Education Lottery Fund Surpasses $530M
Posted February 1, 2008 9:40 a.m. EST
Updated February 1, 2008 10:21 a.m. EST
Raleigh, N.C. — The North Carolina Education Lottery (NCEL) made its second transfer for fiscal year 2007-08 to the Education Lottery Fund, bringing the total transferred since inception to more than $530 million.
The NCEL transfer of more than $75 million to the State Education Lottery Fund is for sales for the 2nd quarter (Oct. 1 – Dec. 31) of the fiscal year. Gross sales for the quarter were $222.1 million.
The NCEL made the electronic transfer to the Office of State Budget and Management to be disbursed to these beneficiary programs: More at Four; class-size reduction, school construction and college scholarships for need-based students.
The Department of Public Instruction will manage the distribution of the funds for all the beneficiary programs except the college scholarships, which will be handled by the North Carolina State Education Assistance Authority.
Since its March 30, 2006, inception through Wednesday, the NCEL has surpassed $1.6 billion total gross sales.