RES_02-26_Verrado_Western_Overlay_CFD_-_FY_2027_Final_Budget__v2__5.17 w Exhibit.pdf

8054622.2 
RESOLUTION NO. 02-26 (Verrado Western Overlay) 
 
RESOLUTION OF THE BOARD OF DIRECTORS OF THE VERRADO 
WESTERN OVERLAY 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 Western Overlay 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 Western Overlay 
Community Facilities District (City of Buckeye, Arizona) as follows: 
 
Section 1.   
Budget Adopted.  The District Budget in the amount of $16,193,100 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Conflicting Resolutions Repealed.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in conflict are hereby repealed.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 Western Overlay 
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

8054622.2  
 
EXHIBIT A 
Fiscal Year 2027 Final Budget 
(consisting of 1 page)

EXHIBIT A - BUDGET
Verrado Western Overlay Community Facilities District
Buckeye, Arizona
FY 2027
Actual
Budget
FY2025
Adopted
Projected
FY 2027
Revenues:
Property Taxes
$1,370,126
$1,102,100
$1,079,700
$1,137,400
Developer Contribution
185,000
          
-
                        
-
                        
-
                        
Investment Income
9,182
               
-
                        
8,000
               
-
                        
Total revenues
1,564,308
       
1,102,100
       
1,087,700
       
1,137,400
       
Expenditures:
Administrative Fees
23,346
             
27,700
             
25,000
             
25,000
             
Operations and Maintenance
14,954
             
35,000
             
105,600
          
26,500
             
Debt services:
Principal retirement
1,145,000
       
545,000
          
545,000
          
585,000
          
Interest and other fiscal charges
447,706
          
464,100
          
464,100
          
449,000
          
Bond issuance costs
250,250
          
-
                   
-
                   
-
                   
Capital Outlay
8,438,000
       
-
                   
-
                   
15,000,000
     
Contingency
-
                   
187,300
          
-
                   
107,600
          
Total expenditures
10,319,256
     
1,259,100
       
1,139,700
       
16,193,100
     
Excess (deficiency) of revenues over
(under) expenditures
(8,754,948)
      
(157,000)
         
(52,000)
           
(15,055,700)
   
Other financing sources (uses):
Bonds issued
8,300,000
       
-
                   
-
                   
15,000,000
     
Premiums issued
207,519
          
-
                   
-
                   
-
                   
Transfer from other funds
8,438,000
       
-
                   
137,500
          
15,000,000
     
Transfer to other funds
(8,438,000)
      
-
                   
(137,500)
         
(15,000,000)
    
Total other financing sources (uses)
8,507,519
       
-
                   
-
                   
15,000,000
     
Net Change in fund balances
(247,429)
         
(157,000)
         
(52,000)
           
(55,700)
           
Fund balances - beginning
355,134
          
157,000
          
107,700
          
55,700
             
Fund balances - ending
$107,705
$0
$55,700
$0
Total Full Cash Value Net Assessed
53,826,709
     
57,461,716
     
57,388,044
     
68,858,958
     
Total Limited Property Valuation Net Assessed
27,992,418
     
30,975,747
     
30,884,079
     
34,444,332
     
Tax Rate - Debt Service
4.7328
$          
3.2577
$          
3.2674
$          
3.0019
$          
Tax Rate - O&M
0.3000
$          
0.3000
$          
0.3000
$          
0.3000
$          
55,705.00
       
(5.00)
                
FY 2026 Budget