Bill > HB2061

This bill modifies how lottery-derived revenues are distributed in West Virginia, primarily focusing on changes to net terminal income and racetrack-related lottery funds that were initially implemented in 2014. The bill allows the lottery commission to transfer up to $9 million to the Licensed Racetrack Modernization Fund and reduces most distributions from lottery revenues by 100%, with certain exceptions. Instead of direct distributions, these funds will be paid into the State Excess Lottery Revenue Fund and distributed through legislative appropriations. The bill also provides the Governor with the ability to redirect lottery revenues to the General Revenue Fund under specific budget shortfall conditions, particularly between 2016 and 2017. Additionally, the legislation includes provisions for prioritizing debt service payments from the lottery fund and allows for pro-rata distribution of remaining funds after debt obligations are met. A key provision allows for the potential redirection of funds related to workers' compensation debt once the unfunded liability of the Old Fund has been fully addressed by an independent actuary. These changes are designed to provide more flexibility in managing state lottery revenues and addressing potential budget challenges.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=2061&year=2025&sessiontype=RS&btype=bill