HOUSTON, Aug. 9 (Xinhua) -- New Mexico Lottery officials said Wednesday that less money will be transferred to the state's lottery scholarship program this year.
The lottery announced Wednesday that 37.8 million U.S. dollars in proceeds earned during the 2017 fiscal year will be going to the scholarship fund, declining 8.5 million U.S. dollars from the previous year.
Lottery CEO David Barden told local media the opportunities for generating more revenue have been hampered by an increase in contract fees as well as a requirement to funnel 30 percent of proceeds to the scholarship fund.
The scholarships help pay tuition for about 26,000 students at public universities and colleges in the state. The amount of financial aid available through the program has been declining since lottery revenues have not kept pace with increases in tuition and student enrollment.
