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From YouTube: Finance and Human Resources
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A
Hello,
I'm
Gwen
Whistler,
the
chair
of
the
finance
and
Human
Resources
Committee
of
the
Asheville
City
Council
Welcome
to
our
September
27th
remote
meeting.
All
of
our
Council
committee
members
and
staff
are
participating
virtually
to
help
our
audience
follow
along
how
State
each
section
of
the
agenda
allowed
we're
streaming
live
on
our
virtual
engagement
Hub,
which
is
accessible
through
the
virtual
engagement
Hub
link
on
the
front
page
of
the
city's
website.
We
also
have
an
option
for
the
public
to
listen,
live
by
phone
for
those
of
you
out
there
with
us
today.
A
A
855-925-2801
meeting
code
5257,
your
phone
will
be
muted
and
you
will
hear
the
meeting
live
at
this
point.
Speakers
will
need
to
push
star
3
to
enter
the
speaker.
Queue
I'll
now
go
through
and
introduce
all
the
committee
members
and
staff
who
are
participating
virtually
please
make
sure
to
mute
your
microphone
if
you're,
not
speaking
when
you
would
like
to
speak,
unmute
your
microphone
and
remember
to
mute
it
after
you
finish
speaking
so
I'm
going
to.
A
Let
me
just
check
my
list
whether
it's
close
to
right,
okay,
I
mean
I,
may
leave
off
some
City
staff
people,
but
we'll
be
okay,
councilwoman
Sandra
Kilgore,
if
you
just
say
a
quick
hello
good
afternoon,
everyone
councilwoman
Sage
Turner
good
afternoon
and
with
with
their
cats
city
manager,
Deborah,
Campbell,
hello
and
I,
don't
see
the
assistant
manager
so
Finance,
director,
Tony
McDowell.
A
And
then
some
of
the
other
staff
will
introduce
I
guess
as
we
go
along
okay,
so
the
first.
The
first
item
on
the
agenda
is
approval
of
the
minutes.
Are
there
any
questions
or
changes
to
the
minutes?
None.
A
Second,
I'll
second
see:
okay,
lovely
so
with
that
I'll
do
a
roll
call
vote,
Sandra,
Kilgore,
hi,
Sage,
Turner,
hi
and
I'm
an
eye.
Thank
you.
So
the
next
item
in
on
the
agenda
is
an
update
from
the
CFO
and
I'll.
So
with
that
I'll
turn
it
over
to
Tony
McDowell,
our
finance
director
and
Becky
Ogle's,
the
assistant
Finance
director.
So
take
it
away.
Tony
and
Becky.
D
D
So
we're
just
going
to
give
you
an
update
on
the
year
end
because
we
are
getting
close
to
our
deadline.
Next
slide,
please
Alicia!
So
just
some
key
takeaways.
D
We
are
on
track
still
to
complete
our
year-end
audit
on
October
31st.
The
process
is
underway
has
been
underway,
and
we
still
feel
good
that
we
will
complete
it
by
that
deadline.
While
we
do
have
some
preliminary
year-end
information
which
I
think
Tony
is
going
to
share
with
you
guys
a
little
bit
later,
there
is
still
a
lot
of
work
to
be
done.
D
The
next
four
weeks
we
go
through
a
lot
of
different
testing
and
review,
so
there
still
might
be
a
little
bit
of
changes
throughout
the
next
couple
of
weeks
this
year.
It's
super
important
for
us
to
get
the
audit
done
on
time,
October
31st,
because
we
do
need
to
go
to
the
LGC
for
some
new
debt
come
the
beginning
of
the
new
calendar
year.
So
next
slide,
please
Alicia!
D
So
I
think
we've
presented
these
to
you
guys
before,
but
this
is
just
kind
of
our
year-end
audit
calendar.
We
are
in
the
midst
of
our
final
field.
Work,
our
Auditors
are
actually
here
on
site
this
week.
They
have
been
testing
a
lot
of
different
things,
but
things
are
still
progressing
and
moving
along
well.
So,
like
I
said
the
week
of
or
August
31st
or
October
sorry
31st,
we
should
be
able
to
submit
everything
to
the
LGC
next
slide.
D
Alicia,
please
so
just
to
let
you
guys
kind
of
know
what
happens
over
the
next
four
weeks.
I.
Think.
Last
month
we
presented
to
you
the
major
programs.
Those
are
the
major
Grant
programs
that
we
will
be
testing
this
year,
there's
a
lot
of
them.
So
this
is
really
the
week
that
the
Auditors
really
dig
into
that
and
request
contracts,
invoices
just
everything
that
they
might
need,
just
to
make
sure
that
everything
is
good
with
those
programs.
They
also
do
testing
on
revenue,
receivables
and
expenses.
D
We
provided
a
trial
balance
to
them
on
September
16th.
We
have
made
a
couple
of
adjustments
since
then.
Most
of
it
was
stuff
that
we
just
did
not
have.
Prior
to
that
date,
we
do
have
an
accrual
cycle
through
the
end
of
September,
so
we
are
still
monitoring
those
and
we
might
still
have
a
couple
more
adjustments
to
come
this
week.
Next
comes
the
drafting
of
our
notes,
our
tables
and
all
of
our
financial
statements,
that'll
kind
of
happen.
D
Starting
next
week
we
will
get
some
draft
financial
statements
from
our
Auditors
that
we
will
review
and
as
I've
mentioned,
it
is
our
hope
to
submit
everything
to
the
LGC
by
October
31st.
So
at
this
point,
I
will
pass
it
off
to
Tony.
B
All
right,
well,
thanks
Becky,
so
Becky
mentioned
in
our
last
meeting
with
you
all
back
in
August.
We
told
you
all
that
we
would
provide
you
with
some
preliminary
results,
like
Becky
said,
there's
a
lot
of
work
that
still
has
to
be
done
over
the
next
four
weeks,
particularly
around
getting
us
to
that
final
fund.
Balance
number
in
the
general
fund,
which
I
know,
is
something
we're
all
interested
in,
seeing
where
we
landed
for
for
fund
balance.
B
But
we
do
have
some
preliminary
results
and
we
wanted
to
talk
to
you
all
just
briefly
about
three
areas:
our
sales
taxes
and
then
kind
of
how
we
have
or
how
it
looks
like
we're
going
to
end
the
year
in
our
parking
and
Transit
funds.
And
if
you
all
may
remember,
those
funds
in
particular
were
ones
that
we
talked
a
lot
about
during
the
budget
process
last
year.
So
with
that
Alicia,
you
can
go
on
to
the
next
slide.
B
If
you
want
so
sales
taxes,
I
think
you
all
know
our
sales
taxes
run
three
months
behind
the
revenue
that
we
get
back
from
the
state,
and
so
when
it
takes
about
three
months
from
the
time
the
revenue
is
collected
by
businesses,
it
gets
to
the
state
the
state
processes,
all
that,
and
then
they
send
the
money
back
out
to
local
governments,
and
so
for
that
reason,
when
we
were
talking
to
you
all
doing
during
the
budget
process
at
that
time,
we
only
had
at
about
nine
months
worth
of
sales
tax
revenue
that
we
could
share
and
that
we
could
do
projections
off
of
so.
B
We
have
gotten
our
last
three
months.
The
the
final
month
the
June
month
came
in
about
two
weeks
ago
and
for
the
year
our
sales
taxes
ended
up
17
compared
to
the
previous
year,
and-
and
that's
that's
by
far
the
largest
increase
that
we've
had
over
the
last
10
years.
B
Well,
it
actually
came
on
the
heels
of
a
16
16
growth
the
previous
year,
so
between
fiscal
year
21
and
fiscal
year,
22
we've
really
seen
some
unprecedented
growth
in
our
sales
tax
revenue,
average
sales
tax
growth,
just
kind
of
give
you
all
an
idea
in
what
I
call
a
normal
year
is
usually
around
five
percent.
B
So
the
growth
that
we've
seen
the
last
two
years
really
has
been
historic
in
some
ways
we
looked
back
over
the
last
10
years
and
it's
definitely
the
highest
growth
we've
seen
the
last
10
years
and
maybe
even
the
last
20
years
or
so
now.
Some
of
the
growth
this
year,
if
risk
fiscal
year,
22
was
tied
to
the
increase
in
inflation.
B
Obviously
is
with
prices
being
up
about
eight
percent,
with
the
higher
prices
you're
going
to
pay
more
in
sales
taxes
on
top
of
that,
and
so
that
did
Drive
some
of
the
increase
in
the
current
year,
but
still
pretty
pretty
unprecedented
growth
over
the
last
two
years
in
sales
taxes
which
has
allowed
us
to
fund.
B
You
know
a
lot
of
things
in
our
general
fund
over
the
last
two
budget
Cycles.
Where
do
we
go
from
here
great
question?
Obviously
we
haven't
gotten
any
sales
tax
revenue
for
the
new
fiscal
year
that
we
just
started
and
I.
Think,
as
you
all
know,
there's
a
lot
of
economic
uncertainty
out
there
right
now.
The
FED
increased
interest
rates
again
last
week,
and
so
it's
likely
that
our
economic
growth
is
going
to
slow
down
some
in.
E
B
Current
fiscal
year
and
we're
going
to
begin
providing
some
kind
of
current
year
updates
to
you
all
when
we
bring
you
the
quarter.
The
first
quarter
financial
report
on
late
next
month,
so.
F
B
Can
move
on
to
the
next
slide,
Alicia
so
on
our
parking
fund?
So
you
all
may
remember
back
during
the
budget
process,
we
talked
to
you
all
a
lot
about
how
we
were
having
some
challenges,
particularly
in
our
barrages,
with
revenues
being
under
budget
due
to
the
pandemic,
the
lingering
impacts
of
the
pandemic,
and
also
some
equipment
issues
that
were
happening
in
the
garage
during
fiscal
year,
22
for
the
garages
and
so
just
to
kind
of
give
you
all
an
update.
B
So
we
did
some
estimates
back
in
April,
and
the
good
news
is
is
that
over
the
last
three
months
of
last
fiscal
year,
the
garage
and
meter
revenues
both
performed
better
than
we
had
estimated.
So
the
parking
fund
did
end
up
a
little
bit
better
than
what
we
had
estimated
back
in
April
revenues
did
still
come
in
under
budget.
The
overall
budget
for
the
parking
fund
is
about
seven
million
dollars
and
we
think
revenue
is
going
to
come
in
somewhere
around
5
million.
B
So
again
that
was
better
than
we
had
estimated.
It
was
better
than
we
did
the
previous
year
fiscal
21,
but
it
was
still
under
the
budget
and
under
kind
of
historically,
where
garage
and
meter
Revenue
ends
up,
and
so
for
that
reason
we
did
not
make
the
transfer
from
the
parking
to
the
transit
fund
in
fiscal
year.
B
22
I
think,
as
you
all
know,
that's
about
a
1.6
million
dollar
transfer
that
we've
been
making
between
those
two
funds
to
support
the
transit
operations,
but
because,
because
of
the
underperformance
on
the
revenue
side
and
the
parking
fund,
we
did
not
make
that
transfer
to
Transit
and
then
kind
of
kind
of
bottom
line
where
we
think
we're
going
to
end
up
in
the
parking
fund
for
fiscal
year.
B
22
is,
it
looks
like
revenues
are
going
to
be
a
little
above
expenses,
probably
somewhere
around
600
to
650
000
for
fiscal
year
22,
and
that
will
kind
of
go
into
the
parking
fund
fund
balance
which
again
will
have
more
information
on
that
after
the
actual
after
after
the
audit
is
wrapped
up
here
in
two
weeks.
B
So
next
slide,
please
so
on
the
transit
fund.
I.
Think,
as
you
all
know
again,
we
talked
to
you
all.
A
lot
about
this
during
the
budget
process
is
that
on
the
expense
side
of
the
transit
fund
budget,
we
we
came
in
well
under
budget
and
the
reason
the
primary
reason
for
that
was
that
we
had
budgeted.
We
began
fiscal
year
22
with
a
budget
that
assumed
that
we
would
be
expanding
service
Midway
through
fiscal
22
with
the
Staffing
shortages,
especially
with
the
bus
drivers.
B
We
didn't
make
the
transfer
from
parking
to
Transit
and
then
kind
of
overall
for
the
transit
fund.
Preliminary
results
indicate
that
revenue
is
going
to.
B
B
Next
slide,
please:
okay,
just
kind
of
begin
wrapping
it
up
so
upcoming
meetings
that
we'll
be
presenting
to
you
all.
We
really
have
really
really
have
one
more
meeting
coming
up
before
we
finish.
The
audit
that'll
be
all's
meeting
in
late
October
late
October,
and
we
should
be
really
close
by
that
point
to
having
the
audit
wrapped
up.
B
So
we
hope
to
be
able
to
provide
you
all
with
some
preliminary
estimates
for
our
general
fund
fund
balance
at
your
meeting
in
October
and
then
we'll
be
back
pretty
quickly
after
that
on
November
15th,
to
do
the
joint
meeting
between
the
finance
and
HR
committee
and
the
audit
committee
for
the
formal
presentation
by
our
Auditors
of
the
X
of
the
fiscal
year
22
year
in
report.
B
So
next
slide.
So
just
to
finish
and
to
come
back
to
the
key
takeaways
Becky
mentioned
the
process,
the
other
way
and
we're
still
on
schedule.
Auditors
are
here.
Actually,
they
were
actually
in
our
conference
room
today
we
had
to
move
them
over
to
another
conference
room,
so
at
least
you
could
broadcast
the
meeting
that
we're
having
currently
and
even
there's
a
lot
of
work
been
done
already.
There's
still
a
lot
of
work
to
be
done
over
the
next
four
weeks.
B
Becky
and
her
team
are
going
to
be
really
busy
wrapping
things
up
with
the
Auditors
and
we'll
have
hopefully
have
some
good
results
to
present
to
you
all
here
in
the
next
four
to
six
weeks
or
so
so
with
that
I
think
that's
our
last
slide
and
I'll
be
happy
to
answer
any
questions
you
might
have.
A
C
Thank
you
Tony
and
Becky
curious.
So
when
the
parking
fund
doesn't
transfer
to
the
transit
fund,
when
those
revenues
don't
transfer,
do
we
have
to
like
take
action
on
that
I
thought
it
was
something
we
expressly
allowed
because
enterprise
Enterprise?
What
is
the
formality
there?
We
just
cannot
transfer
it
some
years.
B
Yeah,
so
the
the
parking
fund
by
law
has
to
make
enough
money
in
Revenue
to
support
its
own
expenses
before
it
can
make
the
transfer
to
Transit,
and
we
were
a
little
concerned.
B
You
know
back
when
we
were
talking
to
you
all
during
the
budget
process
that
the
parking
fund
was
going
to
perhaps
even
lose
money,
and
that's
why
we
did
not
make.
We
did
not
plan
to
make
the
transfer
at
all
and
then,
like
I,
said
over
the
last
three
months
or
so
revenues
did
better
than
expected.
So
it
did
end
up
making
a
little
bit
of
money
for
last
fiscal
year,
but
yeah.
You
all,
don't
need
to
take
any
action
on
that.
C
B
C
B
Yeah
so
and
I
can't
remember
that
percentage
off
the
top
of
my
head,
but
yeah
that
we
share,
so
the
the
state
sales
tax
overall
I
think
is
around
seven
percent.
Some
of
that
goes
directly
to
the
state.
Some
of
it
comes
back
to
local
governments
and
the
part
that
comes
back
to
local
governments.
We
share
in
that
with
Buncombe
County
and
all
the
other
municipalities
in
the
county,
and
we
currently
get
somewhere
around
20
of
what
comes
back
to
Buncombe
County.
C
C
You're
right,
whether
it's
from
the
state
or
that
2.25,
okay,
exactly
I,
guess
I
was
trying
to
extrapolate
in
my
head
what
17
growth
in
sales
tax
at
a
C
Level
means
for
economic
growth
for
the
area,
like
that's
just
a
big
number,
and
if
it's
some
like
fraction
of
a
percent,
then
the
actual
total
revenue
is
coming
into
some
of
our
local
businesses
and
stuff.
It's
pretty
large
and
I.
Just
haven't
heard
any
reporting
on
that.
So
I
was
kind
of
curious,
but
that's
all
my
questions.
Thank
you.
A
Here's
the
vet,
okay.
So
thank
you
so
much
for
that
and
looking
forward
to
the
final
update.
A
So
the
next
item
is
the
General
obligation,
Bond
projects
and
all
right
so
Tony
and
Tony
McDowell
and
Nikki
Reed
community
and
economic
development.
Director
and
Jade.
Are
you
gonna
speak
to
or
you're
you
just
hanging
out
and
with
us.
A
Okay,
great
so
with
that
I'll.
So
this
is
we.
We
got
a
small
update
on
this
from
a
project
perspective
at
the
last
city
council
meeting,
and
but
this
is
sort
of
the
financial
status
update
and
not
so
much
a
status
update
on
the
actual
projects
themselves
right
so
Nikki,
are
you
going
to
take
this
one
or
is
Tony.
B
A
kick
later
so
so
yeah,
thanks
to
all-
and
you
have
the
next
agenda
item-
is
a
Financial
update
on
the
2016
Geo
Bond
program
and
Tony
McDowell
Finance,
director
I'm,
going
to
cover
the
first
few
slides
and
then
I'll
hand
it
over
to
Nikki,
read
our
community
and
economic
development
director
to
cover
the
housing
piece
of
this,
and
we
have
Jay
Dundas
our
capital
projects
director
here,
as
as
a
resource
as
well.
B
So
at
least
you
can
go
to
the
next
slide,
so
just
some
key
takeaways
from
from
the
slides
today.
So
the
the
2016
General
obligation
Bond
program
it
totaled
about
it
total
74
million
dollars.
That
was
the
amount
of
money
that
was
approved
by
the
voters.
B
B
We
do
have
several
major
sidewalk
geobond
projects
that
are
that
are
still
to
come
and
council's
going
to
be
seeing
those
come
before
you
all
over
the
next
six
to
nine
months
for
Award
of
the
bid
for
those
for
those
contracts,
and
we
have
a
we'll
show
you
a
list
of
those
projects
too.
B
In
the
next
few
slides
Nikki
Reed's,
going
to
join
us
to
talk
about
the
recommendations
that
staff
has
for
for
utilizing
the
remaining
money
that
has
not
been
spent
from
the
affordable
housing,
Geo
Bond
and
specifically
we're
going
to
recommend
using
utilizing
that
money
in
the
Housing
Trust
Fund
Nikki.
Her
team
presented
last
week
at
the
hcd
committee,
so
I
think
councilmember
attorney
may
have
already
heard
part
of
this
presentation.
B
But
we're
going
to
share
with
you
all
as
well,
and
then
we
also
want
to
highlight
that
we
will
have
all
the
bonds
issued.
There's
a
seven
year
deadline
that
the
local
government
commission
puts
in
place
for
issuance
of
geodet,
and
that
is
coming
up
a
little
over
a
year
from
now
and
we'll
have
the
all
the
debt
issued
by
then
and
I'll
kind
of
walk.
You
all
through
where
we
are
with
that,
so
you
can
go
to
the
next
slide,
so
just
a
little
background.
B
So
the
74
million
Bond
program,
the
Geo
Bond
program,
was
approved
by
City
voters
in
November
or
20
of
2016..
So
almost
seven
years
ago
it
was
32
million
for
transportation,
17
million
for
Parks
and
Recreation
and
25
million
for
affordable
housing
and
I
put
the
voter
approval
percentages
there
in
in
parentheses.
So
you
all
could
see
those.
B
It
also
wanted
to
highlight
that
the
this
is
our
first
successful
Geo
Bond
referendum
in
about
30
years
and
I.
Think
a
couple
takeaways
from
this
slide,
I'd
say
the
first
being
the
just
looking
at
the
vote
of
approvals.
B
I
I
know
that
you
know
there's
consideration
of
doing
a
another
geobond
referendum,
perhaps
in
2024
and
so
I
think,
looking
back
at
this
one
from
2016
and
looking
at
the
approval
rates,
the
higher
high
percentage
approval
for
the
bond
I
think
bodes
well
for
a
potential
2024
Bond,
a
successful
2024
Bond
I
have
Council
chooses
to
pursue
one
and
then
the
other
takeaway
I
think
from
this
slide
was
prior
to
2016.
B
We
had
not
had
a
ongoing
Geo
Bond
program
for
a
very,
very
long
time
and
I
think
that
has
created
challenges
with
our
Capital
infrastructure.
Most
most
cities,
our
size
tend
to
have
a
a
program,
that's
pretty
routine
and
that's
and
they're
issuing
debt
every
few
years,
and
so
because
we
didn't
have
a
ongoing
program,
it
has
created
some
challenges
for
us
and
just
in
keeping
up
with
our
Capital
needs
so
next
slide.
Please
so
I
want
to
pause
for
just
for
a
moment
on
this
slide.
B
So
this
is
a
financial
summary
kind
of
where
we're
at
with
the
Geo
Bond
program.
As
of
the
end
of
August
and
there's
just
a
couple,
things
I
want
to
highlight
on
this
slide.
B
The
first
is
just
kind
of
go
through
these
columns,
so
the
First
Column
there
is
is
the
amount
of
money
that
was
issued
and
approved
by
voters
back
in
2016,
totaling,
74
million
that
second
column
and
I
think
this
is
something
we
probably
haven't
talked
enough
about
throughout
the
program
is
the
money
that
we
we've
brought
into
the
Geo
Bond
program.
B
The
Geo
Bond
program
has
allowed
us
to
leverage
those
original
74
billion
dollars
in
74
million
dollars
to
expand
the
program,
bring
in
Grants,
bring
in
donations
and
actually
create
a
CIP,
a
Geo
Bond
CIP
program.
That's
that's
larger
than
74
million.
It's
actually
closer
to
91
91.5
million
dollars
with
those
additional
funding
sources
that
the
original
Geo
Bond
money
has
allowed
us
to
bring
in
and
I'll
kind
of
on.
The
next
slide
I'll
kind
of
highlight
for
you
all.
B
What
some
of
those
additional
funding
opportunities
are
that
we
brought
in
so
so
so
again,
the
74
million
dollar
program
that
started
out
in
2016
has
grown
to
a
program.
Now
that
is
at
91.5
million
dollars,
with
that
additional
funding
that
we
brought
in
we've
spent
to
date
spent
or
encumbered
60.8
million
of
that
91
million.
B
So
there's
about
30
million
dollars
still
remaining
to
be
spent
from
the
program
and
and
the
biggest
part
of
that
is,
is
in
the
transportation
area,
where
we
have
about
18
million
dollars
remaining
to
be
spent
and
again
we'll
kind
of
highlight
for
you
all
some
of
the
major
sidewalk
projects
that
are
up
that
are
still
upcoming,
with
that
remaining
18
million
dollars.
B
Next
slide,
please
so
again,
just
to
kind
of
highlight
and
again
I
think
this
is
really.
This
really
is
an
important
part
of
the
program
is
that
that
74
million
dollar
Bond
issuance
has
allowed
us
to
bring
in
other
monies
to
utilize,
alongside
of
it
and
and
so.
B
Some
examples
of
those
other
dollars:
we
have
about
4.7
million
dollars
that
we've
gotten
from
the
NPO
that's
being
utilized
for
some
of
the
transportation
and
sidewalk
projects.
I
think,
as
you
all
know,
back
from
bacteria.
In
the
budget
process
we
allocated
two
and
a
half
million
dollars
from
the
arpa
funding
for
the
Memorial
Stadium
project,
which
is
one
of
the
bond
projects.
We
partnered
with
MSD
the
Metropolitan
sewage
District,
as
we
were,
completing
the
Haywood
Street
streetscape
project
and
they
came
in
and
did
some
underground
sewer
work.
B
While
we
were
doing
some
of
the
work
above
ground,
and
that
was
about
a
1.7
million
dollar
project
that
they
did
alongside
the
project
that
we
were
working
on.
We
also
brought
in
a
one
1.25
million
dollar
donation
from
from
the
Dogwood
Foundation
that
helped
with
the
purchase
of
the
Talbert
lot.
B
And
that's
that's
one
of
the
affordable
housing
projects
that
we've
completed,
and
there
was
also
some
some
donation
money
that
was
associated
with
the
work
that
was
done
at
the
Jake
Russia
Park
as
well,
and
then
finally,
we've
utilized
some
of
our
own
resources
within
the
city.
Some
of
the
pace
of
our
pay
is
pay
as
you
go
cash
from
our
CIP
and
also
some
of
our
existing
debt
capacity
within
our
regular
CIP
to
supplement
the
bond
money
that
was
approved
back
in
2016..
B
So
next
slide,
please
so
just
a
quick
update,
Financial
update
on
the
transportation,
Geo
Bond
projects
and
you
can
go
to
the
next
slide
Alicia.
So
just
some
projects
that
have
been
completed
so
far
and
we
showed
you
all
a
slide
with
some
similar
information,
I.
B
Think
back
during
the
budget
process,
I
highlighted
some
of
the
projects
and
I
won't
go
through
all
these,
but
I
think
the
the
biggest
one
to
note
there
is
the
road
resurfacing
we've
spent
over
10
and
a
half
million
dollars
already
on
resurfacing
and
improving
our
roads
that
Haywood
Street
Escape
project
that
I
mentioned
on
the
previous
slide
was
a
four
and
a
half
million
dollar
project,
and
then
we've
done
another
a
number
of
other
projects,
including
sidewalks,
some
Greenway
connectors
and
also
some
multimodal
improvements
that
included
traffic
calming
some
replacement
and
upgraded
bus,
shelters
and
also
some
traffic
signal
projects
as
well.
B
Next
slide.
So,
as
I
mentioned,
we
do
have
some
major
transportation
projects
that
are
still
to
be
completed.
Most
of
those
are
sidewalk
projects.
We
also
have
the
The
swannano
Greenway
project,
and
this
chart
lays
out
a
schedule
for
you
all
of
the
anticipated
bid
dates
for
these
projects.
So
you
all
will
be
seeing
a
number
of
these.
Coming
back
to
you
all
over
this
over
the
next
six
to
nine
months
at
the
council
level
for
approval
of
the
construction
contracts.
B
We
do
we
do
anticipate.
There
will
be
some
funds
left
over
once
all
these
projects
are
Bid
out
and
that
remaining
funding
funding
will
be
rolled
into
doing
additional
Street
resurfacing.
B
B
The
biggest
piece
of
spending
I
think
on
the
park
side
so
far
has
been
the
sports
courts
and
playgrounds
and
ball
fields,
and
those
are
some
examples
of
ones
that
have
been
completed.
We've
spent
a
little
over
three
and
a
half
million
dollars
on
those
projects.
There's
also
been
significant
work
at
Jake
Crusher,
the
Tempe
Avery
complex,
Richmond,
Hill
Park,
along
with
the
acquisition
of
land
on
Sweden,
Creek
Road
as
well.
B
There
are
some
projects
that
are
that
are
underway,
there's
not
as
much
money
left
in
the
on
the
Parks
Geo
side,
as
there
is
on
the
transportation
side,
and
most
of
that
money
is
already
obligated
to
kind
of
two
major
projects
and
and
Jade
has
been
providing
you
all
with
some
regular
status
updates
on
both
of
these.
So
I
won't
really
spend
a
whole
lot
of
time
on
it,
but
the
Grand
Center
project,
as
you
all
know,
is
underway.
B
That's
a
nine
million
dollar
project
with
an
estimated
completion
date
of
June
2023.
The
Mountainside
Memorial
Improvement
project
is
also
budgeted.
That's
about
a
6.6
million
dollar
total
project
and
we're
anticipating
Award
of
construction
of
that
next
march,
for
the
completion
date
of
May
2024.
B
Much
like
with
the
Transportation
Bond
program,
we
do
think
there's
going
to
be
some
money
left
over
and
so
staff
has
identified
some
projects
that
those
remaining
funds
would
go
to,
and
that
includes
potentially
the
playground
at
the
Murphy
Oakley
Park,
the
ball
field,
playground
and
lighting
and
swings
at
the
Weaver
Park
and
also
Sport
Court
work
at
the
Roger
farmer
Park
as
well.
C
Can
I
grab
you
for
a
second
Tony
sure?
So
can
you
go
back
to
the
previous
slide?
I
just
want
to
make
sure
I
understand
the
memorial
Mountainside
Memorial
improvements.
This
is
or
is
not
including
the
stadium,
because
I
know,
there's
the
relocation
of
the
Parks
Building
and
then
there's
the
there's.
Some
actual
work
is
this
actually
including
the
stadium?
It's
a
4.2
million.
E
C
So
I
was
gonna:
ask
before
the
slide
came
up.
If
there
were
any
of
the
Geo
Park
bonds
left
to
help
with
the
expense
of
the
memorial
stadium
and
I,
see
it
under
this
list.
But
it's
not
all
Geo
bond
funds
right
I
mean
these
are
just.
This
is
the
list
of
Park
things
we're
going
to
be
doing,
but
it's
on
the
tail
of
a
Geo
Bond
explanation,
but
the
mountain,
the
Memorial
Stadium,
isn't
from
the
bond
funds.
E
C
C
I
guess
it's
just
getting
a
little
hazy
when
presented
like
this
and
I
just
want
to
make
sure
that
we
understand
like
some
of
the
rescue
plan.
Money
was
for
the
track
and
some
of
the
bond
money
was
for
some
original
phasing,
but
that
we're
not
using
the
Geo
Bond
money
that
taxpayers
voted
for
to
do
the
soccer
field
or
the
track
correct
and
just
making
sure
that's
clear,
because
on
these
slides,
it's
not
very
clear
like
that.
So
I'm,
just
making
sure
that's
gotcha,
gotcha,
okay,.
H
Great
okay,
well
we'll
get
started
on
the
affordable
housing
piece
Alicia.
If
you
want
to
go
ahead
and
queue
up,
the
slides,
I'm
also
joined
today
by
Sasha
vertunski,
who
is
the
city's
affordable
housing
officer.
She
gave
the
presentation
to
the
hcd
committee
a
week
or
so
ago,
and
so
she's
here
to
answer
any
detailed
questions
that
we
might
have.
But
first
we
wanted
to
demonstrate
also
some
example
projects
that
the
affordable
housing
bonds
have
funded
and
so
you're,
seeing
there
in
the
images
of
Maple
Crest
Apartments.
H
H
The
other
image
highlights
360
Hilliard,
which
is
a
city-owned
property
that
was
redeveloped
for
mixed
income,
housing
here
close
to
downtown,
so
that's
showing
some
of
those
Investments
other
land
banking
Investments
that
we
can
highlight
50
Ashland
Avenue,
as
you
saw
earlier,
leveraging
Dogwood
funds
to
help
purchase
that
site
and
then
last
there
I'm,
showing
that
the
Community
Land
Trust
was
also
a
group
that
was
funded
and
did
some
Capital
Acquisitions
with
the
million
dollars
of
bond
funding
there.
So
just
some
highlights
about
some
completed
projects
next
slide.
H
So
really,
if
we
look
at
big
picture,
that
should
be
an
active
link.
So
if
you
want
to
take
a
look
and
dive
deep
into
some
of
the
details
of
the
affordable
housing
Bond,
you
can
link
and
that
will
pull
up
a
prior
hcd
review
that
where
we
went
in
depth
in
terms
of
really
what
the
return
on
investments
were
for
the
affordable
housing
Bond.
But
we've
captured
it
here.
H
Just
looking
at
the
overall
return
here
with
about
32
and
a
half
acres
purchased
with
bond
funds
over
403,
affordable
housing
units
constructed
and
then
197
affordable
units
in
the
pipeline.
To
be
constructed,
that's
inclusive
of
the
Laurel
Street
project
that
was
the
most
recent
brought
before
Council.
So
when
looking
at
this
and
when
thinking
about
what
is
remaining
now
with
the
remaining
funding
from
the
bond,
we
really
thought
that
the
Housing
Trust
Fund
has
been
one
of
the
most
successful
Tools
in
leveraging
affordable
housing,
Bond
funding.
H
You
see
that
Tony
is
really
talking
about
leverage
from
City
internal
sources,
but
I
think
it's
important
to
recognize
that
the
Housing
Trust
Fund
in
particular,
also
leverages
private
sources
of
funding,
whether
it's
Bank
financing,
other
institutions
like
Buncombe,
County,
funding,
affordable
housing,
so
that
leverage
really
does
extend
beyond
just
City
dollars
for
investments
in
affordable
housing,
and
so
we
are
working
through
the
hcd
committee.
They'll,
consider
staff
recommendations
after
we
cycle
through
more
committee
review
next
slide.
H
So
a
quick
snapshot
here
so
out
of
the
25
million
dollar,
affordable
housing
Bond.
We
see
that
5
million
was
initially
allocated
towards
Housing
Trust
Fund
land
banking
shows
up,
as
the
other
expense
there
million
to
abclt
when
looking
at
all
of
the
expenses
associated
with
the
city-owned
land
initiative.
That
comes
in
about
8
million
and
then
Dave
review
phase,
one
that
came
before
Council
earlier
this
year:
partnership
with
the
housing
authority
on
the
Redevelopment
of
the
deaverview
apartments
there
and
allocating
1.465
million
for
that.
H
So
that's
where
we
get
our
remaining
balance
of
about
6.5
next
slide,
so
again
kind
of
looking
at
at
how
how
our
investments
have
have
really
gotten
us
here
and
what
we're
seeing
is
that
when
we
invest
in
capacity
building
in
new
non-profits,
really
the
ABC
LT
is
highlighted,
as
well
as
the
Haywood
Street
Community
Development
Group,
which
received
Bond
funding
for
their
project
on
West
Haywood
street.
That
really
does
take
time
to
pay
off
and
we're
seeing
new
non-profits
really
start
and
get
into
the
work
of
affordable
housing.
That
does
does
take
time.
H
So
when
we
look
at
a
a
bond
timeline,
we
just
want
to
be
cognizant
of
that
and
really
how
long
it
does
take
to
build
that
kind
of
capacity
in
new
nonprofits.
We
also
recognize
the
city-owned
land
policy
was
created
during
this
time
frame.
It's
a
really
recognizing
that
policies
need
to
be
in
place
to
guide
decision
making
prior
to
those
Investments
being
made.
So
what
we're
kind
of
reflecting
on
is
the
fact
that
the
Housing
Trust
Fund
we've
seen
a
lot
of
straightforward
success.
H
H
Swannanoa
bin
Simpson
Street,
that
was
a
market,
develop
a
private
developer
that
does
affordable
housing
there
habitat
so
homeownership
is
also
an
eligible
use
within
our
Housing
Trust
Fund,
so
we're
seeing
that
reflected
as
well
as
Homeward
Bound,
so
housing
for
people
moving
out
of
homelessness
into
homes,
so
I
think
again.
What
we're
seeing
reflected
in
our
investments
is
that
wide
range
of
housing
opportunities
that
were
afforded
through
the
Housing
Trust
Fund
next
slide.
H
So
that
leads
us
to
our
current
staff
recommendation
so
recommending
that
the
remaining
bond
funds
from
the
affordable
housing,
Bond
totaling
6.5
how
we
would
look
to
invest
that
which
reserved
five
hundred
thousand
dollars
for
planning
on
City
own
land.
This
is
really
including
the
Deep
review
property
that
was
purchased
during
this
Bond
time
frame.
To
really
do
some
in-depth
planning,
some
site
design,
hopefully,
concept
designed
to
really
understand
the
future
of
that
property
and
then
to
allocate
the
remaining
to
the
Housing
Trust
Fund.
H
What
this
also
allows
us
to
do
is
once
we
allocate
These
funds
to
housing,
the
Housing
Trust
Fund.
That's
an
existing
policy
that
we
can
then
work
on
refinements,
really
to
help
Target
those
funds
based
on
current
needs
in
our
community.
So
we
would
be
going
through
that
process
to
really
do
any
kind
of
fine-tuned
measures
for
that
policy
to
make
sure
that
we're
meeting
the
needs
we've
talked
about,
you
know
reserving
funding
for
land
acquisition
having
additional
guidelines
for
that
land
acquisition.
H
Of
course,
Council
saw
mhos
proposal
not
too
long
ago,
and
then
also
something
else
that's
been
important
is
to
look
at
how
we
align
better
with
our
other
funding
Partners
in
particular
Buncombe
County,
and
so
we
are
now
working
with
staff
on
ways
that
we
can
work
together
on
aligning
our
funding
Cycles,
so
that
decisions
can
be
made
in
alignment
and
in
better
alignment
really
so
that
we
can
understand
really
the
capital
stack
for
each
project
as
it
comes
through,
as
it
comes
through
the
request
for
for
funding
from
different
sources.
H
So
next
slide
so
again
our
review
as
we
go
with
with
through
this
process.
First,
it
would
be
a
stop
to
the
affordable
housing
advisory
committee,
one
of
our
citizen
advisory
committees,
they're,
going
to
help
us
with
that
in-depth
policy
review
of
this
allocation
to
ensure
that
it's
on
firm
footing
and
to
provide
any
additional
information
or
any
additional
analysis
on
that.
Then
we
would
bring
it
back
to
hcd
for
really
a
formal
endorsement
in
October
and
then
it
would
actually
come
to
council
for
final
authorization.
H
October
25th
and
so
Tony
and
I
have
been
very
careful
to
talk
with
our
bond
Council
and
to
ensure
that
we're
aligning
everything
and
to
conform
with
the
bond
timeline
as
well
as
make
sure
that
we're
hitting
the
mark-
and
this
will
really
help
us
to
meet
that
objective
as
well.
And
then,
after
that,
after
the
allocation
has
been
formalized,
then
we
can
work
on
any
of
those
policy
considerations
to
the
Housing
Trust
Fund
and
proceed
with
that
on
the
November
December
time
frame.
H
Next
slide.
Okay,
I
think
that's
it.
I
will
happy
to
answer
any
questions,
but
otherwise
I'll
turn
it
back
over
to
Tony.
So.
A
Nikki
that
I
mean
I
think
you've
answered
this,
but
let
me
ask
it
very
directly,
so
just
putting
it
into
the
Housing
Trust
Fund
and
not
actually
using
it
by
the
deadline
of
the
bond
funds
is
okay.
Is
it
okay,
use
I
suppose,
as
long
as
it
can't
do
anything
but
be
in
affordable
housing?
I
guess
is
legal.
B
Short
answer
is
yes,
and
Nikki
mentioned
that
we've
talked
with
our
bond
counsel
about
this
accident
on
several
occasions
and
and
yes
as
long
as
the
money
is
allocated
the
Housing,
Trust
Fund.
Okay,
we
will
admit
the
obligation.
Okay.
C
You
thank
you
Nikki,
just
one
thing
to
share
with
council
members
that
came
up
at
hcd.
That
I
would
love
you
all
be
thinking
about,
as
this
approach
is
coming
to
us,
and
that
is
something
that
wasn't
on
the
slides
and
came
up
in
htd
and
will
it
a
hack
is
the
down
payment
assistance.
We
originally
allocated
a
million
for
that,
but
it
kind
of
stumbled
through
a
proposal
period
where
we
didn't
have
proposals
come
back
to
our
RFP
that
really
matched
the
criteria
we're
seeking.
C
So
we're
going
to
have
to
face
the
decision
of
whether
or
not
we
want
to
kind
of
blend
that
into
the
HTF.
We
want
to
separate
it.
You
know
out
if
we
want
a
million
of
the
HTF
to
be
allocated
for
down
payment,
just
a
conversation
piece.
We
might
want
to
be
thinking
about
that,
because
I
know
it
was
a
pretty
big
initiative
and
we
don't
just
want
to
live
it
hanging
out
there
unknown
or
unresolved
and
then
just
to
point
out
too.
You
know,
since
hcd
is
kind
of
our
boards
and
commissions
pilot.
C
A
Super
thank
you
and
Nikki
on
a
completely
I
mean
I
realized
I.
Wasn't
we
aren't
getting
into
projects,
but
maybe
later
somebody
can
explain
to
me-
and
you
know
see
how
we're
incorporating
this
every
time
I
go,
buy
the
Maple
Crest
Apartments
and
our
Big
Empty
lot.
The
there
is
there.
Are
cars
lined
up
from
Biltmore
all
the
way
up
to
Maple
Crest
on
both
sides?
A
I?
What
are
those
cars
and
that's
not
a
permanent
game
plan
right,
so
I
was
I'm
just
every
time,
I
go
by
it's
like
you
know,
it
doesn't
look
to
me
like
people
are
doing
work
on
the
project
and
so
are
those
Maple
Crest
folks
and
how's
all
that
going
to
work.
So
but
again
you
don't
need
to
answer
that
today.
Just
maybe
sometime
someone
can
explain
that
to
me
because
it
does.
It
doesn't
look
like
a
long-term
good
thing.
So.
C
But
when
one
idea
that
came
up
in
another
meeting
was
I
guess
it
was
hcd
that
you
know
the
they're
building
a
two-story
ad
deck,
I
think
Precast.
And
if
you
engineer
them
right,
you
can
just
keep
going
up
and
we
suggested
they
consider
reaching
out
to
the
county
about
perhaps
another
like
a
level
for
child
care,
or
maybe
it's
another
level
of
parking.
The
conversation
that
could
be
had
amongst
those
Community
Partners.
A
Maybe
yeah
I
mean
again
I,
don't
know
who
those
folks
are
that
are
parking
there,
but
it's
like
you
know.
If
we're
going
to
add
more,
you
know
we're
actually
gonna.
You
know
what
we
are
going
to
build
on
that
property
I'm
trying
to
figure
out,
like
you
know,
who's
who's
parking
there
in
like
long
term.
That's
probably
not
a
good
place
to
be
parking,
but
anyway,
okay,
later
on
with
that,
I'll
flip
it
over
to
Tony
McDowell
I
promised
I
wouldn't
do
that,
but
I
did
I
just
went
there.
Sorry.
B
Well,
thanks
Quinn,
until
I'll
cover
the
last
few
slides
from
from
the
presentation
and
then
be
happy
to
answer
any
more
questions
you
all
might
have.
So
and
at
least
you
can
go
ahead
and
go
to
the
next
slide
if
you
want
so
the
schedule
that
we
talked
about
so
local
governments
in
North
Carolina
have
seven
years
from
the
passage
of
a
geobond
referendum
to
issue
all
of
the
the
debt
that's
associated
with
the
referendum
without
a
without
requesting
an
extension
from
the
local
government
commission.
B
So
so
for
us,
the
The
Seven
Year
deadline
is
coming
up
on
November
in
November
2023,
so
we're
about
14
months
or
we're
so
away
from
from
reaching
that
deadline.
We
have
actually
already
issued
a
part
part
of
the
debt
we
issued
20.8
million
in
Geo
debt
back
in
2020,
and
that
was
based
on
projects
that
were
already
complete
and
money
that
was
already
spent
by
that
point.
B
We
do
currently
have
in
place,
and-
and
we
mentioned
this
to
you
all
I-
think
it's
your
last
meeting-
a
25
million
dollar
short-term
bank
loan
for
the
other
are
active,
Geo
projects
that
are
going
on
right
now
and
and
that
short-term
debt
has
to
be
converted
to
long-term
debt
by
June
of
2023,
and
that's
part
of
the
reason
that
we
need
to
stay
on
schedule
with
our
with
our
audit,
and
we've
mentioned
that
to
you
all
again.
B
The
last
couple
meetings
as
well
so
we'll
definitely
be
converting
that
25
million
dollars
over
to
long-term
debt
sometime
before
June
of
2023.
In
total,
we
have
counting
that
25
million.
We
have
about
53
million
dollars
in
in
Geo
debt
that
we
still
have
to
issue
we're
in
discussions
right
now
with
our
financial
consultants
and
actually
Andrew
Carter
from
ddc's
here
for
the
next
presentation
and
we're
talking
with
Andrew
and
his
team
about
whether
we
want
to
issue
all
of
the
debt
in
in
early
2023
or
issue.
B
Only
that
part
that
we
need
to
issue
to
refund
this
bank
loan
and
then
wait
and
issue
the
second
piece
later
in
the
year.
Prior
to
November
and
a
lot
of
that's
going
to
depend
on
kind
of
where
interest
rates
are
headed
in
the
short
run.
We
definitely
want
to
try
and
make
sure
we
take
advantage
of
whatever
we
can.
We
can
work
out
schedule
wise
to
make
sure
we
get
the
lowest
interest
rates
possible.
B
B
We
come
back
to
the
next
slide,
which
is
the
key,
takeaways
and
again
I'm
happy
to
answer
any
questions
you
all
might
have,
but
I
I
hope
you
all
have
taken
away
from
the
presentation
and
folks
who
may
be
watching
out
there
in
the
community
that
we
think
it's
been
a
successful
Geo
Bond
program.
B
It's
provided
the
city
with
the
resources
to
resources,
to
complete
a
number
of
key
projects
and
also
to
leverage
that
money
to
do
even
more
than
the
original
74
million
dollars
that
was
that
was
approved
by
voters.
We
do
have
some
money
still
left
to
spend
some
major
sidewalk
projects
that
are
going
to
be
bid
out
in
the
next
six
to
nine
months,
as
well
as
the
Housing
Trust
Fund
allocation.
That
Nikki
talked
to
you
all
about
as
well,
so.
C
B
So
so
they
are
the
private
Market,
which
is
it's
with
the
bank.
We
issue
an
RFP
and
Bank,
submit
proposal,
proposals
to
us
and
we
work
with
Andrew
and
his
team
to
analyze
those
proposals,
and
usually
it
comes
down
to
whichever
bank
is
offering
us
the
best
interest
rate
and
so
those
Bank.
Those
are
private
placement
loans
with
the
bank.
Yes,.
C
B
So
I
think
the
answer
to
that
is
yes,
if
Andrew's
here,
he
might
want
to
weigh
in
as
well,
but
so
those
the
advantage
of
those
short-term
bank
loans
is
we
only
pay
interest
on
what
we
don't
pay
principal?
We
pay
interest
and
we
only
pay
interest
on
the
money
that
we
use
and
so
we're
not
paying
interest
right
off
the
bat
or
principal
on
the
full
25
million.
G
Everybody
hear
me
fantastic,
yeah,
Tony,
you're,
absolutely
correct.
They
are
short-term
construction
notes,
so
it's
a
very
popular
private
sector,
type
of
way
of
financing,
the
very
it's
a
variable
rate,
so
it's
based
on
a
variable
rate
index
with
a
spread,
and
yes,
historically
that
has
been
well
below
the
the
percentage
you
would
get
on
a
long-term
debt
fixing
it
out.
The
the
other
thing
it
does
is
the
ability
to
just
as
Tony
said
you
only
pay
on
what
you've
drawn,
and
so
as
spending
is
slower.
G
Maybe
then
anticipated
and
such
you
only
draw
as
you
spend
and
then,
as
we
do,
the
takeout
as
he
said
in
the
January
February
time
period,
we
will
take
that
out
for
the
exact
number
of
dollars
that
you've
actually
spent
over
that
time
period.
Then
we
will
probably
do
another
issue
once
a
little
bit
later
in
the
year
to
clean
up
the
remaining
of
the
Geo
money.
So
y'all
will
have
it
before
the
November
expiration
and
then
can
spend
that
out
over
the
next
year
or
so,
as
those
projects
get
spent
out.
G
E
F
A
The
six
million
dollars
left
over
for
the
in
affordable
housing,
so
we're
going
to
be
borrowing
money
to
put
in
a
savings
account
kind
of
right,
so
I
mean
I
bring
again.
This
will
probably
not
be
my
decision,
but
you
know
that
to
me
puts
it
should
put
the
city
under
a
lot
of
pressure
to
get
that
how
those
Housing
Trust
Fund
monies
committed
and
spent
so
that
we're
not
just
paying
interest
on
money.
A
That's
sitting
completely
unutilized,
so
I
mean
because
you
know
I
agree
that
we,
you
know
we
need
to
spend.
We
need
to
borrow
the
entire
74
million
I.
Think
for
a
lot
of
reasons,
and
one
of
the
big
reasons
being
we
want
this
to
be
successful
and
people
get
that
you
know
when
we
ask
for
a
big
bond
amount.
We
are
going
to
spend
it
wisely,
but
spending
it
wisely
is
not
putting
in
a
savings
account,
and
you
know
paying
more
money
to
borrow
to
just
have
it
sit.
A
So
I
would
hope
that
Council
really
understands
that
like
we
need,
we
should
feel
a
lot
of
pressure
to
get
that
six
and
a
half
million
dollars
invested
in
the
community
soon
soon
soon,
because
we
are
paying
interest
on
it
and
you
know
I'm
not
sure,
that's
what
the
community
had
in
mind.
C
I
could
have
elaborated
on
the
hcd
and
Nikki
touched
on
it
as
far
as
like
aligning
with
the
county
schedule,
but
we
do
plan
or
hope
to
bring
to
you
this
bring
to
council.
This
idea
that
we
would
you
know,
do
an
application
period
for
all
the
remaining
funding
and
tie
it
to
the
Buncombe
County's,
affordable,
housing
allocation
period
as
well,
and
the
hope
would
be
that
we
actually
have
enough
applicants
to
allocate
money
next
year.
C
Now
they
may
not
be
travel
ready
or
you
know
it
may
not
be
spent
spent
right
then,
but
I
I
don't
get
the
impression
that
you
know
we're
trying
to
hold
on
to
this
from
projects
typically
how
they
just
come
to
us
at
random.
This
is
an
intentional
cycle
and
almost
like
a
pilot
of,
should
we
look
at
it
this
way
in
the
future.
So
maybe
that
helps
a
little
I.
Think
we'll
be.
You
know,
we'll
be
kind
of
pounding
to
get
it
spent.
A
A
You
know
it's
one
thing:
if
it's,
if
it's
fungible
money
that
you
know
is
just
in
the
general
fund,
but
when
it's
when
we
had
to
would
we
have
to
borrow-
and
you
know
the
the
the
constituents
were
very
enthusiastic
about
approving
our
Bond,
you
know
I
think
spending
it
it
which,
which
you
know
frankly,
I
I-
think
we
all
knew
that
spending
that
much
money
when
we
didn't
have
much
history
in
a
seven
year
period
was
going
to
be
a
challenge
for
the
city
of
Asheville.
A
I
mean
it
just
is,
but
again,
I
just
would
put
a
lot
of
pressure
on
the
city
to
get
that
money
committed
and
spent.
So
absolutely
and.
A
A
G
Yeah,
my
only
comment
was
going
to
be
I.
Think
it's
very
common
for
many
places
around
the
state
to
spend
housing
money
this
way
the
parks
and
rec
and
other
projects.
You
can
get
shovels
in
the
ground
a
little
bit
faster.
Many
of
the
affordable
housing,
Geo
votes
that
are
done.
They
tend
to
issue
them
in
chunks
and
then
try
to
spend
those
out
because
you
do
have
a
lot
more
public-private
Partnerships.
You
have
to
bring
into
the
game.
So
yes,
it
is.
G
It
is
beneficial
for
the
city
to
spend
that
money
as
fast
as
possible,
but
it
is
a
little
bit
different,
animal
than
say
parks
in
Iraq
or
Transportation,
simply
because
you
do
have
some
of
the
more
complicated
factors,
but
that's
why
we
don't
really
want
to
we've
done
the
draw
programs
so
that
we
don't
issue
the
long-term
debt
until
the
money
is
spent.
F
And
from
from
our
assessment
and
looking
at
the
performance
of
the
various
programs
that
we
have
Housing
Trust
Fund
performs
very
well,
we
and
Nikki.
Please
correct
me:
if
I'm
wrong,
we
were
transferring
the
funds,
hopefully
in
this
project
area
budget
area,
because
we
actually
don't
have
enough
to
support
some
of
the
initiatives
and
efforts
that
have
that
are
in
requests
that
have
come
if
I've
mischaracterized
anything
Nikki.
Please
correct.
H
Me
well
I
just
want
to
underscore
that
yes,
I
think
our
recommendation
to
prioritize
these
funds
for
the
Housing
Trust
Fund
does
reflect
on
our
desire
to
see
the
funds
invested
into
the
community.
I
think
I
highlighted
earlier.
Some
other
initiatives
just
take
time
to
grow
them
like
the
abclt
and
Haywood
Street,
Community
Development.
H
So
if
we,
if
we
can
go
with
a
tried
and
true
like
the
Housing
Trust
Fund,
then
our
intent
is
to
to
ensure
that
spin
down
both
fiscally
responsible
but
at
the
same
time
making
projects
happen,
and
so
that
would
be
our
intent
with
this
recommendation.
A
Okay,
thank
you.
Anyone
have
anything
else
before
we
move
to
the
next
item.
A
Okay,
so
the
next
item
is
debt
financing
overview
and
I
will
formally
introduce
Andrew
Carter
from
DEC
who
comes,
and
they
come
to
talk
to
us
and
tell
us
all
about.
You
know
how
much
money
we
can
borrow
and
how
to
borrow
it,
and
you
know
he
is
the
master
of
acronyms,
if
I
recall
so
go.
You
know,
be
patient
with
us
Andrew,
but
I'm
going
to
turn
it
over
to
Andrew
and
Tony.
B
Right
well,
thanks
for
that
introduction,
Gwen
I
was
going
to
introduce
Andrew,
but
I
think
I
can't
top
that
for
sure,
but
I
just
want
to
take
a
quick
moment
and
kind
of
kind
of
tee
up
the
the
next
item,
and
it
really
does
it's
kind
of
a
continuation
of
the
conversation
we
were
just
having
and
it's
also
kind
of
the
part
one
of
a
two-part
conversation
we
want
to
have
with
you
all
between
the
meeting
today
and
the
meeting
next
month
to
talk
about
our
upcoming.
E
B
Only
this
year's
CIP
that
Taylor
Floyd
our
budget
manager
is
going
to
be
here
to
talk
to
you
about
next
next
time
that
the
CIP
process,
but
also
looking
ahead
to
potential
2024
Geo
Bond
referendum
and
what
we
want
to
injury
or
what
Andrew's
going
to
do
today
is
he's
going
to
kind
of
introduce
to
you
all
kind
of
the
types
of
debt
that
are
out
there,
that
the
city
of
Asheville
utilizes
talk
a
little
bit
about
the
local
government
commission
and
their
role
and
and
all
of
this
and
the
debt
issue
once
share
with
you
all
a
calendar
for
what
a
for
what
a
Geo
Bond
referendum
might
look
like
in
terms
of
of
the
the
dates
and
the
things
that
you
all
would
have
to
take
action
on
as
a
council
and
then
Andrew's
going
to
come
back
next
month.
B
He
and
I
are
working
together
right
now
to
update
our
CIP
in-depth
model,
and
he
will
be
back
next
month
to
kind
of
give
you
all
an
idea
of
where
we're
at
and
what
kind
of
financial
capacity
exists
within
that
current
model.
So
with
that
being
said,
I'll
turn
it
over
to
Andrew
and
I'll.
Just
say
you
know:
Gwen
did
a
great
job
of
introducing
him.
We've.
B
Andrew
and
and
Doug
Carter
and
DEC
and
Associates
I
think
I
think
it's
been
10
years
now,
Andrew
I
think
and
it's
been
a
great
relationship.
They
really
helped
us
develop
that
CIP
and
debt
model
that
we
have
today
that
that's
really
been
great
for
us
utilized
from
from
the
beginning
of
our
expanded
tip
process
about
10
years
ago,
through
the
Geo
bond
issue
once
and
so
we
just
we
really.
E
G
G
You
Mr
McDowell
I,
appreciate
all
those
kind
words.
We
very
much
have
the
pleasure
of
working
with
the
city
for
just
over
a
decade
now.
So
thank
you
very
much
for
that
opportunity.
Let
me
bring
up
this
presentation
and
see
if
it
works.
G
All
right
so
just
as
Tony
said
today
is
a
financing
process
in
North
Carolina
for
lack
of
a
better
word
financing,
101
and
so
first
we'll
start
off.
You
know:
State
Statute
determines
what
kind
of
modes
you
are
able
to
issue
dead
end
and
so
NC
State
Statute,
there's
technically
about
six
different
buckets
of
of
of
debt,
that
you
can
issue
the
first
being
General
obligation
debt
as
we've
been
talking
a
lot
today.
It
is
a
voted
process.
G
There
is,
it
can
only
be
happened
on
major
elections.
That
was
a
change
made
a
couple
of
years
ago
at
the
state
legislature.
It
used
to
be
on
on
any.
You
know
election,
but
now
it's
on
the
major
elections.
So
basically,
every
two
years
as
we've
been
discussing
that
authorization
lasts
seven
years
and
you
may
get
a
extension
for
three
more
years
for
a
total
of
ten
through
another
LGC
process,
which
requires
a
petitioning
of
them,
and
then
it
goes
to
the
the
LGC
commission
themselves.
G
The
purposes
for
geo,
almost
any
purpose
under
the
on
GEOS
can
be
used
for
so
everything
from
transportation
and
sidewalks
that
you
are
all
doing
housing.
There
have
been
Geo
votes
for
coliseums,
and
you
know
ballparks
and
all
kinds
of
things,
so
it
can
be
used
for
almost
any
purpose.
And,
of
course,
what
you're
pledging
under
a
Geo
is
What's
called
the
full
faith
and
credit
of
the
city,
which
means
the
almost
unlimited
taxing
ability
of
the
city
to
pay.
Its
bills
is
basically
what
you
are
are
giving
them.
G
Credit
for,
and
Geo
bonds
are
used
everywhere
in
the
state.
Enterprise
uses
have
Wayne,
given
the
ability
to
be
able
to
discuss
the
complex
nature
of
Enterprise
projects
and
water
and
sewer.
So,
although
those
were
popular
back
in
the
70s,
80s
and
90s
has
become
less
popular
across
the
state
for
Enterprise
uses,
I
think
I
heard
someone
raise
their
hand.
Is
there
a
question?
Yeah.
A
Andrew,
it's
Gwen!
Thank
you!
So
what's
what
in
the
states
you
know
in
your
experience,
how
often
do
people
do
municipalities
go
back
to
the
LGC
and
ask
for
that
three-year
extension
and
what's
the
success
rate
of
that.
G
So
you
know
how
many
do
it
is
probably
a
smaller
percentage
of
those
who
have
the
Geo
votes.
You
know
there
have
been
entities
that
have
done
it
for
specific
reasons.
Of
course,
sometimes
you
know
as
a
candidate
for
asking
for
an
extension.
Housing
is
one
of
those
things
that
tend
to
be
one
of
those
Geo
questions
that
get
extended
simply
due
to
the
nature
of
being
able
to
get
those
dollars
out
the
door
efficiently.
G
I,
don't
know
of
any
that
have
been
turned
down
by
the
LGC
once
they've
gone
for
approval,
there
may
be
a
couple
of
them
out
there
in
the
history,
but
generally
the
LGC,
with
relatively
good
reason,
will
allow
the
extension,
but
there's
no
harm
or
foul
technically,
but
you
know
it
just
means
that
you
needed
more
than
the
seven
years
to
get
through
the
spending
from
when
you
voted
it
originally.
G
Thank
you,
of
course,
the
next
bucket
that
you
may
borrow
out
of
is
what's
called
an
installment
purchase,
and
this
is
a
pretty
large
statute
that
includes
your
limited
obligation,
bonds
or
lobs,
the
lobs
for
long
term.
That's
a
new
name
for
a
certificate
of
participation,
which
is
what
it
used
to
be
called
about
a
decade
ago.
This
is
any
general
long-term
installment
debt
you're,
making
an
annual
principal
payment
and
semi-annual
interest
payments
for
X
number
of
years.
G
This
vote
this
process
is
non-voted.
So
through
Council
actions,
you
can
start
the
process
of
issuing
limited
obligation
bonds
without
an
authorized
vote
from
the
people
on
a
Geo.
The
purposes
are
just
about
as
broad
as
GEOS.
You
can
issue
a
limited
obligation,
bonds
for
just
about
any
general
government
purpose.
G
What's
your
pledging?
There
is
the
security
is
real
collateral
and
real
property.
So
most
of
the
time
you
are
pledging
the
asset
that
you
are
building.
So,
if
you're
building
a
firehouse
and
you're
borrowing
money
for
it,
you
would
pledge
the
firehouse
comment
very
similar
to,
as
you
would
to
your
mortgage.
You
know
your
house
at
the
collateral
for
your.
G
Your
mortgage
loan
that
you
have
appropriation
must
be
appropriation,
for
the
debt
must
be
included
in
the
manager's
budget
each
year
again,
the
LGC
can
compel
you
and
to
include
the
appropriation
in
your
budget,
even
if
Council
may
decide
not
to
LGC
does
have
power
to
come
in
and
compel
just
like
they
might
on
the
Geo
side.
G
Installment
purchase
brought
like
I,
said,
broadly
use,
almost
all
all
the
uses
that
a
Geo
could
be
used,
but
they're
just
non-voted.
The
next
one
installment
purchase
for
equipment
is
a
little
bit
different
animal
because
it
does
not
require
LGC
approval.
This
is
for
your
more
short-term
five-year
or
less
Equipment,
Technology
computers,
Rolling
Stock
for
police
officers
or
fire.
G
That's
mostly
what
this
is
in
a
UCC
filing
is
a
fancy
legal
way
of
saying
we're
going
to
put
a
lien
on
just
the
concept
of
these
projects,
so
we've
moved
away
from
actually
leaning
up
the
colors
and
the
computers
themselves,
which
makes
it
much
much
easier
for
staff
when
and
if
there's
an
issue
with
a
crash
police,
car
or
you're
having
to
deal
with
titles,
and
this
that
and
the
other.
This
is
a
very
common
use
of
getting
equipment
and
computers
across
the
state
foreign.
A
B
And
I
was
just
going
to
add
on
this
first
slides,
so
the
city
does
I.
Think.
B
As
you
all
know,
we
we
utilize
both
the
lobs
and
the
equipment
loans
as
a
part
of
our
CIP,
the
bulk
of
our
what
we
call
our
regular
CIP
outside
the
Geo
bonds
are
utilize,
the
lobs
for
for
debt,
and
then
we
we
do
utilize
the
equipment,
loans
as
well
for
most
of
our
purchases
of
vehicles,
equipment,
computers,
like
Andrew
mentioned
so
I'd,
really
say
it's
Andrew's
got
a
second
slide
with
some
other
types
of
debt
that
are
used
in
North
Carolina,
but
really
most
of
the
debt
that
we
have
here
in
in
city
of
Asheville.
G
As
Tony
said,
these
next
three
are
less
commonly
used
in
North
Carolina,
although
they
are
available
to
you
by
State
Statute,
the
first
one
special
obligation
bonds.
The
city
has
issued
some
special
obligation
Bonds
in
the
past,
and
these
are
a
pretty
unique
way
of
it's.
Basically,
the
security
that
you
might
have
to
pledge
for
a
specific
type
of
project.
G
In
the
city's
case
for
special
obligation
bonds,
a
number
of
those
were
used
in
the
downtown
districts
where
a
lot
of
public
infrastructure
sidewalks
ride-aways
we're
going
in,
but
those
are
very
hard
things
to
collateralize
through
a
bank
or
through
the
public
market,
and
so
the
security
of
a
special
obligation.
Bond
are
a
pledge
of
taxes
or
a
pledge
of
revenues
that
you
might
put.
G
It
requires
a
municipal
Service
District,
which
you
have
in
the
downtown
area
and
there's
no
technical
statutory
limit,
because
it's
based
on
the
money
that
you
are
pledging
under
the
security
for
the
special
obligation
bonds.
Usually
those
are
sales,
taxes,
other
taxes
and
fees
that
the
city
does
not
directly
Levy.
G
It's
rarely
used
in
counties
because,
due
to
the
setup
of
the
way
that
a
number
of
our
sales
taxes
and
other
taxes
and
fees
come
in
counties,
don't
have
a
number
of
those
revenues
to
utilize.
So
the
city
Asheville
included
utilize
this
in
the
downtown
area,
so
that
you,
you
did
not
have
to
lean
up
additional
physical
assets
for
those
improvements
in
the
downtown
district
that
didn't
have
a
real,
tangible
collateral
behind
it.
G
I
believe
the
special
obligations
Bond
program
right
now
is
finished
for
the
city.
So,
as
Tony
said,
most
everything
you're
currently
issuing
are
GEOS
lobs
or
installment
financings.
On
the
bank
side,
the
last
two
I
won't.
G
G
Yeah
everything
has
a
everything,
has
a
acronym,
so
this
lobs
Subs
GEOS
and
then
the
special
assessment
bonds,
which
I
guess
are
sabs,
although
I'm
not
sure
they
they,
they
have
an
acronym
and
the
tax
increment
bonds,
which
are
tiffs
or
Tigs.
G
Those
are
less
used
in
the
state,
but
we
could
we
could
look
at
ways
of
using
them.
As
you
see
you're
pledging
special
assessment
Revenue,
so
you
would
create
a
district.
You
would
tax
them
a
particular
tax
just
in
that
District,
which
would
be
used
to
support
whatever
services
or
Capital
that
you
might
have.
G
The
city
of
Charlotte
has
a
couple
of
these
in
the
downtown
area
to
help
keep
the
trash
and
the
the
prettiness
and
the
the
continued
plantings
and
such
downtown
for
that
District
and
then
tax
increment
bonds
are
are
essentially
Investments
that
are
made
where
it
may
increase
the
property
value
in
a
particular
area,
and
you
want
to
designate
that
proper
new
property
tax
increment
to
that
specific
payment
of
the
bonds.
It's
not
broadly
used
both
of
those
are
very
complicated
to
get
through
the
process.
G
It
requires
many
districts
that
you
have
to
set
up
and
I
believe
under
special
assessment
bonds.
Sometimes
the
people
in
that
District
have
to
vote
for
it
as
well.
A
F
B
We
don't
have
any
of
those
I
think
would
you
might
be
thinking
about
the
municipal
service
districts
that
we
have
set
up,
that
were
that
allowed
us
to
utilize
the
special
obligation
bonds
and
we
have
could
be
a
four
districts
I
think
we
have
downtown.
We
have
the
river
Arts
District,
we
have
Charlotte
Street
yeah.
G
Yeah
Special
obligation
bonds
require
the
designation
of
a
municipal,
Service
District
and
you
do
have
the
ability
under
law
to
technically
raise
revenue
from
those
districts.
The
city
has
not
utilized
that
method.
It
was
a
requirement
under
law
in
order
to
issue
the
special
obligation
bonds
that
you
did.
G
The
next
slide
is
going
to
talk
about
the
low
the
role
of
the
local
government
commission,
which
is
our
state
level,
bureaucracy
that
approves
all
forms
of
debt
in
North
Carolina,
except
for
those
59-month
financings
for
Rolling,
Stock
and
Equipment.
The
technically
don't
approve
federal
government
loans.
This
would
be
loans,
maybe
from
the
USDA
or
from
other
federal
Offices.
G
They
don't
technically
approve
those,
as
we
said
before,
the
LGC
compel
local
governments
to
basically
pay
their
debt
in
a
certain
sense
and
in
a
Geo
fashion
they
can
essentially
raise
your
rates
if
they
have
to
in
North
Carolina
I.
Believe
it's
a
dollar
fifty
limit
for
operations
that
you
can
tax,
but
there's
technically
an
unlimited
Geo
limit
to
pay
the
Geo
debt
bills.
So
I
also
mentioned
that
they
can
also
make
sure
Appropriations
for
your
other
installment
financing
and
limited
obligation.
G
Bond
debt
are
also
included
in
your
budgets,
structuring,
so
the
LGC
has
created
some
rules
that
are
a
little
tighter
than
what
the
statute
may
say.
So
statue
allows
no
more
than
a
40-year
issuance
for
for
bonds,
but
under
the
guidelines
for
the
local
government
commission.
They
want
to
keep
most
every
General
government
project
20
years
or
less.
There
are
a
few
circumstances
where
a
30-year
maturity
was
approved
by
the
commission.
G
These
are
mostly
for
what
you
might
call
once
once
in
a
generation
type
projects,
building,
courthouses
large
jails,
stuff,
like
that,
where
you
may
build
one
every
30
to
40
years
in
Enterprise
bonds,
30
years
is
kind
of
the
the
the
norm
there
level
principle
and
interest
for
that.
They
normally
do
not
require
a
Debt
Service
serve
and
for
highly
rated
entities
like
the
city
of
Asheville.
They
don't
require
a
feasibility
study
which
helps
lower
the
cost
of
doing
those
bonds.
Mostly.
G
G
So
it's
an
interest-only
program,
as
we
said
before,
it's
a
variable
rate
through
the
the
end
of
the
program,
and
we
do
36
months,
even
though
we
only
really
anticipate
spending
for
24.,
and
this
is
done
through
negotiation
with
the
LGC,
when
these
programs
were
put
up
at
the
end
of
a
24-month
spending
cycle.
We
want
to
be
able
to
have
enough
time
for
the
city
to
go
to
the
market
when,
when
the
market
is
good
and
to
also
allow
for
any
disruptions
in
the
market
to
work
themselves
out.
G
G
If
we
had
fixed
out
the
25
million
in
the
GEOS
two
years
ago,
when
we
issued
the
bands,
as
you'll
see
we're
still
trying
to
spin
through
some
of
that
before
we
get
to
this
the
end
period.
So
it
allows
us
to
not
issue
bonds
up
front
and
then
spend
a
number
of
years
to
work
through
those
bond
funds
to
get
them
out
the
door.
It's
kind
of
you're
doing
it
the
opposite
way.
G
G
There
are
multiple
actions
brought
to
to
council,
there's,
usually
an
initial
resolution
that
outlines
what
we're
doing
here's
the
bonds
we're
looking
to
issue,
here's
the
amount
we're
looking
to
issue
and
for
what
purposes
many
of
the
issuances
of
lobs
and
other
debt
require
a
public
hearing
to
which
the
citizens
get
to
come
out
and
formally
put
in
their
two
cents,
Pro
or
con
for
the
project,
and
then
there's
usually
an
approving
resolution
towards
the
tail
end
where
we
usually
know
either
rates
or
underwriter
the
financing
team,
and
you
wrap
up
everything
for
council's
actions
on
that
before
we
go
to
pricing.
G
So
the
formal
application
usually
is
a
little
more
formalized
by
the
time
we
submit
it
to
the
LGC,
although
they
know
we're
coming
months
ahead
of
that
the
biggest
issue
in
doing
an
upfront
from
dancing
and
not
the
construction
note
financings
that
we've
been
doing
is
that,
if
we're
doing
a
brand
new
project,
we
have
to
have
all
bids
and
permits
needed
for
the
project
in
hand
no
less
than
three
weeks
before
approval.
G
If
we're
doing
one
project,
that's
usually
pretty
easy
to
bring
the
bid
and
permit
to
the
LGC
another
advantageous
thing
about
the
construction
draw
programs
is
we
don't
have
to
have
all
the
bids
and
permits
in
hand
as
you're,
trying
to
spend
through
a
list
of
30
to
40
different
projects
just
makes
everything
much
more
efficient,
the
sale
will
occur,
sale
of
public
bonds
will
occur
after
LGC
approval
and
then
a
couple
weeks
after
the
sale
we
get
to
closing
and
bond
funds
are
able
to
be
available
to
the
city.
A
G
G
The
state
auditor
and
the
head
of
I
believe
state
revenue
and
then
there's
five
or
six
positions
that
are
appointed
I,
think
three
or
four
from
the
governor
and
a
couple
more
from
someone
else,
I
believe
so
it's
a
mix
of
elected
officials
like
the
treasurer
and
such
and
some
appointed
officials
from
other
elected
officials.
A
Interesting,
okay,
thank
you
and,
and
then
just
real
quickly.
Is
this
a
pretty
unique
kind
of
program
I
mean
as
a
state
I
mean,
is
I,
don't
I
other
states
I've
lived
in,
not
that
I
would
necessarily
be
aware,
but
I
I
was
not
aware
of
anything
like
this.
Is
North
Carolina
sort
of
unique
with
this
LGC.
G
You're
absolutely
correct:
there
are
very
few
bureaucracies
like
this
in
the
in
the
country.
North
Carolina
is
one
of
the
few
that
has
this.
They
you
know
it's.
It
can
be
a
double-edged
sword.
Writing
agencies
give
us
a
A
plus
Mark
for
having
this
type
of
bureaucracy.
G
That's
overlooking
the
the
local
issuance
of
debt,
so
it
helps
a
good
number
of
entities
in
the
state
to
to
get
to
debt,
especially
smaller
entities
that
may
not
be
as
sophisticated
to
bring
debt
to
the
market,
or
only
do
it
every
five
to
ten
years
when
they
have
a
project.
But
yes,
it
is
a
very
unique
bureaucracy.
As
far
as
around
the
country
as
well.
G
Definitely
it's
a
it's
a
process,
but
it's
a
good
process
because
they
are
basically
making
sure
that
your
financial
plan
is
sound
and
the
project
is
sound
that
you
have
your
bids
and
permits
that
you're
not
over
borrowing,
another
type
of
thing.
So
yes,
it's
it's
just
a
process
and,
like
I,
said
the
low.
The
rate
agencies
give
everyone
a
check,
a
plus
Mark
in
that
in
North
Carolina.
B
G
And
that
leads
us
right
into
the
ratings
which
was
beneficial.
You
know
what
are
Bond
ratings.
Well.
Bond
ratings
are
very
similar
to
your
own
personal
credit
rating,
so
the
entity
of
the
city
of
Asheville
has
a
credit
rating.
It's
called
a
bond
rating
and,
as
just
like
in
your
personal
life,
the
higher
rating,
the
better
rates
you
get
from
Banks
or
from
the
public
market.
It's
an
indicator
of
financial
strength.
G
So
when
investors
on
the
public
market
are
looking
to
spend
their
dollars
and
invest
in
local
communities,
they
really
look
to
the
credit
rating
for
the
financial
strength
of
the
entity
and
just
to
basically
say
we're
going
to
get
paid
back.
If
I,
if
I
invest
in
these
bonds,
so
it
provides
lower
centers
cost.
It
also
provides
debt
structure,
flexibility
and
Innovation.
G
The
LGC
only
allows
construction
period
notes
to
be
done
by
Holly
rated
entities,
of
which
the
city
of
Asheville
is
one
so
having
a
higher
rating
allows
you
to
use
the
construction
period
financing
to
be
more
efficient
with
the
way
you
spend
your
bond
dollars
this
next
one
is
really
very
important.
Having
a
high
rating
allows
you
to
Market
access,
especially
during
times
of
stress
or
in
economic
downturns,
so
2020
is
a
great
indication
of
this.
G
G
Given
that
you
know
all
these
different
spending
was
going
to
have
to
happen
and
people
had
their
hands
out
to
bank
all
across
to
Banks
all
across
this
country.
So
Banks
were
faced
with
a
lot
of
credit
pressure
with
everyone
coming
to
them,
and
Asheville
was
no
different.
2020
is
when
we
had
finished
the
last
draw
program
or
the
construction
period
program
for
your
other
bonds.
G
We
had
issued
those
in
January
before
covet
had
really
hit
before
any
of
that
was
really
on
the
radar,
and
we
were
in
the
time
period
where,
by
June
we
needed
to
enter
into
our
next
banknotes
and
I'll
have
to
say
with
all
the
hands
that
were
out,
they
could
not
all
be
filled,
but
Asheville's
hand
got
filled
and
we
got
filled
with
some
really
great
rates.
G
And,
of
course,
it's
a
it's.
An
independent
third
party
recognition
of
of
the
management
that's
going
on
here
in
the
city
and,
of
course,
your
policies
that
you
have
already
adopted
that
govern
any
number
of
different
ways
you
spend
and
the
financial
model
that
those
are
very
sound
drivers
of
your
policy
and
keeping
your
rating
up
and
then
very
quickly,
you'll
see
down
there,
I'm
not
going
to
read
it
all,
but
you'll
see
the
Moody's
rating
criteria.
G
Moody's
is
kind
of
the
leader
of
the
three
rating
agencies,
and
so
you'll
see
that
economy
and
tax
base
is
about
30
percent.
Most
of
that
is
on
not
in
your
control.
So
you
know
what
kind
of
economic
growth
is
the
tax
base,
the
diversity
of
Industry,
that's
in
the
area
and
medium
family
income,
the
rest
of
the
rating
about
70
percent
of
it.
G
You
have
a
lot
more
Direct,
Control,
30
percent
of
it
is
finances
how
your
fund
balance
levels
are
and
the
trends
are
they
growing
over
a
five-year
time
period
or
are
they
falling
over
a
five-year
time
period?
Management
is
20
percent.
It
is
in
this
realm,
where
they
give
us
a
plus
for
the
local
government
commission
for
being
able
to
look
over
the
shoulder
of
local
entities,
and
this
is
your
budgets,
your
forecasts,
how
how
consistent
have
you
been
in
budgeting
and
Performing
and
then
the
last
area,
of
course,
is
debt
and
pensions?
G
You
would
think
that
your
debt
burden
would
be
more
than
the
20
percent
of
a
rating,
and
actually
your
debt
burden
is
is
only
10
percent
of
the
rating,
because
your
pensions
and
how
you
funded
your
pension
liabilities
and
your
Arc
is
your
other
size,
your
other
10
in
that
area.
So
many
people
would
say
that
our
debt
level
is
a
much
higher
percentage
of
the
rating,
but
really
it's
only
about
10
percent.
G
So
we'll
get
kind
of
more
than
a
nitty-gritty.
Now
of
how
is
you
know
using
all
of
these
tools
that
we
just
talked
about
what
is
Asheville's
real
method
of
financing
here
and,
as
we
said
before,
Asheville
has
been
utilizing
what
we
call
a
cash
flow
form,
a
cash
flow
financing.
We
issue
short-term
what
are
called
Bond
anticipation
notes.
Here's
another
good
acronym
ban
used
for
the
expected
spending
over
a
two-year
project,
a
two-year
period,
so
the
city
pays
invoices.
Then
actual
spending
is
reimbur
reimbursed
monthly
from
the
ban.
G
You
spend
you
see
how
much
you
spend
you
ask
for
reimbursement
that
comes
back
into
your
coffers,
so
you
can
spend
again
at
the
end
of
the
two-year
period,
the
bans
refunded
into
the
long-term
debt
that
we
talk
about
into
a
long-term
Geo
or
a
long-term
lob,
and
typically
those
have
been
the
general
20
years
that
the
LGC
recommends
for
General
General
projects
and
again,
we've
said
this
a
number
of
times
the
long-term
bonds
are
issued
for
the
actual
dollar
spent,
and
so
there's,
usually
no
unspent
use
fund
unspent,
draw
funds
there.
G
Although
we
did
talk
about
how
and
what
the
Geo
program
the
timing
of
having
to
issue
that
money,
we
might
need
to
issue
the
rest
of
the
housing
money
before
the
end
of
the
seven
year
period.
So
here
you
have
the
basically
the
cycle,
you
budget,
the
projects,
those
are
adopted
by
Council
and
the
spending.
Then
we
get
into
the
construction
period.
The
city
pays
those
invoices
and
then
are
reimbursed
from
the
the
ban
that
we
have.
G
So,
as
Tony
said,
we're
in
the
process
now
of
looking
at
this
kind
of
first
budgeted
bucket
to
update
the
model
to
be
able
to
bring
back
to
you
to
look
at
potential
money,
you
have
to
spend
in
the
model
and
what
size
Geo
programs
we
can
start.
Looking
at
and
some
of
those
as
well.
G
So
I
know
we're
all
thinking
about
the
next
Geo
Bond
referendum
for
the
city.
As
the
last
one
is
coming
up
on
its
last
few
last
year,
basically
of
the
issuance
it's
a
process.
It
takes
essentially
starting
in
about
May
to
get
to
that
vote
in
November,
so
so
I
believe
the
next
major
election
is
going
to
be
in
2024.
So
in
May
of
23
you
would
start
your
first
official
actions.
G
G
Is
it
for
whatever
purposes
you
are
looking
at
so
the
first
action
in
the
May
time
period
really
kicks
off
the
entire
process,
and
so
a
lot
of
what
ends
up
happening
is
you
do
an
action
and
then
you
alert
the
public
and
then
you
do
another
action
and
you
alert
the
public,
and
so
you
do
your
May
action.
You
alert
the
public
in
a
public
notice
in
the
newspaper
that
you
have
done
this
and
that
you
intend
to
submit
an
LGC
application
staff
will
do
that
application
and
submit
it
to
the
LGC.
G
Then
in
June
you
start
adopting
the
formal
Bond
orders
and
then
setting
the
public
hearing
date
and
next
you
publish
notices
of
telling
the
public
of
the
public
hearing
and
that
you
have
introduced
a
bond
order
in
July's
meeting.
You
would
hold
that
public
hearing
allow
the
public
to
come
and
speak
Pro
or
con
for
the
projects
at
that
meeting,
Council
I
guess,
depending
on
the
public
hearing.
It
will
then
adopt
the
bond
order
and
set
the
referendum
date,
which
would
be
the
November
election.
G
G
If
you
get
the
Nay
it
just
kind
of
goes
sailing
into
the
night,
and
we
may
try
again
next
time
so
as
Tony
shared
each
question
will
get
its
own
vote.
So
Parks
and
Rec
will
get
its
own
vote.
Transportation
will
get
its
own
vote
housing,
so
each
of
the
different
purposes
would
have
their
own
individual
votes.
F
A
I
just
so
start
this
earlier
or
is
this
the
prescribed
timing.
G
You
could
start
the
first,
you
know
we
could
do
it
in
March
or
April.
If
you
wanted
to
start
the
first
resolution,
it's
really
about
making
sure
you
know
what
you,
what
numbers
you
want
to
go
out
with,
so
this
I
would
say
is
probably
the
latest
you
can
start
to
get
to
a
November
election.
Okay,.
A
So
that
was
my
question:
I
mean
if
we
wanted
to
you
know
started
like
the
beginning
of
a
calendar
year.
Just
to
you
know,
have
time
to
make
I
just
I
I
remember
when
we
did
the
Bond
several
years
ago,
because
we
started
so
late.
I
mean
I.
A
Just
remember
we
were
crunched
I
mean
we
were
doing
back
to
back
public
meetings,
I
mean
I,
I
probably
did
and
I
mean
I
was
nothing
compared
to
the
mayor,
but
I
mean
I,
probably
did
15
in
a
month
period
of
time
it's
kind
of
crazy,
so
I
was
just
I
was
thinking
and
that
this
is
kind
of
like
the
latest
in
the
time
frame.
G
I
think
y'all
y'all
started
a
little
later,
the
first
time,
which
is
why
it
required
such
a
crunch
to
get
done
because
all,
although
I
haven't
stated
some
of
it,
a
good
number
of
these
notices,
especially
towards
the
end
of
the
period,
require
certain
periods
they
have
to
appear
into
the
paper.
So
right.
Well,
we're
you
know
we're
by
law
having
to
you
know
notice
at
certain
time
periods,
so
it
just
backs
the
whole
calendar
up.
I.
Think
if
you
started
in
May
that
would
give
you
a
pretty
comfortable
time
period.
G
You'll
see
you
have
a
May
action,
June
action,
a
July
action
and
then
you're
kind
of
waiting
for
the
LGC
to
do
their
approval
and
then
you're
all
good
to
go
for
the
November
election,
but
it
could
move
a
little
bit
based
on
your
own
personal
schedules.
The
council
wants
to
do
okay,
Sage.
C
Yes,
thank
you.
This
is
precisely
what
I
had
requested.
So
I
really
appreciate
you
stop
pulling
this
together
for
us,
because
I
just
did
not
understand
the
whole
process,
and
this
is
more
a
question
for
staff
than
knowing
this
timeline.
For
you
know
the
required
steps.
How
much
time
ahead
of
that
do?
We
think
we
need,
as
a
city
staff,
to
prepare
for
this
kind
of
momentum
and
I,
ask
as
someone
that
may
or
may
not
be
on
the
ballot
in
2024
or
may
or
may
not
want
us
to.
C
B
So
you
know
our
intent
is
an
Alexa
you'll
be
hearing
from
from
Taylor
at
the
next
meeting
that
you
all
have
in
October
to
talk
about
the
current
year
CIP
process
and
our
intent
is,
is
as
we're
working
with
departments.
Is
that
we're
building
that
list
of
potential
2024
projects
as
we're
doing
this
year?
This
year's
CIP?
Now
we
will
have
some
some
key
pieces
of
information
that
we'll
still
need
to
gather,
and
some
of
that
relates
to
our
facilities.
B
I
think
you
all
know
the
facility
assessment
underway
right
now
we're
not
going
to
have
that
data
really
until
the
spring
or
so
of
next
year,
and
so
so
we'll
still
be
pulling
together
data
then,
but
we
hope
to
start
getting.
You
know
preliminary
list
of
projects
during
this
budget
process.
A
And
just
to
clarify,
when
we
issued
the
Geo
bonds
back
when
we
did
not
raise
taxes
to
pay.
For
that
specifically
I
mean
there
have
been.
There
have
been
rate
increases
since
the
go
bonds
were
issued,
but
we
never
tithe
it
directly
to
issuing
the
bonds
if
I
recall,
am
I
right.
Tony.
B
Yeah
there
was
a
three
and
a
half
cent
tax
rate
increase
to
pay
the
debt
service
and
the
Geo
bonds.
I
think.
The
reason
you
may
not
remember
it
specifically
is
because
it
happened
in
a
revaluation
year
and
so,
instead
of
us
actually
bumping
the
rate
up,
we
just
didn't
lower
the
rate,
all
the
way
down
to
revenue,
neutral,
okay,
but.
A
B
C
Sure
my
one
last
question
so
and
that
brings
to
mind
the
one
remaining
chunk
of
this
I.
Don't
quite
understand,
which
is
I,
think
I
need
the
full
Bond
cycle
like
if
we
were
to
be
doing
bonds
every
four
years,
every
eight
years
you
know
and
how
that
plays
out
over
the
decades,
because
we've
raised
taxes,
we've
paid
off
the
debt,
the
tax
level
is
still
there.
If
there
is
in
the
way
away
in
the
future
that
we
could
kind
of
understand
that
process
over
a
few
decades.
G
Something
yeah
I'm,
sorry
I'll
jump
in,
so
this
is
all
part
of
the
long-term
planning.
Y'all
have
been
doing
and
continuing
so
the
financial
model
kind
of
creates
your
ability
to
look
at
those
decade
or
two
decades
ahead.
So
part
of
what
Tony
was
saying
before
part
of
what
we're
doing
now
is
looking
at.
G
What's
the
CIP
for
the
lobs
and
and
the
that
side
of
the
coin
and
we're
looking
at
given
the
resources
that
are
dedicated
to
the
model
currently
as
Debt
Pay
down
happens,
as
as,
as
the
other
things
that
happen
in
the
model,
we're
able
to
integrate
forward-looking
debt
into
it
to
project
what
you
can
and
cannot
afford
in
the
next
Bond
cycle
and
the
bond
cycle
after
that.
So
I
think
what
we're
getting
to
is
for
lack
of
a
better
word
like
a
Perpetual
swing.
G
What
can
we
do
every
four
years
in
the
Geo
process
without
having
to
raise
taxes,
so
the
the
financial
model
and
the
long-term
process
that
planning
that
y'all
do?
What
that's?
What
we're
working
on
now
to
be
able
to
deliver
to
you
in
the
next
couple
months
to
start
getting
prepared
for
well
what
kind
of
GA
bonds
do
we
do
we
want
to
do
and
how
much
can
we
afford
with
our
current
resources
and
if
we
want
more,
what
might
that
cost
us
if
we
want
it,
and
so
that's
why
we're?
G
Basically,
as
you
said,
how
long
does
this
process
take
we're
basically
starting
now
to
get
us
to
May
of
2023
in
order
to
figure
out
a
lot
of
of
those
questions?
And
that's
what
happened
last
time,
I
think
a
number
was
was
looked
at
and
the
the
pennies
that
were
generated
to
help
pay
for
the
new
Geo
program
that
was
integrated
into
the
long-term
financial
plan.
G
If
we
had
looked
at
the
74
million
of
the
Geo
bonds
that
you
passed
first
kind
of
stand
alone
and
to
itself,
it
would
have
cost
more
than
those
those
pennies
that
you
raised
so
because
we're
integrating
it
into
the
model,
we're
able
to
look
at
what
you're
able
to
afford.
Looking
at
what
revenues
you
have
dedicated
to
it,.
C
That's
perfect,
that's
what
I
needed
to
hear
thank
you
and
and
like
how
often
we
would
need
to
do
I
think
would
be
helpful
and
then-
and
so
fellow
councilwoman,
one
of
the
things
I'm
thinking
about
in
this
is
also
our
Housing
Trust
Fund,
which
you
just
heard.
We
may
you
know,
move
six
million
dollars
into,
but
it's
a
replenishing,
Loan
Fund.
C
So
you
know
20
years
from
now
I'm
trying
to
look
at
like
where
is
the
housing
crisis
in
20
years,
and
where
are
the
funds
that
we'll
have
to
address
it
because
HTF
will
be
coming
back
in
as
projects
are
paid
off,
bonds
will
be
paid
off
and
maybe
recycling
so
I'm
trying
to
look
at
it.
You
know
30-year
housing
plan
and
this
is
a
big
component,
so
so
helpful
today.
Thank
you.
Everyone.
A
F
Thank
you.
How
long
should
we
be
thinking
about
this?
We
stepped
actually
in
2020,
unfortunately
brought
this
to
finance
in
HR
to
talk
about
getting
into
this
Rhythm
or
this
cycle
of
Geo
bonds
and
what
it
would
take
in
discussions,
and
so
we've
been
we've
been
thinking
about
it
in
the
past.
Council
was,
you
know,
provided
with
information,
but
then
obviously
covet
and
all
kinds
of
things
the
world
changed
quite
frankly,
and
so
now
we're
getting
that
refocused,
and
we
want
this
committee
to
be
an
integral
part
of
having
staff.
F
Think
through
you
know,
should
there
be
a
2024
look
at
another
bun
referendum.
But
what
we
will
say
definitely
is
that
there
is
tremendous
need
in
terms
of
a
from
a
capital
infrastructure
perspective,
but
there
is
also
you
know
the
financial
aspect.
We
do
not
want
to
put
this
community
at
risk
of
ever
defaulting
and
so
there's
a
lot
of
analysis
and
assessment
that
goes
into
whether
you
issue
a
bond,
and
we
don't
take
that
lightly.
G
I'll
make
one
last
comment:
the
when
I
believe
you
asked
about
you
know
the
local
government
commission
at
being
a
unique
entity.
G
The
local
government
commission
was
formed
in
the
late
1920s
after
the
great
crash,
and
at
that
time
the
city
of
Asheville
was
the
largest
city
in
North
Carolina,
and
the
city
did
default
on
some
Bonds
in
the
1920s,
and
the
local
government
with
a
commission
was
formed
to
make
sure
that
would
never
happen
again
in
the
state
and
we
we
laugh
a
little
bit
on
the
history
of
of
the
city.
G
You
know
the
default
did
happen
back
in
the
20s,
and
you
know
your
credit
rating.
If
you
default
on
debt,
your
credit
rating
is
not
the
best,
although
the
city
regained
its
AAA
credit
rating
I,
believe
in
16
or
18
and
or
right
around
2018
or
2020
right
around
there,
and
so
we
have
definitive
proof
that
it
takes
about
a
hundred
years
to
go
from
default
to
get
a
triple
A
again.
G
C
A
A
Okay,
so
that
brings
us
to
public
comment.
Alicia.
Do
we
have
anybody
on
the
line?
Do
are
the
thousands
of
people
that
are
waiting
to
to
give
us
comments,
go
ahead
and
open
it
up.
A
I'm
I'm
disappointed
it's
disappointing,
but
thank
you
appreciate
your
keeping
track
of
it.
We're
gonna
we're
ladies
we're
one
of
the
very
popular
committees.
Apparently,
oh
all
right.
Well
with
that,
we
will
see
everyone,
well
not
everyone
tonight,
but
a
big
chunk
of
you
tonight
so
and
I'll
I'll
adjourn
the
meeting.
Thank
you.