Senate Bill sb0628
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Florida Senate - 2004 SB 628
By Senator Wise
5-677-04
1 A bill to be entitled
2 An act relating to lottery funds; amending ss.
3 24.115 and 24.121, F.S.; providing for the
4 transfer of a percentage of unclaimed lottery
5 prize moneys into the Educational Enhancement
6 Trust Fund; providing for the uses of such
7 moneys; requiring that the remaining unclaimed
8 funds be added to the pool from which future
9 prizes are to be awarded or used for special
10 prize promotions; providing for an analysis and
11 report by the Department of Lottery and the
12 Office of Program Policy Analysis and
13 Government Accountability; increasing the
14 percentage of the gross revenue from the sale
15 of on-line lottery tickets and other lottery
16 revenue which must be deposited into the
17 Educational Enhancement Trust Fund; providing
18 an effective date.
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20 Be It Enacted by the Legislature of the State of Florida:
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22 Section 1. Subsection (2) of section 24.115, Florida
23 Statutes, is amended to read:
24 24.115 Payment of prizes.--
25 (2) No later than the last day of each calendar
26 quarter, the department shall transfer 60 percent of unclaimed
27 prize money to the Educational Enhancement Trust Fund to be
28 used for reading-enhancement initiatives in grades K-12 which
29 are identified under s. 24.121(5)(g). The remaining unclaimed
30 prize money shall be added to the pool from which future
31 prizes are to be awarded or used for special prize promotions.
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Florida Senate - 2004 SB 628
5-677-04
1 The Department of Lottery, in coordination with the Office of
2 Program Policy Analysis and Government Accountability, shall
3 track all unclaimed prize money added to the pool to determine
4 the return on investment from the money and to assess the
5 point of diminishing returns from the reinvestment of
6 unclaimed prize money into the prize pool. The department and
7 the Office of Program Policy Analysis and Government
8 Accountability shall issue to the Governor, the President of
9 the Senate, and the Speaker of the House of Representatives by
10 December 31 of each year a report that sets forth in detail
11 information relating to return on the reinvestment of
12 unclaimed prize money and an analysis of where the point of
13 diminishing returns from investment should occur. All
14 unclaimed prize money shall be added to the pool from which
15 future prizes are to be awarded or used for special prize
16 promotions.
17 Section 2. Subsection (2) and paragraph (b) of
18 subsection (5) of section 24.121, Florida Statutes, are
19 amended, and paragraph (g) is added to subsection (5) of that
20 section, to read:
21 24.121 Allocation of revenues and expenditure of funds
22 for public education.--
23 (2) Each fiscal year, at least 40 39 percent of the
24 gross revenue from the sale of on-line lottery tickets,
25 variable percentages of the gross revenue from the sale of
26 instant lottery tickets as determined by the department
27 consistent with subsection (1), and other earned revenue,
28 excluding application processing fees, shall be deposited in
29 the Educational Enhancement Trust Fund, which is hereby
30 created in the State Treasury to be administered by the
31 Department of Education. The Department of the Lottery shall
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Florida Senate - 2004 SB 628
5-677-04
1 transfer moneys to the Educational Enhancement Trust Fund at
2 least once each quarter. Funds in the Educational Enhancement
3 Trust Fund shall be used to the benefit of public education in
4 accordance with the provisions of this act. Notwithstanding
5 any other provision of law, lottery revenues transferred to
6 the Educational Enhancement Trust Fund shall be reserved as
7 needed and used to meet the requirements of the documents
8 authorizing the bonds issued by the state pursuant to s.
9 1013.68, s. 1013.70, or s. 1013.737 or distributed to school
10 districts for the Classrooms First Program as provided in s.
11 1013.68. Such lottery revenues are hereby pledged to the
12 payment of debt service on bonds issued by the state pursuant
13 to s. 1013.68, s. 1013.70, or s. 1013.737. Debt service
14 payable on bonds issued by the state pursuant to s. 1013.68,
15 s. 1013.70, or s. 1013.737 shall be payable from, and is
16 secured by a first lien on, the first lottery revenues
17 transferred to the Educational Enhancement Trust Fund in each
18 fiscal year. Amounts distributable to school districts that
19 request the issuance of bonds pursuant to s. 1013.68(3) are
20 hereby pledged to such bonds pursuant to s. 11(d), Art. VII of
21 the State Constitution.
22 (5)
23 (b) Except as provided in paragraphs (c), (d), and
24 (e), and (g) the Legislature shall equitably apportion moneys
25 in the trust fund among public schools, community colleges,
26 and universities.
27 (g) All unclaimed prize moneys deposited into the
28 Educational Enhancement Trust Fund pursuant to s. 24.115(2)
29 must be segregated into a separate account and used to fund
30 reading-enhancement initiatives in grades K-12 which have been
31 identified by the Commissioner of Education.
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Florida Senate - 2004 SB 628
5-677-04
1 Section 3. This act shall take effect upon becoming a
2 law.
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5 SENATE SUMMARY
6 Provides for the transfer of a percentage of unclaimed
lottery prize moneys into the Educational Enhancement
7 Trust Fund and for the use of such moneys for
reading-enhancement initiatives in grades K-12. Requires
8 that the remaining unclaimed funds be added to the pool
from which future prizes are to be awarded or used for
9 special prize promotions. Provides for an analysis and
report by the Department of Lottery and the Office of
10 Program Policy Analysis and Government Accountability.
Increases from 39 percent to 40 percent the percentage of
11 the gross revenue from the sale of on-line lottery
tickets and other lottery revenue which must be deposited
12 into the Educational Enhancement Trust Fund.
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