Date Requested: March 28, 2017
Time Requested: 10:57 AM
Agency: Lottery Commission, WV
CBD Number: Version: Bill Number: Resolution Number:
2788 Comm. Sub. Eng. SB437
CBD Subject: Agriculture


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.


     This fiscal note reflects the impact that the ENGROSSED SB437 will have on Lottery revenues by generating new money in the Excess Lottery Revenue Fund and freeing up additional money currently appropriated to benefit greyhound racing subsidies. HOWEVER, to conduct a thorough review of the total revenue impact of SB437, a fiscal note completed by the Racing Commission is also necessary.
    
     Based on the current draft of the bill, from a Lottery revenue standpoint, an additional $9,402,476 will be generated to the State Excess Lottery Revenue Fund, and an additional $4,243,611 in appropriated money will be freed up to fund other programs.
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2017
Increase/Decrease
(use"-")
2018
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 13,646,087 13,646,087


Explanation of above estimates (including long-range effect):


     The above estimated total revenues were compiled as follows:
    
     $9,402,476 in new money to State Excess Lottery Fund
     $4,243,611 freed up in appropriated money.
    
     $9,402,476= $7.5M [Greyhound Purses] +$1.9 [Development Fund]
     $4,243,611= Purses + $100,000 [10-10-10 money]
    
     Estimated Total Revenues: $13,646,087



Memorandum


     This fiscal note reflects the impact that SB437 will have on Lottery revenues by generating new money in the Excess Lottery Revenue Fund and freeing up additional money currently appropriated to benefit greyhound racing subsidies. HOWEVER, to conduct a thorough review of the total revenue impact of SB437, a fiscal note completed by the Racing Commission is also necessary.



    Person submitting Fiscal Note: Danielle E. Boyd, Managing General Counsel
    Email Address: Dboyd@wvlottery.com