ID H0244

Lottery net income must be no less than 29% of lottery revenue, distributed annually on July 1 to the racing commission ($500,000), permanent building account (3/8), school district building account (3/8), and bond levy equalization fund (1/4).

Distributions to permanent building and school district building accounts cannot fall below fiscal year 2008 levels if funds are available; if net income drops below 2008 levels, remaining funds split equally (1/2 each) between the two accounts.

When adjustments to transfers are required under the minimum distribution provisions, the difference is deducted from the bond levy equalization fund transfer, with any reduction not to exceed $250,000 from the racing commission funds.

Section 2 of the act becomes effective July 1, 2019, revising the distribution formula to allocate one-half of net income to the permanent building account and one-half to the school district building account after deducting the $500,000 racing commission transfer.