Orange County NC Website
<br />ORD-2020-017 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br /> <br />ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: June 16, 2020 <br /> Action Agenda <br /> Item No. 8-m <br /> <br />SUBJECT: Application for North Carolina Education Lottery Proceeds for Orange County <br />Schools (OCS) and Contingent Approval of Budget Amendment #11-B Related <br />to OCS Capital Project Ordinances <br /> <br />DEPARTMENT: Finance and Administrative <br /> Services <br /> <br /> <br /> <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 /> <br /> <br /> <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 2019-20 <br />debt service payments for Orange County Schools (OCS), and to approve Budget Amendment <br />#11-B, contingent on the NCDPI’s approval of the application. <br /> <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 /> <br />Currently, the accumulated available lottery proceeds for Orange County Schools (OCS) is <br />$551,036. The attached application requests NCDPI to release lottery proceeds in the amount <br />of $551,000 to cover debt service for projects previously financed for the Orange County School <br />system. <br /> <br />Budget Amendment #11-B 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 2019-20 for OCS long- <br />range capital needs and projects. These additional PAYGO funds were budgeted as part of the <br />FY 2019-20 (Year 1) Capital Investment Fund approved by the Board of County Commissioners <br />and are allocated to the following projects: <br /> <br /> <br /> <br />1