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Senate Education Committee adopts amendment to correct Arkansas Lottery accounting, uses $20 million shortfall reserve to clear deficit
Summary
The Senate Education Committee adopted an amendment and approved a bill to adjust how the Arkansas Scholarship Lottery reports net proceeds, moving funds from a $20 million shortfall reserve trust to clear a multi‑million dollar negative balance on the lottery's balance sheet, lawmakers said.
The Senate Education Committee adopted an amendment and approved a bill to adjust longstanding accounting practices for the Arkansas Scholarship Lottery and to use a $20 million shortfall reserve trust account to eliminate a negative position on the lottery's balance sheet, lawmakers said.
Sponsor Senator Hickey, presenting the measure, said the change corrects an accounting mismatch that has existed since the lottery’s creation. “When the lottery was created in 02/2009 … the definition of net proceeds allowed for a modified cash basis instead of an accrual basis. So basically, we've been sending more to the scholarship trust fund than what we what we should have,” Hickey said.
The bill…
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