The Cobb County Board of Education approved a $944 million budget for Fiscal Year 2016 during its May 28, 2015 meeting, funding a full 180-day school year. The new budget includes no furlough days, a 4 percent raise for all employees and also provides for full step pay increases for all eligible employees. Fiscal Year 2016 begins July 1, 2015 and runs through June 30, 2016.
The FY2016 General Fund Budget includes $924,876,857 in revenue and $944,876,857 in expenditures. The budget is based on a predicted enrollment of 111,751 students. The district’s careful implementation of significant budget reductions over the past years, along with prudent financial management, has left the district in a better financial position than many had anticipated. As a result, the district plans to use $20.0 million in revenue reserve to offset the shortfall in revenue. The Cobb County School District has remained debt free since the last principle and interest payment was made on January 31, 2007.
After several years of economic downturn, CCSD is starting to experience a rebound in our two primary revenue streams – state funding and local property tax collections. State of Georgia Quality Basic Education (QBE) revenue provides approximately 50.44% of Cobb’s revenue from predetermined formulas. The revenue related to these formulas is calculated based on the total number of students. Local Property Tax Revenue generates approximately 49.08% of Cobb’s revenue. The value of property in Cobb is taxed using a tax rate called millage. The Board of Education is responsible for setting the millage tax rate each year. Taxpayers in Cobb have enjoyed some of the lowest taxes in Metro Atlanta during this time period.
“As stewards of taxpayer dollars, we have carefully and responsibly prepared the FY2016 Budget.” says CCSD Superintendent Chris Ragsdale. “This budget reflects the mission of the Cobb County School District to provide teaching and other appropriate educational services. The mandates for improving education services coupled with the large student population place significant challenges upon the budget to maintain spending controls. The Budget is a prudent plan that balances the many needs of our students with the economic realities of our community.”
Detailed information and documentation about the approved Fiscal Year 2016 Budget and development process are available under the Finance and Budget section of the Cobb County School District website: www.cobbk12.org.
Reprinted from the August 2015 issue of EAST COBBER. Read our August issue HERE.
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