FISCAL NOTE
Date Requested: February 08, 2016 Time Requested: 10:56 AM |
Agency: |
Lottery Commission |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1184 |
Comm. Sub. |
SB116 |
|
CBD Subject: |
Legal Gaming |
---|
|
FUND(S):
Excess Lottery Fund
Sources of Revenue:
Other Fund Excess Lottery Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
In theory the reallocation of video lottery terminals will generate more revenue from limited video lottery gaming for the State, however, we cannot assume this as there is no way to predict the results. Therefore, an estimate of revenues from bid fees and additional license fees will be used to project the revenues from SB 116 [Comm Sub].
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2016 Increase/Decrease (use"-") |
2017 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
0 |
0 |
Personal Services |
0 |
0 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
0 |
0 |
2. Estimated Total Revenues |
0 |
4,292,585 |
935,000 |
Explanation of above estimates (including long-range effect):
No new employees would be required to conduct the rebid or issue additional licenses so there is no cost to the State. As the bill requires the rebid to be conducted by September 1, 2016, revenues for permits would be collected in FY17. License fees will be collected annually upon full implementation.
Estimates were prepared as follows:
Total Permits Authorized: 9,000
Total Permits Bid: 8,065
Total Available for Bid: 935
Average Bid Per Permit [10 year cycle]: $9,182
For Half Period [halfway through current 10 year cycle]: $4,591
Estimated Bid Fees [FY17]: $4,292,585
Additional License Fees annually [full implementation]: $935,000
Memorandum
N/A
Person submitting Fiscal Note: Danielle E. Boyd, General Counsel
Email Address: dboyd@wvlottery.com