Gov. Bentley Signs Law To Repay Alabama Trust Fund
MONTGOMERY, Ala. (WHNT) – Governor Robert Bentley signed a measure into law Wednesday that sets up repayment to the Alabama Trust Fund for bailing out the General Fund.
House Bill 94, the People’s Trust Act, requires full repayment of $437 million transferred from the Alabama Trust Fund to the state’s General Fund budget in September 2012.
“We made a commitment to the voters that the Alabama Trust Fund would be repaid, and we are fulfilling that commitment,” Governor Bentley said. “We are also working to find more savings and make government more efficient. Over the last two years, we have identified $750 million in savings. From that total, more than $528 million in savings have already been realized, and the rest of the savings will be realized in future years. Working with the Legislature, we will reach our goal of identifying a billion dollars in savings by the end of this term.”
The People’s Trust Act requires full repayment of the Alabama Trust Fund by no later than September 30, 2026. The bill also provides for minimum cumulative amounts that must be repaid at the end of each fiscal year starting with the fiscal year ending September 30, 2014.