RES_01-26_Floreo_at_Teravalis_FY_2027_Tentative_Budget With Exhibits.pdf

RESOLUTION NO. 01-26 (Floreo at Teravalis) 
 
RESOLUTION OF THE BOARD OF DIRECTORS OF THE FLOREO AT 
TERAVALIS 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 Floreo at Teravalis 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 Floreo at Teravalis 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 Floreo at Teravalis 
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
Floreo at Teravalis Community Facilities District
Buckeye, Arizona
FY 2027
Actual
Budget
FY 2025
Adopted
Projected
FY 2027
Revenues:
Property Taxes
$840
$1,000
$1,100
$1,500
Special assessments - debt service
-
                       
975,600
          
933,000
          
932,800
          
Special assessments - prepayments
-
                       
200,000
          
-
                       
200,000
          
Charges for services
25,000
             
5,000
               
40,300
             
25,300
             
Developer Contribution
-
                       
404,400
          
407,000
          
-
                       
Total revenues
25,840
            
1,586,000
       
1,381,400
       
1,159,600
       
Expenditures:
Administrative Fees
5,000
               
5,000
               
5,000
               
5,000
               
Operations and Maintenance
32,295
             
1,000
               
17,100
             
17,500
             
Debt services:
Principal retirement
-
                   
530,000
          
397,000
          
542,000
          
Interest and other fiscal charges
-
                   
645,600
          
536,000
          
590,800
          
Bond issuance costs
10,000
             
404,400
          
393,800
          
-
                   
Captial Outlay
-
                   
9,993,600
       
10,037,000
     
-
                   
Contingency
-
                   
-
                   
-
                   
15,500
             
Total expenditures
47,295
            
11,579,600
     
11,385,900
     
1,170,800
       
Excess (deficiency) of revenues over
(under) expenditures
(21,455)
           
(9,993,600)
     
(10,004,500)
   
(11,200)
           
Other financing sources (uses):
Bonds issued
-
                   
10,970,000
     
10,970,000
     
-
                   
Transfer from other funds
-
                   
-
                   
25,200
             
25,200
             
Transfers to other funds
-
                   
-
                   
(25,200)
           
(25,200)
           
Total other financing sources (uses)
-
                   
10,970,000
     
10,970,000
     
-
                   
Net Change in fund balances
(21,455)
           
976,400
          
965,500
          
(11,200)
           
Fund balances - beginning
232
                  
-
                   
(21,200)
           
944,400
          
Fund balances - ending
($21,223)
$976,400
$944,300
$933,200
Total Full Cash Value Net Assessed
651,667
          
684,090
          
684,092
          
1,710,389
       
Total Limited Property Valuation Net Assessed
284,782
          
349,508
          
348,897
          
340,424
          
Tax Rate - Debt Service 
-
$                 
-
$                 
-
$                 
-
$                 
Tax Rate - O&M
0.3000
$          
0.3000
$          
0.3000
$          
0.3000
$          
FY 2026 Budget