RES 02-25 Watson Road CFD - FY2026 Final Budget (002)(GR 5.19.2025)(6546075.2).pdf

6546075.2 
RESOLUTION NO. 02-25 (Watson Road) 
 
RESOLUTION OF THE BOARD OF DIRECTORS OF THE WATSON ROAD 
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 Watson 
Road 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 
WATSON ROAD COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE, ARIZONA) as 
follows: 
 
Section 1.   
Budget Adopted.  The District Budget in the amount of $7,237,400 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”),

6546075.2 
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 Watson Road 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
Watson Road Community Facilities District
Buckeye, Arizona
FY 25-26
Actual
Budget
FY 23-24
Adopted
Projected
FY 25-26
Revenues:
Property Taxes
$162,014
$234,346
$232,100
$308,500
Special assessments - debt service
2,528,228
       
2,002,128
       
1,950,200
       
1,950,100
       
Special assessments - prepayments
30,461
             
180,000
          
176,000
          
180,000
          
Charges for services
-
                        
69,261
             
104,300
          
70,000
             
Developer Contribution
-
                        
-
                        
-
                        
-
                        
Investment Income
105,480
          
-
                        
95,600
             
-
                        
Other revenues
108,666
          
-
                        
-
                        
-
                        
Total revenues
2,934,849
       
2,485,735
       
2,558,200
       
2,508,600
       
Expenditures:
Administrative Fees
26,113
             
43,000
             
20,800
             
21,100
             
Operations and Maintenance
89,820
             
509,500
          
45,900
             
518,000
          
Debt services:
Principal retirement
1,848,140
       
1,843,140
       
1,793,300
       
1,850,800
       
Interest and other fiscal charges
392,434
          
338,988
          
332,900
          
279,300
          
Contingency
-
                   
3,520,742
       
-
                   
4,568,200
       
Total expenditures
2,356,507
       
6,255,370
       
2,192,900
       
7,237,400
       
Excess (deficiency) of revenues over
(under) expenditures
578,342
          
(3,769,635)
     
365,300
          
(4,728,800)
     
Net Change in fund balances
578,342
          
(3,769,635)
     
365,300
          
(4,728,800)
     
Fund balances - beginning
5,932,718
       
5,861,035
       
6,511,000
       
6,876,300
       
Fund balances - ending
$6,511,060
$2,091,400
$6,876,300
$2,147,500
Total Full Cash Value Net Assessed
100,653,509
   
168,074,070
   
167,673,465
   
172,130,129
   
Total Limited Property Valuation Net Assessed
54,176,465
     
78,115,321
     
77,381,706
     
90,077,873
     
Tax Rate - Debt Service
-
$                 
-
$                 
-
$                 
-
$                 
Tax Rate - O&M
0.3000
$          
0.3000
$          
0.3000
$          
0.3000
$          
FY 24-25 Budget

EXHIBIT A - BUDGET
Watson Road Community Facilities District
Buckeye, Arizona
FY 2025-26
Total
General
Debt Service
FY 25-26
Revenues:
Property Taxes
$308,500
$0
$308,500
Special assessments - debt service
-
                        
1,950,100
       
1,950,100
       
Special assessments - prepayments
-
                        
180,000
          
180,000
          
Charges for services
70,000
             
-
                        
70,000
             
Total revenues
378,500
          
2,130,100
       
2,508,600
       
Expenditures:
Administrative Fees
21,100
             
-
                   
21,100
             
Operations and Maintenance
518,000
          
-
                   
518,000
          
Debt services:
Principal retirement
-
                   
1,850,800
       
1,850,800
       
Interest and other fiscal charges
-
                   
279,300
          
279,300
          
Contingency
948,700
          
3,619,500
       
4,568,200
       
Total expenditures
1,487,800
       
5,749,600
       
7,237,400
       
Excess (deficiency) of revenues over
(under) expenditures
(1,109,300)
     
(3,619,500)
     
(4,728,800)
     
Other financing sources (uses):
Bonds issued
-
                   
-
                   
-
                   
Refunding bonds issued
-
                   
-
                   
-
                   
Premiums issued
-
                   
-
                   
-
                   
Transfer from other funds
-
                   
-
                   
-
                   
Transfers to other funds
-
                   
-
                   
-
                   
Total other financing sources (uses)
-
                   
-
                   
-
                   
Net Change in fund balances
(1,109,300)
     
(3,619,500)
     
(4,728,800)
     
Fund balances - beginning
1,109,300
       
5,767,000
       
6,876,300
       
Fund balances - ending
-
                   
2,147,500
       
2,147,500
       
Total Full Cash Value Net Assessed
172,130,129
   
Total Limited Property Valuation Net Assessed
90,077,873
     
Tax Rate - Debt Service
-
$                 
Tax Rate - O&M
0.3000
$