2023.03.07 TC Meeting

Woodfin Town Council Work Session Recap: Budget Planning and Community Investments

On March 7, 2023, the Woodfin Town Council held a work session focused on laying the groundwork for the Fiscal Year 2024 (FY24) budget. This session provided a detailed overview of the town's financial standing and future priorities, setting the stage for upcoming budget discussions. The meeting was attended by all council members and town staff, with no formal public comments received during the session.

A significant portion of the meeting was dedicated to reviewing Woodfin’s five-year financial forecast. Staff presented projections for revenue streams, including property taxes (expected to increase by 3% annually with a larger jump in FY25 due to county revaluation) and sales tax (projected at a more conservative 5% annual increase). Discussions centered on the town’s transition to a stormwater fee system, supporting ongoing projects like the Blueway-Greenway and street improvements, and addressing future staffing needs within the expanding parks system. The council emphasized the importance of maintaining a healthy fund balance – currently at $6.4 million unrestricted – to handle unexpected expenses and ensure the town's financial stability, avoiding reliance on borrowing.

The council took a key vote approving a resolution committing $50,000 annually for four years to the Asheville-Bunkham Community Land Trust (ABCCM), contingent on securing matching funds from Buncombe County. This demonstrates the council’s commitment to supporting affordable housing initiatives within the region. A notable exchange highlighted Council's support for ABCCM and their efforts to provide affordable housing. Staff will also follow up with ABCCM regarding the possibility of them reaching out to other municipalities for funding opportunities.

Looking ahead, residents can expect further engagement in the budget process. The council will hold two additional work sessions in April and May to continue refining the FY24 budget. Staff will present a five-year capital improvement plan in April, followed by a review of the fee schedule and park operations in May. The proposed operating budget for FY24 will be formally presented on May 16th, providing residents with a final opportunity to review and offer feedback before adoption. Finally, staff will develop a timeline for the new Community Grant Program, potentially extending the application period to encourage broader participation from residential communities.

This work session was crucial in establishing a framework for Woodfin's financial planning and community investments. The discussions highlighted the town’s commitment to responsible fiscal management, strategic capital projects, and supporting vital community partnerships like ABCCM. Residents are encouraged to stay informed about upcoming budget discussions and opportunities for public input as the process continues towards finalizing the FY24 budget.