N.M. acts to save Lottery scholarship fund
A lottery-financed college scholarship program is running out of money, and lawmakers are looking for a fix that won't hamper efforts to encourage young New Mexicans to attend universities and colleges in the state.
The scholarship fund could be depleted by 2014 if nothing is done in the Legislature this session and tuition rates continue to rise sharply, according to the latest state projections.
The Senate Education Committee unanimously endorsed a measure Wednesday that would shore up t ...
Feb 11, 2011, 9:30 am - Lottery News forum
Tenn. Lottery scholarships underfunded
The Tennessee Lottery games aren't generating enough money to pay for all of the Hope Scholarships. Now, lawmakers are putting options together that could make it tougher for students to get a scholarship in the future.
More students than ever are eligible to receive the annual $4,000 Hope Scholarship. A special task force has been analyzing the problem for the last year. Lawmakers say they don't want to impact any current scholarships and break promises to students.
That's part of their ...
Jan 19, 2011, 7:44 am - Lottery News forum
Arkansas Lottery may not be able to meet scholarship demands
Panel considered reducing scholarship amounts
The legislative committee that oversees the state lottery yesterday considered, but ultimately tabled, a proposal to recommend reducing lottery scholarship amounts by 10 percent for the second class of lottery recipients.
Last year the Legislature set the amount for the first group of lottery recipients at $5,000 per year to attend a four-year school and $2,500 per year to attend a two-year school.
Rep. Barry Hyde, D-North Little Rock, co-ch ...
Dec 31, 2010, 10:48 am - Lottery News forum
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