TN Lottery Transfers $62.2 Million To Education Account

Tuesday, October 17, 2006 posted 12:05 PM EDT

The Tennessee Lottery’s transfer of $62.2 million to the state’s Lottery for Education Account Monday pushes the amount raised for education to nearly $700 million, officials said.

“Not only does our performance remain healthy, but the number of Lottery awards given to students is on the rise,” said Rebecca Paul, president and CEO of the Tennessee Lottery.

According to the Tennessee Student Assistance Corporation, the organization that oversees the Lottery-funded scholarship programs, more than 65,000 students will receive awards during the 2006-2007 school year.

“These results are proof positive that the mission behind the creation of a Lottery is being accomplished,” said Ms. Paul.

The first quarter transfer (for the period July 1-Sept. 30) is $62,281,000, bringing the total proceeds for the Lottery for Education Account since inception to $682,837,000. In addition, the Lottery has transferred over $16,310,000 to the After-School Program Account, which brings the total raised for education to $699,147,000.

Additional details about the funds generated by the Lottery since inception include:

For the period of Jan. 20, 2004 through Sept. 30, 2006

65,000 higher-education students are expected to receive Lottery-funded awards during the 2006-2007 school year

$50 million in Lottery funds has been allocated to fund specific pre-kindergarten programs since July 1, 2005

More than $2.5 billion in gross ticket sales

Over $1.4 billion in prizes won by players

$163.9 million paid in retailer commissions

$16.3 million raised for after-school programs

Total raised for education: $699.1 million

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