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 total amount of these reductions being redirected to the State Excess Lottery Revenue Fund. This includes provisions for the Licensed Racetrack Modernization Fund and stipulates that any appropriations from the State Excess Lottery Revenue Fund must first cover debt service payments before other distributions are made on a pro rata basis.

Additionally, the bill allows the Governor to redirect revenues derived from net terminal income to the General Revenue Fund under specific conditions, particularly in the event of a budget shortfall exceeding $100 million. It also includes a provision that allows for the expiration of transfers to the Workers' Compensation Debt Reduction Fund once the unfunded liability of the Old Fund is fully addressed, ensuring that those funds remain available for appropriation from the State Excess Lottery Revenue Fund. Overall, the bill aims to restore financial allocations that were previously altered in 2014 and to provide a framework for future distributions and appropriations.

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