Friday, October 22, 2010

Alabama Council trust fund allows the transfer of 56.1 million to the Fund, less than expected

Published: Friday, October 12, 22 2010 H 40 updated: Friday, October 22, 2010, 12: 40

The Board oversees the Trust Fund in Alabama voted Thursday 56.1 million in transfer of funds from the State General Fund, which is an important source of money for Medicaid, prisons and other services non-éducation trust capital gains.

The amount is 29 percent less than the million $ 78.75 Governor Bob Riley and legislators assumed General Fund could obtain capital gains this exercise, which started on 1 October.

But acting financial state in that Director Bill Newton said that he was not lowered its estimate this year General Fund revenues would be budgeted expenditures of $ 1.57 billion.

Newton noted that General Fund is nearly 40 sources of income, such as taxes, insurance premium taxes and fees of the cigarette. "The objective is to achieve total," he said. "We will evaluate some of the high and low for some individual income sources.It will be low.

Riley said he was not worried about that deficit trigger distribute or budget cuts expenses caused by below-forecast revenue."Of $ 22 million to $ 1.5 billion is something that can be managed," he said.

State Rep Jack Page, D-Gadsden, said he hopes other sources of income could bring more prévision.Il said: "anytime you just short of $ 22 million should have a level of concern".

But Senator Roger Bedford, D-Russellville, said State agencies last year pass all 161.6 million Riley withdrawn from a day of rain to the General Fund, 30 million of this withdrawal account is available this said année.Bedford deferred money balance deficit from capital gains. ""I think that it is essentially a wash," he said.

Total assets of the Trust Fund of Alabama 2.5 billion dollars.Il collects a large part of the pumping of gas from foreign corporations State paid royalties.

Its Thursday Supervisory Board also voted to transfer a total of $ 24 million, $ 8 million each, Forever Wild Land trust fund capital gains holdings trust and two trust fund capital improvement, one for cities and counties.


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