RES_02-26_Verrado_District_1_CFD_-_FY_2027_Final_Budget__v2__5.17 w Exhibits.pdf
City of Buckeye — Joint Community Facilities Districts (2026-06-02)
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8054621.2
RESOLUTION NO. 02-26 (Verrado District 1)
RESOLUTION OF THE BOARD OF DIRECTORS OF THE VERRADO DISTRICT
1 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
Verrado District 1 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 Verrado District 1 Community
Facilities District (City of Buckeye, Arizona) as follows:
Section 1.
Budget Adopted. The District Budget in the amount of $7,769,900 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Conflicting Resolutions Repealed.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in conflict are hereby repealed.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 Verrado District 1 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
8054621.2
EXHIBIT A
Fiscal Year 2027 Final Budget
(consisting of 1 page)
EXHIBIT A - BUDGET
Verrado District #1 Community Facilities District
Buckeye, Arizona
FY 2027
Actual
Budget
FY 2025
Adopted
Projected
FY 2027
Revenues:
Property Taxes
$7,070,941
$7,369,600
$7,254,600
$7,454,500
Investment Income
29,068
-
29,000
25,000
Total revenues
7,100,009
7,369,600
7,283,600
7,479,500
Expenditures:
Administrative Fees
106,284
128,000
110,000
110,000
Operations and Maintenance
276,043
774,000
477,500
629,000
Debt services:
Principal retirement
4,260,000
4,420,000
4,420,000
4,575,000
Interest and other fiscal charges
2,412,908
2,253,600
2,253,600
2,091,000
Contingency
-
283,100
-
364,900
Total expenditures
7,055,235
7,858,700
7,261,100
7,769,900
Excess (deficiency) of revenues over
(under) expenditures
44,774
(489,100)
22,500
(290,400)
Other financing sources (uses):
Transfer from other funds
-
-
(150,000)
-
Transfers to other funds
-
-
150,000
-
Total other financing sources (uses)
-
-
-
-
Net Change in fund balances
44,774
(489,100)
22,500
(290,400)
Fund balances - beginning
223,080
489,100
267,900
290,400
Fund balances - ending
$267,854
$0
$290,400
$0
Total Full Cash Value Net Assessed
410,925,319
422,646,182
422,769,920
464,931,908
Total Limited Property Valuation Net Assessed
215,384,054
232,008,265
231,661,025
262,847,230
Tax Rate - Debt Service
3.0036
$
2.8764
$
2.8808
$
2.5361
$
Tax Rate - O&M
0.3000
$
0.3000
$
0.3000
$
0.3000
$
FY 2026 Budget