RES 02-25 Verrado District 1 CFD - FY2026 Final Budget (002)(GR 5.19.2025)(6546072.2).pdf

6546072.2 
RESOLUTION NO. 02-25 (Verrado District 1) 
 
RESOLUTION OF THE BOARD OF DIRECTORS OF THE VERRADO DISTRICT 
1 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 Verrado 
District 1 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 
VERRADO DISTRICT 1 COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE, ARIZONA) 
as follows: 
 
Section 1.   
Budget Adopted.  The District Budget in the amount of $7,858,700 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”),

6546072.2 
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 Verrado District 1 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
Verrado District #1 Community Facilities District
Buckeye, Arizona
FY 2025-26
Actual
Budget
FY 23-24
Adopted
Projected
FY 25-26
Revenues:
Property Taxes
$7,228,550
$7,120,771
$7,109,000
$7,369,600
Developer Contribution
309,325
          
-
                        
-
                        
-
                        
Investment Income
60,495
             
-
                        
19,200
             
-
                        
Total revenues
7,598,370
       
7,120,771
       
7,128,200
       
7,369,600
       
Expenditures:
Administrative Fees
145,018
          
89,000
             
126,100
          
128,000
          
Operations and Maintenance
997,811
          
939,000
          
66,800
             
774,000
          
Debt services:
 
 
 
 
Principal retirement
4,260,000
       
4,260,000
       
4,260,000
       
4,420,000
       
Interest and other fiscal charges
2,393,170
       
2,409,262
       
2,409,300
       
2,253,600
       
Bond issuance costs
710,990
          
-
                   
-
                   
-
                   
Captial Outlay
39,370,000
     
13,590,506
     
-
                   
-
                   
Contingency
-
                   
255,864
          
-
                   
283,100
          
Total expenditures
47,876,989
     
21,543,632
     
6,862,200
       
7,858,700
       
Excess (deficiency) of revenues over
(under) expenditures
(40,278,619)
   
(14,422,861)
   
266,000
          
(489,100)
         
Other financing sources (uses):
Bonds issued
25,910,000
     
-
                   
-
                   
-
                   
Refunding bonds issued
11,825,000
     
-
                   
-
                   
-
                   
Premiums issued
2,014,618
       
-
                   
-
                   
-
                   
Transfer from other funds
27,200,000
     
-
                   
-
                   
-
                   
Transfers to other funds
(27,200,000)
   
-
                   
-
                   
-
                   
Total other financing sources (uses)
39,749,618
     
-
                   
-
                   
-
                   
Net Change in fund balances
(529,001)
         
(14,422,861)
   
266,000
          
(489,100)
         
Fund balances - beginning
752,081
          
14,422,861
     
223,100
          
489,100
          
Fund balances - ending
$223,080
$0
$489,100
$0
Total Full Cash Value Net Assessed
309,798,480
   
410,706,801
   
410,925,319
   
422,646,182
   
Total Limited Property Valuation Net Assessed
196,490,237
   
217,169,643
   
215,384,054
   
232,008,265
   
Tax Rate - Debt Service
3.4080
$          
2.9789
$          
3.0036
$          
2.8764
$          
Tax Rate - O&M
0.3000
$          
0.3000
$          
0.3000
$          
0.3000
$          
FY 24-25 Budget

EXHIBIT A - BUDGET
Verrado District #1 Community Facilities District
Buckeye, Arizona
FY 2025-26
Total
General
Debt Service
FY 25-26
Revenues:
Property Taxes
$696,000
$6,673,600
$7,369,600
Total revenues
696,000
          
6,673,600
       
7,369,600
       
Expenditures:
Administrative Fees
128,000
          
-
                   
128,000
          
Operations and Maintenance
774,000
          
-
                   
774,000
          
Debt services:
Principal retirement
-
                   
4,420,000
       
4,420,000
       
Interest and other fiscal charges
-
                   
2,253,600
       
2,253,600
       
Contingency
204,500
          
78,600
             
283,100
          
Total expenditures
1,106,500
       
6,752,200
       
7,858,700
       
Excess (deficiency) of revenues over
(under) expenditures
(410,500)
         
(78,600)
           
(489,100)
         
Net Change in fund balances
(410,500)
         
(78,600)
           
(489,100)
         
Fund balances - beginning
410,500
          
78,600
             
489,100
          
Fund balances - ending
-
                   
-
                   
-
                   
Total Full Cash Value Net Assessed
422,646,182
   
Total Limited Property Valuation Net Assessed
232,008,265
   
Tax Rate - Debt Service
2.8764
$          
Tax Rate - O&M
0.3000
$