Election: Statewide Special Election, May 19, 2009
LOTTERY MODERNIZATION ACT. 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.
Fiscal Impact: Allows $5 billion of borrowing from future lottery profits to help balance the 2009-10 state budget. Debt-service payments on this borrowing and higher payments to education would likely make it more difficult to balance future state budgets.
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