Home Back Issues March 2009 Bet on it: Lottery says it will deliver its $1.324 billion

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

| Print |  Email
Archives - March 2009
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

Fuel's gold

March 2014
Tuesday, February 25, 2014
BY SOPHIA BENNETT

The coastal town of Coos Bay appears poised to land every economic development director’s dream: a single employer that will bring hundreds of family-wage jobs and millions in tax revenue. 


Read more...

Airbnb laws will hurt Portland’s newest company

News
Wednesday, April 23, 2014
airbnb-logoBY CLIFF HOCKLEY | OB GUEST CONTRIBUTOR

Proposed regulations protect Portland’s strict zoning codes and hotel operators, but they may have an adverse effect on Airbnb’s business.


Read more...

Video: Kickstarting Oregon business

News
Thursday, March 27, 2014
02.04.14 Thumbnail VideoBY JESSICA RIDGWAY | OB WEB EDITOR

Watch this OB Original Video about three Oregon companies and how crowd-funding "kickstarted" their business ideas.


Read more...

The 2014 100 Best Companies to Work for in Oregon

News
Friday, February 28, 2014

100best14logo ThumbnailThe 21st annual 100 Best Companies to Work For in Oregon list was announced Thursday night at an awards dinner at the Oregon Convention Center.


Read more...

Are millennials reshaping politics in the Pacific Northwest?

News
Wednesday, April 02, 2014

MillennialsThumbA new report explores the impact of millennials on Oregon's business and political climate.


Read more...

The future of money

March 2014
Tuesday, February 25, 2014
BY JAKE THOMAS

An ancient institution moves slowly into the digital age. 


Read more...

Branching out

March 2014
Tuesday, February 25, 2014
DSC04185BY LINDA BAKER

A blueberry bush is a blueberry bush — except when it’s a blueberry tree.


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