Missouri finishes fiscal year with $50M surplus

JEFFERSON CITY, Mo. (AP) -- State revenues for the 2008 fiscal year come in higher than what was anticipated in the budget.

Revenue collections for the year grew by 3.7 percent during the fiscal year that ended Monday. That's better than the 3.1 percent growth rate the budget was based upon.

The governor's Office of Administration estimates that will amount to a $50 million surplus.

Individual income tax collections were more than 6 percent higher than a year ago. But both corporate income tax and sales and use tax collections dropped by more than 2 percent over the last 12 months compared with a year ago.

Sales taxes collections decreased more than 2 percent during the fiscal year, compared with 2007.