Lottery Transfers $521 Million In Profits; State Receives $52.5 Million In Additional Lottery FundsJuly 23, 2010
In fiscal year 2010 ending June 30, the West Virginia Lottery transferred nearly
$521 million to the State and met all legislative appropriations by the end of June. The agency will return an additional $52.5 million to the state for legislative appropriations, according to Lottery Director John Musgrave.
In addition to fully funding the purchase of a $21.5 million building for a state revenue center, Musgrave said the Lottery will be able to transfer $40 million in savings from a building fund that was established in 2006. “We also will be able to transfer $7.5 million back to the state in unused money for land acquisition; added to a $5 million surplus at the close of the fiscal year, there is a total of $52.5 million in additional dollars for the State,” Musgrave said.
“While many lottery jurisdictions have reported sharp decreases over the last couple years due to a struggling economy, the West Virginia Lottery has been able to not only meet its obligations to the State, but also return significant surpluses.
“That the Lottery was able to keep sales within a couple percentage points of projections and transfer $521 million for appropriations, as well as a $5 million surplus and savings of nearly $48 million was remarkable, when considering pressures from a national economic downturn and competition from border states,” Musgrave said.
Included in the $521 million transfer to state programs for FY 2010 was $66 million for senior citizens, $181 million for education, $8 million for the promotion of tourism, $128 million to the State’s General Fund for expenses that include education and health and human services, $40 million for the Infrastructure Council, and $98 million to other state agencies, including $29 million for PROMISE scholarships. Musgrave said that since revenue from Limited Video Lottery revenue began funding PROMISE scholarships in 2002, more than $225 million has benefited 33,716
West Virginia high school graduates attending West Virginia colleges and universities.
Musgrave noted that the Lottery generated nearly $1.4 billion in sales during FY 2010, while holding operating costs under 2.7 percent, and in its 24-year history has generated more than $5 billion for state programs.