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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: April 16, 2024 <br /> Action Agenda <br /> Item No. 8-h <br /> SUBJECT: Application for North Carolina Education Lottery Proceeds for Orange County <br /> Schools (OCS) to Drawdown Funds from the North Carolina Department of <br /> Public Instruction <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. OCS — Lottery Proceeds Gary Donaldson, (919) 245-2453 <br /> Debt Service Application Kirk Vaughn, (919) 245-2153 <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 2023-24 debt <br /> service payments for Orange County Schools (OCS). <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 OCS is $591,000. The attached <br /> application requests NCDPI to release lottery proceeds in the amount of $591,000 to cover debt <br /> service for projects previously financed for the Orange County School system. <br /> The Lottery Proceeds receipt is contingent on NCDPI's approval of the application and <br /> substitutes the amount of Lottery Proceeds approved for debt service as additional Pay-As-You- <br /> Go (PAYGO) funds for FY 2023-24. These additional PAYGO funds were budgeted as part of <br /> the FY 2023-24 (Year 1) Capital Investment Fund approved by the Board of County <br /> Commissioners. <br /> FINANCIAL IMPACT: The total Lottery Proceeds requested from the NCDPI for Orange <br /> County Schools is $591,000. <br /> SOCIAL JUSTICE IMPACT: There is no Orange County Social Justice Goal associated with <br /> this item. <br />