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1 Billionth Dollar Transferred to the Education Lo
12/15/2005

Columbia, SC (December 15, 2005): The South Carolina Education Lottery (SCEL) is pleased to announce that more than $1 billion of net lottery proceeds has been transferred to the Education Lottery Account (ELA) since operations began January 7, 2002. SCEL transfers its net proceeds monthly to the State Treasurer and the money is invested to accumulate interest. According to the State Treasurer, total interest earnings of the ELA amount to more than $14.3 million.

Annually, the South Carolina General Assembly appropriates lottery proceeds to enhance the educational opportunities for the people of the Palmetto State. When the state budget is signed into law by the Governor, the funds are disbursed to the appropriate state agencies. Net proceeds of $1.154 billion have been appropriated through the end of fiscal year 2006. These funds have been directed to the following educational initiatives:

  • Higher education - $791.5 million

  • K-12 - $330.7 million

  • Other educational programs - $31.2 million.
For a complete breakdown of appropriations from the ELA, visit www.sceducationlottery.com or www.budget.sc.gov/OSB-historical.phtm.

John C.B. Smith, Chairman of the SCEL Commission, stated, “I am proud of what we have been able to accomplish during the last four years. Transferring a billion dollars is the result of the efforts of a talented staff and a committed retailer network. Based on past achievements, I anticipate future success in 2006. Thanks a billion, South Carolina!”

A press conference is scheduled for Thursday morning, December 15, 2005, 11:00 a.m., in Columbia in SCEL’s Draw Studio located at 1333 Main Street, first floor.


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