Texas Lottery® transfers to Foundation School Fund exceeds the $15 billion mark

Texas Commissioner of Education Michael L. Williams (left), accepts a ceremonial check from Texas Lottery Commission Chairman Mary Ann Williamson and Texas Lottery Commission Executive Director Gary Grief.

The Texas Lottery Commission announced today that lottery sales revenue transfers to the state’s Foundation School Fund have now surpassed the $15 billion mark. Today’s December revenue transfer of $96.7 million brought the total amount generated for the Foundation School Fund since 1997 to $15.08 billion.

“$15 billion for Texas education is a significant milestone that we are proud to have reached,” said Texas Lottery Commission Executive Director Gary Grief. “We appreciate our responsibility to generate revenue for Texas and we continue to strive to increase funding for public education with popular and innovative games.”

The Texas Lottery’s 2013 fiscal year sales through the end of December exceed fiscal year 2012 sales by $130.8 million or 10.2 percent. Current transfers to the Foundation School Fund exceed the previous year’s transfers by $36.7 million or 11.8 percent.

Beginning with the first ticket sold in 1992, the Texas Lottery® has generated more than $20 billion in revenue for the state and distributed $39 billion in prizes to lottery players. From 1992 to 1997, all Texas Lottery proceeds were allocated to the General Revenue Fund. Since 1997, Texas Lottery proceeds have been transferred to the Foundation School Fund to support public education in our state. Other Texas Lottery funds such as unclaimed prizes revert back to the state for programs authorized by the Texas Legislature. Since 2010, some Texas Lottery proceeds also benefit the Fund for Veterans Assistance.

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Posted by on Jan 23 2013. Filed under City News, Featured Articles. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

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