Passailaigue: $94.2m for higher ed a surprise | Arkansas Blog

Wednesday, July 13, 2011

Passailaigue: $94.2m for higher ed a surprise

Posted By on Wed, Jul 13, 2011 at 12:30 PM

At this morning's meeting of the Arkansas Lottery Commission, lottery director Ernie Passailaigue said the news that the lottery would only be able to pass on $94.2 million — instead of his earlier projection of $98 million — to the Arkansas Department of Higher Education came as a surprise to him, even though he'd publicly quoted the $98 million figure as late as June 30 (which is the last day of the Lottery's fiscal year).

More (and his reasons why) on the jump...

Passailaigue said a number of "year end adjustments" added up to subtract an additional — and apparently unanticipated — $3.19 million from June's $6.78 million in revenues, including a legislature-prescribed deduction of $200,000 for combating problem gambling, bankrolling a mandatory "unclaimed prize reserve" of $1 million, $1.28 million in new scratch off games activated early in anticipation of the July 4 weekend, and payouts for two jackpots (totaling $636,674) on a new game which came earlier than expected.

On the $1.28 million subtracted from the June books, Passailaigue said: "In June, we sent out July's allotment of tickets on June 28. Why did we do that? Well, it's the July 4th weekend, and we wanted to get those out on the streets. When we sent those out, all those tickets were activated. That means it hit this figure ($1.285m) but it wasn't settled because there were only two days left in the month... $1.28 million dollars, we had to deduct from proceeds." Passailaigue said the 1.28m had to be reflected on the June books, but "it's a timing issue," not a cash issue.

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