The City of Redmond may be facing a $2-million shortfall in the upcoming year. “The best guess is that the assessed [property] value on a cumulative basis will decrease by 12%. On our budget, that equates to about $800,000. we apply a conservative factor to that and that amounts to about a million dollars in revenue.” Redmond City Manager David Brandt says the City will be another million dollars short because other bills will come in higher than expected. Health insurance premiums are up 25% and the cost for PERs has also increased.    The Redmond City Council heard the news for the first time Tuesday night. The City total budget is $40-million.