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WV Legislature Budget Report: Prescription Drug Spending Analysis, July 2010, Lecture notes of Finance

An analysis of prescription drug expenditures and spending for the state of West Virginia during the month of July 2010. The report includes detailed information on operating expenses, lottery fund allocations, and financial statements from various state departments.

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FILE COPY
I JOINT COMMITTEE ON
I GOVERNMENT AND FINANCE
Materials Distributed
September 15, 2010
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Download WV Legislature Budget Report: Prescription Drug Spending Analysis, July 2010 and more Lecture notes Finance in PDF only on Docsity!

FILE COPY

I

JOINT COMMITTEE ON

I

GOVERNMENT AND^ FINANCE

Materials Distributed

September 15, 2010

t

I (^) auerst tl. zoro

!

2:oo - 3:oo p.m.

t

I

t

Senatc

Tombliq Chair

Chatur

Helmick

K€ssler

Plyaale

Deem

Hall

JoLrt CommJtt4€ otr Government and Flnsnce

Ilouse

Thompwn, Chair

Boggs Caputo

Miley (absent)

Whi!e

Arnslead

BordEr

I Spe€tsr Thompson,^ cochair,^ presided.

I l.^ Aoproval^ of^ Mhutes I

Upon motion by President Tomblir, properly adQte4 the minutes ofthe July 21,2010,

ll tt meeting were approved.

_ 2.^ Cortrmlt&e^ Report&/Re{^ o6ts: r (^) None

t 3.^ Lotter.v.^ c€neral^ Revenue^ Reports and^ Unemployment^

comp€|rsadon Trust Ftrd

r Distribut€d^ !o members^ oftle^ Committee^ were the^ fouowing: Lo6€ry^ coomission repotu I for^ the^ oonth^ ended June^ 30,2010;^ General Revenue Fund^ repon^ forthe^ month^ enrled^ July^ 3l,2010;

  • and the UnemployEent Compslsatio! Trust Furd rsport as ofJune 30, 2010. Distributed with each I ofthe^ reports were an^ aoalyris^ and^ I^ summary^ oftbe^ reports. I
  1. Po$lble Outsourchs ofIT Servlc€s

I Kyle^ Schafer,^ ChiefTechrology^ offic€r^ answered questions on^ outsowcing^ ofm^ servic€s.

Mr. Schafer said there are 31 agencies tbar have IT staffwith an envircment that is not sust4inable

I iDthelolgterm.^ The^ cost^ forconhactoN^ and^ laborers^ is^ in^ excess^ of$35^ million^ peryearlo^ support I the existing legacy bas€d applicstiors. Mr. Scbafer said th€y are going^ to do an RFP md bave tlle thid party^ service providers^ give^ a! assessment of what they can provide^ tro tho Strtc. A

I (^) ffiffi*noo

*u be made to the state on what would be the b€st filanciat ilter€st of the State

I s. vldeo Lotterv l-

John Musgrave, Directorofthe Iottery Commiasion alswered questions by themsmbels on

I the^ bidding^ procrcss^ for^ the^ video^ tottery^ machines. The^ Lott€r'y^ Commi\sion^ will^ put out^ 5,

  • peruits^ for bidding at a minimum of $5,000 each.

I

I

I

f uuouo^ nnuoo BaIUing I, (^) Room JILW* (^) mltg a 1900 Nottqwhs^ BM.^ E6t I Chulatoa WV^ 2530j

WEST VIRGI}IIA LEGISI.ATURE Ofi.ce of lhe Legislarive Auditor

I I

i bJ S€plember^ 2,

I Erecutlvo^ S'mme'y^ oflottery,^ Uncnploymeng^ Generst^ Rw€lrus^ ald^ Strao^ Road^ Furd f (^) Reports to Joitrt CoBmtttee

I Lo$ery^ Conmtuslon^ s! ofJuts^ 31,^ mtO: I (^) C'Ioss (^) Foft for the (^) momh of July 2010 (@iming (^) of FY 2011) v,as $ 54.4 millioD-

I t C*."U^ nwenue^ Fxtrd^ as^ ofAugust^ 31,2010: Rerreaue collections for the ftg two nontbs ofthe fiscal (^) lt8r 201I qere^ 109.3flo ofthe I

es[E8le.

I (^) St8te Road

Futrd 83 of August 3r, z0r

  • Fuld^ colections^ wcre^ at^ 106.15^ oftho^ yedy^ e*inate. I

Unemployment Compeneation Truct as ofJuly 31, 2010:

I RegulE^ benefits^ paid for^ the^ firs^ nonrh^ of^ fiscal^ y€8 201I^ w€tre^ $^14 mitlion^ less^

."an in July

I of^ fiscal^ year2010.^ Tru$^ fimd^ ending^ b@laaee^ on^ July^ 31,2010^ ras^ $^ 9,869,457.65.

a I

fi t I I I I I

J (^) Joint (^) Conntlttee on Govemment (^) arrd Finance

I I

t a

I

Ofice of^ the^ Legblative Aud.ilor

I

I

I

I

Fl

I I t I I I I I t I I I I t

WEST VIRGINIA LEGISLATURE

Budgel Dffiston

BulHhg I, Room 3I4W6l Wlng 1900 KaMjeha (^) BM. Eost Charlatoa (^) W/ 25305-.0590 , 3M

MEMORAN DUI

Honorable senate President To&blln Honorable (^) Houae of Del-egates Speaker ThoBpson Honorable Menb€ra of the^ Jolnt comdttee^ on^ Goverru0ent^ and Flnance zft Fron: Ellon C],ark, CPAU Dlrector Budget Divlslon Leglsl-ative Audltor I^ s Of f lce

Date: (^) Septelber 1, 20 L

Re: Review of West Vlrglnla Lottery Financla.L fnfornation As of JuIy 31, 2010 (EY^ 2011)

We performed^ an analygis of the Statenent of R€venues.^ Expenses and Retained Earnlnge for the flrst nonth of the^ 2010-201L^ fIscal year (^) fron nonthly unaudited f1nanclal reports furnlshed to our offlce by the West Virginia Lottery comisslon.^ The^ results^ are as f ol.Lows:

Lottaqf (^) Rsve8s.ea:

cro99 Lottely revenues are recelpts froro on-llne^ games,^ Instant ga.nes, table gatleg and vldeo lottery. These gross^ recelpts total-ed (^) $ 123,133,000.00 for \Tu.Ly of flscat year^ 2011.^ TabLe gaEes (^) accounted for (^) 53.9 mlllion of thls total. Hlstorlc Resort HoteL vl-deo (^) lottery and tabfe gaues accounted for (^) $383 thousand of total- groas^ recelpta. These gross^ recelpts were (^) I 127'150,000.00 (^) for JuIy of the precedlng^ flscal yeat,20O9-2010. Gross lottery revenue (^) le down by 3.L68 from the preceding^ flscal year. (^) Thls nl]Iober (^) does not lncl-ude colllllsslon and pxlze

Lotterv Joint Commiltee on Governmenl dnd Finance

I

|

rc"a".y continued

I

I

!

fr t I I I I I I I I I I! I t

Historlc Resort Hotel Dletributlons 3 state General^ Revenue.Ilnd 54, 000.^0 State Debt (^) Reductlon E.rnd 15,000. Tourlsn Pronotlon ELrnd 3,000. fotal Historlc Hotel 73'000.

Veterars fnstant T.lcket Fund

Lott.ery

Dlvlslon of cul-ture and Hlstory

s 1.544,^ oo^ o.^ oo

Department of Educatlon and Arts

$ 300,^ oo0.0o

State Bulld1ng^ ComLsslon $^ 1,000,000. school Bu1lding (^) Authority s 1,800,000.

SUBTOIEAL BDI}GEIIIT IRJDITSAEBS (^) I ao,00o, oo0.0o

E cE6g (^) Fuld General (^) Purpose Eund 54,405,000.

EcononLc Developmsnt Fund 1,900.000.

Excess Lottery Surplug 0

Education luprove&ent F\rnd 1,000,000.

llnf rastructure CourclL Fund 0 Hlgher Education Tmproveuent

Fund

29,000,000.

State Park llprovenent Fund 0 Refundable credl.t 0 school Bullding Authorlty r.,^ 900,^ 000.

TOTAI EXCESS LOTTERY FUND (^) 988,20s,000.

Page (^) -3-

161,000.

I

t

r,ott.rv contlnued

el Table^ Ga-oes^ state^ Debt^ Reductlon^ Fund.^ 1,38?.000. f

RACETRACK VIDEO LOTTERY

TRANSFERS:

Tourlan Pronotion (^) Fund 1.3758 $842,000. Devolopnent (^) Off,lce Promo Fund 9229, 000. Research Chall-enqe Elmd .58 9306,000. capltol Renovatlon and Ioprovenent Fund.

9421,000.

Parklng (^) Garage Furd .06258 938,000. Parklng carage Furd L& $5o0.o0o.oo CulturaL Faclllties and Cap. Resources Fund .5E

$28,000.

Capltol- Done Inprovements

& Cap. I\nd.

s8s,000.

Workers compensatlon Debt Reductlon Flnd 78

93,885, 000.

SI'BEOTII. VIDBO IOEIERS

TRAtrSSEERI':

96,33r,000.

EODAI, TBANSIERS *9136,160,000.

  • (^) CASH BAI;TS

Total Accrued Last EY 2010: 241,039,000. Total cash Dlstributlons FY 2011: L36'150,000. AppJ.ied to EY 2010: 136'150,000. Total Applled to FY 2011 000. Total- Accrued for FY 2010 l-04,879,000. Accrued for FY 2011 as of July 30: 52,096,000.

I I I I I I I I I I I I I

LoCtery

Page (^) -4-

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WEST VIRGINIA^ LOXER|Y

STAIT OBVE^ T^ VIf,gNIA

rINAIYCIAL SIATMRIII -I]T{AI'I'MD.

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JULY 2OIO FINANCIAL STATEMENT^ (SEPTEMBER^ INTERIMS)

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WEST YIRGINIA IPTMBY NOTEft T1O FII{IINqAL^ STAIEMM{IE -ItrEiItEd-

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LOTTERY ATTACHMENT JULY 2O1O FINANCIAL STATEMENT (SEPTEMBER^ INTERIMS)

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WEST VIRGINIA I.()TTTNY

NOTmTOSINAI{CIAL (^) .STAIEMEI{TS

NOTE2. SII!4MARY^ OX^ SIGI\UnCANT^ ACC1)T^ NIING^ POIICTE{I^ (cdltotctl) I.t'nlrFd yld€o (^) lofl!ry (^) ts olso (^) I self,a.Cfua&d vldeo rqdo of lottry gsnrs, "!!& n*^

grst (^) plsld (^) h Aedo h^ Deaember^ 2q)1,^ l@d^ h^ Iffid^ lbsf,sEd^ tEdkd^ ceor redoeed^ fu^ sddl^ msemec'^ Ils gsmrs (^) Bllow I plrtq (^) b rro cmooy !o plnoo bob ftrtte decs to Eo€tee fies g@€s^ cwd€Es Yddoh t!8y be r€d€€dlrd (^) fu !'.t! & lMbd yld€o^ hffrEy (^) EEsd pea^ $(uoe€s @^ &dgd^ b^ sirEd^ @s, st^ a dpdod rdo of ual @ plsted,^ d (^) !&e flFd,t o ls lrdrd ogshlt ttfiul^ ytdeo^ c!€dts^ plstld.^ Tte^ kthry reoog&o as lffid (^) vtdeo lo8€ry rw@e (^) "gross ffil hcoid oqdvatem to all^ \rsgB6, n€t of d@d ptus. (^) AE@ rcqdlsd by statde b bo Eld toptudto uo leced as sdsd@- U@ Ytd€o lofcy D€d holrhn^ 6e itrrir'n{ty^ l€sp@dbb tu &qufdDg eq40!€d md^ t*'lrlg^ frs^ drk^ orsod@d^ rtlh fu od of q!€!'frog^ f@ g@!&

Tahlo gaaes^ no lmies as eooh gens^ heotFs odd€doo, tu pocdbltfty^ da (^) ffto, od^ ihefo^ otrme^ lg deohed pqhmholy (^) by fuca, rrldch tbe o-'r'd l8v of W€sf 'VtgHt^ has lq held a! tbs drEe tssffrl'l al€n..ir|i of s lo@t Tabls g@6^ @ 6e ar"hrhe^ hglbl€ bllocOal pryty^ dtbe 8e!e^ d West Vftghh. Table gotffs^ legblatlo has eccalilldd qeclEo^ rcqftmto fu tabls oanes^ md^ @d a€{t8h rEstdrd@8lHtt'tg fte l|6sndig^ 6r operdm d tHe g@es^ b torse^ ed^ dog^ Eac{ud(s^ h w€d vftgtda, fouesl to l@l ooudy d€d@s p€edhg^ 6e ooo Ead^ Eed^ Eoeod^ Es^ m^ agd of the L[r(,'^ ('.'nhtrrf@^ to op€(@ d Vftgtrr^ bbts gBn€E^ ststl^ bsyE^ ldttsu^ td€3^ dplsy ft(^ €srh^ tutrb gmo (^) & opl[" (^) "( wldoh mtd (^) be EpFr'rEd by tu (^) Cq&do. All wagrn od paa6 (^) of wldg wg€ rh"l (^) be Elde sloo(drg !o tto3e rlb dpllt, Fq lte (^) Fiv egg of hotdhg I tablo (^) SElnes nc€oss, tbrrg ls lsvtEd (^) s pdvflsge (^) ta of frttll&B (^) !€trt€d of @d [oemeo'e e{ued gI@ r8c@ fu tb q€md6^ rf wsEt Vkgtds LrdEry Eblo gsfi€& (^) ,Goffi tequfFd by st@ to bE pdd^ b (^) Finb ttrd looal gsve@rd^ €dB Ee r€pq&d as o,'onnlqd.no, Ito k€lddd ffi sdplos tro dldtdo of rsmrrs^ fi@^ W€s Vtghb t qb^ gn!s,^ @d (^) r8qltff ary lloeoled (^) '"tliraclc b b€ nEoObls fu acq'tttg tbs^ tr€lEssry eq@rd @d heg 6r rl assoolod .trfth^ tb aod do!€raihg @d Drddg ths€@s.

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