FISCAL NOTE
Date Requested: March 28, 2017
Time Requested: 10:57 AM |
| Agency: |
Racing Commission, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2788 |
Comm. Sub. Eng. |
SB437 |
|
|---|
| CBD Subject: |
Agriculture |
|---|
|
FUND(S):
State Excess Lottery
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.
SB437 defunds and decouples Greyhound Racing resulting in an increase of revenues to the State by redirecting funds previously directed to Greyhound Racing to the State Excess Lottery Fund for appropriation by the State Legislature.
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 |
13,343,611 |
13,343,611 |
Explanation of above estimates (including long-range effect):
The above estimated total revenues were compiled as follows:
$9,100,000 in new money to State Excess Lottery Fund
$4,243,611 freed up in appropriated money.
$9,100,000= $7.5M [Greyhound Purses] +$1.6M [Development Fund]
$4,243,611= Purses + $100,000 [10-10-10 money]
Estimated Total Revenues: $13,343,611
Memorandum
Senate Bill 437 essentially defunds greyhound racing in the state of West Virginia without officially ending the activity. In the event that greyhound racing would to continue without its current funding, requiring the WV Racing Commission to continue to regulate greyhound racing would place an undue financial hardship on the Commission. The Commission currently expends approximately $775,000 annually to regulate greyhound racing and there would be very little revenue associated with the activity to cover this cost.
Should greyhound racing be discontinued, an additional $375,385 would also be available by discontinuing capital improvements reimbursement available to the greyhound tracks as this would no longer be necessary (ยง19-23-13c(b)(3)(A).
Person submitting Fiscal Note: Joe Moore, Executive Director, WVRC
Email Address: joe.k.moore@wv.gov