Iowa § 8.57I - 8.57I Sports wagering receipts fund.

§ 8.57I. 8.57I Sports wagering receipts fund.

1. A sports wagering receipts fund is created in the state treasury under the authority of the department of management. The fund shall consist of appropriations made to the fund and transfers of interest, earnings, and moneys from other funds or sources as provided by law. The sports wagering receipts fund shall be separate from the general fund of the state and the balance in the sports wagering receipts fund shall not be considered part of the balance of the general fund of the state. 2. Moneys in the sports wagering receipts fund are not subject to section 8.33. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the sports wagering receipts fund shall be credited to the fund. Moneys in the sports wagering receipts fund may be used for cash flow purposes during a fiscal year provided that any moneys so allocated are returned to the fund by the end of that fiscal year. 3. a. Moneys in the sports wagering receipts fund in a fiscal year shall be used as directed by the general assembly. b. For the fiscal year beginning July 1, 2025, and each fiscal year thereafter, there is appropriated from the sports wagering receipts fund to the public safety equipment fund created in section 80.48 eight million dollars. Subsections 5 and 6 do not apply to moneys appropriated under this paragraph. 4. For the fiscal year beginning July 1, 2026, and for each fiscal year thereafter, an amount necessary to bring the unencumbered and unobligated balance in the length of service award program grant fund created in section 100B.52 to one million five hundred thousand dollars as of July 1 of the fiscal year shall be transferred from the sports wagering receipts fund to the length of service award program grant fund. Moneys received from the sports wagering receipts fund pursuant to this subsection are not subject to the reporting requirements provided in subsection 5 or 6. This subsection is repealed July 1, 2030. 5. Annually, on or before January 15 of each year, a state agency that received an appropriation from the sports wagering receipts fund shall report to the legislative services agency and the department of management the status of all projects completed or in progress. The report shall include a description of the project, the progress of work completed, the total estimated cost of the project, a list of all revenue sources being used to fund the project, the amount of funds expended, the amount of funds obligated, and the date the project was completed or an estimated completion date of the project, where applicable. 6. Annually, on or before December 31 of each year, a recipient of moneys from the sports wagering receipts fund for any purpose shall report to the state agency to which the moneys are appropriated the status of all projects completed or in progress. The report shall include a description of the project, the progress of work completed, the total estimated cost of the project, a list of all revenue sources being used to fund the project, the amount of funds expended, the amount of funds obligated, and the date the project was completed or an estimated completion date of the project, where applicable. 2024 Acts, ch 1185, §41; 2025 Acts, ch 160, §1, 2, 8 Referred to in §15E.311, 99E.6, 99F.11 Subsection 3 amended NEW subsection 4 and former subsections 4 and 5 renumbered as 5 and 6 Wed Dec 10 21:42:39 2025 Iowa Code 2026, Section 8.57I (5, 3)