The City of Odessa received its March sales tax check in the amount of $5,195,925.89. This amount includes the Economic Development sales tax of one quarter cent.
According to a City of Odessa news release, the city will receive $4,156,740.71 and the Odessa Development Corporation will receive $1,039,185.18.
The city saw a decrease in sales tax revenue with March’s sales tax revenue total of $4,156,740.71 which reflects a $813,954.13 or 16.38% decrease as compared to March 2023.
The year-to-date total sales tax revenue for fiscal year 2023-24 is up 4.91%, or $1,322,502.14 as compared to budgeted amount expected at this point in the fiscal year.
In addition, the 2023-24 year-to-date amount is below the previous fiscal year-to-date amount by $483,957.55 or 1.68%.
The city has budgeted $55 million in net sales tax revenues for this current fiscal year.
Sales tax revenue is generated by sales tax revenue from two months prior to collection, i.e., March’s collection is based on January sales.
