County Considers Tax Hike to Balance Budget
Introduction
Buncombe County property owners may face a tax increase as the County Manager struggles to present a balanced budget due to a significant funding gap.
Current Budget Situation
The Buncombe County Board of Commissioners is facing a $13.9 million funding gap in its projected operating budget. County staff has worked to trim the budget by $2.6 million to $442.3 million, but more reductions are needed to close the gap.
Possible Revenue Boosts
To address the funding shortfall, staff recommended utilizing reserves of up to $12 million to maintain required savings levels. This move, coupled with a proposed property tax increase of 2.6 cents per $100 of taxable value, could help balance the budget.
Proposed Budget Cuts
To minimize the impact of the tax hike, commissioners are considering cutting funding for certain programs, including clean water grants and broadband expansion. These measures could lessen the burden on property owners.
Education Funding Requests
Both Asheville City Schools and Buncombe County Schools have requested increased funding for the upcoming fiscal year. With a proposed $3.99 million increase for K-12 schools, additional property tax hikes may be necessary to meet these demands.
Public Input and Decision Making
The County Manager is set to present a balanced budget to the Board of Commissioners for approval. The budget will undergo a public hearing before final adoption to ensure transparency and gather feedback from the community.
Conclusion
The ongoing budget discussions highlight the financial challenges faced by Buncombe County and the need to make tough decisions to maintain fiscal stability. Property owners await the final outcome as the County seeks to balance its budget for the upcoming year.
