Announcement Of Grants For 2002/03

The New Zealand Lotteries Commission (NZLC) has noted today’s announcement by the Lottery Grants Board (LGB) of funding from NZLC profits for 2002/03 of $100 million.

NZLC is currently in the middle of its normal budgeting process for the next financial year.

It has been requested by the Government Administration Committee that monitors its performance to be conservative in its forecasting because it no longer has reserve funds available and faces considerable uncertainty in both the regulatory and competitive environments.

NZLC has therefore agreed a contribution to the LGB of $105 million for 2002/03. Its revenue and expenses budget for the year has yet to be finalised and presented to the Minister of Internal Affairs for endorsement.

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