Lawmakers want to borrow $437 million from the
Alabama Trust Fund – a savings account resting on royalties from the state’s
oil and gas reserves – to temporarily bandage a gaping wound in the General
Fund, the state’s main operating budget. The Alabama Legislature failed to
solve the issue – one that stems all the way back to Bob Riley’s tenure as
governor – so voters will be forced to approve the measure or trust that the
legislature can go back into session and pass a viable alternative before the
clock runs out October 1, the beginning of the new fiscal year.
Though many voters are justifiably concerned about
shifting these dollars around, they should be more worried about how the
legislature would respond if we fail to approve the measure. The problem has
lingered for years, and during the last regular session, our lawmakers failed
to act again. Why trust them now, especially when they’ll only have 12 days to
remedy the problem should the referendum fail?
