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Education programs get first lottery money
Message was posted: 01:00 Oct 21st, 2006

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Lottery news from http://www.charlotte.com/ RALEIGH - The N.C. Education Lottery sent $95 million in ticket profits Thursday to a special fund for education, the first such transfer since the games began seven months ago. The lottery law requires the state lottery commission to make periodic transfers to the Education Lottery Fund. At least 35 percent of net revenues must be used for initiatives such as class-size reduction, preschool programs, school construction and college scholarships for needy students. The lottery also made a $50 million transfer in late June, but that went into a reserve account. Thursday's transfer equals 35.6 percent of $233.1 million in lottery sales since July 1 and another $12 million generated before that date. The games began March 30. Of the money placed in the Education Lottery Fund, the law requires 50 percent go to reduce class sizes and for Gov. Mike Easley's More at Four program; 40 percent for school construction and 10 percent for scholarships.