FISCAL NOTE



FUND(S):

State Excess Lottery

Sources of Revenue:

Special Fund

Legislation creates:

A New Program



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 of State Excess Lottery Revenue that is depositied 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. It is estimated that $5 million will generate $70 million in bond proceeds under current economic conditions. These proceeds will be used for construction and renovation of education facilities at four-year 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 5,000,000


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 a $150 million state obligation from the State Excess Lottery Revenue Fund.



Memorandum






    Person submitting Fiscal Note: Terry Hess
    Email Address: hess@hepc.wvnet.edu