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Rainy Day Fund Tapped to Keep Education Proration at Its Current Level
Montgomery, AL –
(AP) - Gov. Bob Riley released $100 million
from a state rainy day fund Monday to keep education proration at
its current level.
Riley declared proration in December because of sagging state
tax collections. The initial cut was 12.5 percent, but Riley
immediately pulled $221 million out of a rainy day fund to reduce
it to 9 percent. Riley said the extra $100 million Monday will
allow proration to remain at 9 percent.
Alabama still has $116 million left in its rainy day fund for
public education, with 2 1/2 months to go before the end of the
state's fiscal year.
(Copyright 2009 by The Associated Press. All Rights Reserved.)