Friday, April 27, 2007

Education Lottery Update

The fund established to hold the net proceeds of the North Carolina Education Lottery has grown to $305 million after a recent transfer of $86 million. Lottery sales totaled almost $950 million between its inception on March 30, 2006, and April 19, 2007. State law requires at least 35 percent of net revenues be used for education initiatives such as class-size reduction, preschool programs, school construction, and college scholarships. Revenues have fallen short of projections and the Governor has proposed increasing the payout amounts to attract more players.

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