FISCAL NOTE
FUND(S):
Excess Lottery Revenue 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.
Under the limited video lottery program, a person must obtain a permit from the Lottey Commssion to own or lease video lottery terminals. The bill would repeal the permit provisions of the Limited Video Lottery Act after June 30, 2011.
Major revenue sources for the Excess Lottery Revenue Fund include limited video lottery gaming and the "excess" racetrack video lottery money collected after the 2001 benchmark has been reached. Due to the benchmarks set forth in the Racetrack Video Lottery Act
the Excess Lottery Fund does not receive funding from Racetrack Video Lottery until the second quarter of each fiscal year. The priority order set forth in W.Va. Code 29-22-18a(c) for the monthly bonded debt service relating to the Economic Development Authority bonds and Higher Education Improvement Bonds, totalling $2.8 million would not be met for the first quarter of each year.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2008
Increase/Decrease
(use"-") |
2009
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 |
-192,612,000 |
Explanation of above estimates (including long-range effect):
Memorandum
Due to the shortness of time, the Lottery is unable to estimate the savings from a reduction in state employees and related expenses that would follow the end of Limited Video Lottery Gaming.
Person submitting Fiscal Note: John Melton
Email Address: jmelton@wvlottery.com