FISCAL NOTE
Date Requested: February 12, 2025
Time Requested: 09:29 PM |
| Agency: |
Lottery Commission, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1682 |
Introduced |
SB75 |
|
|---|
| CBD Subject: |
Appropriations |
|---|
|
FUND(S):
State Excess Lottery Revenue Fund
Sources of Revenue:
Special Fund
Legislation creates:
Decreases Existing Revenue
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
SB75 partially reverses HB101, passed during the 2014 Legislative Session, which directed certain money to the State Excess Lottery Revenue Fund to be earmarked for bond debt service. SB75 would result in a projected reduction of $3,545,488.00 annually to the State Excess Lottery Revenue Fund and debt servicing. Such a reduction would likely result in a downgrade of our bond coverage rating.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2025
Increase/Decrease
(use"-") |
2026
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
-3,545,488 |
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 |
0 |
0 |
Explanation of above estimates (including long-range effect):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
SB75 partially reverses HB101, passed during the 2014 Legislative Session, which directed certain money to the State Excess Lottery Revenue Fund to be earmarked for bond debt service. SB75 would result in a projected reduction of $3,545,488.00 annually to the State Excess Lottery Revenue Fund and debt servicing. Such a reduction would likely result in a downgrade of our bond coverage rating.
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
N/A
Person submitting Fiscal Note: June Somerville
Email Address: jsomerville@wvlottery.com