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Asheville staff say FY27 budget faces $14.2M gap after bonding costs; GEO-bond debt service built into projection
Summary
City finance staff told council the FY2026-27 general fund faces a projected $14.2 million gap after adding estimated GEO-bond debt service of $6.5 million; staff outlined options including a phased tax-rate increase, use of fund balance and program cuts.
Tony McDow, finance director, told the Asheville City Council at a March 24 work session that staff currently estimate a $14.2 million gap between projected revenues and expenses for fiscal year 2026–27 after accounting for rising personnel and operating costs and the full debt service on voter-approved general obligation (GEO) bonds.
At the meeting McDow said voters approved $80 million in GEO bonds in November 2024 and staff estimate annual debt service on those bonds at about $6.5 million. "That would…
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