December sales tax revenue down

The City of Odessa received its December sales tax check in the amount of $5,321,468.26. This amount includes the Economic Development sales tax of 1/4 cent. The City of Odessa will receive $4,257,174.61 and the Odessa Development Corporation will get $1,064,293.65.

This month’s sales tax is a decrease in sales tax revenue with December’s sales tax revenue a 4.15 percent decrease as compared to December 2022.

The year-to-date total sales tax revenue for fiscal year 2023-24 is up 8.78 percent or $1,131,576.66 as compared to the budgeted amount expected at this point in the fiscal year.

The 2023-24 year-to-date amount is above the previous fiscal year-to-date amount by $266,293.76.

The City has budgeted $54,000,000 in net sales tax revenues for the current fiscal year. Sales tax revenue is generated by sales tax from two prior to collection. December’s collections is based on October sales.