Work Session Meeting February 26, 2024 MINUTES Work Session Monday, February 26, 2024 @ 1:00 PM City Council Chambers, City Hall PRESENT: Councilor Johana Bencomo, Councilor Yvonne Flores, Councilor Becki Graham, Councilor Becky Corran, Mayor Eric Enriquez, Councilor Cassie McClure, and Councilor William Mattiace ABSENT: 1. JOBS OF THE WEEK 1.1 Sarah Raney presented Jobs of the Week. 2. PETS OF THE WEEK 2.1 Amy Defelix presented Pets of the Week. 3. AGENDA ITEM 3.1 CITY OF LAS CRUCES 2023 ECONOMIC SUMMARY. Monica Torres, Economist gave an overhead presentation. Councilor Flores said there is a strong footing in 2023 growth but that was more moderate. I just want to understand how that happens. Monica Torres said we have had many changes that we’ve have never seen before. We have a very resilient economy so far but we’re living in a high interest rate environment. While there is the expectation that interest rates are going to come down it’s been the highest interest rate in the last 20 years and the highest increased Page 1 of 2 pace. This can have a lag affect in demand. When you affect demand you can effect employment, that is why we think there is going to be a softening on the labor market. It’s been the lowest unemployment rate in the last 10 years. Why I say that it’s going to be a more moderate growth in GRT we’ve experienced very strong growth in 2021 and in 2022, but things are normalizing. We have a lot of the Covid related programs already expire and some expire in October and as I say interest rates remain high, all those factors can contribute to have a more moderate growth. Councilor Flores asked in 2024? Monica Torres said yes. Councilor Flores asked then there’s just a trend? Monica Torres said yes, 2022 was still a strong year and if we compare year over year we still grow 3.2 percent but we’re not seeing the 9 percent we experience in 2022 compared to 2021 is like more aligned with what we’ve seen in the past. 4. ADJOURNMENT 4.1 Councilor Johana Bencomo moved, seconded by Councilor Becki Graham, to Adjourn at 1:15 p.m. RESULT: Carried MOVER: Councilor Johana Bencomo SECONDER: Councilor Becki Graham AYES: Councilor Johana Bencomo, Councilor Yvonne Flores, Councilor Becki Graham, Councilor Becky Corran, Mayor Eric Enriquez, Councilor Cassie McClure, and Councilor William Mattiace Mayor City Clerk Page 2 of 2