TN lottery scholarships safe from cuts
UT study shows shortfall is less than previously projected
The dollar shortfall between Tennessee lottery revenue and the scholarship programs it funds is much less than previously projected, a study shows, indicating that lottery scholarships won't have to be cut or made harder to get.
The Commercial Appeal of Memphis reported that the study by the University of Tennessee Center for Business and Economic Research was presented this week at the Lottery Scholarship Stabilization Task Force' ...
Aug 19, 2010, 10:19 am - Lottery News forum
Georgia Lottery profits up in 2010
Another good year for the Georgia Lottery meant more money for the state's pre-kindergarten and HOPE college scholarship programs, but it isn't enough to keep state officials from worrying about HOPE's future.
The Georgia Lottery Corp. announced Wednesday that profits increased again during the 2010 fiscal year providing a dozen consecutive years of growth.
As a result, the lottery increased its payments to the popular pre-k and HOPE programs. During the 2010 fiscal year, which ended June ...
Jul 14, 2010, 9:21 pm - Lottery News forum
Senator says Tenn. lottery scholarship fund in trouble
Tennessee Senate Minority Leader Jim Kyle, D-Memphis, is urging lawmakers to deal with the state's insolvent lottery-funded college scholarship fund.
Sen. Kyle's comment came after a Senate panel refused to adopt his plan to plug a $13 million program shortfall.
This is the first step to reducing scholarships and denying accessibility for thousands of Tennessee students who depend on the lottery scholarship as their sole opportunity to attend college, Sen. Kyle said in a news release Thur ...
Apr 9, 2010, 9:18 am - Lottery News forum
Ark. lottery forced to revise budget after law change found
Arkansas' lottery director said Wednesday he wasn't aware that the Legislature changed how money from unclaimed prizes is to be managed a move that required lottery officials to revise their 2011 budget.
The revised lottery budget allocates $11 million less for scholarships and overall revenue is projected to drop by $14 million. However, the lottery has been taking in money above projections, and the original scholarship budget target of $116 million could still be met.
We will do our be ...
Apr 9, 2010, 8:45 am - Lottery News forum
Tenn. lottery scholarships outstrip revenue; day of reckoning looms
A day of reckoning is coming for students and parents over Tennessee's lottery scholarships that could result in tightened eligibility, reduced scholarship awards or both.
After more than five years of steadily expanded eligibility and grant amounts, the annual cost of the program is outstripping the net revenue produced by the lottery.
If no action is taken, that funding gap is now expected to overtake the lottery reserves some $385 million built up in the lottery's booming early years an ...
Dec 21, 2009, 9:54 am - Lottery News forum
Scholarship student designed N.M Lottery scratch game ticket
Full circle: student educated with lottery scholarship funds now works for lottery
The New Mexico Lottery in August launched Red vs. Green, an instant scratch-off game that was designed by a 22-year-old lottery graphic designer who attended UNM on a Legislative Lottery Scholarship.
The new game depicts the state's favorite cuisine as overheated chile track stars competing in a frantic footrace.
Red vs. Green tickets cost $1 each. Players can win instant prizes up to $2,000, and non-winn ...
Sep 1, 2009, 11:11 am - Lottery News forum
Arkansas Lottery director hires core management staff
Outcry over high salaries; Director defends
Ernie Passailaigue, who started his job two weeks ago as executive director of the Arkansas Lottery Commission, has been steadily hiring employees to fill core management positions, while defending the high salaries he is giving the new staff.
Before the hiring commenced, a legislative committee signed off ealier this month on the newly hired lottery chief's plan to pay his top deputies more than $200,000 each.
Passailaigue asked legislators t ...
Jul 15, 2009, 11:53 am - Lottery News forum
N.Y. Lottery funds college scholarships
Proceeds from the New York Lottery are funding college scholarships for more than 1,200 students statewide.
Governor David Paterson announced the so-called Leaders of Tomorrow Scholarships to graduating high school seniors.
Each will get $5,000 toward the cost of attendance at any accredited state college, university or trade school.
The scholarships are offered each year to students with at least a B average who have demonstrated outstanding service to their communities.
Since the p ...
Jun 8, 2009, 9:21 am - Lottery News forum
Tennessee Lottery shortfall requires reserves
$10 million needed to fully fund scholarship grants for students
Are computerized drawings hurting sales? Will the Tennessee Lottery bring back real ball drawings? Why is Powerball always blamed for poor financial showing in Tennessee?
The state of Tennessee probably will have to pull about $10 million from reserves to keep lottery scholarships fully funded this year, budget officials said after reporting a revenue shortfall last week.
State Budget Director Bill Bradley said the state w ...
May 4, 2009, 6:35 pm - Lottery News forum
New York Lottery axes $1.4M in scholarships after taking in $7.5 billion in 2008
The New York Lottery has quietly halted its college scholarship program for more than 1,150 high school seniors, blaming the governor's budget cuts.
One student from every high school in the state has been eligible for a $5,000 Leaders of Tomorrow scholarship since 2000.
The cut will save the agency, which took in about $7.5 billion in revenues last year, about $1.4 million.
A Lottery spokeswoman said the cut was necessary to comply with Gov. Paterson's request that all agencies cut abo ...
Feb 27, 2009, 7:48 am - Lottery News forum