Odessa sales tax revenue up $735,000

The City of Odessa recently received its August sales tax check, in the amount of $5,400,948.10. This amount includes the Economic Development sales tax of 1/4 cent. The City of Odessa will receive $4,320,758.58 and the Odessa Development Corporation will receive $1,080,189.62.

The city saw an increase in sales tax revenue with August’s sales tax revenue total of $4,320,758.48 which reflects a $735,115.35, or 20.50 percent increase as compared to August 2020.

Year-to-date total sales tax revenue for fiscal year 2020-21 is up 14.6 percent, or $4,837,450.86 as compared to budgeted amount expected at this point in the fiscal year.

The 2020-21 year-to-date amount is below the previous fiscal year-to-date amount by $7,433,315.34 or 16.45 percent.

The city has budgeted $36,000,000 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; August’s collection is based on June sales.

Sales tax revenue from the Ector County Hospital District won’t be available until Friday.