Bill > S376

This bill aims to restore lottery funding for schools in North Carolina. The key provisions of the bill include: 1. Allocating at least 35% of total annual lottery revenues to the Education Lottery Fund, instead of the previous G.S. 18C-164 allocation. 2. Establishing the Education Lottery Reserve Fund, which will receive 5% of the prior year's net lottery revenue, up to a cap of $50 million. 3. Specifying how the remaining net lottery revenue in the Education Lottery Fund will be distributed: 50% for class size allotment ratios, 40% for the Public School Building Capital Fund, and 10% for college and university scholarships. 4. Allowing any excess net lottery revenue above the appropriated amounts to be split evenly between the Public School Building Capital Fund and the State Educational Assistance Authority for scholarships. 5. Updating the language in G.S. 115C-499.3(a) to reference the new G.S. 18C-164.1 allocation for scholarships. 6. Expanding the allowable uses of grant funds from the Public School Building Capital Fund to include school building repairs, renovations, and debt retirement.

Budget and Finance

https://www.ncleg.gov/BillLookUp/2021/S376