Proration increased for schools
Published 11:13 am Friday, July 24, 2009
Gov. Bob Riley on Friday announced an increase in the level of proration in the Education Trust Fund for the rest of the fiscal year, which ends Sept. 30.
Riley blamed a decline in state tax revenues earmarked for education for the increase in proration to 11 percent.
Proration is the process of cutting appropriations when revenues fall short of projections.
Tax collections earmarked for the Education Trust Fund have dropped 10 percent since December, when Riley declared proration and released $221 million from the education Rainy Day Fund to lessen proration's impact to 9 percent.
Earlier this month, Riley released an additional $100 million from the Rainy Day Fund and today released the remaining $116 million in the fund.
For more information on this story, see Saturday's Atmore Advance.