March 21, 2023

>> FROM OUR STATE HOUSE STUDIO IN MONTGOMERY, I'M TODD STACY.

WELCOME TO "CAPITOL JOURNAL."

THE ALABAMA LEGISLATURE RESUMED ITS 2023 REGULAR SESSION TODAY.

IT'S JUST DAY TWO OF THE SESSION, AS MEMBERS OF THE HOUSE AND SENATE GATHERED IN THEIR RESPECTIVE CHAMBERS THIS AFTERNOON.

THERE WERE NO BILLS TO CONSIDER THOUGH, BECAUSE NOTHING HAS MADE IT OUT OF COMMITTEE.

AS IS REQUIRED ON THE SECOND DAY OF SESSION, GOVERNOR KAY IVEY RELEASED HER PROPOSED BUDGETS FOR THE NEXT FISCAL YEAR.

THE PROPOSALS CAME WITH INCREASED SPENDING IN BOTH BUDGETS, PLUS SUPPLEMENTAL APPROPRIATIONS TO ACCOUNT FOR THE RECORD SURPLUSES THE STATE IS SEEING.

WE'LL START IN THE GENERAL FUND, WHICH PAYS FOR THE RANGE OF NON-EDUCATION STATE SERVICES.

THE GOVERNOR IS PROPOSING A $2.9 BILLION TOTAL SPENDING PLAN, A RECORD HIGH FOR THE GENERAL FUND.

MANY AGENCIES ARE SEEING SIGNIFICANT INCREASES.

MEDICAID WOULD SEE A $69 MILLION INCREASE TO ACCOUNT FOR THE DROP OFF IN FEDERAL FUNDING SINCE THE PANDEMIC.

THE DEPARTMENT OF CORRECTIONS WOULD SEE A $58 MILLION INCREASE, MUCH OF WHICH IS USED TO COVER THE COST OF A NEW HEALTH CARE CONTRACT.

IN SUPPLEMENTAL APPROPRIATIONS, $40 MILLION WOULD GO TO DEBT SERVICE AND $50 MILLION WOULD GO TO THE GENERAL FUND RAINY DAY ACCOUNT.

THE GOVERNOR'S PROPOSED EDUCATION TRUST FUND TOTALS $8.8 BILLION, ANOTHER RECORD AMOUNT FOR THIS BUDGET COVERING EVERYTHING FROM PRE-K TO HIGHER ED, PLUS RELATED AGENCIES EXPENSES.

K-12 EDUCATION WOULD SEE A $337 MILLION INCREASE, THAT INCLUDES WHAT GOES TO LOCAL SCHOOL SYSTEMS AND A TWO PERCENT PAY RAISE FOR TEACHERS.

COMMUNITY COLLEGES WOULD RECEIVE AN ADDITIONAL $33 MILLION COMPARED TO LAST YEAR.

AND COLLEGES AND UNIVERSITIES WOULD SEE A $102.7 MILLION INCREASE.

THE LION'S SHARE OF THE PROPOSED SUPPLEMENTAL APPROPRIATION BILL FOR THE ETF WOULD GO TO A ONE-TIME TAX REBATE.

YOU'LL REMEMBER IVEY MENTIONED THIS IN HER STATE OF THE STATE SPEECH TWO WEEKS AGO.

UNDER HER PROPOSAL, SINGLE TAX FILERS WOULD GET A ONE-TIME PAYMENT OF $400 AND A FAMILY OF FOUR WOULD GET $800.

ACCORDING TO THE PROPOSED LEGISLATION, IT WOULD COST $966.7 MILLION.

STATE FINANCE DIRECTOR BILL POOLE HELD A BRIEFING WITH REPORTERS TODAY TO GO OVER THE BUDGET PROPOSALS.

HE EXPLAINED THAT THE TAX REBATE, IF APPROVED, COULD BE SENT OUT TO TAX PAYERS WITHIN 60-90 DAYS.

>> THE GOVERNOR'S PROPOSED REBATE WILL FOCUS ON FILERS OF THE THESE ARE EXCESS FUNDS RECEIVED BY THE STATE, PAID IN BY TAXPAYERS, RETURNING THOSE TO THE TAXPAYERS AND THE FILERS WAS THE MOST EFFECTIVE WAY TO ADMINISTER THE FUNDS BACK TO THE TAXPAYERS SO WE WILL FOCUS ON FILERS.

>> IN OTHER LEGISLATIVE ACTION, THERE WAS A PUBLIC HEARING TODAY ON A BILL DEALING WITH OCCUPATIONAL TAXES.

THE PROPOSAL FROM STATE SEN. ANDREW JONES OF GADSDEN WOULD REDUCE ALL MUNICIPAL OCCUPATIONAL TAX TO ONE PERCENT THROUGH A GRADUAL, ANNUAL REDUCTION.

JONES HAS CARRIED SIMILAR LEGISLATION IN THE PAST.

HE SAID THAT EVEN THOUGH MUNICIPALITIES WHO COUNT ON SUCH TAXES WILL OPPOSE IT, HE IS DETERMINED TO MOVE FORWARD.

>> CAN WE AGREE THAT IF YOU WORK AT A COMPANY AND WORK AT HOME THAT WE SHOULDN'T HAVE YOUR WAGERS TAXED AS IF YOU HAD BEEN WORKING IN THE CITY FOR THE ENTIRE TIME?

CAN WE NOT AGREE WHEN 1ST RESPONDERS COME IN TO RESTORE POWER IN A COUNTY AFTER TORNADOES, THEY SHOULDN'T DAY CARE COMING IN FOR MUTUAL AID THEY SHOULDN'T HAVE TO HAVE 2 PERCENT OF THEIR SALARIES TAPE OUT WHEN THEY CAME TO THE AID OF THEIR FELLOW MAN IN ALABAMA?

CAN WE NOT AGREE IT IS ONEROUS FOR A BUSINESS -- TAKE ETOWAH COUNTY, FOR EXAMPLE.

YOU RUN A TOW TRUCK BUSINESS AND RUN CALLS IN RAINBOW CITY AND OTHER CITIES YOU HAVE IS ZERO KEEP UP WITH THE HOURS THAT YOUR PEOPLE WORK IN EACH CITY SO YOU CAN REMIT OCCUPATION OCCUPATIONAL TAXES TO EACH CITY.

CAN WE NOT SAY THAT IS OVER REACH AND RED TAPE AT ITS WORST?

>> THE BILL ADVANCED THROUGH THE SENATE COUNTY AND MUNICIPAL GOVERNMENT COMMITTEE AND NOW GOES TO THE FULL SENATE.

SENATE DEMOCRATS LED BY STATE SENATOR VIVIAN FIGURES OF MOBILE HELD A NEWS CONFERENCE TODAY ANNOUNCING TWO MEASURES MEANT TO ADDRESS ALABAMA'S ABORTION LAW.

SENATE BILL 34 WOULD REPEAL THE ALABAMA HUMAN LIFE PROTECTION ACT OF 2019, WHICH ONLY ALLOWS ABORTION IN THE CASE OF A SERIOUS HEALTH RISK TO THE MOTHER.

SENATE BILL 35 WOULD AMEND THE LAW TO ALLOW FOR ABORTION IN CASES OF RAPE AND INCEST.

FIGURES SAID SHE WAS NOT CONFIDENT HER BILLS WOULD ADVANCE IN A REPUBLICAN CONTROLLED LEGISLATURE, BUT THAT IT WAS IMPORTANT TO KEEP FIGHTING FOR WOMEN'S RIGHTS.

>> WOMENS RIGHTS NEED TO BE DEALT WITH SO WE KANSAS CITY A STATE CAN PUT SOMETHING IN PLACE MORE PALATABLE FOR ALL WOMEN.

MARCH IS WOMEN'S HISTORY MONTH.

AND UNFORTUNATELY WOMEN HAVE HAD A LONG HISTORY OF NOT HAVING THE SAME RIGHTS AS MEN.

WOMEN DESERVE TO HAVE THE SAME RECOGNIZE AS MEN.

WHEN THE HUMAN LIFE PROTECTION AGENT WAS PASSED IT TOOK AWAY THE RIGHTS OF WOMEN TO CHOOSE AND TO MAKE INDIVIDUAL MEDICAL DECISIONS CONCERNING THEIR BODIES.

ALL WOMEN WANTED IS TO HAVE THE SAME LIGHTS AS MEN AND TO HAVE ACCESS TO SAFE ABORTIONS SHOULD THAT BE THEIR CHOICE.

THERE IS 2340 LAW IN THE UNITED STATES OF AMERICA THAT MANDATES WHAT A MAN CAN OR CANNOT DO WITH HIS OTHER THAN BODY.

GOD GIVES US ALL FREE WILL.

BUT ALABAMA HAS EVEN TAKEN THAT AWAY FROM WOMEN.

>> WE WILL BE RIGHT BACK WITH TONIGHT'S GUESTS.

>> JOINING ME VIA ZOOM IN WASHINGTON IS TOMMY TUBERVILLE.

COACH, THANK YOU FOR COMING ON THE SHOW.

>> GOOD TO SEW YOU.

>> WE REPORTED LAST NIGHT ON THE CULL VAN SITUATION WITH THE MEXICAN POLICE AND MILITARY FORCES SEIZING VULCAN'S PROPERTY DONE THERE.

AND ALSO AIRED YOUR COMMENTS TALKING ABOUT THIS.

THIS HAS BEEN AN ISSUE YOU'RE INVOLVED IN FOR A WHILE.

CAN YOU GIVE US THE LAY OF THE LAND?

>> TODD, IT'S BEEN GOING ON WELL OVER A YEAR.

WHAT HAS HAPPENED HERE IS THE VULCAN MATERIALS OUT OF BIRMINGHAM HAS OTHER FACTORS ALL THE OVER THE WORLD BUT FOR THE PAST 30 YEARS THEY HAVE BEEN OPERATING A LIMESTONE MINE ON THE GULF SIDE IN MEXICO.

THEY'RE INVESTMENTS AND WELL PAYING JOBS FOR THE REGION, PAYING A LOT OF TAXES TO MEXICO.

AND IT'S BEEN HUGE FOR THE SUPPLY CHAIN ALL OVER OUR COUNTRY AND EVEN OTHER COUNTRIES.

SO I URGED THE BIDEN ADMINISTRATION TO STAND UP TO MEXICO AND INTERCOMPANIES LIKE VULCAN.

THE PROBLEM IS THAT WE HAVE HAD VERY LITTLE COMMUNICATION WITH THE WHITE HOUSE FORCE YEARS.

SENATOR SHELBY AND I, WE SENT A LETTER TO SENATOR BLINKEN AND TOLD HIP THE SITUATION.

THAT WAS A YEAR AGO FEBRUARY.

THEN IN MAY LAST YEAR, WE JOINED WITH ANOTHER LETTER, PRESIDENT BIDEN TO THE SECRETARY OF COMMERCE AFTER THE FIRST LETTER WENT UNANSWERED AND THE PROBLEM WAS VULCAN KEPT HAVING ALL OF THESE PROBLEMS.

ALSO AS YOU SAID AND HAVE PROBABLY PLACED MY COMMENTS THE SPEECH I GAVE IN THE FLOOR.

IN AUGUST I ADDRESSED THE SITUATION WITH KEN ALCZAR, OUR U.S.

AMBASSADOR TO MEXICO, AND HE PROMISED TO MONITOR THE SITUATION.

WELL, THE SITUATION HAS GOTTEN WORSE: TOM HILL, THE CEO OF VULCAN, DOING A GREAT JOB, HAS A GREAT CAN BE.

I HAVE KNOWN VULCAN FOR, HECK, 25 YEARS WHEN MR. IRELAND WAS ALSO INVOLVED IN IT.

BUT WE'RE MAIN TANK COMMUNICATIONS WITH VULCAN.

WE'RE MAINTAINING COMMUNICATION WITH OUR AMBASSADOR IN MEXICO.

WE'RE TRYING TO GET THE PEOPLE HERE IN THE WHITE HOUSE TO HELP US AND WE'RE GETTING VERY LITTLE HELP.

IT IS A MESS.

LAST WEEK THEY GOT BROKE INTO AGAIN BY MEXICAN AUTHORITIES AFTER -- I THINK IT BASICALLY WENT TO AN INTERNATIONAL COURT, AND THEY'RE NOT GOING TO LET IT GO.

MEXICO IS NOT.

IT'S A BAD SITUATION.

>> WHAT STRIKES ME ABOUT THIS IS THAT THIS IS MEXICO.

THIS IS NOT VENEZUELA.

THIS IS NOT CUBA.

THIS IS MEXICO, OUR LARGEST TRADING PARTNER, I'M PRETTY SURE, OUR OSTENSIBLE ALLY, OUR NEIGHBOR TO THE SOUTH.

SO YOU WOULD THINK THAT KIND OF THING WOULDN'T HAPPEN WITH ONE OF OUR CLOSEST NATIONS.

YOU MENTIONED THE BIDEN ADMINISTRATION AND NOT HEARING BACK.

WHAT'S IT GOING TO TAKE TO GET THEIR ATTENTION?

IS THERE ANY INDICATION THAT NOW THIS VIDEO IS OUT THERE, NOW THAT IT'S PRETTY DRAMATIC PARTICULAR, THAT THE BIDEN ADMINISTRATION MIGHT DO MORE TO GET IN TOUCH WITH MEXICO TO BE TOUGHER TOWARDS THIS LAND GRAB?

>> WELL, AS YOU SAID THIS IS NOT A 3RD WORLD COUNTRY IN MERRY CHRISTMAS CO.

THEY'RE OUR BIGGEST TRADE PARTNERS AND NEXT DOOR TO US.

THE BIDEN ADMINISTRATION AND EVERYTHING THEY HAVE DONE, THEY HAVE BEEN A DAY LATE AND DOLLAR SHORT.

SAME THINGS HAPPENED OVER IN UKRAINE AND IN AFGHANISTAN.

EVERYTHING -- THEY'RE BEHIND ON AND IT SEEMS LIKE THEY CAN'T MAKE A DECISION.

WE HAVE TO HAVE HEALTH HERE.

THIS IS A TOUGHER SITUATION.

VULCAN -- IT'S A TOUGH SITUATION FOR A LOT OF COMPANIES.

I JUST RETURNED FROM PANAMA, WHICH IS BELOW MERRY CHRISTMAS CO-AND I WENT DOWN TO LOOK AT THE PANAMA CANAL AND TALK TO THE ADMINISTRATION THERE AND THE AMBASSADORS AND THEIR SECURITY PEOPLE, AND THEY'RE TRYING TO BE OVERRUN BY CHINA.

CHINA IS THERE BUILDING THINGS AND BREAKING CONTRACTS WITH CHINA.

PANAMA, BECAUSE THEY CAN'T DO ANYTHING RIGHT BUT YOU CAN JUST AVERAGE THIS DEEP WATER PORT THAT VULCAN HAS UP THE CARIBBEAN OR THE GULF FROM PANAMA, AND IT'S GOING TO BE A GOOD POSSIBILITY THAT ONE DAY, IF VULCAN CANNOT RETURN THIS TO THEIR PROPERTY THERE'S A GOOD POTENTIALITY IT COULD GO INTO CHINA'S HANDS BECAUSE MEXICO DOESN'T HAVE A USE FOR A PORT.

THEY DON'T HAVE THE TRADE.

SO IT COULD BE PROBLEMS IN THE FUTURE IF WE DON'T RECTIFY IT.

THE ONLY WAY TO GET THIS DONE AND GET A CLOSURE IS THE BIDEN ADMINISTRATION IS GOING TO HAVE TO GET INVOLVED.

BUT IT'S LIKE PULLING TEETH.

>> BOW MAYBE SOME GEO POLITICS.

CHINE'S HAS BEEN ACTIVE IN CENTRAL MERCK AND AFRICA AND ALL ABOUT MATERIALS.

SO THAT'S A REALLY INTERESTING ANGLE.

SENATOR, WHILE I HAVE YOU, I HAVE NOTED TO SWITCH GEARS AND TALK ABOUT THE ISSUE OF TITLE NINE.

YOU HAVE BEEN OUTSPOKEN ABOUT THIS ISSUE, ABOUT THE NEED TO PROTECT TITLE NINE.

THERE'S A RULE GOING FORWARD IN THE DEPARTMENT OF EDUCATION HAVING TO DO WITH TRANSGENDER YOUTH AND WHETHER OR NOT THEY SHOULD BE ALLOWED TO PLAY ON SPORTS TEAMS.

IT COULD SHOW ACTIVE IN MAY.

YOU HAVE LEGISLATION HAVING TO DO WITH THIS ISSUE?

WHAT WOULD IT DO?

WELL, 1ST OF ALL SINCE I HAVE BEEN HERE IN TWO YEARS I HAVE SEEN NOTHING ON ATTACKS BUT FAMILY AND GENDER.

I DON'T KNOW WHERE THIS ADMINISTRATION IS GOING OR THE LEFT.

DEMOCRATS HAVE BASICALLY LOST THEIR MINDS.

TITLE NINE IS ONE OF THE FEW THINGS THE FEDERAL GOVERNMENT HAS GOTTEN RIGHT BECAUSE IT REALLY ENHANCED GIRLS AND WOMENS SPORTS AND GIVEN THEM A LOT OF OPPORTUNITIES.

50 YEARS AGO IS BASICALLY NONCHEMIST ABOUT.

BUT IT'S DONE SO MUCH FOR GIRLS AND WOMEN FOR THIS COUNTRY.

BUTTER NOW WE'RE HAVING A PROBLEM BECAUSE THIS ADMINISTRATION IN IS PAST THE POLICIES WHERE, IN A SCHOOL, WHETHER IT'S OUR EDUCATION OR SECRETARY OF EDUCATION, IF YOU DON'T ALLOW TRANSGENDER BOYS TO ALLOW IN WOMEN'S SPORTS THEY'RE GOING TO CUT YOUR MONEY OFF.

AND IT'S NUTS TO BE HONEST WITH YOU.

WHAT THAT'S GOING TO DO IS AFFECT TITLE NINE.

YOU WILL HAVE YOUNGER GIRLS OR WOMEN SAYING I'M NOT COMPETING FOR SECOND OR 3RD OR 4TH.

THERE'S NO REASON THIS COUNTRY SHOULD ALLOW BIOLOGICAL BOYS TO PARTICIPATE BECAUSE OF THEIR SIZE, STRENGTH, LUNGS CAPACITY -- THERE'S NO REASON FOR THEM TO COMPETE IN WOMEN'S SPORTS.

SO IF YOU WERE BORN A BIOLOGICAL BOY YOU SHOULDN'T BE ABLE TO COMPETE AGAINST THEM.

I HAVE WHAT IS CALLED THE PROTECT WOMEN IN SPORTS ACT, A BILL I PUT ON THE FLOOR.

>> I WAS I'M GOING TO ASK YOU IF THERE WAS ANY SUPPORT FROM THE DEMOCRATS ON IT BECAUSE IT WOULD TAKE THEM TO HELP.

>> JOE MANSION IS HELPING.

YOU HAVE A COUPLE OF OTHERS LOOKING AT IT BUT THEY HAD DON'T WANT TO CREATE WAVES FOR THE FAR LEFT.

THEY'RE SCARED OF THENAR LEFT.

THIS IS ALL ABOUT GETTING RE-ELECTED UP HERE.

THEY DON'T DO ANYTHING FOR THE COUNTRY OR THEIR STATE.

THEY DO EVERYTHING FOR THEIR PARTY WHERE THEY CAN RETAIN POWER AND CONTINUE TO SCREW EVERYTHING UP, BOTTOM LINE.

AND YOU KNOW, I GET SICK OF LISTENING TO IT EVERY DAY BUT THIS IS REALLY OVER THE TOP ALLOWING BOYS AND MEN THAT WERE BIOLOGICALLY BORN AS A MALE TO PARTICIPATE FATE IN WOMENS SPORTS.

THERE'S NO REASON FOR THIS TO HAPPEN AND WE CAN'T GET ANY REASONING FROM THE LEFT.

THEY WANT TO TEAR DOWN GENDER AND FAMILY AND GOD IS NEVER MENTIONED UP HERE AND THAT IS VERY, VERY CONCERNS.

>> LUCKILY WE'RE OUT OF ADVERTISEMENT.

THANK YOU FOR YOUR TIME.

AND FOR COMING ON "CAPITOL JOURNAL" AND TALKING ABOUT SOME OF THESE ISSUES.

>> THANK YOU, TODD.

>> WE WILL BE RIGHT BACK.

>> JOINING ME NEXT IS STATE TREASURER YOUNGER BOOZER.

THANK YOU FOR COMING ON THE SHOW.

>> GOOD TO BE HERE.

>> IT'S APROPOS BECAUSE AS PART OF THE SPECIAL SESSION THAT JUST ENDED LAST WEEK, IT WAS ALL ABOUT ARPA AND EVERYTHING BUT A BIG PART OF THAT WAS PAYING BACK FINALLY THE LAST PAYMENT TO THE ALABAMA TRUST FUND.

IT WAS BORROWED YEARS AGO DURING DIFFICULTY FINANCIAL TIMES.

THEY MADE THE FINAL PAYMENT.

WERE YOU PLEASED TO SEE THAT?

>> I'M STILL CELEBRATING.

ARE YOU KIDDING ME?

IT WAS A LONG TIME AGO, THE 1ST TIME I GOT ELECTED IN 2012 THAT ARTHUR ORR AND I GOT TOGETHER.

WE BOTH HAD CONCERNS ABOUT THE ALABAMA TRUST FUND AND HOW IT OPERATED AND PAID OUT AND ARE WE GETS AS MUCH CASH FLOW OUT ON AN ANNUAL BASIS AS WE SHOULD.

SO WE GOT TOGETHER AND SAID THERE NEEDED TO BE SIGNIFICANT CHANGES IN IT.

WE CAME UP WITH THE PLAN THAT WOULD SCALP TOUR ALL REVENUES COMING FROM NATURAL IT WAS ROYALTIES IN MOBILE, COME INTO THE TRUST.

WE CHANGED THE WAY THAT WE MANAGE IT SO IT WAS MANAGED ACCORDING TO THE TECHNIQUES AND PHILOSOPHY OF THE 21 CENTURY AND THE OTHER THING WE DID, WE ESTABLISHED A SPENDING POLICY WHICH HAD NEVER BEEN FORMALIZED IN THE PAST.

THERE WAS KIND OF A HARUM-SCARUM TYPE THING TRYING TO PHYSICIAN OUR HOW MUCH YOU WOULD GET.

BUT WE PUT IN THE BALANCE OF THE INVESTMENT PORTFOLIO.

ASK AND PAID ALL THE A PERCENTAGE OF THAT.

SO TWO YEARS IN ADVANCE WE WOULD KNOW WHAT WE WERE GOING TO GET.

>> MAKES IT EASIER TO BIGOT.

>> SIMPLIFIES THE BUDGET PROCESS AND ALSO INCREASED THE AMOUNT THAT WE WERE PAYINGS OUT WHICH WAS A GREAT BENEFIT AT THAT TIME.

IF YOU RECALL WE WENT THROUGH PRORATIONS TWICE DURING THOSE TIME PERIODS.

THAT'S WHAT IT DID.

THE INTERESTING THING WAS THAT WAS WHAT WE DESIGNED AND WHAT WE HAD PLANNED IN THE CONSTITUTIONAL AMENDMENT.

BUT AT THE 11TH HOUR SOME FOLKS CAME UP AND SAID WE NEED SOME HELP.

AND THAT HELP IS IN THE TERMS OF $437 MILLION THAT WE'RE GOING TO TAKE OUT AT THE SAME TIME.

AND WE SAID HOW ABOUT IF WE COME UP WITH AN ALTERNATIVE.

WE SUGGESTED A COUPLE OF THINGS.

ONE WAS TO LOAN THEM THE MONEY INTEREST FREE AND HAVE A CERTAIN SCHEDULED REPAYMENT.

THAT WAS REJECTED AND E FOR A SHORT PERIOD OF TIME.

BECAUSE IT WENT TO VOTE.

IT WAS APPROVED.

A COUPLE OF WEEKS AFTER THE IMPROVEMENT THE BELOW BACK WAS SO BIG ABOUT TAKING THAT MONEY OUT THAT THE PLEDGE WAS MADE FOR THE 1ST BILL IN THE 2013 WILL TO BE THE ALABAMA TRUST FUND REPAYMENT AND THAT SET UP THIS SCHEDULE OF PAYMENTS THAT WE HAVE BEEN RECEIVING.

SO WHAT YOU'RE REFERRING TO THAT HAPPENED LAST WEEK IS THE PREPAYMENT OF ALL YOU OF THE REST OF THE PAYMENTS THAT WERE GOING TO BE MADE.

SO WE HAVE ALL OF THAT CASH.

WE DON'T HAVE TO WORRY ABOUT REPAYMENTS OF ANYTHING ELSE IN THE FUTURE AND WE GOT THE FUNDS BACK TO THE ALABAMA TRUST FUND.

>> THAT'S THE THICK THAT IS GOOD NEWS TO EVERYONE.

LET ME ASK YOU JUST IN GENERAL, ABOUT THE HEALTH OF THE ATF AND THE OTHER ASSETS THAT YOU MANAGE AS STATE TREASURER.

>> THE ATF IS IN GOOD SHAPE.

THIS LAST YEAR WAS A TERRIBLE YEAR IN INVESTMENTS.

EVERYBODY HAD A LOT.

AND THE INTERESTING THING ABOUT IT IS WHAT WAS LOST IN 2022 WAS PRETTY MUCH THE ENTIRE GAIN OF 2021.

SO IF YOU LOOK AT WHERE WE ARE WE'RE BACK WHERE WE WOULD HAVE BEEN IN 2020.

WE HAD A HUGE GAIN IN 2021, LOST IT IN 2022 AND WE'RE BACKS HERE.

WE HAVE $3.3 BILLION IN THE INVESTMENT PORTFOLIO.

WE ALSO MANAGE ABOUT $500 MILLION FOR CITIZEN COUNTIES AND WE VERSUS HAVE A PORTFOLIO FOR FOREVER WILD.

AND WE FUND FOREVER WILD AN ON ANNUAL BASIS.

AND SPEAKING OF FUNDING THE SPENDING POLICY THAT WE HAVE IS SET OUT SO THAT WE KNOW HOW MUCH TOTAL IS GOING TO SAY OUT AND THEN IT'S DIVIDED INTO THE GENERAL FUND AND OTHER FUNDS AND SENIOR SERVICES AND OTHER THINGS.

CITIES AND COUNTIES GET A PORTION OF THAT.

>> I KNOW THAT YOU HAVE A BILL IN THE LEGISLATURE THIS YEAR, PLANNING A BILL, ALLOWING MAYBE A WAY TO HELP CITIES AND COUNTIES TO POOL THEIR MONEY AND INVEST AND GET A RETURN.

>> YES.

WE'RE BASIS THIS ON OUR EXPERIENCE OVER THE LAST 18 MONTHS.

SO 18 MONTHS AGO WHEN I CAME BACK THIS OFFICE WE HAD OUR INVESTMENT PORTFOLIO.

INTEREST RATES WERE ONLY 50 BASIS POINTS.

SINCE THEN THE PORTFOLIO HAS GROWN IN VOLUME DRAMATICALLY.

THIS MORNING THE POOL WAS ABOUT $13.2 BILLION AND INTEREST RATES HAVE GONE 50 BASIS POINTS TO 450 BASIS POINTS SO IT'S A HUGE DECREASE AND WE HAVE INCREASED DRAMATICALLY.

THAT'S BECAUSE WE HAD THE EXCESS CASH.

INTERESTING RATES HAD GONE UP AND WE TOOK ADVANTAGE OF THAT.

PRUDENTLY BUT WE WERE AGGRESSIVE IN HOW WE DID IT.

IF WE CAN DO THAT FOR THE STATE OF ALABAMA, WE LOOKED AROUND AND SAID HOW ARE OTHER PEOPLE DOING THIS?

THERE ARE 38 OTHER STATES HAVEN AN INVESTMENT POOL FOR LOCAL FAST.

SO WE WENT TO SCHOOL LOOKING AT WHAT THEY DO.

WE THINK THIS IS A GREAT IDEA FOR PUBLIC ENTITIES AND THE DEFINITION OF A PUBLIC ENTITY IS GOING TO BE THE SAFE OF SAME DEFINITION THAT WE HAVE IN THE SAME SAFE ACT SO IT MATCHES UP.

SO PUBLIC ENTITIES LIKES CITIES, COUNTIES, SCHOOL BOARDS, AND ON AND ON CAN INVEST IN A PROGRAM LIKES THIS AND THE IDEA SO TO RUN IT AS A MONEY MARKET MOVEMENT FUND, SHORT-TERM INVESTMENTS, HIGH QUALITY INVESTMENTS, U.S. GOVERNMENT STEWARDS, MANAGED BY THE TREASURE'S OFFICE WILL MANAGE THE PORTFOLIO AND INVEST ALONGSIDE THEM SO WE KNOW WE HAVE SOME SKIN IN THE GAME.

WE THINK THIS WILL BE A GREAT MONEY MANAGEMENT TO TOOL NOR THE FOCUS THAT DON'T HAVE THE ACCESS OR DON'T HAVE THE BACKGROUND TO BE ABLE TO MAKE THESE KINDS OF DECISIONS SO THIS IS AN OPTION.

WE GOT A LOT OF MONEY FROM THE FEDS AND WE HAVE INVESTED IT QUICKLY AND PRUDENTLY.

A LOT OF THESE CITIES AND COUNTIES JUST PUT IT IN THEIR CHECKING ACCOUNT AND IT MAY NOT BE EVERYONE IN ADDITION.

SO IF WE CAN TAKE THAT DIFFERENT CASH FLOW AND INVEST IT, IT WILL BE A BENEFIT TO THEM IN A VERY DRAMATIC WAY.

>> HOW HAS YOUR FEEDBACK BEEN IN THE LOCALITIES.

>> LOVE IT.

>> GOOD.

ADD THAT TO THE LIST OF BILLS WE WILL BE FOLLOWING.

A LOT OF OTHER ISSUES TO COVER.

WE WILL HAVE YOU BACKS ON WHEN WE HAVE MORE TIME.

>> THANK YOU FOR COMING OFTEN THE SHOW.

>> WE WILL BE RIGHT BACK.

>> THAT'S HOUR SHOW.

THANK YOU FOR WATCHING.

WE WILL BE BACK FOR MORE COVERAGE OF THE LEGISLATIVE SESSION HERE ON ALABAMA PUBLIC TELEVISION.

FOR OUR "CAPITOL JOURNAL" TEAM, I'M TODD STACEY.

WE WILL SEE YOU NEXT TIME.