by Andrew Powell
Florida officials predict that contributions to the state’s education system from the state lottery will decrease this fiscal year by $270 million.
Officials at the Florida Legislature’s Office of Economic and Demographic Research forecast that Florida Lottery and other sources such as slot machines will transfer $3.12 billion to the various education trust funds, which includes $560 million left over from the previous fiscal year.
Last year, that figure was $3.39 billion, with $759.5 million coming from leftover funds from the prior year.
The Educational Enhancement Trust Fund receives a portion of every lottery ticket sold in the Sunshine State and the Legislature then appropriates the funds with the help of the state Department of Education.
An earlier conference held in February projected that lottery sales will fluctuate slightly until the forecast period ends in fiscal 2028-29. Ticket sales projections have changed significantly within a year, swinging upward from previous estimates in July 2022.
February estimates projected that the Pick Games group’s revenue will be reduced, while Powerball, Mega Millions, and Scratch-off sales will increase revenue by $240 million. However, analysts took into account some of the abnormally large jackpots that have made a significant impact on ticket sales.
The conference estimated that total lottery sales for fiscal 2023-24 will reach $2.33 billion and be distributed across various educational institutions through the Educational Enhancement Trust Fund. This includes K-12 schools, the state university system, the Florida community college system, workforce education, Bright Futures (a lottery-funded scholarship for high academic achievement) and student financial assistance.
K-12 schools are projected to receive $1.2 billion in fiscal 2023-24, while the state university system is forecast to receive $699.6 billion.
The Florida community college system is estimated to receive $273.8 million, while workforce education is estimated to have $148.3 million allocated through the education fund. Bright Futures is projected to receive around $590.7 million.
– – –
Andrew Powell is a contributor to The Center Square.
Image “Florida Lottery Games” by Florida Lottery.
