FISCAL NOTE
FUND(S):
State Lottery Fund
Sources of Revenue:
Other Fund Teachers Retirement Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
No additional administrative costs.
The bill imposes an additional annual fee on licensed parimutuel racetracks calculated by multiplying each racetrack's number of video lottery terminals by $1,000.00
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 |
11,500,000 |
11,500,000 |
Explanation of above estimates (including long-range effect):
Racetracks now operate approximately 11,500 video lottery terminals.
No additional administrative expenses or savings will result from the bill.
Memorandum
The Bill states that this money would be deposited into the "State Teachers Retirement Benefit Fund established by section eighteen-c, article seven-a, chapter eighteen of this code." No such section or fund name now exists. However, W.Va. Code 18-7A-18(d) now creates the "Teachers' Retirement System Fund." And, W.Va. Code 18-7A-18(h)says that references to the "Benefit Fund" now mean "the Teachers Retirement System Fund."
Person submitting Fiscal Note: John Melton
Email Address: jmelton@wvlottery.com