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Lottery Revenue Budget Development of the 1998/99 Lottery Revenue Budget began in January 1998. Revenue projections were made at that time and formed the basis for the March, 1998 Board of Trustees' Information Item. The revenue projections for 1998/99 are based on a conservative estimate of potential revenue. The projection is based on past years' receipts of lottery revenue and consultation with the state lottery commission staff regarding overall state lottery revenue estimates. Based on this information, the budget reflects the same amount of lottery receipts as last year. The budget anticipates $27.3 million in new revenue for 1998/99 and includes a beginning balance of $6.7 million. Additionally, the budget projects system interest earnings of $1.7 million. Together these figures form the base 1998/99 Lottery Revenue Budget of $35.7 million, less $5.9 million which will be budgeted as the Systemwide Reserve for a total budget of $29.8 million . The Systemwide Reserve will provide for economic uncertainties, cash flow variations and fluctuations in lottery receipts as well as to provide funds for projects to be determined by the chancellor. These figures are illustrated below:
1998/99 Projected Lottery Revenue
From the anticipated revenue listed above, the following budget has been approved for fiscal year 1998/99.
1998/99 Lottery Program Budget
Budget Approval Process A proposed revenue budget was reviewed by the System Budget Advisory Committee in January, 1998. This budget went before the Board of Trustees at its March, 1998 meeting as an information item and as an action item in May, 1998. *Includes $1.4 million in campus interest earnings. Back to Table of Contents |
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