In today’s meeting of the Kentucky Lottery Corporation’s (KLC’s) board of directors, a budget for the next fiscal year was approved and an update was given on sales so far in FY14.
For FY14 sales through April, $718.7 million in tickets have been sold. This is $18.8 million more than last year, but $27.3 million short of budget due to lagging sales in the past two months of some games. Year-to-date income before transfer of dividends has been $188.6 million, which is $3.7 million more than last year but $4.9 million less than budgeted.
“We’re hoping a solid Powerball run in the last few weeks of the fiscal year will help our sales return to where they need to be,” said the KLC’s Sr. VP of Finance Howard Kline.
For FY15, the board approved a budget calling for $935 million in sales and $238 million in dividends back to the Commonwealth. Kline said increased Keno sales and the addition of a new multistate game should help draw game sales grow to $393 million next year.
“The sales growth we need to meet the funds counted on by the Commonwealth next year is quite honestly the largest challenge we’ve faced,” said KLC President and CEO Arch Gleason. “It’s a stretch, but the students who receive proceeds from the college scholarship and grant programs we fund are counting on us. I’m confident we’ll make it.”
In other business, the board approved:
- The renewal of a lease with the Commonwealth’s Office of Technology for the KLC’s data back-up center;
- A contract with Gaming Laboratories International for lottery ball testing, random number generator evaluation and related services;
- A contract renewal with Bandy Carroll Hellige for advertising and related services, and;
- Rules and/or amended rules and regulations for 22 scratch-off tickets.
The next meeting of the KLC’s board of directors will be August 1. The meeting will begin at 9:30 AM EST, and will be held at the KLC headquarters at 1011 West Main Street in Louisville. Committee meetings will begin at 8:30 AM EST.