Iowa treasurer says lottery should bring $1B cash - KWWL - Eastern Iowa Breaking News, Weather, Closings

Iowa treasurer says lottery should bring $1B cash

DES MOINES (AP) -- Iowa Treasurer Michael Fitzgerald says any deal to lease the Iowa Lottery should include at least $1 billion in cash up front.

Fitzgerald says any lower offer should be rejected.

The leasing proposal comes as the state looks to reduce spending to offset an estimated $700 million shortfall in the state's budget for the year beginning July 1.

Supporter says leasing the lottery could fix short-term financial problems, but critics say the state would lose an important long-term source of cash.

The lottery generated about $57 million in revenue last year and more than $1 billion since it was created in 1985.

Fitzgerald says he opposes any leasing deal until someone shows him it's good for the state.

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