Buncombe commissioners advance plan for up to $225M in November bond referenda

Buncombe County commissioners advanced the first formal step Tuesday toward asking voters to approve as much as $225 million in bond referenda that county staff have floated for the November midterm ballot. Staff presented three packages: $162 million for Buncombe County Schools projects, up to $53 million for affordable housing, and $10 million for land conservation and open space.

County finance staff told commissioners at a Jan. 22 work session that the county could push general-fund-supported capital spending to as much as $66.1 million by fiscal year 2031-32, up from $18.3 million in the current fiscal year. Finance staff also said supporting all proposed projects would require a property tax increase of nearly 6 cents per $100 of assessed value, a nearly 11% rise from the current rate of 54.66 cents per $100. Using the staff calculation, a homeowner with a $350,000 house would see an annual tax bill of roughly $2,120 - about $207 more than today.

Commissioners were also briefed that referenda on the bond packages could appear on the November midterm ballot if the board issues the required approval. The board is scheduled to consider the county budget at a work session on March 24, hold a public hearing on the budget on May 19, and adopt the budget on June 2; those calendar items were included in the staff presentation materials.

The county is already moving to implement voter-approved borrowing from 2022. County government has begun borrowing the $70 million voters authorized in November 2022 - a $40 million affordable housing bond and a $30 million open-space bond. Buncombe’s official 2022 bond page lists program goals and household cost estimates showing the $30 million open-space bond may cost a typical household a maximum of $14 a year for 20 years, and the $40 million housing bond a maximum of $18 a year for 20 years. A late-2021 study cited in earlier coverage estimated the combined $70 million could cost about $34 a year for 18 years.

County staff described how timing of debt issuance will work. “We’re going to front the money for design work, and then we’ll go out to debt once we’ve got shovels in the ground,” Hudson told commissioners. “Sometimes a project may be approved for 3-5 years before we actually add it to our debt payments.”

Political and community groups that backed the 2022 bonds remain part of the context for this next round. “These programs are going to be very challenging to implement, and it’ll require a little patience and perseverance, but we’ve passed a key step here for sure,” Marc Hunt, campaign director of Better with Bonds, said after the 2022 measures passed. Jennifer Billstrom of Better With Bonds previously framed conservation as central to the county’s identity: “Conserving open space is why we're here.”

Next steps for commissioners include formal board action to place bond language on the ballot and further budget deliberations this spring; if the board grants approval, voters may face the combined school, housing and conservation referenda in November.