N.C. Education Lottery…Here’s Where the $ Goes.

Some of you have asked where the $$$ in our Education Lottery is going. As you know…Bev Perdue was in town this week speaking about the budget’s impact on education. As you also know…she will be ALSO be asking for 1.5 Billion in state-wide taxes to cover the deficit.

I requested to see the budgets from the lottery…I have the proposed budget for next year, if you can’t zoom in…I can email it to you….Budget For 2010Budget 2010

 

 

 

 

As of Tuesday…the FY09 total is $385.5 million—the amount budgeted by the Legislature.  After next week…after a funds transfer to the Office of State Budget and Management…the total for the year will be greater than the amount budgeted—meaning they are one revenue source OVER budget.  So far this year lottery sales have been $1.273 BILLION.

Here is the general breakdown for every budget:

57% goes to prize payout

32% to education

7% to retail commissions and 4% to administration. 

4% to admin…I wanted to hear more about that…I was told that 1.599% goes to gaming vendor, 1% to advertising and the rest goes to staff, building, vehicles, training, travel, etc.

Proceeds from the lottery are transferred to the Office of State Budget and Management. The lottery is not responsible for where the money goes after that…I will keep looking to find out.

This link: http://www.schoolclearinghouse.org/ will show you how our counties use some of their lottery money on construction projects.

According to the lottery…100% of the funds go to education program funding and support.

Perhaps taxpayers can hope with the budget being OVER revenue…that you might not be asked for ALL that 1.5 Billion dollar state-wide tax increase…part of which Perdue wants to use to keep teachers in the classroom…

You might have to ‘hope’…very hard…

Its my understanding that there’s considerable push-back in the Senate…who think a 900 million state-wide increase is more realistic.

Stay tuned….

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