The North Carolina Education Lottery has made its first transfer of money since the games began seven months ago.
The agency sent 95 (m) million dollars in ticket profits to a
special education fund. A 50 (m) million-dollar transfer in late
June went into a reserve account.
Today's transfer equals 35-point-six percent of 233 (m) million
dollars in lottery sales since July first and another 12 (m)
million generated before that date. The first games began March
Of the money placed in the Education Lottery Fund, the law
requires 50 percent for the class-size and Governor Easley's More
at Four program. Forty percent goes for construction and ten
percent goes toward scholarships.
State law requires the lottery commission to make periodic
transfers to the education fund. At least 35 percent of net
revenues must be used for initiatives such as class-size reduction,
preschool programs, school construction and college scholarships
for needy students.