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| SPONSOR: | Nava | DATE TYPED: | 2-19-99 | HB | |||
| SHORT TITLE: | Repeal Disposition of Lottery Revenue | SB | 251 | ||||
| ANALYST: | Taylor | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY99 | FY2000 | |||
| N.A. | $ (16,500.0) | $ (16,500.0) | Recurring | General Fund |
| N.A. | $ 9,900.0 | $ 9,900.0 | Recurring | Public School Capital Outlay |
| N.A. | $ 6,600.0 | $ 6,600.0 | Recurring | Lottery Tuition |
(Parenthesis ( ) Indicate Revenue Decreases)
Relates to HB 9, HB23, HB81, SB9, SB13, SB14 and SB126 Duplicates: HB-258
SOURCES OF INFORMATION
Commission on Higher Education
State Department of Education
Legislative Finance Committee Files
New Mexico Lottery Authority budget
SUMMARY
Synopsis of Bill
Senate Bill 251 repeals the sunset provisions covering the distribution of net lottery revenues. Lottery revenues are currently shared by the public school capital outlay fund (60%) and the lottery tuition fund (40%). If the sunset provisions are not repealed, net lottery revenue will go to the state's general fund beginning in FY 2000.
FISCAL IMPLICATIONS
The New Mexico Lottery Authority has estimated that net revenues for FY 2000 will be $16.5 million. The revenue table shows this as a $17 million loss to the general fund because absent action by the legislature to repeal the sunset the money would flow there. The table shows that this loss is offset by a total $16.5 million distribution to the scholarship and capital outlay funds. The distribution to the public school capital outlay fund would be $9.9 million, while the distribution to the Lottery Tuition Fund would be $6.6 million. The fiscal impact for later years assumes that lottery revenues remain constant. There is likely to be some modest revenue growth, however.
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