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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 />ion <br />FINANCIAL IMPACT: For fiscal year 2006 -07, the County anticipates receiving e$ d debt <br />Lottery proceeds and intends to expend those funds for debt service on school <br />incurred after January 1, 2003. Anticipated future years proceeds from year 200711 <br />be in accordance with item 1 a in the Background section above beg inning in fiscal <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. gear would, be budgeted the <br />distributed to the County during the upcoming 2007 -08 Y <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 />