Cobb County School District uses fiscally conservative principles of finance to achieve three of the strongest credit ratings in the nation, ultimately providing more value and reducing the tax burden for its citizens. Host David Owen invites Chief Financial Officer Brad Johnson to discuss the intricacies of managing a $1.6 billion budget and the various departments within finance that ensure accountability and transparency. Johnson highlights the importance of stringent internal controls, the separation of purchasing and finance duties, and the significant role of employee salaries in budget allocations. The conversation also covers the district's proactive approach to economic downturns, including the management of idle funds through strategic investments. With over 40 years of awards and a decade without audit findings, Cobb County's finance team demonstrates a commitment to excellence that directly benefits students, teachers, and taxpayers alike.

Chapters:

• 00:00 - Funding Student Success in Cobb
• 01:50 - Understanding Cobb School District's Financial Management
• 05:12 - Understanding the Budget Cycle
• 13:59 - The Impact of Financial Management in Cobb Schools
• 18:20 - Financial Accountability and Audits

Guest: Brad Johnson, Chief Financial Officer

Useful links from the podcast:

• Cobb Schools Finance Dashboard
• Financial Services

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Cobb Schools on YouTube:

http://www.youtube.com/@TheRealCobbSchools

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https://cobb-sports.captivate.fm/episodes

The Cobb County School District:

https://www.cobbk12.org

Takeaways:

• Cobb County School District has a $1.6 billion budget that prioritizes classroom instruction over administrative costs.
• The finance department employs only ten people to manage payroll for over 19,000 employees, showcasing efficiency.
• Cobb's fiscal conservatism has led to three AAA credit ratings, unmatched by other public school districts.
• The budget cycle begins in October and ends with board approval in May, ensuring transparency.
• Over 94% of the district's budget is spent on salaries and benefits for educators and staff.
• Cobb County has not had an audit finding in ten years, demonstrating robust financial practices.

Companies mentioned in this episode:

• Georgia Municipal Association
• Moody's
• Standard and Poor's
• Kroll