FISCAL NOTE
Date Requested: February 23, 2015
Time Requested: 02:26 PM |
| Agency: |
Lottery Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3218 |
Introduced |
SB543 |
|
|---|
| CBD Subject: |
Legal Gaming |
|---|
|
FUND(S):
State Excess Lottery Revenue Fund
Sources of Revenue:
Other Fund Lottery Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill will no have impact on costs of state government and will increase revenues available for appropriation from the excess lottery fund. This bill adds the revenues currently being distributed by statute to purse funds, pension funds, and development funds to the net profits line [money available for appropriation from excess lottery fund], and, in turn, these programs would be subject to an appropriation from the same.
This bill will result in additions to the excess lottery fund that total $34,686,406.00 and will increase bond coverage from 4.68 to 5.24 [the aforementioned amounts are estimated].
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2015
Increase/Decrease
(use"-") |
2016
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 |
34,686,406 |
34,686,406 |
Explanation of above estimates (including long-range effect):
The abovementioned projected revenue impact was calculated as follows:
Amounts added to Excess Fund [Impact of SB543]
Purse Funds- $24,936,454
Pension Funds- $3,895,026
Development Funds- $5,854,926
Total Excess Fund Additions- $34,686,406
Projected Debt Service Coverage [Impact of SB543]
Debt Service- $62,000,000
Excess Revenue Post 543- $335,067,464
Less Refundable Credit (10,000,000)
Total Revenue- $325,067,464
Debt Service Coverage- 5.24
For reference purposes, the following reflects the same debt service coverage calculation based on current excess lottery distributions: [Debt Service- $62,000,000]
Excess Revenue- $300,381,058
Less Refundable Credit (10,000,000)
Total Revenue- $290,381,058
Debt Service Coverage- 4.68
Memorandum
Again, this bill increases money available for appropriation from the excess lottery fund, and accordingly increases debt service coverage.
Person submitting Fiscal Note: Danielle Boyd
Email Address: dboyd@wvlottery.com