FISCAL NOTE



FUND(S):



Sources of Revenue:

Other Fund Excess Lottery Fund

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


The bill has no effect on the revenues or expenses of the Excess Lottery Fund. It impacts the current priority list of funding available from Excess Lottery and will reduce surplus remaining, if any, at the end of the fiscal year and available for appropriation by the Legislature.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2012
Increase/Decrease
(use"-")
2013
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 0 0


Explanation of above estimates (including long-range effect):


This bill will not increase or decrease overall revenues or expenses of the Excess Lottery Fund. It merely changes who will be paid.



Memorandum


The bill appears to authorize the bonding of an amount up to $52.5 million; however it also directs a one time deposit of $52.5 million to the Education, Arts, Sciences and Tourism Debt Service Fund. Typically only the annual debt service is deposited to a fund. The Excess Lottery Fund surplus is declining each year based upon current Lottery projections. The fiscal effect of this bill is no change.



    Person submitting Fiscal Note: Kathy Lawson
    Email Address: klawson@wvlottery.com