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1998-1999 Lottery Revenue Budget BRIEF Information Item Agenda Item March 17-18, 1998 COMMITTEE ON FINANCE 1998/99 Lottery Revenue Budget Presentation By Mr. Richard P. West, Senior Vice Chancellor Business
and Finance Summary The purpose of the item is to present the 1998/99 Lottery Revenue Budget and to advise the trustees that the annual lottery budget will be presented to the board for approval at the May 1998 meeting. The recommended budget for 1998/99 is $29.8 million. This proposed budget was reviewed with the System Budget Advisory Committee at its January 1998 meeting. ITEM 2 Agenda Item March 17-18, 1998 COMMITTEE ON FINANCE 1998/99 Lottery Revenue Budget The chancellor proposes the 1998/99 Lottery Budget summarized in this
agenda item. The total lottery revenue available for distribution in 1998/99 is estimated
to be $35.7 million. This budget includes an estimated beginning balance
of $6.7 million. Of the total available, $27.3 million will be due to new
lottery receipts. Based upon past years' experience, the 1998/99 budget
projects interest earnings of $1.7 million. This budget also sets aside
$5.9 million as a Systemwide Reserve, serving as a cushion for economic
uncertainties and cash flow variations due to fluctuations in lottery receipts.
Total lottery revenue available for distribution to the campuses during
1998/99 is projected to be $29.8 million. The 1998/99 budget remains largely
the same as in the past with two exceptions. This budget projects to distribute
$400,000 more in interest earnings to the campuses which is based on past
budget experience. Also, the one-time distribution of lottery funds for
technology access and support, included in the 1997/98 budget, is deleted
from this budget. ITEM 3 Agenda Item March 17-18, 1998
ITEM 4 Agenda Item March 17-18, 1998
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