Posted by Birmingham News – Presidential hopeful Huckabee sees gains among Alabama voters.
Birmingham News – State’s pension plans among best performing in nation in most recent year.
Birmingham News – Rep. Artur Davis (D) urges Jefferson County leaders to work together to avoid further erosion of Birmingham’s stature.
Birmingham News – The Birmingham News praises Public Safety’s recent holiday blitz, but reminds us that such activities only reinforces the idea that Alabama needs more troopers on the road.
Tuscaloosa News – Two Alabama nursing homes make list of nation’s 100 worst facilities.
Tuscaloosa News – Attorney General urges U.S. Supreme Court to deny request for stay of next week’s planned execution of Thomas Arthur.
Tuscaloosa News – The Tuscaloosa News sees senator’s call for bipartisan effort to resolve state’s pending fiscal crisis as falling on deaf ears.
Tuscaloosa News – The Tuscaloosa News argues that road and bridge maintenance shortfalls reinforces the need for comprehensive tax reform in state.
Anniston Star – Columnist James Evans explores the link between politics and faith.
Montgomery Advertiser – Environmentalist calls for Environmental Management Commission to “do the right thing” and adopt limitations on the level of carcinogens allowed to be discharged into state’s waterways.
Daily Home – Rockford textile mill closing.
Washington Post – Anti-Semitic church based in Talladega drops Nazi symbols, critics charge that group is seeking to ’sanitize hatred.’
FROM THE ANNISTON STAR:
Alabama Trust Fund grows by $222 million
Star Capitol Correspondent
|
MONTGOMERY — Despite a slowdown in royalties from the production of gas and oil off the state’s Gulf Coast, the Alabama Trust Fund grew this year by more than $222 million. At the Sept. 30 end of fiscal 2007, the state’s savings account was worth $3.1 billion, up from $2.9 billion this time last year and $1.6 billion just seven years ago. Both State Treasurer Kay Ivey and State Finance Director Jim Main attributed the significant growth of the fund to good management and investment strategies. Ivey said it also helps that the Alabama Trust Fund has never been raided, and any money that’s been borrowed has been repaid. “We have maintained the corpus (or principal), and the larger the corpus, the more interest one can make, even when interest rates are low,” she said. Each year, interest income from the fund’s investments is transferred to the state’s general fund, which pays the cost of running state government. There is a separate trust fund specifically for education. During fiscal 2006, the general fund received nearly $35 million, but for fiscal 2007 it received $117.2 million. Because the fund’s investments are doing so well, Main expects it will generate at least as much for the general fund for fiscal 2008. The decline in oil and gas production and the revenue generated from that industry is a concern, however, because it is where the Alabama Trust Fund gets its money. Last year the fund received nearly $369.4 million in royalties, but it only has received $256 million this year. Gas and oil production is down this year to 122.5 million cubic feet from almost 140.5 million cubic feet last year. While people are feeling pain at the pump daily, Ivey said the average quarterly price of natural gas is down from this time last year. She said by February the State Oil and Gas Board could report on how much oil and gas the state will be able to produce before the cost of pumping the resources outweigh the money it generates. |
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The headline about the State pension plan is a bit odd considering the other articles that show a real problem is looming. But I guess that will be just put away for another day.