Montana Lottery Financial Statements (Unaudited) December 31, 1987
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The Montana Lottery will purchase an annuity for eacli winner for the remaining payments. 6. TRANSFER TO STATE SUPERINTENDENT OF PUBLIC INSTRUCTION. Section 23-5-1027, MCA states "that part of all gross revenue not used for payment of prizes, commissions, and operating expenses is net revenue and must be paid quarterly from the enterprise fund to the State Superintendent of Public Instruction for distribution as equalization aid to retirement funds..." For the quarter ended December 31, 1987, t...he net revenue amounts to $1,870,603. The $5,694,837 cumulative transfer figure includes the net income for the periods ended December 31, September 30 and June 30, 1987. The Lottery was exempted from making a transfer for the quarter ended June 30, 1987 until the general fund start-up loan had been repaid. This loan was repajd on August 19, 1987. The account "Due to Other Funds" reflects $5,694,837 pay^ible to the State Superintendent of Public Instruction. On Janu.iry 28, 1988, the Lottery paid $3,824,234 to the State Superintendent of Public Instruction.
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