HomeMy WebLinkAboutAgenda - 12-09-2014 - 6e
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ORD-2014-047
ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date:December 9, 2014
Action Agenda
Item No.6-e
SUBJECT:
Application for North Carolina Education Lottery Proceeds for Chapel Hill –
Carrboro City Schools (CHCCS) and Contingent Approval of Budget
Amendment # 4-ARelated to CHCCSCapital Project Ordinances
DEPARTMENT:PUBLIC HEARING: (Y/N)No
Finance and Administrative
Services
ATTACHMENT(S):INFORMATION CONTACT
:
Attachment 1. CHCCS –Lottery Clarence Grier,(919) 245-2453
Proceeds Debt Service
Application
PURPOSE:
To approve anapplication to the North Carolina Department of Public Instruction
(NCDPI) to release proceedsfrom theNC Education Lottery account related to FY 2014-15
debt service payments for Chapel Hill – Carrboro City Schools(CHCCS), and to approve
Budget Amendment #4-A (amended School Capital Project Ordinances), contingent on the
North Carolina Department of Public Instruction’s (NCDPI) approval of the application.
BACKGROUND:
Both County School Systems have previously presented approved
resolutions from their respective Boards requesting that the County modify its Capital Funding
Policy by applying accumulated lottery funds todebt service payments, and permitting current
year withdrawalsof lottery proceedsimmediately after the State’s quarterly lottery fund
allocations. This policy expedites both the application process and the receipt of funds for both
school systems.
Currently, the accumulated available lottery proceedsfor Chapel Hill – Carrboro City Schools
(CHCCS) is $260,961. The attached application requestsNCDPIto release lottery proceedsin
the amount of $260,000 to cover debt service for projects previously financed for the Chapel Hill
– Carrboro City School system.
Budget Amendment #4-A provides for the receipt of the Lottery Proceeds, contingent on
NCDPI’sapproval of the application, and substitutes the amount of Lottery Proceedsapproved
for debt serviceas additional Pay-As-You-Go (PAYGO) funds for FY 2014-15 for CHCCS long-
range capital needs and projects, and amends the budgets for the following CHCCScapital
projects:
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Chapel Hill – Carrboro City Schools ($260,000):
Fire/Safety/Security($100,000)– Project # 54004
Revenues for this project:
Current FY FY 2014-15FY 2014-15
2014-15AmendmentRevised
From General Fund (PAYG)$775,000$100,000$875,000
Lottery Proceeds$80,000$0$80,000
Total Project Funding$855,000$100,000$955,000
Appropriated for this project:
Current FY FY 2014-15FY 2014-15
2014-15AmendmentRevised
Fire/Safety/Security$855,000$100,000$955,000
Total Costs$855,000$100,000$955,000
Parking Lot Improvements($160,000)– Project # 54008
Revenues for this project:
Current FY FY 2014-15FY 2014-15
2014-15AmendmentRevised
From General Fund (PAYG)$320,000$160,000$480,000
Total Project Funding$320,000$160,000$480,000
Appropriated for this project:
Current FY FY 2014-15FY 2014-15
2014-15AmendmentRevised
General Renovations$320,000$160,000$480,000
Total Costs$320,000$160,000$480,000
FINANCIAL IMPACT:
The total Lottery Proceedsrequested from the NCDPIfor Chapel Hill–
Carrboro City Schools is $260,000.
RECOMMENDATION(S):
The Manager recommends the Boardapprove, and authorize the
Chair to sign, the application for North CarolinaEducation Lottery Proceeds; and approve
Budget Amendment #4-A receiving the Lottery Proceedsand the amended CHCCSCapital
Project Ordinances, contingent on NCDPI’s approval of the application.
Attachment1
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