budget Lottery shows less for scholarships 2011
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A tense Lottery Commission meeting is expected Wednesday as updated budget numbers come out showing less money for scholarships.We're talking about $4 million less for scholarships in the state lottery's most recent fiscal year. That ran from July of last year through June 30th.
At that time, we're told Lottery Director Ernie Passailaigue predicted about $98 million in scholarship proceeds. But in a lottery document we received Tuesday that number shrank to around $94 million. A lottery spokeswoman says there'd be no comment until Wednesday's meeting. But we're hearing students should be OK for now.
"If they have been notified that their scholarship has been renewed, then they should not be worried at all. And those students who just received notification that they received academic challenge recipient, their award will not change," Shane Broadway said.
Higher Education Department Interim Director Shane Broadway says there's no impact this fall because his office developed a plan based on even lower proceeds, $90 million. They'll continue to adjust every year. If funding problems arise, Broadway says measures are in place but they could hurt certain applicants.
"If funds run short one year, then we will have to prioritize for who receives the awards next year based upon these priorities: students closest to receiving their degree, GPA and if they're in a STEM field, science, technology, engineering and math majors," Broadway said.
Broadway says there's also a $20 million reserve fund in case of an emergency down the road. He is planning on attending Wednesday's Lottery Commission meeting where we should discover the why behind this latest decline in scholarship money.
That meeting starts at 9:30 am and we'll have a reporter there.
And some quick background here, this is actually the third time the scholarship proceeds dropped in the past fiscal year. But there's been no drop in projected sales. We hope to find out where the money went at Wednesday's meeting.
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