On Tuesday, September 18th voters will go to the polls to decide whether to amend the Alabama Constitution. Amendment 1 would make the following changes:
Authorize the removal of $145 million per year from the Alabama Trust Fund (ATF) for the next three years ($435 million total) to be used for General Fund expenses. This represents 20% of the principal of the ATF and there is no requirement for repayment.
Permanently divert ½ of the annual oil & gas royalty payments and spend it on current expenses.
Authorize the distribution of 5% of the average market value of the invested assets of the ATF for the General Fund and other beneficiaries.
In order to provide accurate information to Alabama Forestry Association members, we have developed the following resources.
We have also developed some Quick Facts about Amendment 1
1. Amendment 1 is not needed to balance the budget AND provide full funding to all state agencies.
2. Amendment 1 does not require repayment.
3. Amendment 1 increases the amount of money that can be removed each year and will further deplete the Alabama Trust Fund.
Quick Facts Summary