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THEC staff warn of potential $141.5 million shortfall in lottery scholarship portfolio
Summary
THEC staff presented a public primer showing a potential $141.5 million structural shortfall in the Tennessee Education Lottery Scholarship portfolio, explained statutory levers (sports wagering transfers, two lottery reserves) and outlined research and policy options to limit future reductions to student awards.
Dr. Steven Gentile, THEC executive staff, told commissioners the Tennessee Education Lottery Scholarship (TELS) portfolio may face a structural shortfall of about $141.5 million if conservative revenue projections hold.
"That is a negative $141,000,000 reduction in the portfolio," Gentile said while walking commissioners through the governor's budget table and the statutory mechanisms that would be used to address a deficit. He explained the process: projected net lottery proceeds are conservative, sports wagering construction funds may be redirected to cover deficits, a $10 million lottery reserve can…
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