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3 <br /> • Beginning in fiscal year 2008-09, during the first quarter of each year, County staff will <br /> request, from the State, the amount of monies accumulated in the Lottery fund for both <br /> school districts with the intent of expending those funds during the fiscal year for either <br /> debt service payments or individual School capital projects as identified by each districts <br /> during their annual update of their ten-year capital plan. <br /> FINANCIAL IMPACT: For fiscal year 2006-07, the County anticipates receiving $2 million <br /> Lottery proceeds and intends to expend those funds for debt service on school related debt <br /> incurred after January 1, 2003. Anticipated future years proceeds from the NC Lottery' Fund will <br /> be in accordance with item 1 a in the Background section above - beginning in fiscal year 2007- <br /> 08, the County will budget NC Education Lottery proceeds "in arrears" — meaning that funds will <br /> be budgeted in the year after the State distributes them. For example, lottery proceeds <br /> distributed to the County during the upcoming 2007-08 fiscal* year would be budgeted the <br /> following fiscal year, 2008-09. <br /> RECOMMENDATION(S): The Manager recommends that the Board of County Commissioners <br /> approve the County Capital Funding Policy. <br />