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.
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.
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.
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.
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.
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.
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.
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