The bill amends 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 subsequent fiscal year, 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 will be used 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 allowing 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 restore financial allocations that were previously altered in 2014 and to ensure that funds are managed effectively in light of the state's fiscal needs.

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