RES 02-25 Westpark CFD - FY2026 Final Budget (002)(GR 5.19.2025)(6546076.2).pdf

6546076.2 
RESOLUTION NO. 02-25 (Westpark) 
 
RESOLUTION OF THE BOARD OF DIRECTORS OF THE WESTPARK 
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 Westpark 
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 
WESTPARK COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE, ARIZONA) as follows: 
 
Section 1.   
Budget Adopted.  The District Budget in the amount of $8,617,100 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. 
 
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

6546076.2 
2 
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 Westpark 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 25-26
Actual
Budget
FY 23-24
Adopted
Projected
FY 25-26
Revenues:
Property Taxes
562,023
          
$575,705
$575,500
$715,200
Special assessments - debt service
129,495
          
97,426
             
97,100
             
229,700
          
Special assessments - prepayments
-
                   
10,000
             
13,000
             
113,000
          
Charges for services
-
                   
12,500
             
-
                        
10,100
             
Developer Contribution
-
                   
300,000
          
-
                        
396,500
          
Investment Income
12,338
             
-
                        
16,600
             
-
                        
Other revenues
10,422
             
-
                        
10,500
             
-
                        
Total revenues
714,278
          
995,631
          
712,700
          
1,464,500
       
Expenditures:
Administrative Fees
8,665
               
12,400
             
7,400
               
7,500
               
Operations and Maintenance
14,935
             
52,500
             
35,600
             
37,700
             
Debt services:
-
                   
-
                   
-
                        
Principal retirement
419,000
          
438,000
          
441,000
          
745,100
          
Interest and other fiscal charges
207,872
          
189,876
          
189,500
          
366,400
          
Bond issuance costs
-
                   
300,000
          
-
                   
451,600
          
Captial Outlay
-
                   
9,000,000
       
-
                   
6,637,300
       
Contingency
-
                   
230,845
          
-
                   
371,500
          
Total expenditures
650,472
          
10,223,621
     
673,500
          
8,617,100
       
Excess (deficiency) of revenues over
(under) expenditures
63,806
            
(9,227,990)
     
39,200
            
(7,152,600)
     
Other financing sources (uses):
Bonds issued
-
                   
9,000,000
       
-
                   
6,961,000
       
Transfer from other funds
-
                   
9,000,000
       
-
                   
-
                   
Transfers to other funds
-
                   
(9,000,000)
      
-
                   
-
                   
Total other financing sources (uses)
-
                   
9,000,000
       
-
                   
6,961,000
       
Net Change in fund balances
63,806
            
(227,990)
         
39,200
            
(191,600)
         
Fund balances - beginning
304,647
          
284,929
          
368,500
          
407,700
          
Fund balances - ending
368,453
          
$56,939
$407,700
$216,100
Total Full Cash Value Net Assessed
33,427,324
     
48,425,987
     
48,389,377
     
43,705,344
     
Total Limited Property Valuation Net Assessed
14,376,280
     
18,418,289
     
18,374,004
     
19,608,805
     
Tax Rate - Debt Service
3.6105
$          
2.8257
$          
2.8325
$          
3.3467
$          
Tax Rate - O&M
0.3000
$          
0.3000
$          
0.3000
$          
0.3000
$          
FY 24-25 Budget
Westpark Community Facilities District

EXHIBIT A - BUDGET
Buckeye, Arizona
FY 2025-26
General
Total
General
Assessment
Obligations
FY 25-26
Revenues:
Property Taxes
$58,900
$0
$656,300
$715,200
Special assessments - debt service
-
                            
229,700
           
-
                        
229,700
        
Special assessments - prepayments
-
                            
113,000
           
-
                        
113,000
        
Charges for services
10,100
                 
-
                         
-
                        
10,100
          
Developer Contribution
-
                            
200,000
           
196,500
          
396,500
        
Total revenues
69,000
                 
542,700
           
852,800
          
1,464,500
    
Expenditures:
Administrative Fees
7,500
                   
-
                    
-
                   
7,500
            
Operations and Maintenance
37,700
                 
-
                    
-
                   
37,700
          
Debt services:
Principal retirement
-
                        
240,100
           
505,000
          
745,100
        
Interest and other fiscal charges
-
                        
102,600
           
263,800
          
366,400
        
Bond issuance costs
-
                        
200,000
           
251,600
          
451,600
        
Captial Outlay
-
                        
1,404,900
        
5,232,400
       
6,637,300
    
Contingency
100,500
               
190,500
           
80,500
             
371,500
        
Total expenditures
145,700
               
2,138,100
        
6,333,300
       
8,617,100
    
Excess (deficiency) of revenues over
(under) expenditures
(76,700)
                
(1,595,400)
      
(5,480,500)
     
(7,152,600)
   
Other financing sources (uses):
Bonds issued
-
                        
1,561,000
        
5,400,000
       
6,961,000
    
Total other financing sources (uses)
-
                       
1,561,000
        
5,400,000
       
6,961,000
    
Net Change in fund balances
(76,700)
                
(34,400)
            
(80,500)
           
(191,600)
      
Fund balances - beginning
76,700
                 
250,500
           
80,500
             
407,700
        
Fund balances - ending
$0
$216,100
$0
$216,100
Total Full Cash Value Net Assessed
43,705,344
         
Total Limited Property Valuation Net Assessed
19,608,805
         
Tax Rate - Debt Service
3.3467
$               
Tax Rate - O&M
0.3000
$               
Debt Service
Westpark Community Facilities District