ASHEVILLE, N.C. (828newsNOW) — The Buncombe County Board of Commissioners approved a new multiyear funding agreement for public schools, reviewed an external financial audit and received updates on public health, tourism and zoning during its Tuesday, Jan. 6, meeting.
Commissioners approved a three-year agreement outlining a funding formula for Asheville City Schools and Buncombe County Schools. Under the plan, school funding will equal 37.76 percent of the county’s combined 12 months of property and sales tax revenues from March through February preceding the fiscal year. Based on last year’s revenues, the formula would provide about $119 million for schools, with funding expected to grow annually.
Funds would be divided between the two systems based on average daily membership, with approximately 85 percent allocated to Buncombe County Schools and 15 percent to Asheville City Schools. The agreement includes an automatic adjustment: if certified enrollment increases by more than 2 percent from the prior year, the base funding percentage will rise by 0.5 percent; if enrollment drops by more than 2 percent, the percentage will decrease by the same amount…