Billion dollar jackpot to benefit schools next year

Billion dollar jackpot to benefit schools next year

CLEVELAND, OH (WOIO) - If one person hits the billion dollar plus Powerball jackpot they'll take home a lump sum of about $930 million after taxes. What about the millions that the lottery generates in profits? That money is supposed to help fund education. 

"One hundred percent of our profits go to the lottery profits education fund here in Ohio," says Danielle Frizzi-Babb, Communications Director at the Ohio Lottery Commission, "The lottery puts the money into the fund. The Department of Education doles out the money to school districts across the state."

Last year, Ohio schools got $990 million from lottery proceeds.The funds generated by the lottery are part of the yearly budget created for the schools by lawmakers. By the time the money is divided up though, Cleveland Schools, for example, say the lottery funds don't make up a significant part of their budget.

"We have an approximate number that's given every year for what we think we can generate for education," added Frizzi-Babb. Whatever profits this billion dollar jackpot generates will become part of a future budget.  "Something like this is just way out of the norm," said Frizzi-Babb.

Bigger jackpots do mean more proceeds for schools, but the chances of seeing a prize like this again - don't bet on it.

For a complete overview of school funding click here.

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