A fiscal 2016 audit report issued by Iowa State Auditor Mary Moisman on the Iowa Lottery Authority, which is responsible for overseeing the state’s lottery, indicates the agency raised its total operating revenues for the current fiscal year by almost 13 percent more than last year, according to the Quad City Times.
According to the Lottery’s CEO, Terry Rich, fiscal year 2016 has outperformed every year in the history of the state’s lottery. Records set this year include annual sales of $366.9 million; the fifth consecutive year sales have topped $300 million; players won $221.8 in prizes, and retailers earned $24.6 million in commissions from lottery sales; and $88 million in proceeds went to state causes, more than any year in the lottery’s 31-year history, according to the report (pdf).
The fiscal year’s top retailer of Iowa Lottery products was in Cedar Rapids, Iowa, with net sales of $1,026,343, and Polk County had top net sales of $56,816,403.
Record sales were also seen in scratch-off tickets again this year, with $$233.7 million in sales generated, up from last year’s sales of $212 million; an increase of $21.7 million.
For fiscal year ending June 30, 2016, lottery sales totaled $366.9 million; the highest revenue level since the Iowa Lottery’s inception on August 22, 1985. That, in comparison to fiscal year 2015 when sales totaled $324.8 million, according to the state audit report.
Sales of Lotto games were up $21.4 million while sales of pull tabs decreased by about $1 million from fiscal year 2015.
The state’s General Fund sees the majority of lottery profits, with $1,461,230,461 deposited there from fiscal year 1986 through the end of fiscal year 2016. In the latest fiscal year of the Iowa Lottery, more than $85 million in proceeds were raised by the lottery that was deposited in the state General Fund. Lottery profits from the fund are used to pay for programs in the state and have included the Iowa Plan, Clean Fund, Iowa Veterans Trust Fund, Iowa Gambling Treatment Fund, and Special Appropriations.
Today, proceeds from the lottery serve three main purposes, according to the report; they include support for veterans and the families via the Veterans Trust Fund; the state General Fund helps a variety of significant projects; and the Vision Iowa program, which was implemented to build and repair schools, and to create community attractions and tourism destinations in the state.
For the fiscal year ending June 30, 2016, the Iowa Lottery Authority spent $6,821,537 on media purchases and advertising production, which represents 1.86 of revenue. State law in Iowa allows up to 4 percent of revenue be spent by the Iowa Lottery Authority for lottery game marketing, according to the news agency.