Orange County NC Website
Browse       Search
(10 4a ,39 I <br /> 1 <br /> oxD -202M 15 <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 - m <br /> SUBJECT : Application for North Carolina Education Lottery Proceeds for Orange County <br /> Schools ( OCS ) and Contingent Approval of Budget Amendment # 10 - 13 Related <br /> to OCS Capital Project Ordinances <br /> DEPARTMENT : Finance and Administrative <br /> Services <br /> ATTACHMENT ( S ) R. INFORMATION CONTACT : <br /> Attachment 1 . OCS — Lottery Proceeds Rebecca Crawford , ( 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 2021 -22 debt <br /> service payments for Orange County Schools ( OCS ) , and to approve Budget Amendment # 10 - <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 /> $ 462 , 007 . The attached application requests NCDPI to release lottery proceeds in the amount <br /> of $462 , 007 to cover debt service for projects previously financed for the Orange County School <br /> system . <br /> Budget Amendment # 10 - 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 2021 -22 for OCS 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 /> Orange County Schools ( $ 462 , 007 ) . <br /> Classroom / Building Improvements ( $ 397 , 790 ) — Project #51025 <br /> Technology ( $ 64 , 217 ) — Project # 51011 <br />