Board of Directors of the Festival Ranch Community Facilities District to take action on Resolution No. 01-25 approving the Tentative Budget of the District for the FY 2025-2026 beginning July 1, 2025

4.C
CITY OF BUCKEYE
Joint Meeting of the Community Facilities Districts
BOARD ACTION REPORT
MEETING DATE: 05/20/25
AGENDA ITEM: 4.C. FY 2025-
2026 Community Facilities District
Tentative Budget - Festival Ranch CFD
DATE PREPARED: 05/20/25
DISTRICT NO.: 8006
STAFF LIAISON: Larry Price, Special Districts Manager, lprice@buckeyeaz.gov,
(623) 349-6164
DEPARTMENT: Financial Services
AGENDA ITEM TYPE: CFD Item
ACTION/MOTION: (This language identifies the formal motion to be made by the Council) 
Board of Directors of the Festival Ranch Community Facilities District to take action on Resolution No.
01-25 approving the Tentative Budget of the District for the FY 2025-2026 beginning July 1, 2025, and
ending June 30, 2026, and setting hearing dates for the budget and tax levy. 
RELEVANT GOALS: 
GOAL 1: Fiscal Wellness and Financial Flexibility and Accountability
ADDITIONAL RELEVANT GOALS: 
GOAL 5: Responsive and Accountable Government and Effective Public Services
SUMMARY
PROJECT DESCRIPTION:
The Board of Directors of the District is required to approve a Tentative Budget for the District. Following
the required public notice, the Board will meet and conduct a public hearing on June 3, 2025. At this
time, property owners within the District may comment in favor of or against the expenditures or tax levy,
followed by action by the Board to adopt an Annual Budget for the District for FY 2025-2026. On June
17, 2025, the Board will meet to approve a tax levy and rate for the same fiscal year. 
The FY 25-26 Budget also includes an issue of new General Obligations (GO) Bonds in an amount not to
exceed $6,000,000.  The GO Bonds will be a 20 year maturity; the interest rate will be 5%; the proceeds
will be for concrete and paving improvements in the District; the estimated annual debt service tax rate
will be $2.9970, an increase of $0.1011 from FY 24-25 of $2.8959; an increase of 3.5%.  The total
combined FY 25-26 tax rate is estimated to be $3.2970; the FY 24-25 combined tax rate was $3.1959. 
The combined FY 25-26 tax rate is an increase of 3.2% over the FY 24-25 combined tax rate. 
The FY 25-26 Budget includes a request to form a new Special Assessment District (SAD) #15 in the
Festival Ranch CFD.  The formation request is scheduled to be presented to the Board in the November
2025.  The preliminary information for the SAD request includes $1,9143,500 in Special Assessment
Revenue Bonds; benefitting 547 lots; for a per lot amount of $3,500.
BENEFITS:
Under Arizona law, each community facilities district must adopt an Annual Budget and establish a tax
levy and rate for the property within the District to meet the operating needs, including debt service, of
the District.
FUTURE ACTION:

Conduct a public hearing on June 3, 2025, followed by action by the Board to adopt an Annual Budget
for the District for FY 2025-2026 and on June 17, 2025, to approve a tax levy and rate for the same fiscal
year.
FINANCIAL IMPACT STATEMENT:
The City is compensated for its services of administering the community facilities districts through an
administrative fee of thirty cents ($0.30) per $100 of assessed valuation.
BUDGETED:
Yes
FISCAL YEAR:
2025-2026
FUND/DEPARTMENT:
8006
Items related to a project or facility location must include an attached vicinity map for Council
Review.
ATTACHMENTS:
RES 01-25 Festival Ranch CFD FY25-26 Tentative Budget (05.06.2025).pdf