RES_01-26_Festival_Ranch_FY_2027_Tentative_Budget With Exhibits.pdf

RESOLUTION NO. 01-26 (Festival Ranch) 
RESOLUTION OF THE BOARD OF DIRECTORS OF THE FESTIVAL RANCH 
COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE, ARIZONA), 
APPROVING THE TENTATIVE BUDGET OF THE DISTRICT FOR FISCAL 
YEAR 2027, BEGINNING JULY 1, 2026, AND ENDING JUNE 30, 2027, AND 
SETTING HEARING DATES FOR THE FINAL BUDGET AND TAX LEVY. 
BE IT RESOLVED by the Board of Directors of the Festival Ranch Community 
Facilities District (City of Buckeye, Arizona), as follows: 
Section 1. The statements and schedules contained in the budget attached hereto as 
Exhibit A and incorporated by reference herein are hereby approved for the purpose as 
hereinafter set forth as the tentative budget for the Festival Ranch Community Facilities 
District (City of Buckeye, Arizona) (the “District”) for fiscal year 2027.  The statements and 
estimates of the operation and maintenance expenses of the District, the costs of capital 
improvements and other expenditures for public infrastructure, and the amount needed to pay 
general obligation bonds of the District, if any (collectively, the “District Expenditures”), which 
are to be paid from ad valorem taxes collected in the District, are hereby filed with the District 
Clerk. 
Section 2. The District Clerk is authorized and directed to cause to be mailed to the City 
Council of the City of Buckeye, Arizona (the “City Council”) and published in the manner 
prescribed by law, a notice that the District Board will meet for the purpose of conducting a final 
hearing for District taxpayers on the statements and estimates of District Expenditures filed with 
the District Clerk and on the adoption of the fiscal year 2027 Annual Budget for the District; said 
hearing to be conducted on June 2, 2026, at 5:15 p.m. in the Executive Conference Room at 
City Hall, 530 E. Monroe Avenue, Buckeye, Arizona 85326, with final approval of the District’s 
tax levy on June 16, 2026, same time and place. 
Section 3. This Resolution shall be effective immediately. 
PASSED AND ADOPTED by the Board of Directors of the Festival Ranch Community 
Facilities District (City of Buckeye, Arizona), this 19th day of May, 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 Budget

EXHIBIT A 
Fiscal Year 2027 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 Agreements
- 
- 
- 
- 
Developer Contribution
413,775
             
404,200
             
715,600
             
228,400
           
Investment Income
36,681
                
- 
13,100
 
- 
Other
- 
- 
- 
- 
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