RES_01-26_Verrado_W-O_FY_2027_Tentative_Budget with Exhibits.pdf

RESOLUTION NO. 01-26 (Verrado Western Overlay) 
 
RESOLUTION OF THE BOARD OF DIRECTORS OF THE VERRADO 
WESTERN OVERLAY 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 Verrado Western Overlay 
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 Verrado Western Overlay 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 Verrado Western Overlay 
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
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
$          
FY 2026 Budget