Comprehensive Annual Financial Report - Cobb County

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COBB COUNTY, GEORGIA INDEX TO NOTES TO FINANCIAL STATEMENTS September 30, 2007 Note Page Note Title Number Number Arbitrage Liability 20 71 Budgetary Information 2 40-42 Capital Assets 5 46-47 Capital Contributions 21 72 Cash and Cash Equivalents and Investments 3 42-44 Closure and Postclosure Care Costs 22 72 Contingent Liabilities 15 64 Deferred Compensation Plan 16 65 Deficit Fund Balances/Retained Earnings of Individual Funds 14 64 Due From Other Governments and Agencies 17 65-66 Employee Retirement System 19 67-71 Fund Balances/Retained Earnings Reserves and Designations 10 60-61 Hotel/Motel Lodging Tax 23 73 Interfund Balances and Transfers 12 61-62 Joint Venture 25 73 Leases 7 48-50 Long-Term Debt 8 50-59 Other Commitments 24 73 Post Employment Health Care Benefits 18 67 Property Taxes 11 61 Related Organization 26 73 Restricted Assets 4 45 Risk Management 6 47-48 Segment Information – Nonmajor Enterprise Funds 13 63-64 Short-Term Tax Anticipation Notes 9 59 Summary of Significant Accounting Policies 1 33-40 32
COBB COUNTY, GEORGIA NOTES TO FINANCIAL STATEMENTS September 30, 2007 Note 1. Summary of Significant Accounting Policies The financial statements of Cobb County, Georgia have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the government’s accounting policies are described below. A. Reporting Entity The financial statements of the reporting entity include those of Cobb County, Georgia (the primary government) and its component units. The component units discussed below are included in the reporting entity because the Cobb County Board of Commissioners, directly or indirectly, appointed a majority of the component units’ board members and/or a financial benefit/burden relationship exists between the component units and the County. In conformity with generally accepted accounting principles, as set forth in the Statement of Governmental Accounting Standards No. 14, “The Financial Reporting Entity”, which was adopted by the County as of October 1, 1994, the financial statements of the component units have been included as discretely presented component units. The discretely presented component units are reported in separate columns in the government-wide statements to emphasize they are legally separate from the primary government. Information presented for the Cobb-Marietta Coliseum and Exhibit Hall Authority and the Cobb County Board of Health are as of and for the year ended September 30, 2007 and June 30, 2007, respectively. A brief description of the discretely presented component units is as follows: 1. Cobb-Marietta Coliseum and Exhibit Hall Authority The Authority is a corporate and political body created and existing under the laws of the State of Georgia. The fiscal year end is September 30. The Authority was established for the general purpose of developing and promoting cultural growth, public welfare, education and recreation. The Authority operates and maintains a multi-use exhibit hall and convention facility, a performing arts centre, and a specialty mall in Cobb County. A majority of the Authority’s board members are appointed, either directly or indirectly, by the Cobb County Board of Commissioners. The Authority is prohibited from issuing bonded debt without the approval of the Board of Commissioners. 2. Cobb County Board of Health The Cobb County Board of Health was created by a state legislative act. During the fiscal year ended June 30, 2007, it operated under an eight member board and a full-time executive director. The Board of Health was established to provide various health related programs such as immunization, family planning, dental treatment, and nutrition services. The members of the board are jointly appointed by the County Commissioners, one municipality and two school districts. The Board of Health’s operational budget must be approved by the Board of Commissioners. Complete financial statements of the discretely presented component units can be obtained directly from their administrative offices. The addresses for the administrative offices are as follows: Cobb-Marietta Coliseum and Cobb County Board of Health Exhibit Hall Authority 1650 County Services Parkway Two Galleria Parkway Marietta, Georgia 30008 Atlanta, Georgia 30339 33
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COBB COUNTY, GEORGIA Comprehensive
Page 3 and 4: Metro Atlanta ACWORTH KENNESAW MARI
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Page 10 and 11: Cobb’s population has grown 11.8%
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Page 17 and 18: Helen Goreham Commissioner District
Page 19 and 20: Financial Section The Financial Sec
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Cobb County, Georgia All Nonmajor G
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Cobb County, Georgia Nonmajor Gover
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Cobb County, Georgia Debt Service F
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Cobb County, Georgia Community Serv
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Cobb County, Georgia Hotel/Motel Ta
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Cobb County, Georgia Parking Deck F
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Cobb County, Georgia Nonmajor Busin
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Cobb County, Georgia Agency Funds C
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Cobb County, Georgia General Fund S
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Statistical Section The Statistical
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Cobb County, Georgia Net Assets by
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Business-type activities: Miscellan
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Cobb County, Georgia Changes in Fun
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Residential Property Fiscal Year As
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Cobb County, Georgia Principal Prop
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Cobb County, Georgia Ratios of Gene
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Cobb County, Georgia Legal Debt Mar
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Water and Sewer Bonds: Direct Net R
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Cobb County, Georgia Demographic an
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Cobb County, Georgia Full-time Equi
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Fiscal Year Function/Program 2007 2
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Cobb County, Georgia Road Sales Tax
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0BMB Moore ^ CunLedê, LLP Certifie
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Cobb County, Georgia Schedule of Fi
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Cobb County, Georgia Schedule of Ex
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Cobb County, Georgia Schedule of Ex
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Cobb County, Georgia Notes To Sched
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Finance Department 100 Cherokee St.
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Comprehensive Annual Financial Report - Cobb County

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