December 4, 2013
Montgomery - The turmoil on Wall Street has created a $117 million hole in the $2 billion operating budget for state government.
The governor and the Legislature designed this year's General
Fund budget in anticipation of getting $117 million in capital
gains from investments in the Alabama Trust Fund. The Trust Fund's
board met Thursday, but there were no capital gains to transfer to
the General Fund because the investments lost money.
State Finance Director Jim Main says he wants to see the state's
tax collections for a couple of months before he starts speculating
about budget cuts.
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