FISCAL NOTE
FUND(S):
State Excess Lottery
Sources of Revenue:
Special Fund
Legislation creates:
A New Program
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of this bill is to increase the amount of State Excess Lottery Revenue that is depositied into the Higher Education Improvement Fund for debt service of the West Virginia Higher Education Policy Commission. THe amount will increase from $10 million to $15 million beginning July 1, 2009. It is estimated that $5 million will generate $70 million in bond proceeds under current economic conditions. These proceeds will be used for construction and renovation of education facilities at four-year higher education institutions.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2009 Increase/Decrease (use"-") |
2010 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 |
5,000,000 |
5,000,000 |
Explanation of above estimates (including long-range effect):
The addition of $5 million per year for debt service for a 30 year bond sale factors out to a $150 million state obligation from the State Excess Lottery Revenue Fund.
Memorandum
Person submitting Fiscal Note: Terry Hess
Email Address: hess@hepc.wvnet.edu