Governor Robert Bentley on Friday announced the state will be able to repay $260,388,971 to the Education Trust Fund's Rainy Day Account after the close of the current fiscal year.
"We're able to make this large repayment because of conservative budgeting and an improving economy," Governor Bentley said. "More people are going back to work. Unemployment is down. Revenues are stronger than projected for the year. We are committed to building on these improvements and fully restoring the Rainy Day Account."
The state transferred $437.4 million from the Rainy Day Account to support the Education Trust Fund in the 2009 fiscal year. Last year, $14.4 million was repaid. The $260 million repayment announced by Governor Bentley on Friday represents substantial progress in the state's commitment to repaying the fund as soon as possible. Full repayment is required by September 30, 2015.
The Rainy Day Account is part of the Alabama Trust Fund. The formal FY 2013 repayment will be made in the first quarter of Fiscal Year 2014, which begins on October 1, 2013.