FISCAL NOTE
Date Requested: March 23, 2017 Time Requested: 09:26 AM |
Agency: |
Lottery Commission, WV |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
3328 |
Originating Bill |
HB3105 |
|
CBD Subject: |
Legal Gaming |
---|
|
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 $9 Million annually, but only if there is a surplus in the Lottery Administrative Funds (collected for administration of racetrack video lottery) of $9Million 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 $9 Million annually, but only if there is a surplus in the Lottery Administrative Funds (collected for administration of racetrack video lottery) of $9Million 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 this money is a product of Lottery Administrative funds, specifically, surplus dollars available at the end of each fiscal year, it has been noted above that the bill will have no fiscal impact.
Memorandum
Because this money is a product of Lottery Administrative funds, specifically, surplus dollars available at the end of each fiscal year, it has been noted above that the bill will have no fiscal impact.
This fiscal note mirrors the fiscal note filed by the Lottery for SB604.
Person submitting Fiscal Note: Danielle Boyd, Managing General Counsel
Email Address: dboyd@wvlottery.com