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ORD-2014-019 Application for NC Educational Lottery Proceeds for Orange County Schools
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ORD-2014-019 Application for NC Educational Lottery Proceeds for Orange County Schools
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Last modified
3/13/2019 9:52:50 AM
Creation date
5/13/2014 10:58:59 AM
Metadata
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Template:
BOCC
Date
5/8/2014
Meeting Type
Regular Meeting
Document Type
Ordinance
Agenda Item
6e
Document Relationships
Agenda - 05-08-2014 - 6e
(Linked To)
Path:
\Board of County Commissioners\BOCC Agendas\2010's\2014\Agenda - 05-08-2014 - Regular Mtg.
Minutes 05-08-2014
(Attachment)
Path:
\Board of County Commissioners\Minutes - Approved\2010's\2014
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ORD- 2014 -019 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: May 8, 2014 <br />Action Agenda <br />Item No. 6-e <br />SUBJECT: Application for North Carolina Education Lottery Proceeds for Orange County <br />Schools (OCS) and Contingent Approval of Budget Amendment #7 -A Related <br />to OCS Capital Project Ordinances <br />DEPARTMENT: Financial Services PUBLIC HEARING: (YIN) No <br />ATTACHMENT(S): <br />Attachment 1. Orange County Schools -- <br />Lottery Proceeds <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 Orange County Schools, and to approve Budget Amendment #7 -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 />$465,468. The attached application requests the State to release these lottery funds to cover <br />debt service for the Orange County School system. <br />Budget Amendment #7 -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 2013 -14 for OCS capital needs and <br />projects, and amends the budgets for the following OCS capital projects: <br />
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