Oklahoma Lottery Makes First Deposit into Education Fund
Initial Transfer Tops $16.69 million
OKLAHOMA CITY, OK – January 13, 2006 – The Oklahoma Lottery Commission (OLC) today announced that it has made an initial transfer of $16,693,705.20 to the State Treasurer for deposit into the Oklahoma Education Lottery Trust Fund. The new money represents the first of what will be a regular quarterly transfer of funds raised from lottery ticket sales.
“This is a momentous day for Oklahoma because it spotlights in a very tangible way the fundamental purpose of the Oklahoma Lottery, raising money for education in our state,” said Jim Scroggins, executive director of the Oklahoma Lottery.
Today’s transfer represents 30 percent of gross lottery sales of $55,645,684 for the period Oct. 1 to Dec. 31, 2005. The lottery commenced ticket sales to the public on Oct. 12, 2005. The original sales approximation of $63 million for the three-month period ending Dec. 31, 2005 was based on retailer ticket-pack activations and settlements. The transfer amount of $16.69 million is based on money actually collected from retailers.
The Education Lottery Act requires the OLC to make a quarterly transfer of lottery net proceeds to the State Treasurer on or before the 15th day of each calendar quarter. It further mandates that all lottery proceeds be used as a supplement to, and not a replacement of, existing funds for education.
For more information, please visit the Oklahoma Lottery Commission website at www.lottery.ok.gov, or contact Marisa Schrieber, Jordan Associates PR Specialist, at 405.840.3201.