General Obligation Bonds Oversight Committee | July 29, 2026

Meeting Overview The Buncombe County General Obligation Bonds Oversight Committee convened on July 29, 2026, to review the status of the Affordable Housing and Open Space bond portfolios. The meeting focused on dashboard updates, project allocations, financial issuances, and preparations for the upcoming 2026 bond referendum. Committee members approved the meeting agenda and the minutes from the previous meeting.

Discussion Highlights Staff presented a comprehensive update on the utilization of bond funds. Rachel Sawyer reported that the $40 million Affordable Housing bond is fully allocated, with $22.6 million of the $30 million Open Space bond also allocated to specific projects. The committee reviewed an updated online dashboard that now displays impact metrics, such as units built and acres conserved, for all 39 active projects. Regarding Affordable Housing, staff noted that while funds are allocated, only approximately $15 million has been drawn down, as many projects are in late stages of development subject to retainage requirements. In Open Space, staff highlighted the closure of the Deeperview Mountain purchase and three conservation easements protecting roughly 387 acres. Matt Evans from Finance clarified that the county issued new General Obligation bonds in May 2026, with $29 million of the $40 million housing authorization and $17.6 million of the $30 million open space authorization already issued. He emphasized that the average annual debt service is estimated at $3.4 million, equating to less than one cent of the total tax levy.

Community Input and Outreach Committee members provided feedback on the presentation materials and financial implications. One member praised the new dashboard visuals for aiding visual learners, while another emphasized the importance of clarifying how debt service impacts individual tax bills, noting that bonds are not "free money." Staff responded by reiterating that the tax impact is less than one cent of the total rate. Kit Kramer, President of the Asheville Chamber of Commerce, attended to discuss community outreach efforts. She announced that the Chamber is planning a focus group on August 12 to address voter questions and expressed hope that the bonds would receive support despite the current financial climate.

Follow-ups and Next Steps The committee agreed to several administrative actions for future meetings. The Chair suggested adding a discussion on updating the committee’s bylaws, specifically regarding term limits, to the November 19 agenda, contingent on the passage of the 2026 bond referendum. Staff agreed to include this item on that date. Additionally, staff confirmed that the annual report, prepared by Matt Evans, will be included on the November agenda. The committee also agreed to revert the meeting time for the November 19 session to 3:30 PM.

Impact on Residents This meeting provided critical transparency regarding the progress of the 2022 bond measures and the upcoming 2026 referendum. Residents can see that the Affordable Housing bond is fully allocated and that significant open space lands are being protected, though spending on easements can take several years to close. The 2026 ballot will propose the same dollar amounts and uses as the 2022 bonds, but will include the total cost over the life of the bond (principal plus interest) as required by new state law. The community outreach efforts led by the Chamber of Commerce aim to ensure voters are informed about these costs and benefits ahead of the vote.