Lottery revenue for fiscal 2011 better than expected


Warning: Illegal string offset 'status_txt' in /home/plunderbund/webapps/bw/wp-content/plugins/share-and-follow/share-and-follow.php on line 1243

Warning: Illegal string offset 'status_txt' in /home/plunderbund/webapps/bw/wp-content/plugins/share-and-follow/share-and-follow.php on line 1243

Warning: Illegal string offset 'status_txt' in /home/plunderbund/webapps/bw/wp-content/plugins/share-and-follow/share-and-follow.php on line 1243

Warning: Illegal string offset 'status_txt' in /home/plunderbund/webapps/bw/wp-content/plugins/share-and-follow/share-and-follow.php on line 1243

Warning: Illegal string offset 'status_txt' in /home/plunderbund/webapps/bw/wp-content/plugins/share-and-follow/share-and-follow.php on line 1243

Some good budget news to report: the Ohio Lottery Commission released its final Fiscal Year 2011 results last week and came in above forecast. The agency had committed to transfer of $711 million to the Lottery Profits Education Fund, which goes to K-12 education by the Strickland administration. For the year ending June 30, it did quite a bit better – delivering $738.8 million, or $27.8 million above estimate. Apparently, even in an economic downturn, Ohioans like their Lottery. Fiscal Year 2011 was the first full year of Powerball revenue, and Keno continues to grow, as new automated machines improve the playing experience.

Lottery profits are dedicated by law to education, but in an infamous shell game, any boost in funding for education from the Lottery reduces pressure on other sources of funding. In other words, $28 million more from the Lottery means $28 million from the general fund that can be spent elsewhere. This is in addition to the $973 in excess revenue that was collected in the fiscal year compared to the original Strickland budget – over $1 billion that carries over and helps plug the hold in Governor Kasich’s first budget.

Don’t expect the good times to last long. The Lottery estimates that casino gaming, set to come online in fiscal 2013, will eat away at its monopoly and result in a 5% decline in revenue.

Print Friendly

Leave a Response