Feb 24 2011

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Texas lottery hits new educational heights

The Texas Lottery Commission has announced  achieving a new mark in its financing of the Foundation School Fund (FSF,)  which supports public education in Texas.  The commission has moved $76.2  million to the FSF, bringing total contributions since 1997 to $13  billion.
Before 1997 the state’s lottery profits went to the  General Revenue Fund, but in that year the state legislature began allotting  these funds to the FSF.  Since the lottery was established in 1992 more  than $18.6 billion has been transferred to the state.  Texas Lottery  Commission Executive Director Gary Grief explained the value of this  funding.
“A high Mega Millions jackpot in January,  and successful scratch-off games like our holiday suite of games and the  Texas Lottery Black ticket helped us reach this important milestone,”  he said.  “We wouldn’t be able to 

make these contributions, however,  without our network of retailers and the rx without customer service they provide to our players.”
About $.27 out of every dollar brought in by the  lottery is set aside for the FSF and supporting Texas education.   Fiscal 2010 ended August 31, and by that point $1.095 billion had been  transferred to the state.  More than one billion of this went the  FSF.  Better than 95% of the state lottery’s $3.74 billion earned during  fiscal year 2010 went back to the state and players as prizes, transfers to the  FSF, retailer bonus and commissions, and various state programs.
The current Mega Millions jackpot is  estimated at about $52 million.  The Lotto Texas jackpot is about  $25 million. For more information on the lottery please visit www.txlottery.org.

Permanent link to this article: http://www.easttexasreview.com/texas-lottery-hits-new-educational-heights/