The City of Odessa received its July sales tax check for $3,246,663.77. This includes the economic development sales tax of 1/4 cent. The City of Odessa will receive $2,597,331.02 and the Odessa Development Corp. will receive $649,332.75, a news release said.
The city itself saw a decrease with July’s sales tax revenue total of $2,597,331.02, which reflects a $362,553.17 or 12.25 percent decrease compared to July 2014. The City has budgeted $32,476,255 in net sales tax revenues for this current fiscal year.
The year-to-date total sales tax revenue for fiscal year 2014-15 is up 20.61 percent or $5,455,895.09 compared to budgeted amount expected at this point in the fiscal year.
In addition, the 2014-15 year-to-date amount is above the previous fiscal year-to-date amount by $2,941,143.18 or 10.15 percent.
Ector County Hospital District received $3,005,045, down 18.29 percent from the comparable period last year, the Comptroller’s website said.
The City of Midland took in $4,927,236.78, which was down 7.32 percent, according to the state Comptroller’s website.
Odessa Assistant City Manager Konrad Hildebrandt said the city is still 20 percent over budget in its sales tax, but watches its monthly financials very closely.
“What we’re a little more nervous about is budgeting for the next fiscal year. We’re actually looking at numbers back in fiscal year 2013 instead of last year’s numbers. We’re always going to be really conservative,” Hildebrandt said.
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.
Sales taxes collected from Odessa in April declined slightly, according to the latest sales tax check to the City from the Texas Comptroller of Public Accounts.
This article was from Odessa American, Texas and was legally licensed through the NewsCred publisher network.