Allows the state lottery to be modernized to improve its performance with increased payouts, improved marketing, and effective management.
- Requires the state to maintain ownership of the lottery and authorizes additional accountability measures.
- Protects funding levels for schools currently provided by lottery revenues.
- Increased lottery revenues will be used to address current budget deficit and reduce the need for additional tax increases and cuts to state programs.
Sounds good again right? Of course the state should maintain ownership, of course you want the lottery revenues to increase, of course you want to protect funding, no brainer. What? Oh there's more?
Impact on 2009–10 State Budget: Allows $5 billion of borrowing from future lottery profits to help balance the 2009–10 state budget.
- Impact on Future State Budgets: Debt-service payments on the lottery borrowing and higher payments to education would likely make it more difficult to balance future state budgets. This impact would be lessened by potentially higher lottery profits. Additional lottery borrowing would be allowed.
What? You wanna BORROW from the lottery fund? Wait how will that increase the payouts to the education fund? And you are admitting it will make it MORE difficult to balance a budget that the legislature of this state already cant balance in a timely manner? WTF?