Orange County NC Website
1 <br /> ORD-2021-014 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: May 4, 2021 <br /> Action Agenda <br /> Item No. 8-f <br /> SUBJECT: Application for North Carolina Education Lottery Proceeds for Orange County <br /> Schools (OCS) and Contingent Approval of Budget Amendment #12-B 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 Paul Laughton, (919) 245-2152 <br /> Debt Service Application 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 2020-21 debt <br /> service payments for Orange County Schools (OCS), and to approve Budget Amendment #12- <br /> B, contingent on the 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 Orange County Schools (OCS) is <br /> $629,396. The attached application requests NCDPI to release lottery proceeds in the amount <br /> of $561,082 to cover debt service for projects previously financed for the Orange County School <br /> system. <br /> Budget Amendment #12-13 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 2020-21 for OCS long- <br /> range capital needs and projects. These additional PAYGO funds were budgeted as part of the <br /> FY 2020-21 (Year 1) Capital Investment Fund approved by the Board of County Commissioners <br /> and are allocated to the following projects: <br />