DOCSLIB.ORG

Comprehensive Annual Financial Report for the Fiscal Years Ended June 30, 2019 and 2018

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Comprehensive Annual Financial Report for the Fiscal Years Ended June 30, 2019 and 2018 Comprehensive Annual Financial Report for the Fiscal Years Ended June 30, 2019 and 2018 A Component Unit of the State of West Virginia MESSAGE FROM JOHN A. MYERS I am pleased to present this year’s West Virginia Lottery Comprehensive Annual Financial Report for the fiscal year ended June 30, 2019 to the Honorable Jim Justice, Governor; Dave Hardy, Cabinet Secretary, Department of Revenue; and the West Virginia Legislature. Our mission to operate responsibly with the highest standards of integrity and security have helped to provide a continued revenue stream for programs that benefit the citizens of West Virginia for more than 34 years. The Lottery was created in April 1985 pursuant to authority granted by the West Virginia Legislature with gaming operations beginning in January 1986. Since that time, the Lottery has generated more than $10.4 billion in gaming revenue for the State of West Virginia with proceeds supporting education, seniors and tourism. Lottery operations have produced nearly $3.4 Director, West Virginia Lottery billion for education, more than $1.3 billion for senior services, and more than $1.1 billion for tourism. The financial, economic, demographic and statistical data contained in this report is intended to help provide a framework of understanding of the Lottery’s financial performance, and represents only the activity for which the West Virginia Lottery exercises regulatory authority. Responsibility for both the accuracy of the data and the completeness and fairness of presentation, including all disclosures, rests solely with the Lottery. An independent certified public accounting firm has audited the financial statements and accompanying notes contained in the financial section of this report. A PDF download of this Comprehensive Annual Financial Report is available at wvlottery.com. Go to the News and Info tab and to Financial Reports. WEST VIRGINIA LOTTERY COMMISSION The Commission was created in 1985 to assist and advise the Director of the Lottery and to carry on a continuous study of West Virginia Lottery operations throughout the state. Members are appointed by the Governor with the approval of the Senate. In accordance with state law, the Lottery Commission is required to have seven members comprised of a lawyer, a certified public accountant, a computer expert, a marketing specialist, and one member with not less than five years experience in law enforcement. An additional two members represent the “public at large.” No more than four members may be from the same political party. Unless filling an unexpired appointment, members serve overlapping terms of five years and are eligible for successive appointments to the Commission. DAN A. MARSHALL ANDREW B. KNICELEY Parkersburg Fairmont Attorney Marketing WILLIAM I. CLAYTON Vice Chairman Charleston Public At Large Marion Wood Kanawha KENNETH L. GREEAR Fayette Chairman Greenbrier Charleston Computer Expert Raleigh ROY E. SHREWSBERRY II WILLIAM R. LAIRD IV DOUGLAS A. BICKSLER, CPA Beckley Oak Hill Lewisburg Public At Large Law Enforcement Certified Public Accountant TABLE OF CONTENTS INTRODUCTORY SECTION Letter of Transmittal ....................................................................................................................................1 - 10 Certificate of Achievement for Excellence in Financial Reporting .................................................11 Principal Officials and Organizational Chart ...........................................................................................12 FINANCIAL SECTION Independent Auditor’s Report ..............................................................................................................15 - 16 Management’s Discussion and Analysis ...........................................................................................17 - 26 Financial Statements Statements of Net Position ........................................................................................................... 27 Statements of Revenues, Expenses and Changes in Fund Net Position ..................... 28 Statements of Cash Flows .................................................................................................... 29 - 30 Notes to Financial Statements ............................................................................................ 31 - 66 Required Supplementary Information .............................................................................................. 67 - 74 A Component Unit of the State of West Virginia STATISTICAL SECTION Statistical Section Overview .......................................................................................................................... 75 Sales by Product and Other Revenues Last Ten Fiscal Years (table) .................................................................................................. 76 - 77 Prepared by Expenses, Distributions and Changes in Net Position Last Ten Fiscal Years (table) ................................................................................................. 76 - 77 Finance and Administration Division Sales by Product Line Last Ten Fiscal Years (graph) ................................................................................................ 78 - 80 Total Revenue Dean W. Patrick, CPA Last Ten Fiscal Years (pie chart) ................................................................................................... 81 Daily Averages Deputy Director of Finance and Administration Last Ten Fiscal Years (graph) ......................................................................................................... 82 and Chief Financial Officer Expenses and Nonoperating Distributions Last Ten Fiscal Years (graph) ......................................................................................................... 83 Total Expenses and Nonoperating Distributions Last Ten Fiscal Years (pie chart) .................................................................................................. 84 Total Net Position .............................................................................................................................................. 85 Comprehensive Annual Financial Report U.S. Lotteries Unaudited Sales for Fiscal Year 2018 (NASPL) .......................................................... 86 For the Fiscal Years Ended June 30, 2019 and 2018 U.S. Lotteries Unaudited Sales for Fiscal Year 2019 (NASPL) ......................................................... 87 U.S. Lotteries Unaudited Sales for Fiscal Year 2018 (LaFleur’s) ...................................................... 88 U.S. Lotteries Unaudited Sales for Fiscal Year 2019 (LaFleur’s) ...................................................... 89 Number of Employees ...................................................................................................................................... 90 Principal Employers .......................................................................................................................................... 90 State Demographic and Economic Information ..................................................................................... 91 Player and Population Demographics (graphs) ...................................................................................... 92 LOTTERY IMPACT PROCEEDS The West Virginia Lottery began operations in 1986 with a single scratch off game called “West Virginia Jackpot” LOTTERY that generated more than $53.0 million in sales. Today, the West Virginia Lottery regulates several forms of gaming that include traditional lottery, racetrack video lottery, limited video lottery, table games, and sports wagering The West Virginia Lottery has generated more than $10.4 billion in proceeds for the State of West Virginia since that collectively generate more than $1.1 billion in total sales annually. 1986. Lottery proceeds are used in a myriad of ways to improve the quality of life of all West Virginians. Proceeds help fund new school construction and improvements, help fund the PROMISE Scholarship program, help provide The Lottery’s continued success is largely attributed to its partnerships with more than 1,400 traditional and important senior services, help grow the State’s tourism industry, and help West Virginia veterans. more than 1,300 limited video lottery retailers who employ tens of thousands of West Virginians. Additionally, optimized products and ongoing communications have created satisfied Lottery players who have had a significant, positive impact on West Virginia’s economy. MORE THAN MORE THAN $1.3 BILLION IN SENIOR PROGRAMS $14.6 MILLION AND SERVICES TO THE VETERAN’S FUND $5 $2 Mountain TreasuresSee ticket back for play instructions. MORE THAN WIN UP TO $30,000! Bear Cardinal Skiing Bee Hiking Maple Leaf Kayaking Rhododendron Mountain Biking Golden Apple Pumpkin Banjo Strawberry Camping Four-wheeling $5 “ ” = 5X WIN! $10.4 See back for play instructions. BILLION IN PROCEEDS $457.5 MILLION MORE THAN TO THE PROMISE PLAYERS $1.1 BILLION SCHOLARSHIP EMPLOYEES PROGRAM INTO THE STATE’S TOURISM INDUSTRY $3.4 BILLION IN PUBLIC EDUCATION P.O. BOX 2067 PHONE: 304-558-0500 CHARLESTON, WV 25327 1-800-WVA-CASH James C. Justice John A. Myers Governor Director December 6, 2019 The Honorable James C. Justice II, Governor Dave Hardy, Cabinet Secretary, Department of Revenue Kenneth L. Greear, Chairman, West Virginia Lottery Commission Members of the West Virginia Lottery Commission We are pleased to transmit to you the
Load more

Recommended publications
  • The Innovation Group Report
    Commonwealth of Virginia, Expanded Legalized Gaming Report Richmond, VA Prepared for: JLARC – Joint Legislative Audit and Review Commission July 2019 Prepared by: The Innovation Group 400 North Peters Street Suite 206 New Orleans, LA 70130 504.523.0888 www.theinnovationgroup.com Table of Contents INTRODUCTION......................................................................................................................... 1 COMPETITIVE ENVIRONMENT ............................................................................................ 3 EXISTING ..................................................................................................................................... 3 Maryland ................................................................................................................................. 3 West Virginia .......................................................................................................................... 8 Delaware ............................................................................................................................... 10 Pennsylvania ......................................................................................................................... 13 North Carolina ...................................................................................................................... 14 PROPOSED .................................................................................................................................. 14 GAMING MARKET ANALYSIS ............................................................................................
    [Show full text]
  • Delaware State Lottery Comprehensive Annual Report
    DELAWARE STATE LOTTERY An Enterprise Fund of the State of Delaware COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEARS ENDED JUNE 30, 2019 AND 2018 DELAWARE STATE LOTTERY An Enterprise Fund of the State of Delaware COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEARS ENDED JUNE 30, 2019 AND 2018 Prepared by: The Finance and Accounting Department of the Lottery Tina M. Leager Senior Fiscal Administrative Officer Delaware State Lottery TABLE OF CONTENTS INTRODUCTORY SECTION PAGE LETTER OF TRANSMITTAL ........................................................................................ 2 PRINCIPAL OFFICIALS .............................................................................................. 18 ORGANIZATION CHART ........................................................................................... 19 CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING FOR FY 2018............................................................................ 20 FINANCIAL SECTION REPORT OF INDEPENDENT AUDITOR ...................................................................... 22 MANAGEMENT’S DISCUSSION AND ANALYSIS ....................................................... 24 BASIC FINANCIAL STATEMENTS STATEMENTS OF NET POSITION AS OF JUNE 30, 2019 AND 2018 .................... 30 STATEMENTS OF REVENUE, EXPENSES AND CHANGES IN NET POSITION FOR THE YEARS ENDED JUNE 30, 2019 AND 2018 ............................................ .31 STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2019 AND 2018 .................................................................................
    [Show full text]
  • State of the States 2020 the AGA Survey of the Commercial Casino Industry a Message from the American Gaming Association
    State of the States 2020 The AGA Survey of the Commercial Casino Industry A Message from the American Gaming Association June 2020 Dear Gaming Industry Colleague: gaming. Sports betting was being legalized at an unprecedented pace, with 20 states and the District of I am pleased to present State of the States 2020: Columbia having passed legislation allowing consumers The AGA Survey of the Commercial Casino Industry, to bet on sports with legal, regulated operators. the American Gaming Association’s (AGA) signature research report and the definitive economic analysis The AGA continues its important work as your of U.S. commercial gaming in 2019. advocate. Here in Washington, DC, we continue to cultivate Congressional champions from gaming 2019 marked another record-setting year for the communities and strengthen our voice on Capitol commercial gaming segment. Helped in part by the Hill. In states across the country, we are working with expansion of legal sports betting, the commercial industry leaders and regulators to give operators and casino sector logged its fifth consecutive year of suppliers more flexibility in running their businesses gaming revenue growth in 2019—surging 3.7 percent and evolve regulation to meet the demands of our to $43.6 billion, a new historic high. 21st century hospitality industry. At the end of 2019, Americans never had a higher On a personal note, it has been a privilege to get to opinion of our industry and nearly half said they know many of you during my first year as the AGA’s planned to visit a casino over the next year.
    [Show full text]
  • Title 179 Legislative Rule West Virginia Lottery
    179CSR4 TITLE 179 LEGISLATIVE RULE WEST VIRGINIA LOTTERY SERIES 4 LIMITED GAMING FACILITY RULE §179-4-1. General. 1.1. Scope and Purpose. -- The purpose of this rule is to license and regulate one limited gaming facility located within an historic resort hotel; to license and regulate gaming suppliers and facility employees; and to define and regulate the operation of Monte Carlo-style games and video lottery games at the limited gaming facility. 1.2. Authority. -- W. Va. Code §29-25-5. 1.3. Filing Date. -- April 26, 2010. 1.4. Effective Date. -- June 1, 2010. PART 1.DEFINITIONS §179-4-2. Definitions. For the purposes of this rule the following words and phrases have the meaning ascribed to them in this Section unless the context of the rule clearly indicates otherwise, or unless inconsistent with the manifest intention of the State Lottery Commission. 2.1. "Act" means the Limited Gaming Facility Act, W. Va. Code §29-25-1 et seq. 2.2. “Adjusted gross receipts” means the dollar amount that is won by the limited gaming facility licensee through play at live authorized games of chance, which is the total of United State currency, chips, front money or markers contained in the drop box, plus ending chip inventory, minus opening chip inventory, plus chip credits minus table fills, minus match play coupons. 2.3. "Agency" and “Lottery” mean the West Virginia State Lottery, its Director and the West Virginia State Lottery Commission and its Commissioners which operate and administer the West Virginia State Lottery, pursuant to authority granted under the Act and under the state lottery act, W.
    [Show full text]
  • Where Was the Winning Powerball Ticket Purchased
    Where Was The Winning Powerball Ticket Purchased BaldpatedFulgurating Sunny and infeasible relight ungraciously. Engelbert groove Going her and serenades corporative revalidate Dudley still while wizen Saxon his smoke-dryBingen feasible. some basophil heavenward. The free email was the winning powerball ticket purchased at cleveland food recommendations for being inducted into thinking nativo is suing libre by relaxing state Showers early becoming a bad light rain late. She moved to Los Angeles to leaving the University of Southern California, studying broadcast journalism. Madison and graduated with a corps in journalism. The prize on a winning lottery ticket may be split among a group of ticket owners; however only one prize check is issued. You may not change after payment dispute at on later date. Christmas day after winning ticket was purchased tickets? The winning ticket was bought from a convenience store in Bonita Springs, Florida. Get breaking Hudson County recent news, weather, events, sports and busy from Jersey City, Hoboken, Bayonne, and others. Meet the latest winners from your favorite lottery games. Comment on team news and join forum at NJ. We hope that story continue and enjoy our senior content. Florida Lottery, All Rights Reserved. Get the latest Hollywood movie news and reviews including movie listings and theater show times in Cleveland, OH. When disable person is ready to condition the prize, they should contact the Virginia Lottery. Before coming forward right away after winning ticket. Read news for lottery is paid in powerball was the winning ticket purchased the prize. Find local entertainment events listings, comment on the reviews, and join forum discussions at NJ.
    [Show full text]
  • Building the Brand 2 INSIGHTS September/October 2015
    DEBUNKING NASPL ASSOCIATE MANAGING GAMES, LOTTERY MYTHS MEMBER PROFILES TEXAS STLYLE The Official Publication of the North American Association of State & Provincial Lotteries INSIGHTSSeptember/October 2015 NASPL 2015 Building the Brand 2 INSIGHTS September/October 2015 From the NASPL Staff President David B. Gale Executive Director Thomas C. Tulloch Director of Administration Andrew White VP of Operations Tamika Ligon Director of Program Planning John Koenig Graphic Designer This saying has always been one of my favorites: Happiness happens on the way to success. Janine Hutzell Accounting Patricia McQueen Editor And if the past year is any indication, we’re pretty happy in the North American lottery industry. Yes, we saw Jake Coy Vendor Relations some stressors in the past 12 months, but we stacked up Mike Duff NSI Coordinator some enviable results at the same time. Combined, U.S. and Canadian lotteries sold more than US$78 billion in products while raising some US$23 billion in proceeds for the worthy causes benefitted by our organizations. NASPL Executive Committee Interestingly, our success was achieved against a backdrop Terry Rich President of some fairly significant stressors. Paula Harper Bethea First Vice-President We kept up conversations in Washington, D.C., where lawmakers discussed proposals May Scheve Reardon Second Vice-President that would establish federal regulation of Internet gaming in the United States, thwarting Rose Hudson Treasurer states’ rights to provide (or not provide) the gambling products that their citizens desire. Our efforts were noticed, and have made a difference. Charlie McIntyre Secretary Gary Grief Immediate Past President Along the way, we’ve also worked on ideas for new games, renewed retailer collaboration and better lotto-game branding; held collaborative meetings, workshops and seminars; David Loeb Pres.
    [Show full text]
  • 2018 Annual Report
    West Virginia Lottery A Component Unit of the State of West Virginia Comprehensive Annual Financial Report for the Fiscal Years Ended June 30, 2018 and 2017 MESSAGE FROM THE DIRECTOR ,DPSOHDVHGWRSUHVHQWWKLV\HDUèV:HVW9LUJLQLD/RWWHU\&RPSUHKHQVLYH$QQXDO)LQDQFLDO5HSRUWIRUWKHĆVFDO year ending June 30, 2018 to the Honorable Jim Justice, Governor; Dave Hardy, Cabinet Secretary, Department of Revenue; and the West Virginia Legislature. Our mission to operate responsibly with the highest standards of LQWHJULW\DQGVHFXULW\KDYHKHOSHGWRSURYLGHDFRQWLQXHGUHYHQXHVWUHDPIRUSURJUDPVWKDWEHQHĆWWKHFLWL]HQV of West Virginia for more than 32 years. The Lottery was created in April 1985 pursuant to authority granted by the West Virginia Legislature with gaming operations beginning in January 1986. Since that time, the Lottery has generated nearly $10 billion in gaming revenue for the State of West Virginia with proceeds supporting education, seniors and tourism. Lottery operations have produced $3.3 billion for education, more than $1.2 billion for senior services, and nearly $1.1 billion for tourism. 7KHĆQDQFLDOHFRQRPLFGHPRJUDSKLFDQGVWDWLVWLFDO data contained in this report is intended to help provide a framework of understanding of the /RWWHU\èV ĆQDQFLDO SHUIRUPDQFH DQG UHSUHVHQWV only the activity for which the West Virginia Lottery exercises regulatory authority. Responsibility for both the accuracy of the data and the completeness A PDF download of this Comprehensive Annual Financial Report is available and fairness of presentation, including all at wvlottery.com. Go to the News and Info tab and to Financial Reports. disclosures, rests solely with the Lottery. An LQGHSHQGHQW FHUWLĆHG SXEOLF DFFRXQWLQJ ĆUP KDV DXGLWHGWKHĆQDQFLDOVWDWHPHQWVDQGDFFRPSDQ\LQJ QRWHV FRQWDLQHG LQ WKH ĆQDQFLDO VHFWLRQ RI WKLV report. JOHN A. MYERS Director, West Virginia Lottery WEST VIRGINIA LOTTERY COMMISSION KENNETH L.
    [Show full text]
  • Finance 25-00-00
    FINANCE 25-00-00 MISSION POSITIONS FY 2012 FY 2013 FY 2014 To promote Delaware’s fiscal health fairly and ACTUAL BUDGET GOV. REC. efficiently by forecasting, generating, collecting and GF 161.5 149.5 147.5 accounting for funds critical to essential government ASF 147.5 152.5 154.5 services. NSF - - - - - - TOTAL 309.0 302.0 302.0 KEY OBJECTIVES Promote the financial health of the State by providing technical analysis, policy information and advice on state finances to the Governor, legislature, state agencies, other government entities, pertinent constituency groups and the public. Reduce administrative costs by reengineering and streamlining state government to use resources more efficiently and effectively. Provide leadership and planning on global financial management issues, including revenues, debt expenditures and credit ratings. Five-Year Appropriation History 100,000.0 80,000.0 60,000.0 40,000.0 20,000.0 0.0 FY 09 FY 10 FY 11 FY 12 FY 13 GF ASF FUNDING FY 2012 FY 2013 FY 2014 ACTUAL BUDGET GOV. REC. GF 13,961.4 16,536.9 16,417.4 ASF 82,582.5 100,260.4 100,408.9 TOTAL 96,543.9 116,797.3 116,826.3 118 FINANCE 25-00-00 Delaware has maintained since the spring of 2000 OFFICE OF THE SECRETARY and is one of only nine states currently holding 25-01-00 these ratings; Designed and secured the adoption of the Delaware MISSION Gaming Competitiveness Act of 2012, which distinguishes Delaware from surrounding states To lead the State in developing and executing sound through the addition of Keno, Internet gaming and fiscal policies and practices.
    [Show full text]
  • More Than $8 Billion in Proceeds to West Virginia Since 1986 West Virginia Lottery Commission Introduction
    More Than $8 Billion In Proceeds To West Virginia Since 1986 West Virginia Lottery Commission Introduction The West Virginia Lottery continues to serve as an important source of revenue to the State of West Virginia. Since 1986, more than $8 billion in Lottery proceeds have been generated to fund a variety of programs and good causes across the State, with the largest portion of these funds directed by the West Virginia Legislature to support Senior Citizens, Education and Tourism. In fiscal year 2014, Lottery sales totaled $1.2 billion, marking the 12th consecutive year of sales above $1 billion. Despite the challenges of ongoing competition and declining revenue, the Lottery made a significant contribution to the State last fiscal year with $622.5 million in transfers from the Lottery included in the West Virginia State Budget, including $33.1 million in gaming revenue paid to county and local municipalities statewide. The Lottery’s fiscal year-end performance could not have been accomplished without the diligence and hard work of our licensed Lottery retailers, operators, racetrack casinos, the 183 Lottery employees and Lottery players who collectively make this progress possible. Today, the Lottery continues on its mission to operate responsibly with the highest standards of integrity and security to generate revenue for programs that benefit the citizens of West Left to Right: David L. McCormick, Jr, Morgantown; Roy E. Shrewsbury, II, Virginia. Beckley; Micheal A. Adams, Esq, Weirton; William I. Clayton, Vice Chairman, South Charleston; Douglas Bicksler, CPA, Lewisburg; Kenneth L. Greear, Chairman, Charleston. About John C. Musgrave, Lottery Director John C.
    [Show full text]
  • 2015-19 Th Annual Report
    Louisiana Gaming Control Board Report to the to ReportState Louisiana Legislature th 19 MISSION STATEMENT OF THE LOUISIANA GAMING CONTROL BOARD To regulate all gaming activities under its jurisdiction in a manner which instills public confidence and trust that gaming activities are conducted honestly and free from criminal and corruptive elements; to ensure the integrity of individual gaming activities by the regulation of persons, practices, associations and activities within the gaming industry. i TABLE OF CONTENTS LOUISIANA GAMING CONTROL BOARD MISSION STATEMENT ........................................................... i TABLE OF CONTENTS ........................................................................................................................................ ii CHAIRMAN’S LETTER ........................................................................................................................................ 1 ATTORNEY GENERAL’S GAMING DIVISION AND LOUISIANA STATE POLICE PERSONNEL ...... 4 ACKNOWLEDGMENTS ....................................................................................................................................... 5 RIVERBOAT GAMING ......................................................................................................................................... 6 Riverboat Activity Summary .............................................................................................................................. 7 Riverboat Boat Gaming Licenses ......................................................................................................................
    [Show full text]
  • Nov-Dec19 V1.Pdf
    Let Your Players Choose Fun! Four million passengers choose fun with Carnival® Cruise Lines each year. Our new Carnival instant games offer your players the chance to win once-in-a-lifetime vacations to the hottest travel spots on ships built to deliver immersive, adrenaline-fueled cruising experiences. Once aboard, players enjoy everything from world-class entertainment and fitness options to five-star dining experiences, and so much more. Go ahead and CHOOSE FUN for your players with Carnival and IGT. © 2019 Carnival Corporation. All rights reserved. Ships' Registry: The Bahamas, Panama and Malta. © 2019 IGT. The trademarks used herein are either trademarks or registered trademarks of IGT, its affiliates or its licensors. IGT is committed to socially responsible gaming. contents 6 | Lottery Biz la fleur’s New Hampshire Lottery kicked off its Holiday magazine Lights Promotion in October. U.S. lotteries will VOL.l 27 | NO. 2 market holiday-themed instant terminal games as well as run second-chance draw game holiday 6 promotions. Pennsylvania Lottery will run an in-store grocery advertising test at Giant Eagle. Cat-themed “Wan-Nyan” scratchers are quite popular in Japan. Mississippi Lottery Corp. will launch instant ticket sales on November 25. Kansas Lottery expects its new vending machines will enhance holiday sales. New Hampshire Lottery gets 13 proposals from potential suppliers for its sports betting RFP. Startup is expected in early 2020. 10 | The Death of the Draw Game 10 In 2019, in-state lotto made up only 4.5% Let Your Players of the total U.S. sales, down from 4.7% in 2018.
    [Show full text]
  • 2014 Annual Report
    West Virginia Lottery a component unit of the State of West Virginia Montani Semper Liberi Comprehensive Annual Financial Report for the fiscal years ended June 30, 2014 and 2013 Message from the Director I am honored to serve in the position of leading the West Virginia Lottery through another year of solid financial performance, and would like to take this opportunity to present this year’s West Virginia Lottery Comprehensive Annual Financial Report for the fiscal year ending June 30, 2014 to the Honorable Earl Ray Tomblin, Governor; Robert Kiss, Cabinet Secretary, Department of Revenue; and the West Virginia John C. Musgrave Legislature to illustrate the financial performance of this agency. Director Despite the challenges of competition and the changing landscape of the gaming industry, we continue to operate with integrity and security John C. Musgrave of Point Pleasant, at the forefront of our regulatory duties, while striving to preserve a very WV, was appointed Director of the West important source of funding for the State of West Virginia. Virginia Lottery in April of 1997 and has had four consecutive appointments For more than 28 years, the Lottery has been fortunate to generate since that time. Musgrave brings to the more than $8 billion of gaming revenue for the State of West Virginia. Lottery a strong finance background Lottery proceeds have been directed to provide funding for programs with more than two decades of public that support West Virginia seniors, improve K-12 and higher education, service at the federal, state and local and enhance tourism across the State. Since the Lottery’s inception levels.
    [Show full text]