RES_02-26_Festival_Ranch_CFD_-_FY_2027_Final_Budget__v2__5.17 with Exhibit.pdf

8054616.2
RESOLUTION NO. 02-26 (Festival Ranch) 
RESOLUTION OF THE BOARD OF DIRECTORS OF THE FESTIVAL RANCH 
COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE, ARIZONA) 
APPROVING THE FINAL BUDGET OF THE DISTRICT FOR FISCAL YEAR 
2027, BEGINNING JULY 1, 2026, AND ENDING JUNE 30, 2027. 
WHEREAS, on May 19, 2026, the Board of Directors (the “District Board”) of the Festival 
Ranch Community Facilities District (City of Buckeye, Arizona) (the “District”) met and adopted 
the fiscal year 2027 proposed budget for the District; and  
WHEREAS, the District Board intends to adopt the fiscal year 2027 Final Budget for the 
District (the “District Budget”); and 
WHEREAS, in the District Budget, the District Board has filed with the District Clerk the 
annual statements of the costs and expenditures of the District, including the amount of taxes to 
be raised to pay expenses of the District; and 
WHEREAS, the District published, as required by law, a notice that the District Board 
would meet on June 2, 2026, for the purposes of conducting a hearing on (i) the District Budget 
attached hereto as Exhibit A and incorporated by reference herein, and (ii) the tax levy; and 
WHEREAS, in accordance with Title 48, Section 716, Arizona Revised Statutes, and 
following public notice, the District Board met and held a public hearing on June 2, 2026, at 
which meeting any taxpayer was permitted to appear and be heard in favor of or against any of 
the proposed expenditures or tax levies. 
BE IT RESOLVED by the Board of Directors of the Festival Ranch Community Facilities 
District (City of Buckeye, Arizona) as follows: 
Section 1.  
Budget Adopted.  The District Budget in the amount of $18,522,500 is 
hereby adopted as the budget of the District for the fiscal year 2027. 
Section 2. 
Conflicting Resolutions Repealed.  All resolutions and parts of resolutions 
in conflict are hereby repealed. 
PASSED AND ADOPTED by the Board of Directors of the Festival Ranch Community 
Facilities District (City of Buckeye, Arizona), this 2nd day of June, 2026. 
___________________________________ 
Eric W. Orsborn, District Chairman 
ATTEST: 
_______________________________ 
Lucinda J. Aja, District Clerk 
APPROVED AS TO FORM: 
_______________________________ 
Tosca Henry, District Attorney 
Attachment 
Exhibit A: Fiscal Year 2027 Final Budget

8054616.2.2  
EXHIBIT A 
Fiscal Year 2027 Final Budget 
(consisting of 1 page)

EXHIBIT A - BUDGET
Buckeye, Arizona
FY 2027
Actual
Budget
FY 2025
Adopted
Projected
FY 2027
Revenues:
Property Taxes
$4,451,335
$4,850,800
$4,803,000
$5,125,900
Special assessments - debt service
703,406
             
785,400
             
603,200
             
828,500
           
Special assessments - prepayments
195,992
             
307,000
             
124,000
             
307,000
           
Charges for services
6,433
 
15,000
 
15,200
 
15,000
              
Developer Contribution
413,775
             
404,200
             
715,600
             
228,400
           
Investment Income
36,681
 
-
13,100
- 
Total revenues
5,807,622
          
6,362,400
          
6,274,100
          
6,504,800
        
Expenditures:
Administrative Fees
94,934
 
116,200
             
116,200
             
116,200
           
Operations and Maintenance
282,591
             
420,000
             
245,000
             
720,000
           
Debt services:
Principal retirement
2,645,307
          
2,825,000
          
2,584,300
          
2,889,600
        
Interest and other fiscal charges
2,328,772
          
2,676,800
          
2,505,400
          
2,901,400
        
Bond issuance costs
460,088
             
441,300
             
728,200
             
278,500
           
Captial Outlay
9,780,291
          
11,476,600
        
4,947,200
          
10,613,900
      
Contingency
- 
527,800
 
- 
1,002,900
 
Total expenditures
15,591,983
       
18,483,700
       
11,126,300
       
18,522,500
 
Excess (deficiency) of revenues over
(under) expenditures
(9,784,361)
        
(12,121,300)
      
(4,852,200)
        
(12,017,700)
    
Other financing sources (uses):
Bonds issued
10,075,000
        
7,914,500
          
8,405,800
          
7,100,000
        
Refunding bonds issued
2,995,000
          
- 
- 
- 
Premiums issued
332,344
             
- 
- 
- 
Payment to refunding agent
(3,130,000)
         
- 
- 
- 
Transfer from other funds
(10,163,486)
      
(3,411,334)
         
(5,637,900)
         
(7,049,900)
       
Transfers to other funds
10,163,486
        
3,411,334
          
5,637,900
          
7,049,900
        
Total other financing sources (uses)
10,272,344
       
7,914,500
          
8,405,800
          
7,100,000
        
Net Change in fund balances
487,983
             
(4,206,800)
        
3,553,600
          
(4,917,700)
      
Fund balances - beginning
1,676,032
          
5,047,200
          
2,164,000
          
5,717,600
        
Fund balances - ending
$2,164,015
$840,400
$5,717,600
$799,900
Total Full Cash Value Net Assessed
236,848,206
     
231,279,177
     
231,103,416
     
241,653,106
   
Total Limited Property Valuation Net Assessed
136,959,496
     
147,128,666
     
146,834,090
     
156,797,222
   
Tax Rate - Debt Service
2.8959
$             
2.9970
$             
3.0030
$             
2.9691
$           
Tax Rate - O&M
0.3000
$             
0.3000
$             
0.3000
$             
0.3000
$           
FY 2026 Budget
Festival Ranch Community Facilities District