California Lottery Announces Record Revenue for Public Education
Despite the ongoing challenges of the COVID-19 pandemic, the California Lottery turned things around in fiscal year 2020-2021, achieving record sales of over $8.4 billion. Those revenues shattered the Lottery’s previous sales record of nearly $7.4 billion, which was set in the 2018-19 fiscal year before the pandemic.
Most importantly, through these successful sales, the Lottery raised a record total of over $1.88 billion for California public schools in fiscal year 2020-21, marking the 21st consecutive year the Lottery won over $1 billion in additional funding for public education.
The Lottery’s full financial figures are included in the recently released Comprehensive Annual Financial Report and Popular Annual Financial Report, both of which are publicly available on the Lottery’s website (images below). This latest version is a more digestible summary of Lottery’s financial situation compared to the full report which dives deeper into the numbers.
“The Lottery’s continued success in achieving our sales goals and record contributions to public schools is due to the resilience and hard work of our employees and the dedication of our players and the more than 23,000 sales partners around the world. statewide Lottery retail,” California said. Nicholas Buchen, chief financial officer of the lottery.
The annual finances of the Lottery are thoroughly audited each year by an independent third-party company. The audit for the 2020-21 fiscal year took longer than usual due to staffing issues that arose during the pandemic. The audit for fiscal year 2021-22 is still ongoing, but early indications suggest that the stellar performance in fiscal year 2020-21 does not appear to be the end of Lottery’s sales momentum.
“While the numbers are far from final, it is clear that lottery sales and contribution to education figures for fiscal year 2021-22 will significantly exceed fiscal year 2020-21 levels,” said added Buchen.
The California Lottery continues to be one of the fastest growing lotteries in the United States. more than $40 billion for public education since the lottery began in 1985.
The Lottery is a fully autonomous state department funded entirely by revenue generated from the responsible sale of games and receives no public funding. Anyone can see how much lottery money local California districts are getting with the interactive map tool on Lottery’s website.