JEFFERSON CITY, MO/July 14, 2017 (STL.News) The Missouri Lottery made its first transfer of fiscal year 2018 today by sending $18.9 million in profits to public education. The July transfer of $18,940,088 is based on sales in June.
Since Missouri Lottery sales started in 1986, the Lottery has generated more than $5.7 billion for the state and public education. Annual Lottery proceeds comprise about 4 percent of the state’s funding for public education – an effort shared by local, state and federal governments.
Prior to each fiscal year, the Lottery averages the most recent five years’ profits for a “benchmark” and increases that amount by 1 percent to arrive at a prudent goal for the next fiscal year.
Programs currently funded in FY18 include the A+ Scholarship Program, the Foundation Program and Access Missouri, among many others.
In addition to providing funds for public education, the Lottery also benefits the state by collecting state taxes on prizes of more than $600. During FY17, the Lottery collected $3.6 million in state tax withholdings, along with another $664,000 in debt offsets for back taxes, child support, public defender fees and other state agency debts.
For complete information about Missouri Lottery proceeds, including maps of proceeds by program and by county, see the “Where the $ Goes” section at MOLottery.com.
Source: MOLottery.com – STL.News publisher MS with St. Louis Media, LLC