RES 02-25 Festival Ranch CFD - FY2026 Final Budget (002)(GR 5.19.2025)(6546058.2).pdf

6546058.2 
RESOLUTION NO. 02-25 (Festival Ranch) 
 
RESOLUTION OF THE BOARD OF DIRECTORS OF THE FESTIVAL RANCH 
COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE, ARIZONA) 
APPROVING THE FINAL BUDGET OF THE DISTRICT FOR FISCAL YEAR 
2025/2026, BEGINNING JULY 1, 2025, AND ENDING JUNE 30, 2026. 
 
 
WHEREAS, on May 20, 2025, the Board of Directors (the “District Board”) of the Festival 
Ranch Community Facilities District (City of Buckeye, Arizona) (the “District”) met and adopted 
the FY 2025/2026 proposed budget for the District; and  
 
WHEREAS, the District Board intends to adopt the fiscal year 2025/2026 Final Budget for 
the District (the “District Budget”); and 
 
WHEREAS, in the District Budget, the District Board has filed with the District Clerk the 
annual statements of the costs and expenditures of the District, including the amount of taxes to 
be raised to pay expenses of the District; and 
 
WHEREAS, the District published, as required by law, a notice that the District Board 
would meet on June 3, 2025, for the purposes of conducting a hearing on (i) the District Budget 
attached hereto as Exhibit A and incorporated by reference herein, and (ii) the tax levy; and 
 
WHEREAS, in accordance with Title 48, Section 716, Arizona Revised Statutes, and 
following public notice, the District Board met and held a public hearing on June 3, 2025, at which 
meeting any taxpayer was permitted to appear and be heard in favor of or against any of the 
proposed expenditures or tax levies. 
 
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE 
FESTIVAL RANCH COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE, ARIZONA) as 
follows: 
 
Section 1.   
Budget Adopted.  The District Budget in the amount of $18,483,700 is 
hereby adopted as the budget of the District for the fiscal year 2025/2026. 
 
Section 2.    
No Invalidation of Proceedings.  No failure by County officials to properly 
return the delinquent list and no irregularity in the assessment or omission in the same, or 
irregularity of any kind in any proceedings shall invalidate such proceedings or invalidate any title 
conveyed by any tax deed, nor shall any failure or neglect of any officer or officers to perform any 
of the duties assigned to him or to them on the day within time specified work an invalidation of  
any  proceedings or  of  any  such  deed  or  sale  or  affect  the  validity of  the assessment and 
levy of taxes or of the judgment or sale by which the collection of the same may be enforced or 
in any manner affect the lien of the District upon such property for the delinquent taxes unpaid 
thereon, and no overcharge as to part of the taxes or of costs shall invalidate any proceedings for 
collecting of taxes or the foreclosure, and all acts of officers de facto shall be valid as if performed 
by officers de jure. 
 
Section 3.  
Conflicting Resolutions Repealed.  All resolutions and parts of resolutions 
in conflict are hereby repealed. 
 
Section 4. 
Collection by County Assessor.  Maricopa County, Arizona (the “County”),

6546058.2 
2 
is the assessing and collecting authority for the District, and the District Clerk is hereby directed 
to transmit a certified copy of this Resolution to the Assessor and Board of Supervisors of the 
County. 
 
PASSED AND ADOPTED by the Board of Directors of the Festival Ranch Community 
Facilities District (City of Buckeye, Arizona), on June 3, 2025. 
 
 
___________________________________ 
District Chairman 
ATTEST: 
 
_______________________________ 
District Clerk 
 
 
APPROVED AS TO FORM: 
 
_______________________________ 
District Attorney 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit A:  FY 25-26 Final Budget

EXHIBIT A - BUDGET
Buckeye, Arizona
FY 2025-26
Actual
Budget
FY 23-24
Adopted
Projected
FY 25-26
Revenues:
Property Taxes
$3,913,936
$4,385,635
$4,372,600
$4,850,800
Special assessments - debt service
787,391
           
674,834
           
641,600
           
785,400
           
Special assessments - prepayments
344,915
           
205,000
           
204,000
           
307,000
           
Charges for services
-
                        
15,000
              
7,000
                
15,000
              
Developer Agreements
-
                        
-
                        
-
                        
-
                        
Developer Contribution
187,820
           
300,000
           
413,800
           
404,200
           
Investment Income
-
                        
-
                        
21,600
              
-
                        
Other
6,585
                
-
                        
-
                        
-
                        
Total revenues
5,240,647
        
5,580,469
        
5,660,600
        
6,362,400
        
Expenditures:
Administrative Fees
102,935
           
150,000
           
114,400
           
116,200
           
Operations and Maintenance
652,422
           
530,000
           
432,000
           
420,000
           
Debt services:
-
                    
-
                    
-
                    
-
                    
Principal retirement
2,621,022
        
5,642,307
        
3,688,300
        
2,825,000
        
Interest and other fiscal charges
2,056,401
        
2,333,764
        
1,239,700
        
2,676,800
        
Bond issuance costs
268,003
           
300,000
           
437,000
           
441,300
           
Captial Outlay
3,841,171
        
14,676,211
      
9,780,300
        
11,476,600
      
Contingency
-
                    
970,388
           
-
                    
527,800
           
Total expenditures
9,541,954
        
24,602,670
      
15,691,700
      
18,483,700
      
Excess (deficiency) of revenues over
(under) expenditures
(4,301,307)
       
(19,022,201)
     
(10,031,100)
     
(12,121,300)
     
Other financing sources (uses):
Bonds issued
3,985,000
        
10,230,000
      
10,075,000
      
7,914,500
        
Refunding bonds issued
-
                    
3,130,000
        
2,995,000
        
-
                    
Premiums issued
-
                    
-
                    
332,300
           
-
                    
Total other financing sources (uses)
3,985,000
        
13,360,000
      
13,402,300
      
7,914,500
        
Net Change in fund balances
(316,307)
          
(5,662,201)
       
3,371,200
        
(4,206,800)
       
Fund balances - beginning
1,992,340
        
6,366,411
        
1,676,000
        
5,047,200
        
Fund balances - ending
$1,676,033
$704,210
$5,047,200
840,400
           
Total Full Cash Value Net Assessed
182,720,301
    
237,728,975
    
236,848,206
    
231,279,177
    
Total Limited Property Valuation Net Assessed
122,120,741
    
139,799,484
    
136,959,496
    
147,128,666
    
Tax Rate - Debt Service
2.8731
$           
2.8371
$           
2.8959
$           
2.9970
$           
Tax Rate - O&M
0.3000
$           
0.3000
$           
0.3000
$           
0.3000
$           
FY 24-25 Budget
Festival Ranch Community Facilities District

EXHIBIT A - BUDGET
Buckeye, Arizona
FY 2025-26
General
Capital
Total
General
Assessment
Obligations
Projects
FY 25-26
Revenues:
Property Taxes
$441,400
$0
$4,409,400
$0
$4,850,800
Special assessments - debt service
-
                       
785,400
           
-
                       
-
                       
785,400
         
Special assessments - prepayments
-
                       
307,000
           
-
                       
-
                       
307,000
         
Charges for services
15,000
            
-
                         
-
                       
-
                       
15,000
            
Developer Contribution
-
                       
200,000
           
204,200
          
-
                       
404,200
         
Investment Income
-
                       
-
                         
-
                       
-
                       
-
                       
Other revenues
-
                       
-
                         
-
                       
-
                       
-
                       
Total revenues
456,400
          
1,292,400
        
4,613,600
       
-
                      
6,362,400
      
Expenditures:
Administrative Fees
116,200
          
-
                    
-
                   
-
                  
116,200
         
Operations and Maintenance
420,000
          
-
                    
-
                   
-
                  
420,000
         
Debt service:
 
 
 
 
Principal retirement
-
                   
724,970
           
2,100,000
       
-
                  
2,825,000
      
Interest and other fiscal charges
-
                   
367,449
           
2,309,381
       
-
                  
2,676,800
      
Bond issuance costs
-
                   
200,000
           
241,300
          
-
                  
441,300
         
Captial Outlay
-
                   
1,723,050
        
9,753,550
       
-
                  
11,476,600
    
Contingency
184,512
          
340,461
           
2,827
               
-
                  
527,800
         
Total expenditures
720,712
          
3,355,930
        
14,407,058
    
-
                  
18,483,700
    
Excess (deficiency) of revenues over
(under) expenditures
(264,312)
         
(2,063,530)
      
(9,793,458)
     
-
                  
(12,121,300)
  
Other financing sources (uses):
Bonds issued
-
                   
1,914,500
        
6,000,000
       
-
                  
7,914,500
      
Total other financing sources (uses)
-
                   
1,914,500
        
9,411,334
       
(3,411,334)
    
7,914,500
      
Net Change in fund balances
(264,312)
         
(149,030)
          
(382,124)
         
(3,411,334)
    
(4,206,800)
    
Fund balances - beginning
264,312
          
989,362
           
382,124
          
3,411,334
      
5,047,200
      
Fund balances - ending
$0
840,400
           
$0
$0
$840,400
Total Full Cash Value Net Assessed
231,279,177
  
Total Limited Property Value Net Assessed
147,128,666
  
Tax Rate - Debt Service
2.9970
$          
Tax Rate - O&M
0.3000
$          
Debt Service
Festival Ranch Community Facilities District