FISCAL NOTE

Date Requested: March 01, 2017
Time Requested: 01:45 PM
Agency: Lottery Commission, WV
CBD Number: Version: Bill Number: Resolution Number:
2584 Introduced SB362
CBD Subject: Governor -- Bills Requested By


FUND(S):

Workers' Compensation Debt Reduction Fund and General Revenue Fund

Sources of Revenue:

General Fund,Special Fund

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


This fiscal note is exclusive to the impact of this bill related to Lottery revenues and funds. This bill will permit the redirection of revenues derived from racetrack video lottery net terminal income funds by allowing the Governor to redirect 75% of the deposit from the Workers' Compensation Debt Reduction Fund to the General Revenue Fund by Executive Order. This bill has no fiscal impact on Lottery revenues as it just redirects 75% of certain revenues from one fund to the General Revenue Fund. However, this bill also affects the Insurance Commission, and any financial impact that this bill would have on state revenues will have to be thoroughly evaluated by that agency.



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):


This bill has no fiscal impact on Lottery revenues as it just redirects 75% of certain revenues from one fund to the General Revenue Fund. However, this bill also affects the Insurance Commission, and any financial impact that this bill would have on state revenues will have to be thoroughly evaluated by that agency.



Memorandum


This bill affects the Insurance Commission, any financial impact will have to be thoroughly evaluated by the Insurance Commissioner and his staff.



    Person submitting Fiscal Note: Danielle Boyd, Managing General Counsel
    Email Address: dboyd@wvlottery.com