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Monday, July 13, 2009

Riley releases $100 million from Rainy Day Fund

Gov. Bob Riley released $100 million from the state's Rainy Day Fund on Monday to help balance the state's education budget.
"The world-wide recession is continuing and we need to release this $100 million right now to maintain proration at its current level," he said in a statement.
The Republican declared proration in the state's education budget in December. A governor can declare proration when he does not believe there will be enough revenue to maintain a balanced budget. Related departments must then cut their budgets by the percentage declared by the governor.
In December, Riley released $221 million or about half of the Rainy Day Fund.
About another $116 million remains in the education Rainy Day Fund.

-- posted by Sebastian Kitchen

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