County Manager Avril Pinder recommended no substantive changes to Buncombe’s fiscal year 2019-20 budget following a June 4 public hearing, and board members are scheduled to vote on the spending plan. The budget contains over $9.1 million in general fund capital spending, roughly $7.58 million of which will be financed through debt.
The net proposed operating budget stands at $190.31 million, a 5.4% increase over last year’s adopted budget. Campbell said the spending plan aligned with the priorities outlined by Council members in March during their annual retreat, which focused on transit and affordable housing.
Taken together, the adjustments on the docket would generate nearly $1 million in new annual revenue for water operations and capital improvements. In a staff report issued before the meeting, city CFO Barbara Whitehorn estimated the total annual impact of the changes as $6.60 per household.
City Manager Debra Campbell called the Feb. 12 capital budget briefing “food for thought” as she encouraged Council members to focus and prioritize their objectives. “This is why we’re presenting this information,” she said. “We’ve got some tough decisions that we need to make over the next several years.”
The Down Payment Assistance Policy could provide $1.4 million, in no-interest loans of up to $40,000 each, toward mortgages on single-family residences within Asheville city limits. The policy is meant to promote homeownership opportunities among “moderate- and lower-income families” making up to 120 percent of the area median income.
