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SUBJECT: <br />REGIONAL MINIMUM WAGE ECONOMIC ANALYSIS <br />DATE: <br />SEPTEMBER 10, 2024 <br />PAGE2OF3 <br />• Indirect impacts from adopting a regional minimum wage, such as business <br />migration, effects on consumer spending, changes in poverty rates, and impact <br />on ability to afford housing and basic needs; and <br />• Target wage analysis with recommended escalation scales. <br />On December 5, 2023, the City Council approved an intergovernmental agreement with <br />the cities of Boulder, Erie, Lafayette, and Longmont to share costs for a regional <br />minimum wage economic analysis (IGA attached). <br />The regional group hired ECOnorthwest to complete the analysis. Andrew Dyke, Senior <br />Economist at ECOnorthwest will be at the September 10 meeting to present the results <br />of the analysis. <br />The regional analysis included significant community engagement over a 2-month <br />period, including 14 in -person focus group sessions and 993 questionnaire responses. <br />Community engagement yielded thoughtful input from many different perspectives on <br />the possible impacts of minimum wage. The community engagement reports for each of <br />the five municipalities can be found the Regional Minimum Wage Engagement Report <br />attached. <br />The City of Boulder has reviewed the results of the analysis and asked staff to bring <br />back possible ordinances implementing a minimum wage for consideration. The City of <br />Longmont reviewed the results but has yet to give staff any direction on the topic. The <br />City of Lafayette did not request an ordinance to be drafted, but gave staff direction to <br />conduct further engagement and analysis with Lafayette businesses and residents. The <br />Town of Erie will review the results of the analysis at their September 17 City Council <br />Meeting. <br />FISCAL IMPACT: <br />Staff has not yet done an analysis the impacts of raising the minimum wage would be <br />on the City as an employer but will do so if so directed by Council. <br />RECOMMENDATION: <br />Discussion/Direction <br />ATTACHMENT(S): <br />1. Regional Minimum Wage Engagement Summary <br />2. Regional Minimum Wage Economic Analysis for Five Boulder County <br />Municipalities <br />3. Regional Minimum Wage Economic Analysis IGA <br />4. Public Comments <br />5. Presentation <br />CITY COUNCIL COMMUNICATION <br />3 <br />