FISCAL NOTE
Date Requested: March 23, 2017
Time Requested: 12:08 PM |
| Agency: |
Lottery Commission, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3330 |
ORG BILL |
HB3107 |
|
|---|
| CBD Subject: |
Legal Gaming |
|---|
|
FUND(S):
State Excess 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.
This fiscal note reflects the impact that HB3107 will have on Lottery revenues by generating new money in the Excess Lottery Revenue Fund and freeing up additional money currently appropriated to benefit greyhound racing subsidies. HOWEVER, to conduct a thorough review of the total revenue impact of HB3107, a fiscal note completed by the Racing Commission is also necessary.
Based on the current draft of the bill, which mirrors the Committee Substitute for SB437, from a Lottery revenue standpoint, an additional $9,402,476* will be generated to the State Excess Lottery Revenue Fund, and an additional $4,243,611 in appropriated money will be freed up to fund other programs.
Note this number is $1,394,949 less than in the fiscal note filed for the introduced version of SB437, as the split of 1.5% in RVL revenues changed in the Committee Substitute.
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 |
13,646,087 |
13,646,087 |
Explanation of above estimates (including long-range effect):
The above estimated total revenues were compiled as follows:
$9,402,476* in new money to State Excess Lottery Fund
$4,243,611 freed up in appropriated money.
$9,402,476*= [Greyhound Purses] + [Development Fund]
$4,243,611= Purses + $100,000 [10-10-10 money]
Estimated Total Revenues: $13,646,087*
*Note this does not match the fiscal note for SB437 filed by the Lottery due to a change made in the Committee Substitute for SB437.
Memorandum
This fiscal note reflects the impact that HB3107 will have on Lottery revenues by generating new money in the Excess Lottery Revenue Fund and freeing up additional money currently appropriated to benefit greyhound racing subsidies. However, to conduct a thorough review of the total revenue impact of HB3107, a fiscal note completed by the Racing Commission is also necessary.
Person submitting Fiscal Note: Danielle Boyd, Managing General Counsel
Email Address: dboyd@wvlottery.com