Louisiana Lottery transfers $40 million to state coffers - FOX 8 WVUE New Orleans News, Weather, Sports, Social

Louisiana Lottery transfers $40 million to state coffers

$40 Million in Lottery proceeds transferred to state coffers (Source: Louisiana Lottery Corp.) $40 Million in Lottery proceeds transferred to state coffers (Source: Louisiana Lottery Corp.)
BATON ROUGE, LA (WVUE) -

Strong lottery sales helped boost the second quarter of the Louisiana Lottery's 2016 fiscal year. The Lottery Corporation transferred $40.2 million to the state, about $1 million more than the second quarter of 2015.

"Half way through our fiscal year, the Lottery continues to thrive in its mission to raise revenue for the state and raise the bar for operational performance," Lottery President and CEO Rose Hudson said. "We are pleased to provide much needed funds for Louisiana while also providing entertaining games for our players."

The Lottery reported its second quarter revenue at $115,018,813, that's 6.6% better than budget. From that pot, the Lottery says it transferred $40,256,590 to the state as required by state law. At least 35% of Lottery proceeds must be transferred to the state treasury and dedicated for K-12 public education.

On top of that payment, the Lottery says in December it contributed an additional $25.9 million to the Lottery Proceeds Fund, that money is also dedicated for K-12 public education. The additional money came from reserves and unclaimed prizes.

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