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City finance director presents fiscal‑impact estimate for proposed $20 minimum; projects 67¢ mill‑rate effect over three years
Summary
Finance Director Brendan O'Connell presented a fiscal impact memo on a proposed $20 minimum wage. Staff estimated a 67‑cent increase in the municipal portion of the mill rate over a three‑year period starting in FY27; an illustrative $500,000 homeowner impact was $333 over three years under staff assumptions.
The Finance Committee on June 18 reviewed a fiscal‑impact assessment prepared by city finance staff for a proposed $20 minimum wage measure.
Brendan O’Connell, the city’s finance director, told the committee that because of updated implementation dates there would be no fiscal impact in FY26. Under the staff assumptions, the estimated effect on the municipal portion of the mill rate is 67¢ over the three‑year fiscal‑impact window used for the memo (FY27 through FY29). O’Connell said that estimate would translate to roughly $333 for a homeowner with a $500,000 home when summed…
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