State lottery-2. |
03LSO-0536.L1 |
FISCAL NOTE (SF0122)
This bill contains an appropriation of $2,000,000 from the GENERAL FUND.
This bill contains an authorization of 1 Full-Time position.
The lottery described in this bill would generate an indeterminable amount of revenue from the sale of lottery tickets. Revenues from the sale of lottery tickets will be initially deposited into the lottery account, except that 1 percent of gross revenues will be distributed to the pari-mutual account. Total disbursements for lottery prizes shall not be less than 45 percent of the total revenue, and sufficient funds to pay prizes are continuously appropriated.
There is also an appropriation to the Pari-mutual Commission from the lottery account in the amount of 30 percent of revenues from lottery ticket sales for salaries and administrative expenses.
The $2 million appropriation from the General Fund is an advance to facilitate establishment of the lottery. This amount will be repaid from profits as soon as practicable, not later than one year after the first prize is paid out.
After repayment of the $2 million appropriation, the state treasurer will annually transfer revenues in excess of expenses, prizes and reserves as follows:
The fiscal impact, in the form or potential revenue increase, is indeterminable.
Prepared by: Dean Temte, LSO Phone: 777-7881
This bill has administrative impact that appears to increase (or decrease) duties or responsibilities of one or more state agencies and may impact agency spending or staffing requirements. The following state agencies may be affected administratively:
Pari-mutual Commission
Division of Criminal Investigation