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CABARRUS COUNTY <br />BOARD OF • • <br />REGULAR MEETING <br />1� <br />p TBcA�a 11i AUGUST 2 0 , 20 <br />��fiiffJfl /�� <br />1 P .M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - Public School Building Capital Fund North Carolina Education <br />Lottery Applications - $7,307,518 <br />BRIEF SUMMARY: <br />Accumulated lottery proceeds in the amount of $7,307,518 were included in <br />the FY 13 General Fund budget to pay a portion of debt service related to <br />public school debt. Upon approval by the Cabarrus and Kannapolis Boards of <br />Education and the Cabarrus County Commissioners, two payment <br />applications will be submitted to the Department of Public Instruction for the <br />funds. Cabarrus County Schools' application will be $6,371,266 and <br />Kannapolis City Schools' application will be $936,252 for a total of <br />$7,307,518. <br />REQUESTED ACTION: <br />Motion to authorize the Chairman to execute Public School Building Capital <br />Fund applications to release funds from the North Carolina Education Lottery <br />Fund and to approve related budget amendment and revised capital project <br />ordiance. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Susan Fearrington, Assistant Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />Yes <br />F -3 Page 97 <br />