Orange County NC Website
Browse       Search
ORD-2018-009 <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 20, 2018 <br />Action Agenda <br />Item No. 8-c <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-A Related to CHCCS Capital Project Ordinances <br />DEPARTMENT: Finance and Administrative <br />Services <br />ATTACHMENT(S): <br />Attachment 1. CHCCS — Lottery <br />Proceeds Debt Service <br />Application <br />ILI •- 1 -1 • K •k <br />Paul Laughton, (919) 245-2152 <br />Gary Donaldson, (919) 245-2453 <br />PURPOSE: To approve an application to the North Carolina Department of Public Instruction <br />(NCDPI) to release proceeds from the NC Education Lottery account related to FY 2017-18 <br />debt service payments for Chapel Hill — Carrboro City Schools (CHCCS), and to approve <br />Budget Amendment #6-A (amended School Capital Project Ordinances), contingent on the <br />NCDPI's approval of the application. <br />BACKGROUND: Both County School Systems have previously presented approved <br />resolutions from their respective Boards requesting that the County modify its Capital Funding <br />Policy by applying accumulated lottery funds to debt service payments, and permitting current <br />year withdrawals of lottery proceeds immediately after the State's quarterly lottery fund <br />allocations. This policy expedites both the application process and the receipt of funds for both <br />school systems. <br />Currently, the accumulated available lottery proceeds for Chapel Hill — Carrboro City Schools <br />(CHCCS) is $198,147. The attached application requests NCDPI to release lottery proceeds in <br />the amount of $198,000 to cover debt service for projects previously financed for the Chapel Hill <br />— Carrboro City School system. <br />Budget Amendment #6-A provides for the receipt of the Lottery Proceeds, contingent on <br />NCDPI's approval of the application, and substitutes the amount of Lottery Proceeds approved <br />for debt service as additional Pay-As-You-Go (PAYGO) funds for FY 2017-18 for CHCCS long- <br />range capital needs and projects, and amends the budgets for the following CHCCS capital <br />projects: <br />