Decline reported in Ala. education fund revenue

MONTGOMERY, Ala. (AP) - Alabama's finance department says the state Education Trust Fund in October through April collected $3.025 billion. That's a drop of $76.3 million, or 2.5 percent, compared to the same period a year earlier.

Acting state Finance Director Bill Newton says he thinks the decline reported Monday is overstated because of a delay in processing state personal income tax payments.

Newton says he had no plans to recommend changing this year's budgeted trust fund spending because of Monday's status report.

Gov. Bob Riley months ago cut this year's trust fund spending by 7.5 percent, to $5.3 billion, because of lower-than-expected tax collections.

The trust fund is the main source of state tax dollars for public schools, two-year colleges and universities.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WTVY-TV 285 N Foster Street Dothan, AL 36303 334-792-3195
Copyright © 2002-2015 - Designed by Gray Digital Media - Powered by Clickability 92765069 -
Gray Television, Inc.