RES 02-25 Verrado Western Overlay CFD - FY2026 Final Budget (002)(GR 5.19.2025)(6546074.2).pdf

6546074.2 
RESOLUTION NO. 02-25 (Verrado Western Overlay) 
 
RESOLUTION OF THE BOARD OF DIRECTORS OF THE VERRADO 
WESTERN OVERLAY 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 
Western Overlay 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 WESTERN OVERLAY COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE, 
ARIZONA) as follows: 
 
Section 1.   
Budget Adopted.  The District Budget in the amount of $1,259,100 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.

6546074.2 
2 
Section 4. 
Collection by County Assessor.  Maricopa County, Arizona (the “County”), 
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 Western Overlay 
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 Western Overlay Community Facilities District
Buckeye, Arizona
FY 2025-26
Actual
Budget
FY 23-24
Adopted
Projected
FY 25-26
Revenues:
Property Taxes
$653,795
$1,409,559
$1,408,000
$1,102,100
Developer Contribution
-
                        
187,900
          
185,000
          
-
                        
Investment Income
27,833
             
-
                        
16,000
             
-
                        
Total revenues
681,628
          
1,597,459
       
1,609,000
       
1,102,100
       
Expenditures:
Administrative Fees
12,817
             
16,300
             
27,200
             
27,700
             
Operations and Maintenance
131,211
          
24,000
             
9,000
               
35,000
             
Debt services:
Principal retirement
425,000
          
880,000
          
1,145,000
       
545,000
          
Interest and other fiscal charges
155,932
          
444,819
          
445,200
          
464,100
          
Bond issuance costs
-
                   
271,197
          
250,200
          
-
                   
Captial Outlay
-
                   
8,300,000
       
8,438,000
       
-
                   
Contingency
-
                   
481,021
          
-
                   
187,300
          
Total expenditures
724,960
          
10,417,337
     
10,314,600
     
1,259,100
       
Excess (deficiency) of revenues over
(under) expenditures
(43,332)
           
(8,819,878)
     
(8,705,600)
     
(157,000)
         
Other financing sources (uses):
Bonds issued
-
                   
8,290,000
       
8,300,000
       
-
                   
Premiums issued
-
                   
93,297
             
207,500
          
-
                   
Transfer from other funds
-
                   
8,300,000
       
8,438,000
       
-
                   
Transfers to other funds
-
                   
(8,300,000)
      
(8,438,000)
      
-
                   
Total other financing sources (uses)
-
                   
8,383,297
       
8,507,500
       
-
                   
Net Change in fund balances
(43,332)
           
(436,581)
         
(198,100)
         
(157,000)
         
Fund balances - beginning
398,466
          
436,581
          
355,100
          
157,000
          
Fund balances - ending
$355,134
$0
$157,000
$0
Total Full Cash Value Net Assessed
38,826,157
     
53,845,206
     
53,826,709
     
57,461,716
     
Total Limited Property Valuation Net Assessed
24,727,849
     
28,246,691
     
27,992,418
     
30,975,747
     
Tax Rate - Debt Service
2.3493
$          
4.6902
$          
4.7328
$          
3.2577
$          
Tax Rate - O&M
0.3000
$          
0.3000
$          
0.3000
$          
0.3000
$          
FY 24-25 Budget

EXHIBIT A - BUDGET
Verrado Western Overlay Community Facilities District
Buckeye, Arizona
FY 2025-26
Total
General
Debt Service
FY 25-26
Revenues:
Property Taxes
$93,000
$1,009,100
$1,102,100
Total revenues
93,000
          
1,009,100
         
1,102,100
    
Expenditures:
Administrative Fees
27,700
          
-
                     
27,700
          
Operations and Maintenance
35,000
          
-
                     
35,000
          
Debt services:
 
 
 
Principal retirement
-
                 
545,000
             
545,000
        
Interest and other fiscal charges
-
                 
464,100
             
464,100
        
Contingency
32,700
          
154,600
             
187,300
        
Total expenditures
95,400
          
1,163,700
         
1,259,100
    
Excess (deficiency) of revenues over
(under) expenditures
(2,400)
           
(154,600)
           
(157,000)
      
Net Change in fund balances
(2,400)
           
(154,600)
           
(157,000)
      
Fund balances - beginning
2,400
            
154,600
             
157,000
        
Fund balances - ending
$0
$0
$0
Total Full Cash Value Net Assessed
57,461,716
  
Total Limited Property Valuation Net Assessed
30,975,747
  
Tax Rate - Debt Service
3.2577
$        
Tax Rate - O&M
0.3000
$