“It appears that the state today, emphasis on today, is hitting on all cylinders when it comes to the state’s economy,” said Sen. Arthur Orr, chair of the Senate’s education budget committee.
and billions in federal dollars for pandemic relief, tax revenues that support public education and other government programs in Alabama are exceeding last year by a hefty margin.
Rep. Danny Garrett, R-Trussville, chair of the House education budget committee, has a similar outlook about the revenue growth. That growth includes a 22% increase in the taxes that support the Education Trust Fund through May, eight months into the state’s fiscal year, which started in October. Legislators have at some time to watch the trends before making any decisions. They will return for the regular session early next year to consider the next round of state budgets. In the meantime, revenues will be enough to cover planned expenditures for the rest of this fiscal year, which ends Sept. 30, said Kirk Fulford, deputy director of the Legislative Services Agency. Fulford said other states are also seeing unusually strong growth in tax revenues.
Through May, tax revenues for the Education Trust Fund totaled $6.9 billion, an increase of $1.2 billion over last fiscal year at this time, or 22 percent. Through May, the General Fund had received $1.8 billion, $144 million more than this time last year, an increase of almost 9 percent. “There’s a lot that could go on negatively between now and then so I really don’t want to speculate that we’ll have a bunch of extra money or we will or we won’t,” Orr said. “We may have some carry-forward money. That’s certainly possible. But we may have to be filling holes in the budget with that carry-forward money. So we just want to be very cautious and conservative.
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