Sunday, July 15, 2012

West Virginia Lottery Shows Large Surplus

{Charleston, West Virginia}...The West Virginia Lottery ended the just-completed budget year with an $81 million surplus. Lottery sales topped $1.45 billion for the year that ended June 30th, a better showing than either of the two previous fiscal years. Officials had forecast $1.32 billion, or a nearly 5 percent decline from the prior year. The state budget for the just-completed year included $521.5 million in spending backed by lottery dollars. These revenues fund the PROMISE college scholarship program and other areas of education, as well as programs meant to help seniors and tourism. The lottery has become a vital revenue source for state government, supplying more than $6 billion over the past 10 years. It has also provided $221 million to county and local governments during that time, including an estimated $22 million during the just-completed budget year.