FISCAL NOTE
Date Requested: February 15, 2023
Time Requested: 08:32 AM |
| Agency: |
Lottery Commission, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3582 |
Introduced |
HB3464 |
|
|---|
| CBD Subject: |
Counties |
|---|
|
FUND(S):
State Excess Lottery Fund
Sources of Revenue:
Special Fund
Legislation creates:
Decreases Existing Revenue
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 3464 essentially repeals HB 101, passed during the 2014 Legislative Session, and directed certain monies to the State Excess Lottery Fund to be earmarked for bond debt servicing. HB 3464 would result in a projected reduction of $63,188,848.00 annually to the state excess lottery fund and debt servicing. Such a reduction would likely result in a downgrade in our bond coverage rating.
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 |
-63,188,848 |
-63,188,848 |
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 3464 essentially repeals HB 101, passed during the 2014 Legislative Session, and directed certain monies to the State Excess Lottery Fund to be earmarked for bond debt servicing. HB 3464 would result in a projected reduction of $63,188,848.00 annually to the state excess lottery fund and debt servicing. Such a reduction would likely result in a downgrade in our bond coverage rating.
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.
N/A.
Person submitting Fiscal Note: W. Brian Nickerson, General Counsel
Email Address: bnickerson@wvlottery.com