Hoosier Lottery announces $250M surplus

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The Hoosier Lottery has announced a surplus for the 2014 fiscal year.

The Commission got the good news this morning that the lottery generated a $250 million surplus in fiscal year 2014. That's a 12 percent increase over one year ago.

Despite the impressive numbers, it still represents a $1.6 million dollar shortfall for GTECH, which the company is required by contract to cover - the state was not penalized because of it.

While the lottery has continued raising money in Indiana, the story is not good in neighboring Illinois, where a GTECH subsidiary was just fired.
What's the biggest difference between the contract GTECH has in Illinois than the one negotiated in Indiana?

"I can't speak to Illinois' circumstances but I do know the team that worked on our contract learned from contract agreements in Illinois to craft it, make it better for the Hoosier State so we are glad about the agreement we have here," said Sarah Taylor, executive director of the Hoosier Lottery.

The $250 million surplus is earmarked for the Build Indiana Fund, pensions for local firefighters and police officers and retirement funds for Indiana teachers.

The lottery projects a $311 million surplus for 2015.