The bill amends several sections of the West Virginia Code related to the distribution of net terminal income from racetrack video lottery and adjusted gross receipts from lottery racetrack table games. It establishes that for the fiscal year beginning July 1, 2014, and each fiscal year thereafter, certain distributions will be reduced by 100 percent, with the exception of specified distributions. The funds that would have been distributed are instead redirected to the State Excess Lottery Revenue Fund, which is to be expended according to appropriations. Additionally, the bill outlines that debt service payments must be prioritized before any appropriations are made from the State Excess Lottery Revenue Fund.

Furthermore, the bill includes provisions that allow the Governor to redirect revenues derived from net terminal income to the General Revenue Fund under specific conditions, such as a budget shortfall exceeding $100 million. It also stipulates that once the unfunded liability of the Old Fund is fully addressed, transfers to the Workers' Compensation Debt Reduction Fund will cease, allowing those funds to remain in the State Excess Lottery Revenue Fund for appropriation. Overall, the bill aims to adjust the financial management of lottery revenues to address fiscal needs while ensuring that certain obligations are met.

Statutes affected:
Introduced Version: 29-22A-10d, 29-22A-10e, 29-22C-27a
Enrolled Version: 29-22A-10d, 29-22A-10e, 29-22C-27a