No news not good for state
State Budget Officer Bill Newton on Tuesday said, basically, that Alabama’s financial situation is not getting worse. On the other hand, it’s not getting better, either.
Income tax collections for October and November rose from the same months last year but sales tax collections fell, leaving the state’s income flat.
State Revenue Commissioner Tim Russell said he was pleased to see Alabama’s tax revenue holding steady, but reports show revenue is not coming in fast enough to balance the education and General Fund budgets. That could force Gov. Bob Riley to dip into either of the state’s two “rainy day” funds.
When it comes to our state’s financial situation, it seems no news is actually bad news.