The City of Odessa received its February sales tax check, in the amount of, $5,910,479.99.
The City of Odessa received its February sales tax check, in the amount of, $5,910,479.99. This amount includes the Economic Development sales tax of ¼cent. The City of Odessa will receive $4,728,383.99 and the Odessa Development Corporation will receive $1,182.096.00. The City saw an increase in sales tax revenue with February’s sales tax revenue total of $4,728,383.99 which reflects a $425,968.08, or 9.90% as compared to February 2020.
The year-to-date total sales tax revenue for fiscal year 2020-21 is up 21.20%, or $3,006,704.25 as compared to budgeted amount expected at this point in the fiscal year. In addition, the 2020-21 year-to-date amount is below the previous fiscal year-to-date amount by $(5,463,795.52) or (24.12)%.
The City has budgeted $36,000,000.00 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., February’s collection is based on December sales.