The Cobb County Board of Education (Board) shall annually adopt a budget according to the laws of the State of Georgia and the regulations of the State Board of Education. The budget shall be adopted at a public meeting of the Board.

Furthermore, the Board expects the Superintendent to assure that the Cobb County School District (District) maintains a multi-year financial plan and to establish financial guidelines and procedures that:

▪   Protect the District’s fiscal soundness; and

▪   Support the fulfillment of the District’s priorities.

A. FINANCIAL PLANNING:

    1. Financial planning for any fiscal year or the remaining part of any fiscal year will:

       a. Clearly and directly support the District’s priorities as established in the District

           Strategic Plan, in response to student achievement data, and by Board Policy DA

           (Fiscal Management Goals and Objectives);

       b. Insure the District’s fiscal soundness;

       c. Support the fulfillment of the District’s multi-year financial plan;        

       d. Fulfill the requirements of Board Policy SD-6 (Fiscal Accounting and Reporting);

       e. Contain sufficient information to enable credible projections of revenues and

           expenses;

       f. Disclose planning assumptions for both the General Fund and the Bond Sinking

          Fund;

    2. Multi-Year Financial Plan:

        The multi-year financial plan shall:

        a. Include a minimum of a five-year forecast of revenues and expenses;

        b. Include a total projected obligation and cost of multi-year programs; and

        c. Be updated whenever necessary and:

           (1) Whenever significant change occurs in projected revenues or expenses; and  

           (2) No less than annually.

B. BUDGETING:

    1. General Provisions:

        The General Fund annual operation budget shall:

        a. Include no items as recurring General Fund expenditures which are funded with

            non-recurring revenue;

        b. Treat adjustments approved during the fiscal year as non-recurring expenditures;

        c. Calculate the best estimate of the financial condition of the General Fund in   

            subsequent years;

        d. Disclose any recurring expenditures in funds other than the General Fund that are

            funded from non-recurring project funds; and

        e. Stipulate the number of positions by Division and classification for the three prior

            years in a comparative format.

    2. Process:

        a. The District will utilize an annual budgeting process that includes:

            (1) A credible projection of revenues and expenses;

            (2) Separation of capital and operational items;

            (3) Cash flow;

            (4) Disclosure of planning assumptions upon which District leadership based its

                 planning;

            (5) Total projected obligation and cost of new and proposed multi-year programs;

                 and

            (6) Annual and remaining obligation and cost of existing multi-year programs.

        b. The District shall not create long-term obligations of employment, compensation, or

            benefits for employees, consultants, contract workers or volunteers, that extend

            beyond reliable revenue projections.

        c. The District shall not treat Board approved budget adjustments during the fiscal

            year as carry-overs to be included in the initial budget amount for the subsequent

            fiscal year. Rather, the subsequent fiscal year budget process shall:

            (1) Identify both the original amount included in the current year budget and the

                 amount of any adjustment approved by the Board during the current fiscal year;

                 and

            (2) Identify adjustments needed for recurring expenses as budget enhancements in

                 the subsequent fiscal year budget process.

    3. Public Notice:

        a. Advertisement:

            The Board shall advertise at least one time in a newspaper of general circulation in

            Cobb County the proposed budget for each fiscal year. The advertisement shall be

            made prior to the meeting of the Board of Education at which the District budget
            for the fiscal year is to be finally adopted and shall follow the form required by the

            State Board of Education.

          b. Hearings:

            Before the budget is officially adopted the Board shall hold a public hearing to

            explain the proposed budget and invite questions and discussion from the

            administration and public relative to the budget.

    4. Millage Rate:

         a. The Board shall annually recommend to the County Commissioners the tax millage

             for the county to be collected for school purposes only.

         b. The District’s annual budget shall limit operating expenses to an amount

             no greater than the revenues it projects to be generated by a

             property tax rate of 19 mils. 

Adopted: 8/26/04
Effective: 9/1/04
Revised: 1/27/05; 10/12/05; 3/23/06; 5/14/08