After reviewing the lodging revenue forecast shortfall of $11.5 million in the wake of Helene and staff recommendations for expenses, finance committee leadership focused on the role of travel and hospitality as the front line of economic recovery for our community. The authority finds itself in a strong financial position to invest in our economic recovery through marketing and messaging to inspire the return of visitors, groups, and events.

Based on the committee’s recommendation, the board approved a budget amendment reducing the operating fund revenue budget by $7.7 million and the operating fund expense budget by $1.6 million. The revised $25.7 million operating budget reflects an anticipated $10.5 million investment from the fund balance. This amended 6-month contingency plan sets the runway for FY26 budget planning and the potential to draw from the fund balance again.

Source: Explore Asheville.