Montana Code 23-7-402. Disposition of revenue
23-7-402. Disposition of revenue. (1) A minimum of 45% of the money paid for tickets or chances must be paid out as prize money. The prize money is statutorily appropriated, as provided in 17-7-502, to the state lottery.
Terms Used In Montana Code 23-7-402
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Prizes: means any winning tickets, chances, wagers, or bets validated by the state lottery central gaming system and sold by any sales agent. See Montana Code 23-7-103
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- State lottery: means the Montana state lottery and sports wagering agency created and operated pursuant to this chapter. See Montana Code 23-7-103
(2)Commissions paid to lottery ticket or chance sales agents are not a state lottery operating expense.
(3)That part of all gross revenue not used for the payment of prizes, commissions, and operating expenses, together with the interest earned on the gross revenue while the gross revenue is in the enterprise fund, is net revenue. Net revenue must be transferred quarterly from the enterprise fund established by 23-7-401 in the following order:
(a)the first $2.25 million of net revenue in each fiscal year must be transferred quarterly in equal payments of $562,500 to the Montana STEM scholarship program special revenue account established in 20-26-617; and
(b)net revenue in excess of $2.25 million in each fiscal year must be transferred to the state general fund.
(4)The spending authority of the state lottery may be increased in accordance with this section upon review and approval of a revised operation plan by the office of budget and program planning.