September Sales Tax Check: What to Do With The Money 9/13/12
Crunching numbers is steve Eggleston's job.
“I get to receive the city's money and spend the city’s money.”
This month, he'll be crunching even more numbers. The City of Andrews received an unexpected lump sum in sales tax revenue.
“Not the grocery store or convenience store,” he explained, “Its the oil companies creating the sales tax revenues.”
The city saw more than double the amount of sax tax revenue with over $600,000 of extra money.
The same situation is happening to cities all over the permian basin.
Eggleston says the city of andrews will use the money for new projects like building a new fire station, then the rest will go to the general funds.
“General funds pay for paving streets and every day things the citizen would see,” he said.
Odessa is also seeing a similar fiscal increase and citizens have plenty of suggestions on where they could use it.
Overall, city managers say this is a good problem to have.
“Means we could reinvest in the city and provide more services,” Eggleston said.
The City of Odessa says their money will stay in the general fund’s account until April when they look next years budget, giving you enough time to contact City Council with your ideas on where the money should go.
City of Odessa
September 13, 2012
September 13, 2012 – The City of Odessa received its September sales tax check in the amount of $2,881,423.94. This amount includes the Economic Development sales tax of Ľ cent. The City of Odessa will receive $2,305,139.15 and the Odessa Development Corporation will receive $576,284.79.
The City saw an increase in sales tax revenue with September’s sales tax revenue total of $2,305,139.15, which reflects a $392,906.60 or 20.55% increase as compared to September 2011.
The year to date total sales tax revenue for fiscal year 2011-12 is up 34.24% or $7,111,682.97 as compared to budgeted amount expected at this point in the fiscal year.
In addition, 2011-12 year to date amount is above the previous fiscal year to date amount by $5,819,430.58 or 26.38%.
The City has budgeted $20,770,356.00 in sales tax revenues in this fiscal year.
Sales tax revenue is generated by sales tax revenue from two months prior to collection, i.e., September’s collection is based on July sales.