TITLE
Title
FY2023 APPLICATION FOR PUBLIC SCHOOL BUILDING CAPITAL FUND - NC EDUCATION LOTTERY DISTRIBUTION ($6.75 MILLION)
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SPONSOR
Sponsor
Toy Beeninga, Budget & Management Services Director (on behalf of Guilford County Schools)
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BACKGROUND
Background
The Guilford County Board of Commissioners and Guilford County Board of Education are required to submit an annual application for the distribution of Public School Building Capital Funds (PSBCF) - NC Education Lottery (NCEL). This requires approval by both Boards. The FY2023 application is for the following distributions from the PBSCF - NCEL:
• $4.75 million for FY2023 debt service expense
• $2 million for Smith High Boiler Replacement, Hairston Middle Cooling Tower Replacement, Jones Elementary Cooling Tower Replacement, and Simkins Elementary Chiller Replacement
The total amount is $6.75 million, in line with the FY23 adopted budget. The Board of Education has approved each application, and now Board of Commissioners' approval is required to formally apply.
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BUDGET IMPACT
Budget Impact
NO ADDITIONAL COUNTY FUNDS REQUIRED
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REQUESTED ACTION
Requested Action
Approve the attached applications for the release of $6.75 million from the PSBCF - NC Education Lottery.
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