Orange County NC Website
Browse       Search
ORD -2014 -014 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: April 1, 2014 <br />Action Agenda <br />Item No. 6 -f <br />SUBJECT: Application for North Carolina Education Lottery Proceeds for Chapel Hill — <br />Carrboro City Schools (CHCCS) and Contingent Approval of Budget <br />Amendment # 6 -13 Related to CHCCS Capital Project Ordinances <br />DEPARTMENT: Financial Services PUBLIC HEARING: (Y /N) No <br />ATTACHMENT(S): <br />Attachment 1. CHCCS — Debt Service <br />Application <br />INFORMATION CONTACT: <br />Clarence Grier, (919) 245 -2453 <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 2013 -14 debt <br />service payments for Chapel Hill — Carrboro City Schools, and to approve Budget Amendment <br />#6 -B (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 Chapel Hill — Carrboro City Schools <br />(CHCCS) is $218,012. The attached application requests the State to release lottery funds to <br />cover debt service for the Chapel Hill — Carrboro City School system. <br />Budget Amendment #6 -B 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 (PAYGO) funds for FY 2013 -14 for CHCCS capital needs <br />and projects, and amends the budgets for the following CHCCS capital projects: <br />