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State Budget

2020 Session

Budget Amendments - HB30 (Conference Report)

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HB 896 / SB 384: Sports Betting Implementation

Item 488 #3c

Item 488 #3c

 First Year - FY2021 Second Year - FY2022
Independent Agencies
Virginia Lottery FY2021 $2,250,000 FY2022 $2,250,000 NGF
FY2021 5.00 FY2022 5.00 FTE

Language
Page 472, line 31, strike "$107,463,870" and insert "$109,713,870".
 Page 472, line 31, strike "$103,963,870" and insert "$106,213,870".

Page 472, line 37, before "Out", insert "A."

Page 472, line after line 43, insert:

"B.1. As outlined in Title 58.1, Code of Virginia, expenses related to the regulation and oversight of Sports Betting shall be paid from a combination of ongoing licensing and fees related to the activities described in this paragraph. $2,250,000 the first year and $2,250,000 the second year from the nongeneral fund is provided for Sports Betting regulation and oversight activities.

2. Notwithstanding the provisions of § 4-3.02 of this act, the Secretary of Finance may authorize an interest free treasury loan for the Virginia Lottery to fund start-up costs associated with the implementation of Sports Betting activities as enacted by the 2020 General Assembly of Virginia. The Secretary of Finance may extend the repayment plan for any such interest-free treasury loan for a period of longer than twelve months."

Explanation

(This amendment provides the Lottery with startup cost pursuant to the passage of House Bill 896 and Senate Bill 384, which legalize sports betting in Virginia. A separate amendment extends the Lottery's line of credit for additional expenses that cannot be covered by the $2.3 million in anticipated licensing application fees.)

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