FISCAL NOTE
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.
The purpose of this bill is to increase the amount from the State Excess Lottery Revenue Fund that is deposited into the Higher Education Improvement fund for debt service of the West Virginia Higher Education Policy Commission. The amount will increase from $10 million to $15 million beginning July 1, 2009 and subsequent fiscal years. It is estimated under current economic conditions that $5 million will generate $70 million in bond proceeds. These proceeds would be used for construction of education facilities at the State Higher Education Institutions.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2009
Increase/Decrease
(use"-") |
2010
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 |
5,000,000 |
150,000,000 |
Explanation of above estimates (including long-range effect):
The addition of $5 million per year for debt service for a 30 year bond sale factors out to $150 million state obligation from State Excess Lottery revenue Fund.
Memorandum
Person submitting Fiscal Note: Terry Hess
Email Address: hess@hepc.wvnet.edu