1997-1998 Lottery Budget
Development of the 1997/98 Lottery Revenue Budget began in January 1997. Revenue projections were made at that time and formed the basis for the March, 1997 Board of Trustees' Information Item. The revenue projections for 1997/98 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 a modest increase in lottery receipts. The budget anticipates $27.3 million in new revenue for 1997/98 and includes a beginning balance of $13.3 million. Additionally, the budget projects system interest earnings of $1.2 million. Together these figures form the base 1997/98 Lottery Revenue Budget of $41.8 million, less $7.4 million which will be budgeted as the Systemwide Reserve for a total budget of $34.4 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:
| 1997/98 Projected Lottery Revenue | |
|---|---|
| Beginning Balance | $13,300,000 |
| New Lottery Receipts | 27,300,000 |
| System Interest Earnings | 1,200,000 |
| Total Revenue | $41,800,000 |
| Less Systemwide Reserve | -7,400,000 |
| Total Available for Allocation | $34,400,000 |
From the anticipated revenue listed above, the following budget has been approved for fiscal year 1997/98.
| 1997/98 Lottery Program Budget | |
|---|---|
| Program | Fiscal Year 1997/98 |
| Access & Academic Development | $ 4,604,000 |
| CSU Scholarship Program for Future Scholars | 660,000 |
| Forgivable Loan/Doctoral Incentive Program | 3,525,000 |
| Teacher Diversity | 1,575,000 |
| California Pre-Doctoral Program | 573,000 |
| CSU Summer Arts Program | 1,100,000 |
| Campus-Based Programs* | 16,922,000 |
| Systemwide Implementation | 441,000 |
| Technology Access & Support | 5,000,000 |
| Total | $34,400,000 |
| *Includes $1 million in campus interest earnings. | |
Budget Approval Process
A proposed revenue budget was reviewed by the System Budget Advisory Committee in January and May, 1997 and by the Executive Council. This budget went before the Board of Trustees at its March, 1997 meeting as an informational item and as an action item in September, 1997.