FISCAL NOTE
Date Requested: January 11, 2024
Time Requested: 08:29 PM |
| Agency: |
Racing Commission, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1731 |
Introduced |
HB4275 |
|
|---|
| CBD Subject: |
Agriculture |
|---|
|
FUND(S):
West Virginia Greyhound Breeding Development Fund
Sources of Revenue:
Special Fund
Legislation creates:
Increases Revenue From Existing Sources
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
HB4275 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 |
2024
Increase/Decrease
(use"-") |
2025
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 |
16,000,000 |
16,000,000 |
Explanation of above estimates (including long-range effect):
The above estimated total revenues were compiled as follows:
$8,500,000 in new money to State Excess Lottery Fund
$7,500,000 freed up in appropriated money.
$8,500,000= $7.0M [Greyhound Purses] +$1.5M [Development Fund]
$7,500,000= 7.0M [Greyhound Purses] + 400,000 [RVL Pass-through] + $100,000 [Supplemental
money]
Estimated Total Revenues: $16,000,000
Memorandum
House Bill 4275 essentially defunds greyhound racing in the state of West Virginia without officially ending the activity.
HB4275 allocates funds to greyhound adoption and worker training that does not exist in the accumulated balance of the fund.
Person submitting Fiscal Note: Joe Moore
Email Address: joe.k.moore@wv.gov