The Mississippi Lottery Corporation (MLC) provided its first transfer for education this year and is in the midst of its biggest year in terms of earnings and transfers in only its second full term of operation.
According to the MLC’s Q3 report (a period which ended March 31), the lottery provided more than $101.5m to the Magnolia state’s treasury, of which $21.65m went to education, a 43.4% increase from the year before with three months still remaining.
MLC President Tom Shaheen said on the education transfer: “This is the first monthly transfer fully directed to fund education. We at the lottery are thrilled this milestone was reached only nine months into our first full fiscal year of operation. This is truly a great day for Mississippians.”
The MLC could transfer more than $130m to the state if earnings in the final three months of the fiscal year – due to end June 30 – are similar to the same time last year.
The lottery’s gross revenue on ticket sales has totalled $370m so far this year, with 83.41% of that coming from instant tickets. Prizes added up to 61.72% of gross sales. Its gross revenue on ticket sales has already surpassed the $311.2m achieved in the FY2020 when it provided $70.8m to the state.
The MLC is required by law to provide the first $80m in revenues for the State Highway Fund, with the excess going to the Education Enhancement Fund. This largely comprises sales tax revenues and is split between K-12, community colleges and universities.
In the FY2020, the Education Enhancement Fund distributed more than $49m for general K-12 education programs and more than $218m to the Mississippi Adequate Education Program, which helps finance school districts. The state’s universities received more than $66m, while community colleges were awarded more than $44m.
Back in March, MLC President Shaheen announced he will be retiring later this year on June 30.