FISCAL NOTE
Date Requested: January 12, 2023
Time Requested: 09:43 PM |
| Agency: |
Lottery Commission, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1960 |
Introduced |
HB2298 |
|
|---|
| CBD Subject: |
|
|---|
|
FUND(S):
Lottery Fund; Excess Lottery Fund
Sources of Revenue:
Special Fund
Legislation creates:
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.
HB 2298 strikes the "in excess" language from W. Va. Code 29-22A-10b(a). Striking the language "in excess of the amount of net terminal income generated by that licensed racetrack during the fiscal year ending on June 30, 2001" from W. Va. Code 29-22A-10b(a) effectively overrides and redirects racetrack video lottery distributions to the Lottery Fund pursuant to 29-22A-10, the preceding section. The result would be distributions now made to the Lottery Fund would be redirected to the Excess Lottery Fund, which would most certainly affect bond ratings on those bonds associated with the State Lottery Fund and could also result in a drop in coverage ration of the same.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2023
Increase/Decrease
(use"-") |
2024
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):
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.
HB 2298 strikes the "in excess" language from W. Va. Code 29-22A-10b(a). Striking the language "in excess of the amount of net terminal income generated by that licensed racetrack during the fiscal year ending on June 30, 2001" from W. Va. Code 29-22A-10b(a) effectively overrides and redirects racetrack video lottery distributions to the Lottery Fund pursuant to 29-22A-10, the preceding section. The result would be distributions now made to the Lottery Fund would be redirected to the Excess Lottery Fund, which would most certainly affect bond ratings on those bonds associated with the State Lottery Fund and could also result in a drop in coverage ration of the same.
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.
HB 2298 strikes the "in excess" language from W. Va. Code 29-22A-10b(a). Striking the language "in excess of the amount of net terminal income generated by that licensed racetrack during the fiscal year ending on June 30, 2001" from W. Va. Code 29-22A-10b(a) effectively overrides and redirects racetrack video lottery distributions to the Lottery Fund pursuant to 29-22A-10, the preceding section. The result would be distributions now made to the Lottery Fund would be redirected to the Excess Lottery Fund, which would most certainly affect bond ratings on those bonds associated with the State Lottery Fund and could also result in a drop in coverage ration of the same.
Person submitting Fiscal Note: W. Brian Nickerson, General Counsel
Email Address: bnickerson@wvlottery.com