FISCAL NOTE
Date Requested: January 15, 2018
Time Requested: 11:56 AM |
| Agency: |
Lottery Commission, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1785 |
Introduced |
SB274 |
|
|---|
| CBD Subject: |
Agriculture, Legal Gaming |
|---|
|
FUND(S):
State Excess Lottery Fund
Sources of Revenue:
Special Fund
Legislation creates:
Increases Revenue From Existing Sources, Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
This bill will result in additional money in the Excess Lottery Revenue Fund and will also free up revenue that is currently appropriated to greyhound racing programs. A fiscal note by the Racing Commission is also necessary.
As drafted, an additional $8,791,817 will be generated to the State Excess Lottery Fund, and an additional $3,545,995 will be freed up to fund other programs, however, because of the change to the Thoroughbred Development Fund, the state will also lose about $466,228.
Additionally, the Lottery will transfer $1,311,101 to the racing commission from its administrative funds, therefore creating an additional expense to the Lottery.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2018
Increase/Decrease
(use"-") |
2019
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
1,311,101 |
1,311,101 |
| 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 |
11,871,584 |
11,871,584 |
Explanation of above estimates (including long-range effect):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
This bill will result in additional money in the Excess Lottery Revenue Fund and will also free up revenue that is currently appropriated to greyhound racing programs. A fiscal note by the Racing Commission is also necessary.
As drafted, an additional $8,791,817 will be generated to the State Excess Lottery Fund, and an additional $3,545,995 will be freed up to fund other programs, however, because of the change to the Thoroughbred Development Fund, the state will also lose about $466,228.
Additionally, the Lottery will transfer $1,311,101 to the racing commission from its administrative funds, therefore creating an additional expense to the Lottery.
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
The Racing Commission should also provide a fiscal note.
Person submitting Fiscal Note: Danielle Boyd, Managing General Counsel
Email Address: dboyd@wvlottery.com