FISCAL NOTE
Date Requested: March 14, 2017
Time Requested: 01:54 PM |
| Agency: |
Lottery Commission, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1604 |
Introduced |
SB604 |
|
|---|
| CBD Subject: |
Agriculture |
|---|
|
FUND(S):
Lottery Fund
Sources of Revenue:
Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Eliminating funds to the Racetrack Modernization Fund would increase revenues to the Lottery Fund by $9M annually, but only if the Lottery Administrative Fund surplus was $9M or more.
Currently, Racetrack Modernization is only funded if the money is available, and it is a product of the Lottery's administrative dollars. If there is no surplus in the Lottery's administrative funds for racetrack video lottery then no dollars would be available for modernization.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2017
Increase/Decrease
(use"-") |
2018
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 |
0 |
0 |
Explanation of above estimates (including long-range effect):
Eliminating funds to the Racetrack Modernization Fund would increase revenues to the Lottery Fund by $9M annually, but only if the Lottery Administrative Fund surplus was $9M or more.
Currently, Racetrack Modernization is only funded if the money is available, and it is a product of the Lottery's administrative dollars. If there is no surplus in the Lottery's administrative funds for racetrack video lottery then no dollars would be available for modernization.
Because of this money being a function of Lottery Administrative funds, it has been noted above that the bill will have no fiscal impact.
Memorandum
Because of this money being a function of Lottery Administrative funds, it has been noted above that the bill will have no fiscal impact.
Person submitting Fiscal Note: Danielle Boyd, Managing General Counsel
Email Address: dboyd@wvlottery.com