Missouri Lottery transfers $18.9 million in profits to public education

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The Missouri Lottery made its first transfer of fiscal 2018 today by sending $18.9 million in profits to public education. The $18.9 million July transfer is the sales in the month of June.

The lottery sales started in 1986. Since then, Missouri Lottery has generated more than $5.7 billion for the state and public education. The annual lottery proceeds comprise of 4 % of the state’s funding for public education.

Before each fiscal year, the Missouri Lottery averages the most recent five years’ profit to set a benchmark. After that, it increases the amount by 1 % to arrive at the prudent goal of the next coming year. Missouri Lottery funds many programs. Some of the currently funded programs include A+ Scholarship Program, the Foundation Program, and Access Missouri.

Apart from providing funds for public education, the Missouri Lottery also benefits the state through collecting state taxes on prizes above $6000. During the fiscal year 2017, the Missouri Lottery generated $3.6 million in state tax withholdings. Also, $664,000 was generated in debt offsets for back taxes, child support, and several other state agency debts.

For more information related to tax withholdings, ticket sales, and other topics, visit the official Missouri website.