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January 2007
January 2007

Monthly Financial Report

State Treasurer Sarah Steelman

Measuring Progress: Treasurer Steelman’s Midterm Report

A two-year update on key policy improvements in the State Treasury

Bringing Tax Dollars Back To Missouri. Since January 2005, the amount of Missouri tax dollars invested here in Missouri has more than doubled. In-state investments have increased from $423.7 million on Dec. 31, 2004 to $908.5 million on Dec. 31, 2006 – an increase of 114.4 percent in in-state investments in the past two years. These investments include $140 million in linked- deposits through the BIG Missouri program to help create jobs and assure Missouri farms and businesses have access to affordable capital needed to begin or to expand. Time deposits in Missouri banks have increased to $510 million, and another $259 million has been placed in Missouri-based commercial paper as of Dec. 31, 2006. Combined with a strong and growing economy, the yield on the state treasury’s portfolio has more than doubled from 2.34 percent in December 2004 to 5.0 percent in December 2006.

Protecting Tax Dollars Policies also have been implemented to ensure tax dollars aren’t invested in companies tied to nations the U.S. State Department has identified as terror- sponsoring states, including Iran, Sudan, North Korea and Syria. The Treasurer’s office no longer does business or places investments through any financial firm involved with these countries. A terror-free fund for an international stock portfolio in the Missouri Investment Trust was created that screens out stocks of companies with direct financial relationships with terrorist-sponsoring states. This fund is managed by State Street and screened by Conflict Security Advisory Group. The MIT fund’s first-quarter performance results are 74 basis points higher than the EAFE benchmark. A terror-free mutual fund also is being added to the investment options available through MOST – Missouri’s 529 College Savings Plan. Finally, a terror-screening policy was imple-

mented for the state employee retirement system (MOSERS) on which the Treasurer serves as a member of the board of trustees.

Creating Jobs and Helping Families The $140 million in the BIG Missouri Program is invested by Missouri banks into local businesses and farms. Based on conservative economic multipliers, this will generate more than $308 million in new economic activity and 4,338 new jobs in our state. For the first time, a new policy is in place that takes community investment commitment, such as loan-deposit ratios and community reinvestment into consideration in the place- ment of time deposits in Missouri banks. These deposits help generate new economic activity and more job growth in Missouri.

Getting Every Child to College MOST – Missouri’s tax-advantaged college savings program—has been improved and expanded to help make saving for college a reality for every Missouri family. Fees are lower, investment options are greater and families can still start saving with as little as $25. Since the new program was started in July, 9, 800 new accounts have been opened, MOST direct account assets have increased by $131 million, $300,000 has been rolled in through the Upromise Rewards program and total assets for both direct and advisor MOST plans have surpassed $1 billion. January 2005 assets in MOST totaled $650 million. The University of Missouri System and Missouri State University have started new scholarship programs for Missouri students participating in the MOST plan. This marks the first time Missouri’s colleges are offering scholarships to students of families who save for college through Missouri’s college savings plan and is believed to be the first such program in the nation. For children without families, the BELIEVE program has been set up to encourage businesses, churches and civic groups to establish MOST plans for foster children. BELIEVE can help these children get to college and realize their dreams after state support ends at their 18th birthday. Perhaps even more importantly, BELIEVE helps these children know that others believe in them and want to help them succeed.

State Treasurer Sarah Steelman

Monthly Financial Report

Office of Missouri State Treasurer Monthly Division Performance Totals

State Treasurer Monthly Division Performance Totals Banking Division State Receipts December 2006 $

Banking Division

State Receipts

December 2006

$ 1,689,426,250.22

State Disbursements

$ 1,676,039,250.99

ACH Payments Initiated

166,172

Checks Issued

141,021

Checks Paid

133,709

End-of-Month Cash Balances

Budget Reserve Fund

General Revenue Fund

$ 523,325,847.48

$ 565,723,825.32

Division of Unclaimed Property

December 1 through December 31, 2006

Total Returned to Owners Number of Accounts Paid to Owners

$2,458,142.07*

4,503

*More than $21,000,000 was returned to citizens by the Unclaimed Property Division during the fiscal year that ended on June 30.

The Treasurer’s Office is currently working to return millions in unclaimed property to the rightful owners.

A listing of accounts held by the Unclaimed Property Division can be seen at:

HTTP://www.showmemoney.com

State Treasurer Sarah Steelman

Monthly Financial Report

Investment Division

Sarah Steelman Monthly Financial Report Investment Division December 1, 2006 through December 31, 2006 Securities

December 1, 2006 through December 31, 2006

Securities Portfolio Interest Earnings Average Book Value Annualized Yield

Securities Portfolio Interest Earnings Average Book Value Annualized Yield
Securities Portfolio Interest Earnings Average Book Value Annualized Yield

Linked Deposits Linked Deposits Approved Total Revenue Generated Economic Rate of Return

Linked Deposits Linked Deposits Approved Total Revenue Generated Economic Rate of Return
Linked Deposits Linked Deposits Approved Total Revenue Generated Economic Rate of Return

$14,970,936.55

$3,522,771.756.04

5.0 percent

$ 3,220,578.00

$ 324,805.92

10.09 percent

Five-Year Summary of State Securities Portfolio Earnings 2001-2006

State Treasury Portfolio Yield FY 2001-02 through FY 2006-07

5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 Jul-01 Sep-01 Nov-01 Jan-02 M
5.50
5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
Jul-01
Sep-01
Nov-01 Jan-02 M ar May-
-02 Jul-02
02 Sep-02
Nov-02 Jan-03 M ar- M 03 ay-03 Jul- Sep-03
03 Nov- Jan-04
03 M ar May-04
-04 Jul-04
Sep- Nov-04
04 Jan- M 05 ar- M 05 ay- 05 Jul- Sep-05
05 Nov-05 Jan-06 M ar- May-06
06 Jul-06
Sep- Nov 06 -06

State Treasurer Sarah Steelman Monthly Financial Report

 
% Change

% Change

 
 

Categorical General Revenue Totals

 

Month-To-Date

 

REVENUE SALES AND USE TAX

 

December 2006

December 2005

Difference

151,056,674

152,318,981

(1,262,307)

-0.83%

MODOT SALES AND USE TAX* 2,912,911

1,566,761

1,346,150

n/a

TOTAL SALES AND USE TAX INCOME TAX INDIVIDUAL CORPORATE INCOME COUNTY FOREIGN INSURANCE LIQUOR BEER

 

153,969,585

153,885,742

83,843

0.05%

407,978,898

396,063,805

11,915,093

3.01%

93,250,338

82,272,442

10,977,897

13.34%

23,552,500

21,112,127

2,440,374

11.56%

17,159,939

34,815,776

(17,655,837)

-50.71%

650,477

604,255

46,222

7.65%

INHERITANCE/ESTATE 56,015

 

792,066

(736,051)

-92.93%

ALL OTHER TAXES INTEREST LICENSES, FEE, PERMITS

 

40,081

132,960

(92,878)

-69.85%

4,295,139

2,735,721

1,559,418

57.00%

6,138,992

10,980,525

(4,841,533)

-44.09%

SALES, SERV., RENTALS, LEASES REFUNDS INTERAGENCY BILLINGS, INVENT

867,039

6,714,084

(5,847,045)

-87.09%

1,222,071

7,991,282

(6,769,211)

-84.71%

55,081

11,594

43,487

375.08%

ALL OTHER RECEIPTS 1,672,034

2,201,305

(529,271)

-24.04%

TOTAL GR RECEIPTS

 

692,998,349

686,583,130

6,415,219

0.93%

LESS: REFUND EXPENDITURES NET GR COLLECTIONS TOTAL GR WITH MODOT

39,391,264

39,652,964

(261,700)

-0.66%

653,607,085

646,930,166

6,676,919

1.03%

695,911,260

688,149,892

7,761,368

1.13%

LESS:

REFUND EXPENDITURES

39,391,264

39,652,964

(261,700)

-0.66%

NET GR WITH MODOT 656,519,996

648,496,927

8,023,069

1.24%

 

Fiscal Year-To-Date

 
   

SALES AND USE TAX

 

994,898,681

983,264,744

11,633,937

1.18%

MODOT SALES AND USE TAX* 29,122,057

13,985,745

15,136,312

108.23%

TOTAL SALES AND USE TAX 1,024,020,739

997,250,490

26,770,249

2.68%

INCOME TAX INDIVIDUAL

 

2,327,147,259

2,205,944,757

121,202,502

5.49%

CORPORATE INCOME TAX 275,340,349

295,243,807

(19,903,458)

-6.74%

COUNTY FOREIGN INSURANCE

 

91,393,355

72,437,606

18,955,749

26.17%

OTHER GENERAL REVENUE 127,809,031 TOTAL GGR RECEIPTS 3,816,588,676

146,389,151

(18,580,119)

-12.69%

3,703,280,065

113,308,612

3.06%

LESS: REFUND EXPENDITURES

 

240,618,593

276,403,179

(35,784,585)

-12.95%

NET GR COLLECTIONS 3,575,970,083

3,426,876,886

149,093,197

4.35%

TOTAL GR WITH MODOT 3,845,710,734

3,717,265,810 128,444,924 3.46%

LESS: REFUND EXPENDITURES 240,618,593 276,403,179 (35,784,585)

-12.95%

NET GR WITH MODOT 3,605,092,140

3,440,862,631 164,229,509

4.77%

* Fund 319 (Note: These numbers are compiled by the State Treasurer’s Office using daily balances from the state’s accounting system (SAM II). Totals released by other agencies may include changes not reflected in these figures.)

Consensus Revenue Estimates Compared to Actual Revenue Collections

Forecast GR

(July CRE)

Actual GR

(as of Dec. 31)

Variance

Gross General Revenue General Revenue Refunds

$ 3,826.1 million

$ 3,816.6 million

$ (9.5) million $ 41.2 million

$

281.8 million

$

240.6 million

Net General Revenue

$ 3,544.3 million

$ 3,576.0 million

$ 31.7 million