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Agenda - 10-04-2011 - 5g
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Agenda - 10-04-2011 - 5g
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Last modified
11/28/2011 2:33:09 PM
Creation date
11/28/2011 2:33:08 PM
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BOCC
Date
10/4/2011
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
5g
Document Relationships
Minutes 10-04-2011
(Linked From)
Path:
\Board of County Commissioners\Minutes - Approved\2010's\2011
ORD-2011-031 Application for NC Education Lottery Proceeds for Schools
(Linked From)
Path:
\Board of County Commissioners\Ordinances\Ordinance 2010-2019\2011
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o~~- aoi~-o3~ <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 4, 2011 <br />Action Agenda <br />Item No. ~_ <br />SUBJECT: Applications for North Carolina Education Lottery Proceeds for Chapel Hill - <br />Carrboro City Schools and Orange County Schools and Contingent Approval of <br />Budget Amendment #2-B Related to School Capital Project Ordinances <br />DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />INFORMATION CONTACT: <br />Attachment 1. CHCCS -Debt Service Clarence Grier, (919)245-2453 <br />Application <br />Attachment 2. OCS -Debt Service <br />Application <br />Attachment 3. CHCCS Board of <br />Education Resolution <br />Attachment 4. OCS Board of Education <br />Resolution <br />PURPOSE: To approve applications to the North Carolina Department of Public Instruction <br />(NCDPI) to release funds from the NC Education Lottery account related to FY 2011-12 debt <br />service payments for Chapel Hill -Carrboro City Schools and Orange County Schools, and to <br />approve Budget Amendment #2-B (amended School Capital Project Ordinances), contingent on <br />the State's approval of the applications. <br />BACKGROUND: Both School Systems have presented approved resolutions (see <br />Attachments 3 and 4) from their respective Boards requesting that the County modify its Capital <br />Funding Policy by applying accumulated lottery funds for debt service payments, and permitting <br />current year withdrawals immediately after the State's quarterly lottery fund allocations. This <br />expedites both the application process and the receipt of funds for the school systems. <br />Currently, the accumulated available lottery funds for Chapel Hill-Carrboro City Schools <br />(CHCCS) is $839,629, and $524,292 for Orange County Schools (OCS). The attached <br />applications request the State to release lottery funds to cover debt service for both school <br />systems. <br />Budget Amendment #2-B receives the Lottery Funds, contingent on State approval of the <br />applications, and substitutes the amount of Lottery Funds approved for debt service to both <br />districts as additional Pay-As-You-Go (PAYG) funds for FY 2011-12 for capital needs and <br />projects, and amends the budgets for the following school capital projects: <br />
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