RES 02-25 Floreo at Teravalis CFD - FY2026 Final Budget (002)(GR 5.19.2025)(6546068.2).pdf
City of Buckeye — Joint Community Facilities Districts (2025-06-03)
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6546068.2
RESOLUTION NO. 02-25 (Floreo at Teravalis)
RESOLUTION OF THE BOARD OF DIRECTORS OF THE FLOREO AT
TERAVALIS 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 Floreo
at Teravalis 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
FLOREO AT TERAVALIS COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE,
ARIZONA) as follows:
Section 1.
Budget Adopted. The District Budget in the amount of $11,579,600 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”),
6546068.2
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 Floreo at Teravalis 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
Floreo at Teravalis Community Facilities District
Buckeye, Arizona
FY 25-26
Actual
Budget
FY 23-24
Adopted
Projected
FY 25-26
Revenues:
Property Taxes
$64
$1,297
$900
$1,000
Special assessments - debt service
-
-
-
975,600
Special assessments - prepayments
-
-
-
200,000
Charges for services
-
-
-
5,000
Developer Contribution
6,711
5,203
3,900
404,400
Total revenues
6,775
6,500
4,800
1,586,000
Expenditures:
Administrative Fees
5,000
5,000
5,000
5,000
Operations and Maintenance
1,360
1,500
-
1,000
Debt services:
Principal retirement
-
-
-
530,000
Interest and other fiscal charges
-
-
-
645,600
Bond issuance costs
-
-
-
404,400
Captial Outlay
-
-
-
9,993,600
Contingency
-
-
-
-
Total expenditures
6,360
6,500
5,000
11,579,600
Excess (deficiency) of revenues over
(under) expenditures
415
-
(200)
(9,993,600)
Other financing sources (uses):
Bonds issued
-
-
-
10,970,000
Total other financing sources (uses)
-
-
-
10,970,000
Net Change in fund balances
415
-
(200)
976,400
Fund balances - beginning
(183)
-
200
-
Fund balances - ending
$232
$0
$0
$976,400
Total Full Cash Value Net Assessed
21,318
994,898
651,667
684,090
Total Limited Property Valuation Net Assessed
21,218
432,252
284,782
349,508
Tax Rate - Debt Service
-
$
-
$
-
$
-
$
Tax Rate - O&M
0.3000
$
0.3000
$
0.3000
$
0.3000
$
FY 24-25 Budget
EXHIBIT A - BUDGET
Floreo at Tervalis Community Facilities District
Buckeye, Arizona
FY 25-26
Total
General
Assessment
FY 25-26
Revenues:
Property Taxes
$1,000
$0
$1,000
Special assessments - debt service
-
975,600
975,600
Special assessments - prepayments
-
200,000
200,000
Charges for services
5,000
-
5,000
Developer Contribution
-
404,400
404,400
Total revenues
6,000
1,580,000
1,586,000
Expenditures:
Administrative Fees
5,000
-
5,000
Operations and Maintenance
1,000
-
1,000
Debt services:
Principal retirement
-
530,000
530,000
Interest and other fiscal charges
-
645,600
645,600
Bond issuance costs
-
404,400
404,400
Captial Outlay
-
9,993,600
9,993,600
Total expenditures
6,000
11,573,600
11,579,600
Excess (deficiency) of revenues over
(under) expenditures
-
(9,993,600)
(9,993,600)
Other financing sources (uses):
Bonds issued
-
10,970,000
10,970,000
Total other financing sources (uses)
-
10,970,000
10,970,000
Net Change in fund balances
-
976,400
976,400
Fund balances - beginning
-
-
-
Fund balances - ending
$0
$976,400
$976,400
Total Full Cash Value Net Assessed
684,090
Total Limited Property Valuation Net Assessed
349,508
Tax Rate - Debt Service
-
$
Tax Rate - O&M
0.3000
$
Debt Service