FY 2024-25 ACFR Final - Digital.pdf
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CITY OF BUCKEYE, ARIZONA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE
FISCAL YEAR ENDED JUNE 30, 2025
PREPARED BY THE
FINANCE DEPARTMENT
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CITY OF BUCKEYE, ARIZONA
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2025
TABLE OF CONTENTS
INTRODUCTORY SECTION
Letter of Transmittal……………………………………………………………………………………………………………………………………………………………………….……
vii
Certificate of Achievement for Excellence in Financial Reporting ………………………………………………………………………………………………………….
xi
City Organization Chart………………………………………………………………………………………………………………………………………………………………………….
xii
Key Officials and Executive Team……………………………………………………………………………………………………………………………………………………………
xiii
FINANCIAL SECTION
Independent Auditor’s Report……………………………………………………………………………………………………………………………………………………………….
1
Management’s Discussion and Analysis………………………………………………………………………………………………………………………………………………….
5
Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Position.……………………………………………………………………………………………………………………………….
17
Statement of Activities………………………………………………………………………………………………………………………………………
18
Fund Financial Statements:
Balance Sheet - Governmental Funds…………………………………………………………………………………………………………………
20
Reconciliation of the Balance Sheet to the Statement of Net Position……………………………………………………………….
22
Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds……………………………
24
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance of Governmental
Funds to the Statement of Activities………………………………………………………………………………………………………………….
26
Statement of Net Position - Proprietary Funds.………………………………………………………………………………………………….
27
Statement of Revenue, Expenses and Changes in Fund Net Position - Proprietary Funds………………………………….
28
Statement of Cash Flows - Proprietary Funds…………………………………………………………………………………………………….
29
Statement of Net Position - Fiduciary Fund……………….………………………………………………………………………………………
31
Statement of Changes in Net Position - Fiduciary Fund…….……………………………………………………………………………….
32
Notes to the Financial Statements………….…………………………………………………………………………………………………........................... 33
Required Supplementary Information:
General Fund Budgetary Schedule…….……………………………………………………………………………………………………………………………….
72
Highway User Revenue Fund Budgetary Schedule……………………………………………………………………………………………………………….
74
Notes to Budget and Actual Schedules…………………………………………………………………………………………………………………………………
75
Schedule of City’s Proportionate Share of the Net Pension Liability…………………………………………………………………………………….
76
Public Safety Personnel Retirement System - PSPRS ………………………………………………………………………………………………………….
77
Schedule of City’s Pension Contributions ASRS & PSPRS………………………………………………………………………………………………………
79
Notes to Required Supplementary Information……………………………………………………………………………………………………………………
80
Combining and Individual Fund Statements and Schedules:
Nonmajor Governmental Funds-Descriptions………………………………………………………………………………………………………………….….
81
Combining Balance Sheet - Nonmajor Governmental Funds…………………………………………………………………………………………….…
82
Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds………….
88
Other Supplementary Information:
Schedules of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual:
Special Revenue Funds:
City Court………………………………………………………………………………………………………………………………………………………….
95
Area Agency on Aging Fund……………………………………………………………………………………………………………………………….
96
Community Services Program Fund……….………………………………………………………………………………………………………….
97
Grants……………………………………………………………………….………………………………………………………………………….………….
98
Economic Development Reinvestment Fund…………….…………………………….….…………………………………………………….
99
Nuclear Emergency Management Fund………………………………………………………………………………….…….………………….
100
Public Safety Fund……………………………………………………………………………………………………………………………….…………….
101
Arizona Lottery Fund….……………………………….…………………………………………………………………………………………………….
102
Stormwater Quality Fund……………………………………………………………………………………………………………….………………….
103
Streetlight Improvement District Operations Fund…………………………………………………………………………………………….
104
Transient Lodging Fund……….…………………………………………………………………………………………………………………………….
105
Table of Contents
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CITY OF BUCKEYE, ARIZONA
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2025
TABLE OF CONTENTS
Other Supplementary Information (cont.)
Schedules of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual:
Capital Projects Funds:
Capital Improvement Fund General…………………………………………………………………….……………………………………….…...
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Developmental Impact Fees Fund……………………………………………………………………………………………………………………..
107
Cemetery Improvement Fund……………………………………………………………………………………………………………………………
108
Future Street Improvements Fund……………………………………………………………………………………………………………………..
109
Grants Capital Projects Fund……………………………………………………………………………………………………………………………..
110
Sundance Water Recharge…………………………………………………………………………………………………………………………………
111
Traffic Signal Fund……………………………………………………………………………………………………………………………………………..
112
Debt Service Funds:
Jackrabbit Trail ID Fund……………………………………………………………………………………………………………………………………..
113
Roosevelt Street ID Fund…………………………………………………………………………………………………………………………………..
114
Non-Major Enterprise Funds – Descriptions……………………………………………………………………………………………………………………………………………
115
Combining Statement of Net Position – Proprietary Funds – Nonmajor Funds……………………………………………………………………………………….
117
Combining Statement of Revenues, Expenses and Changes in Fund Net Position – Proprietary Funds – Nonmajor Funds……………………..
118
Combining Statement of Cash Flows – Proprietary Funds – Nonmajor…………………………………………………………………………………………………..
119
Tables
STATISTICAL SECTION
121
Financial Trends
1-Net Position by Component…………………………………………………………………………………………………………………………………………………………………
122
2-Changes in Net Position……………………………………………………………………………………………………………………………………………………………………….
124
3-Fund Balances of Governmental Funds……………………………………………………………………………………………………………………………………………….
126
4-Changes in Fund Balances of Governmental Funds………………………………………………………………………………………………………………………………
128
Revenue Capacity
5-General Governmental Excise Tax Revenues by Source……………………………………………………………………………………………………………………….
130
6-General Governmental Taxable Sales by Category……………………………………………………………………………………………………………………………….
132
7-Transaction Privilege Tax Rates of Direct and Overlapping Governments…………………………………………………………………………………………….
134
8-Net Assessed Property Values of Top Ten Taxpayers……………………………………………………………………………………………………………………………
136
9-Assessed Value and Estimated Actual Value of Taxable Property…………………………………………………………………………………………………………
138
10-Property Tax Rate-Direct and Overlapping Governments…………………………………………………………………………………………………………………..
140
Debt Capacity
11- Direct and Overlapping Governmental Activities Debt..........................................................................................................................
143
12-Ratios of Outstanding Debt by Type………………………….……………………….……………………………………………………………………………………………..
144
13-Legal Debt Margin Information………………………………………………………………………………………………………………………………………………………….
146
14-Pledged-Revenue Coverage……………………………………………………………………………………………………………………………………………………………….
148
Demographic and Economic Information
15-Demographic and Economic Statistics……………………………………………………………………………………………………………………………………………….
149
16-Principal Employers……………………………………………………………………………………………………………………………………………………………………………
150
17-Full-Time Equivalent City Government Employees by Function…………………………………………………………………………………………………………
152
Operating Information
18-Capital Asset and Infrastructure Statistics by Function………………………………………………………………………………………………………………………
154
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FO
CITY OF BUCKEYE
FINANCE DEPARTMENT
December 19, 2025
Honorable Mayor, City Council and Citizens of Buckeye
City of Buckeye, AZ
The Finance Department respectfully submits the Annual Comprehensive Financial Report (ACFR) of the City of Buckeye, Arizona for
the fiscal year ended June 30, 2025. The State of Arizona requires, in ARS Section 9-481, that each incorporated city is to be audited
at least once every fiscal year. The State of Arizona also requires additional supplemental information in the form of a report entitled
“Expenditure Limitation Report” to be completed annually. This report is under separate cover. Federal law requires that a single
audit be performed for federal grant funds in conformance with the provisions of the Single Audit Act of 1984 and the Uniform
Guidance. All information related to the single audit, including the schedule of expenditures of federal awards, findings and
recommendations, and the independent auditor’s reports on the internal control structure and compliance with applicable laws and
regulations are under separate cover.
This report was prepared by the Finance Department with the assistance of various other City departments. City management
assumes full responsibility for the accuracy of the data presented, and the completeness and fairness of the presentation, including
all disclosures, based on a comprehensive framework of internal control that has been established for this purpose. Because the cost
of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that
the financial statements are free of any material misstatements. Heinfeld Meech & Co., a firm of licensed certified public accountants,
has issued an unmodified opinion on the City’s ACFR for the year ended June 30, 2025. As indicated by the opinion of our independent
auditors, the report fairly presents the financial position and the results of operations of the City as measured by the financial activity
of its various funds. The report has been outlined in a manner that will give the reader a broad understanding of the City’s financial
affairs. It includes disclosures necessary for the reader to gain an understanding of the City’s financial activities. The independent
auditor’s report is located at the front of the financial statements in the Financial Section of the report.
Management’s Discussion and Analysis (MD&A) immediately follows the independent auditor's report and provides a narrative
introduction overview and analysis of the basic financial statements. The MD&A complements this letter of transmittal and should be
read in conjunction with it.
ACFR consists of three main sections: the Introductory section, the Financial section, and the Statistical section.
The Introductory Section includes this transmittal letter and an organization chart that lists the major divisions, components, and
mechanisms of the City. This section is intended to familiarize the reader with the City of Buckeye’s organizational structure, nature
and scope of provided services, and specifics of its operating environment. The information in this section is intended to provide
adequate background and sufficient context to assist the reader with the Financial Section of this ACFR.
The Financial Section contains all financial statements and supplemental information required to be disclosed by Generally Accepted
Accounting Principles (GAAP) used in the United States and Arizona State Law, as well as information on all individual funds. Also, in
this section there is other useful supplementary information that is not required by GAAP or Arizona State Law to present a financial
overview of the City of Buckeye. This section includes six parts:
(1) Independent Auditor’s Report,
(2) Management’s Discussion and Analysis (MD&A),
(3) Basic Financial Statements (BFS),
(4) Notes to the Basic Financial Statements,
(5) Required Supplementary Information, and
(6) Combining, Individual Fund Financial Statements and Schedules.
530 East Monroe Avenue ׀ Buckeye, Arizona 85326
Phone 623-349-6200 ׀Fax 623-349-6222 ׀www.buckeyeaz.gov
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CITY OF BUCKEYE
FINANCE DEPARTMENT
The Statistical Section is unaudited. It includes various tables and charts that reflect financial, economic, social, and demographic
information about the City of Buckeye that is interesting and relevant to assessing the City’s financial condition. This section is
intended to assist the reader in understanding the environment in which the City operates.
PROFILE OF THE CITY OF BUCKEYE
The City of Buckeye was founded in 1888 and is the westernmost incorporated city in the Valley of the Sun, which is the economic,
political, and population center in Arizona and includes the City of Phoenix and surrounding communities. What was once solely an
agricultural community has grown from a population of 4,436 in 1990 to approximately 119,007 on July 1, 2025, based on a report
from the U. S. Census Bureau. Robust population growth in the greater Phoenix area during the last 20 years had the inevitable effect
of focusing housing attention on the southwest valley as other areas approached build-out. Not only has the population of Buckeye
grown, today the City has a planning area of 642 square miles with a total of 392 annexed square miles. City planners’ project total
build-out could take at least 30 years for the nearly 642-mile planning area that stretches from almost Wickenburg on the north to
Gila Bend on the south, and from the Hassayampa River on the west to Perryville Road on the east.
With a short drive of about 35 miles or less, Buckeye residents can take advantage of the cultural, economic, and entertainment venues
found in major urban areas, yet they can return to the ease and ambiance of an essentially rural community where neighbors know
each other.
The City operates under a council-manager form of government. The seven-member City Council consists of six members elected by
district to serve staggered four-year terms. The Mayor is elected at-large for a four-year term and serves as a voting member of the
Council. All City elections are non-partisan. The City Council is responsible for passing ordinances, adopting the budget, appointing
members of commissions, and hiring the City Manager. The City Manager carries out the policies and ordinances of the City Council,
oversees the day-to-day operations of the City, and appoints various department heads.
The City provides traditional municipal services such as public safety (police, fire, and city court), airport facility for business and
recreational flying, street construction and maintenance, parks, recreation and culture, planning and zoning, and general
administrative and support services. Water and wastewater utility services are provided to many of the residents through the City’s
enterprise funds. Sanitation, refuse collection, and recycling services are provided through a separate enterprise fund. The City
provides, or will provide, street lighting and maintenance for developing areas through legally formed street lighting and maintenance
improvement districts. The City provides and accounts for a legally separate volunteer firefighters’ pension fund as mandated by
Arizona Revised Statute, Title 9, as well as several community facilities districts and improvement districts designed to provide funding
for the construction and acquisition of public infrastructure improvements; a discussion of these component units is available in the
footnotes to the Financial Statements.
The ACFR of the City includes all government activities, organizations, and functions for which the City is financially accountable. The
criteria used to determine financial accountability are based on, and are consistent with, the pronouncements of the Governmental
Accounting Standards Board which sets criteria for defining the financial reporting entity. The phrase “financially accountable” is
defined to include, but is not limited to, selection of governing authority, the designation of management, ability to significantly
influence operations, financial interdependence, and accountability for fiscal matters.
All the various school districts and certain special districts within the City of Buckeye are governed independently. The financial
statements of these districts are not included in this report.
FINANCIAL INFORMATION
Local Economy The City has an agricultural background and history, which it retains to this day. Substantial efforts have been put
into developing thoughtful and comprehensive master plans that include retail, commercial, entertainment, health care, education,
and employment centers. However, housing construction has been the primary source of the City’s revenues over the past several
years. There is approximately 8.8 million square feet of employment opportunities and retail space under construction.
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CITY OF BUCKEYE
FINANCE DEPARTMENT
Buckeye is located just 35 minutes west of Downtown Phoenix and is located on a robust transportation corridor. Buckeye provides
direct access to the Union Pacific Railroad, Interstate 10, State Route 85, MC 85, and the future Interstates 11 and 30 with
interconnections to Interstate 8, Loop 303, and other major highways. Virtually every major mode of transportation makes Buckeye
accessible from multiple points. Large tracts of undeveloped land lie within Buckeye that are suitable for solar power generation
facilities. Buckeye is positioning itself to earn the moniker of the “Sustainable Valley” attracting many new “green” industries. In
addition to this, the City of Buckeye sits on the state’s largest untapped groundwater aquifer, the Hassayampa River Basin, and the
majestic view of the White Tank Mountains from every vantage point creates a unique and unparalleled landscape.
Long-Term Financial Planning Buckeye is excited to face the challenges of the coming years where we will be accommodating growth
while ensuring that the City develops as a place where people can live, work, and play. Increases in population and the property tax
base, as well as commercial and retail activity and the City’s economic development efforts, are all expected to provide additional
revenue to offset the costs related to both modest continuing growth, in addition to expanding services and facilities.
Because of today’s economic uncertainties, the City established a contingency reserve in the general fund budget for the fiscal year
and carried that policy forward into the budget for the following fiscal year. Various other funds also have budgeted contingency
amounts not specifically designated or allocated for a specific activity or use to provide some flexibility in the face of an economic
slowdown that appears to be deeper and longer-term than originally projected by economists.
Annually, City Council approves as part of the budget process, the City’s five (5) Year Capital Improvement Program (FY 23/24 – FY
28/29). The Capital Improvement Program (CIP) is a suggested schedule of capital expenditures to be incurred in a given fiscal year
for a fixed period of years to meet capital needs. The City of Buckeye CIP specifically sets forth each project or capital expenditure
that the City initiates. Each project or capital expenditure will contain estimates of cost and proposed financing, with each project
annually reviewed, updated, and possibly revised as part of the City of Buckeye budgeting process.
Relevant Financial Policies The City of Buckeye maintains accounts per the principles of fund accounting to ensure that limitations
and restrictions on the City’s available resources are observed and adhered to. Fund accounting classifies resources into funds for the
intended activities or objectives specified by those resources for accounting controls and financial reporting purposes. Each fund is
an independent fiscal and accounting entity, and its operations are accounted for in a separate set of self-balancing accounts that are
comprised of assets, liabilities, fund equity, revenues, and expenditures or expenses.
The City incorporates performance expectations and initiatives into their annual budgeting process, which are intended to move the
City toward achieving its goals. Department directors are held responsible for the financial performance of their units as well as the
programmatic performance of their units. The City has adopted the practice of not “cleaning-up” program over-expenditures, but
rather reporting them in the ACFR as budget overspent. This practice provides necessary information for future budget cycles and
brings attention to the reasons for the budget overage. In the event a fund is overspent, the General Fund will advance sufficient
funds to cover any deficit. In most cases, there is sufficient fund balance to take that action.
City management monitors the City’s budget at the fund level for Special Revenue, Debt Service, and Capital Projects Funds. The
General Fund is monitored at the department level. The budget is modified throughout the year as certain additional resources
become available or anticipated resources dissipate if permitted under Arizona statutes. This practice ensures all available resources
are accounted for with appropriate budgetary controls, and only available resources are disbursed or encumbered.
Historically, the City has been very conservative in its approach to financial matters, minimizing borrowing to control interest costs,
and controlling the use of both recurring and non-recurring operating revenues.
Budgetary Controls The City Council formally adopts the budget and legally allocates, or appropriates, available monies for the
General Fund, certain special revenue funds, and debt service funds (except for the Community Facilities Districts); therefore, these
funds have appropriated budgets , and budget to actual information is presented.
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CITY OF BUCKEYE
FINANCE DEPARTMENT
Community facilities districts funds, enterprise funds and internal service funds have non-appropriated budgets. Accordingly, no
comparison of budget to actual is presented in the financial statements for these funds. Budgets for the community facilities districts
are established in accordance with Arizona Revised Statutes, which do not require their inclusion in the city budget or adoption by the
City Council. Budgets for capital project funds are established for individual projects and unexpended funds are re-appropriated each
year until the project is completed and capitalized. Budgets for enterprise funds and internal service funds are established to help
departments control operation costs.
AWARDS AND ACKNOWLEDGEMENTS
Certificate of Achievement
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for
Excellence in Financial Reporting to the City for its Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30,
2024, marking the seventh year the City has achieved this prestigious recognition. To be awarded a Certificate of Achievement, a
government must publish an easily readable and efficiently organized ACFR that satisfies both generally accepted accounting principles
and applicable legal requirements. A Certificate of Achievement is valid for one year only. We believe that our current ACFR continues
to meet the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to determine its eligibility for
another certificate.
Acknowledgments
The preparation of this report would not have been possible without the efficient and dedicated services of the entire staff of the
Finance Department. We wish to express our sincere appreciation to all members of every City Department who contributed to its
preparation and recognize the major effort of the Finance Department in administering the City’s accounting system and in preparing
this report.
We also wish to thank each of you for your interest and support in planning and conducting the financial operations of the City
responsibly and progressively.
Respectfully submitted,
Rick Langley
Interim Chief Financial Officer
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KEY OFFICIALS AND STAFF
The City of Buckeye operates under the Council-Manager form of government. An elected City Council consisting of a mayor and six
members is responsible for making policies, passing ordinances, voting appropriations, and having overall supervisory authority to the
City government. The City Manager is responsible for supervising government operations and implementing the policies adopted by
the Council.
MAYOR AND COUNCIL
Mayor Eric Orsborn
Council Member (District 1) Tony Youngker
Council Member (District 2) Jamaine Berry
Council Member (District 3) Curtis Beard
Council Member (District 4) Patrick HagEstad
Council Member (District 5) Craig Heustis
Vice Mayor, Council Member (District 6) Clay Goodman, PhD
LEADERSHIP TEAM
City Manager Doug Sandstrom
Deputy City Manager Javier Setovich
Deputy City Manager Jared Askelson
Deputy City Manager David Roderique
City Attorney Scott McCoy
City Clerk Lucinda Aja
City Magistrate John D. Burkholder
Interim Chief Financial Officer Rick Langley
Communications and Intergovernmental
Relations Director Annie DeChance
Community Services Director Miranda Gomez
Development Services Director Brian Craig
Economic Development Director Suzanne Boyles
Fire Chief Jake Rhodes
Human Resources Director Cindy Camarata
Information Technology Director Greg Platacz
Police Chief Robert Sanders
Program Management Office Director James Shano
Public Works Director Amy Murray
Water Resources Director Terry Lowe
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MANAGEMENT TEAM
Airport
Aviation Director Scott Gray
Aviation Asset Director Scott Lowe
City Clerk:
Deputy City Clerk Summer Stewart
City Magistrate:
Court Administrator Jenna Wade
Community Services:
Deputy Director Robert Wisener
Deputy Director Kelby Mieras
Recreation Manager Jessica Thompson
Library Manager Elizabeth Garcia
Parks Manager Mark Bianco
Senior Center Manager Phil Yabes
Development Services:
Deputy Director of Planning Adam Copeland
Deputy Director of Administration Cathy Clemons
Deputy Director of Civil Engineering Ron Moll
Economic Development:
Deputy Director Harry Paxton
Business Manager Brian Wright
Project Manager Katherine Hutton
Engineering:
City Traffic Engineer John Willett
Finance:
Accounting Manager Sherri Meredith
Utilities Service Manager Alicia Bravo
Interim Budget Manager Rob Roach
Grants and Procurement Manager Rob Roach
Special Districts Manager Larry Price
Fire Department:
Assistant Fire Chief Rayne Gray
Human Resources:
Deputy Human Resources Director Kerry Sheward
Risk and Safety Manager Jeff Horned
Information Technology:
IT Operations Manager Robert Hoff
IT Infrastructure Manager Jonathan Snyder
Application Manager Julian Garcia
Police Department:
Deputy Police Chief Chuck Bezio
Public Works:
Deputy Director Justin Goodere
Deputy Director Allen Spivey
Environmental Operations Manager Robert van den Akker
Streets Operations Manager Richard Vereecken
Fleet Maintenance Manager Beth Casillas
Facilities Operations Manager Jeff Martin
Water Resources:
Deputy Director Eddie Solis
Water Resources Manager Bobby Anastasov
SUPPORTING STAFF
Senior Accountant Stephanie Cave
Senior Accountant Sierra Kuykendall
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Independent Auditor’s Report
Honorable Mayor and Members of the City Council
City of Buckeye, Arizona
Report on Audit of Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business‐type activities, each
major fund, and the aggregate remaining fund information of City of Buckeye, Arizona (City), as of and for the year ended
June 30, 2025, and the related notes to the financial statements, which collectively comprise the City’s basic financial
statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial
position of the governmental activities, the business‐type activities, each major fund, and the aggregate remaining fund
information of the City of Buckeye, Arizona, as of June 30, 2025, and the respective changes in financial position and,
where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted
in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the
standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General
of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for
the Audit of the Financial Statements section of our report. We are required to be independent of City of Buckeye, Arizona,
and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Change in Accounting Principle
As described in Note 1 to the financial statements, the City implemented the provisions of GASB Statement No. 101,
Compensated Absences, for the year ended June 30, 2025. Our opinion is not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
accounting principles generally accepted in the United States of America, and for the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for one
year beyond the financial statement date, including any currently known information that may raise substantial doubt
shortly thereafter.
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Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an
audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will
always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial
likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the
financial statements. In performing an audit in accordance with generally accepted auditing standards and Government
Auditing Standards, we:
•
Exercise professional judgment and maintain professional skepticism throughout the audit.
•
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
City’s internal control. Accordingly, no such opinion is expressed.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
•
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the
audit.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management’s Discussion and
Analysis, budgetary comparison information, and net pension liability information, as listed in the table of contents, be
presented to supplement the basic financial statements. Such information is the responsibility of management and,
although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who
considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required supplementary
information in accordance with auditing standards generally accepted in the United States of America, which consisted of
inquiries of management about the methods of preparing the information and comparing the information for consistency
with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during
our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information
because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the
City’s basic financial statements. The Combining and Individual Fund Financial Statements and Schedules and Other
Supplementary Information are presented for purposes of additional analysis and are not a required part of the basic
financial statements.
Such information is the responsibility of management and was derived from and relates directly to the underlying
accounting and other records used to prepare the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including
comparing and reconciling such information directly to the underlying accounting and other records used to prepare the
basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance
with auditing standards generally accepted in the United States of America. In our opinion, the Combining and Individual
Fund Financial Statements and Schedules and Other Supplementary Information is fairly stated in all material respects in
relation to the basic financial statements as a whole.
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Other Information
Management is responsible for the other information included in the annual report. The other information comprises the
Introductory Section and Statistical Section but does not include the basic financial statements and our auditor’s report
thereon. Our opinions on the basic financial statements do not cover the other information and we do not express an
opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and
consider whether a material inconsistency exists between the other information and the basic financial statements, or
the other information otherwise appears to be materially misstated. If, based on other work performed, we conclude that
an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 19, 2025, on our
consideration of City of Buckeye, Arizona’s internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is
solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of
that testing, and not to provide an opinion on the effectiveness of the City of Buckeye, Arizona’s internal control over
financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering City of Buckeye, Arizona’s internal control over financial reporting and compliance.
Heinfeld, Meech & Co., P.C.
Scottsdale, Arizona
December 19, 2025
3
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5
City of Buckeye, Arizona
Management’s Discussion and Analysis
Introduction
As financial management of the City of Buckeye (City), Arizona, we are pleased to provide an overview of our financial activities
for the fiscal year ended June 30, 2025. The intended purpose of Management’s Discussion and Analysis (MD&A) is to provide
an introduction to the basic financial statements and notes that provide an objective and easy-to-read analysis of our financial
activities based on currently known facts, decisions, and conditions. An easily readable summary of operating results and
reasons for changes will help the reader to determine if our financial position improved or deteriorated over the past year.
This report addresses current operational activities; the sources, uses, and changes in resources; adherence to budget;
limitations; significant economic factors; and the status of infrastructure and its impact on our debt and operations. When
referring to prior year data in this analysis, we will be drawing on information from last year’s audited financial reports.
The City includes Community Facility Districts (CFDs), which are separate legal entities in this report because they are deemed
to be “component units” of local government because of the commonality of management (the City’s elected officials serve as
the Board of Directors for each CFD). The City, however, has no financial liability for the CFDs. A description of these
component units is available in Note 1. Separate financial statements are prepared for the CFDs.
Financial Highlights
• The City’s government-wide assets and deferred outflows exceeded its liabilities and deferred inflows at the close of the
fiscal year by $1.1 billion (net position). Of this amount, $113.4 million is unrestricted balance and may be used to meet
the government’s ongoing obligations to citizens and creditors.
• The City’s total net position increased by $125.5 million in the fiscal year 2025; an increase of $93.7 million in governmental
activities and an increase of $31.8 million in business-type activities. The net position increase in governmental activities
was primarily driven by higher-than-expected transaction privilege tax collections, State-shared Revenues and investment
earnings received during the year. The net position increase in business activities was due to the increase in water users’
fees due to growth, investment earnings, contributed capital and premium on a bond issue.
• As of the close of the fiscal year 2025, the City’s governmental funds reported combined ending fund balances of $219.5
million, an increase of $5.2 million over the prior year. The majority of this increase can be attributed to an increase in
sales tax collections, State-shared Revenues, investment earnings and permitting activity. The increase in assessed value
due to new housing and a continued increase in population resulted in the increase in property taxes and State-shared
revenues.
• As of June 30, 2025, the total fund balance in the General Fund was $158.1 million (unassigned fund balance of $130.5
million). The committed General Fund balance of $24.5 million represents infrastructure reimbursement agreements that
were approved by Council. The fund balance in the Impact Fees Funds totaled $32.4 million. The fund balance for the
Highway Users Revenue Fund was $447,642. The Capital Improvement fund balance equals $2.9 million and is restricted
for future capital projects expenditures.
• For the fiscal year 2025, total General Fund revenues of $200.3 million (non-GAAP basis) were greater than budgeted
revenues of $188.6 million; a positive variance of $11.7 million, or 6.2%. Total General Fund expenditures of $158.8
million (non-GAAP basis) were less than the budgeted expenditures of $227.5 million, a variance of $68.7 million.
• For the fiscal year 2025, the total Highway Users Revenue Fund (HURF) revenues of $7.3 million were lower than the
budgeted revenues of $9.5 million; a negative variance of $2.2 million or 22.9%. Total HURF expenditures $12.9 million
were less than the budgeted amount of $15.2 million; a difference of $2.3 million or 15.1%. Total Impact Fee revenues of
$13.7 million were higher than the budgeted revenues of $6.7 million, a positive variance of $7.0 million. There were no
Impact Fee expenditures while $9.7 million was budgeted; a difference of $9.7 million or 100.0% when compared to
budget.
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6
City of Buckeye, Arizona
Management’s Discussion and Analysis
Overview of the Financial Statements
The financial section of the Annual Comprehensive Financial Report (ACFR) for the City consists of the independent auditor’s
report, management’s discussion and analysis, the basic financial statements, the required supplementary schedules, the
combining, and individual fund statements and budgetary statements.
The basic financial statements include the government-wide financial statements, fund financial statements, and notes to the
basic financial statements. Other required supplementary information includes the budgetary statements for the General Fund
and major special revenue funds, and the schedules and notes related to pension requirements. The additional non-required
information includes combining schedules and other supplementary schedules presented after the basic financial statements.
Government-wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances, similar
to private-sector businesses.
The statement of net position presents information on all of the City’s assets, deferred outflows of resources, liabilities, deferred
inflows of resources, and net position defined as assets plus deferred outflows of resources less liabilities less deferred inflows
of resources. Over time, increases or decreases in net position may serve as useful indicators of whether the financial position
of the City is improving or deteriorating.
The statement of activities presents information showing how the government’s net position changed during the most recent
fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless
of the timing of the related cash flows. Thus, revenues and expenses are reported in this statement for some items that will
only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned, but unused, vacation leave).
The government-wide financial statements distinguish functions of the City that are principally supported by taxes and
intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant
portion of their costs through user fees and charges (business-type activities). The governmental activities of the City include
general government, public safety, highways and streets, culture and recreation, community development, economic
development, and health and welfare. The business-type activities include the City’s water, wastewater, solid waste, and
airport operations.
Fund Financial Statements
Also presented are the traditional fund financial statements for governmental, proprietary, and fiduciary funds. The fund
financial statements focus on major funds of the City. A fund is a grouping of related accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. The City, like other state and local governments,
uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All the funds of the City
can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.
Governmental Funds
Governmental funds are used to account for essentially the same functions reported as governmental activities in the
government-wide financial statements. However, unlike the government-wide financial statements, governmental fund
financial statements focus on near-term inflows and outflows of expendable resources, as well as balances of expendable
resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term
financing requirements. Since the governmental fund financial statements focus on near-term expendable resources, while
the governmental activities on the government-wide financial statements have a longer-term focus, a reconciliation of the
differences between the two is provided with the fund financial statements.
Proprietary Funds
Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The
City maintains one type of proprietary funds. Enterprise funds are used to report the same functions presented as “business-
type activities” in the government-wide financial statements. The City uses enterprise funds to account for its water,
wastewater, solid waste, and airport operations.
Table of Contents
7
City of Buckeye, Arizona
Management’s Discussion and Analysis
The Airport Fund was rolled into the General Fund during the prior fiscal year since the General Fund normally covered a
significant portion of the expenses and will be eliminated next fiscal year when the transition of activity to the General Fund is
fully complete.
Fiduciary Funds
Fiduciary funds are used to account for resources held for the benefit of parties outside the government. The Fiduciary fund
held by the City is for the Volunteer Fire Fighters Alternate Pension & Benefit Plan. Fiduciary funds are not reflected in the
government-wide financial statements because the resources of those funds are not available to support the City’s programs.
The accounting used for fiduciary funds is much like that used for proprietary funds.
Notes to the Basic Financial Statements
The notes to the basic financial statements provide additional information that is essential to a full understanding of the data
provided in the government-wide and fund financial statements and should be read with the financial statements.
Required Supplementary Information Other than this MD&A
Governments have the option of including the budgetary comparison statements for the general fund and major special
revenue funds as either part of the fund financial statements within the basic financial statements, or as required
supplementary information after the footnotes. The City has chosen to represent these budgetary statements as part of the
required supplementary information. Additionally, governments are required to disclose certain information about employee
pension funds.
Government-Wide Financial Statements Analysis
While this document contains information about the funds used by the City to provide services to its citizens, the statement of
net position and statement of activities serve to provide an answer to the question of how the City, as a whole, performed
financially throughout the year. These statements include all assets and liabilities using the accrual basis of accounting similar
to the accounting used by the private sector. The basis for this accounting takes into account all of the current year’s revenues
and expenses regardless of when the cash is received or paid.
The net position may serve over time as a useful indicator of a government’s financial position. The following table reflects the
condensed Statement of Net Position of the City as of June 30, 2025 and 2024, showing that assets and deferred outflows of
resources exceeded liabilities and deferred inflows of resources for both governmental and business-type activities by a total
of $1.1 billion for the fiscal year ended June 30, 2025.
Analysis of Net Position
As noted earlier, the net position may serve as a useful indicator of a government’s financial condition. For the City, assets
exceeded liabilities by $1.1 billion at the close of the current fiscal year. The net position consists of three components: 1) net
investment in capital assets, 2) restricted, and 3) unrestricted. The net investment in capital assets of $868.2 million is 79.1%
of the City’s total net position. The City uses these capital assets to provide services to citizens; consequently, these assets are
not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, it should
be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves
cannot be used to liquidate these liabilities.
An additional portion of the City’s net position of $115.5 million (10.5%) represents resources that are subject to external
restrictions on how they may be used. The remaining balance of unrestricted net position, $113.4 million (10.3%), may be used
to meet the government’s ongoing obligations to citizens and creditors.
Table of Contents
8
City of Buckeye, Arizona
Management’s Discussion and Analysis
At the end of the current fiscal year, the City is able to report positive balances in all three categories of net position for the
government as a whole.
2024
2024
2025
as restated
2025
2024
2025
as restated
ASSETS
Current and other assets
306,293,779
$
325,712,387
$
49,567,828
$
146,350,388
$
355,861,607
$
472,062,775
$
Capital assets:
Non-depreciable
349,130,529
284,559,737
179,981,944
74,515,068
529,112,473
359,074,805
Depreciable (net)
374,758,456
333,587,962
360,021,330
346,646,502
734,779,786
680,234,464
Total Assets
1,030,182,764
$
943,860,086
$
589,571,102
$
567,511,958
$
1,619,753,866
$
1,511,372,044
$
DEFFERRED OUTFLOWS OF RESOURCES
Excess consideration for acquisition
-
$
-
$
3,431,388
$
6,752,552
$
3,431,388
$
6,752,552
$
Loss on refunding and defeasance
160,762
223,685
-
-
160,762
223,685
Pension related deferred outflows ASRS
12,163,165
8,332,258
2,706,896
1,985,348
14,870,061
10,317,606
Pension related deferred outflows PSPRS
17,347,338
19,517,501
-
-
17,347,338
19,517,501
Total deferred outflow of resources
29,671,265
$
28,073,444
$
6,138,284
$
8,737,900
$
35,809,549
$
36,811,344
$
Total assets and deferred outflows of resources
1,059,854,029
$
971,933,530
$
595,709,386
$
576,249,858
$
1,655,563,415
$
1,548,183,388
$
LIABILITIES
Other liabilities
51,216,477
$
73,407,062
$
14,465,214
$
18,430,006
$
65,681,691
$
91,837,068
$
Non-current liabilities:
Due within one year
16,303,132
16,046,729
11,638,397
9,460,067
27,941,529
25,506,796
Net Pension Liability - ASRS
41,308,079
35,464,583
8,853,439
8,450,240
50,161,518
43,914,823
Net Pension Liability - PSPRS
18,724,714
22,440,091
-
-
18,724,714
22,440,091
Due in more than one year
197,352,923
186,255,940
164,789,694
176,466,354
362,142,617
362,722,294
Compensated absences
7,795,597
6,449,240
914,066
471,273
8,709,663
6,920,513
SBITA Liability
970,022
-
-
-
970,022
-
Lease Liability
14,879,275
16,218,425
-
-
14,879,275
16,218,425
Total Liabilities
348,550,219
$
356,282,070
$
200,660,810
$
213,277,940
$
549,211,029
$
569,560,010
$
DEFFERED INFLOWS OF RESOURCES
Gain on refunding and defeasance
222,626
$
284,264
$
-
$
-
$
222,626
$
284,264
$
Public-Private Partnership
1,383,371
1,394,427
-
-
1,383,371
1,394,427
Pension related deferred inflows ASRS
2,637,974
1,254,769
565,390
298,976
3,203,364
1,553,745
Pension related deferred inflows PSPRS
4,424,163
3,768,319
-
-
4,424,163
3,768,319
Total deferred inflows of resources
8,668,134
$
6,701,779
$
565,390
$
298,976
$
9,233,524
$
7,000,755
$
NET POSITION
Net investment in captial assets
497,829,075
$
403,278,726
$
370,338,309
$
274,334,807
$
868,167,384
$
677,613,533
$
Restricted for
Impact fees
32,371,265
30,203,381
37,413,294
28,104,079
69,784,559
58,307,460
Health
216,730
-
216,730
-
Highway and streets
-
1,966,025
-
-
-
1,966,025
Debt service
24,962,371
29,944,796
-
-
24,962,371
29,944,796
Capital projects
14,844,412
17,191,552
-
5,897,488
14,844,412
23,089,040
Other
5,721,963
4,326,110
-
-
5,721,963
4,326,110
Unrestricted
126,689,860
122,039,090
(13,268,422)
54,336,568
113,421,438
176,375,658
Total net position
702,635,676
$
608,949,680
$
394,483,181
$
362,672,942
$
1,097,118,857
$
971,622,622
$
Total liabilities, deferred inflows of resources
and net position
1,059,854,029
$
971,933,529
$
595,709,381
$
576,249,858
$
1,655,563,410
$
1,548,183,387
$
City of Buckeye, Arizona
Condensed Statement of Net Position
June 30, 2025 and 2024
Total
Governmental Activities
Business-Type Activities
Table of Contents
9
City of Buckeye, Arizona
Management’s Discussion and Analysis
Analysis of Changes in Net Position
The following table reflects the condensed Statement of Changes in Net Position for the fiscal years ended June 30, 2025, and
2024. This information helps understand the sources and uses of funds during the fiscal year.
Governmental Activities. Governmental activities increased the City’s net position by $93.7 million from the prior fiscal year.
Total revenues for governmental activities increased by approximately $43.4 million from the previous fiscal year. The greatest
increase in revenue can be found in the areas of sales taxes, property taxes and investment earnings in the amount of $11.4
million.
•
Fines, fees, and charges increased over the prior year by $3.6 million. This increase was due to a number of reasons
- more demand for recreation services, court fines, reimbursement of claims and CFD operation and maintenance
reimbursements. In addition, the Capital grants and contributions increased noticeably by $32.0 million. During the
fiscal year over $47.3 million in infrastructure was conveyed to the city from developers - including paving, street
lights, water and sewer lines.
•
As the population in the City continues to grow, the number of businesses and assessed property values within the
City are also increasing. This growth is directly related to the increase in property taxes and sales tax collections. Sales
tax increased by $7.6 million when compared to the prior fiscal year primarily in the area of contracting activity and
retail. Due to the increase in assessed values with the City especially in the various Community Facilities District,
property taxes increased by $3.3 million.
•
Franchise Fees decreased by $1.3 million from the prior year due a reclassification of the landfill revenue to fees, fines
and charges for services.
2024
2024
2025
as restated
2025
2024
2025
as restated
REVENUES
Program revenues
Fees, fines and charges for services
32,558,550
$
28,976,809
$
72,964,659
$
66,935,810
$
105,523,209
$
95,912,619
$
Operating grants and contributions
10,451,906
9,865,146
-
-
10,451,906
9,865,146
Capital grants and contributions
76,566,845
44,566,427
25,547,283
20,571,151
102,114,128
65,137,578
General revenues
Sales taxes
93,885,319
86,256,847
-
-
93,885,319
86,256,847
Property taxes
33,065,779
29,731,824
-
-
33,065,779
29,731,824
Franchise taxes
3,761,660
5,092,379
-
-
3,761,660
5,092,379
State-shared revenues
44,934,979
48,767,409
-
-
44,934,979
48,767,409
Investment earnings
13,572,961
13,120,296
5,030,587
3,945,331
18,603,548
17,065,627
Other
1,870,405
896,730
-
-
1,870,405
896,730
Total Revenues
310,668,404
$
267,273,867
$
103,542,529
$
91,452,292
$
414,210,933
$
358,726,159
$
EXPENSES
General government
44,231,680
$
44,081,900
$
-
$
-
$
44,231,680
$
44,081,900
$
Public safety
67,027,161
59,707,575
-
-
67,027,161
59,707,575
Highways and streets
40,468,125
26,783,193
-
-
40,468,125
26,783,193
Culture and recreation
19,045,651
15,199,043
-
-
19,045,651
15,199,043
Development services
13,940,838
12,171,641
-
-
13,940,838
12,171,641
Engineering
4,324,533
4,576,536
-
-
4,324,533
4,576,536
Public works
14,447,402
11,931,479
-
-
14,447,402
11,931,479
Interest on long-term debt
8,803,480
7,723,477
-
-
8,803,480
7,723,477
Airport
-
-
12,769
3,659,482
12,769
3,659,482
Environmental Services
-
-
11,706,592
10,693,828
11,706,592
10,693,828
Wastewater
-
-
23,675,532
19,800,617
23,675,532
19,800,617
Water
-
-
41,030,935
39,762,229
41,030,935
39,762,229
Total Expenses
212,288,870
$
182,174,844
$
76,425,828
$
73,916,156
$
288,714,698
$
256,091,000
$
Excess or deficiency (before extraordinary
items and transfers)
98,379,534
85,099,023
27,116,701
17,536,136
125,496,235
102,635,159
Transfers
(4,693,538)
5,310,421
4,693,538
(5,310,421)
-
-
Change in net position
93,685,996
90,409,444
31,810,239
12,225,715
125,496,235
102,635,159
Net position at beginning of year
608,949,680
518,540,236
362,672,942
350,447,227
971,622,622
868,987,463
Total net position
702,635,676
$
608,949,680
$
394,483,181
$
362,672,942
$
1,097,118,857
$
971,622,622
$
City of Buckeye, Arizona
Changes in Net Position
For the Fiscal Years Ended June 30, 2025 and 2024
Total
Business-Type Activities
Governmental Activities
Table of Contents
10
City of Buckeye, Arizona
Management’s Discussion and Analysis
•
State Shared Revenues decreased by $3.8 million since Arizona’s income tax revenues fell due to tax rate reductions,
credits and slower economic growth, the based used for the fiscal year distribution was lower, resulting in reduced
shared revenues.
•
Investment earnings increased during the fiscal year by $452,665 due to a realized gain in the change in market value
in the City’s investments.
Total expenses increased in the Governmental funds by $30.1 million over the previous year. This increase is accounted for by:
•
General Government increased by $149,780 over the prior year primarily due to an increase in salaries and benefits.
•
Public Safety expenditures increased by $7.3 million due primarily to the increase in personnel services and pension
expenses.
•
Highway and Streets increased by $13.7 million which can be attributed to non-capitalized infrastructure
reimbursement for Festival and Verrado community facilities districts and an increase in pavement maintenance.
•
Culture and Recreation increased by $3.8 million due to the increase in salaries and health benefits.
•
Development Services increased by $1.8 million due primarily to an increase in salaries and benefits.
•
Engineering decreased by $252,003 due to decreased professional services.
•
Public Works increased by $2.5 million. This increase was primarily due to an increase in salaries and benefits and an
increase in professional services and building repairs.
The following chart illustrates the City’s governmental revenues and expenditures by function.
As shown, Public Safety (Police and Fire) and General Government (City Council, City Manager, City Clerk, Finance, Human
Resources, Airport, and City Court are the largest functions in expenses at 31.6% and 20.8% respectively, followed by Highways
and Streets at 19.1%, Culture and Recreation at 9.0%, Public Works at 6.8%, Development Services at 6.6%, and Engineering at
2.0%.
General revenues such as sales and use taxes (e.g., transaction privilege taxes), property taxes, franchise taxes and
intergovernmental are not shown by a program but are effectively used to support program activities of the City. Sales taxes
and franchise fees account for 55.6% of the total. Intergovernmental revenues (e.g., state-shared sales tax, state revenue
sharing franchise fees, and auto lieu) account for 25.6% of the total. Property taxes account for 18.8% of the total.
Table of Contents
11
City of Buckeye, Arizona
Management’s Discussion and Analysis
Business-Type Activities. Business-type activities increased the City’s net position by $31.8 million during the fiscal year ended
June 30, 2025.
Total revenues for business-type activities increased by $12.1 million over the previous fiscal year. Fees, fines, and charges for
services showed an increase of $6.0 million. Charges for services increased due to additional utility customers. The increase
in the Capital Grants and Contributions categories was primarily due to an increase in infrastructure conveyed to the city from
developers. In addition, there was an increase in the investment earnings of $1.1 million for the fiscal year.
Total expenses increased by $2.5 million over the prior year and was due an increase in salaries and benefits and in addition to
contractual services during the year.
As shown in the chart below, the Water System had operating expenses of $36.2 million and Wastewater expenses totaling
$23.2 million. For the fiscal year, the Water System charges for services revenues exceeded expenses by $6.0 million, and
Wastewater expenditures exceeded revenues by $4.9 million.
Table of Contents
12
City of Buckeye, Arizona
Management’s Discussion and Analysis
Fund Financial Statements Analysis
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.
The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and balances of resources
that are available for spending. Such information is useful in assessing the City’s financing requirements. In particular,
unreserved fund balances may serve as a useful measure of a government’s net resources available for spending at the end of
a fiscal year. Types of governmental funds reported by the City include the General Fund, Impact Fee Funds, CFD Funds for
both capital improvements and debt service, and Non-major Governmental Funds, which includes Special Revenue Funds and
Capital Project Funds among others.
As of June 30, 2025, the City’s governmental funds reported combined ending fund balances of $219.5 million, an increase of
$5.2 million from June 30, 2024. Approximately 72.0% of this total, as reflected in the table below, is the General Fund balance,
which is available for contribution to the designated, undesignated, and reserved fund balances. Approximately $129.9 million
of this total amount constitutes unassigned fund balance, which is available for spending at the City’s discretion. The remainder
of the fund balance is: 1) non-spendable ($3.8 million) for inventory and prepaid items and 2) restricted ($61.3 million) for
special revenue funds, capital improvement funds, community facilities districts and debt service, and 3) committed ($24.5
million) for future tax abatement and contractual obligations.
General Fund. The General Fund is the chief operating fund of the City. At the end of the current fiscal year, the unassigned
fund balance of the general fund was $130.5 million. As a measure of the general fund’s liquidity, it may be useful to compare
total unassigned and total fund balance to total fund expenditures. The unassigned fund balance represents 82.1% of total
general fund expenditures of $159.0 million.
According to the City’s financial policy, the City’s general fund will maintain an “unassigned” fund balance with a target of a
minimum of 15% of general fund operating expenditures. The intention of the “unassigned” fund balance is to provide
additional stability to the general fund recognizing the cyclical nature of the economy and the volatility of the major revenue
sources of the City. Funds above the minimum targets will be retained in the unassigned general fund balance. As of June 30,
2025, the City had set aside 82.1% of general fund operating expenditures.
The fund balance of the City’s general fund increased by $7.1 million. Key factors in this change were:
•
The increase in sales taxes has been a contributing factor in the fund balance increase. Construction sales tax
continues to increase as the number of single-family and large commercial/industrial building permits increase. The
sales tax increase due to construction is considered a one-time revenue and used only for one-time expenditures.
•
Another factor to the increase was an increase in permitting revenue both residential and commercial.
HURF (Highway User Revenues Fund). The HURF Fund, which is required by Arizona law to be accounted for separately from
all other funds, decreased by $1.8 million during the fiscal year. HURF revenue collections were below budget by approximately
$2.2 million, and expenditures exceeded revenues by approximately $5.6 million. A majority of the increase in expenditures
was an increase in both fuel and material costs.
Increase
(Decrease)
2025
2024
from FY 2024
General Funds
158,124,226
$
151,000,615
$
7,123,611
$
Impact Fee Funds
32,371,265
30,203,381
2,167,884
Capital Improvement Fund
2,851,879
6,225,023
(3,373,144)
Watson Road CFD
5,827,889
5,633,258
194,631
HURF Fund
447,642
2,278,262
(1,830,620)
Nonmajor Governmental Funds
19,842,623
18,938,017
904,606
219,465,524
$
214,278,556
$
5,186,968
$
City of Buckeye, Arizona
Fund Balances - Governmental Funds
For the Fiscal Years Ended June 30, 2025 and 2024
Governmental Activities
Table of Contents
13
City of Buckeye, Arizona
Management’s Discussion and Analysis
Impact Fee Funds. Fund balance increased during the fiscal year by approximately $2.2 million. The increase is attributed to
revenue collections exceeding budget by approximately $7.0 million and expenditures being lower than budgeted. Total impact
fees ending fund balance was $32.4 million.
Capital Improvement Funds. Fund balance decreased by $3.4 million. The decrease is largely due to projects progressing
forward and the city actively investing in infrastructure.
Watson Road Community Facility District. During the fiscal year, the Watson Road CFD Fund balance increased by $194,631.
Interest and fiscal charges were less this fiscal year with a corresponding increase in the revenues.
Proprietary Funds. The City’s proprietary fund financial statements provide the same type of information found in the
government-wide financial statements but in more detail. The total net position for business-type activities (enterprise funds)
was $394.5 million. At the end of the fiscal year, unrestricted net position for the proprietary funds were a negative $13.3
million, a decrease of $67.6 million. This decrease was due to the purchase of water rights and it is expected to be reimbursed
next fiscal year with bond proceeds.
Unrestricted net position at the end of the year is as follows for the indicated funds:
Utility rates will be set at a minimum to ensure the ratio of revenue to debt meets bond indenture requirements of 1.20:1 ratio.
The City’s goal will be to maintain a minimum ratio of utility revenue to debt service of 1.6:1 to ensure debt coverage in times
of revenue fluctuations attributable to weather or other causes, and to ensure a balanced pay-as-you-go capital improvement
plan. Currently, both utility funds have incurred debt. As of June 30, 2025, both utility systems have met the minimum net
revenues to the debt ratio. Additional information is available in Table 14, Pledge-Revenue Coverage.
Budgetary Highlights
The City’s annual budget is the legally adopted expenditure control document of the City. Budgetary comparison statements
are required for the General Fund and all major special revenue funds may be found beginning on page 72. These statements
compare the original adopted budget and revised budget, and the actual expenditures prepared on a budgetary basis.
Revenues collected in the general fund exceeded budgeted amounts by $11.7 million. Actual expenditures were less than the
amount budgeted by $68.7 million as the general fund department activities continue to be closely monitored. Differences
between budget and actual for revenues and expenditures amounts relate to an increase sales tax, investment earning, and
charges for services. The difference was primarily attributable to the following reasons:
•
Revenue results were over budget by $11.7 million. Licenses and permit revenue exceeded budget estimates by $2.6
million while tax revenues were under budget by $776,273.
•
Investment earnings had a budget excess of $9.3 million and total Intergovernmental revenues had a budget excess of
$1.0 million. The increase in investment earnings was due to a conservative budget due to an unpredictable market.
•
Operating expenditures had a positive variance to budget of $20.5 million. Capital outlay had a positive variance to a
budget of $44.6 million due to many projects still being delayed caused by supply chain issues and labor shortages.
Increase
(Decrease)
2025
2024
from FY 2024
Water Fund
(32,717,629)
$
33,235,792
$
(65,953,421)
$
Wastewater Fund
17,152,612
19,764,459
(2,611,847)
Nonmajor Fund
2,296,595
1,336,317
960,278
(13,268,422)
$
54,336,568
$
(67,604,990)
$
Business-Type Activities
City of Buckeye, Arizona
Unrestricted Net Position - Proprietary Funds
For the Fiscal Years Ended June 30, 2025 and 2024
Table of Contents
14
City of Buckeye, Arizona
Management’s Discussion and Analysis
Capital Asset
The City’s capital assets for its governmental and business-type activities as of June 30, 2025, amount to $1.3 billion (net of
accumulated depreciation).
Capital assets include land and improvements; buildings and improvements; infrastructure; furniture, machinery, equipment
and vehicles; the airport campus; the water system; and the wastewater system. The City contracts for solid waste services.
The following table provides details of the City’s capital assets as of June 30, 2025:
Below is a listing of the major capital asset events that occurred during this fiscal year. Some of these capital projects were
started during the previous fiscal years and are either still ongoing or have been completed and recorded during fiscal year
2025.
•
The Police Communications Center is in progress with a total cost to date of $15,856,181 an additional $11.6 million
was expended during the fiscal year.
•
The Miller & Watson traffic intersection improvement was started and completed during the fiscal year for $2,530,563
in addition Watson Road between MC85 to Southern Avenue was completed for $1,108,694.
•
Blue Horizon Fire Station is underway with an additional $7,591,939 expended in fiscal year 2025 for a total through
June 30, 2025, of $13,202,990. The 3-bay fire station will include a dayroom, kitchen/dining, crew work area and
sleeping quarters, turnout gear storage, and multi-purpose community/meeting room for staff and public use.
•
The City Hall Remodel project is in progress with an additional $698,620 expended during fiscal year 2025.
•
The Airport Mid-Year Hanger project was completed in fiscal year 2025 with a total cost of $2,892,761.
•
The Taxiway Rehabilitation project has spent $4,600,549 through June 30, 2025.
Business Type
•
Central WRF Upgrades have been completed at a cost of $4,281,527.
•
Reach Line Connection to JMWC are in progress with a total of $6,510,169 total costs to date.
•
Drill Well #13 project total costs to date are $4.3 million.
•
Water Treatment Farallon #16 project to date cost equals $55.0 million with $28,667,732 being spent in fiscal year
2025.
•
Sundance Arsenic Vessel #6 was completed during the fiscal year for a total cost of $1,924,219.
•
Tartesso Arsenic Treatment project has a total cost to date of $2,740,588.
Governmental
Business-Type
Activities
Activities
Total
Land
272,140,874
$
9,813,488
$
281,954,362
$
Water Rights
-
89,406,644
89,406,644
Construction in progress
76,989,655
86,282,585
163,272,241
Land improvements
56,753,188
1,129,417
57,882,605
Buildings and improvements
54,817,816
56,652,932
111,470,748
Infrastructure
218,780,577
-
218,780,577
Machinery and equipment
28,958,142
8,940,717
37,898,859
Right-to-use subscription assets
1,072,159
-
1,072,159
Right-to-use leases
14,376,574
-
14,376,574
Wastewater system
-
115,389,916
115,389,916
Water system
-
172,387,575
172,387,575
723,888,985
$
540,003,274
$
1,263,892,259
$
City of Buckeye, Arizona
Capital Assets at June 30, 2025
(Net of Depreciation)
Table of Contents
15
City of Buckeye, Arizona
Management’s Discussion and Analysis
For governmental-wide financial statement presentations, all depreciable capital assets were depreciated from acquisition date
to the end of the current fiscal year. Fund financial statements record capital assets purchases as expenditures. See note 7 on
page 44 in the notes to the financial statements for further information regarding capital assets.
Long-Term Debt
At the end of the fiscal year, the City had total long-term obligations outstanding of $456.7 million. Of this amount, $179.6
million (39.3%) is Community Facilities District bonds backed solely by the property owners within the various CFDs.
Improvement district bonds of $2.7 million (0.6%) are backed principally by the property owners within the improvement
district which the City is liable in the event of default by the owners subject to the assessment. An additional $7.9 million
(governmental activities) and $155.9 million (business-type activities) of outstanding debt is secured by pledges of specific
revenue sources of the City. The remaining $110.7 million (24.2%) is for compensated absences, leases, deferred amounts on
bond premiums and discounts, contracts payable and pension liability related to ASRS and PSPRS per GASB 68. See note 11 on
page 46 in the notes to the financial statements for additional information regarding the City’s long-term debt obligations and
other long-term liabilities.
The State Constitution limits the amount of general obligation debt a city may issue to six percent of its total assessed valuation.
The current six percent debt limitation for the City is $117.1 million. Also, the State Constitution limit allows a city to issue an
additional 20 percent of its total assessed valuation for water, wastewater, lights, transportation, public safety, open space
preserves, parks, playgrounds, and recreational facilities. The current 20 percent debt limitation for the City is $390.3 million.
The City has no property tax authority and no outstanding general obligation debt outstanding as of June 30, 2025.
The following table shows the long-term obligations of the City (including both the current and long-term portions of those
obligations) as of June 30, 2025.
Fiscal Year 2025-2026 Budget Proposal Highlights
The total for this balanced budget is $820 million excluding budgeted transfers and includes significant investments in services
for our citizens, our employees, and the City’s infrastructure. It complies with Council-adopted policy, including a fully funded
contingency reserve.
The City’s population continues to increase. Buckeye has a population of 119,000 and is currently growing at a rate of 4.43%
annually and staff is predicting that the City’s population will exceed 193,600 by 2030. Buckeye will continue focusing on solid,
long-term financial planning to ensure our residents are receiving the key services they expect now and in the future. Currently,
Buckeye’s financial outlook is very strong, however, we are prepared for a recession should it occur. While single-family
residential permits have declined, the city continues to be one of the fastest growing communities in the nation. Multi-family,
build-to-rent apartments, townhomes, and other types of housing are making their way through the permitting process.
Growth trends show significant increases in retail, services, healthcare, and business relocation.
Governmental
Business-Type
Activities
Activities
Total
Improvement district bonds
2,712,000
$
-
$
2,712,000
$
Revenue bonds
7,850,000
155,858,661
163,708,661
Community facility district bonds
179,645,030
-
179,645,030
Deferred amount on premium
7,310,263
8,931,033
16,241,296
Deferred amount on discount
(164,370)
-
(164,370)
Suscriptions
970,022
-
970,022
Leases
14,879,275
-
14,879,275
Contracts Payable
-
1,138,303
1,138,303
Compensated absences
7,795,597
914,066
8,709,663
Net Pension Liability - ASRS
41,308,079
8,853,439
50,161,518
Net Pension Liability - PSPRS
18,724,714
-
18,724,714
281,030,610
$
175,695,502
$
456,726,112
$
City of Buckeye, Arizona
Long-term Obligations at June 30, 2025
Table of Contents
16
City of Buckeye, Arizona
Management’s Discussion and Analysis
General Fund major revenue sources include:
•
$96.2 million projected city sales taxes
•
$44.3 million in intergovernmental revenues
•
$20.1 million in permitting revenues
•
$24.2 million property tax revenues
The City’s primary property tax rate has been reduced to $1.6004 per $100.00 of taxable value, a decrease from $1.6077 the
previous year. The City’s assessed value increased by 17.7% over the prior year, which will result in an increase in property tax
levy assessed values due to new construction which also contributed to the increase in the City tax levy. While there are more
needs than available funds, the focus of this year’s proposed expenditure plan is on creating a balance between investing in
citizen services, investing in our employees, and investing in our infrastructure. Examples of increased services include
additional street paving projects, new park trails, and equipment. Other investments include:
•
$19 million in new funding for Jackrabbit Trail improvements
•
$9.5 million for traffic signals on SR-85
•
$4.6 million for a communication tower in the Festival area
•
$1 million in tenant improvements for a police substation at Verrado Marketplace
The budget includes the addition of 67 positions. Out of these positions, 12 positions were approved for the Police department,
11.5 positions for Community Service, 10 positions for Development Services, 6 positions each for the Fire department and
Water Resources, 5 positions for Public Works. These new positions will allow the City to meet the needs of the community
and still result in a slight decrease in the number of employees per 1,000 residents. Additionally, to attract and retain a quality
team of employees, the budget includes a 2.5 percent cost of living adjustment and a 4 percent merit increase.
Several water and wastewater CIP projects will keep moving Buckeye forward and diversifying our water portfolio. Funding for
these projects will come from bonds, fund balance, grants and impact fees:
•
$15.6 million in new funding for wastewater improvements
•
$15 million in new funding for water campus improvements
•
$12 million for the White Tanks Recovery Well project
As one of the fastest-growing cities in the country, with a planning area of over 642 square miles, the budget for FY 2025-26
focuses on meeting the demands of growth and smart planning for future needs.
Financial Contact Information
This report is designed to provide a general overview of the City’s finances for those with an interest in the topic and to
demonstrate accountability in the use of public funds. Questions about any of the information provided in this report, or
requests for additional financial information should be addressed to:
City of Buckeye
Finance Department
530 East Monroe Avenue
Buckeye, AZ 85326
623-349-6000 (main telephone number)
or visit the City’s website at www.buckeyeaz.gov. Financial documents and reports are available on the website (select
Departments, select Finance, select Reports), along with many other City government documents, reports, and information.
Table of Contents
17
City of Buckeye, Arizona
Statement of Net Position
June 30, 2025
Governmental
Business-Type
Activities
Activities
Total
Cash and investments
179,793,761
$
96,302,730
$
276,096,491
$
Receivables, net
Accounts receivable
1,113,071
8,402,703
9,515,774
Taxes receivable
199,605
-
199,605
Intergovernmental
12,880,666
-
12,880,666
Settlements
1,088,245
-
1,088,245
Special assessments receivable
16,837,030
-
16,837,030
Public-Private Partnership
1,383,371
-
1,383,371
Other
304,198
-
304,198
Internal balances
79,902,611
(79,902,611)
-
Inventory
744,848
695,753
1,440,601
Prepaid expenses
3,051,345
25,154
3,076,499
Restricted assets
Cash with paying agent
8,556,218
24,044,099
32,600,317
Restricted cash
438,810
-
438,810
Capital assets
Capital assets not being depreciated
349,130,529
179,981,944
529,112,473
Capital assets, net of accumulated depreciation
374,758,456
360,021,330
734,779,786
Total assets
1,030,182,764
589,571,102
1,619,753,866
Excess consideration provided for acquisition
-
3,431,388
3,431,388
Loss on refunding and defeasance
160,762
-
160,762
Pension related deferred outflows - ASRS
12,163,165
2,706,896
14,870,061
Pension related deferred outflows - PSPRS
17,347,338
-
17,347,338
Total deferred outflows of resources
29,671,265
6,138,284
35,809,549
Accounts payable and other current liabilities
18,758,100
8,231,400
26,989,500
Accrued wages and benefits
1,610,941
326,830
1,937,771
Contracts payable
-
1,138,304
1,138,304
Retainage Payable
507,243
2,828,091
3,335,334
Unearned revenue
24,184,516
300,000
24,484,516
Customer deposits payable
5,982,744
1,640,589
7,623,333
Other current liabilities
172,933
-
172,933
Noncurrent liabilities
Due within one year
Matured debt interest payable
4,014,549
3,187,807
7,202,356
Matured debt principal payable
12,288,583
8,450,590
20,739,173
SBITA Liability
528,425
-
528,425
Lease Liability
1,431,941
-
1,431,941
Compensated absences
7,536,123
884,941
8,421,064
Due in more than one year
Bonds payable
197,352,923
164,789,694
362,142,617
Net pension liability - ASRS
41,308,079
8,853,439
50,161,518
Net pension liability - PSPRS
18,724,714
-
18,724,714
Compensated absences
259,474
29,125
288,599
SBITA Liability
441,597
-
441,597
Lease Liability
13,447,334
-
13,447,334
Total liabilities
348,550,219
200,660,810
549,211,029
Gain on refunding and defeasance
222,626
-
222,626
Public-Private Partnership
1,383,371
-
1,383,371
Pension related deferred inflows - ASRS
2,637,974
565,390
3,203,364
Pension related deferred inflows - PSPRS
4,424,163
-
4,424,163
Total deferred inflows of resources
8,668,134
565,390
9,233,524
Net investment in capital assets
497,829,075
370,338,309
868,167,384
Restricted for
Impact fees
32,371,265
37,413,294
69,784,559
Health
216,730
-
216,730
Debt service
24,962,371
-
24,962,371
Capital projects
14,844,412
-
14,844,412
Other special purposes
5,721,963
-
5,721,963
Unrestricted
126,689,860
(13,268,422)
113,421,438
Total net position
702,635,676
$
394,483,181
$
1,097,118,857
$
The notes to the financial statements are an integral part of this statement.
NET POSITION
Primary Government
ASSETS
DEFERRED OUTFLOWS OF RESOURCES
LIABILITIES
DEFERRED INFLOWS OF RESOURCES
Table of Contents
18
City of Buckeye, Arizona
Statement of Activities
For the Year Ended June 30, 2025
Fees, Fines, and
Operating
Capital Grants
Charges for
Grants and
and
Expenses
Services
Contributions
Contributions
Primary government:
Governmental activities
General government
44,231,680
$
7,314,593
$
165,834
$
2,904,181
$
Public safety
67,027,161
1,566,963
2,277,831
6,569,681
Highways and streets
40,468,125
200
7,254,116
2,369,000
Culture and recreation
19,045,651
2,351,970
754,125
5,642,499
Public works
14,447,402
4,484
-
59,081,484
Development services
13,940,838
17,035,698
-
-
Engineering
4,324,533
4,284,642
-
-
Interest on long-term debt
8,803,480
-
-
-
Total governmental activities
212,288,870
32,558,550
10,451,906
76,566,845
Business-type activities
Water
41,030,935
42,237,424
-
12,719,677
Wastewater
23,675,532
18,244,350
-
12,827,606
Environmental Services
11,706,592
12,506,308
-
-
Airport
12,769
(23,423)
-
-
Total business-type activities
76,425,828
72,964,659
-
25,547,283
Total primary government
288,714,698
$
105,523,209
$
10,451,906
$
102,114,128
$
General revenues:
Taxes:
Sales taxes
Property taxes
Franchise taxes
Unrestricted revenues:
State revenue sharing
State sales tax revenue sharing
Auto lieu tax revenue sharing
Investment earnings
Other
Transfers
Total general revenues and transfers
Change in net position
Net position - beginning, as restated
Net position - ending
The notes to the financial statements are an integral part of this statement.
Program Revenues
Functions/Programs
Table of Contents
19
Governmental
Business-type
Activities
Activities
Total
(33,847,072)
$
-
$
(33,847,072)
$
(56,612,686)
-
(56,612,686)
(30,844,809)
-
(30,844,809)
(10,297,057)
-
(10,297,057)
44,638,566
-
44,638,566
3,094,860
-
3,094,860
(39,891)
-
(39,891)
(8,803,480)
-
(8,803,480)
(92,711,569)
-
(92,711,569)
-
13,926,166
13,926,166
-
7,396,424
7,396,424
-
799,716
799,716
-
(36,192)
(36,192)
-
22,086,114
22,086,114
(92,711,569)
$
22,086,114
$
(70,625,455)
$
93,885,319
-
93,885,319
33,065,779
-
33,065,779
3,761,660
-
3,761,660
23,167,987
-
23,167,987
16,773,819
-
16,773,819
4,993,173
-
4,993,173
13,572,961
5,030,587
18,603,548
1,870,405
-
1,870,405
(4,693,538)
4,693,538
-
186,397,565
9,724,125
196,121,690
93,685,996
31,810,239
125,496,235
608,949,680
362,672,942
971,622,622
702,635,676
$
394,483,181
$
1,097,118,857
$
Primary Government
Table of Contents
20
City of Buckeye, Arizona
Balance Sheet
Governmental Funds
June 30, 2025
Special
Revenue Fd
Debt Service
Highway
Capital
Users Revenue
Impact Fees
Improvement
Watson Road
General
Fund
Funds
Fund
CFD
ASSETS
Cash and investments
77,740,010
$
-
$
32,371,265
$
34,619,442
$
3,856,171
$
Receivables, net
Accounts
1,076,354
-
-
-
-
Taxes
199,605
-
-
-
-
Intergovernmental
10,962,411
711,964
-
-
8,649
Settlements
-
-
-
-
-
Special assessments
-
-
-
-
8,796,478
Public-Private Partnership
1,383,371
-
-
-
-
Other
129,844
25,533
-
148,821
-
Due from other funds
80,476,799
-
-
-
-
Inventory
82,944
661,904
-
-
-
Prepaid items
3,041,975
5,760
-
-
-
Restricted assets
Cash with paying agent
716,784
-
-
-
3,844,395
Restricted cash
-
-
-
-
-
Total assets
175,810,097
$
1,405,161
$
32,371,265
$
34,768,263
$
16,505,693
$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable
7,425,753
$
569,518
$
-
$
9,917,326
$
-
$
Accrued wages and benefits
1,483,241
100,805
-
-
-
Due to other funds
-
264,088
-
45,810
-
Unearned revenues
615,619
23,108
-
21,446,005
-
Retainage payable
-
-
-
507,243
-
Customer deposits payable
5,887,998
-
-
-
-
Other current liabilities
172,933
-
-
-
-
Matured debt interest payable
156,956
-
-
-
165,050
Matured debt principal payable
560,000
-
-
-
1,716,276
Total liabilities
16,302,500
957,519
-
31,916,384
1,881,326
Deferred Inflows of Resources:
Public-Private Partnership
1,383,371
-
-
-
-
Special assessments not yet due
-
-
-
-
8,796,478
Settlements
-
-
-
-
-
Total deferred inflows of resources
1,383,371
-
-
-
8,796,478
Fund Balances:
Nonspendable
3,124,919
667,664
-
-
-
Restricted:
Impact Fees
-
-
32,371,265
-
-
Health
-
-
-
-
-
Capital Projects
-
-
-
2,851,879
-
Other Special Purposes
-
-
-
-
-
Debt Service
-
-
-
-
5,827,889
Committed
24,483,854
-
-
-
-
Unassigned
130,515,453
(220,022)
-
-
-
Total fund balances
158,124,226
447,642
32,371,265
2,851,879
5,827,889
Total liabilities, deferred inflows of
resources and fund balances
175,810,097
$
1,405,161
$
32,371,265
$
34,768,263
$
16,505,693
$
The notes to the financial statements are an integral part of this statement.
Capital Projects Fund
Table of Contents
21
Nonmajor
Total
Governmental
Governmental
Funds
Funds
31,206,873
$
179,793,761
$
36,717
1,113,071
-
199,605
1,197,642
12,880,666
1,088,245
1,088,245
8,040,552
16,837,030
-
1,383,371
-
304,198
-
80,476,799
-
744,848
3,610
3,051,345
3,995,039
8,556,218
438,810
438,810
46,007,488
$
306,867,967
$
845,503
$
18,758,100
$
26,895
1,610,941
264,290
574,188
2,099,784
24,184,516
-
507,243
94,746
5,982,744
-
172,933
3,692,543
4,014,549
10,012,307
12,288,583
17,036,068
68,093,797
-
1,383,371
8,040,552
16,837,030
1,088,245
1,088,245
9,128,797
19,308,646
3,610
3,796,193
-
32,371,265
216,730
216,730
11,992,533
14,844,412
5,721,963
5,721,963
2,297,452
8,125,341
-
24,483,854
(389,665)
129,905,766
19,842,623
219,465,524
46,007,488
$
306,867,967
$
Table of Contents
22
City of Buckeye, Arizona
Reconciliation of the Balance Sheet
to the Statement of Net Position
Governmental Activities
June 30, 2025
Fund balances - total governmental funds
219,465,524
$
Amounts reported for governmental activities in the statement of net position
are different because:
Special assessment revenue not available for current financial resources
16,837,030
Settlments not available for current financial resources
1,088,245
Capital assets used in governmental activities are not financial resources
and therefore are not reported in the governmental funds.
Governmental capital assets
1,088,008,791
Less accumulated depreciation
(364,119,806)
723,888,985
Long-term liabilities, including bonds payable, that are not due and payable in
the current period and therefore are not reported in the governmental funds.
Improvement bonds
(2,712,000)
Revenue bonds
(7,850,000)
Community facilities district bonds
(179,645,030)
Loss on refunding and defeasance of bonds
160,762
Gain on refunding and defeasance of bonds
(222,626)
Premium on long-term debt issued
(7,310,263)
Discount on long-term debt issued
164,370
Compensated absences
(7,795,597)
Long term leases
(14,879,275)
Subscriptions
(970,022)
Net Pension Liability - ASRS
(41,308,079)
Net Pension Liability - PSPRS
(18,724,714)
Deferred inflow of resources - ASRS
(2,637,974)
Deferred inflow of resources - PSPRS
(4,424,163)
Deferred outflow of resources - ASRS
12,163,165
Deferred outflow of resources - PSPRS
17,347,338
(258,644,108)
Net position of governmental activities
702,635,676
$
The notes to the financial statements are an integral part of this statement.
Table of Contents
23
THIS PAGE INTENTIONALLY LEFT BLANK
Table of Contents
24
City of Buckeye, Arizona
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the Year Ended June 30, 2025
Special
Revenue Fd
Debt Service
Highway
Capital
Users Revenue
Impact Fees
Improvement
Watson Road
General
Fund
Funds
Fund
CFD
REVENUES
Taxes:
Sales taxes
93,229,992
$
-
$
-
$
-
$
-
$
Property taxes
14,962,375
-
-
-
-
Franchise fees
3,761,660
-
-
-
-
Intergovernmental
45,602,200
7,254,116
-
2,983,832
-
Fines and forfeitures
757,884
-
-
-
-
Licenses and permits
21,423,212
-
-
-
-
Charges for services
8,128,526
200
-
-
-
Developer agreements
-
-
-
-
-
Contributions and donations
-
-
-
201,539
-
Impact fees
-
-
12,393,149
-
-
Special assessments
-
-
-
-
2,329,825
Investment earnings
11,519,788
42,155
1,274,734
-
89,946
Other
1,220,496
508
-
-
-
Total revenues
200,606,133
7,296,979
13,667,883
3,185,371
2,419,771
EXPENDITURES
Current:
General government
36,869,030
-
-
-
-
Public safety
61,111,480
-
-
-
-
Highway and streets
-
12,291,072
-
-
-
Culture and recreation
13,568,605
-
-
-
-
Public works
9,916,029
-
-
-
-
Development services
13,122,044
-
-
-
-
Engineering
3,966,901
-
-
177,953
-
Debt service:
Principal retirement
2,435,326
-
-
-
1,892,276
Interest and fiscal charges
833,864
-
-
45,810
332,864
Bond issuance costs
-
-
-
-
-
Capital outlay
17,222,480
581,458
-
49,520,284
-
Total expenditures
159,045,759
12,872,530
-
49,744,047
2,225,140
Excess (deficiency) of revenues over
expenditures
41,560,374
(5,575,551)
13,667,883
(46,558,676)
194,631
OTHER FINANCING SOURCES (USES)
Bonds issued
-
-
-
-
-
Refunding bonds issued
-
-
-
-
-
Payment to refunding agent
-
-
-
-
-
Premiums issued
-
-
-
-
-
Transfers in
1,880,383
3,671,800
-
43,185,530
-
Transfers out
(38,043,833)
-
(11,499,999)
-
-
Issuance of SBITAS
1,506,198
-
-
-
-
Sale of capital assets
220,489
73,130
-
-
-
Total other financing sources (uses)
(34,436,763)
3,744,930
(11,499,999)
43,185,530
-
Net Change in Fund Balances
7,123,611
(1,830,621)
2,167,884
(3,373,146)
194,631
Fund Balances, Beginning of Year
151,000,615
2,278,262
30,203,381
6,225,023
5,633,258
Fund Balances, End of Year
158,124,226
$
447,641
$
32,371,265
$
2,851,877
$
5,827,889
$
The notes to the financial statements are an integral part of this statement.
Capital Projects Fund
Table of Contents
25
Nonmajor
Total
Governmental
Governmental
Funds
Funds
655,327
$
93,885,319
$
18,103,404
33,065,779
-
3,761,660
3,541,355
59,381,503
-
757,884
-
21,423,212
577,499
8,706,225
872,655
872,655
788,907
990,446
-
12,393,149
1,315,886
3,645,711
646,338
13,572,961
294,144
1,515,148
26,795,515
253,971,652
1,432,594
38,301,624
2,049,565
63,161,045
8,367,113
20,658,185
1,903,384
15,471,989
-
9,916,029
-
13,122,044
-
4,144,854
11,351,307
15,678,909
7,174,540
8,387,078
957,611
957,611
18,814,320
86,138,542
52,050,434
275,937,910
(25,254,919)
(21,966,258)
24,955,000
24,955,000
2,995,000
2,995,000
(3,130,000)
(3,130,000)
621,775
621,775
26,638,538
75,376,251
(25,920,790)
(75,464,622)
-
1,506,198
-
293,619
26,159,523
27,153,221
904,604
5,186,963
18,938,018
214,278,557
19,842,622
$
219,465,520
$
Table of Contents
26
City of Buckeye, Arizona
Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balance of Governmental Funds
to the Statement of Activities
For the Year Ended June 30, 2025
Net change in fund balances - total governmental funds
5,186,963
$
Amounts reported for governmental activities in the statement of activities are different
because:
Governmental funds report capital outlays as expenditures. However, in the statement
of activities the cost of those assets is allocated over their estimated useful lives and
reported as depreciation expense.
Expenditures for capital assets
85,102,934
Capital contributions
59,001,833
Transfer to Proprietary Funds
(4,605,167)
Less current year depreciation
(33,236,652)
106,262,948
The net effect on the disposal of capital assets
(521,660)
Some revenues reported in the governmental funds that did not provide current
financial resources in prior years have been recognized previously in the statement of
activities and therefore are not reported as revenues in the statement of activities.
Special assessments
(3,748,583)
Settlements
1,088,245
The issuance of long-term debt (e.g. bonds, leases) provides current financial resources
to governmental funds, while the repayment of the principal of long-term debt consumes
the current financial resources of governmental funds. Neither transaction, however, has
any effect on net position. The issuance of long-term debt increases long-term liabilities on
the statement of net position and the repayment of principal on long-term debt reduces
long-term debt on the statement of net position. Likewise, refunding and defeasance
of existing debt reduces the balance of long-term debt without adding additional debt.
Also, governmental funds report the effect of issuance costs, premiums, discounts,
and similar items when the debt is first issued, whereas these items are deferred and
amortized over the term of the long-term debt in the statement of activities.
Issuance of long-term debt
(27,950,000)
Premiums on debt issued
(621,775)
Principal payments on long-term debt
18,808,909
Amortization of loss on refunding and defeasance
(62,923)
Amortization of gain on refunding and defeasance
61,638
Amortization of premium
549,728
Amortization of discount
(8,519)
Subscription payable
(1,506,198)
Pension Expense - ASRS
(3,395,795)
Pension Expense - PSPRS
889,370
(13,235,565)
Some expenses reported in the statement of activities do not require the use of current
financial resources and therefore are not reported as expenditures in the governmental
funds.
Net increase in compensated absences
(1,346,357)
Change in net position of governmental activities
93,685,991
$
The notes to the financial statements are an integral part of this statement.
Table of Contents
27
City of Buckeye, Arizona
Statement of Net Position
Proprietary Funds
June 30, 2025
Nonmajor
Wastewater
Water
Enterprise Fund
Totals
Current assets:
Cash and investments
33,475,182
$
60,380,253
$
2,447,295
$
96,302,730
$
Cash with trustee
-
24,044,099
-
24,044,099
Accounts receivable, net
1,731,271
5,183,060
1,488,372
8,402,703
Inventory
-
695,753
-
695,753
Prepaid expenses
4,484
20,365
305
25,154
Total current assets
35,210,937
90,323,530
3,935,972
129,470,439
Noncurrent assets:
Capital assets:
Land
5,104,366
4,709,122
-
9,813,488
Buildings and improvements
76,049,059
23,937,220
75,567
100,061,846
Land improvements
565,939
574,690
31,880
1,172,509
Distribution and collection systems
200,781,266
268,182,545
-
468,963,811
Water rights
-
89,577,389
-
89,577,389
Machinery and equipment
9,046,021
9,346,407
294,356
18,686,784
Less accumulated depreciation & amortization
(119,181,143)
(115,060,628)
(313,373)
(234,555,144)
Construction in progress
10,474,785
75,807,801
-
86,282,586
Capital assets, net
182,840,293
357,074,546
88,430
540,003,269
Total assets
218,051,230
447,398,076
4,024,402
669,473,708
Excess consideration provided for acquisition
-
3,431,388
-
3,431,388
Pension related deferred outflows - ASRS
883,602
1,691,071
132,223
2,706,896
Total deferred outflows of resources
883,602
5,122,459
132,223
6,138,284
Current liabilities:
Accounts payable
1,761,495
5,524,626
945,279
8,231,400
Accrued wages and benefits
109,304
202,601
14,925
326,830
Due to other funds
-
79,902,611
-
79,902,611
Contracts payable
-
1,138,304
-
1,138,304
Retainage payable
156,190
2,671,901
-
2,828,091
Unearned revenue
-
300,000
-
300,000
Customer deposits payable
552,300
782,164
306,125
1,640,589
Compensated absences
276,500
581,991
26,450
884,941
Accrued interest payable
67,188
3,120,619
-
3,187,807
Accrued principal payable
1,626,051
6,824,539
-
8,450,590
Total current liabilities
4,549,028
101,049,356
1,292,779
106,891,163
Noncurrent liabilities:
Compensated absences
9,284
18,744
1,097
29,125
Bonds, notes and loans payable
4,066,186
160,723,508
-
164,789,694
Net pension liability - ASRS
3,000,857
5,403,535
449,047
8,853,439
Total noncurrent liabilities
7,076,327
166,145,787
450,144
173,672,258
Total liabilities
11,625,355
267,195,143
1,742,923
280,563,421
Pension related deferred inflows - ASRS
191,638
345,075
28,677
565,390
Total deferred inflows of resources
191,638
345,075
28,677
565,390
Net investment in capital assets
176,991,866
193,258,013
88,430
370,338,309
Restricted:
Impact fees
12,973,361
24,439,933
-
37,413,294
Unrestricted
17,152,612
(32,717,629)
2,296,595
(13,268,422)
Total net position
207,117,839
$
184,980,317
$
2,385,025
$
394,483,181
$
The notes to the financial statements are an integral part of this statement.
NET POSITION
ASSETS
DEFERRED OUTFLOWS OF RESOURCES
LIABILITIES
DEFERRED INFLOWS OF RESOURCES
Table of Contents
28
City of Buckeye, Arizona
Statement of Revenue, Expenses and Changes in Fund Net Position
Proprietary Funds
For the Fiscal Year Ended June 30, 2025
Nonmajor
Wastewater
Water
Enterprise Fund
Total
OPERATING REVENUES
Charges for services
17,359,172
$
37,408,613
$
12,371,312
$
67,139,097
$
Other fees and charges
65,420
4,600,759
100,734
4,766,913
Other operating revenues
819,758
228,052
10,839
1,058,649
Total operating revenues
18,244,350
42,237,424
12,482,885
72,964,659
OPERATING EXPENSES
Salaries, wages and employee benefits
4,709,128
8,437,128
576,898
13,723,154
Contractual services, materials and expenses
3,831,186
8,160,892
10,956,749
22,948,827
Other operating expenses
4,450,029
6,989,095
166,714
11,605,838
Depreciation and amortization
10,185,036
12,656,943
19,000
22,860,979
Total operating expenses
23,175,379
36,244,058
11,719,361
71,138,798
Operating income (loss)
(4,931,029)
5,993,366
763,524
1,825,861
NON-OPERATING REVENUES (EXPENSES)
Investment earnings
1,207,970
3,733,234
89,383
5,030,587
Interest expense
(278,521)
(4,269,087)
-
(4,547,608)
Bond issuance expense
-
(517,790)
-
(517,790)
Developer reimbursements
(221,632)
-
-
(221,632)
Total non-operating revenues (expense)
707,817
(1,053,643)
89,383
(256,443)
Income (loss) before transfers and capital
contributions
(4,223,212)
4,939,723
852,907
1,569,418
Capital contributions - Donated infrastructure
14,000,781
5,896,142
-
19,896,923
Capital contributions - Impact fees
3,431,992
6,823,535
-
10,255,527
Transfers in
-
-
103,594
103,594
Transfers out
-
-
(15,223)
(15,223)
Total net transfers
17,432,773
12,719,677
88,371
30,240,821
Change in net position
13,209,561
17,659,400
941,278
31,810,239
Total net position - beginning
193,908,278
167,320,917
1,443,747
362,672,942
Total net position - ending
207,117,839
$
184,980,317
$
2,385,025
$
394,483,181
$
The notes to the financial statements are an integral part of this statement.
Table of Contents
29
City of Buckeye, Arizona
Statement of Cash Flows
Proprietary Funds
For the Fiscal Year Ended June 30, 2025
Nonmajor
Wastewater
Water
Enterprise Fund
Totals
Cash flows from operating activities
Receipts from customers
18,373,748
$
42,833,316
$
12,434,494
$
73,641,558
$
Payments to suppliers
(7,407,279)
(21,598,365)
(11,115,838)
(40,121,482)
Payments to employees
(4,588,414)
(7,961,329)
(662,030)
(13,211,773)
Customer deposits received
115,937
164,892
40,930
321,759
Net cash provided (used) by operating activities
6,493,992
13,438,514
697,556
20,630,062
Cash flows from capital and related
financing activities
Impact fees
3,431,992
6,823,535
-
10,255,527
Developer reimbursements
(221,632)
-
-
(221,632)
Purchases of capital assets
(6,682,361)
(112,208,292)
-
(118,890,653)
Bond issuance cost
-
(517,790)
-
(517,790)
Interest paid on capital debt
(443,349)
(3,007,305)
-
(3,450,654)
Proceeds from capital debt
-
37,020,000
-
37,020,000
Principal paid on capital debt
(1,714,580)
(44,762,399)
-
(46,476,979)
Net cash provided (used) by capital and
related financing activities
(5,629,930)
(116,652,251)
-
(122,282,181)
Cash flows from noncapital financing activities
Interfund loans
-
79,902,611
-
79,902,611
Transfers from (to) other funds
-
-
88,371
88,371
Net cash from (used in) noncapital
financing activities
-
79,902,611
88,371
79,990,982
Cash flows from investing activities
Investment earnings
1,207,970
3,733,234
89,383
5,030,587
Net cash from (used in) investing activities
1,207,970
3,733,234
89,383
5,030,587
2,072,032
(19,577,892)
875,310
(16,630,550)
Cash balance, July 1, 2024
31,403,326
104,002,508
1,571,985
136,977,819
Cash balance, June 30, 2025
33,475,358
$
84,424,616
$
2,447,295
$
120,347,269
$
Cash and investments
33,475,182
$
60,380,253
$
2,447,295
$
96,302,730
$
Cash with trustee
-
24,044,099
-
24,044,099
Cash balance, June 30, 2025
33,475,182
$
84,424,352
$
2,447,295
$
120,346,829
$
The notes to the financial statements are an integral part of this statement.
Net increase (decrease) in cash and investment
Table of Contents
30
City of Buckeye, Arizona
Statement of Cash Flows
Proprietary Funds
For the Fiscal Year Ended June 30, 2025
Nonmajor
Wastewater
Water
Enterprise Fund
Totals
Reconciliation of operating income (loss) to
net cash from (used in) operating activities:
Operating income (loss)
(4,931,029)
$
5,993,366
$
763,524
$
1,825,861
$
Adjustments to reconcile operating
income (loss) to net cash from (used in)
operating activities:
Depreciation expense
10,185,036
9,335,779
19,000
19,539,815
Amortization
-
3,321,164
-
3,321,164
Add: Pension Expense
33,425
450,450
(80,676)
403,199
Add: Employer Pension Contribution
(99,768)
(357,534)
2,168
(455,134)
Changes in assets and liabilities:
Increase in accounts receivable
129,398
595,892
(48,391)
676,899
Increase in inventory
-
(462,258)
-
(462,258)
(Increase) decrease in prepaid expenses
5,632
(15,737)
(305)
(10,410)
Increase (decrease) in accounts payable
868,304
(5,970,383)
7,930
(5,094,149)
Increase (decrease) in accrued wages and
benefits
23,789
50,513
1,054
75,356
Increase (decrease) in compensated absences
payables
163,268
332,370
(7,678)
487,960
Increase (decrease) in customer deposits
115,937
164,892
40,930
321,759
Total adjustments
11,425,021
7,445,148
(65,968)
18,804,201
Net cash from (used in) operating activities
6,493,992
$
13,438,514
$
697,556
$
20,630,062
$
Noncash investing, capital, and financing activities:
Contributions of capital assets
14,000,781
5,896,142
-
19,896,923
14,000,781
$
5,896,142
$
-
$
19,896,923
$
The notes to the financial statements are an integral part of this statement.
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31
City of Buckeye, Arizona
Statement of Net Position
Fiduciary Fund
June 30, 2025
Pension
Trust
Cash and cash equivalents
427,279
$
Total assets
427,279
$
Restricted for pensions
427,279
$
Total net position
427,279
$
The notes to the financial statements are an integral part of this statement.
ASSETS
NET POSITION
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32
City of Buckeye, Arizona
Statement of Changes in Net Position
Fiduciary Fund
For the Year Ended June 30, 2025
Pension
Trust
Additions
State fire insurance premium
2,881
$
Investment earnings:
Net increase in fair value of investments
33,538
Total additions, net of depreciation in fair value
36,419
Deductions
Administration
2,386
Total deductions
2,386
Change in net position
34,033
Net position - beginning
393,246
Net position - ending
427,279
$
The notes to the financial statements are an integral part of this statement.
Table of Contents
33
City of Buckeye, Arizona
Notes to Financial Statements
Notes for Financial Statements
Note 1 – Summary of Significant Accounting Policies
The accompanying financial statements of the City of Buckeye, Arizona (the City) have been prepared in conformity with
accounting principles generally accepted in the United States of America applicable to governmental units adopted by the
Governmental Accounting Standards Board (GASB). A summary of the City's more significant accounting policies follows.
A. Financial Reporting Entity
Buckeye was incorporated as a town in 1929 and as a city in 2014 under the provisions of the State of Arizona. In accordance
with Arizona Revised Statues, the City adopted the Council/Manager form of government. The City is a municipal government
that is governed by a separately elected governing body. It is legally separate from and fiscally independent of other state and
local governments. The City provides basic government services to its citizens including public safety, roads, water, wastewater,
planning and zoning, parks and recreation facilities, library, and general administrative services. The accompanying financial
statements present the City and its blended component units, entities for which the City is considered to be financially
accountable. Per GASB Statement No. 14, and as amended by GASB Statement No. 61, the component units discussed below
have been included in the City’s reporting entity because of the significance of their operational or financial relationship with
the City.
Per GASB Statement 39, Determining Whether Certain Organizations are Component Units; the City includes in its financial
statements all entities for which the City’s Mayor and Council are financially accountable. As the primary government, the City
is financially accountable if it appoints a voting majority of an organization’s governing body, and: 1) it can impose its will on
that organization, or 2) there is a potential for that organization to provide specific benefits to or impose specific financial
burdens on the primary government. Additionally, the primary government may be financially accountable if an organization
is fiscally dependent on the primary government.
Individual Component Units - Blended
Community Facilities Districts (Districts) were formed to acquire and improve public infrastructure in specified land areas. As
special purpose districts and separate political subdivisions under the Arizona Constitution, the Districts can levy taxes and
issue bonds independently of the City. Property owners in the designated areas are assessed for District taxes and thus for the
cost of operating the Districts. The Buckeye City Council serves as the Board of Directors; however, the City has no liability for
the districts’ debt. Although it is legally separate from the City, the districts are reported as if they are part of the primary
government because the districts’ governing body is substantively the same as the governing body of the City and management
of the City has operational responsibility for the Districts. Included within the reporting entity are the following Districts:
Anthem Communities, Elianto Community Facilities District, Festival Ranch Community Facilities District, Mirielle Community
Facilities District, Sundance Community Facilities District, Tartesso West Community Facilities District, Trillium West Community
Facilities District, Verrado Community Facilities District No. 1, Verrado Western Overlay Community Facilities District, Watson
Road Community Facilities District, and Westpark Community Facilities District. Complete financial statements for the Districts
may be obtained from the City’s Finance Department.
Also included with the reporting entity is the Buckeye Pollution Control Corporation (the Corporation). The Corporation was
formed to control, prevent, abate, store and dispose of solid waste and other pollutants and contaminants in the general
vicinity of the City. The Corporation is a separate legal entity under the Arizona Constitution and can issue bonds independently
of the City and is considered a component unit. The City has no liability for debt issued by the Corporation. The City Council
has the authority to approve and remove directors of the Corporation and separate financial statements are not prepared.
The City has contracted with an outside agency to provide operations for its solid waste facility. The contract requires the
outside agency to reserve funds under the closure and post-closure care costs. In the event of termination of the contract, the
required reserve funds are to be remitted to the Arizona Department of Environmental Quality. Consequently, no liability for
landfill closure and post-closure care costs have been recorded on the basic financial statements.
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34
City of Buckeye, Arizona
Notes to Financial Statements
B. Government-wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report
information on all the non-fiduciary activities of the primary government and its component units. The effect of interfund
activity has been removed from these statements. Governmental activities, which are normally supported by taxes and
intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees
and charges for support.
The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segment are offset by
program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues
include: 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided
by a given function or segment; and 2) grants and contributions that are restricted to meeting the operational or capital
requirements of a particular function or segment. Taxes and other items not properly included among program revenues are
reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds even though the
latter are excluded from the government-wide financial statements. Major individual governmental and enterprise funds are
reported as separate columns in the fund financial statements.
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement focus and the accrual
basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues are recorded when earned
and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are
recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all
eligibility requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources measurement focus and the
modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues
are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities
of the current period. For this purpose, the City considers revenues to be available if they are collected within 60 days of the
end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting, except expenditures related to
compensated absences and claims and judgments, which are recorded only when payment is due. However, since debt service
resources are provided during the current year for payment of long-term principal and interest due early in the following year,
the expenditures and related liabilities have been recognized in the Debt Service Fund.
Property taxes, intergovernmental grants and aid, and interest associated with the current fiscal period are all considered to
be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of special
assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current
period. All other revenue items are considered to be measurable and available only when cash is received by the government.
The City reports the following major governmental funds:
The General Fund is the City's primary operating fund. It accounts for all financial resources of the City, except those
required to be accounted for in another fund, or when the City determines there is an operational advantage to do so.
The Highway User Fund (HURF), a Special Revenue fund, accounts for revenue and expenditures that are legally restricted
to expenditures for transportation, the construction, repairs, and maintenance of public works and streets.
The Impact Fees Fund, a Capital Projects fund, accounts for resources accumulated and one-time expenditures made for
new developments within the City.
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35
City of Buckeye, Arizona
Notes to Financial Statements
The Capital Improvement Fund, a Capital Projects fund, established to account for resources and non-utility capital
improvements projects.
The Watson Road CFD Debt Service Fund accounts for the resources accumulated and payments made for principal and
interest on long-term debt associated with the Watson Road Community Facilities Districts.
The City reports the following major proprietary funds:
The Wastewater Fund accounts for the activities of the City's wastewater operations including wastewater development
impact fees.
The Water Fund accounts for the activities of the City's water operations, including water development impact fees.
The City reports the following fiduciary fund:
The Pension Trust Fund accounts for the activities of the Volunteer Firefighters' Relief and Pension Fund, a defined
contribution plan for which the assets are held by the City in a trustee capacity. The Pension Trust Fund is reported using
the accrual basis of accounting.
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. However,
charges for interfund services provided and used are not eliminated if the prices approximate their external exchange values.
Amounts reported as program revenues include: (1) charges for services, (2) operating grants and contributions, and (3) capital
grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather
than as program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses
generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal
ongoing operations. The principal operating revenues of the wastewater and water funds are charges to customers for sales
and services. Operating expenses for the enterprise funds include the cost of sales and services and depreciation on capital
assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses.
When both restricted and unrestricted resources are available for use for governmental activities, it is the City's policy to use
restricted resources first, then unrestricted resources as they are needed. When an expenditure is incurred for which
committed, assigned, or unassigned fund balances are available, the City considers amounts to having been spent first out of
committed funds, then assigned funds, and finally unassigned funds, as needed, unless the City Council has provided otherwise
in its commitment or assignment actions. For business-type activities, the use of restricted resources is governed by the state
statutes that regulate the use of impact fees.
D. Cash and Investment
Cash represents amounts in demand deposits and amounts held in trust by financial institutions. The funds held in trust are
available to the City upon demand. The City considers short-term investments (including restricted assets) in the State of
Arizona investment pool, mutual fund-money market, U.S. Treasury bills and notes with maturities of three months or less at
acquisition date to be cash equivalents. For the purpose of the statement of cash flows, all pooled cash and investments are
considered to be cash equivalents. Maturities in excess of three months when purchased may be deposited or withdrawn by
the proprietary funds at any time without prior notice of penalty, therefore having the characteristics of demand deposits.
Buckeye maintains investment accounts for funds that are not legally required to be maintained separately. Each fund’s equity
in investments represents that fund’s position in the consolidated accounts and determines that fund’s allocation of interest
earned. Arizona Revised Statutes regulate the investment of surplus cash. Buckeye limits its investments to U.S. government
securities, the State of Arizona local government investment pool, certificates of deposit, bonds, repurchase agreements,
corporate notes, commercial paper, and money market accounts. Investments are stated at fair value based on quoted market
prices and cash equivalents are stated at amortized cost. The unrealized gains and losses on fair value of investments are
included in the net increase (decrease) in fair values of investments in the fund statements and Statement of Activities.
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36
City of Buckeye, Arizona
Notes to Financial Statements
E. Receivables and Payables
All receivables are shown net of an allowance for uncollectible accounts. For trade accounts receivable (miscellaneous
receivable and utility billing receivables), amounts outstanding more than 120 days are included in this amount.
Activity between funds that is representative of lending/borrowing arrangements outstanding at the end of the fiscal year is
referred to as either “due to/from other funds” (i.e., the current portion of interfund loans) or “advances to/from other funds”
(i.e., the non-current portion of interfund loans). Any residual balances outstanding between the governmental activities and
business-type activities are reported in government-wide financial statements as “internal balances”.
F. Inventory and Prepaid Items
Inventories consist of expendable supplies and vehicle repair parts held for consumption. For the governmental funds
inventories are reported using the purchase method, expenditures are incurred as inventory is purchased and an adjustment
is made at year-end directly to inventory and fund balance. For the proprietary funds and government-wide statements
inventories are reported using the consumption method, inventory is recorded when it is purchased and expensed as it is
used. Inventory is valued using the average cost method. Certain payments to vendors reflect costs applicable to future
accounting periods and are reported using the consumption method in both government-wide and fund financial statements
and are therefore recorded as prepaid items.
G. Restricted Assets
Certain proceeds of the City's bonds, as well as certain resources set aside for their repayment, are classified as restricted assets
on the statement of net position because they are maintained in separate bank accounts and their use is limited by applicable
bond covenants.
H. Capital Assets
Capital assets, which include property, plant, infrastructure, furniture, equipment, vehicles and intangible right-to-use assets
are reported in the governmental and business-type activities column in the government-wide financial statements as
applicable and in the proprietary fund statements. Capital assets are defined by the City as assets with an initial, individual cost
of more than $5,000 and an estimated useful life over one year.
Property, plant, furniture, equipment, and vehicles purchased or acquired are carried at historical cost or estimated historical
cost. Contributed assets are recorded at acquisition value as of the date received. Additions, improvements, and other capital
outlay that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance
are expensed as incurred. Depreciation on all capital assets is provided on a straight-line basis over the estimated useful life
of the asset. Intangible right-to-use assets are amortized over the shorter of the lease term or the underlying asset’s useful
lives and amortization periods are as follows:
Furniture, machinery, and equipment
3-15 years
Software
10 years
Landfill
15 years
Vehicles
5-10 years
Building improvements
5-25 years
Land improvements
10-25 years
Infrastructure
10-50 years
Wastewater system
40 years
Water systems
40 years
Buildings
50 years
Intangible right-to-use assets
5-10 years
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37
City of Buckeye, Arizona
Notes to Financial Statements
I.
Deferred Outflows of Resources
For current refundings and advance refundings resulting in defeasance of debt, the difference between the reacquisition price
and the net carrying amount of the old debt should be reported as a deferred outflow of resources or a deferred inflow of
resources and recognized as a component of interest expense systematically and rationally over the remaining life of the old
debt or the life of the new debt, whichever is shorter.
GASB Statement No. 68, Accounting and Financial Reporting for Pensions, and GASB Statement No. 71, Pension Transition for
Contributions Made Subsequent to the Measurement Date, require actuarial assumptions be made, based on the measurement
date, in computing deferred outflows of resources determined in connection with recording total pension liability.
Contributions made by the City to its pension plans since the measurement date of the plan’s net pension liability, the
difference between expected and actual experiences in the plan, changes in assumptions, and changes in the proportion and
differences between employer contributions and the proportionate share of contributions to the plan are reported as pension-
related deferred outflows of resources. The contributions made since the measurement date of the plan will be recognized
when the time period in which the contributions were made are encompassed by the plan. The difference between expected
and actual experiences in the plan, changes in assumptions, and the changes in the proportion and differences between
employer contributions and the proportionate share of contributions to the plan are amortized over the estimated remaining
work-life of active participants in the plan and recognized as a reduction of pension expense.
GASB Statement No. 69, Government Combinations and Disposals of Government Operations requires that in instances where
the acquiring government provides consideration in excess of the net position acquired, the acquiring government should
report the difference as a deferred outflow of resources. As of June 30, 2025, there was $3,431,388 in deferred outflows
related to the excess consideration provided by the City in relation to the acquisition of Global Water Resources, Inc. (Global
Water) on July 9, 2015. The City desired to acquire Global Water, a water utility service corporation, to enhance its water
utility system in order to provide its residents with greater consistency in rates, water quality, water resource management,
and other policies and practices relating to the provision of water utility services to its residents. This deferred outflow of
resources is attributed to future periods systematically and rationally, based on the estimated service lives of the capital assets
acquired. The amortization expense related to this deferred outflow for the year ended June 30, 2025, was $3,321,164. The
deferred outflow will be reviewed periodically, and the estimated services' lives will be revised as necessary.
J.
Compensated Absences
The City’s policies provide for the accumulation of vacation and sick leave benefits by employees. Vacation leave is accrued
based on length of service and may be paid out upon separation from employment, subject to limitations specified in City
policy. Employees may cash out sick leave in accordance with the City’s Sick Leave Policy; however, sick leave is not payable
upon termination. Under the policy, employees may be eligible to cash out a portion of their accrued sick leave hours at 50%
of their value, contingent upon the availability of funds as determined solely by the City. The maximum number of sick leave
hours that may be cashed out in a fiscal year is 160 hours for regular employees and 224 hours for 24-hour sift employees, and
employees must retain a minimum of 40 hours in their sick leave balance at the time of cash out.
In fiscal year 2025, the City implemented GASB Statement No. 101, Compensated Absences, which required recognition of a
liability for leave that is attributable to services already rendered and is more likely than not to be used for time off or otherwise
paid in the future. For sick leave cash-outs, the City measured the liability using a probability-based approach as prescribed by
GASB 101. Historical cash-out activity over the past three fiscal years was analyzed to determine the average annual cash-out
rate relative to total eligible sick leave balances (net of sick leave used). This rate was applied to current employee balances
and pay rate to estimate the probable future cash-outs expected to be paid. Beginning balances of compensated absences
reported in the governmental activities have been restated accordingly.
The estimated liability for compensated absences is recorded in the government-wide financial statements and the proprietary
fund financial statements. The portion expected to be liquidated with expendable available financial resources is recorded as
a current liability in the governmental fund financial statements.
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38
City of Buckeye, Arizona
Notes to Financial Statements
K. Long-Term Obligations
In the government-wide financial statements and proprietary fund types in the fund financial statements, long-term debt and
other long-term obligations are reported as liabilities in the governmental activities, business-type activities, or proprietary
fund type statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds
using the straight-line method. Bonds payable are reported net of the applicable bond premium or discount. Under GASB
Statement No. 65, Items Previously Reported as Assets and Liabilities, bond issuance costs are expensed as incurred.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance
costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on
debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses.
Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.
L.
Deferred Inflows of Resources
For current refundings and advance refundings resulting in defeasance of debt, the difference between the reacquisition price
and the net carrying amount of the old debt should be reported as a deferred outflow of resources or a deferred inflow of
resources and recognized as a component of interest expense systematically and rationally over the remaining life of the old
debt or the life of the new debt, whichever is shorter.
Revenues and other governmental fund financial resources should be recognized in the accounting period in which they
become both measurable and available. When an asset is recorded in governmental fund financial statements, but the revenue
is not available, the government should report a deferred inflow of resources until the revenue becomes available.
GASB Statement No. 68, Accounting and Financial Reporting for Pensions, and GASB Statement No. 71, Pension Transition for
Contributions Made Subsequent to the Measurement Date, require actuarial assumptions be made, based on the measurement
date, in computing deferred inflows of resources determined in connection with recording total pension liability. The difference
between projected and actual investment earnings of the pension plan and changes in the proportion and differences between
employer contributions and the proportionate share of contributions to the plan are presented as pension-related deferred
inflows of resources. This difference between projected and actual investment earnings of the pension plan is amortized over
five years and recognized as a component of pension expense. The changes in the proportion and differences between
employer contributions and the proportionate share of contributions to the plan are amortized over the estimated remaining
work-life of active participants in the plan and recognized as a reduction of pension expense.
M. Net Position
In the government-wide financial statements, the net position is reported in three categories: net investment in capital assets;
restricted net position; and unrestricted net position. Net investment in capital assets includes all capital assets of the City
both depreciable and non-depreciable net of accumulated depreciation and outstanding debt balances attributable to the
acquisition, construction, or improvement of these assets. Net position in this category represents the infrastructure of the
City and is not available to meet the City’s needs. The restricted net position consists of amounts that have external restrictions
imposed upon them by creditors, grantors, contributors, or laws or regulations of other governments and restrictions imposed
by law through constitutional provisions or enabling legislation. Net positions in this category represent amounts that are not
available to meet the City’s needs as they have been promised for other purposes. The unrestricted net position represents
amounts that have not been restricted for any project or other purpose. These amounts are available to meet any needs of
the City. While the unrestricted net position is technically available to be spent by the City, it is important to remember that
the City has established financial policies that would prevent this. There are certain self-imposed criteria, such as maintaining
a minimum operating fund balance that would further reduce the amount the City is willing to spend.
N. Fund Balance
The following classifications describe the relative strength of the spending constraints:
Non-spendable fund balance - amounts that cannot be spent either because they are in a non-spendable form (such as
inventory and pre-paid) or because they are legally or contractually required to be maintained intact.
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39
City of Buckeye, Arizona
Notes to Financial Statements
Restricted fund balance - amounts constrained to specific purposes by their providers (such as grantors, bondholders,
and higher levels of government), through constitutional provisions, or by enabling legislation. The Restricted category
Other special purposes is for Community Facility District (CFD) fund balances which are special purpose, tax levying public
improvement districts that are separate and apart from the municipality.
Committed fund balance - amounts constrained to specific purposes by the City itself, using its highest level of decision-
making authority (i.e., City Council). To be reported as committed, the amounts cannot be used for any other purpose
unless the City Council approves by Resolution to remove or change the constraint. The Committed fund balance below
reflects the contractual obligations between the City and developers for the construction of public infrastructure that will
benefit the community.
Assigned fund balance - amounts the City intends to use for a specific purpose. Intent can be expressed by the City
Council or by an official or body to which the City Council delegates authority. The City Council and the Chief Financial
Officer have the authority to assign fund balances intended to be used for specific purposes.
Unassigned fund balance – represents the General Fund balance that has not been assigned to other funds that have not
been restricted, committed, or assigned to specific purposes. In other governmental funds, the unassigned classification
is used only to report a deficit balance resulting from overspending for specific purposes for which amounts had been
restricted, committed or assigned.
•
The City’s General Fund will maintain an “Unassigned” fund balance with a target of a minimum of fifteen percent
(15%) of General Fund operating expenditures. The intention of the “Unassigned” fund balance is to provide
additional stability to the General Fund recognizing the cyclical nature of the economy and the volatility of the
major revenue sources of the City. Funds in excess of the minimum targets will be retained in the Unassigned
General Fund Balance.
It is the government’s policy to consider restricted fund balance to have been depleted before using any of the components of
unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose,
committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last.
Governmental fund balances as of June 30, 2025, are as follows:
O. Leases and subscription-based information technology arrangements (SBITAs)
Leases - As lessee, the City recognizes lease liabilities with an initial, individual value of $100,000 or more. The City uses its
estimated incremental borrowing rate to measure lease liabilities unless it can readily determine the interest rate implicit in
the lease. The City’s estimated incremental borrowing rate is based on current market rates, the City’s credit profile and lease
terms.
As lessor, the City recognizes lease receivables with an initial, individual value of $100,000 or more. If there is no stated rate in
the lease contract (or if the stated rate is not the rate the City charges the lessee) and the implicit rate cannot be determined,
the City uses its own estimated incremental borrowing rate as the discount rate to measure lease receivables. The City's
estimated incremental borrowing rate is calculated as described above.
Special Revenue
Debt Service
Non-Major
Highway Users
Impact Fees
Capital
Watson Road
Governmental
General
Revenue Fund
Fund
Improvement
CFD
Funds
Total
Fund Balance
Non-spendable
3,124,919
$
667,664
$
-
$
-
$
-
$
3,610
$
3,796,193
$
Restricted
Impact Fees
-
-
32,371,265
-
-
-
32,371,265
Highways and streets
-
-
-
-
-
-
-
Health
-
-
-
-
-
216,730
216,730
Capital projects
-
-
-
2,851,879
-
11,992,533
14,844,412
Other special purposes
-
-
-
-
5,721,963
5,721,963
Debt Service
-
-
-
-
5,827,889
2,297,452
8,125,341
Committed
24,483,854
-
-
-
-
-
24,483,854
Unassigned
130,515,453
(220,022)
-
-
-
(389,665)
129,905,766
158,124,226
$
447,642
$
32,371,265
$
2,851,879
$
5,827,889
$
19,842,623
$
219,465,524
$
Capital Projects
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40
City of Buckeye, Arizona
Notes to Financial Statements
SBITAs - The City recognizes subscription liabilities with an initial, individual value of $100,000 or more. The City uses its
estimated incremental borrowing rate to measure subscription liabilities unless it can readily determine the interest rate
implicit in the arrangement. The City’s estimated incremental borrowing rate is calculated as described above.
P. Property Tax
A primary tax levy is limited to an increase of two percent over the previous year’s maximum allowable primary levy plus an
increased dollar amount due to a net gain in property not taxed the previous year (Section 42-301, Arizona Revised Statutes).
The two percent increase is based on the City’s “maximum allowable levy” for the prior year.
Property taxes are recognized as revenues in the year they are levied and collected, or if they are collected within 60 days
subsequent to fiscal year-end. Property taxes not collected within 60 days subsequent to fiscal year-end are reported as
unavailable revenues.
The County levies real property taxes on or before the third Monday in August, that become due and payable in two equal
installments. The first installment is due on the first day of October and becomes delinquent after the first business day in
November. The second installment is due on the first day of March of the next year and becomes delinquent 30 days thereafter.
Q. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the statement of net position/balance sheet and the reported
amounts of revenue and expenses/expenditures during the reporting period. Actual results could differ from the estimates.
Note 2 - Compliance and Accountability
Budgetary Information
According to the laws of the State of Arizona, all operating budgets must be approved by their governing board on or before
the second Monday in August to allow sufficient time for legal announcements and hearings required for the adoption of the
property tax levy on the third Monday in August.
In June, the proposed budget for the following fiscal year is presented by the City Manager to the City Council. The budget
includes proposed expenditures and the means of financing them. A public meeting is held to obtain citizen comments.
Prior to July 15th, the City Council legally enacts the budget, through the passage of an ordinance. The ordinance sets the limit
for expenditures for the year, within the voter-mandated state expenditure limitation. Additional expenditures may be
authorized if directly necessitated by a natural or man-made disaster as prescribed in the state constitution. There were no
supplemental appropriations made during the fiscal year 2025.
The maximum legal expenditure permitted for the year is the total budget as adopted. The initial budget for the fiscal year may
be amended during the year in a legally permissible manner. The City adopts the budget by major program area for the General
Fund and by funds for all others.
In practice, the City Council approves all budget transfers that cross appropriation lines on a monthly basis. All unencumbered
expenditure appropriations expire at the end of the fiscal year. Encumbered amounts are re-budgeted in the following year as
deemed appropriate and necessary after review by the Finance Department. Budgetary carryforwards are approved by the City
Council through the budgetary process.
The budgets are adopted on a basis differing from GAAP in that for budgetary purposes: (1) bond proceeds for enterprise funds
are considered revenue; (2) capital outlays for enterprise funds are treated as expenses; (3) debt service principal payments are
treated as expenses for enterprise funds; (4) accrued compensated absences are not recognized as expenses; (5) depreciation
and amortization are not recognized as expenses; (6) contributions to pension plans are recognized as an expense for enterprise
funds.
Table of Contents
41
City of Buckeye, Arizona
Notes to Financial Statements
The City is subject to the State of Arizona's Spending Limitation Law for Towns and Cities. This law does not permit the City to
spend more than budgeted revenues plus the carryover unrestricted cash balance from the prior fiscal year. The limitation is
applied to the total of the combined funds. The City complied with this law during the year.
The Community Facilities District Board annually approves the budgets for each of the Community Facility Districts (CFD). For
presentation purposes, budgets for the various CFDs are not included within this report.
For presentation purposes, no budgets to actual statements were prepared for the Jackrabbit Trail ID O & M, Roosevelt Street
ID O & M funds and the Asset Replacement fund.
Deficit Fund Balances – At June 30, 2025, the following nonmajor funds reported deficits in fund balance:
Management anticipates that revenues in the subsequent fiscal year will eliminate these deficits.
Note 3 - Deposits and Investments
Deposits – The City maintains a cash and investment pool that is available for use by all funds. Certain restricted funds are not
part of the City’s pool but rather are maintained with trustees. On June 30, 2025, the carrying amount of the City’s pooled
deposits was $39,678,866 and the bank balance was $40,809,559. The difference represents deposits in transit, outstanding
checks, and other reconciling items. In addition to pooled deposits, the City also maintains deposits with paying agents and
trustees. On June 30, 2025, the carrying amount of deposits with paying agents and trustees and the bank balance of deposits
with paying agent and trustees were $33,027,596.
Custodial Credit Risk – Of pooled deposits, $437,923 were covered by federal depository insurance, $40,371,636 were
collateralized by the pledging financial institution’s trust department or agent but not in the City’s name. Cash on deposit with
paying agents and trustees is collateralized by the City’s agent in the City’s name. The City maintains cash on hand in the form
of petty cash and change funds. As of June 30, 2025, the total of these balances was $6,429.
Interest Rate Risk – It is the City’s policy, to the extent possible and consistent with statutory requirements, to match its
investments with anticipated cash flow requirements. The City will not directly invest in securities maturing more than five
years from the date of purchase. As of June 30, 2025, the average portfolio duration was 2.52 years.
As of June 30, 2025, the City had the following investments and related maturities:
Credit Risk – The risk that an issuer of an investment will not fulfill its obligations to the holder of the investment. State law
limits investments in commercial paper and corporate bonds to the top two ratings issued by nationally recognized statistical
rating organizations. The City’s policy is to diversify its investments by security type and institution. As of June 30, 2025, the
City’s investments were rated in the following manner:
Fund
Deficit
Arizona Lottery
316,026
$
Community Services- Social Services Program
52,312
Stormwater Quality
103
Trillium West CFD
11,224
Floreo at Teravalis #1 CFD
10,000
389,665
$
Less than
Greater than
Investment Type
1 Year
1 to 3 Years
3 years
Total
Money Market
1,911,285
$
-
$
-
$
1,911,285
$
State Investment Pool
15,111,239
-
-
15,111,239
Investment Sweep
32,272,256
-
-
32,272,256
US Treasury Notes
-
29,126,073
26,668,803
55,794,876
Bank Note
-
301,127
-
301,127
Commercial Paper
2,477,788
-
-
2,477,788
Federal Agency Collateralized Mortgage
263,345
8,789,050
387,893
9,440,288
Federal Home Loan Bank (FHLB)
4,357,679
7,810,252
1,500,045
13,667,976
Federal Farm Credit Bank (FFCB)
3,016,672
2,599,678
-
5,616,350
Federal Home Loan Mortgage Corporation
-
4,280,645
6,794,786
11,075,431
Corporate Note
3,549,842
33,056,210
26,247,710
62,853,762
Certificate of Deposits
1,250,823
1,747,069
-
2,997,891
Asset-Backed Security
24,504
7,038,939
16,266,295
23,329,737
64,235,433
$
94,749,043
$
77,865,532
$
236,850,006
$
Investment Maturities
Table of Contents
42
City of Buckeye, Arizona
Notes to Financial Statements
Concentration of Credit Risk – The concentration of credit risk is the risk of a loss attributed to the magnitude of a government’s
investment in a single issuer. The City’s policy is to maintain a diversified portfolio to minimize the risk of loss resulting from
over concentration of assets in a specific maturity.
Note 4 - Fair Value Measurement and Disclosures
The City reports certain investments at fair value in the financial statements. Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction in the principal, or most advantageous, market at the
measurement date under current market conditions regardless of whether that price is directly observable or estimated using
another valuation technique. Inputs used to determine fair value refer broadly to the assumptions that market participants
would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable.
Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based
on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the
reporting entity’s assumptions about the assumptions market participants would use in pricing the asset or liability based on
the best information available. A three-tier hierarchy categorizes the inputs as follows:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that we can access at the measurement
date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar
assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability,
and market-corroborated inputs.
Level 3 – Unobservable inputs for the asset or liability. In these situations, we develop inputs using the best information
available in the circumstances.
In some cases, the inputs used to measure the fair value of an asset or a liability might be categorized within different levels of
the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair
value hierarchy as the lowest level input that is significant to the entire measurement. Assessing the significance of a particular
input to an entire measurement requires judgment, taking into account factors specific to the asset or liability. The
categorization of an asset within the hierarchy is based upon the pricing transparency of the asset and does not necessarily
correspond to our assessment of the quality, risk, or liquidity profile of the asset or liability.
The State of Arizona’s Treasurer Pool is an external investment pool, the Local Government Investment (LGIP Pool 5), with no
regulatory oversight. The pool as an investment company is not registered with the Securities and Exchange Commission. The
activity and performance of the pool is reviewed monthly by the State Board of Investment. The fair value of each participant’s
shares in the pool and the participants’ shares are not identified with specific investments. Participants in the pool are not
required to categorize the value of shares in accordance with the fair value hierarchy. The City's investments are invested in
U.S. agency step-up securities, which are considered to be highly sensitive to interest rate changes. These securities can be
called by the issuer on certain specified dates. If the security is not called, the interest rate is increased by a specified amount.
Prevailing interest rates may go up faster than the increase in the coupon interest rate.
Rating
Balance
Investment Type
Agency
Rating
6/30/2025
Avg Rate
% of Total
Money Market
n/a
Not Rated
1,911,285
$
n/a
0.81%
State Investment Pool
n/a
Not Rated
15,111,239
n/a
6.38%
Investment Sweep
n/a
Not Rated
32,272,256
n/a
13.63%
US Treasury Notes
Moody's
AAA
55,794,876
3.90%
23.56%
Bank Note
Moody's
AAA
301,127
5.50%
0.13%
Commercial Paper
Moody's
AAA
2,477,788
4.32%
1.05%
Federal Agency Collateralized Mortgage
Moody's
AAA
9,440,288
4.55%
3.99%
Federal Home Loan Bank (FHLB)
Moody's
AAA
13,667,976
4.23%
5.77%
Federal Farm Credit Bank (FFCB)
Moody's
AAA
5,616,350
4.09%
2.37%
Federal Home Loan Mortgage Corporation
Moody's
AAA
11,075,431
4.47%
4.68%
Corporate Note
Moody's
A1 or higher
62,853,762
4.87%
26.54%
Certificate of Deposits
Moody's
A1 or higher
2,997,891
4.93%
1.27%
Asset-Backed Security
Moody's
AAA or Not Rated
23,329,737
4.47%
9.85%
236,850,006
$
4.70%
100.00%
Table of Contents
43
City of Buckeye, Arizona
Notes to Financial Statements
U.S. Government obligations are valued by the custodians of the securities using pricing models based on credit quality, time
to maturity, stated interest rates and market-rate assumptions, and are classified within Level 2. Corporate notes, CD’s and
asset-backed securities are also classified within Level 2.
Note 5 - Excess of Expenditures over Appropriations
In the General Fund, the following line items accounts within departments exceeded the amounts budgeted. For the General
Fund, budgetary control shall be at the department level and managed separately between personnel, the operating budget
and the capital budget. Expenditure appropriations for all other funds are adopted at the fund level.
For presentation purposes, we have elected to show any deficits at the line-item level within departments/divisions, all of
which were funded by available fund balances within the General Fund.
The deficit in personnel services budget for Mayor and Council, City clerk, Airport and Fire was due to an increase in salaries
and unbudgeted vacation and leave redemption payouts.
Note 6 - Receivables
Receivables as of year-end for the government’s individual major and non-major funds in the aggregate, as shown in the
balance sheet, including the applicable allowances for uncollectible accounts, are as follows:
Note 7 - Capital Assets
Public-Private Partnerships (PPP)
The Buckeye Pollution Control Corporation (BPCC), a blended component unit of the City, City of Buckeye, and Allied Waste
(operator) entered into an agreement in 1994, amended in 2016 and 2018 to construct and operate a regional landfill. The
operator purchased approximately 305 acres of land and made improvements to the land to operate the regional landfill. In
2016 the operator acquired another 289 acres from the State Land Department to expand the landfill. The original term of the
of agreement was 60 years and was extended in 2016 to December 31, 2106. The operator pays BPCC a minimum of $25,000
and 7.5 percent of all gate revenues per year. The $25,000 minimum payment is credited against the gate revenues. The City
only recognizes the present value of the $25,000 payments over the term of the agreement in the financial statements. The
City uses a discount rate of 1 percent. The City reported $1,383,371 in PPP Receivables and Deferred Inflows as of 6/30/2025.
Variance Between
Actual Amounts
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
General government:
Mayor and Council
Personnel services
585,000
$
660,000
$
675,888
$
(15,888)
$
City Clerk
Personnel services
748,300
748,300
809,304
(61,004)
Airport
Personnel services
824,800
824,800
854,613
(29,813)
Public safety:
Fire
Personnel services
23,246,400
23,596,400
23,706,503
(110,103)
Budgeted Amounts
Public-
Less:
Inter-
Special
Private
Gross
Allowance for
Net Total
Receivables
Accounts
Taxes
govermental
Assessments
Settlements
Partnership
Other
Receivables
Uncollectibles
Receivables
General Fund
1,076,354
$
199,605
$
10,962,411
$
-
$
-
$
1,383,371
$
129,844
$
13,751,585
$
-
$
13,751,585
$
HURF
-
-
711,964
-
-
-
25,533
737,497
-
737,497
Capital Improvement Fund
-
-
-
-
-
-
148,821
148,821
-
148,821
Watson Road CFD
-
-
8,649
8,796,478
-
-
-
8,805,127
-
8,805,127
Nonmajor Governmental Funds
36,717
-
1,197,642
8,040,552
1,088,245
-
-
10,363,156
-
10,363,156
Wastewater
1,736,542
-
-
-
-
-
-
1,736,542
(5,271)
1,731,271
Water
5,191,221
-
-
-
-
-
-
5,191,221
(8,161)
5,183,060
Nonmajor Enterprise Funds
1,617,884
-
-
-
-
-
-
1,617,884
(129,512)
1,488,372
9,658,718
$
199,605
$
12,880,666
$
16,837,030
$
1,088,245
$
1,383,371
$
304,198
$
42,351,833
$
(142,944)
$
42,208,889
$
Table of Contents
44
City of Buckeye, Arizona
Notes to Financial Statements
Variable payments received from the operator during the current year are recognized as inflows in the amount of $1,139,345.
The City is not recognizing a capital asset or receivable related to the landfill capital assets, as the landfill assets were purchased
by the operator, and at the end of the term it is expected the landfill will be closed, offering no service utility to BPCC or the
City.
Capital asset activity for the year ended June 30, 2025, was as follows:
City of Buckeye, Arizona
Schedule of Activity in Capital Assets
Capital Assets
Capital Assets
June 30, 2024
Increases
Decreases
Transfers
June 30, 2025
Governmental activities:
Capital assets, not being depreciated:
Land, beginning balance, restated
246,564,055
$
25,576,819
$
-
$
-
$
272,140,874
Construction in progress
37,995,682
50,312,252
(423,528)
(10,894,751)
76,989,655
Total capital assets, not being depreciated
284,559,737
75,889,071
(423,528)
(10,894,751)
349,130,529
Capital assets, being depreciated:
Land improvements
81,580,637
3,373,919
-
1,824,259
86,778,815
Building and improvements
75,061,234
337,379
-
4,120,427
79,519,040
Infrastructure
436,350,606
54,154,391
-
283,790
490,788,787
Machinery, equipment and vehicles
57,122,703
8,843,809
(2,218,600)
61,108
63,809,019
Intangibles:
Right-to-use subscription assets
-
1,506,198
-
-
1,506,198
Right-to-use lease assets
16,476,403
-
-
-
16,476,403
Total capital assets being depreciated
666,591,583
68,215,696
(2,218,600)
6,289,584
738,878,262
Less accumulated depreciation/amortization for:
Land improvements
(26,476,832)
(3,548,795)
-
-
(30,025,627)
Building and improvements
(22,541,517)
(2,159,707)
-
-
(24,701,224)
Infrastructure
(251,367,546)
(20,640,664)
-
-
(272,008,210)
Machinery, equipment and vehicles
(32,286,548)
(4,684,797)
2,120,468
-
(34,850,877)
Intangibles:
Right-to-use subscription assets
-
(434,040)
-
-
(434,040)
Right-to-use lease assets
(331,179)
(1,768,650)
-
-
(2,099,829)
Total accumulated depreciation/amortization
(333,003,622)
(33,236,653)
2,120,468
-
(364,119,807)
Total capital assets, being depreciated/amortized, net
333,587,961
34,979,043
(98,132)
6,289,584
374,758,456
Governmental activities capital assets, net; restated
618,147,698
110,868,114
(521,660)
(4,605,167)
723,888,985
Business-type activities:
Capital assets, not being depreciated:
Land
9,813,488
-
-
-
9,813,488
Water Rights
3,983,259
79,902,611
-
-
83,885,870
Construction in progress
55,026,803
37,461,529
-
(6,205,747)
86,282,585
Total capital assets, not being depreciated
68,823,550
117,364,141
-
(6,205,747)
179,981,944
Capital assets, being depreciated:
Wastewater system
185,751,631
10,557,778
(133,310)
4,605,167
200,781,267
Water system
262,420,551
3,837,775
-
1,924,219
268,182,545
Water Rights
5,691,519
-
-
-
5,691,519
Land improvements
842,332
330,177
-
-
1,172,509
Building and improvements
95,771,096
9,222
-
4,281,528
100,061,846
Machinery, equipment and vehicles
17,461,407
1,782,472
(557,094)
-
18,686,785
Total capital assets being depreciated
567,938,536
16,517,425
(690,404)
10,810,914
594,576,471
Less accumulated depreciation for:
Wastewater system
(77,843,311)
(7,572,480)
24,440
-
(85,391,351)
Water system
(88,226,045)
(7,568,925)
-
-
(95,794,970)
Water Rights
(113,830)
(56,915)
-
-
(170,745)
Land improvements
(31,389)
(11,703)
-
(43,092)
Building and improvements
(40,752,940)
(2,655,975)
-
-
(43,408,915)
Machinery, equipment and vehicles
(8,632,998)
(1,670,164)
557,094
(9,746,068)
Total accumulated depreciation
(215,600,513)
(19,536,162)
581,534
-
(234,555,141)
Total capital assets, being depreciated, net
352,338,023
(3,018,737)
(108,870)
10,810,914
360,021,330
Business-type activities capital assets, net
421,161,573
114,345,403
(108,870)
4,605,167
540,003,274
Total
1,039,309,271
$
225,213,518
$
(630,530)
$
-
$
1,263,892,259
Table of Contents
45
City of Buckeye, Arizona
Notes to Financial Statements
Depreciate expense was charged to functions/programs of the primary government as follows:
Note 8 - Construction Commitments
The City has various active construction projects on June 30, 2025. At fiscal year-end, the City's commitments with contractors
were as follows:
Note 9 – Leases
On November 7, 2023, the City entered into a 60 month lease agreement as lessee for the use of a modular hangar from Sunbelt
Rental. An initial lease liability was recorded in the amount of $1,210,097. As of 06/30/2025 the value of the long-term
liability is $886,326, and the value of the short-term lease liability is $246,255. The City is required to make monthly fixed
payments of $23,263. The lease has an interest rate of 4.249%. The building has a five-year estimated useful life. The value of
the right-to-use asset of $1,210,097 with accumulated amortization as of 6/30/2025 was $399,332.
Governmental activites:
General government
3,782,920
$
Public safety
3,343,554
Highways and streets
19,521,104
Culture and recreation
2,905,576
Development services
78,131
Engineering
10,431
Public Works
3,594,936
Total depreciation expense - governmental activities
33,236,653
$
Business-Type activities:
Water
9,268,473
$
Sewer
10,248,689
Solid Waste
19,000
Total depreciation expense - business-type activities
19,536,162
$
Remaining
Spent-to-date
Commitment
Jackrabbit Trail to Thomas Improvements
1,176,418
$
23,113,200
$
Miller Road - Durango to Lower Buckeye
8,449,700
11,754,100
Airport - 74 Acre Land Acquisition
156,246
10,912,000
Watson Road - Broadway Road
636,921
9,941,900
McDowell, Jackrabbit Trail to Tuthill Wash Improve
1,739,365
9,403,800
Durango Street - Miller to Yuma Roadway Improve
2,727,327
8,193,800
Rooks Road Bridge at BID
7,538,799
7,223,300
SR 85 and Baseline Road Traffic Signal/Intersection
44,929
5,774,400
Police Communications Center
15,856,181
5,401,100
Communication Tower - Tartesso
2,128,163
3,806,800
Blue Horizons Fire Station #707
13,202,990
793,900
53,657,039
$
96,318,300
$
Remaining
Spent-to-date
Commitment
Water Treatment Facility Farallon #16
52,678,980
$
15,474,900
$
SWRF Improvements
5,834,835
14,382,700
Central WFR Expansion
224,317
6,250,000
Tartesso Fluoride/AS Treatment
2,740,588
6,483,600
Central WRF Improvements Phase 3
1,017,647
5,065,400
Jackie Meck Well #8
264,805
4,991,900
Valencia System Water Mains Upgrade
435,918
4,203,000
Festival WRF Improvements
1,263,650
2,992,200
Arizona Water Co. Water Line Interconnect
31,179
1,728,300
64,491,919
$
61,572,000
$
Governmental Activities
Project
Business-type Activities
Project
Table of Contents
46
City of Buckeye, Arizona
Notes to Financial Statements
On May 01, 2024, the City entered into a 120 month lease agreement as lessee for the use of building space from KICM Buckeye.
An initial lease liability was recorded in the amount of $15,266,306. As of 06/30/2025, the value of the long-term liability is
$13,992,950, and the value of the short-term lease liability is $1,185,686. The City is required to make monthly fixed payments
of $129,720. The lease has an interest rate of 3.134%. The building has a ten-year estimated useful life. The value of the right-
to-use asset of $15,266,306 with accumulated amortization as of 6/30/2025 was $1,700,497.
The future principal and interest lease payments as of June 30, 2025, as follows:
Note 10 – Subscription-Based Information Technology Arrangements (SBITAs)
The City has acquired intangible right-to-use software, under the provisions of various subscription-based information
technology arrangements. The total amount of subscription assets and related accumulated amortization, as of June 30, 2025,
are $1,506,198 and $434,040 respectively.
The following schedule details minimum subscription payments to maturity for the City’s subscription liability at June 30, 2025:
Note 11 - Long-Term Debt
The following are brief descriptions of bonds and long-term loans/obligations outstanding as of June 30, 2025. There are
several limitations and restrictions contained in the various documents, and the City complies with all significant limitations
and restrictions.
Water Infrastructure Finance Authority Debt
The City has various loan agreements with the Water Infrastructure Finance Authority of Arizona (WIFA) Revolving Fund Loan
Program for the acquisition and construction of water and wastewater facilities and obtaining water rights.
On November 20, 2009, the City entered into a 20-year agreement with the WIFA for $12,000,000 in water and wastewater
system revenue debt obligation as part of the water infrastructure improvements related to the expansion of the water and
wastewater plant. As part of this agreement, the City has covenanted that the system revenue will produce sufficient revenues
to cover the operating and maintenance expenses of the systems plus 120 percent of the aggregate payments on the loan
including any outstanding parity obligations. Interest accrues at a rate of 2.50 percent annually. Annual debt service payments
of varying amounts are due through July 2029. As of June 30, 2025, the total principal remaining is $1,249,724 and the City
complied with all covenants. (See table 14.)
On April 5, 2013, the City entered into a 20-year agreement with WIFA for $7,370,000 in water and wastewater system revenues
debt obligation as part of the water infrastructure improvements related to constructing, acquiring, and improving water
Fiscal Year
Ending
Principal
Interest
Total
2026
1,431,941
$
454,562
$
1,886,503
$
2027
1,529,227
405,497
1,934,724
2028
1,631,194
353,197
1,984,391
2029
1,573,464
299,243
1,872,707
2030
1,558,196
250,888
1,809,084
2031-34
7,155,253
466,000
7,621,253
14,879,275
$
2,229,387
$
17,108,662
$
Fiscal Year
Ending
Principal
Interest
Total
2026
528,425
$
25,964
$
554,389
$
2027
143,033
12,740
155,773
2028
147,159
8,614
155,773
2029
151,405
4,368
155,773
970,022
$
51,686
$
1,021,708
$
Table of Contents
47
City of Buckeye, Arizona
Notes to Financial Statements
reclamation and recharge systems. As part of this agreement, the City has covenanted that the water and wastewater plant
will produce sufficient revenues to cover operating and maintenance expenses of the plant plus 120 percent of the aggregate
payments on the loan including any outstanding parity obligations. Interest accrues at a rate of 2.5 percent. Annual payments
of varying amounts are due through July 2032. As of June 30, 2025, the total principal remaining is $2,596,047, and the City
complied with all covenants.
On April 5, 2013, the City entered into an agreement with WIFA for $5,065,000 in water and wastewater system revenues debt
obligation as part of the water infrastructure improvements related to constructing and acquiring waterline to extend and
connect existing services. As part of this agreement, the City has covenanted that the water and wastewater plant will produce
sufficient revenues to cover operating and maintenance expenses of the plant plus 120 percent of the aggregate payments on
the loan including any outstanding parity obligations. Interest accrues at a rate of 2.975 percent. Annual payments are
$228,118 through July 2032. As of June 30, 2025, the total principal remaining is $1,422,580, and the City complied with all
covenants.
On April 5, 2013, the City entered into an agreement with WIFA for $3,617,450 in water and wastewater system revenues debt
obligation as part of the water infrastructure improvements related to repairing and improving an existing well site and
integrating it with the current system. As part of this agreement, the City has covenanted that the water and wastewater plant
will produce sufficient revenues to cover operating and maintenance expenses of the plant plus 120 percent of the aggregate
payments on the loan including any outstanding parity obligations. Interest accrues at a rate of 2.975 percent. Annual
payments are $242,588 through July 2032. As of June 30, 2025, the total principal remaining is $1,512,816, and the City
complied with all covenants.
On December 5, 2014, the City entered into an agreement with WIFA for $761,000 in water and wastewater system revenues
debt obligation as part of the water infrastructure improvements related to repairing and improving an existing well site and
integrating it with the current system. As part of this agreement, the City has covenanted that the water and wastewater plant
will produce sufficient revenues to cover operating and maintenance expenses of the plant plus 120 percent of the aggregate
payments on the loan including any outstanding parity obligations. Interest accrues at a rate of 2.184 percent. Annual
payments are $46,179 through July 2034. As of June 30, 2025, the total principal remaining is $373,634, and the City complied
with all covenants.
On January 21, 2020, the City entered into an agreement with WIFA for $108,582,332 in water and wastewater system revenues
debt obligation to finance the acquisition and construction of the Jackie A Meck (formerly Broadway) Water Campus. As part
of this agreement, the City has covenanted that the water and wastewater plant will produce sufficient revenues to cover
operating and maintenance expenses of the plant plus 120 percent of the aggregate payments on the loan including any out-
standing parity obligations. Interest accrues at a rate of 1.873 percent. Annual payments range between $3,413,186 to
$5,328,172 with a final maturity date of July 2044. As of June 30, 2025, the total principal remaining is $60,623,445, and the
City complied with all covenants.
On October 1, 2021, the City entered into an agreement with WIFA for $18,750,000 in water and wastewater system revenues
debt obligation to finance the design and construction of the Sundance Water Reclamation Facility. As part of this agreement,
the City has covenanted that the water and wastewater plant will produce sufficient revenues to cover operating and
maintenance expenses of the plant plus 120 percent of the aggregate payments on the loan including any outstanding parity
obligations. Interest accrues at a rate of 1.848 percent. Annual payments range between $835,634 to $1,140,746. As of June
30, 2025, the total principal remaining is $220,415, and the City complied with all covenants.
Improvement Bonds
The City has long-term bonds issued to provide funds for the acquisition and construction of major capital facilities. The City
has also issued debt to refund earlier obligations with higher interest rates. The debt is being repaid by various debt service
funds. Special Assessment districts are created only by petition of the City Council by property owners within the district areas.
The Jackrabbit Trail Sanitary Wastewater Improvement District was created so the City could fund improvements. Specifically,
the District financed the construction of wastewater treatment plant capacity, design engineering, and inspection and
construction of certain wastewater collection related improvements. Each of the 49 property owners within the District were
assessed a special assessment lien by the City for repayment of the improvement bond. In case of default, the City has the
responsibility to cover delinquencies of special assessment bonds with other sources until foreclosure proceeds are received.
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City of Buckeye, Arizona
Notes to Financial Statements
The City has pledged revenue derived from an annual assessment on the real property of the Jackrabbit Trail Improvement
District to repay $2,545,000 in improvement bonds issued in December 2009. Proceeds from these bonds were used to install
and construct water and wastewater lines within the District. The bonds are payable solely from assessments on the property
owners and are payable through 2029. The total principal remaining to be paid on the bonds is $102,000. Principal and
interest paid for the current year approximate amounts received from improvement district property owners, which, at times,
exceed assessments billed for the year.
The Roosevelt Improvement District was created so the City could fund street improvements. The City has pledged revenue
derived from an annual assessment on the real property of the Roosevelt Street Improvement District to repay $5,285,000 in
improvement bonds issued June 2018. The total principal remaining to be paid on the bonds is $2,610,000. Principal and
interest paid for the current year approximate amounts received from improvement district property owners, which, at times,
exceed assessments billed for the year.
Excise Tax Revenue Bonds
The City has pledged water and wastewater net revenues to repay $250,000 in Water and Wastewater Systems Senior Revenue
Bonds 2015 issued in March 2015. As part of the bond agreement, the City has covenanted that it will maintain collections
equal to two (1.2) times the highest combined interest and principal requirements for any succeeding 12-month period for the
bonds. Proceeds from these bonds were obtained for purposes of procuring funds to be used to aid in the purchase of water
utility properties to expand the utility systems. Annual principal and interest payments on the bonds are expected to require
one percent of net revenues to be paid from water utility revenues. As of June 30, 2025, the total principal and interest to be
paid on the bonds is $475,625, and the City was in compliance with all covenants. Interest paid for the current year was
$11,875, there were no principal payments in the current year.
The City has pledged future excise tax revenues, which include the City's sales and transaction privilege tax, franchise fees,
licenses, and permit fees, and fines and forfeitures, to repay $12,620,000 in Series 2016 Excise Tax Revenue Refunding
Obligation Bonds issued in April 2016 to refund the outstanding Series 2006A GADA Excise Tax Revenue Bonds. As part of the
bond agreement, the City has covenanted that it will maintain collections equal to two (2.0) times the highest combined interest
and principal requirements for any succeeding 12-month period for the bonds. Proceeds from the Series 2006 bonds were
used to construct a municipal complex. As of June 30, 2025, the total principal to be paid on the bonds is $7,850,000, and the
City was in compliance with all covenants. The principal and interest paid for the current year was $873,913.
The City has pledged future excise tax revenues, which include the City's sales and transaction privilege tax, franchise fees,
licenses, and permit fees, and fines and forfeitures to repay $51,260,000 in Excise Tax Revenue Bonds, Series 2015 issued in
July 2015. As part of the bond agreement, the City has covenanted that it will maintain collections equal to two (2.0) times the
highest combined interest and principal requirements for any succeeding 12-month period for the bonds. Proceeds from these
bonds were obtained for purposes of financing the costs of acquiring various water systems, facilities, and improvements as
set forth in the Settlement Agreement for Stipulated Condemnation, by and among Global Water Resources, Inc. Annual
principal and interest payments on the bonds are expected to be paid from existing water utility revenues. By way of a current
refunding, these bonds were partially defeased through the issuance of $37,020,000 Excise Tax Revenue Refunding Bonds,
Series 2025 issued in May 2025. As of June 30, 2025, the total principal to be paid on the bonds is $6,710,000 and the City was
in compliance with all covenants. Principal and interest paid for the current year was $4,507,738.
The City has pledged future excise tax revenues, which include the City's sales and transaction privilege tax, franchise fees,
licenses, and permit fees, and fines and forfeitures to repay $45,230,000 in Excise Tax Revenue Bonds, Series 2024A issued in
March 2024. As part of the bond agreement, the City has covenanted that it will maintain collections equal to two (2.0) times
the highest combined interest and principal requirements for any succeeding 12-month period for the bonds. Proceeds from
these bonds were obtained for purposes to finance the development of the “Farallon Water Campus.” The Farallon Water
Campus (FWC) project includes installation of three miles of raw water transmission lines and the construction of the first phase
of a 20-acre water campus. Annual principal and interest payments on the bonds are expected to be paid from existing water
utility revenues. As of June 30, 2025, the total principal to be paid on the bonds is $44,440,000 and the City was in compliance
with all covenants. Principal and interest paid for the current year was $3,679,694.
The City has pledged future excise tax revenues, which include the City’s sales and transaction privilege tax, franchise fees,
licenses, and permit fees, and fines and forfeitures to repay $37,020,000 in Excise Tax Revenue Refunding Bonds, Series 2025
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City of Buckeye, Arizona
Notes to Financial Statements
issued in May 2025. As part of the bond agreements, the City has covenanted that it will maintain collections equal to two
(2.0) times the highest combined interest and principal requirements for any succeeding 12-month period for the bonds.
Proceeds from these bonds were used to refund $38,550,000 of outstanding Excise Tax Revenue Bonds, Series 2015. This
advance refunding was undertaken to reduce total debt service payments over the next 19 years by $3,496,968 and resulted
in an economic gain of $2,527,644. Annual principal and interest payments on the bonds are expected to be paid from existing
water utility revenues. As of June 30, 2025, the total principal to be paid on the bonds is $36,460,000 and the City was in
compliance with all covenants. Principal and interest paid for the current year was $769,120.
Community Facilities District Bonds
Community Facilities Districts (CFDs) are created only by petition to the City Council by property owners within the District
areas. As the board of directors for the District, the City Council has adopted a formal policy that CFD debt will be permitted
only when the ratio of the full cash value of the District property (before improvements being installed), when compared to
proposed District debt, is a minimum of 4 to 1 before issuance of debt. These ratios are verified by an appraisal paid for by the
District and administered by the City. Besides, the cumulative debt of all CFDs cannot exceed 26 percent of the City's net
assessed full cash value of the real property within the district.
The CFD Board of Directors pledged revenue derived from annual assessments on real property located in the community
facilities districts in general obligation bonds and special assessment revenue bonds. Special assessment districts were created
only by petition to the City Council by property owners within the areas of the districts. Proceeds were used for acquisition,
construction, and infrastructure improvements within the special assessment districts. The bonds are payable solely from
assessments on the property owners.
The Festival Ranch CFD is a special purpose district created specifically to acquire or construct public infrastructure within
specific areas of the City of Buckeye, Arizona. The District is authorized under state law to issue special assessment (SA) revenue
bonds to be repaid by the property within the SA District, general obligation (GO) bonds to be repaid by property (ad valorem)
taxes levied on property within the District (for GO debt), or revenue bonds to be repaid by specific revenues generated within
the District (revenue bonds). The District has $106 million of authorized GO bonds authority remaining. The District was
created by petition to the City Council by property owners within the area to be covered by the District and comprises
approximately 4,015 acres.
Special Assessment Bonds
The CFD Board of Directors has pledged revenue derived from an annual assessment on the real property of the
Festival Ranch CFD (Assessment District 2 and 3) to repay $1,868,000 in special assessment lien bonds issued April
2007. Proceeds were used for infrastructure improvements within the special assessment district. The bonds are
payable solely from assessments on the property owners. The remaining principal being $414,000. The principal paid
for the current year is $60,000. Principal and interest paid for the current year approximate amounts received from
special assessment property owners, which, at times, exceed special assessments billed for the year.
The CFD Board of Directors has pledged revenue derived from an annual assessment on the real property of the
Festival Ranch CFD (Assessment District 4 and 5) to repay $1,784,000 in special assessment lien bonds issued October
2007. The bonds are payable solely from assessments on the property owners. The remaining principal being
$382,000. The principal paid for the current year is $53,000. Principal and interest paid for the current year
approximate amounts received from special assessment property owners, which, at times, exceed special assessments
billed for the year.
The CFD Board of Directors has pledged revenue derived from an annual assessment on the real property of the
Festival Ranch CFD (Assessment District 6) to repay $356,000 in special assessment revenue bonds issued November
2009. The bonds are payable solely from assessments on the property owners. The remaining principal being $85,000.
The principal paid for the current year is $9,000. Principal and interest paid for the current year approximate amounts
received from special assessment property owners, which, at times, exceed special assessments billed for the year.
The CFD Board of Directors has pledged revenue derived from an annual assessment on the real property of the
Festival Ranch CFD (Assessment District 7) to repay $404,000 in special assessment revenue bonds issued April 2011.
The bonds are payable solely from assessments on the property owners. The remaining principal being $100,000. The
principal paid for the current year is $8,000. Principal and interest paid for the current year approximate amounts
received from special assessment property owners, which, at times, exceed special assessments billed for the year.
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City of Buckeye, Arizona
Notes to Financial Statements
The CFD Board of Directors has pledged revenue derived from an annual assessment on the real property of the
Festival Ranch CFD (Assessment District 8) to repay $186,000 in special assessment revenue bonds issued July 2013.
The bonds are payable solely from assessments on the property owners. The total remaining principal being $51,430.
The principal paid for the current year is $4,766. Principal and interest paid for the current year approximate amounts
received from special assessment property owners, which, at times, exceed special assessments billed for the year.
The CFD Board of Directors has pledged revenue derived from an annual assessment on the real property of the
Festival Ranch CFD (Assessment District 9) to repay $288,000 in special assessment revenue bonds issued July 2015.
The bonds are payable solely from assessments on the property owners. The remaining principal being $108,000. The
principal paid for the current year is $9,000. Principal and interest paid for the current year approximate amounts
received from special assessment property owners, which, at times, exceed special assessments billed for the year.
The CFD Board of Directors has pledged revenue derived from an annual assessment on the real property of the
Festival Ranch CFD (Assessment District 10) to repay $200,000 in special assessment revenue bonds issued March
2016. The remaining principal being $73,822. The principal paid for the current year is $5,641. Principal and interest
paid for the current year approximate amounts received from special assessment property owners, which, at times,
exceed special assessments billed for the year.
The CFD Board of Directors has pledged revenue derived from an annual assessment on the real property of the
Festival Ranch CFD (Assessment District 11) to repay $2,738,000 in special assessment revenue bonds issued February
2017. The remaining principal being $1,413,000. The principal paid for the current year is $157,000. Principal and
interest paid for the current year approximate amounts received from special assessment property owners, which, at
times, exceed special assessments billed for the year.
The CFD Board of Directors has pledged revenue derived from an annual assessment on the real property of Festival
Ranch CFD (Assessment District 12) to repay $210,000 in special assessment revenue bonds issued in June 2018. The
remaining principal being $138,800. The principal paid for the current year is $9,100. Principal and interest paid for
the current year approximate amounts received from special assessment property owners, which, at times, exceed
special assessments billed for the year.
The CFD Board of Directors has pledged revenue derived from an annual assessment on the real property of Festival
Ranch CFD (Assessment District 13) to repay $3,920,000 in special assessment revenue bonds issued in November
2018. The remaining principal being $1,724,000. The principal paid for the current year is $306,000. Principal and
interest paid for the current year approximate amounts received from special assessment property owners, which, at
times, exceed special assessments billed for the year.
The CFD Board of Directors has pledged revenue derived from an annual assessment on the real property of Festival
Ranch CFD (Assessment District 14) to repay $722,000 in special assessment revenue bonds issued February 2019.
The remaining principal being $508,500. The principal paid for the current year is $28,800. Principal and interest paid
for the current year approximate amounts received from special assessment property owners, which, at times, exceed
special assessments billed for the year.
General Obligation Bonds
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Festival Ranch CFD to repay $5,400,000 in general obligation bonds issued July 2012. Proceeds were used for the
construction and acquisition of public infrastructure. The remaining principal $1,775,000 was fully defeased in the
current year.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Festival Ranch CFD to repay $1,800,000 in general obligation bonds issued in November 2013. Proceeds were used
for the construction and acquisition of public infrastructure. The remaining principal $1,355,000 was fully defeased
in the current year.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Festival Ranch CFD to repay $5,410,000 in general obligation bonds, Series 2016, and issued in July 2016. Proceeds
were used for the construction and acquisition of public infrastructure. The remaining total principal to be paid being
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City of Buckeye, Arizona
Notes to Financial Statements
$4,610,000. The principal paid for the current year is $105,000.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Festival Ranch CFD to repay $3,665,000 in general obligation bonds, Series 2017 issued in July 2017. Proceeds were
used for the construction and acquisition of public infrastructure. The remaining total principal to be paid being
$2,860,000. The principal paid for the current year is $115,000.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Festival Ranch CFD to repay $7,600,000 in general obligation bonds issued December 2009. Proceeds were used for
the acquisition and construction of the CFD. By way of an advance refunding, these bonds were partially defeased
through the issuance of $2,940,000 Festival Ranch CFD General Obligation Refunding Bonds, Series 2017 issued in July
2017. The remaining total principal to be paid being $2,130,000. The principal paid for the current year is $115,000.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Festival Ranch CFD to repay $3,335,000 in general obligation bonds, Series 2018 issued in August 2018. Proceeds were
used for the construction and acquisition of public infrastructure. The remaining total principal to be paid being
$2,885,000. The principal paid for the current year is $70,000.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Festival Ranch CFD to repay $5,715,000 in general obligation bonds, Series 2019 issued in July 2019. Proceeds were
used for the construction and acquisition of public infrastructure. The remaining total principal to be paid being
$4,650,000. The principal paid for the current year is $195,000.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Festival Ranch CFD to repay $7,600,000 in general obligation bonds issued December 2009. Proceeds were used for
the acquisition and construction of the CFD. By way of a current refunding, these bonds were fully defeased through
the issuance of $3,885,000 Festival Ranch CFD General Obligation Refunding Bonds, Series 2019 issued in July 2019.
The remaining total principal to be paid being $2,280,000. The principal paid for the current year is $285,000.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Festival Ranch CFD to repay $5,315,000 in general obligation bonds, Series 2020 issued in November 2020. Proceeds
were used for the construction and acquisition of public infrastructure. The remaining total principal to be paid being
$4,790,000. The principal paid for the current year is $135,000.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Festival Ranch CFD to repay $5,790,000 in general obligation bonds, Series 2021 issued in September 2021. Proceeds
were used for the construction and acquisition of public infrastructure. The remaining total principal to be paid being
$5,190,000. The principal paid for the current year is $130,000.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Festival Ranch CFD to repay $6,075,000 in general obligation bonds, Series 2022 issued in July 2022. Proceeds were
used for the construction and acquisition of public infrastructure. The remaining total principal to be paid being
$5,740,000. The principal paid for the current year is $120,000.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Festival Ranch CFD to repay $3,985,000 in general obligation bonds, Series 2023 issued in December 2023. Proceeds
were used for the construction and acquisition of public infrastructure. The remaining total principal to be paid being
$3,515,000. The principal paid for the current year is $190,000.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Festival Ranch CFD to repay $5,400,00 in general obligation bonds issued July 2012 and $1,800,000 in general
obligation bonds issued November 2013. Proceeds were used for the acquisition and construction of the CFD. By way
of a current refunding, these bonds were fully defeased through the issuance of $2,995,000 Festival Ranch CFD General
Obligation Refunding Bonds, Series 2024 issued in November 2024. This refunding was undertaken to reduce total
debt service payments over the next 9 years by $249,463 and resulted in an economic gain of $47,284. The remaining
total principal to be paid being $2,675,000. The principal paid for the current year is $320,000.
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City of Buckeye, Arizona
Notes to Financial Statements
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Festival Ranch CFD to repay $10,075,000 in general obligation bonds, Series 2024 issued in November 2024. Proceeds
were used for the construction and acquisition of public infrastructure. The remaining total principal to be paid being
$9,860,000. The principal paid for the current year is $215,000.
The Sundance CFD is a special purpose district created specifically to acquire or construct public infrastructure within specific
areas of the City of Buckeye, Arizona. The District is authorized under state law to issue special assessment (SA) revenue bonds
to be repaid by the property within the SA District, general obligation (GO) bonds to be repaid by property (ad valorem) taxes
levied on property within the District (for GO debt), or revenue bonds to be repaid by specific revenues generated within the
District (revenue bonds). The District has $17.8 million of authorized GO bonds authority remaining. The District was created
by petition to the City Council by property owners within the area to be covered by the District, and comprises approximately
2,105 acres.
General Obligation Bonds
In November 2018, the CFD Board of Directors pledged revenue derived from the property taxes levied on the real
property of the Sundance CFD to repay $3,140,000 in general obligation refunding bonds. The proceeds of the
refunding bonds were used to refund $3,045,000 of outstanding Series 2005 general obligation bonds. The total
principal remaining to be paid on the bonds is $1,250,000. The principal paid for the current year was $315,000.
In November 2018, the CFD Board of Directors pledged revenue derived from the property taxes levied on the real
property of the Sundance CFD to repay $3,265,000 in general obligation bonds, whose proceeds were used for
infrastructure improvements within the District. The total principal remaining to be paid on the bonds is $3,265,000.
No principal was paid during the year. The first principal payment will be FY 2034-35.
In June 2024, the CFD Board of Directors pledged revenue derived from the property taxes levied on the real property
of the Sundance CFD to repay $11,115,000 in general obligation refunding bonds. The proceeds of the refunding
bonds were used to refund $11,710,000 of outstanding Series 2014 general obligation bonds. The total principal
remaining to be paid on the bonds is $9,970,000. The principal paid for the current year was $665,000.
The Tartesso West CFD is a special purpose district created specifically to acquire or construct public infrastructure within
specific areas of the City of Buckeye, Arizona. The District is authorized under state law to issue special assessment (SA) revenue
bonds to be repaid by the property within the SA District, general obligation (GO) bonds to be repaid by property (ad valorem)
taxes levied on property within the District (for GO debt), or revenue bonds to be repaid by specific revenues generated within
the District (revenue bonds). The District has $144.4 million of authorized GO bonds authority remaining. The District was
created by petition to the City Council by property owners within the area to be covered by the District. The District comprises
approximately 5,396 acres.
General Obligation Bonds
The CFD Board of Directors has pledged revenue derived from property taxes levied on the real property of the
Tartesso West CFD to repay $6,430,000 in general obligation refunding bonds issued August 2018. The proceeds of
the refunding bonds were used to refund $6,221,000 of outstanding Series 2005 and 2007 general obligation bonds.
The bonds are payable from property taxes levied on properties within the District. The total principal remaining to
be paid on the bonds is $3,590,000. The total principal paid during the year was $445,000.
The CFD Board of Directors has pledged revenue derived from property taxes levied on the real property of the
Tartesso West CFD to repay $7,310,000 in general obligation bonds issued September 2021. Proceeds were used for
the acquisition and construction of public infrastructure. The remaining total principal to be paid being $6,440,000.
The total principal paid during the year was $215,000.
The CFD Board of Directors has pledged revenue derived from property taxes levied on the real property of the
Tartesso West CFD to repay $6,960,000 in general obligation bonds issued June 2022. Proceeds were used for the
acquisition and construction of public infrastructure. The remaining total principal to be paid on the bonds is
$6,960,000. The first principal payment will be in FY 2036-37.
The CFD Board of Directors has pledged revenue derived from property taxes levied on the real property of the
Tartesso West CFD to repay $6,580,000 in general obligation bonds issued October 2024. Proceeds were used for the
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City of Buckeye, Arizona
Notes to Financial Statements
acquisition and construction of public infrastructure. The remaining total principal to be paid being $6,480,000. The
total principal paid during the year was $100,000.
The Verrado District 1 CFD is a special purpose district created specifically to acquire or construct public infrastructure within
specific areas of the City of Buckeye, Arizona, and is authorized under state law to issue general obligation (GO) or revenue
bonds to be repaid by property (City) taxes levied on property within the District (for GO debt), or by specific revenues
generated within the District (revenue bonds). The District was created by petition to the City Council by property owners
within the area to be covered by the District, and debt may be issued only after approval of the voters within the District. The
District has no remaining authorization to issue GO bonds. The District comprises approximately 8,800 acres.
General Obligation Bonds
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Verrado CFD No. 1 to repay $14,055,000 in general obligation bonds Series 2017, issued March 2017. Proceeds were
used to currently refund the full outstanding amount of Verrado Community Facilities District No. 1, Series 2006. The
bonds are payable from property taxes levied on property within the District. The total principal remaining to be paid
on the bonds is $7,365,000. The principal paid for the current year was $1,080,000.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Verrado CFD No. 1 to repay $10,000,000 in general obligation bonds Series 2020, issued November 2020. Proceeds
were used for the construction and acquisition of public infrastructure. The bonds are payable from property taxes
levied on property within the District. The total principal remaining to be paid on the bonds is $8,705,000. The
principal paid for the current year was $380,000.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Verrado CFD No. 1 to repay $14,200,000 in general obligation bonds Series 2021, issued September 2021. Proceeds
were used for the construction and acquisition of public infrastructure. The bonds are payable from property taxes
levied on property within the District. The total principal remaining to be paid on the bonds is $10,760,000. The
principal paid for the current year was $880,000.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Verrado CFD No. 1 to repay $11,825,000 in general obligation refunding bonds, Series 2023, issued September 2023.
Proceeds were used to refund the full outstanding amount of Verrado Community Facilities District No. 1 general
obligation bonds Series 2013. The bonds are payable from property taxes levied on property within the District. The
total principal remaining to be paid on the bonds is $7,955,000. The principal paid for the current year was $1,920,000.
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Verrado CFD No. 1 to repay $25,910,000 in general obligation bonds Series 2023, issued September 2023. Proceeds
were used for the construction and acquisition of public infrastructure. The bonds are payable from property taxes
levied on property within the District. The total principal remaining to be paid on the bonds is $25,725,000. There was
no principal paid for the current year.
The Verrado Western Overlay CFD is a special purpose district created specifically to acquire or construct public infrastructure
within specific areas of the City of Buckeye, Arizona, and is authorized under state law to issue general obligation (GO) or
revenue bonds to be repaid by property (ad valorem) taxes levied on property within the District (for GO debt), or by specific
revenues generated within the District (revenue bonds). The District was created by petition to the City Council by property
owners within the area to be covered by the District, and debt may be issued only after approval of the voters within the
District. The District has $38.6 million of authorized GO bonds authority remaining. The District comprises approximately 5,120
acres and resides within the Overlay District and Verrado District CFD No. 1.
General Obligation Bonds
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Verrado Western Overlay CFD to repay $13,000,000 in variable rate general obligation bonds issued November 2004.
Proceeds were used for the construction and acquisition of public infrastructure. The bonds are payable from property
taxes levied on property owners within the District. By way of a current refunding, these bonds were fully defeased
through the issuance of $7,515,000 Verrado Western Overlay General Obligation Refunding Bonds, Series 2019 issued
in October 2019. The total principal remaining to be paid on the bonds is $5,230,000. The principal paid for the
current year was $460,000.
Table of Contents
54
City of Buckeye, Arizona
Notes to Financial Statements
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Verrado Western Overlay CFD to repay $8,300,000 in general obligation bonds Series 2024, issued September 2024.
Proceeds were used for the construction and acquisition of public infrastructure. The bonds are payable from property
taxes levied on property within the District. The total principal remaining to be paid on the bonds is $7,615,000. The
principal paid for the current year was $685,000.
The Watson Road CFD (WRCFD) is a special purpose district created specifically to acquire or construct public infrastructure
within specific areas of the City of Buckeye, Arizona, and was authorized under state law to issue special assessment (SA)
revenue bonds to be repaid by the property within the District (revenue bonds). The District was created by petition to the
City Council by property owners within the area to be covered by the District. The District comprises approximately 2,080
acres.
Special Assessment Bonds
The CFD Board of Directors has pledged revenue derived from an annual assessment on the real property of the
Watson Road CFD to repay $49,000,000 in special assessment bonds Series 2005, issued December 2005. Proceeds
were used to refund the full outstanding amount of Watson Road CFD, Series 2005. By way of a current refunding,
these bonds were fully defeased through the issuance of $20,914,000 Watson Road Assessment Refunding Bonds,
Series 2020 issued in March 2020. Bonds are payable solely from assessments on the property within the District. The
total principal remaining to be paid on the bonds is $8,796,478. The principal paid for the current year was $1,892,276.
Principal and interest paid for the current year approximate amounts received from special assessment properties,
which, at times exceed special assessments billed for the year.
The Westpark CFD is a special purpose district created specifically to acquire or construct public infrastructure within specific
areas of the City of Buckeye, Arizona, and is authorized under state law to issue special assessment lien (SA), general obligation
(GO) or revenue bonds to be repaid by property (ad valorem) taxes levied on property within the District (for GO debt), or by
specific revenues generated within the District (revenue bonds). The District was created by petition to the City Council by
property owners within the area to be covered by the District, and debt may be issued only after approval of the voters within
the District. The District has $17.3 million of authorized GO bonds authority remaining.
Special Assessments Bonds
The CFD Board of Directors has pledged revenue derived from an annual assessment on the real property of the
Westpark CFD (Assessment District 1) to repay $3,800,000 in special assessment revenue bonds issued May 2005.
Proceeds were used for infrastructure improvements within the special assessment District. The bonds are payable
solely from assessments on the property owners. The total principal remaining to be paid on the bonds is $330,000.
The principal paid for the current year was $84,000. Principal and interest paid for the current year approximate
amounts received from special assessment property owners, which, at times exceed special assessments billed for the
year.
General Obligation Bonds
The CFD Board of Directors has pledged revenue derived from the property taxes levied on the real property of the
Westpark CFD to repay $5,895,000 in general obligation bonds Series 2016, issued November 2016. Proceeds were
used to refund the full outstanding amounts of Westpark CFD General Obligation Bonds Series 2005 and Series 2006
and advance refund the full outstanding balance of Westpark CFD General Obligation Bonds Series 2007. The bonds
are payable from property taxes levied on property owners within the District. The total principal remaining to be
paid on the bonds is $3,025,000. The principal paid for the current year was $355,000.
The following table shows interest rate, maturity date, original issue amount, principal amount outstanding, and all debt issued
by the City and various CFDs.
Table of Contents
55
City of Buckeye, Arizona
Notes to Financial Statements
City of Buckeye, Arizona
Notes to Financial Statements
June 30, 2025
Interest
Original Issue
Amount
Rates (%)
Matures
Amount
Outstanding
Governmental activities:
Improvement District Bonds:
Roosevelt Street Improvements Bonds
3.2 - 4.2%
January 2038
5,285,000
$
2,610,000
$
Jackrabbit Trail Sewer Improvements Bonds
6.25%
January 2029
2,545,000
102,000
Total Improvement District Bonds
7,830,000
$
2,712,000
$
Revenue Bonds:
Excise Tax Revenue Refunding Bonds, Series 2016
2.75 - 5.0%
July 2036
12,620,000
7,850,000
$
Total Revenue Bonds
12,620,000
$
7,850,000
$
Business-type Activities:
Revenue Bonds:
Water & Sewer System Senior Revenue Bonds 2015
4.75%
July 2044
250,000
$
250,000
$
Excise Tax Revenue Obligations, Series 2015
3.50 - 5.0%
July 2045
51,260,000
6,710,000
Excise Tax Revenue Obligations, Series 2024A
5.00%
July 2044
45,230,000
44,440,000
Excise Tax Revenue Refunding Obligations, Series 2025
4.5-5.0%
July 2043
37,020,000
36,460,000
Total Revenue Bonds
133,760,000
$
87,860,000
$
WIFA Bonds:
WIFA Bond - 91A140 - 10 (private placement)
2.50%
July 2029
12,000,000
$
1,249,724
$
WIFA Bond - 910158 - 13 (private placement)
2.50%
July 2032
7,370,000
2,596,047
WIFA Bond - 920239 - 13 (private placement)
2.975%
July 2032
5,065,000
1,422,580
WIFA Bond - 920241 - 13 (private placement)
2.975%
July 2032
3,617,450
1,512,816
WIFA Bond - 920240 - 15 (private placement)
2.184%
July 2034
761,000
373,634
WIFA Bond - 920299 - 20 (private placement)
1.873%
July 2044
108,582,332
60,623,445
WIFA Bond - 910196 - 22 (private placement)
1.848%
July 2041
18,750,000
220,415
Total WIFA Bonds
156,145,782
$
67,998,661
$
Community Facilities District Bonds:
Festival Ranch Special Assessment Revenue Bonds,
Series 2007 (private placement)
4.85 - 5.0%
July 2032
1,868,000
$
414,000
$
Series 2007 (private placement)
5.05 - 5.75%
July 2032
1,784,000
382,000
Series 2009 (private placement)
8.88%
July 2034
356,000
85,000
Series 2011 (private placement)
8.50%
July 2035
404,000
100,000
Series 2013 (private placement)
7.25%
July 2033
186,000
51,430
Series 2015 (private placement)
6.00%
July 2035
288,000
108,000
Series 2016 (private placement)
5.75%
July 2035
200,000
73,822
Series 2017 (private placement)
3.65 - 5.2%
July 2037
2,738,000
1,413,000
Series 2018 (private placement)
5.88%
July 2037
210,000
138,800
Series 2018 (private placement)
3.25 - 4.9%
July 2038
3,920,000
1,724,000
Series 2019 (private placement)
5.88%
July 2038
722,000
508,500
Purpose
Table of Contents
56
City of Buckeye, Arizona
Notes to Financial Statements
City of Buckeye, Arizona
Notes to Financial Statements
June 30, 2025
Interest
Original Issue
Amount
Rates (%)
Matures
Amount
Outstanding
Festival Ranch General Obligation Bonds,
Series 2016
4.00%
July 2036
5,410,000
4,610,000
$
Series 2017A
3.0 - 5.0%
July 2037
3,665,000
2,860,000
Series 2017B
3.0 - 4.0%
July 2032
2,940,000
2,130,000
Series 2018
3.5 - 5.0%
July 2038
3,335,000
2,885,000
Series 2019
3.0 - 4.0%
July 2039
5,715,000
4,650,000
Series 2019 Refunding
3.0 - 4.0%
July 2034
3,885,000
2,280,000
Series 2020
2.0 - 4.0%
July 2040
5,315,000
4,790,000
Series 2021
2.25 - 4.0%
July 2041
5,790,000
5,190,000
Series 2022
4.0 - 5.0%
July 2042
6,075,000
5,740,000
Series 2023
4.75 - 5.0%
July 2043
3,985,000
3,515,000
Series 2024
4.00 - 5.0%
July 2044
10,075,000
9,860,000
Series 2024 Refunding
5.00%
July 2033
2,995,000
2,675,000
Total Festival Ranch
71,861,000
$
56,183,552
$
Sundance General Obligation Bonds,
Refunding, Series 2018
4.00%
July 2029
3,140,000
1,250,000
$
Series 2018
4.0 - 5.0%
July 2043
3,265,000
3,265,000
Refunding, Series 2024
5.00%
July 2034
11,115,000
9,970,000
Total Sundance
17,520,000
$
14,485,000
$
Tartesso West General Obligation Bonds,
Refunding, Series 2018 (private placement)
3.47%
July 2032
6,430,000
$
3,590,000
$
Series 2021
3.0 - 4.0%
July 2046
7,310,000
6,440,000
Series 2022
4.25 - 4.50%
July 2045
6,960,000
6,960,000
Series 2024
4.00 - 5.00%
July 2047
6,580,000
6,480,000
Total Tartesso
27,280,000
$
23,470,000
$
Verrado District No. 1, General Obligation Bonds,
Series 2017 (private placement)
3.55%
July 2031
14,055,000
7,365,000
$
Series 2020 (private placement)
2.14%
July 2041
10,000,000
8,705,000
Series 2021 (private placement)
1.50%
July 2036
14,200,000
10,760,000
Series 2023 (public offering)
4.0 - 5.0%
July 2043
25,910,000
25,725,000
Refunding, Series 2023 (public offering)
5.00%
July 2033
11,825,000
7,955,000
Verrado Western Overlay General Obligation,
Refunding Bonds, 2019 (private placement)
2.55%
July 2033
7,515,000
5,230,000
Series 2024 (public offering)
4.0 - 5.0%
July 2044
8,300,000
7,615,000
Total Verrado/Verrado Western Overlay
91,805,000
$
73,355,000
$
Westpark Special Assessment Revenue Bonds,
Series 2005
5.90%
July 2029
3,800,000
$
330,000
$
Westpark General Obligation Bonds,
Series 2016
4.0% - 5.0%
July 2032
5,895,000
3,025,000
Total Westpark
9,695,000
$
3,355,000
$
Watson Road Special Assessment Revenue
Bonds, Refunding Series 2020 (private placement)
3.14%
July 2030
20,914,000
$
8,796,478
$
Total Community Facilities Districts Bonds
239,075,000
$
179,645,030
$
Total Debt - All Funds
549,430,782
$
346,065,691
$
Purpose
Table of Contents
57
City of Buckeye, Arizona
Notes to Financial Statements
Debt service requirements on long-term debt at June 30, 2025, are as follows:
Fiscal Year
Ending
Principal
Interest
Principal
Interest
Principal
Interest
2026
590,000
$
285,913
$
178,000
$
106,825
$
768,000
$
392,738
$
2027
615,000
256,413
190,000
99,723
805,000
356,136
2028
640,000
231,813
196,000
92,098
836,000
323,911
2029
670,000
206,213
203,000
84,026
873,000
290,239
2030
695,000
179,413
185,000
76,309
880,000
255,722
2031-35
3,800,000
567,852
1,030,000
263,638
4,830,000
831,490
2036-40
840,000
33,600
730,000
46,620
1,570,000
80,220
7,850,000
$
1,761,217
$
2,712,000
$
769,239
$
10,562,000
$
2,530,456
$
Fiscal Year
Ending
Principal
Interest
Principal
Interest
Principal
Interest
2026
356,770
$
260,919
$
465,000
$
124,573
$
2,400,000
$
609,145
$
2027
372,515
243,474
480,000
108,438
2,460,000
547,522
2028
391,449
224,600
490,000
91,782
2,565,000
484,147
2029
409,579
204,566
510,000
74,778
2,640,000
418,280
2030
434,009
183,455
525,000
57,081
2,720,000
350,344
2031-35
2,057,530
572,292
1,120,000
58,643
9,020,000
954,245
2036-40
976,700
93,872
-
-
4,295,000
307,368
2041-45
-
-
-
-
730,000
15,622
4,998,552
$
1,783,178
$
3,590,000
$
515,295
$
26,830,000
$
3,686,673
$
Fiscal Year
Ending
Principal
Interest
Principal
Interest
Principal
Interest
2026
495,000
$
133,365
$
1,652,226
$
276,209
$
5,368,996
$
1,404,211
$
2027
535,000
120,742
1,704,106
224,330
5,551,621
1,244,506
2028
580,000
107,100
1,757,615
170,821
5,784,064
1,078,450
2029
625,000
92,310
1,812,804
115,631
5,997,383
905,565
2030
670,000
76,372
1,869,727
58,709
6,218,736
725,961
2031-35
2,325,000
121,381
-
-
14,522,530
1,706,561
2036-40
-
-
-
-
5,271,700
401,240
2041-45
-
-
-
-
730,000
15,622
5,230,000
$
651,270
$
8,796,478
$
845,700
$
49,445,030
$
7,482,116
$
Fiscal Year
Ending
Principal
Interest
Principal
Interest
Principal
Interest
2026
2,005,000
$
2,098,682
$
1,025,000
$
695,600
$
446,000
$
170,720
$
2027
2,090,000
2,014,332
1,075,000
647,600
470,000
147,736
2028
1,975,000
1,926,332
1,125,000
597,250
490,000
123,516
2029
2,055,000
1,844,732
1,175,000
544,500
519,000
98,252
2030
2,140,000
1,759,631
1,235,000
488,100
455,000
71,500
2031-35
12,045,000
7,454,798
5,885,000
1,450,750
975,000
73,750
2036-40
14,800,000
4,701,675
1,730,000
495,500
-
-
2041-45
14,075,000
1,523,163
1,235,000
100,200
-
-
2046-50
-
-
51,185,000
$
23,323,344
$
14,485,000
$
5,019,500
$
3,355,000
$
685,474
$
Governmental Activities (continued)
Community Facilities Districts - Public Offering
Governmental Activities
Festival
Tartesso
Verrado No 1
Excise Tax
Total Debt
Revenue Bond
Improvement Districts
Primary Government
Governmental Activities (continued)
Community Facilities Districts - Private Placement
Governmental Activities (continued)
Community Facilities Districts - Private Placement (continued)
Verrado Western Overlay
Watson Rd
Westpark
Total Private Placement
Festival
Sundance
Table of Contents
58
City of Buckeye, Arizona
Notes to Financial Statements
Fiscal Year
Ending
Principal
Interest
Principal
Interest
Principal
Interest
Principal
Interest
2026
240,000
$
812,831
$
2,020,000
$
1,644,444
$
50,000
$
330,750
$
5,786,000
$
5,753,027
$
2027
245,000
805,131
2,115,000
1,543,444
50,000
328,250
6,045,000
5,486,493
2028
260,000
797,381
1,045,000
1,437,694
50,000
325,750
4,945,000
5,207,923
2029
265,000
789,181
1,090,000
1,385,444
50,000
323,250
5,154,000
4,985,359
2030
280,000
780,831
1,130,000
1,330,944
50,000
320,750
5,290,000
4,751,756
2031-35
3,340,000
3,687,081
8,175,000
5,591,469
1,185,000
1,546,750
31,605,000
19,804,598
2036-40
5,445,000
2,762,731
9,695,000
3,425,067
3,160,000
1,012,050
34,830,000
12,397,023
2041-45
6,710,000
1,494,725
8,410,000
871,294
3,020,000
308,000
33,450,000
4,297,382
2046-50
3,095,000
187,000
-
-
-
-
3,095,000
187,000
19,880,000
$
12,116,894
$
33,680,000
$
17,229,800
$
7,615,000
$
4,495,550
$
130,200,000
$
62,870,561
$
Total Government Activities Bonded and Long-Term Debt
190,207,030
$
72,883,133
$
Fiscal Year
Ending
Principal
Interest
Principal
Interest
2026
2,750,000
$
4,310,450
$
2,750,000
$
4,310,450
$
2027
2,890,000
4,172,950
2,890,000
4,172,950
2028
3,035,000
4,028,450
3,035,000
4,028,450
2029
3,185,000
3,876,700
3,185,000
3,876,700
2030
3,345,000
3,717,450
3,345,000
3,717,450
2031-35
19,400,000
15,905,500
19,400,000
15,905,500
2036-40
24,765,000
10,545,250
24,765,000
10,545,250
2041-45
28,490,000
3,745,425
28,490,000
3,745,425
2046-50
-
-
-
-
87,860,000
$
50,302,175
$
87,860,000
$
50,302,175
$
Fiscal Year
Ending
Principal
Interest
Principal
Interest
Principal
Interest
Principal
Interest
2026
4,236,573
$
1,230,965
$
867,017
$
96,144
$
5,103,590
$
1,327,109
$
7,853,590
$
5,637,559
$
2027
4,320,267
1,147,271
662,768
79,979
4,983,035
1,227,250
7,873,035
5,400,200
2028
4,405,657
1,061,882
679,338
63,410
5,084,995
1,125,292
8,119,995
5,153,742
2029
4,492,778
974,759
696,320
46,427
5,189,098
1,021,186
8,374,098
4,897,886
2030
4,581,666
885,871
381,530
29,019
4,963,196
914,889
8,308,196
4,632,339
2031-35
22,805,462
3,073,929
779,212
29,184
23,584,674
3,103,113
42,984,674
19,008,613
2036-40
19,090,072
911,234
-
-
19,090,072
911,234
43,855,072
11,456,484
2041-45
-
-
-
-
-
-
28,490,000
3,745,425
63,932,475
$
9,285,910
$
4,066,185
$
344,163
$
67,998,660
$
9,630,073
$
155,858,660
59,932,248
Total Business-Type Activity Bonded and Long-Term Debt
155,858,660
$
59,932,248
$
Total Debt
Business Type Activities
Business Type Activities (Continued)
Water
Wastewater
Total Debt
Private Placement
Water Infrastructure Finance Authority (Private Placement)
Total Debt
Excise Tax Revenue Bonds
Total Public Offering
Tartesso
Water
Verrado No 1
Revenue Bonds
Business Type Activities
Governmental Activites (continued)
Community Facilities Districts - Public Offering
Verrado Western Overlay
Table of Contents
59
City of Buckeye, Arizona
Notes to Financial Statements
Other Long-Term Obligations
Changes in long-term obligations for the year ended June 30, 2025, are as follows:
Note 12 - Interfund Balances and Activity
Interfund Receivables and Payables – Interfund balances at June 30, 2025, were as follows:
City of Buckeye, Arizona
Notes to Financial Statements
June 30, 2025
Due Within
July 1, 2024
Increases
Decreases
June 30, 2025
One Year
Governmental Activities:
Bonds payable:
Improvement Districts
3,834,000
$
-
$
(1,122,000)
$
2,712,000
$
-
$
Excise Tax Revenue Bonds
8,410,000
-
(560,000)
7,850,000
-
Community facilities district
Private placement
55,232,613
-
(5,787,583)
49,445,030
-
Public offering
111,714,000
27,950,000
(9,464,000)
130,200,000
-
Deferred amount on premium
7,238,216
621,775
(549,728)
7,310,263
-
Deferred amount on discount
(172,889)
-
8,519
(164,370)
-
Total bonds payable
186,255,940
28,571,775
(17,474,792)
197,352,923
-
Other liabilities:
Subscriptions
-
1,506,198
(536,176)
970,022
528,425
Leases
16,218,425
-
(1,339,150)
14,879,275
1,431,941
Compensated absences, restated
6,449,240
3,980,829
(2,634,472)
7,795,597
7,536,123
Net Pension Liability - ASRS
35,464,583
22,036,086
(16,192,590)
41,308,079
-
Net Pension Liability - PSPRS
22,440,091
26,915,772
(30,631,149)
18,724,714
-
Total other liabilities
80,572,339
54,438,885
(51,333,537)
83,677,687
9,496,489
Total long-term liabilities
266,828,279
$
83,010,660
$
(68,808,329)
$
281,030,610
$
9,496,489
$
Business-type Activities:
Bonds payable:
Revenue
165,839,250
$
37,020,000
$
(47,000,589)
$
155,858,661
$
-
$
Deferred amount on premium
9,488,798
2,784,573
(3,342,338)
8,931,033
-
Total bonds payable
175,328,048
39,804,573
(50,342,927)
164,789,694
-
Other liabilities:
Contracts Payable
2,276,607
-
(1,138,304)
1,138,303
1,138,303
Compensated absences, restated
701,631
558,936
(346,501)
914,066
884,941
Net Pension Liability - ASRS
8,450,240
403,199
8,853,439
-
Total other liabilities
11,428,478
962,135
(1,484,805)
10,905,808
2,023,244
Total long-term liabilities
186,756,526
$
40,766,708
$
(51,827,732)
$
175,695,502
$
2,023,244
$
Payable To
General
Fund
Capital Improvement Fund
45,810
Highway Users Revenue Fund
264,088
Nonmajor Governmental
264,290
Funds
Water Fund
79,902,611
Total
80,476,799
$
Payable From
Table of Contents
60
City of Buckeye, Arizona
Notes to Financial Statements
Interfund balances due to the General Fund from major and nonmajor governmental funds primarily result from short-term
cash flow needs caused by revenue timing differences, with related revenues expected to be received in the subsequent fiscal
year. The Water Fund reports an interfund balance of $79,902,611 due to the General Fund for advances provided to fund the
Harquahala water rights acquisition; this amount will be reimbursed upon receipt of bond proceeds. All interfund balances are
expected to be liquidated within one year.
Interfund Transfers – Interfund transfers for the year ended June 30, 2025 were as follows:
Interfund transfers are made to provide financial support between funds in accordance with budgetary authority. Transfers are
used to finance capital improvement projects and support asset replacement needs. Transfers are also made as needed to
support ongoing operations in other funds and to ensure resources are available in the funds where expenditures are recorded.
There was also a transfer of $4,605,167 from Governmental Activities to Business-Type Activities to move a capital asset.
Note 13 - Risk Management
The City of Buckeye, Arizona, is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets;
errors and omissions; and natural disasters. The City's insurance protection is provided by the Arizona Municipal Risk Retention
Pool, of which the City is a participating member. The limit for basic coverage is $3,000,000 per occurrence on a claims-made
basis. Excess coverage is for an additional $3,000,000 per occurrence on a follow form, on a claims-made basis. No significant
reduction in insurance coverage occurred during the year, and no settlements exceeded insurance coverage during any of the
past three fiscal years.
The Arizona Municipal Risk Retention Pool is structured such that member premiums are based on an actuarial review that will
provide adequate reserves to allow the pool to meet its expected financial obligations. The pool has the authority to assess its
members’ additional premiums should the reserves and annual premiums be insufficient to meet the pool's obligations.
The City is also insured by the Arizona Municipal Workers Compensation Fund for potential worker-related accidents.
Note 14 - Retirement Plans
The City contributes to the three plans described below. The plans are component units of the State of Arizona. At June 30,
2025, the City reported the following aggregate amounts related to pensions for all plans to which it contributes:
Arizona State Retirement System
Plan Description – City employees, not covered by the other pension plans described below, participate in the Arizona State
Retirement System (ASRS). The ASRS administers a cost-sharing multiple-employer defined benefit pension plan, a cost-sharing
multiple-employer defined benefit health insurance premium benefit (OPEB) plan, and a cost-sharing multiple-employer
defined benefit long-term disability (OPEB) plan. The Arizona State Retirement System Board governs the ASRS according to
Nonmajor
Nonmajor
General
Impact Fees
Governmental
Enterprise
Fund
Fund
Fund
Fund
Total
General Fund
59,206
$
1,821,177
$
-
$
-
$
1,880,383
$
Capital Improvement Fund
32,887,088
9,678,822
619,620
-
43,185,530
Highway Users Revenue Fund
3,671,800
-
-
-
3,671,800
Nonmajor Governmental
Funds
1,322,145
-
25,301,170
15,223
26,638,538
Nonmajor Enterprise Funds
103,594
-
-
-
103,594
Total
38,043,833
$
11,499,999
$
25,920,790
$
15,223
$
75,479,845
$
Transfers From
Transfers To
Governmental
Business-Type
Activities
Activities
Total
Net pension liabilities
60,032,794
$
8,853,439
$
68,886,233
$
Deferred outflows of resources
29,510,503
2,706,896
32,217,399
Deferred inflows of resources
7,062,136
565,389
7,627,525
Pension expense
13,858,496
1,727,129
15,585,625
Statement of Net Position and
Statement of Activities
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61
City of Buckeye, Arizona
Notes to Financial Statements
the provisions of A.R.S. Title 38, Chapter 5, Articles 2 and 2.1. The ASRS issues a publicly available financial report that includes
its financial statements and required supplementary information. The report is available on its Web site at www.azasrs.gov.
The OPEB plans are not further discussed because of their relative insignificance to the City’s financial statements.
Benefits Provided – The ASRS provides retirement, health insurance premium supplement, long-term disability, and survivor
benefits. State statute establishes benefits terms. Retirement benefits are calculated based on age, average monthly
compensation, and service credit as follows:
Retirement benefits for members who joined the ASRS prior to September 13, 2013, are subject to automatic cost-of-living
adjustments based on excess investment earning. Members with a membership date on or after September 13, 2013, are not
eligible for cost-of-living adjustments. Survivor benefits are payable upon a member’s death. For retired members, the survivor
benefit is determined by the retirement benefit option chosen. For all other members, the beneficiary is entitled to the
member’s account balance that includes the member’s contributions and employer’s contributions, plus interest earned.
Contributions - In accordance with state statutes, annual actuarial valuations determine active member and employer
contribution requirements. The combined active member and employer contribution rates are expected to finance the costs
of benefits employees earn during the year, with an additional amount to finance any unfunded accrued liability. For the year
ended, active ASRS members were required by statute to contribute at the actuarially determined rate of 12.27% (12.12% for
retirement and Health and 0.15% for long-term disability) of the members’ annual covered payroll, and the City was required
by statute to contribute at the actuarially determined rate of 12.27% (12.05% for retirement, 0.07% for health insurance
premium benefit, and 0.15% for long-term disability) of the active members’ annual covered payroll. In addition, the City was
required by statute to contribute at the actuarially determined rate of 10.19% (10.14% for retirement and 0.05% for long-term
disability) of annual covered payroll of retired members who worked for the City in positions that would typically be filled by
an employee who contributes to the ASRS. The City’s contributions to the pension plan for the year ended June 30, 2025, were
$6,341,651.
During the fiscal year 2025, the City paid for ASRS pension and OPEB contributions as follows: 75.7% from the General Fund,
17.6% from enterprise funds, 6.6% from other funds. The City’s pension and OPEB contributions are paid from the same funds
as the employee’s salary with the largest component coming from the General Fund.
Pension Liability – On June 30, 2025, the City reported a liability of $50,161,519 for its proportionate share of the ASRS’ net
pension liability. The net pension liability was measured as of June 30, 2024. The total pension liability used to calculate the
net pension liability was determined using updated procedures to roll forward the total pension liability from an actuarial
valuation as of June 30, 2023, to the measurement date of June 30, 2024.
The City’s proportion of the net pension liability was based on accrued retirement contributions for employers that were
members of the ASRS as of June 30, 2024. The City’s proportion measured as of June 30, 2024, was 0.31348%, which was an
increase of .04209% from its proportion measured as of June 30, 2023.
Pension Expense and Deferred Outflows/Inflows of Resources – For the year ended June 30, 2025, the City recognized pension
expense for ASRS of $9,785,510. At June 30, 2025, the City reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources.
Before July 1, 2011
On or after July 1, 2011
Years of service and age required to
Sum of years and age equals 80
30 years; age 55
receive benefits
10 years; age 62
25 years; age 60
5 years; age 50*
10 years; age 62
Any years; age 65
5 years; age 50*
Any years; age 65
Final average salary is based on
Highest 36 consecutive months
of last 10 years
Highest 60 consecutive months
of last 10 years
Benefit % per year of service
2.1% to 2.3%
2.1% to 2.3%
*With actuarially reduced benefits
Initial Membership Date
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62
City of Buckeye, Arizona
Notes to Financial Statements
The $6,341,651 reported as deferred outflows of resources related to ASRS pensions resulting from City contributions
subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30,
2026. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to ASRS pensions
will be recognized in pension expense as follows:
Actuarial Assumptions – The significant actuarial assumptions used to measure the total pension liability are as follows:
The actuarial assumptions used in the June 30, 2023, valuation were based on the results of an actuarial experience study for
the five-year period ended June 30, 2020. The purpose of the experience study was to review actual experience in relation to
the actuarial assumptions in effect. The ASRS Board adopted the experience study recommended changes which were
applied to the June 30, 2020, actuarial valuation.
The expected long-term rate of return on investments was determined to be 7.0 percent using a building-block method in
which best-estimate ranges of expected future real rates of returns (expected returns, net of investment expense and inflation)
are developed for each major asset class. These ranges are combined to produce the expected long-term rate of return by
weighting the expected future real rates of return by the target asset allocation percentage. On June 29, 2018, the ASRS Board
approved updated strategic asset allocation targets to be effective beginning July 2018. The ASRS’ estimates of geometric real
rates of return for each major asset class are summarized in the following table:
Deferred
Deferred
Outflows
Inflows
of Resources
of Resources
Difference between expected and actual experience
2,799,969
$
-
$
Difference between projected and actual investment earnings
3,203,362
Changes in assumptions
-
-
Changes in proportion and differences between City
5,628,441
-
City contributions subsequent to the measurement date
6,441,651
-
14,870,061
$
3,203,362
$
Pension
Year ending June 30:
2026
2,031,695
$
2027
4,592,084
2028
(810,876)
2029
(587,855)
2030
-
Total
5,225,048
$
Pension
Actuarial valuation date
June 30, 2023
Actuarial roll forward date
June 30, 2024
Actuarial cost method
Entry age normal
Asset valuation
Fair value
Discount rate
7.0%
Projected salary increases
2.9 - 8.4%
Inflation
2.3%
Permanent benefit increase
Included
Mortality rates
2017 SRA Scale U-MP
Long-Term
Expected
Target Asset
Geometric Real
Asset Class
Allocation
Rate of Return
Public Equity
44%
4.48%
Credit
23%
4.40%
Real estate
17%
6.05%
Private Equity
10%
6.11%
Interest Rate Sensitive
6%
-0.45%
Total
100%
Table of Contents
63
City of Buckeye, Arizona
Notes to Financial Statements
Actual returns may be different due to volatility of returns.
Discount Rate – The discount rate used to measure the ASRS total pension liability was 7.0%. The projection of cash flows used
to determine the discount rate assumed that contributions from participating employers will be made based on the actuarially
determined rates based on the ASRS Board’s funding policy, which establishes the contractually required rate under Arizona
statute. Based on those assumptions, the Retirement Fund’s fiduciary net position was projected to be available to make all
projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan
investments was applied to all periods of projected benefit payments to determine the total pension liability.
Sensitivity of the City’s Proportionate Share of the ASRS Net Pension Liability to Changes in the Discount Rate – The following
table presents the net pension liability of the City’s proportionate share of the net pension liability calculated using the discount
rate of 7.0%, as well as what the City’s proportionate share of the net pension liability would be if it were calculated using a
discount rate that is 1 percentage point lower (6.0%) or 1 percentage point higher (8.0%) than the current rate:
Pension Plan Fiduciary Net Position – Detailed information about the pension plan’s fiduciary net position is available in the
separately issued ASRS financial report. The report is available on the ASRS website at www.azasrs.gov.
Public Safety Personnel Retirement System (PSPRS)
Plan Descriptions – City’s police employees and fire employees who are regularly assigned hazardous duty to participate in the
Public Safety Personnel Retirement System (PSPRS). The PSPRS administers an agent multiple-employer defined benefit
pension plan and an agent multiple-employer defined benefit health insurance premium benefit (OPEB) plan (agent plans). A
nine-member board known as the Board of Trustees and the participating local boards govern the PSPRS according to the
provisions of A.R.S. Title 38, Chapter 5, Article 4.
Employees who are PSPRS members before July 1, 2017, participate in the agent plans, and employees who became PSPRS
members on or after July 1, 2017, participate in the cost-sharing plans (PSPRS Tier 3 Risk Pool). The PSPRS Tier 3 Risk Pool
plan(s) and the PSPRS OPEB plans are not further disclosed because of the relative insignificance to the City’s financial
statements.
The PSPRS issue publicly available financial reports that include their financial statements and required supplementary
information. The reports are available on the PSPRS Web site at www.psprs.com.
Benefits Provided – The PSPRS provides retirement, health insurance premium supplement, disability, and survivor benefits.
State statute establishes benefits terms. Retirement, disability, and survivor benefits are calculated based on age, average
monthly compensation, and service credit as follows:
Current
1% Decrease
Discount Rate
1% Increase
Net Liability
6.0%
7.0%
8.0%
Retirement
76,807,542
$
50,161,519
$
27,954,384
$
Before January 1, 2012 (Tier 1)
On or after January 1, 2012 and
before July 1, 2017 (Tier 2)
On or after July 1, 2017 (Tier 3)
Retirement and disability years
of service and age required to
receive benefits
20 years of service, any age
OR 15 years and age 62
25 years of service OR 15 years
of credited service and age
52.5
15 years of service and age 55
or 15 years of credited service
and age 52.5 with reduced
benefits
Final average salary is based on
Highest 36 consecutive
months of last 20 years
Highest 60 consecutive months
of last 20 years
Highest 60 consecutive months
of last 15 years
Normal retirement
50% less 2.0% for each year of
credited service less than 20
years
1.58% to 2.5% per year of
credited service, not to exceed
80%
1.5% to 2.5% per year of
credited service, not to exceed
80%
OR plus 2.0% to 2.5% for each
year of credited service over
20 years, not to exceed 80%
Initial Membership Date
Benefit percent:
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64
City of Buckeye, Arizona
Notes to Financial Statements
Retirement and survivor benefits are subject to automatic cost-of-living adjustments based on inflation. PSPRS also provides
temporary disability benefits of 50% of the members’ compensation for up to 12 months.
Employees Covered by Benefit Terms – At June 30, 2025, the following employees were covered by the agent pension plans’
benefit terms:
Contributions and Annual OPEB Cost – State statutes establish the pension contribution requirements for active PSPRS
employees. In accordance with state statutes, annual actuarial valuations determine employer contribution requirements for
PSPRS pension and health insurance premium benefits. The combined active member and employer contribution rates are
expected to finance the costs of benefits employees earn during the year, with an additional amount to finance any unfunded
accrued liability. Contribution rates for the year ended June 30, 2025, are indicated below. Rates are a percentage of active
members’ annual covered payroll.
In addition, the City was required by statute to contribute at the actuarially determined rate of 13.58% for Police and 8.0% for
Fire for the PSPRS of annual covered payroll of retired members who worked for the City in positions that would typically be
filled by an employee who contributes to the PSPRS.
For the agent plans, the City’s contributions to the pension plan for the year ended June 30, 2025, were:
During the fiscal year 2025, the City paid for PSPRS pension contributions from both the General Fund and the Nuclear
Emergency Management Fund.
Accidental disability retirement
Catastrophic disability
retirement
Ordinary disability retirement
Retired members
Active members
80% - 100% of accidental disability retirement benefit or 100% of average monthly compensation if
death was the result of injuries on the job
50% or normal retirement, whichever is greater
90% for the first 60 months then reduced to either 62.5% or normal retirement, whichever is greater
Normal retirement calculated with actual years of credited service or 20 years of credited service,
whichever is greater, muliplied by years of credited service (not to exceed 20 years) divided by 20
80% - 100% of retired members pension benefit
Survivor benefit:
PSPRS
PSPRS
Police
Fire
Inactive employees or beneficiaries currently receiving benefits
31
11
Inactive employees entitled to but not yet receiving benefits
11
8
Active employees
56
71
Total
98
90
PSPRS - Police
PSPRS - Fire
PSPRS - Police
PSPRS - Fire
Active members
Pension
7.65%
7.65%
8.63%
8.63%
Health insurance premium benefit
0.00%
0.00%
0.12%
0.12%
City
Pension
27.94%
22.51%
22.35%
14.11%
Health insurance premium benefit
0.35%
0.34%
0.12%
0.12%
City Total
28.29%
22.85%
22.47%
14.23%
Tier 3
Tier 1 &2
PSPRS
PSPRS
Police
Fire
Pension contributions made
3,610,336
$
3,079,149
$
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65
City of Buckeye, Arizona
Notes to Financial Statements
Pension Liability – At June 30, 2025, the City reported the following net pension liabilities:
The net pension liabilities were measured as of June 30, 2024, and the total pension liability used to calculate the net pension
liability was determined by an actuarial valuation as of that date.
Pension Actuarial Assumptions – The significant actuarial assumptions used to measure the total pension liability are as
follows:
Actuarial assumptions used on June 30, 2024, valuation were based on the results of an actuarial experience study of the period
July 1, 2016 – June 30, 2021. The purpose of the experience study was to review actual experience in relation to the actuarial
assumptions in effect. The PSPRS Board adopted the experience study recommended changes which were applied to the June
30, 2022 actuarial valuation.
The long-term expected rate of return on PSPRS pension plan investments was determined to be 7.2% using a building-block
method in which best estimate ranges of expected future real rates of return (expected returns, net of pension plan investment
expenses and inflation) are developed for each major asset class. The target allocation and best estimates of geometric real
rates of return for each major asset class are summarized in the following table:
Pension Discount Rates – At June 30, 2024, the discount rate used to measure the total pension liabilities was 7.2%. The
projection of cash flows used to determine the PSPRS discount rates assumed that plan member contributions will be made at
the current contribution rate and those employer contributions will be made at rates equal to the difference between the
actuarially determined contribution rate and the member rate. Based on those assumptions, the pension plans’ fiduciary net
position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the
long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to
determine the total pension liability.
Net Pension
Liability
PSPRS Police
13,533,466
$
PSPRS Fire
5,191,248
Actuarial valuation date
June 30, 2024
Actuarial cost method
Entry age normal
Asset Valuation Method
Fair value of assets
Price Inflation
2.50%
Cost-of-living adjustment
1.85%
Projected salary increases - Police
3.25% - 15.00% including inflation
Projected salary increases - Fire
3.75% - 15.00% including inflation
Investment rate of return
7.20%
Permanent benefit increase
Included
Mortality tables
PubS-2010 tables
Long-Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
U.S. Public Equity
24%
3.62%
International Public Equity
16%
4.47%
Global Private equity
27%
7.05%
Core Bonds
6%
2.44%
Private Credit
20%
6.24%
Diversifying Strategies
5%
3.15%
Cash - Mellon
2%
0.89%
Total
100%
Table of Contents
66
City of Buckeye, Arizona
Notes to Financial Statements
Changes in Net Pension/OPEB Liability
Sensitivity of the City’s Net Pension Liability to Changes in the Discount Rate – The following table presents the City’s net
pension liabilities calculated using the discount rates noted above, as well as what the City’s net pension liability would be if it
were calculated using a discount rate that is 1 percentage point lower or 1 percentage point higher than the current rate:
Pension Plan Fiduciary Net Position – Detailed information about the pension plans’ fiduciary net position is available in the
separately issued PSPRS financial reports.
PSPRS Police
Total
Plan
Net
Pension
Fiduciary
Pension
Liability
Net Position
Liability
(a)
(b)
(a) - (b)
Balances at June 30, 2024
57,547,287
$
41,968,163
$
15,579,124
$
Adjustment to beginning of year
-
-
-
Changes for the year:
Service cost
1,686,741
-
1,686,741
Interest on the total pension liability
4,207,042
-
4,207,042
Changes of benefit terms
-
-
-
Differences between expected and actual
experience in the measurement of the
pension liability
363,894
-
363,894
Changes of assumptions
-
-
-
Contributions - employer
-
3,343,746
(3,343,746)
Contributions - employee
-
546,928
(546,928)
Net investment income
-
4,442,209
(4,442,209)
Benefit payments, including refunds of
employee contributions
(1,605,777)
(1,605,777)
-
Pension plan administrative expenses
-
(29,548)
29,548
Other changes
-
-
-
Net changes
4,651,900
6,697,558
(2,045,658)
Balances at June 30, 2025
62,199,187
$
48,665,721
$
13,533,466
$
Pension
Increase (Decrease)
PSPRS Fire
Total
Plan
Net
Pension
Fiduciary
Pension
Liability
Net Position
Liability
(a)
(b)
(a) - (b)
Balances at June 30, 2024
59,184,974
$
52,324,007
$
6,860,967
$
Adjustment to beginning of year
-
-
Changes for the year:
Service cost
2,336,588
-
2,336,588
Interest on the total pension liability
4,386,835
-
4,386,835
Changes of benefit terms
-
-
-
Differences between expected and actual
experience in the measurement of the
pension liability
419,591
-
419,591
Changes of assumptions
-
-
-
Contributions - employer
-
2,598,907
(2,598,907)
Contributions - employee
-
733,028
(733,028)
Net investment income
-
5,507,402
(5,507,402)
Benefit payments, including refunds of
employee contributions
(1,186,589)
(1,186,589)
-
Pension plan administrative expenses
-
(26,604)
26,604
Other changes
-
-
-
Net changes
5,956,425
7,626,144
(1,669,719)
Balances at June 30, 2025
65,141,399
$
59,950,151
$
5,191,248
$
Pension
Increase (Decrease)
Current
1% Decrease
Discount Rate
1% Increase
6.20%
7.20%
8.20%
PSPRS Police
23,269,142
$
13,533,466
$
5,690,848
$
PSPRS Fire
15,992,274
5,191,248
(3,542,582)
City's net pension liability
39,261,416
$
18,724,714
$
2,148,266
$
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67
City of Buckeye, Arizona
Notes to Financial Statements
Pension Expense – For the year ended June 30, 2025, the City recognized $3,107,427 for PSPRS Police and $2,692,688 for
PSPRS Fire in pension expense.
Pension Deferred Outflows/Inflows of Resources – At June 30, 2025, the City reported deferred outflows of resources and
deferred inflows of resources related to pensions from the following sources:
The amounts reported as deferred outflows of resources related to pensions resulting from City contributions subsequent to
the measurement date will be recognized as a reduction of the net pension liability (or an increase in the net pension asset) in
the year ended June 30, 2026. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Firefighters' Relief and Pension Fund
The City of Buckeye Volunteer Firefighters' Relief and Pension Fund is a defined contribution pension plan administered by the
City and a board of trustees for the City's volunteer firefighters.
A defined contribution pension plan provides pension benefits in return for services rendered, provides an individual account
for each participant, and specifies how contributions to the individual's account are to be determined instead of specifying the
amount of benefits the individual is to receive. According to state statute, a volunteer firefighter who has served for 25 years
or more or has reached 60 years of age and has served 20 years or more shall be eligible to receive a monthly retirement not
to exceed $150 per month, as determined by the board of trustees. Such pension, if paid, may be increased or decreased in
amount, or discontinued at the discretion of the board of trustees. Pension and relief benefits may only be paid from the
income of the trust fund.
However, a firefighter who leaves the service without being eligible for retirement benefits is entitled to all previous deductions
from his salary plus interest at a rate determined by the board of trustees. As established by state statute, in lieu of another
acceptable pension plan, all volunteer firefighters must participate in the pension plan from the date they enter service.
Deferred
Deferred
Outflows
Inflows
of Resources
of Resources
PSPRS Police
Difference between expected and actual experience
3,381,991
$
518,521
$
Changes in assumptions
408,334
-
Difference between projected and actual investment earnings
-
654,336
City contributions subsequent to the measurement date
3,610,336
-
7,400,661
$
1,172,857
$
PSPRS Fire
Difference between expected and actual experience
6,172,010
$
2,424,544
$
Changes in assumptions
695,518
14,946
Difference between projected and actual investment earnings
-
811,816
City contributions subsequent to the measurement date
3,079,149
-
9,946,677
$
3,251,306
$
Pensions
Police
Fire
Pension
Pension
Year ending June 30:
2026
258,065
$
157,853
$
2027
1,429,771
1,496,966
2028
535,823
350,053
2029
333,160
244,201
2030
60,649
680,485
Thereafter
-
686,664
Total
2,617,468
$
3,616,222
$
Table of Contents
68
City of Buckeye, Arizona
Notes to Financial Statements
The State of Arizona is required by statute to contribute a portion of the annual tax received on fire insurance premiums.
During the fiscal year ended June 30, 2025, there were no contributions made.
No pension provision changes occurred during the year that affected the required contributions made by the City or its
volunteer firefighters. The Firefighters' Relief and Pension Fund held no securities of the City or other related parties during
the fiscal years or as of the close of the fiscal year.
Post-employment Health Plan
The City’s post-employment health benefit plan is a defined contribution health benefit plan established by the City in May of
2013 to provide health benefits at retirement to qualified general and public safety employees of the City. The plan is
administered by Nationwide Retirement Solutions. On June 30, 2025, there were 151 plan members. Plan membership is
required at a cost of $10 plus 0.50 percent of covered salary per pay period to the employee. The City does not contribute to
the plan. Plan provisions and contribution requirements are established and may be amended by the City Council.
Note 15 - Contingent Liabilities
Tartesso Wastewater Treatment Plant - On May 19, 2015, the City entered into an agreement to purchase Tartesso
Wastewater Treatment Plant (WWTP) for $14,930,544. The purchase price is to be paid from the City’s collection of wastewater
impact fees from users of the Tartesso WWTP located in the Central North service area within City. Each payment is to be
made quarterly and will be made up of wastewater impact fees collected by the City in the quarter. The City’s payment
obligation for the purchase price terminates when the purchase price is paid in full. Interest will not be charged on any unpaid
balance of the purchase price. As of June 30,2025, the remaining obligation is $1,313,224, which is contingent on collection of
impact fees.
The City has also committed to reimburse the seller of the Tartesso WWTP for the construction and installation of an additional
well, Tartesso Well No. 3, provided the seller performs the work in compliance with procurement laws and the City’s
requirements. In addition, upon the City Engineer’s acceptance of Tartesso Well No. 3, the seller will be entitled to
reimbursement of all eligible and verified costs from water development impact fees collected from the Tartesso West project.
As of June 30, 2025, the remaining obligation is $106,560, which is contingent on collection of impact fees.
On August 6, 2019, the City entered into an agreement to develop a permanent fire station (Tartesso Fire Station 705) once
growth met the agreement’s threshold of 1,500 certificates of occupancy issued. The land has been donated by the developer
by a special warranty deed. The estimated costs for improvements at the time of the agreement were $5,700,000. As of June
30, 2025, the City’s remaining obligation was $1,273,755 that is contingent on collection of impact fees.
On March 19, 2013, the City entered into agreements with Tartesso 1261 LLC for water/wastewater infrastructure and related
appurtenances relating to Tartesso West Development Units 1, 2A and 2B 36-inch raw waterlines. As of June 30, 2025, the
remaining obligation was $387,906.
Global Water - On July 9, 2015, the City acquired Global Water Resources, Inc. (Global Water), a water utility service corporation
through the issuance of the Excise Tax Revenue Obligation Bonds series 2015, in the amount of $51,260,000. In addition to the
consideration paid of $51,260,000, the City has agreed to pay a growth premium equal to $3,000 per new account during the
growth period, up to $45,000,000. The growth period is defined at the period of 20 years commencing January 1, 2015. Growth
premiums paid during the current year were $2,892,000. Growth premiums paid to date are $14,766,000.
Sundance Wastewater 8th Amendment – On January 19, 2021, The City entered into an agreement to reimburse The Sundance
Expansion Owner the Maximum Expansion Phase Reimbursement amount $10,892,735, the Maximum Lift Station
Reimbursement amount $6,211,852 and the Maximum Sewer Lines Reimbursement amount of $1,002,414. The total amount
of the Eight Amendment shall not exceed $18,107,001 is contingent on collection of sewer development fees. As of June 30,
2025, the obligation was $16,057,135.
Federal and State Grants and Loans – The City has received a number of grants and loans from both the Federal and State
governments. Although the programs have been audited, not all audits have been approved as of June 30, 2025; however, the
City expects no material disallowances of expenditures.
Lawsuits - In 2013, the City settled a legal action brought by a group of developers alleging that the City had breached the terms
of a Letter of Understanding and Memorandum of Understanding between the City and the developers. Under the settlement,
the City agreed to provide monetary relief up to $7,250,000, to be paid in an initial payment of $2,000,000, with the remaining
$5,250,000 contingent upon the occurrence of connections.
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69
City of Buckeye, Arizona
Notes to Financial Statements
The contingent amount payable by the City for each connection shall be the following amounts:
•
For each single-family home or unit connection, an amount equal to $1,250; and
•
For each commercial, industrial, or other non-residential connection, an amount equal to the lesser of (A) $5,000, or
(B) 25% of the amount normally charged as a wastewater connection fee for such type building.
As of, the City has not recorded a provision for the remaining $5,250,000 as the liability is contingent upon the occurrence of
connections and management does not believe payment of the entire amount is probable. The City believes, however, that
any liability it may incur would not have a material adverse effect on its financial condition or its results of operations. As of
June 30, 2025, the City has paid out 1,988 single-family home connections for a total of $2,438,838.
The City is a party to several various types of lawsuits, many of which normally occur in governmental operations. The ultimate
outcome of the actions is not determinable; however, City management believes that the outcome of these proceedings, either
individually or in the aggregate, will not have a materially adverse effect on the accompanying financial statements.
Note 16 – Tax Abatement and Contract Obligations Agreements
The City enters into various agreements with the local businesses under Arizona Revised Statute 9-500.05 and 9-500.11. Under
the Revised Statute, the City is empowered to appropriate public funds to further employment opportunities and economic
enhancement of the City. These agreements may be granted to any businesses located within or promising to relocate to the
City. The City has determined that it is in the best interests of the citizens of the City to rebate a portion of the sales taxes
generated and collected from the certain business’s retail sales to reimburse the businesses for certain amounts advanced by
the business. In addition, the City has entered into development agreements to reimburse developers for the construction of
public infrastructure that will benefit the community; all to provide opportunities for enhanced economic welfare and new job
creation in the City.
For the fiscal year ended June 30, 2025, the City has eight active development agreements.
•
The agreement stipulates that the business owner will construct and develop a new facility on a piece of land to provide
a unique retail business for the City, increase the value of the land for property tax purposes, create new opportunities
for employment in the City, and enhance retail transaction (sales) tax. The City will reimburse the owner 49% of sales
taxes generated and collected by the business for up to 15 years up to a total of $2,500,000. During the fiscal year,
$237,402 was paid as a rebate.
•
The agreement stipulates that the business owner will construct and develop a new facility on a piece of land and
increase the values of the land for property tax purposes. The City will reimburse the owner 49% of the construction
taxes collected up to $171,000. During the fiscal year $10,317 in sales taxes were rebated.
•
The agreement stipulates that the business owner will design, construct, and install certain public infrastructure. The
owner has agreed to contribute $900,000 towards the cost of the improvements and in addition the existing tenants
have agreed to make a direct payment to the City of $900,000 towards this amount. The City will reimburse the owner
up to $7,983,854. During the fiscal year, no funds were rebated.
•
The agreement stipulates that the business owner will design, construct, and install certain public improvements. The
City will reimburse the owner 49% of sales tax generated and collected, up to a total of $7,595,137. During the fiscal
year, $2,623,581.32 in sales taxes were rebated.
•
The agreement stipulates that the business owner will design, engineer, permit, and install certain public infrastructure.
The City will reimburse the owner up to $4,605,167. During the fiscal year, $4,605,167 was rebated.
•
The agreement stipulates that the business owner will design, engineer, permit, construct and install certain public
infrastructure. The City will reimburse the owner permit fees, 75% of sales taxes generated and collected by the
business, up to a total of $16,500,000 plus interest. During the fiscal year, no funds were rebated.
•
The agreement was signed that stipulates the business owner develop mixed retail space, dining, and entertainment
center and establish a space for the City’s operation of police substation at no cost to the City. The City will reimburse
the owner permit fees, 49% of sales taxes generated and collected by the business, in an amount not to exceed
$3,700,000 of verified costs. During the fiscal year, no funds were rebated.
•
The agreement was signed that stipulates the business owner will design, engineer, permit, construct, and install
certain regional public infrastructure. The City will reimburse 20% of tax revenue received by the City in connection
Table of Contents
70
with the project not to exceed $60,000,000. In addition, the City will reimburse up to an additional $50,000,000 of
verified costs for certain regional infrastructure components. During the fiscal year, no funds were rebated.
As of June 30, 2025, the City’s estimated balance to be reimbursed for tax abatement obligations is approximately
$117,307,498 and for contract obligations is approximately $24,483,854.
Note 17 – Subsequent Events
On July 1, 2025, the City of Buckeye will issue its General Obligation Bonds, Series 2025 in an aggregate principal amount not
to exceed $70,860,000. The Bonds will provide funds to acquire land and design, construct and equip certain public safety
facilities, training facilities and fire stations, and construct and improve streets and highways. The bond closing occurred on
July 1, 2025, and the final amount was $70,860,000.
On July 1, 2025, the Floreo at Teravalis Community Facilities District Board approved the Feasibility Report in connection with
the proposed issuance by the District of its Special Assessment Revenue Bond, Series 2025 in an aggregate principal amount
not to exceed $10,970,000. This Report has been prepared for consideration of the feasibility and benefits of certain public
infrastructure. The bond closing occurred on August 14, 2025, and the final amount was $10,970,000.
On June 17, 2025, the Westpark Community Facilities District Board approved the Feasibility Report in connection with the
proposed issuance by the District of its Special Assessment Revenue Bond, Series 2025 in an aggregate principal amount not to
exceed $1,561,000. This Report has been prepared for consideration of the feasibility and benefits of certain public
infrastructure. The bond closing occurred on August 14, 2025, and the final amount was $1,561,000.
On September 4, 2025, the City of Buckeye will issue Excise Tax Revenue Obligation Bonds, Series 2025 in an aggregate principal
amount not to exceed $76,450,000. The Bonds will provide funds for the costs associated with the acquisition of certain public
infrastructure. The bond closing occurred on September 4, 2025, and the final amount was $76,450,000.
On May 20, 2025, the Festival Ranch Community Facility District Board approved the Feasibility Report in connection with the
proposed issuance by the District of its General Obligation Bonds, Series 2025, in an aggregate principal amount not to exceed
$6,000,000. This Report has been prepared for consideration of the feasibility and benefits of certain public infrastructure.
The bond closing occurred on December 18, 2025 and the final amount was $5,625,000.
Note 18 – Prior Period Adjustment
The net position of the governmental activities was restated as of July 1, 2024. The restatement resulted from a prior period
adjustment to include sick leave balances as part of the debt liabilities for compensated absences. As a result of this
adjustment, the beginning net position for governmental activities decreased to reflect the inclusion of sick leave obligations.
Governmental
Activities
Net position of as June 30, 2024, as previously reported
$610,682,261
Period adjustment:
1
Compensated Absences added to liabillities
(1,732,581)
Net position as of July 1, 2024, as restated
$608,949,680
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71
REQUIRED SUPPLEMENTARY INFORMATION
Table of Contents
72
City of Buckeye, Arizona
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non GAAP Basis
For the Year Ended June 30, 2025
Variance Between
Actual Amounts
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
Revenues
Taxes:
Sales taxes
94,003,000
$
94,003,000
$
93,229,992
$
(773,008)
$
Property taxes
15,443,900
15,443,900
14,962,375
(481,525)
Franchise taxes
3,283,400
3,283,400
3,761,660
478,260
Intergovernmental
44,600,300
44,600,300
45,602,200
1,001,900
Fines and forfeitures
836,000
836,000
757,884
(78,116)
Licenses and permits
18,819,000
18,819,000
21,423,212
2,604,212
Charges for services
8,433,900
8,433,900
7,876,881
(557,019)
Investment earnings
2,174,000
2,174,000
11,519,788
9,345,788
Other
1,004,200
1,004,200
1,211,596
207,396
Total revenues
188,597,700
188,597,700
200,345,588
11,747,888
Expenditures
Current:
General government:
Mayor and Council
Personnel services
585,000
660,000
675,888
(15,888)
Operating expenditures
352,400
362,400
343,294
19,106
Total Mayor and Council
937,400
1,022,400
1,019,182
3,218
City Clerk
Personnel services
748,300
748,300
809,304
(61,004)
Operating expenditures
470,800
470,800
178,906
291,894
Total City Clerk
1,219,100
1,219,100
988,210
230,890
City Manager
Personnel services
2,262,000
2,262,000
2,254,706
7,294
Operating expenditures
369,100
411,100
339,029
72,071
Total City Manager
2,631,100
2,673,100
2,593,735
79,365
City Attorney
Personnel services
2,259,200
2,259,200
2,202,661
56,539
Operating expenditures
635,200
635,200
242,469
392,731
Total City Attorney
2,894,400
2,894,400
2,445,130
449,270
Human Resources
Personnel services
2,014,800
1,881,800
1,793,096
88,704
Operating expenditures
2,859,100
2,994,100
2,575,352
418,748
Total Human Resources
4,873,900
4,875,900
4,368,448
507,452
Finance
Personnel services
5,087,600
5,087,600
4,843,626
243,974
Operating expenditures
2,570,000
2,645,000
2,238,610
406,390
Total Finance Department
7,657,600
7,732,600
7,082,236
650,364
Airport
Personnel services
824,800
824,800
854,613
(29,813)
Operating expenditures
949,700
981,000
638,263
342,737
Total Airport
1,774,500
1,805,800
1,492,876
312,924
City Court
Personnel services
1,576,300
1,576,300
1,470,136
106,164
Operating expenditures
295,600
313,200
272,101
41,099
Total City Court
1,871,900
1,889,500
1,742,237
147,263
Comms & Govern Affairs
Personnel services
1,366,700
1,366,700
1,298,669
68,031
Operating expenditures
600,400
600,400
506,883
93,517
Total Comms & Govern Affairs
1,967,100
1,967,100
1,805,552
161,548
Economic Development
Personnel services
1,427,700
1,427,700
1,411,613
16,087
Operating expenditures
435,600
564,600
363,710
200,890
Total Economic Development
1,863,300
1,992,300
1,775,323
216,977
Information Technology
Personnel services
4,008,800
4,008,800
3,667,912
340,888
Operating expenditures
5,707,500
5,638,500
4,508,494
1,130,006
Total Information Technology
9,716,300
9,647,300
8,176,406
1,470,894
See accompanying notes to this schedule.
Budgeted Amounts
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73
City of Buckeye, Arizona
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non GAAP Basis
For the Year Ended June 30, 2025
Variance Between
Actual Amounts
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
Non-Departmental
Operating expenditures
9,900,000
9,314,600
3,178,792
6,135,808
Total Non-Departmental
9,900,000
9,314,600
3,178,792
6,135,808
Contingency
500,000
-
-
-
Total General Government
47,806,600
47,034,100
36,668,127
10,365,973
Public safety:
Police
Personnel services
31,233,200
31,008,500
29,011,749
1,996,751
Operating expenditures
5,752,200
5,522,200
5,068,134
454,066
Total Police
36,985,400
36,530,700
34,079,883
2,450,817
Fire
Personnel services
23,246,400
23,596,400
23,706,503
(110,103)
Operating expenditures
4,054,100
4,446,500
3,325,094
1,121,406
Total Fire
27,300,500
28,042,900
27,031,597
1,011,303
Total Public Safety
64,285,900
64,573,600
61,111,480
3,462,120
Culture and Recreation:
Community Services
Personnel services
9,179,900
9,462,700
8,980,772
481,928
Operating expenditures
4,839,800
5,250,500
4,587,833
662,667
Total Culture and Recreation
14,019,700
14,713,200
13,568,605
1,144,595
Public Works:
Public Works
Personnel services
4,009,700
4,009,700
3,727,165
282,535
Operating expenditures
9,160,800
9,257,000
6,188,864
3,068,136
Total Public Works
13,170,500
13,266,700
9,916,029
3,350,671
Development Services:
Development Services
Personnel services
11,271,600
11,271,600
10,636,505
635,095
Operating expenditures
2,533,000
3,478,700
2,485,539
993,161
Total Development Services
13,804,600
14,750,300
13,122,044
1,628,256
Engineering Services:
Engineering
Personnel services
2,991,200
2,600,600
2,478,562
122,038
Operating expenditures
1,418,000
1,940,800
1,488,339
452,461
Total Engineering Services
4,409,200
4,541,400
3,966,901
574,499
Debt Service
Principal
3,560,000
3,560,000
2,435,326
1,124,674
Interest and other charges
3,316,500
3,316,500
833,864
2,482,636
Total Debt Service
6,876,500
6,876,500
3,269,190
3,607,310
Capital Outlay
56,501,800
61,760,300
17,186,962
44,573,338
Total expenditures
220,874,800
227,516,100
158,809,338
68,706,762
Excess (deficiency) of revenues over
expenditures
(32,277,100)
(38,918,400)
41,536,250
80,454,650
Other Financing Sources (Uses)
Transfers in
8,000,000
8,000,000
1,880,383
(6,119,617)
Transfers out
(98,841,400)
(98,841,400)
(37,984,627)
60,856,773
Issuance of SBITAS
-
-
1,506,198
1,506,198
Sale of capital assets
100,000
100,000
220,489
120,489
Total other financing sources and uses
(90,741,400)
(90,741,400)
(34,377,557)
56,363,843
Net change in fund balances
(123,018,500)
(129,659,800)
7,158,693
136,818,493
Fund balances - beginning
150,941,409
150,941,409
150,941,409
-
Fund balances - ending
27,922,909
$
21,281,609
$
158,100,102
$
136,818,493
$
See accompanying notes to this schedule.
Budgeted Amounts
Table of Contents
74
City of Buckeye, Arizona
Highway User Revenue Fund - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Intergovernmental
8,947,500
$
8,947,500
$
7,254,116
$
(1,693,384)
$
Charges for service
10,000
10,000
200
(9,800)
Interest income
70,000
70,000
42,155
(27,845)
Other
435,500
435,500
508
(434,992)
Total revenues
9,463,000
9,463,000
7,296,979
(2,166,021)
EXPENDITURES
Current
Highways and streets
Personnel services
3,866,700
3,866,700
3,878,317
(11,617)
Operating expenditures
9,265,400
9,265,400
8,412,755
852,645
Capital outlay
2,033,000
2,033,000
581,458
1,451,542
Total expenditures
15,165,100
15,165,100
12,872,530
2,292,570
Excess (deficiency) of revenues over
expenditures
(5,702,100)
(5,702,100)
(5,575,551)
126,549
OTHER FINANCING SOURCES (USES)
Sale of capital assets
-
-
73,130
73,130
Transfers in
3,671,800
3,671,800
3,671,800
-
Transfers out
-
-
-
-
Total other financing sources and uses
3,671,800
3,671,800
3,744,930
73,130
Net change in fund balances
(2,030,300)
(2,030,300)
(1,830,621)
199,679
Fund balances - beginning
2,278,262
2,278,262
2,278,262
-
Fund balances - ending
247,962
$
247,962
$
447,641
$
199,679
$
See accompanying notes to this schedule.
Budgeted Amounts
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75
This section intentionally left blank
City of Buckeye, Arizona
Notes to Budget and Actual Schedules
For the year ended June 30, 2025
Note Budgetary Basis of Accounting
The City's budget is prepared on a basis consistent with generally accepted accounting principles, except for the following items:
Certain activities reported in the General Fund are budgeted in separate funds. Separate budget to actual statements are
provided for the following funds:
- Cemetery Improvement (Capital Projects)
The following schedule reconciles fund balance reported at the end of the year:
Beginning Fund
Balance
Revenues and
other financing
sources
Expenditures and
other financing
uses
Ending Fund
Balance
Schedule of Revenues, Expenditures and Changes
in Fund Balances - General Fund
150,941,409
$
203,952,658
$
(196,793,965)
$
158,100,102
$
Activity budgeted as special revenue and
capital funds
59,206
260,545
(295,627)
24,124
Statement of Revenues, Expeditures and Changes
in Fund Balances - General Fund
151,000,615
$
204,213,203
$
(197,089,592)
$
158,124,226
$
Table of Contents
76
City of Buckeye, Arizona
Required Supplementary Information
Arizona State Retirement System – Schedule of the City’s Proportionate Share of the Net Pension Liability
City of Buckeye, Arizona
Arizona State Retirement
Schedule of the City's Proportionate Share of the Net Pension Liability
June 30, 2025
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
ASRS
(2024)
(2023)
(2022)
(2021)
(2020)
(2019)
(2018)
(2017)
(2016)
(2015)
City’s proportion of the net pension liability
0.31348%
0.27139%
0.24670%
0.21785%
0.217090%
0.209790%
0.207660%
0.188750%
0.186940%
0.017041%
City’s proportionate share of the net
pension liability
50,161,519
$
43,914,823
$
40,266,919
$
28,624,523
$
37,614,142
$
30,528,341
$
28,961,262
$
29,403,571
$
30,173,994
$
26,543,410
$
City's covered payroll
45,233,658
36,381,023
30,584,663
25,774,103
24,096,148
22,100,376
21,075,064
18,867,189
18,629,613
15,618,173
City's proportionate share of the net pension
liability as a percentage of its covered-
payroll
110.89%
120.71%
131.66%
111.06%
156.10%
138.13%
137.42%
155.84%
161.97%
169.95%
Plan fiduciary net position as a percentage
of the total pension liability
76.93%
75.47%
74.26%
78.58%
69.33%
73.24%
73.00%
69.92%
67.06%
68.35%
See accompanying notes to this schedule.
(Measurement Date)
Reporting Fiscal Year
Table of Contents
77
City of Buckeye, Arizona
Required Supplementary Information
Public Safety Personnel Retirement System – Schedule of Changes in the City’s Net Pension Liability and Related
Ratios
City of Buckeye, Arizona
Public Safety Personnel Retirement System
Schedule of changes in the City's Net Pension Liability and Related Ratios
June 30, 2025
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
(2024)
(2023)
(2022)
(2021)
(2020)
(2019)
(2018)
(2017)
(2016)
(2015)
Total pension liability
Service cost
1,686,741
$
1,464,380
$
1,447,000
$
1,523,377
$
1,542,517
$
1,641,029
$
1,602,070
$
1,673,903
$
1,423,922
$
1,238,971
$
Interest on the total pension liability
4,207,042
3,817,156
3,575,890
3,404,522
2,987,930
2,751,515
2,425,223
2,262,865
1,868,584
1,712,805
Changes of benefit terms
-
-
-
-
-
332,370
2,485,144
-
Differences between expected and actual
experience in the measurement of the
pension liability
363,894
2,132,578
1,079,291
(852,110)
2,507,174
(411,801)
422,918
(1,247,935)
257,874
(156,843)
Changes of assumptions and other inputs
-
-
215,313
-
-
833,345
-
583,812
1,274,163
-
Benefit payments, including refunds of
employee contributions
(1,605,777)
(2,837,017)
(1,770,208)
(1,533,580)
(1,089,922)
(845,388)
(916,335)
(1,018,342)
(1,115,189)
(690,735)
Net change in total pension liability
4,651,900
4,577,097
4,547,286
2,542,209
5,947,699
3,968,700
3,533,876
2,586,673
6,194,498
2,104,198
Total pension liability - beginning
57,547,287
52,970,190
48,422,904
45,880,695
39,932,996
35,964,296
32,430,420
29,843,747
23,649,249
21,545,051
Total pension liability - ending (a)
62,199,187
$
57,547,287
$
52,970,190
$
48,422,904
$
45,880,695
$
39,932,996
$
35,964,296
$
32,430,420
$
29,843,747
$
23,649,249
$
Plan fiduciary net position
Contributions - employer
3,343,746
$
4,184,031
$
2,623,803
$
2,638,962
$
2,092,342
$
1,988,279
$
2,188,945
$
1,463,930
$
1,435,056
$
1,096,508
$
Contributions - employee
546,928
656,009
587,497
561,368
644,066
592,683
645,123
800,409
868,827
711,650
Net investment income
4,442,209
2,958,998
(1,513,339)
7,893,603
344,207
1,272,546
1,458,538
2,079,003
93,818
534,404
Benefit payments, including refunds of
employee contributions
(1,605,777)
(2,837,017)
(1,770,208)
(1,533,580)
(1,089,922)
(845,388)
(916,335)
(1,018,342)
(1,115,189)
(690,735)
Hall/Parker Settlement
-
-
-
(1,001,955)
-
-
-
Pension plan administrative expenses
(29,548)
(23,522)
(27,284)
(36,729)
(28,064)
(23,107)
(22,899)
(18,796)
(13,900)
(13,427)
Tiers 1 & 2 adjustments
-
(42,540)
-
-
-
-
-
-
-
-
Other changes
-
-
-
(16,931)
-
230
207
113,071
108,428
Net change in plan fiduciary net position
6,697,558
4,895,959
(99,531)
9,523,624
1,945,698
2,985,013
2,351,647
3,306,411
1,381,683
1,746,828
Plan fiduciary net position - beginning
41,968,163
37,072,204
37,171,735
27,648,111
25,702,412
22,727,384
20,375,737
17,069,326
15,687,643
13,940,815
Adjustment to beginning of year
-
-
-
-
1
(9,985)
-
-
-
-
Plan fiduciary net position - ending (b)
48,665,721
$
41,968,163
$
37,072,204
$
37,171,735
$
27,648,111
$
25,702,412
$
22,727,384
$
20,375,737
$
17,069,326
$
15,687,643
$
City's net pension liability - ending (a) - (b)
13,533,466
$
15,579,124
$
15,897,986
$
11,251,169
$
18,232,584
$
14,230,584
$
13,236,912
$
12,054,683
$
12,774,421
$
7,961,606
$
Plan fiduciary net position as a percentage of the
total pension liability
78.24%
72.93%
69.99%
76.76%
60.26%
64.36%
63.19%
62.83%
57.20%
66.33%
Covered payroll
13,066,449
11,518,176
9,723,152
8,140,484
8,285,780
8,184,840
7,505,077
7,361,072
7,307,451
8,598,026
City's net pension liability as a percentage of
covered payroll
103.57%
135.26%
163.51%
138.21%
220.05%
173.87%
176.37%
163.76%
174.81%
92.60%
See accompanying notes to this schedule.
PSPRS Police
Reporting Fiscal Year (Measurement Date)
Table of Contents
78
City of Buckeye, Arizona
Required Supplementary Information
Public Safety Personnel Retirement System – Schedule of Changes in the City’s Net Pension Liability and Related
Ratios
City of Buckeye, Arizona
Public Safety Personnel Retirement System
Schedule of changes in the City's Net Pension Liability and Related Ratios
June 30, 2025
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
(2023)
(2023)
(2022)
(2021)
(2020)
(2019)
(2018)
(2017)
(2016)
(2015)
Total pension liability
Service cost
2,336,588
$
2,138,137
$
1,951,693
$
1,839,972
$
1,781,018
$
1,824,195
$
1,819,972
$
1,624,240
$
1,441,767
$
1,257,769
$
Interest on the total pension liability
4,386,835
3,693,955
3,334,887
3,086,322
2,670,319
2,554,761
2,150,849
2,014,168
1,430,438
1,259,873
Changes of benefit terms
-
-
-
-
-
-
-
186,129
2,870,483
-
Differences between expected and actual
experience in the measurement of the
pension liability
419,591
4,438,823
887,536
(595,231)
1,869,674
(2,809,551)
573,232
(1,838,647)
1,533,880
(436,845)
Changes of assumptions and other inputs
-
-
(22,419)
-
-
637,043
-
126,197
1,265,636
-
Benefit payments, including refunds of
employee contributions
(1,186,589)
(505,457)
(927,731)
(1,147,861)
(214,709)
-
1
-
-
-
Net change in total pension liability
5,956,425
9,765,458
5,223,966
3,183,202
6,106,302
2,206,448
4,544,054
2,112,087
8,542,204
2,080,797
Total pension liability - beginning
59,184,974
49,419,516
44,195,550
41,012,348
34,906,046
32,699,598
28,155,544
26,043,457
17,501,253
15,420,456
Total pension liability - ending (a)
65,141,399
$
59,184,974
$
49,419,516
$
44,195,550
$
41,012,348
$
34,906,046
$
32,699,598
$
28,155,544
$
26,043,457
$
17,501,253
$
Plan fiduciary net position
Contributions - employer
2,598,907
$
3,583,931
$
2,282,775
$
3,900,911
$
1,730,975
$
1,879,307
$
1,872,070
$
1,053,558
$
1,229,932
$
975,453
$
Contributions - employee
733,028
723,320
701,147
649,171
621,537
597,405
634,840
873,999
916,577
737,903
Net investment income
5,507,402
3,629,407
(1,834,706)
9,480,058
397,070
1,450,405
1,641,687
2,285,216
100,160
546,165
Benefit payments, including refunds of
employee contributions
(1,186,589)
(505,457)
(927,731)
(1,147,861)
(214,709)
-
1
-
-
-
Hall/Parker Settlement
-
-
-
-
(1,139,163)
-
-
-
Pension plan administrative expenses
(26,604)
(18,620)
(33,077)
(43,950)
(32,375)
(26,196)
(25,686)
(20,620)
(14,811)
(13,716)
Tiers 1 & 2 adjustments
-
(123,120)
-
-
-
-
-
-
-
-
Other changes
-
-
-
(62,571)
-
-
248
220
(106,776)
(19,493)
Net change in plan fiduciary net position
7,626,144
7,289,461
188,408
12,775,758
2,502,498
3,900,921
2,983,997
4,192,373
2,125,082
2,226,312
Plan fiduciary net position - beginning
52,324,007
45,034,546
44,846,138
32,070,380
29,567,881
25,675,281
22,691,284
18,498,911
16,373,829
14,147,517
Adjustment to beginning of year
-
-
-
-
1
(8,321)
-
-
-
-
Plan fiduciary net position - ending (b)
59,950,151
$
52,324,007
$
45,034,546
$
44,846,138
$
32,070,380
$
29,567,881
$
25,675,281
$
22,691,284
$
18,498,911
$
16,373,829
$
City's net pension liability - ending (a) - (b)
5,191,248
$
6,860,967
$
4,384,970
$
(650,588)
$
8,941,968
$
5,338,165
$
7,024,317
$
5,464,260
$
7,544,546
$
1,127,424
$
Plan fiduciary net position as a percentage of the
total pension liability
92.03%
88.41%
91.13%
101.47%
78.20%
84.71%
78.52%
80.59%
71.03%
93.56%
Covered payroll
12,198,676
$
10,704,284
$
9,729,843
$
8,667,904
$
8,367,788
$
8,294,938
$
7,992,032
$
7,626,202
$
7,591,560
$
7,594,358
City's net pension liability as a percentage of
covered payroll
42.56%
64.10%
45.07%
-7.51%
106.86%
64.35%
87.89%
71.65%
99.38%
14.85%
See accompanying notes to this schedule.
PSPRS Fire
Reporting Fiscal Year (Measurement Date)
Table of Contents
79
City of Buckeye, Arizona
Required Supplementary Information
Schedule of City Pension Contributions
City of Buckeye, Arizona
Schedule of City Pension Contributions
June 30, 2025
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Statutorily required contribution
6,341,651
$
5,441,609
$
4,336,618
$
3,673,218
$
3,002,683
$
2,759,010
$
2,470,822
$
2,297,182
$
2,033,883
$
2,021,313
$
City's contributions in relation to the
statutorily required contribution
6,341,651
5,441,609
4,336,618
3,673,218
3,002,683
2,759,010
2,470,822
2,297,182
$
2,033,883
$
2,021,313
City's contribution deficiency (excess)
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
City's covered payroll
52,627,809
$
45,233,658
$
36,381,023
$
30,584,663
$
25,774,103
$
24,096,148
$
22,100,376
$
21,075,064
$
18,867,189
$
18,629,613
City's contributions as a percentage of
covered payroll
12.05%
12.03%
11.92%
12.01%
11.65%
11.45%
11.18%
10.90%
10.78%
10.85%
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Statutorily required contribution
3,610,336
$
3,655,731
$
3,576,430
$
2,747,532
$
2,266,254
$
2,197,117
$
2,230,303
$
1,906,291
$
1,508,263
$
1,503,814
$
City's contributions in relation to the
statutorily required contribution
3,610,336
3,655,731
4,076,430
2,747,532
2,666,254
2,197,117
2,230,303
1,906,291
1,508,263
1,503,814
City's contribution deficiency (excess)
-
$
-
$
(500,000)
$
-
$
(400,000)
$
-
$
-
$
-
$
-
$
-
$
City's covered payroll
14,141,942
$
13,066,449
$
11,518,176
$
9,723,152
$
8,140,484
$
8,285,780
$
8,184,840
$
7,505,077
$
7,361,072
$
7,307,451
$
City's contributions as a percentage of
covered payroll
25.53%
27.98%
35.39%
28.26%
32.75%
26.52%
27.25%
25.40%
20.49%
20.58%
2024
2024
2023
2022
2021
2020
2019
2018
2017
2016
Statutorily required contribution
3,079,149
$
2,592,699
$
2,288,286
$
2,243,745
$
1,771,368
$
1,809,632
$
1,725,369
$
1,579,996
$
1,021,773
$
1,156,055
$
City's contributions in relation to the
statutorily required contribution
3,079,149
$
2,592,699
$
2,788,286
$
3,081,745
$
2,471,368
$
1,809,632
1,725,369
1,579,996
1,021,773
1,156,055
City's contribution deficiency (excess)
-
$
-
$
(500,000)
$
(838,000)
$
(700,000)
$
-
$
-
$
-
$
-
$
-
$
City's covered payroll
15,172,892
$
12,198,676
$
10,704,284
$
9,729,843
$
8,667,904
$
8,367,788
$
8,294,938
$
7,992,032
$
7,626,202
$
7,591,560
$
City's contributions as a percentage of
covered payroll
20.29%
21.25%
26.05%
31.67%
28.51%
21.63%
20.80%
19.77%
13.40%
15.23%
See accompanying notes to this schedule.
Reporting Fiscal Year
Reporting Fiscal Year
PSPRS Fire
ASRS
PSPRS Police
Table of Contents
80
City of Buckeye, Arizona
Notes to Required Supplementary Information
Methods and Assumptions Used in Calculations of Actuarially Determined Contributions
Actuarial Assumptions for Valuations Performed – The information presented in the required supplementary schedules was
determined as part of the actuarial valuations at the dates indicated, which is the most recent actuarial valuation. The actuarial
assumptions used are disclosed in the notes to the financial statements.
Factors that Affect Trends – The actuarial assumptions used in the June 30, 2023, valuation for ASRS were based on the results
of an actuarial experience study for the five-year period ending June 30, 2020. The purpose of the experience study was to
review actual experience in relation to the actuarial assumptions in effect. The ASRS Board adopted the experience study
recommended changes that were applied to the June 30, 2020, actuarial valuation.
The actuarial assumptions used in the June 30, 2024, valuation for PSPRS were based on the results of an actuarial experience
study for the five-year period ended June 30, 2021. The purpose of the experience study was to review actual experience in
relation to the actuarial assumptions in effect. The PSPRS Board adopted the experience study recommended changes which
were applied to the June 30, 2022 actuarial valuation.
Arizona courts have ruled that provisions of the 2011 law that changed the mechanism for funding permanent pension benefit
increases and increased employee pension contribution rates were unconstitutional. As a result, the PSPRS changed benefit
terms to reflect the prior mechanism for funding permanent benefit increases for those members and revised actuarial
assumptions to explicitly value future permanent benefit increases. These changes increased the PSPRS-required contributions
beginning in fiscal year 2019 for members who retired or will retire after the law’s effective date.
Table of Contents
81
Nonmajor Governmental Funds
Special Revenue Funds
City Court Fund – Established to accumulate funds specifically for the purpose of the city court as directed by the Arizona
Supreme Court.
Area Agency on Aging Fund – Established to received federal funds to cover a percentage of salaries, benefits and other
expenditures for the operation of the community center for the benefit of the elderly and disabled.
Arizona Lottery – Established to account for funds provided by the State Lottery to be used to cover transit expenses within the
City.
Community Services Social Service Program – Administers social services programs for the city, including the Community Action
Program (CAP), homelessness and utility assistance.
Grant Funds – Established for receiving state, federal or other grants received by the parks, Police and/or Fire Departments for
purchasing a variety of services, goods, and equipment.
Nuclear Management Fund – Established to provide funding to enhance the safety of Palo Verde Nuclear Plant with planning,
training, exercises, and purchasing of specialized response equipment that is directly related to the goal of maintaining and
improving safety and response to emergencies at the nuclear power generation facility.
Stormwater Quality Fund – Established to provide the City with authority over any pollutant that enters, or might enter, the
right of way, and the MS4 including any wastewater, solid waste, or other potential illegal dumping.
Public Safety Funds – Established to provide funds for Police and/or Fire Departments in purchasing a variety of services, goods,
training, and equipment.
Jackrabbit Trail ID O&M Fund – Established for the operation and maintenance of the Jackrabbit Trail Improvement District
infrastructure.
Roosevelt St ID O&M Fund – Established for the operation and maintenance of the Roosevelt Street Improvement District
infrastructure.
Transient Lodging Fund – Established to accumulate funds that shall be used exclusively by the City for the promotion of
tourism.
Economic Development Reinvestment Fund – This fund was established to accumulate revenue that is used to provide financial
support for businesses in the historic area to reinvest in buildings and building improvements.
Street Light Improvement District Fund – Established to account for revenues and expenditures related to the maintenance
and electric costs associated with the streetlights.
Capital Project Funds
Traffic Signal – Established to fund traffic signal construction, maintenance, and developer contributions.
Future Road Improvements – Established to fund construction and maintenance of future road improvements.
Sundance Water Recharge – Established to build a recharge station in the Sundance Community.
Asset Replacement – Established to fund the replacement of machinery and equipment based on the estimate useful life.
Capital Grants – Established to fund construction and maintenance for provided by federal, state, or other entities to support
capital improvements and are non-repayable.
Debt Service Funds
Roosevelt Street ID – Established for debt service payments for the Roosevelt Street Improvement District.
Jackrabbit Trail ID – Established for debt service payments for the Jackrabbit Trail Improvement District.
Community Facility District (CFD) Funds – Established for operation and maintenance for district infrastructure and debt
service payments related to each CFD:
Anthem Sun Valley CFD
Elianto CFD
Festival Ranch CFD
Floreo at Teravalis #1
Mirielle CFD
Sundance CFD
Tartesso West CFD
Trillium West CFD
Verrado District 1 CFD
Verrado Western Overlay
CFD
Watson Road CFD
Westpark CFD
Table of Contents
82
City of Buckeye, Arizona
Combining Balance Sheet
Nonmajor Funds
June 30, 2025
CS Social
Nuclear
City
Area Agency
Arizona
Service
Grant
Emergency
Court
on Aging
Lottery
Program
Funds
Management
ASSETS
Cash and investments
641,123
$
2,647
$
616,760
$
263
$
309,393
$
160,237
$
Cash with paying agent
-
-
-
-
1,007,553
-
Receivables, net
Intergovernmental
7,954
109,250
1,048
-
394,837
-
Accounts
-
-
-
-
-
-
Settlements
-
-
-
-
1,088,245
-
Special Assessments
-
-
-
-
-
-
Prepaid items
-
3,425
-
-
-
-
Restricted Assets
-
-
-
-
Total assets
649,077
$
115,322
$
617,808
$
263
$
2,800,028
$
160,237
$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable
-
$
17,151
$
-
$
41,813
$
211,956
$
61
$
Accrued liabilities
-
16,133
-
10,762
-
-
Due to other funds
-
-
-
-
42,002
-
Deposits
-
-
-
-
-
-
Matured debt principal payable
-
-
-
-
-
-
Interest payable
-
-
-
-
-
-
Unearned revenues
-
-
933,834
-
1,165,950
-
Total liabilities
-
33,284
933,834
52,575
1,419,908
61
Deferred inflows of resources:
Unavailable revenue - special assessments
-
-
-
-
-
-
Unavailable revenue - settlements
-
-
-
-
1,088,245
-
Total deferred inflows of resources
-
-
-
-
1,088,245
-
Fund balances:
Nonspendable
-
3,425
-
-
-
-
Restricted - Health
-
-
-
-
216,730
-
Restricted - Special Purposes
649,077
78,613
-
-
75,145
160,176
Restricted - Capital Projects
-
-
-
-
-
-
Restricted - Debt Service
-
-
-
-
-
-
Unassigned
-
-
(316,026)
(52,312)
-
-
Total fund balances
649,077
82,038
(316,026)
(52,312)
291,875
160,176
Total liabilities, deferred inflows of
resources and fund balances
649,077
$
115,322
$
617,808
$
263
$
2,800,028
$
160,237
$
Special Revenue Funds
Table of Contents
83
Public
Economic
Street Light
Stormwater
Safety
Jackrabbit
Roosevelt
Transient
Development
Improvement
Anthem Sun
Quality
Funds
Trail ID O&M
St ID O&M
Lodging
Reinvestment
Districts
Valley CFD
-
$
796,488
$
7,810
$
3,091
$
920,916
$
-
$
258,847
$
-
$
-
-
-
-
-
-
-
-
-
11,144
-
-
-
-
9,154
-
-
-
-
-
-
-
-
7,701
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3
-
-
-
-
-
-
-
-
-
-
-
-
$
807,632
$
7,810
$
3,091
$
920,919
$
-
$
268,001
$
7,701
$
103
$
-
$
-
$
-
$
20,033
$
-
$
37,337
$
1,028
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,701
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
103
-
-
-
20,033
-
37,337
5,729
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3
-
-
-
-
-
-
-
-
-
-
-
-
807,632
7,810
3,091
900,883
-
230,664
1,972
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(103)
-
-
-
-
-
-
-
(103)
807,632
7,810
3,091
900,886
-
230,664
1,972
-
$
807,632
$
7,810
$
3,091
$
920,919
$
-
$
268,001
$
7,701
$
Special Revenue Funds
Table of Contents
84
City of Buckeye, Arizona
Combining Balance Sheet
Nonmajor Funds
June 30, 2025
Festival
Sundance
Tartesso West
Trillium
Elianto CFD
Ranch CFD
Mirielle CFD
CFD
CFD
West CFD
ASSETS
Cash and investments
-
$
570,474
$
-
$
585,309
$
386,565
$
4,747
$
Cash with paying agent
-
-
-
-
-
-
Receivables, net
Intergovernmental
-
8,007
-
3,500
1,004
33
Accounts
8,252
-
6,967
-
-
-
Settlments
-
-
-
-
-
-
Special Assessments
-
-
-
-
-
-
Prepaid items
-
-
-
182
-
-
Restricted Assets
-
-
-
-
-
-
Total assets
8,252
$
578,481
$
6,967
$
588,991
$
387,569
$
4,780
$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable
1,048
$
9,916
$
1,436
$
1,436
$
1,028
$
16,004
$
Accrued liabilities
-
-
-
-
-
-
Due to other funds
4,689
-
4,599
-
-
-
Deposits
-
-
-
-
-
-
Matured debt principal payable
-
-
-
-
-
-
Interest payable
-
-
-
-
-
-
Unearned revenues
-
-
-
-
-
-
Total liabilities
5,737
9,916
6,035
1,436
1,028
16,004
Deferred inflows of resources:
Unavailable revenue - special assessments
-
-
-
-
-
-
Unavailable revenue - settlements
-
-
-
-
-
-
Total deferred inflows of resources
-
-
-
-
-
-
Fund balances:
Nonspendable
-
-
-
182
-
-
Restricted - Health
-
-
-
-
-
-
Restricted - Special Purposes
2,515
568,565
932
587,373
386,541
-
Restricted - Capital Projects
-
-
-
-
-
-
Restricted - Debt Service
-
-
-
-
-
-
Unassigned
-
-
-
-
-
(11,224)
Total fund balances
2,515
568,565
932
587,555
386,541
(11,224)
Total liabilities, deferred inflows of
resources and fund balances
8,252
$
578,481
$
6,967
$
588,991
$
387,569
$
4,780
$
Special Revenue Funds
Table of Contents
85
Verrado
Future
Sundance
Asset
Verrado
Western
Watson Road
Westpark #1
Traffic
Road
Water
Replacement
District 1 CFD
Overlay CFD
CFD
CFD
Signal
Improvements
Recharge
Fund
429,573
$
96,808
$
876,584
$
100,251
$
7,764,141
$
2,022,007
$
740,041
$
1,078,498
$
-
-
-
-
-
-
-
-
8,206
3,900
1,766
468
-
-
-
-
-
-
-
-
-
13,797
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
437,779
$
100,708
$
878,350
$
100,719
$
7,764,141
$
2,035,804
$
740,041
$
1,078,498
$
241,428
$
11,028
$
1,137
$
2,989
$
-
$
-
$
-
$
-
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,699
84,047
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
241,428
11,028
1,137
2,989
10,699
84,047
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
196,351
89,680
877,213
97,730
-
-
-
-
-
-
-
-
7,753,442
1,951,757
740,041
1,078,498
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
196,351
89,680
877,213
97,730
7,753,442
1,951,757
740,041
1,078,498
437,779
$
100,708
$
878,350
$
100,719
$
7,764,141
$
2,035,804
$
740,041
$
1,078,498
$
Special Revenue Fund
Capital Project Funds
Table of Contents
86
City of Buckeye, Arizona
Combining Balance Sheet
Nonmajor Funds
June 30, 2025
Tartesso
Verrado
Capital
Festival
Sundance
West
District #1
Roosevelt
Jackrabbit
Grants
Ranch - CFD
CFD
CFD
CFD
Street ID
Trail ID
ASSETS
Cash and investments
86,600
$
382,195
$
-
$
-
$
-
$
175,528
$
5,908
$
Cash with paying agent
-
-
-
-
-
51,921
3,188
Receivables, net
Intergovernmental
426,870
-
-
-
-
-
-
Accounts
-
-
-
-
-
-
-
Settlements
-
-
-
-
Special Assessments
-
-
-
-
-
2,610,000
102,000
Prepaid Items
-
-
-
-
-
-
-
Restricted Assets
-
-
-
-
-
-
-
Total assets
513,470
$
382,195
$
-
$
-
$
-
$
2,837,449
$
111,096
$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable
228,571
$
-
$
-
$
-
$
-
$
-
$
-
$
Accrued liabilities
-
-
-
-
-
-
-
Due to other funds
198,299
-
-
-
-
-
-
Deposits
-
-
-
-
-
-
-
Matured debt principal payable
-
-
-
-
-
-
-
Interest payable
-
-
-
-
-
51,921
3,188
Unearned revenues
-
-
-
-
-
-
-
Total liabilities
426,870
-
-
-
-
51,921
3,188
Deferred inflows of resources:
Unavailable revenue - special assessments
-
-
-
-
-
2,610,000
102,000
Unavailable revenue - settlements
-
-
-
-
Total deferred inflows of resources
-
-
-
-
-
2,610,000
102,000
Fund balances:
Nonspendable
-
-
-
-
-
-
-
Restricted - Health
-
-
-
-
Restricted - Special Purposes
-
-
-
-
-
-
-
Restricted - Capital Projects
86,600
382,195
-
-
-
-
-
Restricted - Debt Service
-
-
-
-
-
175,528
5,908
Unassigned
-
-
-
-
-
-
-
Total fund balances
86,600
382,195
-
-
-
175,528
5,908
Total liabilities, deferred inflows of
resources and fund balances
513,470
$
382,195
$
-
$
-
$
-
$
2,837,449
$
111,096
$
Capital Projects Funds
Debt Service Fund
Table of Contents
87
Floreo at
Verrado
Festival
Teravlis #1
Sundance
Tartesso West
Verrado
Western
Westpark #1
Ranch CFD
CFD
CFD
CFD
District 1 CFD
Overlay CFD
CFD
Total
3,414,832
$
-
$
1,653,876
$
1,370,194
$
4,200,502
$
1,288,294
$
256,371
$
31,206,873
$
965,028
-
-
-
1,250,046
103,138
614,165
3,995,039
66,223
-
19,679
7,772
85,585
26,641
4,601
1,197,642
-
-
-
-
-
-
-
36,717
-
-
-
-
-
-
-
1,088,245
4,998,552
-
-
-
-
-
330,000
8,040,552
-
-
-
-
-
-
3,610
438,810
-
-
-
-
-
-
438,810
9,883,445
$
-
$
1,673,555
$
1,377,966
$
5,536,133
$
1,418,073
$
1,205,137
$
46,007,488
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
845,503
$
-
-
-
-
-
-
26,895
-
10,000
-
-
-
-
-
264,290
-
-
-
-
-
-
-
94,746
2,441,307
-
980,000
760,000
4,260,000
1,145,000
426,000
10,012,307
1,230,329
-
370,725
482,148
1,204,630
255,048
94,554
3,692,543
-
-
-
-
-
-
-
2,099,784
3,671,636
10,000
1,350,725
1,242,148
5,464,630
1,400,048
520,554
17,036,068
4,998,552
-
-
-
-
-
330,000
8,040,552
-
-
-
-
-
-
-
1,088,245
4,998,552
-
-
-
-
-
330,000
9,128,797
-
-
-
-
-
-
-
3,610
-
-
-
-
-
-
-
216,730
-
-
-
-
-
-
-
5,721,963
-
-
-
-
-
-
-
11,992,533
1,213,257
-
322,830
135,818
71,503
18,025
354,583
2,297,452
-
(10,000)
-
-
-
-
-
(389,665)
1,213,257
(10,000)
322,830
135,818
71,503
18,025
354,583
19,842,623
9,883,445
$
-
$
1,673,555
$
1,377,966
$
5,536,133
$
1,418,073
$
1,205,137
$
46,007,488
$
Debt Service Funds
Table of Contents
88
City of Buckeye, Arizona
Combining Statement of Revenue, Expenditures and Changes in Fund Balances
Nonmajor Funds
For the Year Ended June 30, 2025
CS Social
City
Area Agency
Arizona
Service
Grant
Nuclear
Court
on Aging
Lottery
Program
Funds
Management
REVENUES
Taxes
Transaction privilege taxes
-
$
-
$
-
$
-
$
-
$
-
$
Property taxes
-
-
-
-
-
-
Intergovernmental revenues
21,699
375,884
-
165,000
2,303,384
145,024
Charges for services
47,690
42,664
-
-
-
-
Developer agreements
-
-
-
-
-
-
Contributions and donations
-
-
-
-
-
-
Special assessments
-
-
-
-
-
Investment earnings
-
-
-
-
-
-
Other
-
-
-
-
283,135
-
Total revenues
69,389
418,548
-
165,000
2,586,519
145,024
EXPENDITURES
Current:
General government
-
-
-
-
-
-
Public safety
-
-
-
-
2,021,069
20,448
Highway and streets
-
-
-
-
-
-
Culture and recreation
-
1,236,508
-
538,468
128,408
-
Debt service:
Principal retirement
-
-
-
-
-
-
Interest and fiscal charges
-
-
-
-
-
-
Issuance costs
-
-
-
-
-
-
Capital outlay
-
20,376
316,027
14,292
245,334
-
Total expenditures
-
1,256,884
316,027
552,760
2,394,811
20,448
Excess (deficiency) of revenues
over expenditures
69,389
(838,336)
(316,027)
(387,760)
191,708
124,576
OTHER FINANCING SOURCES (USES)
Bonds Issued
-
-
-
-
-
-
Refunding bonds issued
-
-
-
-
-
-
Payment to refunding agent
-
-
-
-
-
-
Premiums issued
-
-
-
-
-
-
Transfers in
-
920,374
-
335,448
-
-
Transfers out
-
-
-
-
-
-
Total other financing sources and uses
-
920,374
-
335,448
-
-
Net change in fund balances
69,389
82,038
(316,027)
(52,312)
191,708
124,576
Fund balances - beginning
579,688
-
1
-
100,166
35,600
Fund balances - ending
649,077
$
82,038
$
(316,026)
$
(52,312)
$
291,874
$
160,176
$
Special Revenue Funds
Table of Contents
89
Public
Economic
Street Light
Stormwater
Safety
Jackrabbit
Roosevelt
Transient
Development Improvement
Anthem Sun
Quality
Funds
Trail ID O&M
St ID O&M
Lodging
Reinvestment
Districts
Valley CFD
-
$
-
$
-
$
-
$
655,327
$
-
$
-
$
-
$
-
-
-
-
-
-
528,859
72
-
-
-
-
-
-
-
-
-
265,010
138
138
-
-
78,000
-
-
-
-
-
-
-
-
7,701
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11,009
-
-
-
-
-
-
-
276,019
138
138
655,327
-
606,859
7,773
-
-
1,941
1,940
496,434
86,000
-
6,028
-
8,048
-
-
-
-
-
-
15,326
-
-
-
-
-
480,064
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
250
350
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15,326
8,048
2,191
2,290
496,434
86,000
480,064
6,028
(15,326)
267,971
(2,053)
(2,152)
158,893
(86,000)
126,795
1,745
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15,223
-
-
-
-
66,323
-
-
-
-
-
-
-
-
-
-
15,223
-
-
-
-
66,323
-
-
(103)
267,971
(2,053)
(2,152)
158,893
(19,677)
126,795
1,745
-
539,661
9,863
5,243
741,993
19,677
103,869
227
(103)
$
807,632
$
7,810
$
3,091
$
900,886
$
-
$
230,664
$
1,972
$
Special Revenue Funds
Table of Contents
90
City of Buckeye, Arizona
Combining Statement of Revenue, Expenditures and Changes in Fund Balances
Nonmajor Funds
For the Year Ended June 30, 2025
Festival
Sundance
Tartesso West
Trillium
Elianto CFD
Ranch CFD
Mirielle CFD
CFD
CFD
West CFD
REVENUES
Taxes
Transaction privilege taxes
-
$
-
$
-
$
-
$
-
$
-
$
Property taxes
84
542,917
159
317,243
205,558
840
Intergovernmental revenues
-
-
-
-
-
-
Charges for services
-
6,433
-
3,389
-
-
Developer agreements
8,252
-
6,967
-
-
25,000
Contributions and donations
-
-
-
-
-
-
Special assessments
-
-
-
-
-
-
Investment earnings
-
-
-
-
-
-
Other
-
-
-
-
-
-
Total revenues
8,336
549,350
7,126
320,632
205,558
25,840
EXPENDITURES
Current:
General government
6,048
183,164
6,436
38,322
43,461
37,296
Public safety
-
-
-
-
-
-
Highway and streets
-
160,000
-
350,000
-
-
Culture and recreation
-
-
-
-
-
-
Debt service:
Principal retirement
-
-
-
-
-
-
Interest and fiscal charges
-
34,361
-
700
1,100
-
Issuance costs
-
-
-
-
-
-
Capital outlay
-
-
-
-
-
-
Total expenditures
6,048
377,525
6,436
389,022
44,561
37,296
Excess (deficiency) of revenues
over expenditures
2,288
171,825
690
(68,390)
160,997
(11,456)
OTHER FINANCING SOURCES (USES)
Bonds Issued
-
-
-
-
-
-
Refunding bonds issued
-
-
-
-
-
-
Payment to refunding agent
-
-
-
-
-
-
Premiums issued
-
-
-
-
-
-
Transfers in
-
1,000
-
-
-
-
Transfers out
-
-
-
-
-
-
Total other financing sources (uses)
-
1,000
-
-
-
-
Net change in fund balances
2,288
172,825
690
(68,390)
160,997
(11,456)
Fund balances - beginning
227
395,740
242
655,945
225,544
232
Fund balances - ending
2,515
$
568,565
$
932
$
587,555
$
386,541
$
(11,224)
$
Special Revenue Funds
Table of Contents
91
Verrado
Verrado
Future
Sundance
Asset
District 1
Western
Watson Road
Westpark #1
Traffic
Road
Water
Replacement
CFD
Overlay CFD
CFD
CFD
Signal
Improvements
Recharge
Fund
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
618,735
174,966
231,893
47,215
-
-
-
-
-
-
-
-
-
-
-
-
-
-
98,860
35,177
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
761,312
27,595
-
-
-
-
-
-
-
-
-
-
-
-
-
-
307,686
77,256
28,275
-
-
-
-
-
-
-
-
-
618,735
174,966
330,753
82,392
1,068,998
104,851
28,275
-
382,327
38,300
69,320
35,577
-
-
-
-
-
-
-
-
-
-
-
-
-
-
261,521
-
-
25,295
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,800
2,500
500
3,350
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
386,127
40,800
331,341
38,927
-
25,295
-
-
232,608
134,166
(588)
43,465
1,068,998
79,556
28,275
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(619,620)
-
-
-
-
-
-
-
(619,620)
-
-
-
232,608
134,166
(588)
43,465
449,378
79,556
28,275
-
(36,257)
(44,486)
877,801
54,265
7,304,064
1,872,201
711,766
1,078,498
196,351
$
89,680
$
877,213
$
97,730
$
7,753,442
$
1,951,757
$
740,041
$
1,078,498
$
Special Revenue Funds
Capital Project Funds
Table of Contents
92
City of Buckeye, Arizona
Combining Statement of Revenue, Expenditures and Changes in Fund Balances
Nonmajor Funds
For the Year Ended June 30, 2025
Tartesso
Verrado
Capital
Festival
Verrado WO
West
District #1
Roosevelt
Jackrabbit
Grants
Ranch CFD
CFD
CFD
CFD
Street ID
Trail ID
REVENUES
Taxes
Transaction privilege taxes
-
$
-
$
-
$
-
$
-
$
-
$
-
$
Property taxes
-
-
-
-
-
-
-
Intergovernmental revenues
530,364
-
-
-
-
-
-
Charges for services
-
-
-
-
-
-
-
Developer agreements
-
-
-
-
-
-
-
Contributions and donations
-
-
-
-
-
-
-
Special assessments
-
-
-
-
-
267,283
23,425
Investment earnings
-
-
-
-
-
-
-
Other
-
-
-
-
-
-
-
Total revenues
530,364
-
-
-
-
267,283
23,425
EXPENDITURES
Current:
General government
-
-
-
-
-
-
-
Public safety
-
-
-
-
-
-
-
Highway and streets
443,764
-
-
6,631,143
-
-
-
Culture and recreation
-
-
-
-
-
-
-
Debt service:
Principal retirement
-
-
-
-
-
1,100,000
22,000
Interest and fiscal charges
-
-
-
-
-
125,015
7,062
Issuance costs
-
-
-
-
-
-
-
Capital outlay
-
9,780,291
8,438,000
-
-
-
-
Total expenditures
443,764
9,780,291
8,438,000
6,631,143
-
1,225,015
29,062
Excess (deficiency) of revenues
over expenditures
86,600
(9,780,291)
(8,438,000)
(6,631,143)
-
(957,732)
(5,637)
OTHER FINANCING SOURCES (USES)
Bonds issued
-
-
-
-
-
-
-
Refunding bonds issued
-
-
-
-
-
-
-
Payment to refunding agent
-
-
-
-
-
-
-
Premiums issued
-
-
-
-
-
-
-
Transfers in
-
10,162,486
8,438,000
6,631,143
-
-
-
Transfers out
-
-
-
-
-
-
-
Total other financing sources and uses
-
10,162,486
8,438,000
6,631,143
-
-
-
Net change in fund balances
86,600
382,195
-
-
-
(957,732)
(5,637)
Fund balances - beginning
-
-
-
-
-
1,133,260
11,545
Fund balances - ending
86,600
$
382,195
$
-
$
-
$
-
$
175,528
$
5,908
$
Capital Project Funds
Debt Service Funds
Table of Contents
93
Verrado
Verrado
Festival
Floreo at
Sundance
Tartesso West
District 1
Western
Westpark #1
Ranch CFD
Teravalis CFD
CFD
CFD
CFD
Overlay CFD
CFD
Total
-
$
-
$
-
$
-
$
-
$
-
$
-
$
655,327
$
3,908,418
-
1,761,996
1,589,911
6,452,206
1,195,160
527,172
18,103,404
-
-
-
-
-
-
-
3,541,355
-
-
-
-
-
-
-
577,499
413,775
-
-
225,960
-
185,000
-
872,655
-
-
-
-
-
-
-
788,907
899,398
-
(1,753)
-
-
-
127,533
1,315,886
36,681
-
144,007
-
29,068
9,182
14,183
646,338
-
-
-
-
-
-
-
294,144
5,258,272
-
1,904,250
1,815,871
6,481,274
1,389,342
668,888
26,795,515
-
-
-
-
-
-
-
1,432,594
-
-
-
-
-
-
-
2,049,565
-
-
-
-
-
-
-
8,367,113
-
-
-
-
-
-
-
1,903,384
2,645,307
-
980,000
760,000
4,260,000
1,145,000
439,000
11,351,307
2,328,772
-
741,450
881,523
2,409,108
445,206
189,493
7,174,540
460,088
10,000
-
237,273
-
250,250
-
957,611
-
-
-
-
-
-
-
18,814,320
5,434,167
10,000
1,721,450
1,878,796
6,669,108
1,840,456
628,493
52,050,434
(175,895)
(10,000)
182,800
(62,925)
(187,834)
(451,114)
40,395
(25,254,919)
10,075,000
-
-
6,580,000
-
8,300,000
-
24,955,000
2,995,000
-
-
-
-
-
-
2,995,000
(3,130,000)
-
-
-
-
-
-
(3,130,000)
332,344
-
-
81,912
-
207,519
-
621,775
35,740
-
32,801
-
-
-
-
26,638,538
(10,199,226)
-
(32,801)
(6,631,143)
-
(8,438,000)
-
(25,920,790)
108,858
-
-
30,769
-
69,519
-
26,159,523
(67,037)
(10,000)
182,800
(32,156)
(187,834)
(381,595)
40,395
904,604
1,280,294
-
140,030
167,974
259,337
399,620
314,188
18,938,018
1,213,257
$
(10,000)
$
322,830
$
135,818
$
71,503
$
18,025
$
354,583
$
19,842,622
$
Debt Service Funds
Table of Contents
94
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Table of Contents
95
City of Buckeye, Arizona
City Court - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Intergovernmental
17,000
$
17,000
$
21,699
$
4,699
$
Charges for services
42,000
42,000
47,690
5,690
Total revenues
59,000
59,000
69,389
10,389
EXPENDITURES
Current
General government
585,000
585,000
-
585,000
Total expenditures
585,000
585,000
-
585,000
Excess (deficiency) of revenues over
expenditures
(526,000)
(526,000)
69,389
595,389
OTHER FINANCING SOURCES (USES)
Transfers in
-
-
-
-
Transfers out
-
-
-
-
Total other financing sources and uses
-
-
-
-
Net change in fund balances
(526,000)
(526,000)
69,389
595,389
Fund balances - beginning
579,688
579,688
579,688
-
Fund balances - ending
53,688
$
53,688
$
649,077
$
595,389
$
Budgeted Amounts
Table of Contents
96
City of Buckeye, Arizona
Area Agency on Aging - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Intergovernmental
431,000
$
431,000
$
375,884
$
(55,116)
$
Charges for services
41,500
41,500
42,664
1,164
Investment earnings
6,000
6,000
-
(6,000)
Total revenues
478,500
478,500
418,548
(59,952)
EXPENDITURES
Current
Culture and recreation
Personnel Services
962,500
962,500
913,193
49,307
Operating Expenditures
414,100
388,100
323,315
64,785
Capital outlay
-
26,000
20,376
5,624
Total expenditures
1,376,600
1,376,600
1,256,884
119,716
Excess (deficiency) of revenues over
expenditures
(898,100)
(898,100)
(838,336)
59,764
OTHER FINANCING SOURCES (USES)
Transfers in
989,600
989,600
920,374
(69,226)
Transfers out
-
-
-
-
Total other financing sources and uses
989,600
989,600
920,374
(69,226)
Net change in fund balances
91,500
91,500
82,038
(9,462)
Fund balances - beginning
-
-
-
-
Fund balances - ending
91,500
$
91,500
$
82,038
$
(9,462)
$
Budgeted Amounts
Table of Contents
97
City of Buckeye, Arizona
Community Services Program - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Intergovernmental
165,000
$
165,000
$
165,000
$
-
$
Total revenues
165,000
165,000
165,000
-
EXPENDITURES
Current
Culture and recreation
Personnel Services
570,200
570,200
355,165
215,035
Operating Expenditures
217,000
201,500
183,303
18,197
Capital outlay
-
15,500
14,292
1,208
Total expenditures
787,200
787,200
552,760
234,440
Excess (deficiency) of revenues over
expenditures
(622,200)
(622,200)
(387,760)
234,440
OTHER FINANCING SOURCES (USES)
Transfers in
617,600
617,600
335,448
(282,152)
Transfers out
-
-
-
-
Total other financing sources and uses
617,600
617,600
335,448
(282,152)
Net change in fund balances
(4,600)
(4,600)
(52,312)
(47,712)
Fund balances - beginning
-
-
-
-
Fund balances - ending
(4,600)
$
(4,600)
$
(52,312)
$
(47,712)
$
Budgeted Amounts
Table of Contents
98
City of Buckeye, Arizona
Grants - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Intergovernmental
Federal
4,330,000
$
4,453,331
$
396,160
$
(4,057,171)
$
State
7,250,000
7,126,669
1,907,224
(5,219,445)
Other
-
-
283,135
283,135
Total revenues
11,580,000
11,580,000
2,586,519
(8,993,481)
EXPENDITURES
Current
Public safety
10,540,000
10,030,300
2,021,069
8,009,231
Culture and recreation
1,320,000
1,320,000
128,408
1,191,592
Capital outlay
500,000
1,064,431
245,334
819,097
Total expenditures
12,360,000
12,414,731
2,394,811
10,019,920
Excess (deficiency) of revenues over
expenditures
(780,000)
(834,731)
191,708
1,026,439
OTHER FINANCING SOURCES (USES)
Transfers in
780,000
780,000
-
(780,000)
Transfers out
-
-
-
-
Total other financing sources and uses
780,000
780,000
-
(780,000)
Net change in fund balances
-
(54,731)
191,708
246,439
Fund balances - beginning
100,166
100,166
100,166
-
Fund balances - ending
100,166
$
45,435
$
291,874
$
246,439
$
Budgeted Amounts
Table of Contents
99
City of Buckeye, Arizona
Economic Development Reinvestment - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Interest earnings
-
$
-
$
-
$
-
$
Total revenues
-
-
-
-
EXPENDITURES
Current
General government
683,700
683,700
86,000
597,700
Total expenditures
683,700
683,700
86,000
597,700
Excess (deficiency) of revenues over
expenditures
(683,700)
(683,700)
(86,000)
597,700
OTHER FINANCING SOURCES (USES)
Transfers in
683,700
683,700
66,323
(617,377)
Transfers out
-
-
-
-
Total other financing sources and uses
683,700
683,700
66,323
(617,377)
Net change in fund balances
-
-
(19,677)
(19,677)
Fund balances - beginning
19,677
19,677
19,677
-
Fund balances - ending
19,677
$
19,677
$
-
$
(19,677)
$
Budgeted Amounts
Table of Contents
100
City of Buckeye, Arizona
Nuclear Emergency Management - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Intergovernmental
85,000
$
85,000
$
145,024
$
60,024
$
Total revenues
85,000
85,000
145,024
60,024
EXPENDITURES
Current
Public Safety - Fire
Personnel Services
60,000
60,000
20,053
39,947
Operating Expenditures
25,000
25,000
395
24,605
Total expenditures
85,000
85,000
20,448
64,552
Excess (deficiency) of revenues over
expenditures
-
-
124,576
124,576
OTHER FINANCING SOURCES (USES)
Transfers in
-
-
-
-
Transfers out
-
-
-
-
Total other financing sources and uses
-
-
-
-
Net change in fund balances
-
-
124,576
124,576
Fund balances - beginning
35,600
35,600
35,600
-
Fund balances - ending
35,600
$
35,600
$
160,176
$
124,576
$
Budgeted Amounts
Table of Contents
101
City of Buckeye, Arizona
Public Safety Funds - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Charges for services
95,000
$
95,000
$
265,010
$
170,010
$
Other
-
-
11,009
11,009
Total revenues
95,000
95,000
276,019
181,019
EXPENDITURES
Current
Public safety
455,000
455,000
8,048
446,952
Total expenditures
455,000
455,000
8,048
446,952
Excess (deficiency) of revenues over
expenditures
(360,000)
(360,000)
267,971
627,971
OTHER FINANCING SOURCES (USES)
Transfers in
-
-
-
-
Transfers out
-
-
-
-
Total other financing sources and uses
-
-
-
-
Net change in fund balances
(360,000)
(360,000)
267,971
627,971
Fund balances - beginning
539,661
539,661
539,661
-
Fund balances - ending
179,661
$
179,661
$
807,632
$
627,971
$
Budgeted Amounts
Table of Contents
102
City of Buckeye, Arizona
Arizona Lottery - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Intergovernmental
335,000
$
335,000
$
-
$
(335,000)
$
Total revenues
335,000
335,000
-
(335,000)
EXPENDITURES
Current
Culture and recreation
335,000
-
-
-
Capital outlay
-
335,000
316,027
18,973
Total expenditures
335,000
335,000
316,027
18,973
Excess (deficiency) of revenues over
expenditures
-
-
(316,027)
(316,027)
OTHER FINANCING SOURCES (USES)
Transfers in
-
-
-
-
Transfers out
-
-
-
-
Total other financing sources and uses
-
-
-
-
Net change in fund balances
-
-
(316,027)
(316,027)
Fund balances - beginning
1
1
1
-
Fund balances - ending
1
$
1
$
(316,026)
$
(316,027)
$
Budgeted Amounts
Table of Contents
103
City of Buckeye, Arizona
Stormwater Quality Fund - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Charges for services
-
$
-
$
-
$
-
$
Total revenues
-
-
-
-
EXPENDITURES
Current
Highways and streets
Personnel Services
-
-
26
(26)
Operating Expenditures
56,300
56,300
15,300
41,000
Total expenditures
56,300
56,300
15,326
40,974
Excess (deficiency) of revenues over
expenditures
(56,300)
(56,300)
(15,326)
40,974
OTHER FINANCING SOURCES (USES)
Transfers in
56,300
56,300
15,223
(41,077)
Transfers out
-
-
-
-
Total other financing sources and uses
56,300
56,300
15,223
(41,077)
Net change in fund balances
-
-
(103)
(103)
Fund balances - beginning
-
-
-
-
Fund balances - ending
-
$
-
$
(103)
$
(103)
$
Budgeted Amounts
Table of Contents
104
City of Buckeye, Arizona
Street Light Improvement District Operations Fund - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Property Taxes
512,900
$
512,900
$
528,859
$
15,959
$
Charges for services
80,000
80,000
78,000
(2,000)
Total revenues
592,900
592,900
606,859
13,959
EXPENDITURES
Current
Highway and streets
629,700
629,700
480,064
149,636
Total expenditures
629,700
629,700
480,064
149,636
Excess (deficiency) of revenues over
expenditures
(36,800)
(36,800)
126,795
163,595
OTHER FINANCING SOURCES (USES)
Transfers in
-
-
-
-
Transfers out
-
-
-
-
Total other financing sources and uses
-
-
-
-
Net change in fund balances
(36,800)
(36,800)
126,795
163,595
Fund balances - beginning
103,869
103,869
103,869
-
Fund balances - ending
67,069
$
67,069
$
230,664
$
163,595
$
Budgeted Amounts
Table of Contents
105
City of Buckeye, Arizona
Transient Lodging Fund - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Sales taxes
400,000
$
400,000
$
655,327
$
255,327
$
Total revenues
400,000
400,000
655,327
255,327
EXPENDITURES
Current
General government
650,000
650,000
496,434
153,566
Total expenditures
650,000
650,000
496,434
153,566
Excess (deficiency) of revenues over
expenditures
(250,000)
(250,000)
158,893
408,893
OTHER FINANCING SOURCES (USES)
Transfers in
-
-
-
-
Transfers out
-
-
-
-
Total other financing sources and uses
-
-
-
-
Net change in fund balances
(250,000)
(250,000)
158,893
408,893
Fund balances - beginning
741,993
741,993
741,993
-
Fund balances - ending
491,993
$
491,993
$
900,886
$
408,893
$
Budgeted Amounts
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106
City of Buckeye, Arizona
Capital Improvement Funds - Capital Projects Fund - General
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Intergovernmental revenues
17,590,000
$
17,590,000
$
2,983,832
$
(14,606,168)
$
Contributions and donations
-
150,000
201,539
51,539
Total revenues
17,590,000
17,740,000
3,185,371
(14,554,629)
EXPENDITURES
Current
Engineering
Operating expenditures
320,000
320,000
177,953
142,047
Debt Service:
Issuance costs
-
-
45,810
(45,810)
Capital outlay
116,623,600
108,914,500
49,520,284
59,394,216
Total expenditures
116,943,600
109,234,500
49,744,047
59,490,453
Excess (deficiency) of revenues over
expenditures
(99,353,600)
(91,494,500)
(46,558,676)
44,935,824
OTHER FINANCING SOURCES (USES)
Transfers in
100,945,000
100,945,000
43,185,530
(57,759,470)
Transfers out
-
-
-
-
Total other financing sources and uses
100,945,000
100,945,000
43,185,530
(57,759,470)
Net change in fund balances
1,591,400
9,450,500
(3,373,146)
(12,823,646)
Fund balances - beginning
6,225,023
6,225,023
6,225,023
-
Fund balances - ending
7,816,423
$
15,675,523
$
2,851,877
$
(12,823,646)
$
Budgeted Amounts
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107
City of Buckeye, Arizona
Development Impact Fees Fund - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the Year Ended June 30, 2025
Variance between
Actual Amounts,
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Impact fees:
Parks and recreation
2,250,000
$
2,250,000
$
4,878,906
$
2,628,906
$
Library
500,000
500,000
763,593
263,593
Streets
500,000
500,000
848,190
348,190
Public safety
3,250,000
3,250,000
5,902,460
2,652,460
Investment earnings
152,500
152,500
1,274,734
1,122,234
Total revenues
6,652,500
6,652,500
13,667,883
7,015,383
EXPENDITURES
Contingency
16,000,000
9,709,500
-
9,709,500
Total expenditures
16,000,000
9,709,500
-
9,709,500
Excess (deficiency) of revenues over
expenditures
(9,347,500)
(3,057,000)
13,667,883
16,724,883
OTHER FINANCING SOURCES (USES)
Transfers out
(14,935,000)
(14,935,000)
(11,499,999)
3,435,001
Total other financing sources and uses
(14,935,000)
(14,935,000)
(11,499,999)
3,435,001
Net change in fund balances
(24,282,500)
(17,992,000)
2,167,884
20,159,884
Fund balances - beginning
30,203,381
30,203,381
30,203,381
-
Fund balances - ending
5,920,881
$
12,211,381
$
32,371,265
$
20,159,884
$
Budgeted Amounts
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108
City of Buckeye, Arizona
Cemetery Improvement Fund - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Charges for service
245,000
$
245,000
$
251,645
$
6,645
$
Other
1,000
1,000
8,900
7,900
Total revenues
246,000
246,000
260,545
14,545
EXPENDITURES
Current
Personnel Services
1,000
1,000
-
1,000
Operating Expenditures
271,700
271,700
200,903
70,797
Capital outlay
37,000
37,000
35,518
1,482
Total expenditures
309,700
309,700
236,421
73,279
Excess (deficiency) of revenues over
expenditures
(63,700)
(63,700)
24,124
87,824
OTHER FINANCING SOURCES (USES)
Transfers in
63,700
63,700
-
(63,700)
Transfers out
-
-
-
-
Total other financing sources and uses
63,700
63,700
-
(63,700)
Net change in fund balances
-
-
24,124
24,124
Fund balances - beginning
-
-
-
-
Fund balances - ending
-
$
-
$
24,124
$
24,124
$
Budgeted Amounts
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109
City of Buckeye, Arizona
Future Street Improvements - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Contributions and donations
30,000
$
30,000
$
27,595
$
(2,405)
$
Interest earnings
40,000
40,000
77,256
37,256
Total revenues
70,000
70,000
104,851
34,851
EXPENDITURES
Current
Highway and streets
1,800,000
1,800,000
25,295
1,774,705
Total expenditures
1,800,000
1,800,000
25,295
1,774,705
Excess (deficiency) of revenues over
expenditures
(1,730,000)
(1,730,000)
79,556
1,809,556
OTHER FINANCING SOURCES (USES)
Transfers in
-
-
-
-
Transfers out
-
-
-
-
Total other financing sources and uses
-
-
-
-
Net change in fund balances
(1,730,000)
(1,730,000)
79,556
1,809,556
Fund balances - beginning
1,872,201
1,872,201
1,872,201
-
Fund balances - ending
142,201
$
142,201
$
1,951,757
$
1,809,556
$
Budgeted Amounts
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110
City of Buckeye, Arizona
Grants - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Intergovernmental
Federal
1,385,000
$
1,985,000
$
530,364
$
(1,454,636)
$
Charges for services
600,000
600,000
-
600,000
Total revenues
1,985,000
2,585,000
530,364
(854,636)
EXPENDITURES
Current
Highway and streets
2,410,000
2,410,000
443,764
1,966,236
Total expenditures
2,410,000
2,410,000
443,764
4,682,472
Excess (deficiency) of revenues over
expenditures
(425,000)
175,000
86,600
3,827,836
OTHER FINANCING SOURCES (USES)
Transfers in
425,000
425,000
-
(425,000)
Transfers out
-
-
-
-
Total other financing sources and uses
425,000
425,000
-
(425,000)
Net change in fund balances
-
600,000
86,600
3,402,836
Fund balances - beginning
-
-
-
-
Fund balances - ending
-
$
600,000
$
86,600
$
3,402,836
$
Budgeted Amounts
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111
City of Buckeye, Arizona
Sundance Water Recharge - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Interest earnings
15,000
$
15,000
$
28,275
$
13,275
$
Total revenues
15,000
15,000
28,275
13,275
EXPENDITURES
Current
Highway and streets
700,000
700,000
-
700,000
Total expenditures
700,000
700,000
-
700,000
Excess (deficiency) of revenues over
expenditures
(685,000)
(685,000)
28,275
713,275
OTHER FINANCING SOURCES (USES)
Transfers in
-
-
-
-
Transfers out
-
-
-
-
Total other financing sources and uses
-
-
-
-
Net change in fund balances
(685,000)
(685,000)
28,275
713,275
Fund balances - beginning
711,766
711,766
711,766
-
Fund balances - ending
26,766
$
26,766
$
740,041
$
713,275
$
Budgeted Amounts
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112
City of Buckeye, Arizona
Traffic Signal Fund - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Contributions and donations
1,000,000
$
1,000,000
$
761,312
$
(238,688)
$
Interest earnings
200,000
200,000
307,686
107,686
Total revenues
1,200,000
1,200,000
1,068,998
(131,002)
EXPENDITURES
Contingency
5,500,000
5,500,000
-
5,500,000
Total expenditures
5,500,000
5,500,000
-
5,500,000
Excess (deficiency) of revenues over
expenditures
(4,300,000)
(4,300,000)
1,068,998
5,368,998
OTHER FINANCING SOURCES (USES)
Transfers in
-
-
-
-
Transfers out
(2,600,000)
(2,600,000)
(619,620)
1,980,380
Total other financing sources and uses
(2,600,000)
(2,600,000)
(619,620)
1,980,380
Net change in fund balances
(6,900,000)
(6,900,000)
449,378
7,349,378
Fund balances - beginning
7,304,064
7,304,064
7,304,064
-
Fund balances - ending
404,064
$
404,064
$
7,753,442
$
7,349,378
$
Budgeted Amounts
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113
City of Buckeye, Arizona
Jackrabbit Trail ID Fund - Debt Service Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Special assessments
37,100
$
37,100
$
23,425
$
(13,675)
$
Total revenues
37,100
37,100
23,425
(13,675)
EXPENDITURES
Debt Service
Principal
28,000
28,000
22,000
6,000
Interest and fiscal charges
9,100
9,100
7,062
2,038
Total expenditures
37,100
37,100
29,062
8,038
Excess (deficiency) of revenues over
expenditures
-
-
(5,637)
(5,637)
OTHER FINANCING SOURCES (USES)
Transfers in
-
-
-
-
Transfers out
-
-
-
-
Total other financing sources and uses
-
-
-
-
Net change in fund balances
-
-
(5,637)
(5,637)
Fund balances - beginning
11,545
11,545
11,545
-
Fund balances - ending
11,545
$
11,545
$
5,908
$
(5,637)
$
Budgeted Amounts
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114
City of Buckeye, Arizona
Roosevelt Street ID Fund - Debt Service Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non GAAP Basis
Governmental Funds
For the year ended June 30, 2025
Variance Between
Actual Amount
Final Budget and
Adopted
Final
Budgetary Basis
Actual Amounts
REVENUES
Special assessments
347,900
$
347,900
$
267,283
$
(80,617)
$
Total revenues
347,900
347,900
267,283
(80,617)
EXPENDITURES
Debt Service:
Principal
205,000
205,000
205,000
-
Interest and fiscal charges
142,900
142,900
125,015
17,885
Prepayments
-
-
895,000
(895,000)
Total expenditures
347,900
347,900
1,225,015
(877,115)
Excess (deficiency) of revenues over
expenditures
-
-
(957,732)
(957,732)
OTHER FINANCING SOURCES (USES)
Transfers in
-
-
-
-
Transfers out
-
-
-
-
Total other financing sources and uses
-
-
-
-
Net change in fund balances
-
-
(957,732)
(957,732)
Fund balances - beginning
1,133,260
1,133,260
1,133,260
-
Fund balances - ending
1,133,260
$
1,133,260
$
175,528
$
(957,732)
$
Budgeted Amounts
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115
Nonmajor Enterprise Funds
Environmental Services Fund – Established to account for activities of the City’s solid waste collections.
Airport Fund – Established to account for activities of the City’s Airport and Airport Improvement Fund. In the prior year,
activity of this fund was moved to the General Fund. Activity reported in fiscal year 2025 is residual activity necessary to
formally close the fund.
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116
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117
City of Buckeye, Arizona
Combining Statement of Net Position
Proprietary Funds
June 30, 2025
Environmental
Nonmajor
Services
Airport
Enterprise Fund
Current assets:
Cash and investments
2,447,295
$
-
$
2,447,295
$
Accounts receivable, net
1,488,372
-
1,488,372
Prepaid expenses
305
-
305
Total current assets
3,935,972
-
3,935,972
Noncurrent assets:
Capital assets:
Buildings and improvements
75,567
-
75,567
Land improvements
31,880
-
31,880
Machinery and equipment
294,356
-
294,356
Less accumulated depreciation & amortization
(313,373)
-
(313,373)
Capital assets, net
88,430
-
88,430
Total assets
4,024,402
-
4,024,402
Pension related deferred outflows - ASRS
132,223
-
132,223
Total deferred outflows of resources
132,223
-
132,223
Current liabilities:
Accounts payable
945,279
-
945,279
Accrued wages and benefits
14,925
-
14,925
Customer deposits payable
306,125
-
306,125
Compensated absences
26,450
-
26,450
Total current liabilities
1,292,779
-
1,292,779
Noncurrent liabilities:
Compensated absences
1,097
-
1,097
Net pension liability - ASRS
449,047
-
449,047
Total noncurrent liabilities
450,144
-
450,144
Total liabilities
1,742,923
-
1,742,923
Pension related deferred inflows - ASRS
28,677
-
28,677
Total deferred inflows of resources
28,677
-
28,677
Net investment in capital assets
88,430
-
88,430
Unrestricted
2,296,595
-
2,296,595
Total net position
2,385,025
$
-
$
2,385,025
$
ASSETS
DEFERRED OUTFLOWS OF RESOURCES
LIABILITIES
DEFERRED INFLOWS OF RESOURCES
NET POSITION
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118
City of Buckeye, Arizona
Combining Statement of Revenue, Expenses and Changes in Fund Net Position
Proprietary Funds
For the Fiscal Year Ended June 30, 2025
Environmental
Nonmajor
Services
Airport
Enterprise Fund
OPERATING REVENUES
Charges for services
12,371,312
$
-
$
12,371,312
$
Other fees and charges
100,734
-
100,734
Other operating revenues
34,262
(23,423)
10,839
Total operating revenues
12,506,308
(23,423)
12,482,885
OPERATING EXPENSES
Salaries, wages and employee benefits
576,898
-
576,898
Contractual services, materials and expenses
10,956,749
-
10,956,749
Other operating expenses
153,945
12,769
166,714
Depreciation and amortization
19,000
-
19,000
Total operating expenses
11,706,592
12,769
11,719,361
Operating income (loss)
799,716
(36,192)
763,524
NON-OPERATING REVENUES (EXPENSES)
Investment earnings
89,383
-
89,383
Total non-operating revenues (expense)
89,383
-
89,383
Income (loss) before transfers
889,099
(36,192)
852,907
Transfers in
-
103,594
103,594
Transfers out
(15,223)
-
(15,223)
Total capital contributions and net transfers
(15,223)
103,594
88,371
Change in net position
873,876
67,402
941,278
Total net position - beginning
1,511,149
(67,402)
1,443,747
Total net position - ending
2,385,025
$
-
$
2,385,025
$
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119
City of Buckeye, Arizona
Combining Statement of Cash Flows
Non MajorProprietary Funds
For the Fiscal Year Ended June 30, 2025
Environmental
Nonmajor
Services
Airport
Enterprise Fund
Cash flows from operating activities
Receipts from customers
12,445,148
$
(10,654)
$
12,434,494
$
Payments to suppliers
(11,032,078)
(83,760)
(11,115,838)
Payments to employees
(662,030)
-
(662,030)
Customer deposits received
50,110
(9,180)
40,930
Net cash provided (used) by operating activities
801,150
(103,594)
697,556
Cash flows from noncapital financing activities
Transfers from (to) other funds
(15,223)
103,594
88,371
Net cash from (used in) noncapital
financing activities
(15,223)
103,594
88,371
Cash flows from investing activities
Investment earnings
89,383
-
89,383
Net cash from (used in) investing activities
89,383
-
89,383
875,310
-
875,310
Cash balance, July 1, 2024
1,571,985
-
1,571,985
Cash balance, June 30, 2025
2,447,295
$
-
$
2,447,295
$
Reconciliation of operating income (loss) to
net cash from (used in) operating activities:
Operating income (loss)
799,716
$
(36,192)
$
763,524
$
Adjustments to reconcile operating
income (loss) to net cash from (used in)
operating activities:
Depreciation expense
19,000
-
19,000
Add: Pension Expense
(80,676)
-
(80,676)
Add: Employer Pension Contribution
2,168
-
2,168
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
(61,160)
12,769
(48,391)
Increase in inventory
-
-
-
(Increase) decrease in prepaid expenses
(305)
-
(305)
Decrease in fixed assets
-
-
-
Decrease in accounts payable
78,921
(70,991)
7,930
Increase in accrued wages and benefits
1,054
-
1,054
Increase in retainage payable
-
-
-
Increase (decrease) in compensated absences
(7,678)
-
(7,678)
payables
Increase (decrease) in customer deposits
50,110
(9,180)
40,930
Total adjustments
1,434
(67,402)
(65,968)
Net cash from (used in) operating activities
801,150
$
(103,594)
$
697,556
$
Net increase (decrease) in cash and investment
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121
Statistical Section (Unaudited)*
This part of the City of Buckeye’s Annual Comprehensive Financial Report presents detailed information as a context for
understanding what the information in the financial statements, note disclosures, and required supplementary information
says about the City’s overall financial health.
Contents:
Financial Trends
These schedules contain trend information to help the reader understand how the City’s financial performance and
well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the City’s most significant local revenue sources, sales
and use tax.
Debt Capacity
These schedules contain information to help the reader assess the affordability of the City’s current levels of
outstanding debt and the City’s ability to issue additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within
which the City’s financial activities take place.
Operating Information
This schedule contains service and infrastructure data to help the reader understand how the information in the City’s
financial report relates to the services the City provides, and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the Annual Comprehensive Financial
Reports for the relevant years.
Table of Contents
122
City of Buckeye, Arizona
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
2016
2017
2018
2019
2020
Governmental activities
Net investment in capital assets
251,728,460
$
243,071,412
$
238,001,069
$
268,720,179
$
272,794,226
$
Restricted
29,182,124
28,864,312
40,971,400
78,293,995
77,707,979
Unrestricted
35,551,332
29,378,777
41,456,165
10,265,529
26,674,295
Total governmental activities and position
316,461,916
$
301,314,501
$
320,428,634
$
357,279,703
$
377,176,500
$
Business-type activities
Net investment in capital assets
210,619,449
$
204,025,522
$
200,856,616
$
227,843,477
$
226,109,234
$
Restricted
5,561,027
5,654,724
7,219,410
8,546,817
10,659,334
Unrestricted
61,730,404
68,490,381
73,758,761
59,486,100
69,927,541
Total business-type activities net position
277,910,880
$
278,170,627
$
281,834,787
$
295,876,394
$
306,696,109
$
Primary government
Net investment in capital assets
462,347,909
$
447,096,934
$
438,857,685
$
496,563,656
$
498,903,460
$
Restricted
34,743,151
34,519,036
48,190,810
86,840,812
88,367,313
Unrestricted
97,281,736
97,869,158
115,214,926
69,751,629
96,601,836
Total primary government net position
594,372,796
$
579,485,128
$
602,263,421
$
653,156,097
$
683,872,609
$
Source: Governmental Statements June 30, 2025 (Statement of Net Position)
Fiscal Year
Table of Contents
123
Table 1
2021
2022
2023
2024
2025
275,887,295
$
281,390,225
$
278,814,706
$
403,278,726
$
497,829,075
$
75,916,893
81,918,990
90,535,295
83,631,864
78,116,741
68,460,101
85,064,487
100,861,611
123,771,671
126,689,860
420,264,289
$
448,373,702
$
470,211,612
$
610,682,261
$
702,635,676
$
245,255,331
$
253,198,485
$
264,344,162
$
274,334,807
$
370,338,309
$
7,632,010
15,855,614
22,602,387
34,001,567
37,413,294
67,083,680
71,857,347
63,500,678
54,336,568
(13,268,422)
319,971,021
$
340,911,446
$
350,447,227
$
362,672,942
$
394,483,181
$
521,142,626
$
534,588,710
$
543,158,868
$
677,613,533
$
868,167,384
$
83,548,903
97,774,604
113,137,682
117,633,431
115,530,035
135,543,781
156,921,834
164,362,289
178,108,239
113,421,438
740,235,310
$
789,285,148
$
820,658,839
$
973,355,203
$
1,097,118,857
$
Table of Contents
124
City of Buckeye, Arizona
Changes in Net Position
Last Ten Fiscal Years
(modified accrual basis of accounting)
2016
2017
2018
2019
2020
Expenses
Governmental activities:
General government
23,018,974
$
47,921,959
$
25,205,605
$
22,746,029
$
30,210,142
$
Public safety
37,876,123
37,495,527
41,353,943
36,998,761
39,976,294
Highway and streets
5,959,148
5,674,807
6,711,154
20,066,172
20,998,421
Culture and recreation
5,606,997
5,533,913
5,906,774
6,708,402
7,094,958
Development services
5,411,667
6,369,720
7,069,508
3,666,988
4,669,973
Engineering
-
-
-
2,487,396
2,892,421
Public Works
-
-
-
5,697,887
6,048,110
Economic development
608,776
313,087
452,640
-
-
Health and welfare
576,954
599,601
608,337
-
-
Miscellaneous
88,254
122,347
-
-
-
Interest on long-term debt
9,717,320
7,909,219
7,109,379
8,580,823
7,877,202
Total government activities expenses
88,864,213
111,940,180
94,417,340
106,952,458
119,767,521
Business-type activities:
Water
24,187,652
25,779,262
27,251,896
27,803,235
29,534,554
Wastewater
11,578,374
11,136,875
11,628,372
15,888,986
15,956,647
Nonnmajor enterprise fund
5,527,789
6,233,252
6,403,094
7,494,469
8,301,582
Total business-type activities expenses
41,293,815
43,149,389
45,283,362
51,186,690
53,792,783
Total primary government expenses
130,158,028
$
155,089,569
$
139,700,702
$
158,139,148
$
173,560,304
$
Program Revenues
Government activities:
Charges for services, fees and fines
General Government
13,086,878
$
18,469,389
$
23,653,796
$
9,699,592
$
4,547,693
$
Public safety
1,370,033
1,867,288
2,357,914
2,847,870
273,393
Highway and streets
164,023
243,271
301,510
333,620
85,163
Culture and recreation
1,172,372
1,418,757
1,663,522
1,084,074
657,366
Public works
-
-
-
-
135,195
Development services
-
-
-
11,487,712
11,176,342
Engineering
-
-
-
1,624,398
2,794,086
Interest on long-term debt
-
-
-
-
-
Operating Grants and Contributions
4,999,416
4,552,239
5,959,925
5,873,642
6,595,715
Capital Grants and Contributions
10,694,321
8,407,364
10,085,160
966,552
23,220,317
Total governmental activities program revenues
31,487,043
34,958,308
44,021,827
33,917,460
49,485,270
Business-type activities:
Charges for services:
Water
24,360,326
26,310,361
28,363,063
31,281,764
30,132,238
Wastewater
9,385,070
10,142,610
12,330,507
14,859,313
11,469,354
Environmental Services
4,998,346
5,397,696
6,142,786
-
-
Nonmajor Enterprise Fund
-
-
-
7,322,976
8,038,509
Airport
293,262
326,880
272,456
-
-
Operating Grants and Contributions
-
-
-
-
3,288,369
Capital Grants and Contributions
1,442,342
1,904,260
2,114,022
-
10,461,573
Total business-type activities program revenues
40,479,346
44,081,807
49,222,834
53,464,053
63,390,043
Total primary government program revenues
71,966,389
$
79,040,115
$
93,244,661
$
87,381,513
$
112,875,313
$
Net (expense)/revenue
Governmental activities
(57,377,170)
$
(76,981,872)
$
(50,395,513)
$
(73,034,998)
$
(70,282,251)
$
Business-type activities
(814,469)
932,418
3,939,472
2,277,363
9,597,260
Total primary government net expense
(58,191,639)
$
(76,049,454)
$
(46,456,041)
$
(70,757,635)
$
(60,684,991)
$
Governmental activities:
Taxes:
Sales taxes
22,031,849
$
26,203,438
$
29,744,284
$
33,750,698
$
41,285,076
$
Property taxes
12,847,463
13,745,711
15,366,919
17,828,195
19,541,703
Franchise taxes
2,962,205
3,052,055
3,256,544
3,412,932
3,833,190
Intergovernmental
13,141,892
15,866,089
16,939,687
18,196,197
20,501,125
Interest and investment income
495,713
763,289
138,171
2,729,219
3,170,319
Miscellaneous
7,643,072
1,527,122
3,405,127
2,060,514
1,848,018
Transfers
1,812,935
676,750
658,918
80,804
(383)
Total governmental activities
60,935,129
61,834,454
69,509,650
78,058,559
90,179,048
Business-type activities:
Interest and investment income
3,593
4,079
383,606
1,223,051
1,222,456
Miscellaneous
-
-
-
-
-
Transfers
(1,812,935)
(676,750)
(658,918)
(81,300)
-
Legal settlement - special item
-
-
-
-
-
Total business-type activities
(1,809,342)
(672,671)
(275,312)
1,141,751
1,222,456
Total primary government
59,125,787
$
61,161,783
$
69,234,338
$
79,200,310
$
91,401,504
$
Change in Net Position
Governmental activities
3,557,959
$
(15,147,418)
$
19,114,137
$
5,023,561
$
19,896,797
$
Business-type activities
(2,623,811)
259,747
3,664,160
3,419,114
10,819,716
Total primary government
934,148
$
(14,887,671)
$
22,778,297
$
8,442,675
$
30,716,513
$
Source: Governmental Statements June 30, 2025 (Statement of Activity)
Fiscal Year
Table of Contents
125
Table 2
2021
2022
2023
2024
2025
19,592,932
$
26,945,515
$
26,086,209
$
42,349,319
$
44,231,680
$
43,010,207
42,166,263
52,710,533
59,707,575
67,027,161
30,582,714
45,931,269
29,989,907
26,783,193
40,468,125
6,761,969
8,900,828
11,834,607
15,199,043
19,045,651
5,717,005
6,735,343
7,734,391
11,931,479
13,940,838
3,573,855
4,922,661
7,129,897
12,171,641
4,324,533
6,386,632
7,104,002
7,231,771
4,576,536
14,447,402
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,432,097
7,300,110
6,892,040
7,723,477
8,803,480
122,057,411
150,005,991
149,609,355
180,442,263
212,288,870
30,980,713
29,393,943
39,447,860
39,762,229
41,030,935
18,047,390
17,552,022
19,853,697
19,800,617
23,675,532
9,049,758
10,356,342
11,635,903
14,353,310
11,719,361
58,077,861
57,302,307
70,937,460
73,916,156
76,425,828
180,135,272
$
207,308,298
$
220,546,815
$
254,358,419
$
288,714,698
$
3,320,227
$
3,603,454
$
3,534,471
$
6,350,963
$
7,314,593
$
346,816
910,428
971,928
811,650
1,566,963
28,841
11,964
584
-
200
552,895
1,548,049
1,853,699
1,616,024
2,351,970
12,970
123,675
97,340
30,740
4,484
17,002,239
15,550,137
14,031,978
14,577,652
17,035,698
4,250,560
3,887,534
3,507,994
3,644,413
4,284,642
1,498,479
1,975,392
444,721
1,945,367
-
15,935,775
18,342,070
9,928,294
9,865,146
10,451,906
18,208,415
19,617,788
15,081,896
44,566,427
76,566,845
61,157,217
65,570,491
49,452,905
83,408,382
119,577,301
33,809,784
35,768,388
35,485,175
39,445,592
42,237,424
13,407,055
14,673,834
15,435,206
16,219,898
18,244,350
-
-
-
-
8,840,026
9,994,939
10,656,184
11,270,320
12,482,885
-
-
-
-
70,014
39,711
24,087
-
-
12,762,452
12,540,950
11,737,538
20,571,151
25,547,283
68,889,331
73,017,822
73,338,190
87,506,961
98,511,942
130,046,548
$
138,588,313
$
122,791,095
$
170,915,343
$
218,089,243
$
(60,900,194)
$
(84,435,500)
$
(100,156,450)
$
(97,033,881)
$
(92,711,569)
$
10,811,470
15,715,515
2,400,730
13,590,805
22,086,114
(50,088,724)
$
(68,719,985)
$
(97,755,720)
$
(83,443,076)
$
(70,625,455)
$
54,002,450
$
63,016,933
$
73,845,090
$
86,256,847
$
93,885,319
$
21,105,291
24,546,940
26,995,660
29,731,824
33,065,779
3,855,829
4,311,563
4,540,244
5,092,379
3,761,660
24,602,471
28,404,532
39,221,090
48,767,409
44,934,979
4,824
(5,305,774)
3,964,485
13,120,296
13,572,961
2,210,673
2,485,386
580,868
896,730
1,870,405
(1,793,555)
(4,914,667)
(5,375,839)
5,310,421
(4,693,538)
103,987,983
112,544,913
143,771,598
189,175,906
186,397,565
669,887
310,243
1,759,212
3,945,331
5,030,587
-
-
-
-
-
1,793,555
4,914,667
5,375,839
(5,310,421)
4,693,538
-
-
-
-
-
2,463,442
5,224,910
7,135,051
(1,365,090)
9,724,125
106,451,425
$
117,769,823
$
150,906,649
$
187,810,816
$
196,121,690
$
43,087,789
$
28,109,413
$
43,615,148
$
92,142,025
$
93,685,996
$
13,274,912
20,940,425
9,535,781
12,225,715
31,810,239
56,362,701
$
49,049,838
$
53,150,929
$
104,367,740
$
125,496,235
$
Fiscal Year
Table of Contents
126
City of Buckeye, Arizona
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
General fund
2016
2017
2018
2019
2020
Nonspendable
18,180
$
46,195
$
61,081
$
132,755
$
170,128
$
Committed
-
-
-
-
-
Unassigned
13,953,687
19,680,055
27,406,296
36,184,989
53,826,796
Total general fund
13,971,867
$
19,726,250
$
27,467,377
$
36,317,744
$
53,996,924
$
All other governmental funds
Nonspendable
-
$
-
$
-
$
87,928
$
74,703
$
Restricted, reported in:
Special purpose funds
3,578,762
1,999,021
1,076,965
4,458,708
2,501,465
Capital projects funds
8,034,945
5,991,283
31,668,524
33,219,099
34,393,296
Health funds
-
-
-
-
-
Debt Service funds
-
-
7,475,370
4,631,460
4,522,426
Nonmajor funds
18,569,286
21,556,852
1,364,897
2,172,765
1,566,585
Committed
397
1,654
626
121,965
-
Unassigned
(445,163)
(442,118)
(764,475)
(157,041)
(967)
Total all other governmental funds
29,738,227
$
29,106,692
$
40,821,907
$
44,534,884
$
43,057,508
$
Source: Governmental Statements June 30, 2025 (BS-Gov Funds)
Fiscal Year
Table of Contents
127
Table 3
2021
2022
2023
2024
2025
534,500
$
498,512
$
830,122
$
1,245,018
$
3,124,919
$
-
19,069,739
27,138,724
29,089,021
24,483,854
97,128,209
90,316,750
98,103,388
120,666,576
130,515,453
97,662,709
$
109,885,001
$
126,072,234
$
151,000,615
$
158,124,226
$
115,150
$
199,999
$
270,541
$
312,433
$
671,274
$
3,471,565
4,416,579
5,174,862
4,326,110
5,721,963
34,579,359
41,691,982
53,118,563
49,360,958
47,215,677
-
-
-
-
216,730
6,260,176
4,905,962
8,459,095
9,359,183
8,125,341
1,859,954
3,364,807
-
-
-
-
-
-
-
-
(399)
(1,202)
(732)
(80,743)
(389,665)
46,285,805
$
54,578,127
$
67,022,329
$
63,277,941
$
61,561,320
$
Fiscal Year
Table of Contents
128
City of Buckeye, Arizona
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2016
2017
2018
2019
2020
Revenues
Sales Taxes
22,031,849
$
26,203,438
$
29,744,284
$
33,750,698
$
41,285,076
$
Property taxes
12,847,463
13,745,711
15,366,919
17,828,195
19,541,703
Franchise taxes
2,962,205
3,052,055
3,256,544
3,412,932
3,833,190
Improvement proceeds
666,122
709,572
771,702
-
-
Intergovernmental
18,141,308
20,418,328
22,899,612
24,069,839
26,612,488
Fines and forfeitures
570,961
817,919
804,005
830,894
745,026
License and permits
6,570,785
9,642,437
10,737,513
13,112,110
13,970,428
Charges for services
2,205,809
3,151,121
3,300,329
3,507,460
3,531,467
Developer agreements
849,298
1,951,937
1,419,162
21,845
24,630
Contributions and donations
1,504,959
1,726,233
148,278
944,707
4,101,886
Development fees
2,706,428
3,516,320
4,322,946
4,265,564
4,973,328
Special assessments
7,097,542
7,092,107
6,940,997
5,292,349
5,761,154
Investment earnings
495,713
763,289
138,171
2,729,219
3,170,319
Other
6,928,396
791,252
2,571,894
1,998,875
1,786,380
Total revenues
85,578,838
93,581,719
102,422,356
111,764,687
129,337,075
Expenditures
General government
17,861,923
29,355,971
17,467,591
17,422,504
17,529,962
Public safety
29,411,970
29,871,181
32,081,939
34,448,584
36,368,913
Highways and streets
4,627,461
4,520,891
5,206,440
5,253,143
3,465,961
Culture and recreation
4,354,005
4,408,646
4,582,411
5,698,999
5,677,792
Public Works
-
-
-
3,725,915
3,661,521
Development services
4,202,325
4,791,148
5,484,447
3,575,236
4,436,942
Engineering
-
-
-
2,471,120
2,748,197
Economic development
608,776
313,087
452,640
-
-
Health and welfare
576,954
599,601
608,337
-
-
Acquisition and construction
-
355,675
-
-
-
Miscellaneous
88,254
122,347
-
-
-
Debt Service:
Principal
9,639,053
10,063,943
9,586,790
10,964,511
9,770,012
Interest and fiscal charges
9,925,307
7,733,298
7,359,851
7,300,854
6,900,930
Bond issuance costs
-
-
53,000
1,138,038
1,000,378
Capital outlay
17,675,316
8,346,308
5,619,461
22,122,767
27,466,203
Total expenditures
98,971,344
100,482,096
88,502,907
114,121,671
119,026,811
Excess of revenues over (under) expenditures
(13,392,506)
(6,900,377)
13,919,449
(2,356,984)
10,310,264
Other financing sources (uses)
Transfers in
12,161,270
20,994,080
8,865,623
10,286,066
18,587,148
Transfers out
(10,983,927)
(21,142,574)
(8,823,762)
(10,205,262)
(18,587,531)
Issuance costs
-
(1,070,570)
-
-
-
Discount on bonds issues
-
-
-
-
-
Payments to advanced refunding escrow agent
(13,080,000)
(22,860,000)
-
(9,266,000)
(32,606,000)
Proceeds from bonds issued
13,108,000
34,702,999
5,495,000
20,812,000
32,314,000
Premiums Issued
-
-
-
560,934
468,923
Premium on refunding bonds issues
875,689
1,399,291
-
-
5,715,000
Issuance of leases
-
-
-
-
-
Issuance of SBITAS
-
-
-
-
-
Sale of capital assets
-
-
-
-
-
Total other financing sources and (uses)
2,081,032
12,023,226
5,536,861
12,187,738
5,891,540
Net change in fund balances
(11,311,474)
$
5,122,849
$
19,456,310
$
9,830,754
$
16,201,804
$
Debt service as a percentage of
noncapital expenditures
24.1%
19.3%
20.4%
19.9%
16.0%
Source: Governmental Statements June 30, 2025 (Statement of Revenues-Gov Funds)
Fiscal Year
Table of Contents
129
Table 4
2021
2022
2023
2024
2025
54,002,450
$
63,016,933
$
73,845,090
$
86,256,847
$
93,885,319
$
21,105,291
24,546,940
26,995,660
29,731,824
33,065,779
3,855,829
4,311,563
4,540,244
5,092,379
3,761,660
-
-
-
-
-
40,817,353
50,464,112
52,014,745
58,492,792
59,381,503
833,398
739,208
1,088,807
1,116,885
757,884
21,252,799
19,437,671
17,539,972
18,222,065
21,423,212
3,021,479
4,535,238
5,305,843
7,343,166
8,706,225
736,479
1,045,285
238,486
524,065
872,655
1,852,771
2,905,969
1,301,071
1,471,957
990,446
8,717,255
9,093,730
9,273,472
8,546,453
12,393,149
6,476,847
4,908,875
4,201,606
5,142,529
3,645,711
4,824
(5,305,774)
3,964,485
13,120,296
13,572,961
2,149,035
2,423,748
519,230
835,093
1,515,148
164,825,810
182,123,498
200,828,711
235,896,351
253,971,652
17,621,054
24,747,713
25,720,802
38,487,792
38,301,624
37,991,122
43,039,320
50,182,845
56,977,163
63,161,045
16,358,852
30,226,916
15,033,920
10,975,728
20,658,185
5,479,901
7,826,439
10,159,907
12,160,428
15,471,989
3,846,971
4,671,457
6,441,821
8,179,668
9,916,029
5,433,221
6,656,235
6,709,548
11,354,072
13,122,044
3,379,335
4,897,151
6,936,852
4,322,260
4,144,854
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11,103,368
12,823,084
11,716,484
13,306,140
15,678,909
6,185,994
6,343,096
6,652,137
7,416,107
8,387,078
449,643
1,061,110
239,903
1,164,856
957,611
25,970,840
50,552,680
38,114,366
98,971,325
86,138,542
133,820,301
192,845,201
177,908,585
263,315,539
275,937,910
31,005,509
(10,721,703)
22,920,126
(27,419,188)
(21,966,258)
36,640,041
67,565,405
41,332,260
61,263,217
75,376,251
(36,706,392)
(71,565,729)
(42,255,817)
(61,238,865)
(75,464,622)
-
-
-
-
-
-
(127,624)
-
(58,318)
-
-
-
-
(23,720,000)
(3,130,000)
15,315,000
34,260,000
6,075,000
52,835,000
27,950,000
639,924
1,104,263
559,865
-
-
-
-
-
3,045,744
621,775
-
-
-
16,476,403
-
-
-
-
-
1,506,198
-
-
-
-
293,619
15,888,573
31,236,315
5,711,308
48,603,181
27,153,221
46,894,082
$
20,514,612
$
28,631,434
$
21,183,993
$
5,186,963
$
16.0%
13.4%
13.2%
9.2%
12.6%
Fiscal Year
Table of Contents
130
City of Buckeye, Arizona
General Governmental ExciseTax Revenues by Source
Last Ten Fiscal Years
(modified accrual basis of accounting)
2016
2017
2018
2019
2020
Transaction privilege tax (1)*
22,031,849
$
26,203,438
$
29,744,284
$
33,750,698
$
41,285,076
$
Licenses & permits
6,570,785
9,642,437
10,737,513
13,112,110
13,970,428
Franchise fees (2)
2,962,205
3,052,055
3,256,544
3,412,932
3,833,190
Parks & recreation fees***
1,172,372
1,418,757
1,663,522
1,084,074
647,174
State-shared income taxes (4)**
6,125,464
7,656,457
8,014,629
8,289,650
9,617,118
State-shared sales tax (3)**
4,885,632
5,744,180
6,239,614
6,935,749
7,727,535
Fines and forfeitures
570,961
817,919
804,005
830,894
745,026
Total
44,319,268
$
54,535,243
$
60,460,111
$
67,416,107
$
77,825,547
$
* Reported as taxes - sales tax on the financial statements.
** Reported as intergovernmental on the financial statements.
*** Reported as charges for services on financial statements.
(1) The transaction privilege taxes consist of many classifications of tax; see Table 6
for category breakdown
(2) Includes cable TV and light and power franchise taxes.
(3) A portion of transaction privilege taxes collected by the State of Arizona that is returned
to incorporated cities and towns.
(4) A share of the net individual and corporate income tax collections that is distributed
among incorporated cities and towns.
Source: Governmental Statements June 30, 2025 (Statement of Revenues-Gov Funds)
Fiscal Year
Table of Contents
131
Table 5
2021
2022
2023
2024
2025
54,001,053
$
63,016,933
$
73,845,090
$
86,256,847
$
93,885,319
$
21,252,799
19,437,671
17,539,972
18,222,065
21,423,212
3,855,829
4,311,563
4,540,244
5,092,379
3,761,660
538,695
1,378,430
1,853,699
1,616,024
2,351,970
11,378,810
11,787,749
19,219,613
27,974,361
23,167,987
9,445,569
12,889,504
14,976,476
16,023,548
16,773,819
833,398
739,208
1,088,807
1,116,885
1,846,129
101,306,153
$
113,561,058
$
133,063,901
$
156,302,109
$
163,210,096
$
Fiscal Year
Table of Contents
132
City of Buckeye, Arizona
General Governmental Taxable Sales by Category
Last Ten Fiscal Years
(modified accrual basis of accounting)
2016
2017
2018
2019
2020
Category
Mining
21,903
$
23,806
$
40,435
$
10,598
$
(4,450)
$
Telecom
822,976
500,011
530,207
578,224
505,945
Utilities
1,417,136
1,534,621
1,655,822
2,177,595
1,725,713
Transportation and warehouse
5,791
2,971
3,204
(4,598)
182
Use Tax
-
-
-
-
-
Construction
5,542,047
9,279,151
11,679,960
13,309,765
16,876,892
Retail
9,591,565
10,781,964
11,536,159
12,692,332
16,022,226
Real Estate Rentals
2,487,965
1,720,517
1,820,657
2,010,334
2,157,707
Restaurants and Bars
1,529,818
1,791,482
1,974,859
2,216,802
2,410,847
Hotels
154,122
306,126
353,921
393,440
399,773
Services
344,310
93,420
82,389
73,958
53,588
Arts and Entertainment
160,157
201,319
239,157
292,248
271,533
Total
22,077,790
$
26,235,388
$
29,916,770
$
33,750,698
$
40,419,956
$
Source: Arizona Department of Revenue
Note: City increased construction sales tax from 2% to 3% effective September 2006
Note: City instituted an additional 3% hotel tax to promote tourism August 2015
Note: City changed the tax rate for items over $1,999.99 from 3% to 1.1%
Note: City instituted the Use Tax effective April 2023
Note: Taxable sales are presented by business category instead of by individual taxpayer due to the
confidential and privileged nature of the information presented and the legal restrictions on disclosing
this information pursuant to Section 18-510a of the City of Buckeye Transaction Priviledge Tax Code.
Fiscal Year
Table of Contents
133
Table 6
2021
2022
2023
2024
2025
5,442
$
1,988
$
6,447
$
1,129
$
1,000.00
$
397,122
375,214
421,350
549,132
558,100
2,103,159
2,248,803
2,317,206
2,679,938
3,063,600
1,742
10,203
(2,708)
6,086
5,900
-
-
297,591
1,850,759
32,659,700
22,918,148
25,733,267
31,123,447
32,648,462
43,040,400
21,278,319
25,626,631
30,126,662
36,133,820
1,909,100
2,229,431
3,183,496
3,676,984
4,396,603
4,690,900
3,076,868
3,630,285
4,281,456
5,259,342
5,960,100
538,044
813,216
965,887
1,254,143
1,351,700
42,732
47,864
61,421
61,102
78,000
337,838
396,536
403,766
463,393
604,600
52,928,845
$
62,067,505
$
73,679,508
$
85,303,910
$
93,923,100
$
Fiscal Year
Table of Contents
134
City of Buckeye, Arizona
Transaction Privilege Tax (Sales Tax) Rates of Direct and Overlapping Governments
Last Ten Fiscal Years
2016
2017
2018
2019
2020
General fund sales tax rate
3.00%
3.00%
3.00%
3.00%
3.00%
Total City of Buckeye sales tax rate
3.00%
3.00%
3.00%
3.00%
3.00%
Street improvements sales tax rate (1)
0.50%
0.50%
0.50%
0.50%
0.50%
Jail sales tax rate (1)
0.20%
0.20%
0.20%
0.20%
0.20%
State of Arizona sales tax rate (2)
5.60%
5.60%
5.60%
5.60%
5.60%
Total sales tax rate
9.30%
9.30%
9.30%
9.30%
9.30%
Source:
(1) Maricopa County
(2) Arizona Department of Revenue
Fiscal Year
Table of Contents
135
Table 7
2021
2022
2023
2024
2025
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
0.50%
0.50%
0.50%
0.50%
0.50%
0.20%
0.20%
0.20%
0.20%
0.20%
5.60%
5.60%
5.60%
5.60%
5.60%
9.30%
9.30%
9.30%
9.30%
9.30%
Fiscal Year
Table of Contents
136
City of Buckeye, Arizona
Net Assessed Property Values of Top Ten Taxpayers
Current Year and Nine Years Ago
Limited
% of Limited
Property
Property
Taxpayer
Type of Business
Assessed Value
Rank
Assessed Value
ARIZONA PUBLIC SERVICE
Gas & Electric Utility
92,104,244
$
1
9.83%
ROSS DRESS FOR LESS INC
Warehouse
18,570,490
2
1.98%
BUCKEYE 77 OWNER LLC
Investor
10,144,157
3
1.08%
10 WEST COMMERCE PARK AZ OWNER LLC
Warehouse
8,849,755
4
0.94%
WAL-MART STORES EAST LP
Warehouse
8,450,836
5
0.90%
BUCKEYE PHASE I OWNER LLC
Investor
7,029,309
6
0.75%
CARDINAL IG COMPANY
Manufacturing
5,128,189
7
0.55%
WATSON PROPERTY LLC
Marketplace
4,776,319
8
0.51%
SMITHS FOOD & DRUG CENTERS INC
Grocery
4,460,870
9
0.48%
BUCKEYE 21 OWNER LLC
Investor
3,160,342
10
0.34%
Total
162,674,510
$
17.37%
Source: Maricopa County Assessor Office
Real and Secured Pers. Property
2025
Table of Contents
137
Table 8
Limited
% of Limited
Property
Property
Assessed Value
Rank
Assessed Value
N/A
N/A
-
-
2016
Table of Contents
138
City of Buckeye, Arizona
Assessed Value and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
Ratio of Net
Limited
Net
Assessed Value
Primary
Taxes Levied
Fiscal
Property
Assessed
to Limited
Tax
for the
Year
Value (1)
Value (2)
Property Value
Rate
Fiscal Year
2016
3,621,549,822
319,099,618
8.8111%
1.8000
5,763,043
2017
3,883,282,754
339,785,154
8.7499%
1.8000
6,114,649
2018
4,204,705,356
375,698,742
8.9352%
1.8000
6,751,375
2019
4,777,734,493
440,122,839
9.2120%
1.8000
7,779,824
2020
5,262,143,248
486,484,108
9.2450%
1.8000
8,929,846
2021
5,940,584,164
558,156,599
9.3957%
1.7890
9,982,856
2022
6,579,889,007
617,421,432
9.3835%
1.7671
10,910,454
2023
7,546,196,749
713,580,977
9.4562%
1.7048
12,165,128
2024
8,507,653,655
809,880,823
9.5194%
1.6513
13,373,562
2025
9,686,813,813
953,508,266
9.8434%
1.6077
15,329,552
Source: Maricopa County Assessor
Note: The City of Buckeye does not have a secondary tax at this time.
(1) Limited value relates to primary taxes and annual changes are restricted by statute.
(2) Assessed values are based on property use.
Primary Tax
Table of Contents
139
Table 9
Ratio of Net
Collected
Limited
Net
Assessed Value
Secondary
within the
Property
Assessed
to Limited
Tax
Fiscal Year
Value (1)
Value (2)
Property Value
Rate
5,735,301
4,464,039,754
406,833,007
9.1136%
-
6,000,771
4,991,989,207
455,904,186
9.1327%
-
6,733,532
5,491,299,491
509,401,733
9.2765%
-
8,026,208
6,377,434,547
607,297,393
9.5226%
-
8,488,028
7,172,411,963
684,778,580
9.5474%
-
9,753,058
8,303,676,175
805,569,860
9.7014%
-
10,877,036
9,300,395,292
901,329,992
9.6913%
-
12,105,855
10,965,647,837
1,060,920,957
9.6750%
-
13,213,273
14,697,154,625
1,424,930,224
9.6953%
-
14,853,910
19,954,526,624
1,951,404,086
9.7793%
-
Secondary Tax
Table of Contents
140
City of Buckeye, Arizona
Direct and Overlapping Governments
Last Ten Fiscal Years
Fiscal
Year
2016
P
1.8000
P
1.3609
P
-
P
-
P
-
P
1.2628
P
2.0732
S
-
S
-
S
0.0556
S
0.1592
S
0.0116
S
0.2312
S
1.1935
2017
P
1.8000
P
1.4009
P
-
P
-
P
-
P
1.2376
P
2.0845
S
-
S
-
S
0.0556
S
0.1792
S
0.0112
S
0.2275
S
1.3889
2018
P
1.8000
P
1.4009
P
-
P
-
P
-
P
1.1956
P
2.4592
S
-
S
-
S
0.0556
S
0.1792
S
0.0102
S
0.2140
S
1.2553
2019
P
1.8000
P
1.4009
P
-
P
-
P
-
P
1.1708
P
2.0309
S
-
S
-
S
0.0556
S
0.1792
S
0.0107
S
0.2046
S
1.4467
2020
P
1.8000
P
1.4009
P
-
P
-
P
-
P
1.1565
P
2.0670
S
-
S
-
S
0.0556
S
0.1792
S
0.0095
S
0.1720
S
1.2628
2021
P
1.7890
P
1.4009
P
-
P
-
P
-
P
1.1250
P
2.0270
S
-
S
-
S
0.0556
S
0.1792
S
0.0090
S
0.1631
S
1.3245
2022
P
1.7671
P
1.3459
P
-
P
-
P
-
P
1.1112
P
2.0385
S
-
S
-
S
0.0556
S
0.1792
S
0.0086
S
0.1145
S
1.2613
2023
P
1.7048
P
1.2473
P
-
P
-
P
-
P
1.0865
P
1.8369
S
-
S
-
S
0.0505
S
0.1592
S
0.0082
S
0.1029
S
1.2854
2024
P
1.6513
P
1.2044
P
-
P
-
P
-
P
1.0791
P
2.1109
S
-
S
-
S
0.0488
S
0.1536
S
0.0081
S
0.0597
S
1.2088
2025
P
1.6077
P
1.1591
P
-
P
-
P
-
P
1.0486
P
2.0288
S
-
S
-
S
0.0470
S
0.1470
S
0.0080
S
0.0561
S
1.2241
Source: Maricopa County Assessor
Note: The basis for property tax rate calculation is per $100 of net assessed value.
P - Primary
S - Secondary
Agua Fria
Union High
School
District
#216
Fire
District
Assistance
Community
College
District
Flood
Control
District
City
Maricopa
County
Library
District
Table of Contents
141
Table 10
P
1.1420
P
3.2117
P
2.2096
P
2.5534
P
2.2606
P
2.6716
P
2.1863
S
0.1883
S
2.3722
S
1.1277
S
1.7242
S
1.5746
S
1.8079
S
0.4150
P
1.0060
P
3.6463
P
2.0200
P
1.9955
P
2.2447
P
2.4126
P
2.0915
S
0.1905
S
2.2759
S
1.2041
S
1.7967
S
1.5695
S
2.2224
S
0.4560
P
0.6881
P
3.1149
P
2.1977
P
2.0650
P
2.0654
P
2.4863
P
2.0741
S
0.2124
S
2.2722
S
1.1405
S
1.6584
S
1.4409
S
1.4669
S
0.4706
P
0.7909
P
2.7810
P
2.1305
P
2.0098
P
1.9720
P
2.4089
P
1.3802
S
0.2022
S
2.8859
S
1.1424
S
1.5253
S
1.8779
S
1.6419
S
0.4759
P
0.9684
P
3.3076
P
2.2288
P
1.9784
P
1.9045
P
2.3101
P
1.7679
S
0.2297
S
2.3553
S
1.1060
S
1.3610
S
1.7671
S
1.6173
S
0.4513
P
1.0949
P
3.0708
P
2.1071
P
1.9962
P
1.9027
P
2.3691
P
1.8291
S
0.2083
S
2.8925
S
1.0657
S
1.9337
S
1.6202
S
1.5739
S
0.7760
P
0.8533
P
3.4777
P
2.0494
P
2.2906
P
1.9453
P
2.3693
P
2.1636
S
0.2372
S
2.7898
S
1.0265
S
1.8299
S
1.5494
S
1.5219
S
0.6084
P
0.9651
P
2.7945
P
1.9249
P
2.1003
P
1.7919
P
1.9611
P
2.7535
S
0.3104
S
2.9351
S
1.0210
S
1.7066
S
1.5116
S
1.5780
S
0.7361
P
0.9236
P
2.6748
P
2.0229
P
2.1585
P
1.6910
P
1.9208
P
2.4777
S
0.3051
S
2.4229
S
0.9709
S
1.9358
S
1.3158
S
1.6243
S
0.7162
P
0.9485
P
2.2793
P
1.8995
P
2.1119
P
1.7514
P
1.7059
P
2.4224
S
0.2595
S
2.3589
S
1.0667
S
1.6496
S
1.2441
S
1.6511
S
0.7110
Palo Verde
School
District
#49
Saddle
Mountain
School
District
#90
Liberty
School
District
#25
Litchfield
Elementary
School
District
#79
Buckeye
Elementary
School
District
#33
Buckeye
Union
High School
District
#201
Arlington
School
District
#47
Table of Contents
142
City of Buckeye, Arizona
Direct and Overlapping Governments
Last Ten Fiscal Years
Table 10
P
3.6581
P
-
P
-
P
-
P
-
P
26.3902
S
1.4229
S
0.1400
S
0.3021
S
0.0698
S
3.2500
S
16.0458
P
3.8975
P
-
P
-
P
-
P
-
P
25.8371
S
1.5069
S
0.1400
S
0.3053
S
0.0840
S
3.2500
S
16.8637
P
3.5758
P
-
P
-
P
-
P
-
P
25.1230
S
1.4422
S
0.1400
S
0.2851
S
0.1780
S
3.2500
S
15.6715
P
3.4375
P
-
P
-
P
-
P
-
P
23.3134
S
1.1978
S
0.1400
S
0.2941
S
0.1494
S
3.2500
S
16.6796
P
3.3009
P
-
P
-
P
-
P
-
P
24.1910
S
1.0320
S
0.1400
S
0.3333
S
0.1634
S
3.2500
S
15.4855
P
3.0605
P
-
P
-
P
-
P
-
P
23.7723
S
0.7946
S
0.1400
S
0.3046
S
0.1655
S
3.2500
S
16.4564
P
3.0100
P
-
P
-
P
-
P
-
P
24.4219
S
0.6053
S
0.1400
S
0.2970
S
0.1579
S
3.2500
S
15.6325
P
3.2136
P
-
P
-
P
-
P
-
P
23.3804
S
0.6775
S
0.1400
S
0.2488
S
0.1538
S
3.9165
S
16.5416
P
2.9556
P
-
P
-
P
-
P
-
P
22.8706
S
0.6129
S
0.1400
S
0.2716
S
0.1807
S
4.0240
S
15.9992
P
2.8156
P
-
P
-
P
-
P
-
P
21.7787
S
0.5886
S
0.1400
S
0.2665
S
0.1825
S
4.0668
S
15.6675
Total
Buckeye
Valley
Rural Fire
District
Maricopa
Health
Care
District
West
Maricopa
Education
Center
Wickenburg
School
District
#9
Central
Arizona
Water
Conservation
District
Table of Contents
143
City of Buckeye, Arizona
Direct and Overlapping Governmental Activities Debt
Table 11
Estimated
Estimated Share
Percentage
Of Overlapping
Overlapping Jurisdiction
Debt Outstanding
Applicable
Debt
State of Arizona
None
1.078%
None
Maricopa County
None
1.635%
None
Maricopa County Community College District
57,615,000
$
1.635%
942,005
$
Maricopa County Special Health Care District
544,135,000
1.657%
9,016,317
Western Maricopa Education Center District No. 402
91,835,000
4.232%
3,886,457
Agua Fria Union High School District No. 216
338,675,000
9.433%
31,947,213
Arlington Elementary School District No. 47
435,000
7.500%
32,625
Buckeye Elementary School District No. 33
61,955,000
89.632%
55,531,506
Buckeye Union High School District No. 201
52,380,000
40.315%
21,116,997
Liberty Elementary School District No. 25
48,555,000
24.268%
11,783,327
Litchfield Elementary School District No. 79
69,030,000
13.781%
9,513,024
Saddle Mountain Unified School District No. 90
42,135,000
9.516%
4,009,567
Wickenburg Unified School District No. 9
3,600,000
49.780%
1,792,080
Subtotal, overlapping debt
1,310,350,000
$
149,571,118
$
City of Buckeye
14,161,645
$
100.00%
14,161,645
$
Roosevelt Street Improvements Bonds
2,610,000
100.00%
2,610,000
Jackrabbit Trail Sewer Improvements Bonds
102,000
100.00%
102,000
Festival Ranch Community Facilities District
53,335,513
100.00%
53,335,513
Festival Ranch CFD Nos. 2&3 SA
414,000
100.00%
414,000
Festival Ranch CFD Nos. 4&5 SA
382,000
100.00%
382,000
Festival Ranch CFD No. 6 SA
85,000
100.00%
85,000
Festival Ranch CFD No. 7 SA
100,000
100.00%
100,000
Festival Ranch CFD No. 8 SA
51,430
100.00%
51,430
Festival Ranch CFD No. 9 SA
108,000
100.00%
108,000
Festival Ranch CFD No. 10 SA
73,822
100.00%
73,822
Festival Ranch CFD No. 11 SA
1,413,000
100.00%
1,413,000
Festival Ranch CFD No. 12 SA
138,800
100.00%
138,800
Festival Ranch CFD No. 13 SA
1,724,000
100.00%
1,724,000
Festival Ranch CFD No. 14 SA
508,500
100.00%
508,500
Sundance Community Facilities District
15,563,426
100.00%
15,563,426
Tartesso West Community Facilities District
24,134,026
100.00%
24,134,026
Verrado District No. 1 Community Facilities District
62,289,351
100.00%
62,289,351
Verrado Western Overlay Community Facilities District
12,845,000
100.00%
12,845,000
Watson Road CFD SA
8,796,478
100.00%
8,796,478
Westpark Community Facilities District
3,190,535
100.00%
3,190,535
Westpark CFD No. 1 SA
330,000
100.00%
330,000
Subtotal, direct debt
202,356,526
$
202,356,526
$
Total Direct and Overlapping Debt
351,927,644
$
Source: The various jurisdictions
Proportion applicable to the City is computed on the ratio of Net Assessed Limited Property Value for Fiscal Year 2024-2025.
Includes: Excise Tax Revenue obligations for the City and total general obligation bonds outstanding less redemption funds on
hand. Does not include authorized but unissued general obligation bonds of such jurisdictions which may be issued in the future.
Table of Contents
144
City of Buckeye, Arizona
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Community
Water
Fiscal
Revenue
Improvement
Facilities
Lease
SBITA
Contracts
Revenue
Infrastructure
Year
Bonds
District Bonds
District Bonds
Liability
Liability
Payable
Bonds
Bond
2016
21,380,000
1,390,000
130,571,949
-
-
-
51,510,000
14,624,808
2017
20,090,000
1,296,000
133,807,370
-
-
-
51,510,000
15,098,603
2018
18,795,000
6,467,000
125,915,634
-
-
-
51,510,000
14,648,305
2019
19,819,398
5,586,000
130,590,059
-
-
-
58,584,659
12,971,483
2020
12,472,200
5,336,000
125,308,511
-
-
-
53,717,800
35,123,155
2021
11,740,200
5,104,000
130,484,143
-
-
-
52,119,800
74,845,539
2022
9,829,800
4,315,000
154,620,459
-
-
4,553,215
50,440,200
81,848,955
2023
9,131,000
4,095,000
149,897,775
-
-
3,414,911
48,674,000
78,544,637
2024
8,410,000
3,834,000
166,946,613
16,218,425
-
2,276,607
92,060,000
73,779,250
2025
7,850,000
2,712,000
179,645,030
14,879,275
970,022
1,138,303
87,860,000
67,998,661
Source: Governmental Statements June 30, 2025 (BS Rec of Gov Funds)
and the LT Debt Note
Governmental Activities
Business Activities
Table of Contents
145
Table 12
Unamortized
Total
Percentage
Premiums
Primary
of Taxable
and Discounts
Government
Property
5,882,995
225,359,752
70.39%
6,967,151
228,769,124
67.34%
6,543,893
223,879,832
59.69%
7,093,593
234,645,192
54.29%
7,153,507
239,111,173
48.20%
7,377,987
281,671,669
50.48%
8,038,626
313,646,255
50.80%
8,439,377
302,196,700
42.35%
16,554,125
380,079,020
46.93%
16,076,926
379,130,217
39.76%
Table of Contents
146
City of Buckeye, Arizona
Legal Debt Margin Information
Last Ten Fiscal Years
General Obligation (GO) Bond* Debt Capacity Analysis
2016
2017
2018
2019
2020
Full Cash Value (FCV) Net
408,074,462
$
455,998,962
$
510,866,160
$
599,519,571
$
694,497,594
$
Debt Limit 6% of FCV Net (1)
24,484,468
27,359,938
30,651,970
35,971,174
41,669,856
Debt Limit 20% of FCV Net (2)
81,614,892
91,199,792
102,173,232
119,903,914
138,899,519
Total GO Bonding Capacity
106,099,360
$
118,559,730
$
132,825,202
$
155,875,088
$
180,569,374
$
Notes:
(1) The constitution states that for general municipal purposes a municipality cannot incur a GO debt
exceeding six percent of the assessed valuation of taxable property in the city or town.
(2) Additional GO Bonds amounting to twenty percent of the assessed valuation of taxable property can be
issued for supplying such specific city and town services as water, artificial light, sewers and for the
acquisition and development of land for open space preserves, parks, playgrounds and recreational facilities.
In November 2006 the voters elected to allow projects concerning public safety, law enforcement, fire and
emergency service facilities and streets and transportation facilities to be included in this twenty percent
category. In other words, a total of twenty-six percent of the assessed valuation can be bonded for these
latter projects.
Fiscal Year
Table of Contents
147
Table 13
2021
2022
2023
2024
2025
806,844,691
$
901,329,992
$
1,060,920,957
$
1,424,930,224
$
1,951,404,086
$
48,410,681
54,079,800
63,655,257
85,495,813
117,084,245
161,368,938
180,265,998
212,184,191
284,986,045
390,280,817
209,779,620
$
234,345,798
$
275,839,449
$
370,481,858
$
507,365,062
$
Fiscal Year
Table of Contents
148
City of Buckeye, Arizona
Pledge-Revenue Coverage
Last Ten Fiscal Years
Table 14
Less:
Net
Fiscal
Operating
Operating
Available
Year
Revenues
Expenses
Revenue
Principal
Interest
Total
Coverage
2016
33,471,582
16,839,373
16,632,209
935,471
139,752
1,075,223
15.47
2017
34,197,787
15,374,331
18,823,456
960,438
185,998
1,146,436
16.42
2018
36,429,133
17,200,942
19,228,191
947,596
180,866
1,128,462
17.04
2019
38,172,790
17,466,391
20,706,399
889,981
173,548
1,063,529
19.47
2020
42,787,299
19,153,966
23,633,333
4,326,793
417,410
4,744,203
4.98
2021
47,870,491
21,833,817
26,036,674
4,413,851
935,707
5,349,558
4.87
2022
50,744,635
23,602,667
27,141,968
4,844,501
1,605,788
6,450,289
4.21
2023
52,647,160
28,926,734
23,720,426
5,351,549
1,621,726
6,973,275
3.40
2024
55,665,490
32,905,562
22,759,928
5,525,214
1,846,898
7,372,112
3.09
2025
60,481,510
36,577,458
23,904,052
5,780,589
1,591,518
7,372,107
3.24
Excise Tax
Fiscal
Pledged
Principal
Interest
Total
Coverage
2016
44,319,268
1,125,000
851,387
1,976,387
22.42
2017
54,535,243
1,290,000
2,868,752
4,158,752
13.11
2018
60,460,111
1,295,000
3,254,367
4,549,367
13.29
2019
67,416,107
1,325,000
3,218,828
4,543,828
14.84
2020
77,825,547
1,326,400
3,181,561
4,507,961
17.26
2021
101,306,153
2,330,000
3,062,169
5,392,169
18.79
2022
113,561,058
3,590,000
2,914,794
6,504,794
17.46
2023
133,063,901
2,465,000
2,775,140
5,240,140
25.39
2024
156,302,109
2,565,000
2,682,913
5,247,913
29.78
2025
163,210,096
3,230,000
6,600,465
9,830,465
16.60
Water and Wastewater Revenue Bonds
Debt Service
Excise Tax Revenue Bonds
Debt Service
Table of Contents
149
City of Buckeye, Arizona
Demographic and Economic Statistics
Last Ten Fiscal Years
Table 15
State
State Average
Fiscal
Estimated
Personal Income
Per Capita
Unemployment
Year
Population (1)
(thousand)(2)
Personal Income
Rate (3)
2016
62,582
2,500,714
39,959
5.00%
2017
65,509
2,850,000
41,340
5.20%
2018
69,947
2,980,500
42,576
4.70%
2019
74,370
3,155,000
44,080
4.90%
2020
82,186
3,393,110
46,513
11.20%
2021
91,502
3,742,000
48,950
6.30%
2022
101,987
3,901,000
52,266
4.00%
2023
106,316
4,157,000
55,512
3.60%
2024
109,729
4,425,000
58,511
3.90%
2025
113,349
4,994,000
65,111
4.10%
Source:
(1) Arizona Economics Estimates Commission
(2) Arizona Economics Estimates Commission - State Average
(3) Arizona Office of Employment Statistics
Table of Contents
150
City of Buckeye, Arizona
Principal Employers
Current Year and Ten Years Ago
Percentage of
Total City
Employer
Employees
Employment
Rank
Walmart
1,590
27%
1
State of Arizona
1,300
22%
2
City of Buckeye
740
12%
3
Litchfield Elementary School District 79
490
8%
4
Buckeye Elementary School District 33
460
8%
5
Frys Food Stores
420
7%
6
Clayton Homes
300
5%
7
Funko
300
5%
8
The Odyssey Preparatory Academy
190
3%
9
Liberty Elementary School District 25
160
3%
10
5,950
100%
Sources:
(1) MAG Employer Database
Hoover's Inc, a D&B Company
2025 (1)
Table of Contents
151
Table 16
Percentage of
Total City
Employees
Employment
Rank
800
25%
1
1088
34%
2
420
13%
3
225
7%
4
450
14%
5
188
6%
6
N/A
N/A
-
N/A
N/A
-
N/A
N/A
-
N/A
N/A
-
3171
100%
2016
Table of Contents
152
City of Buckeye, Arizona
Full-time Equivalent City Government Employees by Function
Last Ten Fiscal Years
Full-Time Equivalent
Function
2016
2017
2018
2019
2020
General government
Mayor and Council
2.00
2.00
2.00
2.00
2.00
City Manager
16.00
16.00
15.00
16.50
19.00
City Attorney
-
-
-
-
-
City Clerk
4.00
4.00
4.00
4.00
4.00
Human Resources
7.00
7.00
8.00
8.00
8.00
Finance
9.00
9.00
9.00
9.00
10.00
City Court
6.80
8.30
8.30
10.30
10.30
Economic Development
3.00
3.00
3.00
3.00
3.00
Communication
-
-
-
-
-
Information Technology
10.00
12.00
14.00
16.00
17.00
Public Safety
Police
117.50
123.00
126.00
132.00
138.00
Fire
92.00
93.00
98.00
96.00
97.00
Culture and recreation
Admin/Parks/Rec/Area Agency on Aging
26.00
27.00
28.00
32.00
34.00
Library
14.00
14.00
14.00
16.07
17.21
Development Services
23.00
24.00
25.00
26.00
27.00
Engineering
14.00
14.00
16.00
19.00
20.00
Public Works
Admin/Facilities/Fleet/Solid Waste
18.00
20.00
22.00
24.00
25.00
Streets (HURF)
20.00
22.00
24.00
25.00
26.00
Airport
1.00
1.00
1.00
1.00
1.00
Water Resources
Water
57.00
63.00
64.00
66.00
62.00
Wastewater
14.00
16.00
16.00
17.00
24.00
Total
454.30
478.30
497.30
522.87
544.51
Source: City of Buckeye Fiscal Year 25/26 Annual Budget Book
Table of Contents
153
Table 17
Employees at June 30
2021
2022
2023
2024
2025
2.00
2.00
2.00
2.00
2.00
19.00
23.00
17.00
17.00
12.00
-
-
6.00
9.00
16.50
4.00
4.00
4.00
5.00
6.00
8.00
9.50
10.50
12.50
14.00
11.00
11.00
38.00
41.00
45.00
11.20
11.20
12.70
14.00
16.00
5.00
7.00
7.00
8.00
10.00
-
-
-
-
9.00
19.00
21.00
23.00
26.00
31.00
146.00
156.00
170.00
184.00
204.00
101.00
104.00
122.00
131.00
151.00
34.50
45.50
52.31
59.31
72.00
17.21
17.21
16.75
16.75
17.50
42.00
44.00
74.00
76.00
83.00
29.00
29.00
16.00
20.00
18.00
26.00
28.00
28.80
31.80
35.00
26.00
31.00
33.70
34.70
37.00
-
-
-
4.00
5.00
70.00
71.00
59.00
62.00
64.00
24.00
20.00
41.00
45.00
47.00
594.91
634.41
733.76
799.06
895.00
Table of Contents
154
City of Buckeye, Arizona
Capital Asset and Infrastructure Statistics by Function
Last Ten Fiscal Years
2016
2017
2018
2019
2020
Function
General government
Square footage occupied
145,920
145,920
145,920
145,920
145,920
Area of City (square miles)
592
592
642
642
642
Public Safety
Police stations
2
2
2
2
2
Square footage of building
43,934
43,934
43,934
43,934
43,934
Number of patrol units
115
130
146
125
124
Fire stations
4
5
5
6
6
Square footage of building
59,009
59,009
59,009
59,009
59,009
Number of fire engines
9
9
10
9
11
Number of vehicles
18
20
21
20
19
Public Works
Square footage occupied
32,870
32,870
32,870
93,844
108,267
Miles of roads
445.2
458.4
479.6
569
573
Traffic signals
22
22
23
24
24
Street lights
8,350
8,477
8,662
8,718
8,843
Miles of storm sewer/channel
2
2
3
-
3
Miles of water mains
297
300
305
393
440
Fire hydrants
N/A
N/A
3,043
3,043
3,043
Sanitary sewers (miles)
337
338
347
296
312
Culture and recreation (CS)
Square footage occupied
57,386
57,386
57,386
57,889
57,889
Number of parks
17
17
17
12
12
Parks acreage
174.0
174.0
174.0
8,759
8,759
Swimming pools
1
1
1
1
1
Source: City of Buckeye-individual departments and Directors
Fiscal Year
Table of Contents
155
Table 18
2021
2022
2023
2024
2025
145,920
145,920
145,920
145,920
145,920
642
642
642
642
642
2
2
2
2
2
57,853
79,378
79,378
79,378
79,378
128
108
108
108
108
6
6
6
6
6
66,873
66,873
66,873
66,873
66,873
11
11
11
11
11
21
21
21
21
21
108,267
108,267
108,267
108,267
108,267
580
593
593
593
593
26
27
27
27
27
9,426
9,743
9,743
9,743
9,743
5
69
69
69
69
440
534
534
534
534
3,130
3,349
3,349
3,349
3,349
320
323
323
323
323
`
61,557
61,557
61,557
61,557
61,557
11
11
11
11
11
8,751
8,751
8,751
8,751
8,751
1
1
1
1
1
Fiscal Year
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Table of Contents