| A recalculation of payments from the Alabama Trust Fund has left local governments with extra money to spend. The trust is fueled by royalties paid on sales of offshore oil and natural gas from state lands. A portion of those payments each year goes into the County and Municipal Government Capital Improvement Fund. Local governments receive payments from the fund each April based on population.
The higher payments to local governments are the result of a recalculation of prior payments and will be in place for this year only, said Daria Story, assistant state treasurer. The Alabama state treasurer’s office administers the trust..........................................Full Article: Source |