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FY2008 Annual Report

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FY2008 Annual Report FY2008 Annual Report Table of Contents FY08 Highlights..........................................................................................................................................1 Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards.................................................................................................................3 Independent Auditor’s Report.....................................................................................................................5 Statement of Net Assets..............................................................................................................................6 Statement of Revenues, Expenses, and Changes in Fund Net Assets.........................................................7 Statement of Cash Flows ............................................................................................................................8 Notes to the Financial Statements...............................................................................................................9 Directory Dept. of Revenue & Regulation Staff Cont. Office Locations Paul Kinsman, Secretary Nancy Bugay Cindy Delzer Pierre South Dakota Lottery Mary Deuchar PO Box 7107 Norm Lingle, Exec. Director John Hepper 207 E. Capitol Ave., Ste. 200 Marty Johnson Pierre, SD 57501 S.D. Lottery Commission Patty Kirby Phone: (605) 773-5770 Duane Schmautz, Chair (FY08) Sherry Lauseng Fax: (605) 773-5786 Susan Shay Brugger Ron Leidholt www.sdlottery.org Tom Leckey Ron McKinley Email: [email protected] Kory Menken Peggy Moller Virginia Nelson Mike Mueller Sioux Falls Doug Sharp Lana Okeson 3824 S. Western Ave. Dick Werner Julie Pirnat-Schultz Sioux Falls, SD 57105 Deb Reese (605) 367-5840 Lottery Staff Dan Sahr Sandra Schleining Jean Aarnes Rapid City Matt Sommerfeld Jane Aasby 107B New York Street Lisa Sullivan Mary Jo Bibby Rapid City, SD 57701 Jeff Thomas Pat Boyles (605) 394-5106 Linda Titze Joanne Brandlee Starla Volk Diane Briest Joe Willingham FY08:FY08: NewsNews ofof NoteNote www.sdlottery.org July 1, 2007 - June 30, 2008 Lottery revenue nears $1.7 billion The total amount of revenue raised by the South Dakota Lottery approached $1.7 billion at the completion of FY08. The Lottery generated $123.3 million in revenue for the 2008 fiscal year. The year’s total revenue was the largest transferred to the state in a single year. Scratch ticket sales generated $5.1 million in revenue for the state general fund in FY08. Half of this fund is used for ongoing state funding of K-12 and higher education. Lotto ticket sales generated nearly $6.2 million. Revenue raised from lotto ticket sales go to the General Fund and the Capital Construction Fund, which finances ethanol production incentives, water and environment programs and state highway projects. Video lottery generated $111.2 million for the Property Tax Reduction Fund in FY08, reducing owner-occupied and agricultural property taxes by 30 percent. Higher sales Watertown man claims top generate record Dakota Raffle prize retailer bonuses Carl Umlauf of Watertown claimed the $250,000 grand prize in the Lottery’s first-ever Dakota Raffle Lottery retailer commissions topped game, which commemorated the Lottery’s 20th $2.3 million in FY08. anniversary. Retailers receive a five percent Umlauf won the prize in the New Year’s Eve draw- commission on each ticket sold. ing for the special raffle-style game. “I got shaky,” Instant retailers also receive a one he said of having the winning ticket. “I couldn’t believe it.” percent selling commission for sell- A total of 80,120 tickets were sold for the Dakota Raffle drawing. There ing prize-winning tickets over $101 were 256 winning tickets that shared in $500,000 in various prizes. and a one percent cashing commission for cashing instant prize-winning tickets of $1 up to $100. Retailers selling top lotto prizes earn additional bonuses up to Sturgis event launches sale of rally themed $50,000. scratch game Sturgis Mayor Maury LaRue joined Lottery director Norm Lingle to scratch the first Sturgis Motorcycle Rally ticket. The launch of an instant scratch game to celebrate the annual Sturgis Motorcycle Rally was a first for both the Lottery and the Rally. 1 SalesSales && RevenueRevenue Instant tickets Video Lottery The Lottery launched 26 new instant ticket games during fiscal year 2008. The Lottery regulates and controls At the close of the year, there were 626 licensed instant ticket retailers the video lottery game activities across the state. through licensing procedures for the machines, machine owners, and Sales were up 13.5 percent from the previous year, bolstered by the first establishments as well as a $20 ticket, Platinum Payout, and phenomenal holiday ticket sales that were comprehensive secure central the best in 15 years. computer system. Lotto tickets Video lottery sales (cash in) increased 1.4 percent in fiscal year South Dakota currently offers four lotto games. Powerball, Wild Card 2 2008. The average number of and Hot Lotto are multi-state games. Dakota Cash is played only in South active video lottery machines Dakota. Dakota Raffle was also offered during FY08. At the end of the during the year was 8,952 and the fiscal year, there were 452 licensed lotto retailers. average number of licensed Powerball and Dakota Cash performed well in the fiscal year, but Wild establishments was 1,478. Card 2 and Hot Lotto fared poorly due to frequent jackpot wins and Revenue from video lottery net subsequent lower jackpots. machine income is distributed to Lotto games reported an overall increase in sales of less than 1 percent the Property Tax Reduction Fund. from fiscal year 2007. Two impressive Powerball jackpot runs and the A portion of machine manufacturer addition of the Dakota Raffle game helped brighten the sales picture. license fees is distributed to the General Fund. Sales and Revenues Total fiscal year 2008 Lottery revenue distributed to state funds was more than $122 million. Retailer Revenue Sales Prizes Commissions Distributed Instant Tickets $20,681,769 $12,871,055 $1,159,190 $5,143,568 Lotto Tickets $21,744,045 $11,070,247 $1,200,450 $6,195,624 Video Lottery** $661,838,490 $437,177,280 $112,330,605 $111,966,299 Total: $123,305,491 ** Video lottery sales are cash in; prizes are cash out; private share of net machine income is retailer commission Revenue Distribution Cap. Construct. Property Tax Dept. of Human General Fund Fund Reduction Fund Services Instant Tickets $5,143,568 Lotto Tickets $1,400,000 $4,795,624 Video Lottery $545,000 $111,207,299 $214,000 Totals: $7,088,568 $4,795,624 $111,207,299 $214,000 2 SOUTH DAKOTA LOTTERY STATEMENT OF NET ASSETS June 30, 2008 and 2007 Assets 2008 2007 Current Assets: Cash $7,357,186 $7,342,607 Accounts Receivable 5,458,547 5,071,863 Restricted Other Receivable 937,692 987,781 Interest Receivable 136,862 144,551 Certificates of Deposit 550,489 430,530 Securities Lending Collateral 650,796 1,277,199 Total Current Assets 15,091,572 15,254,531 Noncurrent Assets: Capital Assets less Accumulated Depreciation 15,131 18,305 Total Assets 15,106,703 15,272,836 Liabilities Current Liabilities: Accounts Payable 343,035 457,577 Prizes Payable 1,266,088 1,174,322 Due to the Property Tax Reduction Fund 4,424,581 4,260,627 Due to the Capital Construction Fund 695,624 1,011,689 Due to the General Fund 343,568 288,644 Due to Other Funds 72,693 65,108 Operator Security Deposits 565,289 453,230 Escrows Payable-Reservation Sales 43,906 39,707 Accrued Liabilities 214,921 201,702 Deferred Revenue 184,191 131,264 Securities Lending Collateral Liability 650,796 1,277,199 Total Current Liabilities 8,804,692 9,361,069 Noncurrent Liabilities: Accrued Liabilities 112,546 107,240 Total Liabilities 8,917,238 9,468,309 Net Assets Invested in Capital Assets, net of Related Debt 15,131 18,305 Restricted for MUSL Permitted Uses 937,692 987,781 Unrestricted 5,236,642 4,798,441 Total Net Assets $6,189,465 $5,804,527 The accompanying notes are an integral part of the financial statements. 6 SOUTH DAKOTA LOTTERY STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS For the Fiscal Years Ended June 30, 2008 and 2007 FY2008 FY2007 Operating Revenues: Video Lottery Revenue $112,330,605 $111,407,852 Instant Ticket Sales 20,681,769 18,218,910 On-Line Ticket Sales 21,744,045 21,590,530 Terminal License Fees 1,019,100 1,006,400 Retailer License Fees 304,350 325,853 Total Operating Revenue 156,079,869 152,549,545 Direct Game Costs: Instant Prizes 12,871,055 11,381,996 On-Line Prizes 11,070,247 10,940,311 Instant Retail Commissions 1,159,190 1,020,560 On-Line Retail Commissions 1,200,450 1,156,546 Instant Ticket Print Costs 401,143 406,831 Total Direct Costs 26,702,085 24,906,244 Gross Profit 129,377,784 127,643,301 Operating Expenses: Personal Services and Benefits 1,400,488 1,357,310 Travel 138,693 127,376 Advertising 669,128 556,968 Contractual Services 4,251,476 4,141,871 Supplies and Materials 133,145 145,114 Depreciation 14,860 10,964 Payments to Reservations 43,906 39,707 Total Operating Expenses 6,651,696 6,379,310 Operating Income 122,726,088 121,263,991 Non-operating Revenues (Expenses): Pooled Investment Income 869,883 733,337 Broker Rebate Expense (66,194) (119,763) Non-operating Revenue from MUSL 150,653 138,031 Miscellaneous Revenue 9,999 10,421 Total Non-operating Revenue (Expenses) 964,341 762,026 Income Before Transfers 123,690,429 122,026,017 Transfers: Transfers to the Property Tax Reduction Fund 111,207,299 110,293,773 Transfers to the General Fund 7,088,568 5,748,644 Transfers to the Capital Construction Fund 4,795,624 4,811,689 Transfers to the Department of Human Services 214,000 214,000 Total Transfers 123,305,491 121,068,106 Change in Net Assets 384,938 957,911 Total Net Assets - Beginning 5,804,527 4,846,616 Total Net Assets - Ending $6,189,465 $5,804,527 The accompanying notes are an integral part of the financial statements.
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