Report Shows Scholarship Decline from ’14 to ’15 at Arkansas Lottery

Arkansas Lottery

The Arkansas Lottery released its financial report for the month of June earlier today. As previously expected, the Arkansas Lottery allocated a little less than $72.5 million for college scholarships during Fiscal Year 2015–almost $9 million less than the “very conservative budget” lottery officials initially approved last year.

The report shows that from Fiscal Year 2014 to Fiscal Year 2015 lottery ticket sales declined by about $1.4 million, but lottery scholarship funds dropped by roughly $9 million.

Last June the Arkansas Lottery supplemented scholarship funding with $5 million from its Unclaimed Prizes account.

All told, the Arkansas Lottery spent 17.7% of its income on scholarships during the past year–down from 19.8% in Fiscal Year 2014. Below is a breakdown of lottery revenue and scholarship allocations from the past 12 months. (more…)

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Lottery Scholarship Proceeds Slip to 15% as Revenue Increases in May

Arkansas Lottery

The Arkansas Lottery has released its financial summary for the month of May. The report shows lottery revenue increased by more than $1.8 million from April to May.

Despite this increase in revenue, scholarship proceeds dropped by nearly $472,000–falling to $5.4 million or 15% of the Lottery’s revenue for the month.

All told, the Arkansas Lottery has taken in $375,419,115.97 since July 1, 2014, but it has only paid out $64,171,317.48 in scholarship money–17% of the Lottery’s overall revenue for the year.

The Arkansas Lottery’s fiscal year closes at the end of this month. Looking at the numbers, it appears the Arkansas Lottery likely will pay out between $70 and $76 million in scholarships this fiscal year–about 17% – 18% of its gross revenue.

Below is a breakdown of the Lottery’s revenue and scholarship payments this fiscal year.

Month Gross Lottery Revenue Paid to Scholarships % Gross Revenue
July  $               30,925,067.43  $              5,928,447.99 19%
August                   31,571,412.10                  5,296,965.80 17%
September                   30,710,493.31                  4,317,227.10 14%
October                   32,959,739.29                  5,939,625.59 18%
November                   30,617,278.28                  5,577,035.16 18%
December                   34,507,731.54                  5,474,318.77 16%
January, 2015                   35,433,619.67                  7,287,773.28 21%
February                   41,770,314.46                  6,161,343.01 15%
March                   37,367,453.25                  6,898,524.35 18%
April                   33,866,970.54                  5,881,005.95 17%
May                   35,689,036.10                   5,409,050.48 15%
Total  $                375,419,115.97  $              64,171,317.48 17%

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Lottery Scholarship Proceeds Drop in April

Arkansas Lottery

Yesterday the Arkansas Lottery released its financial report for the month of April.

According to the summary, the Arkansas Lottery took in roughly $33.9 million in April, and paid out $5.9 million–about 17% of its gross revenue–for scholarships.

Scholarship funds were down by more than $1 million from March, when the Lottery allocated $6.9 million for college scholarships.

Since July 1, 2014, the Arkansas Lottery has sold roughly $339.7 million worth of tickets, and has allocated $58.8 million for scholarships–again, about 17% of its revenue.

At this rate, the Arkansas Lottery ought to finish Fiscal Year 2015 with $71 – $75 million in its college scholarship fund–significantly less than the $81.2 million lottery officials initially budgeted for scholarships this year.

You can see a full breakdown of lottery revenue and scholarship allocation for Fiscal Year 2015 below.

Month Gross Lottery Revenue Paid to Scholarships % Gross Revenue
July $30,925,067.43 $5,928,447.99 19.2%
August 31,571,412.10 5,296,965.80 16.8%
September 30,710,493.31 4,317,227.10 14.1%
October 32,959,739.29 5,939,625.59 18.0%
November 30,617,278.28 5,577,035.16 18.2%
December 34,507,731.54 5,474,318.77 15.9%
January, 2015 35,433,619.67 7,287,773.28 20.6%
February 41,770,314.46 6,161,343.01 14.8%
March 37,367,453.25 6,898,524.35 18.5%
April 33,866,970.54 5,881,005.95 17.4%
Total $339,730,079.87 $58,762,267.00 17.3%

 

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