FISCAL NOTE
Date Requested: February 08, 2016 Time Requested: 10:56 AM |
Agency: |
Lottery Commission |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1184 |
Comm. Sub. |
SB116 |
|
CBD Subject: |
Legal Gaming |
---|
|
FUND(S):
Excess Lottery Fund
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.
In theory the reallocation of machines will generate more revenue from limited video lottery gaming for the State, however, we cannot assume this as there is no way to predict the results. Therefore, an estimate of revenues from bid fees and additional license fees will be used to project the revenues from SB 116 [Committee Substitute].
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2016 Increase/Decrease (use"-") |
2017 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 |
5,227,585 |
5,227,585 |
Explanation of above estimates (including long-range effect):
No new employees would be required to conduct the rebid or issue additional licenses so costs are 0. As the bill requires the rebid to be conducted by September 1,2016, revenues for permits and licenses would be collected in FY2017; FY 2017 will be the FY upon full implementation as well.
Estimates were prepared as follows:
Total Permits Authorized: 9,0000
Total Permits Bid: 8,065
Total Available for Bid: 935
Average Bid Per Permit [for 10 year cycle]: $9, 182
For Half Period: $4,591 [we are halfway through 10 year cycle]
Estimated Bid Fees: $4,292,585
Additional License Fees Annually: $935,000
Total Revenues: $5,227,585
Memorandum
N/A
Person submitting Fiscal Note: Danielle E. Boyd, General Counsel
Email Address: dboyd@wvlottery.com