New law could give schools a bigger cut of lottery money
Gov. Arnold Schwarzenegger has signed legislation that may provide cash-starved schools a larger share of state's lottery proceeds.
The new law, written by Assemblywoman Mary Hayashi, D-Hayward, shrinks by 3 percent the fees paid to the California State Lottery for administration purposes. At the same time, the amounts paid out in cash prizes and school funding were raised by 3 percent.
This equates to the Lottery receiving 13 percent of the annual revenues; approximately 87 percent would be returned to the public, with no less than 50 percent paid out in prizes and at least 34 percent going to schools. Hayashi said:
The new law, written by Assemblywoman Mary Hayashi, D-Hayward, shrinks by 3 percent the fees paid to the California State Lottery for administration purposes. At the same time, the amounts paid out in cash prizes and school funding were raised by 3 percent.
This equates to the Lottery receiving 13 percent of the annual revenues; approximately 87 percent would be returned to the public, with no less than 50 percent paid out in prizes and at least 34 percent going to schools. Hayashi said:
California’s budget crisis has had a devastating impact on education. Supporting our schools must
