To: Honorable Mayor and Members of City Council
From: Molly Rattigan, Interim Community Development Director
Prepared By: Brendan Hurley, Economic Development Program Coordinator
TITLE:
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Financial and Economic Indicator Update, Q1 2025
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RECOMMENDED ACTION:
Recommendation
Receive and discuss financial updates as part of the Economic Development Dashboard and receive a supplemental presentation from Robert Eyler, PhD, regarding the City's key performance indicators and economic trends.
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DISCUSSION:
The Economic Development Division and Finance Department have created a system to capture a range of economic metrics on the City of Napa's economic performance and communicate those metrics to City Council, staff, and the general public. Dr. Eyler, President at Economic Forensics and Analytics and Economist at Sonoma State University, has assisted with data capture and will provide City Council with quarterly updates on key indicators. A publicly accessible "Economic Development Dashboard" (www.cityofnapa.org/1172/Economic-Development-Dashboard) is available on the City's website to view indicators as they get updated on a quarterly basis and is included as Attachment 1.
Dr. Eyler's quarterly economic report includes a macro-overview of the general economic outlook and indicators based on local business health, property investment and improvement, labor force trends, tourism trends, and housing and equity issues.
The economic report and publicly available Economic Development Dashboard include the following indicators:
* Taxable sales to track business health in terms of revenue and sales tax revenue for the City.
* Business license new starts and closures.
* Napa County's gross regional product economic output (GRP).
* Visitor and Tourism Trends including hotel occupancy rates and average daily rate.
* Labor Trends such as unemployment, employment by industry and median wages.
* Housing Trends including median home price, market forecast,...
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