September 5, 2007
According to state officials the Virginia Lottery earned more last year than it estimated it would, considering it competed with neighboring North Carolina for the first time.
The agency turned over $437 million for public schools for the budget year that ended on June 30th. That's down from almost $456, or about 4% from the previous year, but it's better than the $405 million the agency officially projected it would provide for education.
Gross lottery sales for the year were down by only about $3 million, to $1.362 billion, while prize payouts increased from $773 million in fiscal 2006 to $791 million last year.
The lottery along with local property taxes and annual appropriations from the state general fund are the primary sources for money for public schools from kindergarten through 12th grade.
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