State Gets Over $110 Million From Lottery in FY05
The Louisiana Lottery Corporation announced that it has just completed its fourth consecutive fiscal year in which sales exceeded $300 million. In addition, the Lottery has surpassed the $1.6 billion mark in transfers to the state treasury since its inception in September 1991.Lottery revenue for fiscal year ending June 30, 2005, totaled $308.5 million. "We're pleased to be providing a consistent revenue stream for the state treasury," said Lottery President Randy Davis.Last month's treasury transfer of $10,678,740 included a $2.4 million surplus that brought the fiscal year 2004-2005 total transfers to $110,391,785. In accordance with the state's constitution, Lottery proceeds are dedicated to the Minimum Foundation Program, which funds public education in Louisiana.Davis credited much of the year's success to steady sales and frugal fiscal management. Total sales for the year were $307 million. Scratch-off ticket sales reached $104.1 million, while sales for the drawing-based games reached $202.9 million.Another benchmark of the Lottery's success over the past fiscal year was keeping its general and administrative expenses $1 million under budget.In addition, the Lottery received the Certificate of Achievement for Excellence in Financial Reporting for the seventh straight year from the Government Finance Officers Association (GFOA) of the United States and Canada."The Louisiana Lottery is extremely pleased with these results and our contribution toward fulfilling the mission to maximize revenue for the state while ensuring the highest level of public trust," said Davis.Under state law, the treasury department receives 35 percent of every $1 in Lottery sales. At least half of all Lottery revenue is used to fund prizes. Retailers receive more than 5 percent of sales, with less than 10 percent retained by the Lottery for operating costs.Davis reiterated that all ticket purchasers must be at least 21 years of age and that anyone with a gambling problem, or friends of anyone with a gambling problem, are encouraged to call toll-free 1-877-770-7867.