MONTGOMERY, Ala. (AP) - The board that oversees Alabama's largest savings account, the Alabama Trust Fund, has taken steps that will help keep the state education budget from being sharply cut.
The board's vice chairman, state Finance Director Jim Main, said the governor has made no decision about when to declare proration, or an across-the-board cut in spending. But it could be next month, and the board acted Thursday to make sure it has cash available next month if the governor needs it.
The rainy day constitutional amendment approved by Alabama voters on Nov. 4 increased the amount of money the governor can borrow from the trust fund once he declares proration. That money can be used to balance the budget and prevent cuts in spending.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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