North Carolina General Statutes 18C-909. Use of proceeds
Terms Used In North Carolina General Statutes 18C-909
- Commission: means the North Carolina State Lottery Commission. See North Carolina General Statutes 18C-103
- 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.
(a) The Commission shall use the funds remitted to it pursuant to N.C. Gen. Stat. § 105-113.128 and any proceeds from license fees collected under this Article and Article 10 of this Chapter to cover expenses in administering this Article. Any proceeds remaining at the end of each fiscal year after payment of expenses of the Commission pursuant to this section shall be remitted to the General Fund, however, the Commission may retain an amount reasonably necessary to cover future expenses of the Commission related to administering the provisions of this Article and Article 10 of this Chapter, the total of which, including the amount authorized to be retained under N.C. Gen. Stat. § 18C-1010(c), may not exceed the total expenses of the Commission related to administering the provisions of this Article and Article 10 of this Chapter during the previous quarter of the fiscal year.
(b) Expenses of the Commission shall include all items listed in N.C. Gen. Stat. § 18C-163 (2023-42, s. 1.)