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Rls�&Spvl� <br />REQUEST FOR COUNCIL ACTION <br />Department Approval <br />e,A! 7"e, ASY4 "I <br />Item Description: Public Hearing on the 2009 Budget <br />BACKGROUND <br />Date: 06/09/05 <br />Item No.: 11. a <br />City Manager Approval <br />On May 12, 2005, the City Council established a public hearing to solicit community input on the 2009 <br />Budget. The purpose of the hearing is to consider citizen or stakeholder budget suggestions or comments. <br />Councilmembers then have the opportunity to incorporate these comments and finalize their own budget <br />suggestions for consideration. Notice of the hearing has been published and has been reported in a number <br />of outlets. <br />If directed by Council, budgetary impacts will be calculated for suggested changes to City programs and <br />services and presentated at the July 14, 2005 City Council meeting. <br />As part of this hearing, Councilmembers expressed a desire to receive an update on any property value or <br />legislative impacts that could play in a role in the City's budget decision - making process. Updates (where <br />applicable) are presented below. <br />2009 Property Values <br />Based on information provided by Ramsey County, the following changes are expected on the City's 2009 <br />property values: <br />•'• The 2009 median home value in Roseville is $237,000; up $4,400 or 1.9% from 2005 <br />••• 49% of all homes had either no value increase or a decrease <br />••• 33% of all homes had a value increase of 1 -10 %, (most due to additions or new construction) <br />••• 15% of all homes had a value increase in excess of 10% (most due to new construction) <br />••• In the aggregate, residential values increased by approximately 0.3% <br />•'• In the aggregate, commercial /retail values increased by approximately 11.5% <br />Generally speaking, for 2009 Roseville' s housing market is expected to maintain its value. However, on an <br />individual basis, there are many homes that will realize valuation declines. Commercial /retail property <br />valuations are expected to increase substantially reversing a recent trend. Commercial /retail property <br />accounts for approximately 45% of the City's tax base and as a result of its valuation increases; will offset <br />the sluggish growth in housing values. <br />Page 1 of 3 <br />