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7/21/2006 - 8:33 AM Lottery Sales Exceed $300 Million for the Fifth Consecutive Fiscal Year The Louisiana Lottery Corporation announced that it has just completed its fifth consecutive fiscal year in which sales have exceeded $300 million. In addition, the Lottery has surpassed the $1.7 billion mark in transfers to the state treasury since its inception in September 1991.Lottery sales for the fiscal year ending June 30, 2006, totaled over $332.1 million, which was $26.6 million over budget. Total sales from scratch-off tickets were more than $118 million and drawing-style games brought in more than $213 million. Transfers to the state treasury during the fiscal year totaled $119.4 million, including a $2.7 million surplus from operational efficiencies and sales increases. The treasury transfer for June was $11,937,660. In accordance with the state's constitution, Lottery proceeds are dedicated to the Minimum Foundation Program, which funds public education in Louisiana. Lottery President Rose Hudson credited much of the year's success to the Lottery's retailers and a resourceful and hard-working Lottery sales team, especially considering the challenges brought about by Hurricanes Katrina and Rita. "The Louisiana Lottery is extremely pleased with these results and our contribution toward fulfilling our mission to maximize revenue for the state while ensuring the highest level of public trust," said Hudson. Also during the fiscal year, the Lottery received the Certificate of Achievement for Excellence in Financial Reporting for the eighth straight year from the Government Finance Officers Association (GFOA) of the United States and Canada. 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. The Louisiana Lottery ranks fourth out of 40 jurisdictional Lotteries in percentage of sales transferred to its government and first among lotteries of its size. Hudson 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. More News |
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