Monthly Economic Report
Debnath reported the unemployment rate remains low.
He reviewed home sales and recommended the on-line monthly economic report
1) Headline inflation among Midwestern cities with a population of less than 2.5
million in March 2024 increased to 2.56% from 2.49% in February, while core
inflation decreased to 2.84%, compared to 3.10% last month. •
2) Housing inflation was still high at 4.06%; however, it was lower than last
month's 4.23%. In March 2023, it was 7.52%. •
3) In March, month-over-month headline and core inflation increased by 0.63%
and 0.54%, respectively, food & beverages inflation decreased by 0.09%, housing
inflation increased by 0.22%, and energy-related inflation increased by 2.94%. •
4) The unemployment rate in Columbia declined by 0.15 percentage points in
February to 2.85%, compared to 3.0% in January 2024. In contrast, Missouri
unemployment rose by 0.2 percentage points in February to 4.0% from 3.8% in
January 2024. •
5) In February 2024, Columbia's housing market saw a 6.09% decrease in homes
sold compared to last year. The median home price increased by 2.42%, while
the average price decreased by 1.32% from February 2023. •
6) Sales tax collections in April (February tax period) totaled around $5.31
million, while Use tax collections came to about $925,349, 3.76%, and 50% higher
than last year in April. •
7) In April (February tax period), marijuana-related excise tax collection was
$28,759, around $53,600 less than the previous month. We assume that such a low
marijuana tax collection is dependent on how often the businesses are remitting
the excise tax: monthly versus quarterly.
Suhler asked if the employment numbers reflected full-time vs part-time. Debnath
replied the information came from the US Bureau of Labor Statistics and the
report did not differentiate. Suhler commented this provided an incomplete
picture.
VII. GENERAL COMMENTS BY PUBLIC, MEMBERS AND STAFF
John Conway advised the committee that he provided information and advice to
the April 16th Council on agenda items:
B72-24 Authorizing an amendment to the agreement for professional engineering
services with HDR Engineering, Inc. for the McBaine Water Treatment Plant
Upgrade - Phase 1 project.
B73-24 Authorizing an amendment to the agreement for professional engineering
services with HDR Engineering, Inc. for design upgrades to the West Ash Pump
Station.
B79-24 Amending the FY 2024 Annual Budget for second quarter appropriation of
funds for Water Utility CIP for $38,647,027.
Member Richards discussed the context of having an internal auditor as staff vs
hiring an outside audit firm. The Council should assess where the City should
expend energy and resources to further its objectives. He cited the efforts to pass
a rate increase, the 100% Renewable Energy effort, among others.
VIII. NEXT MEETING DATE
May 20th, 2024
