PACT board votes to seek taxpayer funds
The PACT board held its highly anticipated meeting today and voted to beg the legislature for money.
The program’s governing board voted unanimously today to pursue a bill from the Legislature which would to allocate what could prove to be as much as $45 million a year to the program.
Gubernatorial candidate Artur Davis jumped at the opportunity to score some political points, labeling the hearing “a failure.” I’m not sure what he expected out of the meeting, though.
According to Left in Alabama, who had two bloggers at the hearing, the actuarial deficit in Sept. 2007 – when the PACT finances were at their best – was $19.7 million. Never viable. Why didn’t someone deep six this program long ago? It was a ticking time bomb waiting to endanger Alabama taxpayers.
Brian, the Birmingham News DID report in 2004 that the PACT program was in debt to the tune of $50 million and confronted Kay at that time. That’s why they let her have it yesterday editorially. She kept on pushing for new enrollees up until the day AFTER she sent the letter to members on February 27 that the program was in deep trouble.