• November 27, 2020

Sales tax down - Odessa American: Local News

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Sales tax down

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Posted: Thursday, July 9, 2020 3:51 pm

The City of Odessa received its July sales tax check, in the amount of, $3,783,652.85. This amount includes the Economic Development sales tax of 1⁄4 cent. The City of Odessa will receive $3,026,922.28 and the Odessa Development Corporation will receive $756,730.57.

Medical Center Hospital reported sales tax for July at $2,762,363, which is about 35.7 percent below this time last year.

The City saw a decrease in sales tax revenue with July’s sales tax revenue total of $3,026,922.28 which reflects a $(1,698,206.36), or (35.94)% as compared to July 2019.

The year-to-date total sales tax revenue for fiscal year 2019-20 is up 24.08%, or $8,075,690.01 as compared to budgeted amount expected at this point in the fiscal year.

In addition, the 2019-20 year-to-date amount is below the previous fiscal year-to-date amount by $(7,466,377.80) or (15.21)%.

The City has budgeted $41,100,000.00 in net sales tax revenues for the current fiscal year.

Sales tax revenue is generated by sales tax revenue from two months prior to collection, i.e., July’s collection is based on May sales.

Odessa, TX

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