Press Release

Cobb School Board Approves FY2008 Budget
Includes pay increase for all employees, reduced tax rate

Culminating 13 hours of public discussions and work sessions over two months, the Cobb County Board of Education has approved a balanced Fiscal Year 2008 budget that will improve educational programs while reducing the tax rate for property owners.

The FY2008 general fund budget, approved unanimously at the June 28, 2007 regular board meeting, anticipates $908,820,771 in revenue and the same in expenditures. Budgeted revenues represent an increase of 6.2 percent, while budgeted expenditures represent an increase of 4.7 percent. The budget provides for a 2.5 percent pay increase for teachers and all other district employees, adds 415 teacher positions, sets the District’s reserve fund at $83.9 million, and is based on a predicted enrollment of 106,347 students. Other highlights of the FY2008 budget include:

• $2.3 million to increase the teacher salary scale and strengthen Cobb’s
    competitive ability to attract and retain the best and brightest teachers;
• Increasing crossing guard salaries 15 percent;
• Adding 32 custodial positions;
• Providing for a textbook inventory system;
• Increasing funding for classroom supplies;
• Upgrading audio and video equipment for the Board room and Cobb edTV to
    facilitate the transition to live broadcast of Board of Education meetings;
• Materials and software for multiple educational programs;
• The following breakdown of revenue sources: Local taxes 52.63 percent;
    State 46.65 percent; Federal .72 percent.

“The approval of this budget is good news for Cobb County taxpayers,” said Board of Education Chairman Lindsey Tippins. “Property owners will see a reduction in their tax rate, and we were able to approve a balanced budget that includes a pay increase for all employees and a strengthened teacher salary scale. Overall, we are in a strong financial position as a district. I am proud of the effort and many hours our school board and district staff have dedicated to crafting this budget.”

In February 2007, the school board used $184 million in SPLOST funds to pay off the last remaining debt from school construction bonds that had been issued in 1995. With that long-standing debt now eliminated, the school board can likewise eliminate the .9 mil tax rate established for payment of the bond debt. The budget approved Thursday also includes a .1 mil cut in the general fund tax rate, bringing the total combined rollback to 1 mil. The tax cut will result in a millage of 18.9, a savings of $65 for the owner of a house assessed at $165,000 (Cobb County average). The school board is expected to approve the final millage rate in July.

Details of the FY2008 Cobb County School District budget, as well as video presentations from its development, are available online at http://www.cobbk12.org/finance/budget.htm.