ODESSA, TX (KWES) -The City of Odessa has received its January sales tax check in the amount of $6,023,322.34.
The City of Odessa will receive $4,818,657.87 and the Odessa Development Corporation will receive $1,204,664.47.
The City saw an increase in sales tax revenue with January’s sales tax revenue totaling $4,818,657.87, which reflects a $1,161,864.55, or 31.77% as compared to January 2018.
The year-to-date total sales tax revenue for fiscal year 2018-19 is up 83.69%, or $8,877,258.68 as compared to budgeted amount expected at this point in the fiscal year.
In addition, the 2018-19 year-to-date amount is above the previous fiscal year-to-date amount by $4,542,210.05 or 30.40%.
The City has budgeted $37,208,410.00 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.