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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />�rRCA'ia1 JANUA <br />• P .M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - Public School Building Capital Fund North Carolina Education <br />Lottery Applications - $4,911,790 <br />BRIEF SUMMARY: <br />Accumulated lottery proceeds in the amount of $4,911,790 were included <br />in the FY14 General Fund budget to pay a portion of debt service related <br />to public school debt. Upon approval by the Cabarrus and Kannapolis <br />Boards of Education and the Cabarrus County Commissioners, two <br />payment applications will be submitted to the Department of Public <br />Instruction for the funds. Cabarrus County Schools' application will be for <br />$4,273,257 and Kannapolis City Schools' application will be for $638,533 <br />for a total of $4,911,790. <br />REQUESTED ACTION: <br />Motion to authorize the Chairman to execute the Public School Building <br />Capital Fund applications to release funds from the North Carolina <br />Education Lottery Fund and to approve the related budget amendment <br />and revised capital project ordinance. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Susan Fearrington, Assistant Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />Yes <br />F -6 Page 103 <br />