Schools will lose if state bets too much on lottery
Monday, October 30th, 2006
By Chris Fitzsimon
The N.C. Education Lottery has made its first payment into the Education Lottery Fund.The $95 million is in addition to $55 million that was transferred into a reserve account earlier this year.
While the lottery proceeds will help state and local government meet educational demands, it’s certainly no cure-all for the strain that a growing state is putting on the educational system.
Under the state’s lottery law, 40 percent of the net proceeds, after prize money and overhead are taken out, is earmarked for school construction. Ten percent goes to need-based scholarships. Half of the money goes to other educational programs, such as some pet projects of Gov. Mike Easley.
Legislative analysts had predicted that the lottery would bring in $425 million in net proceeds during its first year. If the remaining three quarterly deposits are the same, the lottery’s contribution to education would be about $380 million. Lottery officials, however, say that summer is generally not the greatest season for lotteries. And they hope that some newer games will help raise the amount of proceeds closer to that $425 million. (more…)
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