TITLE: CONCERNING AN INCREASE IN THE NUMBER OF SPECIAL EVENT GREYHOUND RACES THAT MAY BE CARRIED BY IN-STATE SIMULCAST FACILITIES.

Under current law, the number of special event greyhound races that may be carried by in-state simulcast facilities located at or under common ownership with racetracks where live racing is held is limited to no more than 15 special events per year. This bill would increase that number to no more than 15 special events per track per year. The bill would increase state General Fund revenues if the number of special event greyhound races carried by in-state simulcast facilities increases over the limits that are authorized by current law. Therefore, the bill is assessed as having state conditional fiscal impact. The bill would become effective upon signature of the Governor.

STATE FISCAL IMPACT SUMMARY	FY 1998/99	FY 1999/2000
State Revenues General Fund Other Fund	up to $486,000	up to $486,000
State Expenditures General Fund Other Fund
FTE Position Change	None	None
Local Government Impact — None

During calendar year 1997, nine special event simulcast races from out-of-state host tracks were held at in-state host tracks in the Colorado. This is less than the 15 special events simulcast races that may be authorized by current law. Under current law, 4.5 percent of the gross receipts derived from pari-mutuel wagering on simulcast races is remitted to the state General Fund. The Division of Racing Events estimates that General Fund license fee revenues from special event greyhound simulcast races is about $8,100 per event.

There are five greyhound racetracks in the state. The bill would authorize up to 15 special event greyhound races per track per year. If all five race tracks provided the maximum number of special events, there would be a total of 75 special events, an increase of 60 special events over the number authorized by current law. Assuming that 60 additional special events were to occur in the state, total additional state General Fund revenue could be as much as $486,000 annually.

Section 20 of Article X of the Colorado Constitution, limits the maximum annual percentage increase in state fiscal year spending. Once total state revenue from all sources that are not specifically excluded from fiscal year spending exceeds these limits for the fiscal year, the state constitution requires that the excess shall be refunded in the next fiscal year unless voters approve a revenue change as an offset. Based on the current Legislative Council economic forecast, it is projected that the state will be in a TABOR refund position during each of the next five fiscal years. Any increase or decrease in state revenue from changes in fees, fines, licenses, or other revenue sources will affect the amount of the state revenue to be refunded.

The fiscal note would imply that no appropriations or spending authority are required in FY 1998-99 to implement the provisions of the bill.