(Lake Martin Specific)
111,183 messages
Updated 6/9/2024 1:00:09 PM
Lakes Online Forum
83,662 messages
Updated 6/7/2024 11:28:41 PM
Lakes Online Forum
5,197 messages
Updated 6/10/2024 5:39:11 AM
(Lake Martin Specific)
4,171 messages
Updated 5/29/2024 10:51:34 PM
Lakes Online Forum
4,169 messages
Updated 4/15/2024 11:05:05 PM
Lakes Online Forum
4,261 messages
Updated 5/28/2024 6:31:10 AM
Lakes Online Forum
2,976 messages
Updated 3/20/2024 11:53:43 PM
(Lake Martin Specific)
169 messages
Updated 5/31/2023 1:39:35 PM
Lakes Online Forum
98 messages
Updated 4/15/2024 1:00:58 AM
|
|
|
| Name: |
mbk
- 
|
|
| Subject: |
Alabama Politics
|
|
Date:
|
10/29/2008 1:58:08 PM
|
How will you vote and why?
Proposed Alabama Amendment One (1)
Proposing an amendment to the Constitution of Alabama of 1901, to repeal Amendment 709 to the Constitution of Alabama of 1901; to reestablish the Education Trust Fund Rainy Day Account within the Alabama Trust Fund; and to establish the General Fund Rainy Day Account within the Alabama Trust Fund. (Proposed by Act No. 2008-
508). That is the entry that will be on the ballot during the General Election in Alabama.
CURRENT: Alabama has two rainy day accounts for the Education Trust Fund, used to prevent proration, or across-the-board budget cuts: the Proration Prevention Account, which works like a savings account, and the Rainy Day Account, which acts like a credit line. The Proration Prevention Account is funded with tax revenues; the Rainy Day Account gives the state the power to borrow money from the $3.2 billion Alabama Trust Fund, funded by the sales of drilling rights and oil and gas leases. The state emptied the $440 million Proration Prevention Account to cover revenue shortfalls in the fiscal 2008 budget. The state can currently borrow up to $248 million from the Alabama Trust Fund to cover Education Trust Fund shortfalls. The money must be repaid within five years.
PROPOSED: Amendment One would increase the borrowing limit to $437 million and lengthen repayment to six years. It also would allow the General Fund to draw up to the equivalent of 10 percent of the previous year's General Fund budget to meet proration. The maximum amount for this year, if the amendment passed, would be $201 million.
The governor would have the ultimate authority to withdraw money from the Alabama Trust Fund to avoid proration. The money would have to be repaid in ten years.
|
| Name: |
SPEARFISHER
-
|
|
| Subject: |
Alabama Politics
|
|
Date:
|
10/29/2008 5:33:02 PM
|
I will vote no because I am afraid they (Senate) will deplete these savings accounts that we were blessed with from oil and natural gas reserves. The money should be left alone and use the interest as intended by the wise Senators that set it up originally.
My Humble Opinion
|
| Name: |
Swimmer27
-
|
|
| Subject: |
Alabama Politics
|
|
Date:
|
10/29/2008 5:57:06 PM
|
I vote NO on every ammendment. I started this a few years back as my personal protest of the antiquated Constition that centers power in Motngomery. 900+ ammendentments and no home rule is crazy.
|
| Name: |
mbk
-
|
|
| Subject: |
Alabama Politics
|
|
Date:
|
10/30/2008 10:41:25 AM
|
Thanks for your opinions. It scares the h311 out of me that I agree with Dr. Hubbert, Executive Secretary of the Alabama Teachers Union (most people call it AEA), but he is right on this one. Dr. Hubbert’s remarks that I copied from Alabama newspapers include that “he has some misgivings about the plan because whatever money that is withdrawn must be repaid within six years. That would mean reduced education spending in the future unless there is a drastic uptick in the economy.” and he likened it to "going into your savings account to buy your groceries. The thing that's a little troubling to me is we may be preventing proration for one year, but we'll be paying back the debt for six years to get one year,"
The state emptied their true savings account, the Pro-ration Prevention Account, last year by withdrawing $440 million. They already have the authority to borrow $248 million from the Alabama Trust Fund for the ETF to prevent or reduce pro-ration. Where will it stop? Why did the legislature budget a 5% increase in expenditures for FY2009 when they knew the economy was turning south? Did they “bet on approval” of Amendment One? Do we really want to use our credit cards to buy groceries and pay our power bills? How will we replace the capital gains/interest revenue we loose by not having these investments in the ATF for the next five years – remember it does not have to be repaid for six years? How will we be able to repay the loans if we can’t pay our operating expenses today? Will we see more taxes and fees to repay this? You may not know that the state legislature must have approval of the voters to increase ad valorem taxes, but they can increase fees and other taxes without approval of the voters.
Vote NO on Amendment One and don’t vote on the other statewide amendments unless they impact your area.
|
|
|
New Post
Search
Off-Topic Forum
Reply
»
Alabama Lakes
»
Lake Martin
Login
|
Home
