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Comprehensive Annual Financial Report - Cobb County

Comprehensive Annual Financial Report - Cobb County

COBB COUNTY GOVERNMENT

COBB COUNTY GOVERNMENT Management’s Discussion and Analysis For the Fiscal Year Ended September 30, 2007 Nonmajor Funds: Special Revenue Funds The County uses Special Revenue Funds to account for the collection and disbursement of specific revenues that are legally restricted to expenditures for specified purposes. Included in this classification are: Law Library Fund, Community Services Fund, Grant Fund, Housing and Urban Development Grant Fund, Cobb Senior Services Fund, Hotel/Motel Tax Fund, Emergency 911 Fund, Parking Deck Facility Fund and the 800 MHz Fund. Nonmajor Special Revenue Funds’ operating revenue totaled $42.3 million for the fiscal year ended September 30, 2007. Total revenues decreased by $0.1 million (0.2%). Operating expenditures of the nonmajor Special Revenue Funds totaled $51.4 million for FY07. Total Nonmajor Special Revenue Funds’ expenditures decreased by $2.6 million (4.8%). The decrease in expenditures is primarily in the 800 MHz Fund because the majority of the Phase II radios were purchased in FY06. The unreserved-undesignated fund balances of the nonmajor Special Revenue Funds totaled $7.6 million. This was an increase of $5.9 million from FY06. Debt Service Fund The Debt Service Fund reflects the accumulation of monies for, and the payment of, principal and interest on all General Obligation Debt other than that issued specifically for enterprise activities. The Debt Service Fund has a total fund balance of $9.4 million, all of which is reserved for the payment of debt service. Capital Projects Funds The County uses Capital Projects Funds to account for the acquisition, construction and improvement of major capital projects that are not financed by Proprietary Funds. The proceeds of General Obligation Bond issues and sales tax revenue are accounted for in the Capital Projects Funds until improvement projects are completed. There are three nonmajor Capital Projects Funds: the Road Sales Tax Extension 1994 Fund, Parks Bond Fund and the Public Facilities Fund. The nonmajor Capital Projects Funds overall fund balance is $70.9 million of which $44.8 million is designated for specific construction and improvement projects and capital acquisitions and $26.1 million is reserved for encumbrances. Operating expenditures exceeded operating revenues by $39.5 million which was offset by a transfer in of $35.0 million and a transfer out of $2.4 million. These expenditures represent ROW acquisitions, engineering, construction costs and sidewalks in the 1994 Road Sales Tax Extension Fund. In the Public Facilities Fund, the primary expenditures are accounted for in the new Voice-Over IP project, the new Community Development Business Application System, the replacement equipment for the 800 MHz Phase 3 Program, street resurfacing and intersection improvement projects and county building construction and renovation projects. Expenditures exceeded revenues for the 1994 Road Sales Tax Extension Fund because we are continuing to complete the projects approved for this fund. The revenues generated from the 1994 SPLOST were collected for four years, but many of the road projects take several years to complete once the construction begins. Proprietary Funds The activities of the County that render services to the general public on a user charge basis, or that require periodic determination of revenues for public policy are accounted for as Proprietary Funds. The Proprietary Fund statements provide the same type of information found in the government-wide financial statements, but in more detail. 12

COBB COUNTY GOVERNMENT Management’s Discussion and Analysis For the Fiscal Year Ended September 30, 2007 Major Funds: Water and Sewer Fund The Water and Sewer Fund accounts for the operation of the water distribution system and sewage processing plants. Unrestricted net assets of the Water and Sewer Fund at the end of the year amounted to $75.1 million. Total net assets increased $43.5 million in FY07. Solid Waste Disposal Fund The Solid Waste Disposal Fund accounts for the operation of the County’s public landfills and solid waste processing. The County’s Solid Waste Disposal Facility generated an inception-to-date net loss of $53.5 million; however, they generated a net gain of $3.1 million in FY07 due to a 16.6% decrease in depreciation expense and a 6.2% increase in operating revenues. According to GASB Statement No. 18, once a landfill stops accepting waste, it is required to be closed and the liability of closure and post-closure is recorded as of the balance sheet date even though the expenses will be paid out over 30 years. Nonmajor Funds: The Cobblestone Golf Course Fund accounts for the operations and maintenance of the County’s golf course. It ended FY07 with a net income from operations of $0.6 million. However, overall net income (including non-operating revenues and expenses) was $0.4 million for FY07. Net assets totaled $2.5 million. The number of rounds of golf decreased 1.2% from the prior year and contributed to a slight decrease of 0.7% in revenues. The Public Transit System Fund accounts for the operation of the local public transit system through user fees and funds received from the Federal Transit Authority and the Georgia Department of Transportation. The Public Transit System Fund’s operating revenue increased $0.1 million (3.4%) from FY06 and total operating expenses increased by $1.5 million (9.9%). Net assets totaled $42.6 million at the end of the fiscal year. General Fund Budgetary Highlights Cobb County operated under an annual balanced budget (budgeted revenues equal budgeted expenditures), which is adopted by resolution and administered in accordance to State law. The legal level of control (the level at which expenditures may not legally exceed appropriations) for each legally adopted annual operating budget is at the category level within departments. The most significant budgeted fund for the County is the General Fund. The Board of Commissioners amended the General Fund budget throughout FY07. These amended budget appropriations totaled $17.1 million. The most significant expenditure amendments are summarized as follows: General government: ♦ A $6.3 million increase in Judicial, allocated to various departments for increased personnel services, operating expenditures and capital outlay. ♦ A $1.1 million increase in the personnel services of the Executive and Administrative departments. These changes to the budget were a result of the 4% merit increases for eligible employees as well as the implementation of Phase I of the Compensation and Classification System Study which adjusted pay classifications and salary ranges. ♦ A $1.1 million increase in General Administration for contributions to the National Park Service for a land purchase, the City of Acworth for a Special Needs field, and the Friends of the Strand, Inc. for renovation of the theater. ♦ A $1.4 million increase in Information Services for fund balance reserve appropriations to allocate funds to be used for a Web Development program. ♦ A $.6 million increase in Finance for fund balance reserve appropriations towards the Advantage Financial and Human Resources Software upgrade. ♦ A $.4 million increase in Purchasing as a carry forward for several dump trucks, a police vehicle, and a bucket truck. 13

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