MONTGOMERY — Alabama Governor Robert Bentley announced today that the state will be able to repay $260,388,971 to the Alabama Education Trust Fund’s Rainy Day Account by the end of the fiscal year.
The state transferred $437.4 million from the Rainy Day Account to support the Education Trust Fund in 2009. Alabama repaid $14.4 million dollars last year. The Governor said the more than $260 million repayment shows significant progress in the state’s commitment to repaying the fund.
“We’re able to make this large repayment because of conservative budgeting and an improving economy,” Gov. Bentley said in a statement. “More people are going back to work. Unemployment is down. Revenues are stronger than projected for the years. We are committed to building on these improvements and fully restoring the Rainy Day Account.
The debt has to be fully repaid by September 30, 2015.
The Rainy Day Account is part of the Alabama Trust Fund. Governor Bentley said the formal Fiscal Year 2013 repayment will be made in the first quarter of Fiscal Year 2014, which starts October 1, 2013.
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