Lottery Oversight Committee Meeting Summary

April 29, 2010

Dr. Coulter and Mr. Hall Co-Chair

Lottery Commission Quarterly Report: Tom Shaheen, Executive Director of the Lottery Commission presented an overview of the half of the budget year. Initially they had projected revenues of $368 million for 2009-2010 and from July 1 through December 31 they have increased their revenues and revised their budget for net gains proceeds of $419 million, which is $51 million more than the lottery budgeted.

Update on Governor’s Proposed Budget and other Net Lottery Revenue Issues: Charlie Perusse, State Budget Director, Office of State Budget and Management presented an overview of the budget for the lottery. As of March 31, 2010 they had transferred $333.0 million to the Education Fund and they are projecting they will reach $419 million by June 30, 2010. Last year the Session law eliminated transfers to the Lottery Reserve Fund for the 2009-2011. In addition, the Technical Corrections bill included language to allow any excess lottery revenues to be distributed on an ADM basis to the LEAs who did not qualify for funds under the existing law. This section of the statue distributes a portion of the PSBCF monies (35%) based on county effective tax rates as compared to state rates. Mr. Perusse proposed transferring $31.9 million to comply with the technical correction bill and the remaining $19.1 million of the excess revenues be transferred to the Lottery Reserve Fund (present balance in LR-$16.8 million). The Governor in her revised budget plan for Education made the following changes:

Teachers in Early Grades (Class Size Reduction)             $136 M

Prekindergarten Program                                                $84.6 M

Public School Building Capital Fund                                    $176.5 M

Scholarships for Needy Students                                    $44.1 M

Total Estimated Lottery Revenues 2010-2011            $441.3 M

There were many questions as new members were appointed to the Committee. They questioned the Reserve, how much the State spends on Class Size Reduction ($1 Billion), how much on Prek- More at Four program ($170 Million), and how excess revenues are to be expended based on original lottery law (first 5% of net revenues to the Lottery Reserve and the 50% to Construction and 50% to Scholarships). There were many more questions including supplanting funds and how do we compare to other states……

Advertisements

One Response to “Lottery Oversight Committee Meeting Summary”

  1. 4 NEW POSTS! « North Carolina Education Policy Blog Says:

    […] Lottery Oversight Committee Meeting Summary […]


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: