Orange County NC Website
Browse       Search
ORD-2019-029 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date:June 18, 2019 <br />Action Agenda <br />Item No.8-d <br />SUBJECT:Application for North Carolina Education Lottery Proceeds for Orange County <br />Schools (OCS) and Contingent Approval of Budget Amendment #11-A Related <br />to OCS Capital Project Ordinances <br />DEPARTMENT:Finance and Administrative <br />Services <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Attachment 1. OCS – Lottery Proceeds <br />Debt Service Application <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 2018-19 <br />debt service payments for Orange County Schools (OCS), and to approve Budget Amendment <br />#11-A (amended School Capital Project Ordinances), contingent on the NCDPI’s approval of <br />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 Orange County Schools (OCS) is <br />$95,693. The attached application requests NCDPI to release lottery proceeds in the amount of <br />$95,000 to cover debt service for projects previously financed for the Orange County School <br />system. <br />Budget Amendment #11-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 2018-19 for OCS long- <br />range capital needs and projects, and amends the budgets for the following OCS capital <br />projects: <br />1