)
REVENUES:
Federal                                  $912           $912           $828               ($84)
      Total Revenues                      912            912            828                (84)

EXPENDITURES:
Instruction                               912               912         828                 84
Other Support Services                      0                 0           0                  0
       Total Expenditures                 912               912         828                 84

Excess of Revenues Over
 (Under) Expenditures                        0               0              0                0

Fund Balance, Beginning of Year               0               0              0               0

Fund Balance, End of Year                    $0              $0             $0              $0




                                        86
COBB COUNTY SCHOOL DISTRICT
DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS)
FOR THE YEAR ENDED JUNE 30, 2005

(amounts expressed in thousands )

                                                                               Variance With
                                                                               Final Budget -
                                       Budgeted Amounts           Actual          Positive
                                    Original        Final        Amounts         (Negative)
REVENUES:
Local                                  $19,612        $19,612      $19,311             ($301)
Other                                   23,000         23,000       23,000                 0
      Total Revenues                    42,612         42,612       42,311              (301)

EXPENDITURES:
Debt Service                            46,319         46,319       45,054             1,265
      Total Expenditures                46,319         46,319       45,054             1,265

Excess of Revenues Over
 (Under) Expenditures                   (3,707)        (3,707)       (2,743)             964

Fund Balance, Beginning of Year          5,963          5,963        5,963                 0

Fund Balance, End of Year               $2,256         $2,256       $3,220              $964




                                         87
COBB COUNTY SCHOOL DISTRICT
COMBINING STATEMENT OF FUND NET ASSETS
INTERNAL SERVICE FUNDS
JUNE 30, 2005

(amounts expressed in thousands)

                                                   Unemployment      Self-     Flexible
                                                    Compensation   Insurance   Benefits
                                                       Fund          Fund       Fund
Assets:

Current Assets:
   Due from Other Funds                                     $71      $8,907        $67
   Inventories                                                0           0          0
      Total Current Assets                                   71       8,907         67


Liabilities:

Current Liabilities:
   Accounts Payable                                           0         264          0
   Claims Payable                                             0       2,595          0
   Accrued Payroll and Payroll Withholdings                   0           5          0
   Accrued Employee Benefits                                  0           1          0
   Due to Other Funds                                         0           0          0
      Total Current Liabilities                               0       2,865          0



Net Assets:

   Unrestricted                                             $71      $6,042        $67




                                              88
  Dental    Purchasing/
Insurance   Warehouse
  Fund        Fund         Total



  $2,416         $218     $11,679
       0           92          92
   2,416          310      11,771




       0            20        284
       0             0      2,595
       0            30         35
       0             4          5
       0             0          0
       0            54      2,919




  $2,416         $256      $8,852




                                    89
COBB COUNTY SCHOOL DISTRICT
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED JUNE 30, 2005

(amounts expressed in thousands)

                                             Unemployment      Self-        Flexible
                                              Compensation   Insurance      Benefits
                                                 Fund          Fund          Fund
OPERATING REVENUES:
Charges for Services                                 $272      $4,685           $94

OPERATING EXPENSES:
School and Administrative Services                    232       4,079            91

   Operating Income (Loss)                             40         606             3

Transfers-In                                            0         477             9
Transfers-Out                                           0      (1,040)            0

   Change in Net Assets                                40          43            12

Total Net Assets, Beginning of Year                    31       5,999            55

Total Net Assets, End of Year                         $71      $6,042           $67




                                        90
  Dental    Purchasing/
Insurance   Warehouse
  Fund        Fund         Total

  $6,232         $962     $12,245


   5,299         2,521     12,222

     933        (1,559)       23

       0         1,648      2,134
       0             0     (1,040)

     933            89      1,117

   1,483           167      7,735

  $2,416         $256      $8,852




                                     91
COBB COUNTY SCHOOL DISTRICT
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED JUNE 30, 2005

(amounts expressed in thousands)

                                                              Unemployment           Self-
                                                               Compensation        Insurance
                                                                  Fund               Fund
Cash Flows from Operating Activities:
   Receipts from Interfund Services Provided                           $232           $4,642
   Payments to Suppliers                                                  0             (430)
   Payments for Medical Fees and Insurance Claims                      (232)          (3,285)
   Payments to Employees                                                  0             (364)

     Net Cash Provided (Used) by Operating Activities                      0             563

Cash Flows from Noncapital Financing Activities:
   Transfers-In                                                            0              477
   Transfers-Out                                                           0           (1,040)

     Net Cash Provided (Used) by Noncapital Financing
       Activities                                                          0            (563)

     Net Increase in Cash and Cash Equivalents                             0                0

Cash and Cash Equivalents at Beginning of Year                             0                0

Cash and Cash Equivalents at End of Year                                  $0              $0


Reconciliation of Operating Income (Loss) to Net Cash Provided (Used) by Operating Activities:

   Operating Income (Loss)                                               $40            $606
   Adjustments to Reconcile Operating Income
    (Loss) to Net Cash Provided (Used) by
    OperatingActivities:
      (Increase) Decrease in Due From Other Funds                        (40)           (288)
      Decrease in Inventories                                              0               0
      Increase/(Decrease) in Accounts Payable                              0             249
      Increase in Accrued Payroll & Withholdings                           0              (4)
          Total Adjustments                                              (40)            (43)
   Net Cash Provided (Used) by Operating Activities                       $0            $563




                                                   92
Flexible     Dental    Purchasing/
Benefits   Insurance   Warehouse
 Fund        Fund        Fund              Total

    $82      $5,299          $873         $11,128
      0           0        (1,027)         (1,457)
     (1)     (5,299)           (9)         (8,826)
    (90)          0        (1,485)         (1,939)

     (9)          0        (1,648)         (1,094)


      9           0         1,648           2,134
      0           0             0          (1,040)


      9           0         1,648           1,094

      0           0             0               0

      0           0             0               0

     $0          $0            $0              $0




     $3        $933       ($1,559)           $23



    (12)       (933)          (49)         (1,322)
      0           0           (32)            (32)
      0           0            19             268
      0           0           (27)            (31)
    (12)       (933)          (89)         (1,117)
    ($9)         $0       ($1,648)        ($1,094)




                                     93
COBB COUNTY SCHOOL DISTRICT
COMBINING STATEMENT OF ASSETS AND LIABILITIES
FIDUCIARY FUNDS
JUNE 30, 2005

(amounts expressed in thousands)

                                    Agency Funds
                                              Payroll
                                   Club &      With-
                                    Class      holding     Total
ASSETS:

Due from Other Funds                $826        $23,820   $24,646

       Total Assets                 $826        $23,820   $24,646



LIABILITIES:
   Due to Student Groups            $826             $0     $826
   Payroll Withholdings Payable        0         23,820    23,820

       Total Liabilities             826         23,820    24,646




                                           94
COBB COUNTY SCHOOL DISTRICT
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
FOR THE YEAR ENDED JUNE 30, 2005

(amounts expressed in thousands)

                                   Club and      Payroll
                                     Class     Withholding      Total
ASSETS:
Due from Other Funds:
   Balance, Beginning of Year          $751        $23,764     $24,515
   Additions                          1,195        353,876     355,071
   Deductions                        (1,120)      (353,820)   (354,940)
   Balance, End of Year                 826         23,820      24,646
Total Assets:
   Balance, Beginning of Year           751         23,764      24,515
   Additions                          1,195        353,876     355,071
   Deductions                        (1,120)      (353,820)   (354,940)
   Balance, End of Year                $826        $23,820     $24,646

LIABILITIES:
Due to Student Groups:
   Balance, Beginning of Year          $751            $0         $751
   Additions                          1,195             0        1,195
   Deductions                        (1,120)            0       (1,120)
   Balance, End of Year                 826             0          826
Payroll Withholdings Payable:
   Balance, Beginning of Year             0         23,764      23,764
   Additions                              0        353,876     353,876
   Deductions                             0       (353,820)   (353,820)
   Balance, End of Year                   0         23,820      23,820
Total Liabilities:
   Balance, Beginning of Year           751         23,764      24,515
   Additions                          1,195        353,876     355,071
   Deductions                        (1,120)      (353,820)   (354,940)
   Balance, End of Year                $826        $23,820     $24,646




                                        95
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SUPPLEMENTARY

  SCHEDULES
(This page was left blank intentionally)
COBB COUNTY SCHOOL DISTRICT
SPLOST I - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS
FISCAL YEAR 2005

                                  Approved      Revised       Expended Inception Expended      Encumbered
LOCATION/DESCRIPTION               Budget       Budget         through 06/30/05    FY05        as of 6/30/05 Uncommitted

ACWORTH ELEMENTARY                   $356,092       $91,043             $91,043           $0            $0             $0
ACWORTH REPLACEMENT ELEMENTARY    $12,573,957   $14,739,772         $14,739,764           $0            $0             $8
ADDISON ELEMENTARY                   $869,695    $1,870,329          $1,743,498    $899,955       $126,828             $3
ADULT EDUCATION CENTER               $382,769      $596,664            $596,663           $0            $0             $1
ARGYLE ELEMENTARY                     $53,031      $721,376            $657,147      $35,358        $5,302        $58,927
AUSTELL ELEMENTARY                   $462,609       $95,651             $95,650           $0            $0             $1
AUSTELL PRIMARY SCHOOL                     $0      $246,204            $246,204           $0            $0             $0
AUSTELL REPLACEMENT ELEMENTARY    $12,207,725   $11,371,963         $11,371,956           $0            $0             $7
AWTREY MIDDLE                        $566,769    $1,928,822          $1,928,822           $0            $0             $0
BAKER ELEMENTARY                     $499,570      $941,566            $941,564      $83,414            $0             $2
BAKER RD FLEET MAINTENANCE                 $0          $506                $506           $0            $0             $0
BARNES ED CENTER                           $0        $8,050              $8,050           $0            $0             $0
BELLS FERRY ELEMENTARY             $1,013,030    $1,657,087          $1,657,086           $0            $0             $1
BELMONT HILLS ELEMENTARY           $1,894,735    $2,488,626          $2,488,622           $0            $0             $4
BIG SHANTY ELEMENTARY                $308,874      $914,289            $830,287      $15,449       $42,245        $41,757
BIRNEY ELEMENTARY                  $2,869,295    $3,487,260          $3,277,259         $449       $32,708       $177,293
BLACKWELL ELEMENTARY                   $3,030      $288,808            $288,807           $0            $0             $1
BROWN ELEMENTARY                     $941,732    $2,017,096          $2,017,091       $5,280            $0             $5
BRUMBY ELEMENTARY                     $53,031      $547,528            $547,525           $0            $0             $3
BRYANT ELEMENTARY                    $534,119      $874,744            $869,167       $9,430            $0         $5,577
BULLARD ELEMENTARY                $12,951,175   $14,473,582         $14,473,573      $14,744            $0             $9
CAMPBELL HIGH                      $1,616,018    $2,552,370          $1,214,276       $1,053            $0     $1,338,094
CAMPBELL MIDDLE                       $49,696    $1,601,990          $1,448,665     $176,568       $38,224       $115,101
CENTRAL ALTERNATIVE SCHOOL           $125,530      $857,703            $372,060           $0            $0       $485,643
CHALKER ELEMENTARY                     $3,030      $499,833            $499,832           $0            $0             $1
CHEATHAM HILL ELEMENTARY               $3,030      $555,711            $555,710           $0            $0             $1
CLARKDALE ELEMENTARY                 $259,769      $780,286            $780,285       $2,087            $0             $1
CLAY ELEMENTARY                       $53,031    $1,235,840          $1,235,836      $17,264            $0             $4
COMPTON ELEMENTARY                     $3,031      $966,206            $966,205           $0            $0             $1
COOPER MIDDLE                     $19,040,605   $17,392,136         $17,392,127         $220            $0             $9
DANIELL MIDDLE                     $3,512,048    $4,419,068          $4,419,065           $0            $0             $3
DAVIS ELEMENTARY                     $411,566      $914,108            $914,102      $84,785            $0             $6
DICKERSON MIDDLE                   $6,109,772    $7,102,156          $7,102,157           $0            $0            -$1
DODGEN MIDDLE                        $822,437    $2,053,885          $2,053,884           $0            $0             $1
DOWELL ELEMENTARY                    $496,474    $1,195,353          $1,184,620     $125,769        $3,609         $7,124
DUE WEST ELEMENTARY                   $78,436      $864,971            $849,800           $0            $0        $15,171
DURHAM MIDDLE                     $15,002,849   $13,674,543         $13,674,539       $2,564            $0             $4
EAST COBB MIDDLE                     $674,927    $1,348,448          $1,348,444           $0            $0             $4
EAST SIDE ELEMENTARY               $1,914,234    $1,949,365          $1,949,358           $0            $0             $7
EASTVALLEY ELEMENTARY              $1,181,741    $1,765,584          $1,765,580           $0            $0             $4
FAIR OAKS ELEMENTARY                 $894,700    $2,572,750          $2,571,007      $65,955            $0         $1,743
FITZHUGH LEE TLC                     $169,139      $339,794            $339,793           $0            $0             $1
FLOYD MIDDLE                       $1,325,960    $2,331,667          $2,331,665           $0            $0             $2
FORD ELEMENTARY                      $650,502      $881,654            $881,652           $0            $0             $2
FREY ELEMENTARY                        $3,030      $928,126            $928,122           $0            $0             $4
GARRETT MIDDLE                     $2,267,019    $3,800,750          $3,800,746           $0            $0             $4
GARRISON MILL ELEMENTARY             $181,935      $675,948            $675,946           $0            $0             $2
GREEN ACRES ELEMENTARY                 $3,030      $654,225            $649,805      $47,294            $0         $4,420
GRIFFIN MIDDLE                     $1,060,830    $1,501,967          $1,501,965           $0            $0             $2
HARMONY LELAND ELEMENTARY            $134,471    $1,243,763          $1,243,758       $2,075            $0             $5
HARRISON HIGH                      $4,062,833    $5,116,839          $5,116,832           $0            $0             $7
HAVEN @ FITZHUGH LEE                       $0       $14,976             $14,976           $0            $0             $0
HAVEN @ HAWTHORNE                      $3,030      $606,518            $606,514           $0            $0             $4
HAYES ELEMENTARY                     $286,783      $879,634            $785,514      $37,155       $28,873        $65,247
HIGHTOWER TRAIL MIDDLE                $49,697      $694,857            $694,853           $0            $0             $4
HILLGROVE HIGH                             $0    $1,882,066          $1,882,066           $0            $0             $0
HOLLYDALE ELEMENTARY                   $3,031    $1,028,579          $1,028,579           $0            $0             $0
KEHELEY ELEMENTARY                   $721,713      $933,351            $933,347       $3,925            $0             $4
KELL HIGH                         $36,645,684   $41,955,726         $41,955,722       $6,344            $0             $4
KEMP ELEMENTARY                   $12,951,175   $11,717,204         $11,717,201           $0            $0             $3
KENNESAW ELEMENTARY                  $532,899      $864,043            $864,041           $0            $0             $2
KENNESAW MOUNTAIN HIGH            $35,057,800   $38,269,824         $38,269,811       $2,134            $0            $13
KENNESAW WAREHOUSE                         $0    $1,925,000          $1,638,887   $1,359,787       $94,442      $191,671

                                                                                                             Continued---
                                                  96
                                   Approved        Revised       Expended Inception Expended     Encumbered
LOCATION/DESCRIPTION                Budget         Budget         through 06/30/05    FY05       as of 6/30/05 Uncommitted

KINCAID ELEMENTARY                     $233,936     $1,209,566          $1,209,562          $0            $0            $4
KING SPRINGS ELEMENTARY                $415,260     $1,544,929          $1,536,139      $7,400        $6,022        $2,768
LABELLE ELEMENTARY                     $619,308     $1,193,706          $1,193,702          $0            $0            $4
LASSITER HIGH                        $5,531,663     $4,020,863          $4,020,857          $0            $0            $6
LEWIS ELEMENTARY                       $225,407     $1,781,855          $1,781,852 $1,022,293             $0            $3
LINDLEY (OLD)/BARNES ED CENTER       $1,051,156     $1,695,381          $1,695,376      $8,330            $0            $5
LINDLEY REPLACEMENT MIDDLE          $18,495,879    $16,914,789         $16,914,776          $0            $0           $13
LOST MOUNTAIN MIDDLE                   $420,641       $978,864            $967,110     $21,677            $0       $11,754
LOVINGGOOD MIDDLE                            $0     $1,881,910          $1,881,910          $0            $0            $0
MABLETON ELEMENTARY                    $483,237     $1,035,168          $1,035,160          $0            $0            $8
MABRY MIDDLE                            $49,697     $3,229,072          $3,229,073 $2,342,242             $0           -$1
MARS HILL ROAD BUS SHOP                      $0             $0                  $0          $0            $0            $0
MARTHA MOORE EDUCATION CENTER            $3,030       $365,493            $362,040          $0            $0        $3,453
MCCLESKEY MIDDLE                       $526,017     $1,349,377          $1,244,964    $374,002        $9,777       $94,636
MCEACHERN HIGH                       $8,487,707     $9,836,696          $9,836,696     $24,060            $0            $0
MILFORD ELEMENTARY                   $1,973,710     $2,269,577          $2,269,573          $0            $0            $4
MOUNTAIN VIEW ELEMENTARY             $1,960,380     $2,515,291          $2,515,291          $0            $0            $0
MT BETHEL ELEMENTARY                   $438,930       $969,173            $964,937      $5,267            $0        $4,236
MURDOCK ELEMENTARY                     $400,762     $1,806,842          $1,806,837     $60,913            $0            $5
NICHOLSON ELEMENTARY                   $355,880       $719,169            $719,166          $0            $0            $3
NICKAJACK ELEMENTARY                     $3,030       $422,882            $422,881      $4,882            $0            $1
NORTH COBB HIGH                      $1,374,806     $2,890,075          $2,860,824          $0            $0       $29,251
NORTON PARK ELEMENTARY                 $159,096       $915,705            $915,704          $0            $0            $1
OAKWOOD HIGH                         $3,286,133     $3,580,651          $3,580,648          $0            $0            $3
OSBORNE HIGH                         $5,579,755     $8,799,388          $8,705,657    $158,971       $40,240       $53,491
PALMER MIDDLE                       $19,040,605    $19,532,198         $19,532,188          $0            $0           $10
PEBBLEBROOK HIGH                     $5,585,618    $13,535,745         $13,521,897 $4,483,009         $7,315        $6,533
PINE MOUNTAIN MIDDLE                 $1,568,808     $2,334,224          $2,334,220          $0            $0            $4
PITNER ELEMENTARY                   $12,951,175    $14,657,710         $14,657,699     $20,987            $0           $11
POPE HIGH                            $3,678,102     $4,901,669          $4,901,660          $0            $0            $9
POWDER SPRINGS ELEMENTARY              $657,310       $994,081            $994,050      $3,321            $0           $31
POWERS FERRY ELEMENTARY              $2,298,390     $2,717,517          $2,717,514          $0            $0            $3
RECORDS CENTER                               $0         $6,250              $6,250          $0            $0            $0
RIVERSIDE ELEMENTARY                   $419,150        $97,286             $97,285          $0            $0            $1
RIVERSIDE PRIMARY SCHOOL                     $0       $190,533            $190,533          $0            $0            $0
RIVERSIDE REPL ELEMENTARY           $12,207,725    $12,236,150         $12,236,143     -$1,275            $0            $7
ROCKY MOUNT ELEMENTARY                 $710,267       $891,132            $891,130          $0            $0            $2
ROSE GARDEN SCHOOL                      $82,349       $267,778            $232,609    $107,450       $11,763       $23,406
RUSSELL ELEMENTARY                     $785,565     $1,218,959          $1,203,777     $38,222       $12,630        $2,552
SANDERS ELEMENTARY                       $3,030       $533,948            $533,946          $0            $0            $2
SANDERS RD FLEET MAINTENANCE                 $0         $3,696              $3,696          $0            $0            $0
SEDALIA PARK ELEMENTARY                $127,859       $450,844            $450,843          $0            $0            $1
SHALLOWFORD FALLS ELEMENTARY           $345,638       $833,661            $833,660          $0            $0            $1
SIMPSON MIDDLE                       $1,370,247     $1,412,735          $1,412,730          $0            $0            $5
SKYVIEW ELEMENTARY                     $600,883     $1,566,357          $1,566,352          $0            $0            $5
SMITHA MIDDLE                           $49,697       $827,469            $827,467          $0            $0            $2
SOPE CREEK ELEMENTARY                  $620,430     $2,073,998          $1,972,918     $35,698       $11,262       $89,818
SOUTH COBB FLEET MAINTENANCE                 $0       $165,615            $165,615          $0            $0            $0
SOUTH COBB HIGH                      $9,307,091     $9,475,775          $9,475,766     $31,531            $0            $9
SPRAYBERRY HIGH                      $4,341,984     $4,415,950          $4,415,948    $210,351            $0            $2
STILL ELEMENTARY                       $933,007     $1,109,606          $1,109,601          $0            $0            $5
SYSTEMWIDE                         $168,221,501    $25,492,856         $20,912,090    $159,303            $0    $4,580,766
TAPP MIDDLE                             $49,697     $1,256,751          $1,243,374    $177,138            $0       $13,377
TEASLEY ELEMENTARY                   $2,900,088     $2,855,574          $2,855,563          $0            $0           $11
TIMBER RIDGE ELEMENTARY                $344,940       $692,021            $692,020          $0            $0            $1
TRITT ELEMENTARY                     $1,931,312     $2,570,804          $2,570,798          $0            $0            $6
VARNER ELEMENTARY                      $942,005     $1,425,600          $1,382,164     $89,610       $36,311        $7,125
VAUGHAN ELEMENTARY                       $3,030       $578,468            $578,466          $0            $0            $2
WALTON HIGH                          $1,779,972     $6,209,322          $6,209,315 $3,903,738             $0            $7
WHEELER HIGH                         $8,900,237     $8,439,148          $8,439,135          $0            $0           $13
440 GLOVER STREET                       $10,412     $8,036,630          $7,584,473   -$710,560        $7,276      $444,881
514 GLOVER STREET                       $24,420     $2,075,125          $2,075,126          $0            $0           -$1
538 GLOVER STREET                            $0       $685,684            $685,684          $0            $0            $0
TOTAL PROJECT EXPENDITURES         $511,772,687   $470,605,074        $462,214,071 $15,577,618      $514,826    $7,876,177
TRANSFER/DISTRICT WIDE BLDG FUND             $0     $7,100,872          $7,100,872          $0            $0            $0
TRANSFER/PROPERTY DEBT ROLLBACK    $115,000,000   $115,000,000        $115,000,000          $0            $0            $0
*** FUND TOTAL ***                 $626,772,687   $592,705,946        $584,314,943 $15,577,618      $514,826    $7,876,177

                                                                                                               Concluded.
                                                     97
COBB COUNTY SCHOOL DISTRICT
SPLOST II - SPECIAL PURPOSE LOCAL OPTION SALES TAX PROJECTS
FISCAL YEAR 2005

                                   Approved      Revised       Expended Inception   Expended      Encumbered
LOCATION/DESCRIPTION                Budget       Budget         through 06/30/05      FY05        as of 6/30/05 Uncommitted

ACWORTH INTERMEDIATE                  $553,333      $554,551              $79,416       $78,558         $4,624       $470,511
ADDISON ELEMENTARY                  $2,295,182    $1,241,145             $359,251      $329,089       $175,112       $706,782
ADULT EDUCATION CENTER                $220,500      $295,456              $54,935       $45,791             $0       $240,521
ARGYLE ELEMENTARY                     $762,599      $810,638              $97,557       $85,896             $0       $713,081
AUSTELL PRIMARY                     $9,226,393    $9,464,404           $7,440,589    $5,794,520     $1,539,395       $484,420
AUSTELL INTERMEDIATE                  $158,638      $147,434              $54,715       $45,263             $0        $92,719
AWTREY MIDDLE                       $1,606,397    $1,766,577             $430,204      $292,053        $13,276     $1,323,097
BAKER ELEMENTARY                      $422,625      $447,602              $91,924       $80,113           $197       $355,481
BARBER MIDDLE                      $19,815,465   $19,090,945          $14,671,332   $10,527,275     $1,052,499     $3,367,114
BARNES ED CENTER                    $1,639,228    $1,888,074              $55,039       $47,958       $193,133     $1,639,902
BELLS FERRY ELEMENTARY                $928,229      $773,732             $226,095      $203,007        $13,102       $534,535
BELMONT HILLS ELEMENTARY            $1,840,351    $1,216,797             $598,372      $401,474             $0       $618,425
BIG SHANTY ELEMENTARY               $1,512,196    $1,410,812             $423,141       $99,691        $22,143       $965,528
BIRNEY ELEMENTARY                     $974,782      $993,395             $129,813       $85,807           $797       $862,785
BLACKWELL ELEMENTARY                  $183,750      $216,134              $89,281       $74,420        $12,466       $114,387
BROWN ELEMENTARY                      $684,592      $803,456             $227,761      $179,637           $530       $575,165
BRUMBY ELEMENTARY                   $2,335,453    $2,053,093              $96,175       $74,441       $166,560     $1,790,358
BRYANT ELEMENTARY                     $689,685      $820,278             $113,963      $113,104       $114,505       $591,810
BULLARD ELEMENTARY                     $98,000       $66,782              $54,410       $54,410           $516        $11,856
CAMPBELL HIGH                      $10,326,795    $8,839,356             $296,009      $238,149       $139,200     $8,404,147
CAMPBELL MIDDLE                     $7,615,640    $7,538,672             $384,816      $365,717       $177,797     $6,976,059
CHALKER ELEMENTARY                    $176,278      $178,863              $83,166       $82,308           $600        $95,097
CHEATHAM HILL ELEMENTARY              $120,050      $151,834             $102,251       $97,757        $15,171        $34,412
CLARKDALE ELEMENTARY                $1,800,206    $1,639,606             $537,369      $346,455         $2,978     $1,099,259
CLAY ELEMENTARY                     $1,473,100    $1,246,931             $172,361      $125,657       $624,832       $449,738
COMPTON ELEMENTARY                  $2,782,990    $2,824,746             $766,337      $731,141       $665,054     $1,393,355
COOPER MIDDLE                         $192,938      $227,069               $9,216        $7,727           $197       $217,656
DANIELL MIDDLE                      $3,902,614    $3,889,686              $53,537       $51,980         $1,247     $3,834,902
DAVIS ELEMENTARY                      $291,415      $340,035              $44,607       $40,113         $5,019       $290,409
DICKERSON MIDDLE                    $3,878,680    $3,927,309           $2,324,118      $948,094        $41,211     $1,561,980
DODGEN MIDDLE                      $13,694,820   $13,400,831          $10,032,157    $8,461,372     $1,731,517     $1,637,157
DOWELL ELEMENTARY                     $387,719      $434,391              $43,758       $42,929       $162,444       $228,189
DUE WEST ELEMENTARY                 $5,287,518    $5,183,790              $25,509       $24,651           $197     $5,158,084
DURHAM MIDDLE                         $137,750      $244,508             $177,518      $162,653         $1,050        $65,940
EAST COBB MIDDLE                    $4,562,219    $4,654,993             $119,516       $71,325             $0     $4,535,477
EAST SIDE ELEMENTARY                  $967,129    $1,227,531             $198,180      $192,095       $348,384       $680,967
EASTVALLEY ELEMENTARY               $1,381,680    $1,460,331             $350,612      $333,911        $66,894     $1,042,825
FAIR OAKS ELEMENTARY                $3,196,172    $4,077,672             $615,896      $607,195     $3,020,278       $441,498
FLOYD MIDDLE                       $11,924,814   $11,684,675           $6,937,612    $5,195,719       $276,698     $4,470,365
FORD ELEMENTARY                       $347,831      $386,540              $46,264       $42,485            $12       $340,264
FREY ELEMENTARY                       $195,021      $219,518               $6,980        $6,122           $600       $211,938
GARRETT MIDDLE                        $920,589    $1,105,987             $234,293      $232,775        $48,931       $822,763
GARRISON MILL ELEMENTARY              $463,177      $522,231             $114,898      $108,823        $13,689       $393,644
GREEN ACRES ELEMENTARY                $327,076      $474,577             $116,142      $107,694        $45,896       $312,539
GRIFFIN MIDDLE                     $16,788,670   $16,501,572           $9,891,241    $6,793,028     $1,707,838     $4,902,493
HARMONY LELAND ELEMENTARY           $4,958,225    $3,586,379           $3,534,098      $926,520        $11,195        $41,086
HARRISON HIGH                         $932,114    $1,437,710             $178,832      $177,314       $138,380     $1,120,498
HAVEN @ FITZHUGH LEE                  $641,097      $337,603             $204,414       $88,305             $0       $133,189
HAVEN @ HAWTHORNE SCHOOL              $909,439      $657,375              $93,658       $43,147           $197       $563,520
HAYES ELEMENTARY                      $559,807      $607,943              $24,347       $19,724        $11,327       $572,269
HIGHTOWER TRAIL MIDDLE              $2,070,517    $2,068,059              $53,021       $52,078             $0     $2,015,038
HILLGROVE HIGH                     $45,739,657   $44,584,962          $21,320,130   $19,271,963    $12,976,315    $10,288,517
HOLLYDALE ELEMENTARY                $1,865,302    $2,201,759           $1,054,535      $997,456       $295,183       $852,041
KEHELEY ELEMENTARY                    $452,025      $510,019              $52,979       $49,597             $0       $457,040
KELL HIGH                              $49,613      $104,730              $65,140       $63,651             $0        $39,590
KEMP ELEMENTARY                       $169,663      $189,052               $4,718        $3,889             $0       $184,334
KENNESAW ELEMENTARY                   $374,593      $423,816              $34,871       $30,334        $19,512       $369,433
KENNESAW MOUNTAIN HIGH                $512,663      $580,444              $35,297       $30,929         $6,300       $538,847
KENNESAW WAREHOUSE                          $0      $462,653              $30,385       $30,385         $7,625       $424,643
KINCAID ELEMENTARY                    $610,875      $659,660             $202,577      $110,001         $9,504       $447,579
KING SPRINGS ELEMENTARY             $1,372,207    $1,169,914             $137,378       $66,894        $22,922     $1,009,614
LABELLE ELEMENTARY                  $4,507,698    $4,431,077              $71,167       $70,309       $147,687     $4,212,223
LASSITER HIGH                       $2,677,406    $2,976,083             $459,138      $444,635       $554,827     $1,962,119
LEWIS ELEMENTARY                    $2,633,796    $1,567,636             $423,269      $396,131       $289,251       $855,116

                                                                                                                 Continued---
                                                      98
                                  Approved        Revised    Expended Inception Expended Encumbered
LOCATION/DESCRIPTION               Budget         Budget      through 06/30/05     FY05      as of 6/30/05 Uncommitted
LINDLEY MIDDLE                       $229,988       $265,744            $24,498      $23,669          $196     $241,050
LOST MOUNTAIN MIDDLE               $4,316,636     $5,043,318           $687,584     $682,387   $3,644,580      $711,154
LOVINGGOOD MIDDLE                 $21,370,265    $21,040,269        $11,028,237  $10,044,757   $4,740,763    $5,271,269
MABLETON ELEMENTARY                  $550,858       $440,482           $239,930     $194,250          $196     $200,356
MABRY MIDDLE                      $10,762,779     $8,280,456         $5,157,528   $2,092,872     $483,873    $2,639,055
MAINTENANCE FACILITY ARGO ROAD             $0         $4,128             $4,128       $4,128            $0           $0
MCCALL PRIMARY                     $9,887,493    $11,040,248         $9,260,286   $8,528,379   $1,071,581      $708,381
MCCLESKEY MIDDLE                     $715,169       $911,234           $179,687     $172,232       $53,356     $678,191
MCCLURE MIDDLE                    $25,171,440    $24,606,627         $4,866,435   $4,233,991 $14,267,750     $5,472,442
MCEACHERN HIGH                     $2,224,600     $2,350,130           $116,657     $110,019        $8,447   $2,225,026
MILFORD ELEMENTARY                 $1,967,841     $1,991,316            $61,032      $47,759            $0   $1,930,284
MOUNTAIN VIEW ELEMENTARY             $429,522       $498,254            $87,647      $83,109        $9,640     $400,967
MT BETHEL ELEMENTARY                 $570,851       $550,270           $206,858     $117,126       $13,769     $329,643
MURDOCK ELEMENTARY                 $5,620,305     $5,608,286            $62,824      $60,648     $305,098    $5,240,364
NICHOLSON ELEMENTARY                 $232,481       $271,964            $72,283      $62,334            $0     $199,681
NICKAJACK ELEMENTARY                 $120,050       $167,025           $112,731     $108,237       $13,066      $41,228
NORTH COBB HIGH                   $12,848,547    $12,430,617         $7,315,871   $6,873,215   $2,161,653    $2,953,093
NORTHWEST ES                      $15,218,083    $14,934,412            $60,000      $60,000            $0  $14,874,412
NORTON PARK ELEMENTARY             $4,372,185     $4,428,185           $176,879     $172,341       $72,595   $4,178,711
OAKWOOD HIGH                         $801,885       $834,216            $45,673      $37,765        $1,200     $787,343
OSBORNE HIGH                      $12,062,824    $10,628,805         $5,946,713   $4,915,866     $423,312    $4,258,780
PALMER MIDDLE                        $273,788       $303,357            $13,249      $12,421            $0     $290,108
PEBBLEBROOK HIGH                   $8,888,290     $5,032,726         $3,910,513      $92,611     $757,928      $364,285
PINE MOUNTAIN MIDDLE               $2,523,317     $2,615,542           $111,990     $105,835       $13,444   $2,490,108
PITNER ELEMENTARY                     $98,000       $123,213            $67,825      $67,825        $2,533      $52,855
POPE HIGH                            $954,888     $1,230,744           $265,073     $258,551       $49,084     $916,587
POWDER SPRINGS ELEMENTARY            $326,250       $372,665            $87,861      $83,367       $12,466     $272,338
POWERS FERRY ELEMENTARY            $1,412,708     $1,330,357           $511,638     $295,166            $0     $818,719
RIVERSIDE PRIMARY                  $9,537,353     $9,306,288         $7,832,958   $4,849,531     $670,331      $802,999
RIVERSIDE REPLACEMENT ELEMENTARY     $128,000       $169,769            $62,368      $61,539          $796     $106,605
ROCKY MOUNT ELEMENTARY               $880,341       $884,879            $57,228      $54,479            $0     $827,651
RUSSELL ELEMENTARY                 $7,854,321     $7,674,501            $58,489      $57,631       $55,281   $7,560,731
SANDERS ELEMENTARY                   $131,076       $221,508            $53,599      $43,051       $13,412     $154,497
SEDALIA PARK ELEMENTARY            $3,979,977     $3,919,457            $82,357      $81,499     $122,626    $3,714,474
SHALLOWFORD FALLS ELEMENTARY       $6,884,096     $6,856,832            $77,819      $73,281     $246,270    $6,532,743
SIMPSON MIDDLE                       $330,750       $430,812            $79,367      $74,170       $13,863     $337,582
SKYVIEW ELEMENTARY                 $1,651,275     $1,687,289           $144,331     $120,942       $52,556   $1,490,402
SMITHA MIDDLE                      $5,957,701     $5,544,576         $1,646,796   $1,384,664   $2,823,980    $1,073,800
SOPE CREEK ELEMENTARY                $699,614       $700,857           $133,115     $122,277       $91,416     $476,326
SOUTH COBB FLEET MAINTENANCE         $664,573       $819,413           $399,833     $262,825            $0     $419,580
SOUTH COBB HIGH                    $2,855,808     $2,757,213           $774,140     $614,826     $332,501    $1,650,572
SPRAYBERRY HIGH                    $2,111,288     $1,274,734           $315,283     $138,973       $11,071     $948,380
STILL ELEMENTARY                   $7,020,632     $6,938,096            $48,965      $21,243       $12,663   $6,876,468
SYSTEMWIDE                       $138,791,133   $157,738,842         $6,677,909   $3,395,104   $7,265,411 $143,795,522
TAPP MIDDLE                        $1,257,349     $1,120,093           $283,244     $258,489     $254,570      $582,279
TEASLEY ELEMENTARY                   $437,327       $488,844            $76,945      $58,455            $0     $411,899
TIMBER RIDGE ELEMENTARY              $189,264       $241,108            $27,928      $22,028       $13,263     $199,917
TRITT ELEMENTARY                   $1,902,180     $1,892,650            $72,003      $69,648          $197   $1,820,450
VARNER ELEMENTARY                    $652,313       $693,991            $47,561      $43,053     $130,232      $516,198
VAUGHAN ELEMENTARY                   $716,503       $903,537            $51,814      $37,920     $152,066      $699,657
WALTON HIGH                       $21,196,265    $16,887,841         $5,426,741   $4,883,654   $4,259,166    $7,201,934
WEST COBB HS # 2                  $48,799,343    $47,851,418           $183,885     $181,765            $0  $47,667,533
WHEELER HIGH                       $8,541,169     $8,227,499           $637,201     $538,148       $84,502   $7,505,796
440 GLOVER STREET                          $0        $27,500            $17,042      $17,042            $0      $10,458
538 GLOVER STREET                          $0             $0                 $0     -$96,105            $0           $0
590 COMMERCE PARK                          $0         $4,128             $4,128       $4,128            $0           $0
TOTAL PROJECT EXPENDITURES       $627,247,680   $627,599,698       $162,912,967 $123,818,764 $71,609,519 $393,077,212
TRANSFER/PROPERTY DEBT ROLLBACK   $69,000,000    $69,000,000        $23,000,000  $23,000,000            $0  $46,000,000
*** FUND TOTAL ***               $696,247,680   $696,599,698       $185,912,967 $146,818,764 $71,609,519 $439,077,212

                                                                                                            Concluded.




                                                      99
(This page was left blank intentionally)
COBB COUNTY SCHOOL DISTRICT
GENERAL FUND EXPENDITURES BY FUNCTION
LAST TEN FISCAL YEARS



          Dollars,
       In Thousands
            $750,000
            $700,000
            $650,000
            $600,000
            $550,000                                                                       Other
            $500,000                                                                       Capital Outlay
            $450,000
                                                                                           Business Serv.
            $400,000
            $350,000                                                                       School & Admin.
            $300,000                                                                       Pupil Services
            $250,000
            $200,000
                                                                                           Instruction
            $150,000
            $100,000
             $50,000
                  $0
                       1996 1997 1998 1999 2000 2001 2002 2003 2004 2005




       (Dollars are expressed in thousands)
                                              School &
        Fiscal            Pupil                Admin. Business     Capital
        Year Instruction Services             Services Services    Outlay      Other       Total
        1996   $275,860 $11,758                $30,927 $47,223      $4,611     $3,984    $374,363
        1997    301,352    13,360               32,057   50,600     10,125      3,590     411,084
        1998    327,429    15,984               38,208   52,668     11,676      3,315     449,280
        1999    358,391    15,910               43,032   62,695     17,587      4,163     501,778
        2000    388,588    19,408               49,300   64,665     20,260      2,900     545,121
        2001    445,409    10,071               49,606   69,336      9,531      3,811     587,764
        2002    482,593    11,165               54,836   71,032     15,327      4,860     639,813
        2003    528,643    12,246               60,008   74,825     13,859      4,271     693,852
        2004    537,955    12,975               69,132   74,891     20,860      4,039     719,852
        2005    538,858    12,698               70,601   78,343      5,217      4,340     710,057

       "Instruction" includes expenditures for Instruction and Instructional Services.
       "Business Services" includes expenditures for Pupil Transportation and Maintenance & Operations.
       "Other" includes expenditures for Debt Service and Other Expenditures.




                                                   100
COBB COUNTY SCHOOL DISTRICT
GENERAL FUND REVENUES BY SOURCE
LAST TEN FISCAL YEARS




            Dollars,
         In Thousands
              $750,000
              $700,000
              $650,000
              $600,000
              $550,000                                                                       Other
              $500,000
              $450,000                                                                       Interest
              $400,000
              $350,000                                                                       Intergovmntl
              $300,000
              $250,000                                                                       Local Taxes
              $200,000
              $150,000
              $100,000
               $50,000
                    $0
                         1996 1997 1998 1999 2000 2001 2002 2003 2004 2005




                 (Dollars are expressed in thousands)
                  Fiscal       Local   Intergov-          Interest
                  Year          Taxes ernmental           Income       Other        Total
                  1996        $164,162 $204,829            $3,533        $362     $372,886
                  1997         183,405   230,144            4,629         460      418,638
                  1998         190,452   259,395            4,900       1,217      455,964
                  1999         212,947   286,222            5,143       1,226      505,538
                  2000         240,788   296,055            5,081       1,119      543,043
                  2001         255,129   333,247            6,782         750      595,908
                  2002         302,624   338,043            3,323         671      644,661
                  2003         349,861   352,964            3,057         957      706,839
                  2004         364,523   349,528            2,659       1,485      718,195
                  2005         377,772   340,185            5,193         770      723,920


   "Other" includes Tuition & Fees, Insurance & Damage Recoveries, Rentals and Other Revenues.




                                                    101
COBB COUNTY SCHOOL DISTRICT
GENERAL FUND PER PUPIL COST
LAST TEN FISCAL YEARS




                       General Fund Cost Per Pupil Enrolled



      $7,500
      $7,000
      $6,500
      $6,000
      $5,500
      $5,000
      $4,500
      $4,000
      $3,500
      $3,000
      $2,500
      $2,000
      $1,500
      $1,000
           1996   1997     1998   1999    2000   2001   2002   2003   2004   2005




                                          Average     Cost     Average     Cost
              Fiscal                       Daily    Per Pupil   Daily    Per Pupil
              Year       Expenditures    Enrollment Enrolled Attendance Attended
              1996        $374,363,000       82,291     $4,549    77,387     $4,838
              1997         411,084,000       84,803      4,848    80,165      5,128
              1998         449,280,000       87,366      5,143    82,662      5,435
              1999         501,778,000       90,290      5,557    85,219      5,888
              2000         545,121,000       92,607      5,886    87,594      6,223
              2001         587,764,000       95,116      6,179    89,913      6,537
              2002         639,813,000       97,066      6,592    92,090      6,947
              2003         693,852,000       97,009      7,152    93,725      7,403
              2004         719,852,000      101,584      7,086    96,795      7,437
              2005         710,057,000      103,061      6,890    98,567      7,204




                                                 102
COBB COUNTY SCHOOL DISTRICT
PROPERTY TAX LEVIES AND COLLECTIONS
JUNE 30, 2005



                                 Property Taxes Collected and Balances Receivable




                                                                                                  Dollars,
                                                                                               In Thousands


                                                                                                   400,000
                                                                                                   350,000
                                                                                                   300,000
                                                                                                   250,000
                                                                                                   200,000
                                                                                                   150,000
                                                                                                   100,000
                                                                                                   50,000
                                                                                                   0
                      1999       2000        2001        2002         2003        2004        2005

                              General Fund Collections          Debt Service Collections      Balance Receivable




Balances as of June 30, 2005. Dollars are expressed in thousands.
                        1999       2000         2001         2002             2003          2004         2005       Total
General Fund:
Total Taxes Levied    $208,612    $231,271     $247,347    $290,266          $338,208      $349,113     $366,961   $2,031,778
Collected or Released   208,474    231,035      246,926     289,746           336,891       345,893      364,372    2,023,337
Balance Receivable         $138        $236        $421         $520           $1,317        $3,220       $2,589       $8,441
% Collected/Released     99.93%     99.90%       99.83%      99.82%            99.61%        99.08%       99.29%       99.58%
Debt Service Fund:
Total Taxes Levied      $46,280    $22,255      $22,909     $17,340          $17,173       $17,711       $18,549    $162,217
Collected or Released    46,253     22,235       22,872       17,310          17,107        17,540        18,413     161,730
Balance Receivable          $27         $20         $37          $30             $66          $171          $136        $487
% Collected/Released     99.94%     99.91%       99.84%      99.83%           99.62%        99.03%        99.27%      99.70%
Total - All Funds:
Total Taxes Levied    $254,892    $253,526     $270,256    $307,606          $355,381      $366,824     $385,510   $2,193,995
Collected or Released   254,727    253,270      269,798     307,056           353,998       363,433      382,785    2,185,067
Balance Receivable         $165        $256        $458         $550           $1,383        $3,391       $2,725       $8,928
% Collected/Released     99.94%     99.90%       99.83%      99.82%            99.61%        99.08%       99.29%       99.59%

Note: Only seven years of data is presented because the statute of limitations for collection of delinquent taxes in the
   State of Georgia is seven years.

Source: Cobb County Government




                                                             103
COBB COUNTY SCHOOL DISTRICT
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS



                                           Property Digest Components-Assessed Value

                     Dollars,
                  In Thousands

                  $25,000,000




                  $20,000,000

                                                                                                                   Motor Vehicles

                  $15,000,000
                                                                                                                   Public Services

                  $10,000,000
                                                                                                                   Debt Service


                   $5,000,000




                          $0
                                 1996   1997   1998(A)   1999     2000   2001   2002   2003   2004   2005




       (Dollars are expressed in thousands)
                       Property Digest -
                       Net of Exemptions
                     For Main-
                     tenance &            For Debt                Public              Motor               Total        Estimated
         Fiscal      Operation           Service of              Services           Vehicles            Assessed         Actual
         Year        of Schools         School Bonds              Digest              Digest              Value           Value
         1996         $7,390,645         $8,693,280             $349,920          $1,151,308         $10,194,508     $25,486,270
         1997          8,529,287          9,988,718              371,423           1,305,275          11,665,416      29,163,539
        1998(A)        9,115,550         10,591,712              385,102             696,736          11,673,550      29,183,875
         1999          9,927,191         11,450,089              378,823           1,394,033          13,222,945      33,057,364
         2000         11,280,286         12,939,286              423,767           1,473,803          14,836,856      37,092,140
         2001         12,025,632         13,204,561              430,654           1,637,577          15,272,792      38,181,980
         2002         13,100,693         14,337,608              418,416           1,758,025          16,514,049      41,285,123
         2003         15,558,827         16,839,451              457,613           1,783,997          19,081,061      47,702,651
         2004         16,147,786         17,452,759              451,723           1,774,879          19,679,361      49,198,403
         2005         17,126,939         18,423,078              450,043           1,736,742          20,609,863      51,524,657
(A) The State of Georgia revised the schedule for Motor Vehicle tax assessments and collections in 1998. Prior to 1998,
    Motor Vehicle taxes were assessed on the January 1 digest and taxes were due on April 30. Beginning in January
    1998, Motor Vehicle taxes are assessed and due in the month of the birth of the vehicle owner. As a result, Motor
    Vehicle digest, billings and collections for 1998 are all approximately one half those of a normal year.
Note: The property digest for debt service of school bonds includes properties annexed by the City of Marietta which are
    no longer taxed for general operations but are still taxed for unpaid school bonds which were issued before the date
    of annexation.
                                                                  104
COBB COUNTY SCHOOL DISTRICT
PROPERTY DIGEST REDUCTIONS DUE TO EXEMPTIONS
LAST TEN FISCAL YEARS




                                   Digest Reductions Compared to Gross Property Digest



                  Dollars,                                                                                     Gross Property
               In Thousands                                                                                    Digest
              $25,000,000
                                                                                                               Conservation
                                                                                                               Exemption
              $20,000,000
                                                                                                               Freeport
                                                                                                               Exemption
              $15,000,000
                                                                                                               Disabled
                                                                                                               Exemption
              $10,000,000
                                                                                                               Elderly
                                                                                                               Exemption
               $5,000,000
                                                                                                               Homestead
                                                                                                               Exemption
                      $0
                       1996      1997    1998   1999    2000     2001    2002    2003    2004    2005




(Dollars are expressed in thousands)
                                                                                                                      Reductions
                                          Disabled      Freeport           Con-           Total          Gross        as Percent
 Fiscal   Homestead          Elderly     Residents     (Inventory)       servation        Digest        Property       of Gross
 Year     Exemption         Exemption    Exemption     Exemption        Exemption       Reductions       Digest         Digest
 1996        $932,331         $702,510     $14,138        $413,806         $19,579        $2,082,364    $10,194,508     20.43%
 1997         964,173          767,948      14,488         461,710          20,021         2,228,340     11,665,416     19.10%
 1998         995,355          856,943      14,733         468,767          19,662         2,355,460     11,673,550     20.18%
 1999       1,027,278        1,001,171      15,651         556,067          37,318         2,637,485     13,222,945     19.95%
 2000       1,067,497        1,092,561      15,436         502,613          42,060         2,720,167     14,836,856     18.33%
 2001       1,102,348        1,219,510      15,885         552,754          42,353         2,932,850     15,272,792     19.20%
 2002       1,129,759        1,375,751      16,099         633,861          41,476         3,196,946     16,514,049     19.36%
 2003       1,145,638        1,697,873      16,176         656,440          49,851         3,565,978     19,081,061     18.69%
 2004       1,161,646        1,844,603      15,650         726,141          67,233         3,815,273     19,679,361     19.39%
 2005       1,171,954        2,044,811      15,894         966,307          68,447         4,267,413     20,609,863     20.71%




                                                               105
COBB COUNTY SCHOOL DISTRICT
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS




                                       Direct and Overlapping Tax Rates
     Tax Rate

      35.00



      30.00
                                                                                                      State Tax
      25.00
                                                                                                      County Fire
                                                                                                      District
      20.00
                                                                                                      County School
                                                                                                      Bond
      15.00
                                                                                                      CountySchool
                                                                                                      Tax
      10.00                                                                                           County Bond
                                                                                                      Fund
       5.00                                                                                           County General
                                                                                                      Fund
       0.00
                1996   1997   1998    1999    2000     2001   2002   2003     2004     2005




        (All tax rates are per $1000 assessed valuation.)
                       County        County          County    County       County
          Fiscal       General        Bond           School    School        Fire             State
          Year          Fund          Fund             Tax      Bond        District          Tax     Total
          1996           7.25          0.78           17.83      4.60         2.97            0.25    33.68
          1997           7.02          0.78           17.83      3.80         2.97            0.25    32.65
          1998           6.87          0.78           17.83      3.80         2.97            0.25    32.50
          1999           6.57          0.78           17.83      3.50         2.77            0.25    31.70
          2000           6.57          0.63           17.55      1.50         2.77            0.25    29.27
          2001           6.57          0.50           17.55      1.50         2.77            0.25    29.14
          2002           6.57          0.50           19.00      1.05         2.65            0.25    30.02
          2003           6.80          0.27           19.00      0.90         2.65            0.25    29.87
          2004           6.85          0.22           19.00      0.90         2.65            0.25    29.87
          2005           6.85          0.22           19.00      0.90         2.65            0.25    29.87




                                                        106
COBB COUNTY SCHOOL DISTRICT
COMPARISON OF METROPOLITAN ATLANTA SCHOOL DISTRICT
PROPERTY TAX RATES
JUNE 30, 2005




                                      Metro Atlanta School District Tax Rates




     Tax Rate

       25.00


       20.00

       15.00


       10.00

        5.00


        0.00
                Dekalb   Rockdale   Atlanta   Douglas   Gwinnett    Cobb    Marietta   Clayton   Fulton
                County    County     City     County     County    County    City      County    County
                                                                                                              Debt Service


                                                                                                              M&O




       (All tax rates are per $1000 assessed valuation.)
                                                    Total                   Maintenance                    Debt
       School District                               Rate                   & Operations                  Service
       Dekalb County                                22.98                      22.98                       0.00
       Rockdale County                              21.48                      21.48                       0.00
       Atlanta City                                 20.98                      20.87                       0.11
       Douglas County                               20.50                      19.48                       1.02
       Gwinnett County                              20.30                      18.87                       1.43
       Cobb County                                  19.90                      19.00                       0.90
       Marietta City                                19.16                      17.97                       1.19
       Clayton County                               18.92                      18.92                       0.00
       Fulton County                                17.61                      17.32                       0.29




                                                           107
COBB COUNTY SCHOOL DISTRICT
RESULTS OF ALL BOND AND SALES TAX REFERENDUMS
1950 TO PRESENT


                                             Percentage of Voters Approving Referendums


   90%

   80%


   70%

   60%


   50%

   40%


   30%


   20%

   10%


   0%
          1950   1957   1961   1962   1964   1969   1973   1977   1979   1981   1985   1987   1989   1991   1995 1997* 1998* 2003*




         Referendums:

          Year            Amount             Maturity         Action              Pro            Con             Void        Total
          1950           $1,500,000           1970            Passed             2,907            841             17         3,765
          1957            1,750,000           1977            Passed             2,023            562             31         2,616
          1961            2,500,000           1980            Passed             3,187            868             38         4,093
          1962            3,000,000           1983            Passed             2,816            986             36         3,838
          1964            4,000,000           1994            Passed             2,942          1,629             63         4,634
          1969           15,000,000           1990            Passed             7,769          2,922              5        10,696
          1973           16,500,000           1994            Passed             7,405          5,165             10        12,580
          1977           22,000,000           1996            Passed            10,694          4,241             22        14,957
          1979           20,000,000           1997            Passed             9,725          7,611            219        17,555
          1981            8,000,000           1997            Passed             9,858          7,511            103        17,472
          1985           27,000,000           1997            Passed            24,476         11,481              0        35,957
          1987           58,500,000           2001            Passed            10,716          2,573             65        13,354
          1989           59,500,000           2002            Passed            15,510          2,311            126        17,947
          1991           39,600,000           2004            Passed            20,197          6,409            268        26,874
          1995          220,865,000           2007            Passed            18,140         13,124            142        31,406
          1997*         609,200,000           2002            Failed            14,204         18,820            177        33,201
          1998*         626,773,000           2003            Passed            36,433         26,403            545        63,381
          2003*         636,504,000           2008            Passed            36,078         10,262              0        46,340
         * 1997, 1998 and 2003 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.
         Information provided by the Cobb County Board of Elections.

                                                                   108
COBB COUNTY SCHOOL DISTRICT
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND
NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS




                                   Ratio of Net Bonded Debt to Assessed Value

                 4.00%


                 3.50%


                 3.00%


                 2.50%


                 2.00%


                 1.50%


                 1.00%


                 0.50%


                 0.00%
                       1996     1997     1998   1999   2000    2001     2002   2003   2004   2005




                                                                                                     Ratio of Net   Net
                                                    Gross             Less: Debt        Net          Bonded Debt Bonded
 Fiscal                       Assessed             Bonded              Service         Bonded         to Assessed Debt Per
 Year     Population           Value                Debt                Funds           Debt             Value     Capita
 1996       472,433      $10,194,508,000         $378,865,000         $12,893,000     $365,972,000     3.59%         $775
 1997       485,367       11,665,416,000          353,280,000          11,832,000      341,448,000     2.93%          703
 1998       500,372       11,673,550,000          326,145,000          11,693,000      314,452,000     2.69%          628
 1999       517,458       13,222,945,000          297,475,000          12,654,000      284,821,000     2.15%          550
 2000       533,825       14,836,856,000          267,275,000          15,251,000      252,024,000     1.70%          472
 2001       561,067       15,272,792,000          235,475,000          17,692,000      217,783,000     1.43%          388
 2002       567,800       16,514,049,000          202,005,000          14,448,000      187,557,000     1.14%          330
 2003       568,580       19,081,061,000          166,580,000          10,198,000      156,382,000     0.82%          275
 2004       573,900       19,679,361,000          128,870,000           5,963,000      122,907,000     0.62%          214
 2005       581,301       20,609,863,000           87,440,000           3,378,000       84,062,000     0.41%          145

Population provided by the Atlanta Regional Commission and excludes the City of Marietta.




                                                              109
COBB COUNTY SCHOOL DISTRICT
COMPUTATION OF LEGAL DEBT MARGIN
JUNE 30, 2005



                                                               $84,062,000




                            $1,976,924,300
                              Total Amount of Debt Applicable to Debt Limit

                              Legal Debt Margin




  Net Assessed Valuation, Cobb County School Bonds,
    January 1, 2004                                                                $20,609,863,000




  Debt Limit - 10% of Assessed Value                                                $2,060,986,300

  Amount of Debt Applicable to Debt Limit:
    Total Bonded Debt                                                $87,440,000
    Less: Amount Available In Debt Service Fund                        3,378,000

  Total Amount of Debt Applicable to Debt Limit                                         84,062,000

  Legal Debt Margin                                                                 $1,976,924,300




                                               110
COBB COUNTY SCHOOL DISTRICT
COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT
JUNE 30, 2005




                                      Direct and Indirect Debt Per Capita



                                                     $0




                                                                                                   $145




            $181




                                       Direct: Cobb County Schools
                                       Indirect: Cobb County Government
                                       Indirect: City of Kennesaw




  Direct General Obligation Debt:
     Gross Bonded Debt                                                    $87,440,000
     Less: Debt Service Fund                                                3,378,000
                                                                                                 $84,062,000
  Overlapping General Obligation Debt:
    Cobb County Government (82% of $128,395,000)                          105,283,900
    City of Kennesaw (100%)                                                   140,000
                                                                                                 105,423,900

  Total Direct and Overlapping General Obligation Debt                                         $189,485,900

  Debt Per Capita:*
    Direct General Obligation Debt                                                                        $145
    Overlapping General Obligation Debt                                                                    181
       Total                                                                                              $326
  *Population of 581,301 provided by the Atlanta Regional Commission and excludes the City of Marietta.




                                                    111
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

      12.00%


      10.00%


       8.00%


       6.00%


       4.00%


       2.00%


       0.00%
            1996    1997    1998     1999     2000   2001     2002     2003     2004   2005




                                                                     Ratio of Net
                                       Debt                          Debt Service
                   Fiscal          Service Fund      General Fund     to General
                   Year            Expenditures      Expenditures    Expenditures
                   1996            $36,784,000       $374,363,000      9.83%
                   1997             44,964,000        411,084,000      10.94%
                   1998             45,068,000        449,280,000      10.03%
                   1999             45,051,000        501,778,000      8.98%
                   2000             45,196,000        545,120,000      8.29%
                   2001             45,293,000        587,764,000      7.71%
                   2002             45,362,000        639,813,000      7.09%
                   2003             45,596,000        693,852,000      6.57%
                   2004             45,835,000        719,852,000      6.37%
                   2005             45,197,000        710,057,000      6.37%




                                              112
COBB COUNTY SCHOOL DISTRICT
COBB COUNTY DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS




                             Cobb County Population Growth

     675,000

     650,000

     625,000

     600,000

     575,000

     550,000

     525,000

     500,000

     475,000

     450,000
            1995   1996     1997   1998     1999    2000     2001   2002   2003   2004




                                             Average                 Unem-
                   Fiscal                   Household      Median   ployment
                   Year        Population    Income         Age       Rate
                    1995          509,400     $48,840   32.9     3.7%
                    1996          521,200      51,212   35.3     3.0%
                    1997          535,000      53,957   35.9     3.0%
                    1998          567,800      55,809   33.8     2.7%
                    1999          585,800      59,012   34.3     2.6%
                    2000          622,600      59,539   33.2     2.5%
                    2001          628,800      66,754   33.2     3.1%
                    2002          630,600      62,510   33.4     5.0%
                    2003          632,900      62,511   33.4     4.7%
                    2004          643,700      61,087   34.4     4.5%
        Sources: Population - Atlanta Regional Commission
                 Average Household Income and Median Age - "Survey
                   of Buying Power", Sales and Marketing Management
                 Median Age - U.S. Census Bureau
                 Unemployment Rate - Georgia Department of Labor


                                              113
COBB COUNTY SCHOOL DISTRICT
COBB COUNTY BANK DEPOSITS, CONSTRUCTION AND TAXABLE PROPERTY VALUES
LAST TEN FISCAL YEARS




                                        Cobb County New Construction



                 Dollars,
               In Millions
                $1,200

                $1,000

                  $800

                  $600

                  $400

                  $200

                    $0
                     1995    1996    1997    1998    1999     2000   2001   2002   2003   2004




               (Dollars amounts are expressed in millions)
                                       Single-Family      Total New                  Estimated
                                       Residences        Construction               Actual Value
                Fiscal    Bank        Number             Number                      of Taxable
                Year     Deposits     of Units   Value of Permits   Value             Property
                1995       $4,195         3,386    $425      6,267     $795                $24,092
                1996        4,440         3,551      509     6,723    1,051                 25,486
                1997        4,648         3,461      429     7,529      866                 29,164
                1998        4,972         4,242      522     8,695      956                 29,184
                1999        5,237         4,084      525     8,627      980                 33,057
                2000        5,743         3,137      441     8,513      985                 37,092
                2001        6,044         2,468      378     7,802      722                 41,285
                2002        6,528         2,370      378     8,160      760                 47,703
                2003        6,760         2,520      443     8,790      859                 49,198
                2004        7,425         2,737      617     9,727    1,175                 51,525

Bank deposits for the 12 month period ended June 30 were supplied by the Georgia
Department of Banking and Finance. Data includes all municipalities within the county.

Construction data for the 12 month period ended December 31 was supplied by the Cobb
County Building Inspections Department.




                                                        114
COBB COUNTY SCHOOL DISTRICT
PRINCIPAL TAXPAYERS
JUNE 30, 2005




                                     Ten Largest Taxpayers




                                                                              Trizechahn Prop
                                                                              Inland SE Prop
                                                                              AMLI
                                                                              Cobb EMC
                                                                              Lockheed
6.00%                                                                         Ga Power
                                                                              Bell South
5.00%                                                                         Post Prop
                                                                              Home Depot
4.00%                                                                         Wildwood Prop

3.00%

2.00%

1.00%

0.00%




                                                                                Percent
                                                                                of Total
                                                   Type of          Taxes        Taxes
              Taxpayer                            Business          Levied      Levied
        1. Wildwood Properties                    Real Estate    $3,941,796     1.02%
        2. Home Depot                             Retail          3,408,425     0.88%
        3. Post Properties                        Real Estate     2,488,194     0.65%
        4. Bell South Telecommunications          Utilities       2,134,997     0.55%
        5. Georgia Power Company                  Utilities       1,608,184     0.42%
        6. Lockheed Martin Aeronautical           Aircraft        1,573,253     0.41%
        7. Cobb EMC                               Utilities       1,553,621     0.40%
        8. AMLI Land Development                  Real Estate     1,397,029     0.36%
        9. Inland Southeast Properties            Real Estate     1,221,102     0.32%
        10. Trizechahn Properties                 Real Estate       931,287     0.24%
               TOTAL                                            $20,257,888     5.25%



                                            115
COBB COUNTY SCHOOL DISTRICT
NUMBER OF PERSONNEL AND RATIO OF PUPILS TO PROFESSIONAL PERSONNEL
LAST TEN FISCAL YEARS



                                      Ratio of Pupils to Professional Personnel


         14.0




         13.0




         12.0




         11.0




         10.0
                1996    1997      1998        1999     2000      2001    2002       2003     2004      2005




                                                                                               Ratio of
                                         Other                                   Average       Pupils to
           Fiscal      Professional     Operating     Service       Total         Daily      Professional
           Year         Personnel       Personnel    Personnel    Personnel     Enrollment    Personnel
            1996         5,924           1,607        2,056         9,587         79,759            13.5 to 1
            1997         6,173           1,647        2,116         9,936         82,291            13.3
            1998         6,288           1,690        2,170        10,148         84,803            13.5
            1999         6,765           1,812        2,254        10,831         87,366            12.9
            2000         7,063           2,014        2,292        11,369         90,290            12.8
            2001         7,602           2,140        2,516        12,258         92,607            12.2
            2002         8,347           2,770        2,681        13,798         95,116            11.4
            2003         8,405           2,721        2,684        13,810         97,066            11.5
            2004         8,431           2,711        2,115        13,257         97,009            11.5
            2005         8,024           2,742        2,286        13,052         103,061           12.8

Note: "Professional personnel" consists of all certified personnel including teachers, librarians, counselors,
supervisors, consultants, coordinators, principals, assistant principals and other leadership personnel. "Other
operating personnel" includes non-certified leadership personnel, classroom aides, secretarial and clerical
employees, and other technicians. "Service personnel" includes food service personnel, custodial employees,
bus drivers and maintenance/warehouse employees.


                                                         116
COBB COUNTY SCHOOL DISTRICT
ADMINISTRATIVE SALARY SCHEDULE
JUNE 30, 2005



                                             Administrative Salary Range
         $250,000


         $200,000


         $150,000


         $100,000


            $50,000


                  $0
                                                     .



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                                                                      Minimum        Maximum




                 Position Title                                                 Minimum              Maximum
                 Superintendent                                                 $197,000             $197,000
                 Deputy Superintendent                                            131,180            131,180
                 Chief Officers/Asst. Suprntdts.                                  101,490            122,340
                 Executive Directors                                               85,472             94,185
                 Instructional Directors                                           91,062            106,739
                 Classified Directors                                              73,023             92,014
                 High School Principals                                            69,105            109,631
                 Middle School Principals                                          61,703            102,228
                 Elementary School Principals                                      60,079            100,607




                                                               117
COBB COUNTY SCHOOL DISTRICT
TEACHERS' SALARY SCHEDULE
LAST TWENTY FISCAL YEARS



                                       Teachers' Salary Range

 $90,000


 $80,000


 $70,000


 $60,000


 $50,000


 $40,000


 $30,000


 $20,000


 $10,000


     $0
      1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

                                               Minimum     Maximum




                               Fiscal Year          Minimum       Maximum
                               1986                  $18,347       $37,229
                               1987                   19,940       38,857
                               1988                   20,384       40,244
                               1989                   21,473       42,171
                               1990                   22,000       43,732
                               1991                   22,585       46,543
                               1992                   23,037       47,474
                               1993                   23,461       48,348
                               1994                   23,922       49,297
                               1995                   25,118       52,992
                               1996                   25,921       54,687
                               1997                   27,621       58,273
                               1998                   28,973       61,121
                               1999                   30,406       64,140
                               2000                   31,440       66,321
                               2001                   32,230       67,985
                               2002                   33,455       70,568
                               2003                   34,542       72,861
                               2004                   34,542       72,861
                               2005                   35,233       76,206

                           *Minimum - T-4 Certification, Maximum - Doctorate

                                                   118
COBB COUNTY SCHOOL DISTRICT
SCHEDULE OF INSURANCE IN FORCE
JUNE 30, 2005



                            Name of Company         Policy Period                                               Annual
Type of Coverage            and Policy Number         From        To       Liability Limits                    Premium

Bus, Truck, Motor         Self Insured              6/1/1994 Ongoing $300,000                   N/A
Vehicles Liability
Property Theft            Self Insured              6/1/1994 Ongoing N/A                        N/A
Employee's                St. Paul Travelers         7/1/04  6/30/05 $7,500,000                 $18,798
Blanket Bond              1037698
General Liability         Self Insured              6/1/1994 Ongoing $500,000                   N/A
Property Boiler           CNA                        7/1/04  6/30/05 $500,000,000               $398,500
(Includes Insurance)      271011309
Student Athletic          ACE                         2004     2005 Varies                      Student/Parent Funded
Superintendent's          Old Republic Surety Co.   11/27/04 11/26/05 $100,000                  $350
Bond                      ALI-1167500
Worker's Compensation     Self Insured                 N/A       N/A Statutory                  N/A
Disability,Long-Term      Metlife 98164               7/1/04   6/30/05 Ben. Sched. per Salary   $1,257,592
Disability,Short-Term     Metlife 1665648             7/1/04   6/30/05
               Option 1                                                Ben. Sched. per Salary   $4.52 per month employee pays
               Option 2                                                Ben. Sched. per Salary   $6.97 per month employee pays
               Option 3                                                Ben. Sched. per Salary   $9.14 per month employee pays
               Option 4                                                Ben. Sched. per Salary   $10.91 per month employee pays
               Option 5                                                Ben. Sched. per Salary   $12.44 per month employee pays
Life Insurance            Metlife                     7/1/04   6/30/05 Ben. Sched. per Salary   Monthly:For both life and AD&D
and AD&D                  104911                                                                Employee pays $.17 per $1,000 of payroll.
                                                                                                District pays first $10,000 of coverage.

Dependent                 Metlife                     7/1/04   6/30/05 Ben. Sched. per Salary   Monthly: Child(ren)-Employee pays
Life Insurance                                                                                  $1 for $10,000 or $2.50 for $25,000
                                                                                                coverage. Spouse-Employee pays
                                                                                                $1.50 for $10,000 or $3.75 for $25,000
                                                                                                coverage.
Optional Life             Metlife                                                               Monthly:For both life and AD&D
and AD&D                                                                                        Employee pays $.17 per $1,000 of payroll.
                                                                                                Max 5x salary(smoker)6x(non-smoker)

Dental Insurance                                      7/1/04   6/30/05 High: $750 Annual.
                                                                       $1,000 Lifetime
     Option: High Plan Metlife 83833                                   Orthodontic. $50         Monthly:Single $12.28, Family $40.31
                                                                       per person, $150         employee pays
                                                                       per family deduct.
      Option: Low Plan Metlife 10491                                   None                     Monthly:Single $0, Family $8.07
                                                                                                employee pays
Cancer Insurance          Professional Ins. Co.       7/1/04   6/30/05 Based on                 Monthly:Employee pays:
                          61-6                                         Benefit Schedule         Single $5.00, Family $7.50
Vision Insurance          EyeMed                      7/1/04   6/30/05 Based on                 Monthly:Employee pays:
                                                                       Benefit Schedule         Single $.43, Family $1.03
Long-Term Care            Metlife                     7/1/04   6/30/05 Based on                 Monthly premiums vary based on
                          727465                                       Benefit Schedule         coverage elected.
Legal                     ARAG                        7/1/04   6/30/05 Based on                 Monthly:Employee pays:
                          3100031                                      Benefit Schedule         Single:$12.12, Family $15.97




                                                                119
COBB COUNTY SCHOOL DISTRICT
NUMBER OF SCHOOLS
LAST TWENTY FISCAL YEARS




                                                     Number of Schools


  110


  100


   90


   80
                                                                                                          High
   70


   60
                                                                                                          Middle
   50


   40                                                                                                     Elementary
   30


   20


   10


    0
    1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005




                             Fiscal
                             Year         Elementary        Middle           High            Total
                              1986             44              14              12              70
                              1987             46              14              12              72
                              1988             47              14              13              74
                              1989             49              15              13              77
                              1990             53              15              13              81
                              1991             56              16              14              86
                              1992             55              16              14              85
                              1993             55              16              14              85
                              1994             56              18              14              88
                              1995             56              18              14              88
                              1996             56              18              14              88
                              1997             59              18              14              91
                              1998             62              18              14              94
                              1999             62              19              14              95
                              2000             62              19              14              95
                              2001             62              19              15              96
                              2002             62              21              15              98
                              2003             63              21              16             100
                              2004             65              21              16             102
                              2005             65              21              16             102


                                                            120
COBB COUNTY SCHOOL DISTRICT
SCHOOL BUILDINGS
JUNE 30, 2005


                               Active          Size of       Occupied    Number of     Special     Portable
School Name           Grades Enrollment      Site (acres)     Year (1)   Classrooms   Rooms (2)   Classrooms
Acworth                K-5         1,139          40.8            2001        58            3           3
Addison                K-5           564          12.5            1989        38            3           0
Argyle                 K-5           738           8.8            1961        32            4          10
Austell                K-5           847          23.0            2001        57            4           0
Baker                  K-5           768          23.1            1988        61            3           0
Bells Ferry            K-5           520          10.0            1963        29            3           4
Belmont Hills          K-5           371          10.2            1952        33            3           1
Big Shanty              3-5          740          22.3            1968        49            3           0
Birney                 K-5           864          26.8            1973        55            4           1
Blackwell              K-5           727          16.0            1998        49            3           0
Brown                  K-5           256           6.2            1955        21            3           0
Brumby                 K-5           850           9.5            1966        56            3           1
Bryant                 K-5         1,197          20.9            1991        58            3           8
Bullard                K-5         1,129          58.0            2003        58            3           0
Chalker                K-5           931          25.5            1997        58            3           0
Cheatham Hill          K-5         1,013          19.2            1997        57            3           3
Clarkdale              K-5           459          19.7            1963        19            3          12
Clay                   K-5           475           8.0            1961        26            3          10
Compton                K-5           692          28.3            1969        57            3           0
Davis                  K-5           619          13.0            1987        47            3           0
Dowell                 K-5           988          28.9            1989        59            3           0
Due West               K-5           461          10.2            1957        24            3           6
East Side              K-5           831          10.0            1952        46            3           3
East Valley            K-5           565           7.8            1960        33            3           5
Fair Oaks              K-5           707          10.3            1957        48            3           4
Ford                   K-5           979          39.0            1991        50            3           4
Frey                   K-5           921          28.0            1996        58            3           0
Garrison Mill          K-5           613          15.0            1984        43            3           0
Green Acres            K-5           833          10.0            1996        41            3           0
Harmony Leland         K-5           568          10.0            1951        30            3           7
Hayes                  K-5           995          24.2            1993        58            3           1
Hollydale              K-5           854          15.0            1968        48            3           5
Keheley                K-5           547          20.7            1986        35            3           1
Kemp                   K-5           868          26.2            2002        58            3           0
Kennesaw               K-2           868          20.7            1991        58            3           0
Kennesaw Charter       K-5           435
(Kennesaw Charter School is managed by Imagine Schools
Kincaid                K-5           606          24.0            1972        45            3           0
King Springs           K-5           589           9.9            1956        33            3           3
Labelle                K-5           497          10.2            1955        31            3           7
Lewis                  K-5         1,074          10.9            1986        58            3           0
Mableton               K-5           483           5.7            1950        22            3          11
Milford                K-5           601           8.7            1954        36            3           5
Mt. Bethel             K-5           946          25.0            1978        57            2           0
Mt. View               K-5           785          13.0            1986        52            3           0
Murdock                K-5           816          15.3            1975        44            3           7
Nicholson              K-5           573          23.1            1990        37            3           3
Nickajack              K-5           810          19.9            1998        49            3           0
Norton Park            K-5           763           9.2            1961        37            3           8
Pitner                 K-5         1,038          22.2            2003        58            3           0
Powder Springs         K-5           972          15.9            1988        54            3           1
Powers Ferry           K-5           456          10.0            1951        28            3           6
Riverside              K-5           883          18.4            2001        58            3           0
Rocky Mt.              K-5           593          21.8            1977        36            3           1
Russell                K-5           662          14.1            1961        36            3           7
Sanders                K-5           941          21.1            1997        48            4           3
Sedalia Park           K-5           771          10.2            1956        46            4          10

                                                                                                  Continued--
                                                            121
COBB COUNTY SCHOOL DISTRICT
SCHOOL BUILDINGS
JUNE 30, 2005


                                   Active              Size of       Occupied      Number of        Special         Portable
School Name               Grades Enrollment          Site (acres)     Year (1)     Classrooms      Rooms (2)       Classrooms
Shallowford Falls         K-5            656          15.3                1990           38                3              7
Sky View                  K-5            430          10.1                1957           27                3              9
Sope Creek                K-5          1,104          16.0                1978           59                3             13
Still                     K-5            579          10.9                1978           37                3              2
Teasley                   K-5            585          13.2                1961           28                3              4
Timber Ridge              K-5            513          11.5                1990           36                3              0
Tritt                     K-5            849          23.7                1979           57                3              0
Varner                    K-5            834          20.0                1990           58                3              0
Vaughan                   K-5          1,095          28.0                1996           57                3              2
Awtrey                     6-8         1,594          26.2                1965           60                4              0
Campbell                   6-8         1,251          32.0                1951           66                4             17
Cooper                     6-8         1,069          35.2                2001           66                4              0
Daniell                    6-8           954          20.0                1966           63                4              0
Dickerson                  6-8         1,409          21.9                1981           69                3              7
Dodgen                     6-8           841          20.6                1975           66                3              0
Durham                     6-8         1,676          51.8                1998           66                4             15
East Cobb                  6-8         1,289          20.0                1963           67                4             14
Floyd                      6-8           929          20.0                1964           66                4              0
Garrett                    6-8           847          36.6                1972           47                4             11
Griffin                    6-8           993          24.4                1972           66                4             11
Hightower Trail            6-8           946          26.4                1993           57                4              0
Lindley                    6-8         1,407          33.3                2001           67                4              5
Lost Mt.                   6-8         1,513          83.8                1992           58                3             25
McCleskey                  6-8           858          34.8                1983           48                3              5
Mabry                      6-8           882          22.0                1978           68                3              0
Palmer                     6-8         1,264          43.1                2001           66                4              1
Pine Mt.                   6-8         1,212          39.7                1979           50                3             17
Simpson                    6-8           885          30.2                1988           47                4              2
Smitha                     6-8         1,292          21.8                1993           58                3             17
Tapp                       6-8         1,067          16.8                1975           64                4              1
Campbell                  9-12         2,093          45.4                1963          113                4              8
Harrison                  9-12         2,285          66.3                1991           91                4             11
Kell                      9-12         1,809          63.1                2002           95                4              0
Kennesaw Mtn              9-12         2,858          75.0                2000           98                4             15
Lassiter                  9-12         2,105          43.4                1981          107                4             10
McEachern                 9-12         3,304          68.1                1930          135                4             17
North Cobb                9-12         2,164          46.8                1957           96                4             26
Oakwood                   9-12           235          10.0                1944           24                2              2
Osborne                   9-12         1,560          38.7                1961          101                4              4
Pebblebrook               9-12         1,566          42.1                1963           94                4              0
Pope                      9-12         1,961          47.1                1987           92                4              0
South Cobb                9-12         2,005          51.0                1951           85                5             17
Sprayberry                9-12         1,766          41.3                1973          103                6              1
Walton                    9-12         2,533          43.3                1975           97                4             24
Wheeler                   9-12         1,807          48.4                1964           85                4              8
Barnes Center           Altrntv          455          28.7                1962           46                4              3
  (TLC, Central Alternative and Intensive English Program)
Hawthorne               Altrntv          165           6.2                1958           17               1               1
Fitzhugh Lee (3)        Altrntv     _____              7.0                1935           18               4               0
   TOTALS                           103,285        2,567.6                            5,651             343             493

(1) 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, to the facility.
(2) Special rooms include cafeterias, libraries, shops, gymnasiums, and auditoriums.
(3) Fitzhugh Lee enrollment is included with Hawthorne.
                                                                                                                    Concluded.
                                                                    122
COBB COUNTY SCHOOL DISTRICT
NUMBER OF HIGH SCHOOL GRADUATES AND
AVERAGE DAILY ENROLLMENT AND ATTENDANCE
LAST TWENTY FISCAL YEARS



                      Cobb County School District Average Daily Enrollment

     105,000
     100,000
      95,000
      90,000
      85,000
      80,000
      75,000
      70,000
      65,000
      60,000
      55,000
      50,000
           86

                 87

                       88

                             89

                                   90

                                         91

                                               92

                                                     93

                                                           94

                                                                 95

                                                                       96

                                                                             97

                                                                                   98

                                                                                          99

                                                                                                00

                                                                                                      01

                                                                                                            02

                                                                                                                  03

                                                                                                                        04

                                                                                                                              05
          19

                19

                      19

                            19

                                  19

                                        19

                                              19

                                                    19

                                                          19

                                                                19

                                                                      19

                                                                            19

                                                                                  19

                                                                                        19

                                                                                               20

                                                                                                     20

                                                                                                           20

                                                                                                                 20

                                                                                                                       20

                                                                                                                             20
                                                           Average    Average
                       Fiscal          Number of            Daily       Daily   Attendance
                       Year            Graduates          Enrollment Attendance Percentage
                       1986              3,814             58,867                54,925              93.30%
                       1987              3,922             62,251                57,892              93.00%
                       1988              4,505             64,205                60,745              94.61%
                       1989              4,322             65,009                60,732              93.42%
                       1990              3,745             66,370                62,188              93.70%
                       1991              3,730             68,915                64,864              94.12%
                       1992              4,044             71,835                67,615              94.13%
                       1993              4,291             74,339                69,855              93.97%
                       1994              4,049             77,045                72,899              94.62%
                       1995              4,381             79,759                75,388              94.52%
                       1996              4,511             82,291                77,387              94.04%
                       1997              4,740             84,803                80,165              94.53%
                       1998              4,801             87,366                82,662              94.62%
                       1999              5,022             90,290                85,219              94.38%
                       2000              5,323             92,607                87,594              94.59%
                       2001              5,541             95,116                89,913              94.53%
                       2002              5,756             97,066                92,090              94.87%
                       2003              6,015             97,009                93,725              96.61%
                       2004              5,928             101,584               96,795              95.29%
                       2005              6,267             103,061               98,567              95.64%

                                                                     123
COBB COUNTY SCHOOL DISTRICT
ACTIVE ENROLLMENT BY GRADE LEVEL
LAST TEN FISCAL YEARS



                                                Active Enrollment By Grade Level
 120,000



 100,000



  80,000                                                                                                           Special Ed
                                                                                                                   Grade 12
                                                                                                                   Grade 11
  60,000                                                                                                           Grade 10
                                                                                                                   Grade 9
                                                                                                                   Grade 8
                                                                                                                   Grade 7
  40,000
                                                                                                                   Grade 6
                                                                                                                   Grade 5
                                                                                                                   Grade 4
  20,000                                                                                                           Grade 3
                                                                                                                   Grade 2
                                                                                                                   Grade 1
       0                                                                                                           Grade K
        1996      1997         1998     1999       2000       2001        2002     2003     2004*         2005




Fiscal Grade   Grade Grade Grade Grade Grade Grade Grade Grade Grade Grade Grade Grade Special
       Pre-K
Year and K       1       2        3       4        5        6       7       8       9      10      11       12      Ed.    Total
 1996 6,733    6,775   6,579    6,710   6,333    6,421    6,289   6,331   6,049   6,160   5,396   4,841    4,228   2,742    81,587
 1997 6,641    7,039   6,877    6,766   6,787    6,444    6,482   6,321   6,327   6,390   5,775   4,959    4,448   2,991    84,247
 1998 6,498    7,003   7,232    7,036   6,831    6,915    6,460   6,537   6,423   6,882   5,874   5,273    4,634   3,156    86,754
 1999 6,807    6,936   7,246    7,387   7,213    6,948    6,931   6,543   6,637   6,821   6,182   5,547    4,915   3,560    89,673
 2000 6,876    7,193   7,161    7,464   7,578    7,400    7,115   7,026   6,695   7,310   6,185   5,717    5,052   3,314    92,086
 2001 7,065    7,263   7,532    7,428   7,730    7,873    7,503   7,176   7,124   7,275   6,679   5,844    5,325   3,065    94,882
 2002 7,028    7,452   7,406    7,609   7,532    7,780    7,740   7,574   7,291   7,782   6,849   6,430    5,611   2,896    96,980
 2003 8,026    6,997   7,325    7,291   7,481    7,524    7,426   7,436   7,234   7,773   7,148   6,316    6,032   3,000    97,009
2004* 9,077    7,576   7,522    7,823   7,767    8,021    7,902   8,206   8,286   8,555   7,512   6,912    6,190           101,349
 2005 9,255    7,750   7,764    7,766   7,972    7,977    8,130   8,071   8,287   9,114   7,610   6,926    6,663           103,285

*2004 data collection procedures changed to include Special Education students in respective grade level




                                                              124
COBB COUNTY SCHOOL DISTRICT
SCHOOL LUNCH AND BREAKFAST PROGRAM
LAST TEN FISCAL YEARS


                                                                     Meals Served
 11,000,000
 10,500,000
 10,000,000
  9,500,000
  9,000,000
  8,500,000
  8,000,000
  7,500,000
  7,000,000
  6,500,000
  6,000,000
  5,500,000
  5,000,000
  4,500,000
  4,000,000
  3,500,000
  3,000,000
  2,500,000
  2,000,000
  1,500,000
  1,000,000
    500,000
          0
              1996        1997            1998             1999             2000             2001             2002            2003            2004            2005

                                                                              Lunch        Breakfast




                     1996          1997            1998           1999             2000             2001             2002        2003            2004            2005
Lunch Meals Served:
 Free              1,642,000     1,781,000       1,907,000     1,895,000       1,962,000        2,058,000        2,552,000      2,743,000       3,367,000       3,951,000
 Reduced             393,000       457,000         488,000       588,000         612,000          655,000          785,000        858,000         827,000         845,000
 Paid              6,802,000     6,423,000       5,840,000     5,783,000       5,605,000        5,778,000        6,410,000      5,916,000       5,943,000       5,973,000
   Total           8,837,000     8,661,000       8,235,000     8,266,000       8,179,000        8,491,000        9,747,000      9,517,000      10,137,000      10,769,000
 Daily Average        49,000        48,000          46,000        46,000          45,000           47,000           54,000         53,000          56,000          60,000
 Student Price    $1.05-$1.30    $1.05-$1.30     $1.05-$1.30   $1.20-$1.40     $1.20-$1.40      $1.35-$1.60     $1.35-$1.60     $1.50-$1.75     $1.60-$1.85    $1.60-$1.85


Breakfast Meals Served:
 Free                414,000       563,000         586,000        681,000        698,000          781,000          994,000      1,010,000       1,193,000       1,482,000
 Reduced              52,000        79,000          78,000        117,000        131,000          144,000          188,000        198,000         170,000         180,000
 Paid                170,000       203,000         130,000        194,000        221,000          283,000          312,000        314,000         317,000         342,000
   Total             636,000       845,000         794,000        992,000      1,050,000        1,208,000        1,494,000      1,522,000       1,680,000       2,004,000
 Daily Average          4,000        5,000           4,000          5,000          6,000            7,000            8,000          8,000          10,000          11,000
 Student Price           $0.80         $0.80           $0.80         $0.80     $0.90-$1.15      $0.90-$1.15     $0.90-$1.15     $1.00-$1.15           $1.00          $1.00


Total Meals Served:
 Free               2,056,000    2,344,000       2,493,000     2,576,000       2,660,000        2,839,000        3,546,000      3,753,000       4,560,000       5,433,000
 Reduced              445,000      536,000         566,000       705,000         743,000          799,000          973,000      1,056,000         997,000       1,025,000
 Paid               6,972,000    6,626,000       5,970,000     5,977,000       5,826,000        6,061,000        6,722,000      6,230,000       6,260,000       6,315,000
   Total            9,473,000    9,506,000       9,029,000     9,258,000       9,229,000        9,699,000       11,241,000     11,039,000      11,817,000      12,773,000
 Daily Average         53,000       53,000          50,000        51,000          51,000           54,000           62,000         61,000          66,000          71,000




                                                                              125
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COBB COUNTY SCHOOL DISTRICT
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED JUNE 30, 2005


                                                                      Federal Funds
                                                                       Received In        Federal
            Funding Agency                  CFDA        Awards         Period (Net       Revenue        Expenditures
            Program/Grant                   Number     In Period       Of Refunds)       In Period       In Period


Agriculture, U.S. Department of,
 Through Georgia Department of Education
 Food and Nutrition Program:
   Food Services:
     Food Distribution Program           10.550      $ 1,699,952.41   $ 1,699,952.41   $ 1,699,952.41   $ 1,699,952.41
     National School Breakfast Program   10.553        2,411,954.86     2,411,954.86     2,411,954.86     2,411,954.86
     National School Lunch Program       10.555       11,922,606.44    11,922,606.44    11,922,606.44    11,922,606.44

Total U.S. Department of Agriculture                 $16,034,513.71   $16,034,513.71   $16,034,513.71   $16,034,513.71

Education, U.S. Department of,
   Foreign Language Assistance             84.293B     $150,610.00       $89,137.00      $120,633.62      $120,633.62
  Small Learning Communities Grant         84.215L      100,000.00        17,622.79        36,655.34        36,655.34
  Title IV, Mentoring Grant                84.184B      225,343.00        68,450.00        87,653.59        87,653.59

 Through Georgia Department of Education:
  Title I-A, Local Education Agencies       84.010    12,846,732.00    10,835,585.49    11,071,709.30    11,071,709.30
  Title I-A, School Improvement             84.010       192,000.00       145,719.33       173,341.45       173,341.45
  Title I-A, Distinguished School           84.010        40,560.00        40,546.37        40,546.37        40,546.37
  Special Education Grants:
    Title VI-B Flow Through                 84.027    23,830,236.00    20,027,597.40    20,358,344.39    20,358,344.39
    Special Projects                        84.027       596,064.00       165,000.00       410,139.64       410,139.64
    Part C                                  84.027       813,251.00       598,878.14       570,887.46       570,887.46
  Vocational Education-Basic Grant          84.048       751,770.00       806,562.00       751,770.00       751,770.00
  Special Education-Preschool Grants        84.173       589,331.00       536,946.08       565,406.62       565,406.62
  Drug-Free Schools                         84.186       503,341.00       483,349.06       412,046.71       412,046.71
  Education for Homeless Children           84.196       106,207.00       140,890.84        92,670.49        92,670.49
  Charter Schools Implementation            84.282       231,792.00       204,425.00       201,486.50       201,486.50
  Federal, State and Local Partnerships for
    Educational Improvement-Title V-A
    State Block Grants:
       Innovative Education Program         84.298       443,711.00       612,077.35       375,065.74       375,065.74
  Title II-D, Enhancing Ed Thru Tech.       84.318       308,988.00       297,643.81       248,455.26       248,455.26
  Comprehensive School Reform Demo 84.332                455,284.00       382,588.16       409,102.77       409,102.77
  Title III-A, Limited English Proficient 84.365       1,378,989.00     1,410,980.29     1,130,452.81     1,130,452.81
  Title II-B, Math and Science Partner      84.366        57,472.00        24,350.00        24,357.68        24,357.68
  Title II-A, Improving Teacher Quality     84.367     2,493,403.00     2,628,979.90     2,200,231.63     2,200,231.63
  Refugee School Impact Grant               93.576        77,620.00        77,619.00        77,619.00        77,619.00
  HHS Aids Education Grant                  93.938           987.00             0.00           987.00           987.00

                                                                                                          Continued---




                                                            130
COBB COUNTY SCHOOL DISTRICT
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED JUNE 30, 2005


                                                                    Federal Funds
                                                                     Received In        Federal
           Funding Agency                 CFDA        Awards         Period (Net       Revenue        Expenditures
           Program/Grant                  Number     In Period       Of Refunds)       In Period       In Period
 Through Georgia Department of Technical
  and Adult Education:
    Adult Education                      84.002       720,728.00       623,195.30       709,489.02       709,489.02

 Through Pioneer Regional Educational
  Services Agency (RESA)
   Title I, Migrant Education            84.011         34,558.00        30,718.22        29,630.34        29,630.34


Total U.S. Department of Education                 $46,948,977.00   $40,248,861.53   $40,098,682.73   $40,098,682.73

Health & Human Resources, U.S. Department of,

 Through University of Rochester:
  Mental Health Research Grant           93.242       $30,121.00             $0.00      $19,361.40       $19,361.40

 Through Ninth District Opportunity, Inc.
    Head Start                            93.600      911,777.00       886,119.07       828,375.66       828,375.66

Total U.S. Dept. of Human Resources                  $941,898.00      $886,119.07      $847,737.06      $847,737.06

Other Federal Assistance:

Defense, U.S. Department of,
 R.O.T.C. Program                                   $1,045,298.71     $997,429.48      $997,429.48      $997,429.48


TOTAL FEDERAL AWARDS                               $64,970,687.42   $58,166,923.79   $57,978,362.98   $57,978,362.98




                                                          131
COBB COUNTY SCHOOL DISTRICT
NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
JUNE 30, 2005




Note 1.   Basis of Presentation

          The accompanying schedule of expenditures of federal awards includes the federal
          grant activity of the Cobb County School District and is presented on the modified
          accrual basis of accounting. The information in this schedule is presented in accordance
          with the requirements of OMB Circular A-133, Audits of States, Local Governments
          and Non-Profit Organizations. Therefore, some amounts presented in this schedule
          may differ from amounts presented in, or used in the preparation of, the general
          purpose financial statements.




                                                 132
COBB COUNTY SCHOOL DISTRICT
ILLUSTRATIVE SCHEDULE OF FINDINGS AND QUESTIONED COSTS
JUNE 30, 2005



Section I. - Summary of Auditors'Results

Financial Statements

Type of auditors' report issued:                                               Unqualified
Internal control over financial reporting:
                    Material weakness(es) identified?                              No
                    Reportable condition(s) identified not considered to be
                       material weakness(es)?                                 None Reported

Noncompliance material to financial statements noted?                              No

Federal Awards

Internal control over major programs:
                    Material weakness(es) identified?                              No
                    Reportable condition(s) identified not considered to be
                      material weakness(es)?                                       No

Type of auditors' report issued on compliance to major programs:               Unqualified

Any audit findings disclosed that are required to be reported in
 accordance with Circular A-133, Section .510(a)?                                  No

Identification of Major Programs:

CFDA Numbers Name of Federal Program
      10.550        Food Distribution Program
      10.553        National School Breakfast Program
      10.555        National School Lunch Program
      84.010        Title I
      84.027        Title VI B, Part C, Psycho-Educational VI B
      84.173        Special Education - Federal Preschool
      84.367        Title II A
Dollar threshold used to distinguish between Type A and
 Type B programs                                                               $1,721,159

Auditee qualified as low-risk auditee?                                            Yes

                                                                                             Continued---



                                                          133
COBB COUNTY SCHOOL DISTRICT
ILLUSTRATIVE SCHEDULE OF FINDINGS AND QUESTIONED COSTS
JUNE 30, 2005




Section II. - Financial Statement Findings

                  No Financial Statement findings were reported.



Section III. - Federal Award Findings and Questioned Costs

                  No Federal Award findings were reported.




                                                                   Concluded.




                                                      134
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