Orange County NC Website
1 <br /> ORD-2012-052 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: November 20, 2012 <br /> Action Agenda <br /> Item No. 5-g <br /> SUBJECT: Application for North Carolina Education Lottery Proceeds for Orange County <br /> Schools (OCS) and Contingent Approval of Budget Amendment#4-A Related <br /> to OCS Capital Project Ordinances <br /> DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. Orange County Schools— Clarence Grier, (919) 245-2453 <br /> Lottery Proceeds <br /> Application <br /> PURPOSE: To approve an application to the North Carolina Department of Public Instruction <br /> (NCDPI) to release funds from the NC Education Lottery account related to FY 2012-13 debt <br /> service payments for Orange County Schools, and to approve Budget Amendment #4-A <br /> (amended School Capital Project Ordinances) contingent on the State's approval of the <br /> application. <br /> BACKGROUND: Both School Systems have previously presented approved resolutions from <br /> their respective Boards requesting that the County modify its Capital Funding Policy by applying <br /> accumulated lottery funds for debt service payments and permitting current year withdrawals <br /> immediately after the State's quarterly lottery fund allocations. This expedites both the <br /> application process and the receipt of funds for the school systems. <br /> Currently, the accumulated available lottery funds for Orange County Schools (OCS) is <br /> $237,735. The attached application requests the State to release lottery funds of $230,000 to <br /> cover debt service for the Orange County Schools system. <br /> Budget Amendment #4-A provides for the receipt of the Lottery Funds, contingent on State <br /> approval of the application, and substitutes the amount of Lottery Funds approved for debt <br /> service as additional Pay-As-You-Go (PAYG) funds for FY 2012-13 for OCS capital needs and <br /> projects, and amends the budgets for the following OCS capital projects: <br />