NO. 59. AN ACT RELATING TO BASIC NEEDS BUDGET CALCULATIONS TO DETERMINE LIVABLE WAGES..
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 2 V.S.A. § 505 is added to read:
§ 505. LIVABLE WAGE ANALYSIS; BASIC NEEDS BUDGET CALCULATION; REPORT
(a) Every other year beginning January 1, 2007, the joint fiscal office shall issue a report on or before January 15. The report shall be updated as needed on or before January 1 of the interim year to reflect any significant economic, policy, or statutory changes that substantially affect the information in the report issued the previous January 15. The report shall include a computation of baseline data of the cost of living in Vermont and the current wage levels within various sectors of the economy using the methodology used by the livable income study committee in its report issued on November 9, 1999. The report shall include:
(1) A set of “basic needs budgets” for various household configurations for the previous year. The “basic needs budgets” are calculations of the amount of money needed by various households to maintain a decent standard of living in Vermont, using current state and federal data sources for determining such basic monthly expenses as food, housing, transportation, child care, utilities, tax burden assessment, personal expenses, and health care.
(2) Any changes in the federal minimum wage and in the minimum wage rates of surrounding and comparable states.
(b) Recommendations for changes or revisions in the methodology used to determine the basic needs budget calculations as needed shall be approved by the joint fiscal committee.
(c) The report and any revisions shall be presented to the house committee on general, housing and military affairs and the senate committee on economic development, housing and general affairs.
Approved: June 14, 2005
The Vermont General Assembly
115 State Street