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Presentations and Communications

1998-1999 Board of Trustees Lottery Revenue Budget Information Item
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

Lottery Revenue Chart
ITEM 4

Agenda Item

March 17-18, 1998

Campus Allocations Chart