Agenda - 05-08-2014 - 6e - Laserfiche WebLink

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ORD- 2014 -019 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: May 8, 2014 Action Agenda Item No. 6 -e SUBJECT: Application for North Carolina Education Lottery Proceeds for Orange County Schools (OCS) and Contingent Approval of Budget Amendment #7 -A Related to OCS Capital Project Ordinances DEPARTMENT: Financial Services PUBLIC HEARING: (Y /N) No ATTACHMENT(S): Attachment 1. Orange County Schools — Lottery Proceeds Application INFORMATION CONTACT: Clarence Grier, (919) 245 -2453 1 PURPOSE: To approve an application to the North Carolina Department of Public Instruction (NCDPI) to release funds from the NC Education Lottery account related to FY 2013 -14 debt service payments for Orange County Schools, and to approve Budget Amendment #7 -A (amended School Capital Project Ordinances), contingent on the State's approval of the application. BACKGROUND: Both School Systems have previously presented approved resolutions from their respective Boards requesting that the County modify its Capital Funding Policy by applying accumulated lottery funds for debt service payments, and permitting current year withdrawals immediately after the State's quarterly lottery fund allocations. This expedites both the application process and the receipt of funds for the school systems. Currently, the accumulated available lottery funds for Orange County Schools (OCS) is $465,468. The attached application requests the State to release these lottery funds to cover debt service for the Orange County School system. Budget Amendment #7 -A provides for the receipt of the Lottery Funds, contingent on State approval of the application, and substitutes the amount of Lottery Funds approved for debt service as additional Pay -As- You -Go (PAYG) funds for FY 2013 -14 for OCS capital needs and projects, and amends the budgets for the following OCS capital projects: