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17 <br />18 <br />19 In the aggregate, the market value for the median single-family home rose more (3.03%) <br />20 than all other property types combined (1.10%). The Commercial and Industrial market <br />21 values decreased so there is likely be a shift in the overall tax burden on the residential <br />22 sector, depending on the proration of property values to the overall property <br />23 valuations. More data will be provided by Ramsey County in late August so we will have a <br />24 better estimate of the impact of the market value and from increases in the preliminary <br />25 budget which will be presented in August. <br />26 <br />27 Budgetary Impacts from the 2024 Legislative Session <br />28 The 2024 Legislative Session ended after the conclusion of the Regular Session on May <br />29 19, 2024, and there were few bills passed that will impact the City. The League of MN <br />30 Cities will post the 2024 Law Summaries which provides a re-cap of laws impacting cities <br />31 by the end of June. State Bonding - The city did not receive funding to complete the OVAL <br />32 improvements as there was no bonding bill approved this session. Staff will be submitting <br />33 a request for state funding for the MN OVAL improvements if there is a bonding bill in <br />34 2025. <br />35 <br />36 Budgetary Impacts from Other Considerations <br />37 In prior years, we have used this opportunity to provide a summary of the potential financial <br />38 impacts of maintaining programs and services. This includes impacts associated with <br />39 employee cost of living adjustments (COLA) and wage steps, healthcare increases, <br />40 contractual obligations & professional services, and general inflationary costs. Non-union <br />41 staff will continue to advance through their wage steps as part of the new compensation <br />42 system. At this time, a 3% COLA is anticipated to be factored into the budget for non-union <br />43 employees to match existing union contracts. Union members that have existing contracts <br />44 going into 2025 (Police Officers and Firefighters) will receive the wage adjustments and <br />45 COLA contained in their contracts. With regard to other union contracts, the following 3- <br />46 year contracts expire at the end of 2024; 49ers (Public Works and Park and Recreation <br />47 Maintenance workers), Police Sergeants, Police Lieutenants, and Deputy Chief. We <br />48 expect wage adjustments for each union to be included in the 2025 budget. Additional tax <br />Page 2 of 4 <br />Qbhf!228!pg!331 <br /> <br />