Oklahoma Finds $12 Million in Surplus Education Funds
July 30, 2013 – The Oklahoma Lottery announced Monday that it had exceeded its own profit expectations for the fiscal year that ended June 30, transferring $12 million more than expected to education programs in Oklahoma.
According to a press release on the Lottery’s website, the state earmarked just under $57.5 million for education funding from Lottery proceeds this year, and the Lottery was able to return a total of $70.1 million.
This year’s transfers to Oklahoma education programs mark the fourth consecutive year that proceeds have exceeded expectations. Since 2005, more than $550 million has been transferred to state education programs.
Executive director of the Oklahoma Lottery, Rollo Redburn, said the Lottery was “very pleased to share that our contributions… have continued to exceed our projections.”
“We work very hard to provide the kind of games our players enjoy and they continue to help us raise money for Oklahoma education,” Redburn said.
Though the full financial report for the fiscal year ended June 30 is not yet available, the revision of the law which created the Oklahoma Lottery states that their net proceeds – this year $70.1 million – must be at least 35 percent of their total revenue.
The other 65 percent is used to pay operating costs, retailer commissions, and of course, prizes.
The $70.1 million transfer to education would put the Oklahoma Lottery’s total sales for the year just over $200.3 million.
The Lottery’s website shows that over the past four years, surplus profits total nearly $40 million. Additional profits in 2012 also totaled more than $12 million.
“This is just a reminder that education and Oklahoma children are the real winners,” Redburn said.