The City of Odessa received its January sales tax check, in the amount of, $5,458,873.87. This amount includes the Economic Development sales tax of 1/4 cent. The City of Odessa will receive $4,367,099.10 and the Odessa Development Corporation will receive $1,091,774.77.
The City saw a decrease in sales tax revenue with January’s sales tax revenue total of $4,367,099.10 which reflects a $276,476.59 or 5.98% decrease as compared to January 2023.
The year-to-date total sales tax revenue for fiscal year 2023-24 is up 6.65%, or $1,147,091.91 as compared to budgeted amount expected at this point in the fiscal year.
In addition, the 2023-24 year-to-date amount is above the previous fiscal year-to-date amount by $10,182.83 or -0.06%.
The City has budgeted $54,000,000.00 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., January’s collection is based on November sales.
The Ector County Hospital District is scheduled to receive $4,814,590 Jan. 12 for November’s sales tax. That’s about a $137,000 increase from the same time period last year, an email from the hospital said.
