State lottery to change revenue payment method

State lottery to change revenue payment method

State lottery to change revenue payment method

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by Associated Press

KTVB.COM

Posted on February 17, 2012 at 1:40 PM

Updated Thursday, Oct 31 at 9:06 AM

BOISE -- The Senate State Affairs Committee has approved a change to state lottery revenue distribution that would inject a one-time $16 million infusion into the 2013 budget.

Lottery Commission Director Jeff Anderson says the change is motivated by falling interest rates earned on lottery revenues. As a result, he says it makes more financial sense to distribute proceeds five times each year instead of one lump sum.

Anderson says the periodic payment method is considered a "best practice" in other lottery states.

The payment schedule change will also result in a one-time surplus payment in fiscal 2013 to split between public schools and the permanent building fund.

The switch would also create an undetermined loss in interest revenue, but Anderson says those earnings have dropped sharply in the last three years.

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