SENATE BILL 283
54th legislature - STATE OF NEW MEXICO - first session, 2019
Jacob R. Candelaria and John Arthur Smith
RELATING TO THE NEW MEXICO LOTTERY; LIMITING THE AMOUNT OF REVENUE THE NEW MEXICO LOTTERY MAY EXPEND FOR OPERATIONAL EXPENSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 6-24-24 NMSA 1978 (being Laws 1995, Chapter 155, Section 24, as amended) is amended to read:
"6-24-24. DISPOSITION OF REVENUE.--
A. As nearly as practical, an amount equal to at least fifty percent of the gross annual revenue from the sale of lottery tickets shall be returned to the public in the form of lottery prizes.
B. No later than the last business day of each month, the authority shall transmit [at least twenty-seven percent of the gross revenue of the previous month until December 31, 2008 and at least thirty percent of the gross] net revenue of the previous month [thereafter] to the state treasurer, who shall deposit it in the lottery tuition fund.
C. Operating expenses of the lottery include all costs incurred in the operation and administration of the lottery and all costs resulting from any contracts entered into for the purchase or lease of goods or services required by the lottery, including the costs of supplies, materials, tickets, independent audit services, independent studies, data transmission, advertising, promotion, incentives, public relations, communications, commissions paid to lottery retailers, printing, distribution of tickets, purchases of annuities or investments to be used to pay future installments of winning lottery tickets, debt service and payment of any revenue bonds issued, contingency reserves, transfers to the reserve fund and any other necessary costs incurred in carrying out the provisions of the New Mexico Lottery Act. In fiscal year 2020, operating expenses shall not be more than seventeen percent of revenue; in fiscal year 2021, operating expenses shall not be more than sixteen percent of revenue; and in fiscal year 2022 and subsequent fiscal years, operating expenses shall not be more than fifteen percent of revenue."
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