The Cobb County School District Financial Services Division received the highest rewards in Financial Reporting from the Government Finance Officers Association (GFOA) and from the Association of Schools Business Officials International (ASBO)
The Financial Services Division Accounting Department has received the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting for the fiscal year ended 2018 and has also received the Association of School Business Officials International (ASBO International) Certificate of Excellence in Financial Reporting for the fiscal year ended 2018. These awards represent a significant achievement in the field of professional accounting, reflects the district’s continued commitment to transparency and high-quality financial reporting and insures that the district consistently follows best governmental finance best practices. Cobb Schools Finance has maintained a professional culture and environment of achievement for many years. Many school district finance operations don’t even attempt to attain this award where for Cobb Schools, the handling and reporting of taxpayer funds has always been of upmost importance and this is the 38th straight year that this department has received these awards.
Moody’s Investor Service assigned the Cobb County School District the highest Long Term and Short Term credit ratings in FY2019
For FY2019, Moody’s Investor’s Service (“Moody’s”) reviewed for indicative credit purposes the business fundamentals and financial condition of the Cobb County School District and reaffirmed its current
Triple A (Aaa) Credit Rating to the Cobb County School District (CCSD). The district first achieved this distinction several years ago in FY2015 and has maintained this credit rating every year. This reaffirmation of the highest credit rating available in the financial industry reflects the district’s sizable and diverse tax base in suburban Atlanta and a stable financial position, bolstered by formal operating and financial policies, conservative budgeting, proactive management and an above average pension burden, mitigated by the absence of any long-term debt.
For FY2019, Moody’s Investor Service also reviewed the district’s business fundamentals and financial condition and has also assigned a MIG1 (Municipal Investment Grade) Short Term Credit Rating to the Cobb County School District (CCSD). This designation is the highest short term credit rating in the financial industry and denotes superior credit quality. The MIG1 standard reflects the district’s excellent credit protection afforded by established cash flows and highly reliable liquidity support.
Credit ratings represent the credit worthiness of corporations and government entities. In investment, the credit ratings are published by credit rating agencies and used by investment professionals to assess the likelihood a debt can be repaid. Ratings play a critical role in determining how much companies and government entities that issue debt have to pay to access credit markets. Ratings determine borrowing costs and the amount of interest they pay on their issued debt. A Credit rating is also an indicator of an organization’s skill and experience with regard to financial operations including budgeting & forecasting, cash management, financial reporting, accounting and financial management. The Credit rating industry is highly concentrated with the two largest rating agencies, Moody’s Investors Service and Standard & Poor’s having roughly 80% market share globally.
It is extraordinarily difficult to achieve and maintain a Aaa rating. An evaluation of state governments reveals that out of the 50 states in the US, only 15 states (30%) currently hold a AAA Credit Rating.
It is even more difficult for public school districts to achieve a Aaa rating because of limited diversity in General Fund revenue streams and limited flexibility to cut services because students in public schools have to receive an education. By contrast, cities and counties have a wider range of revenue options and have more flexibility in their expenditure budgets.
Employee Online Earnings Statement Paystubs
The Cobb County School District features online earnings statement paystubs. All employees will be required to utilize this option in place of the paper paystubs that are delivered to employees each pay period. Employees will need to logon from the District website from any computer with internet access to view and/or print your online earnings statement paystub. If you have questions, please contact the CCSD Help Desk.
Required Employee Participation in Direct Deposit or Payroll CashPay Card
The Cobb County Board of Education mandates that all full-time and part-time employees must receive their paychecks through Direct Deposit or electronic CashPay Card. If you have questions, please contact the Payroll Department at 770 426-3311.