Ala. Officials Expecting $263 Million Windfall
Montgomery, AL – Alabama officials say they expect a windfall from the state's trust fund to provide about $263 million for the Alabama General Fund.
The state attorney general's office says the board that oversees the $2.5 billion trust fund miscalculated payments to the General Fund and other beneficiaries in 2003 through 2007 when the board distributed gains in the value of the trust fund.
Officials say no payments will be made until auditors finish going over the figures. State Finance Director David Perry says the money could become available during this fiscal year but more likely in the year beginning Oct. 1. Perry says the cash should reduce budget cuts when it arrives.
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