North Carolina Education Lottery transfers funds to education
The North Carolina Education Lottery has given its funds for the 2012-2013 fiscal year to help fund education throughout the state, with a total transfer of $461.3 million for the fiscal year.
The north Carolina Lottery is committed to benefitting counties across the state through educational programs that vary based on the needs of each county. The funds form the lottery help pay for teacher’s salaries in K-third grade, as well as provide programs for at-risk children before they enter kindergarten. They help fund college scholarships for exemplary students and assist in providing financial aid. In addition, they help fund school construction so that the future of the state can continue to grow through education.
As of this past year, the North Carolina Education Lottery has given more than $2.9 billion to education since the lottery sold its first tickets March 30 ,2006. In those 7 years, the North Carolina education Lottery has stayed firm in its commitment to help education.
This year’s contributions came in $20 million over the expected amount. This goes along with many states seeing higher than expected sales in the past fiscal year. Many of these lotteries attribute the growing Powerball jackpot sizes to their growth, causing more people to buy tickets for the record breaking jackpots. The extra funds from the North Carolina Lottery will go to legislation to be put into the state budget for the 2013-2014 fiscal year.
Currently, the North Carolina Education Lottery gives approximately 29% of its yearly revenue to education as its sole beneficiary. Of those funds, 50% go to teacher salaries in an attempt to keep class sizes small for elementary education. The rest of the funds for education go to school construction, scholarships, Pre-Kindergarten programs, and local school system needs.