Bet on it: Lottery says it will deliver its $1.324 billion

| Print |  Email
Sunday, March 01, 2009
LotteryButton.jpg

SALEM Despite what the state predicts, the Oregon Lottery still plans to provide the budgeted $1.324 billion to support state schools, parks and natural resources, job creation, and gambling treatment programs.

The lottery revenue started slumping last fall with weekly drops of from $800,000 to $4 million. Oregon state economist Tom Potiowsky forecasts that lottery revenues will be off by more than $35 million for the 2007-2009 budget.  

But the lottery disagrees. Spokeswoman Mary Loftin says the lottery is on track to generate the budgeted $1.324 billion. So far, the lottery has provided the state with $1.165 billion, with one quarter left to go. If the lottery fails to meet its allocation goals, Loftin believes it will be by $10 million or less.

Agency budget cuts, new lottery games and advanced planning for revenue losses related to the smoking ban have helped to offset revenue losses. The agency also instituted a 5% budget cut internally, on par with other state agencies, although as a self-funded entity the cut was not mandated by the state. “It’s little dollars — $50 here, $80 there,” says Loftin. “We are doing everything we can to find every dime possible.”    

That money is especially important for already-struggling schools, as well as economic development programs. With some districts considering shortening their school year, cutting staff and even closing entire schools, the allocation of the full $936 million to the education system is critical.

Likewise, as the state unemployment rate continues to rise, lottery funds devoted to economic development, and more specifically to the Oregon Economic and Community Development Department, will play an important role in funding Oregon programs. NICOLE STORMBERG


Have an opinion? E-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

 

More Articles

Party Like It’s 1999

Contributed Blogs
Wednesday, February 25, 2015
pets-com-sock-puppetBY JASON NORRIS, CFA | OB GUEST BLOGGER

Pets.com, GeoCities, eToys, and WorldCom … blasts-from-the-past that all signify the late 1990s Internet bubble. Yet we believe the dynamics of the market, specifically in technology stocks, are much different today than it was during the late 1990s.


Read more...

Are wolves good for business?

Contributed Blogs
Friday, March 06, 2015
030615-wolf-thumbBY JEFF DELKIN | OP-ED CONTRIBUTOR

As a local business owner, I believe it’s important to build our economy on a platform of conservation values.  


Read more...

4 married couples who work together

The Latest
Thursday, January 22, 2015
IMG 0020BY JACOB PALMER | OB DIGITAL NEWS EDITOR

They say maintaining a healthy marriage takes work. So does running a business with your spouse.


Read more...

10 Twitter highlights from #OR100Best

The Latest
Friday, February 27, 2015
100bestBY OB STAFF

Oregon Business held its  22nd annual 100 Best Companies to Work For in Oregon celebration Thursday night in the Oregon Convention Center.


Read more...

How a Utah-based essential oils company cornered the Oregon market

March 2015
Friday, February 20, 2015
BY AMY MILSHTEIN | OB CONTRIBUTOR

Multilevel marketing, health claims and zyto scanner biofeedback machines: How dōTERRA thrives in Oregon. 


Read more...

Help Wanted: Poached Jobs aids restaurateurs

March 2015
Friday, February 20, 2015
BY JACOB PALMER | OB DIGITAL NEWS EDITOR

“We thought there was room for something new.”


Read more...

Cache and Curry

March 2015
Monday, February 23, 2015
BY JACOB PALMER | OB DIGITAL NEWS EDITOR

Power Lunch at Swagat in Hillsboro.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS