FISCAL NOTE
FUND(S):
7162
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.
SB 337 proposes annually redirecting $3 million of the $11 million in lottery terminal proceeds currently dedicated to the Old Fund and depositing those funds into the WV Racing Commissions Special Account –Unredeemed Pari-Mutual Tickets account.
The cost to the Old Fund is $3 million per year.
An accurate projection of the impact the $3 million annual reduction in revenue would have on the Old Fund liability is not possible, given the multiple variables involved and the current size of the liability.
The latest audited amounts for the Old Fund are as of June 30, 2009.
Old Fund liabilities equal $2,163,744,000 with the unfunded portion being $1,299,583,000.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2010
Increase/Decrease
(use"-") |
2011
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
3,000,000 |
3,000,000 |
3,000,000 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
3,000,000 |
3,000,000 |
3,000,000 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
The cost to the Old Fund is $3 million per year.
Memorandum
Person submitting Fiscal Note: Michael D Riley
Email Address: Michael.Riley@wvinsurance.gov