By
The Associated Press
.
Published: Thu, November 06, 2008 - 9:38 am
Last Updated: Thu, November 06, 2008 - 10:01 am
MONTGOMERY, Ala. (AP) - Governor Bob Riley said Alabama votersprevented dire budget cuts by approving the emergency funding plan
spelled out in Amendment One, but he said a hiring freeze and some
spending restrictions will likely be necessary anyway due to the
economic downturn.
Alabama voters approved Amendment One with 57 percent of the
vote Tuesday.
The constitutional amendment gives the governor authority to
borrow money from a $3 billion the Alabama Trust Fund.
The borrowed money - as much as $625 million - will allow state
officials to try to balance the education and General Fund budgets
in a year when tax collections are falling. But the money will have
to be paid back in future years.
He also said he will be announcing programs to trim spending in
the next few weeks.
Govenor Riley To Discuss State Budget On Monday
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