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ORD-2022-014-Application for North Carolina education lottery proceeds for Chapel Hill Carrboro city schools and contingent approval of budget amendment #10-A related to CHCCS capital project ordinances
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ORD-2022-014-Application for North Carolina education lottery proceeds for Chapel Hill Carrboro city schools and contingent approval of budget amendment #10-A related to CHCCS capital project ordinances
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8/31/2022 10:26:19 AM
Creation date
8/31/2022 10:26:13 AM
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BOCC
Date
5/3/2022
Meeting Type
Business
Document Type
Ordinance
Agenda Item
8-l
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ORD -202M 14 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date : May 3 , 2022 <br /> Action Agenda <br /> Item No . 8 - 1 <br /> SUBJECT : Application for North Carolina Education Lottery Proceeds for Chapel Hill <br /> Carrboro City Schools ( CHCCS ) and Contingent Approval of Budget <br /> Amendment # 10 -A Related to CHCCS Capital Project Ordinances <br /> DEPARTMENT : Finance and Administrative <br /> Services <br /> ATTACHMENT ( S ) : INFORMATION CONTACT : <br /> Attachment 1 . CHCCS — Lottery Rebecca Crawford , ( 919 ) 245 -2152 <br /> Proceeds Debt Service Gary Donaldson , ( 919 ) 245 -2453 <br /> Application <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 2021 - 22 <br /> debt service payments for Chapel Hill Carrboro City Schools ( CHCCS ) , and to approve Budget <br /> Amendment # 10 -A , 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 Chapel Hill Carrboro City Schools <br /> ( CHCCS ) is $ 870 , 226 . The attached application requests NCDPI to release lottery proceeds in <br /> the amount of $ 846 , 461 to cover debt service for projects previously financed for the CHCCS <br /> system . <br /> Budget Amendment # 10 -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 2021 -22 for CHCCS long - <br /> range capital needs and projects . These additional PAYGO funds were budgeted as part of the <br /> FY 2021 -22 (Year 1 ) Capital Investment Fund approved by the Board of County Commissioners <br /> and are allocated to the following projects : <br />
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