RES 01-25 Festival Ranch CFD FY25-26 Tentative Budget (05.06.2025).pdf
City of Buckeye — Joint Community Facilities Districts (2025-05-20)
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RESOLUTION NO. 01-25 [Festival Ranch]
RESOLUTION OF THE BOARD OF DIRECTORS OF THE FESTIVAL RANCH
COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE, ARIZONA),
APPROVING THE TENTATIVE BUDGET OF THE DISTRICT FOR THE
FISCAL YEAR 2025-2026 BEGINNING JULY 1, 2025, AND ENDING JUNE 30,
2026, AND SETTING HEARING DATES FOR THE BUDGET AND TAX LEVY.
BE IT RESOLVED by the Board of Directors of the Festival Ranch Community
Facilities District (City of Buckeye, Arizona), as follows:
Section 1. The statements and schedules contained in the budget attached hereto as
Exhibit A and incorporated by reference herein are hereby approved for the purpose as
hereinafter set forth as the tentative budget for the Festival Ranch Community Facilities District
(City of Buckeye, Arizona) (the “District”) for the fiscal year 2025-2026. The statements and
estimates of the operation and maintenance expenses of the District, the costs of capital
improvements and other expenditures for public infrastructure, and the amount needed to pay
general obligation bonds of the District, if any (collectively, the “District Expenditures”), which are
to be paid from ad valorem taxes collected in the District, are hereby filed with the District Clerk.
Section 2. The District Clerk is authorized and directed to cause to be mailed to the
City Council of the City of Buckeye, Arizona (the “City Council”) and published in the manner
prescribed by law, a notice that the District Board will meet for the purpose of conducting a final
hearing for District taxpayers on the statements and estimates of District Expenditures filed with
the District Clerk and on the adoption of the 2025-2026 Annual Budget for the District; said
hearing to be conducted on June 3, 2025, at 5:15 p.m. in the Executive Conference
Room at City Hall, 530 E. Monroe Avenue, Buckeye, Arizona 85326, with final approval of
the District’s tax levy on June 17, 2025, same time and place.
Section 3. This Resolution shall be effective immediately.
PASSED AND ADOPTED by the Board of Directors of the Festival Ranch Community
Facilities District (City of Buckeye, Arizona), on May 20, 2025.
District Chairman
ATTEST:
APPROVED AS TO FORM:
District Clerk District Attorney
Exhibit A: FY 25-26 Tentative Budget
EXHIBIT A - BUDGET
Buckeye, Arizona
FY 2025-26
Actual
Budget
FY 23-24
Adopted
Projected
FY 25-26
Revenues:
Property Taxes
$3,913,936
$4,385,635
$4,372,600
$4,850,800
Special assessments - debt service
787,391
674,834
641,600
785,400
Special assessments - prepayments
344,915
205,000
204,000
307,000
Charges for services
-
15,000
7,000
15,000
Developer Agreements
-
-
-
-
Developer Contribution
187,820
300,000
413,800
404,200
Investment Income
-
-
21,600
-
Other
6,585
-
-
-
Total revenues
5,240,647
5,580,469
5,660,600
6,362,400
Expenditures:
Administrative Fees
102,935
150,000
114,400
116,200
Operations and Maintenance
652,422
530,000
432,000
420,000
Debt services:
-
-
-
-
Principal retirement
2,621,022
5,642,307
3,688,300
2,825,000
Interest and other fiscal charges
2,056,401
2,333,764
1,239,700
2,676,800
Bond issuance costs
268,003
300,000
437,000
441,300
Captial Outlay
3,841,171
14,676,211
9,780,300
11,476,600
Contingency
-
970,388
-
527,800
Total expenditures
9,541,954
24,602,670
15,691,700
18,483,700
Excess (deficiency) of revenues over
(under) expenditures
(4,301,307)
(19,022,201)
(10,031,100)
(12,121,300)
Other financing sources (uses):
Bonds issued
3,985,000
10,230,000
10,075,000
7,914,500
Refunding bonds issued
-
3,130,000
2,995,000
-
Premiums issued
-
-
332,300
-
Total other financing sources (uses)
3,985,000
13,360,000
13,402,300
7,914,500
Net Change in fund balances
(316,307)
(5,662,201)
3,371,200
(4,206,800)
Fund balances - beginning
1,992,340
6,366,411
1,676,000
5,047,200
Fund balances - ending
$1,676,033
$704,210
$5,047,200
840,400
Total Full Cash Value Net Assessed
182,720,301
237,728,975
236,848,206
231,279,177
Total Limited Property Valuation Net Assessed
122,120,741
139,799,484
136,959,496
147,128,666
Tax Rate - Debt Service
2.8731
$
2.8371
$
2.8959
$
2.9970
$
Tax Rate - O&M
0.3000
$
0.3000
$
0.3000
$
0.3000
$
FY 24-25 Budget
Festival Ranch Community Facilities District
EXHIBIT A - BUDGET
Buckeye, Arizona
FY 2025-26
General
Capital
Total
General
Assessment
Obligations
Projects
FY 25-26
Revenues:
Property Taxes
$441,400
$0
$4,409,400
$0
$4,850,800
Special assessments - debt service
-
785,400
-
-
785,400
Special assessments - prepayments
-
307,000
-
-
307,000
Charges for services
15,000
-
-
-
15,000
Developer Contribution
-
200,000
204,200
-
404,200
Investment Income
-
-
-
-
-
Other revenues
-
-
-
-
-
Total revenues
456,400
1,292,400
4,613,600
-
6,362,400
Expenditures:
Administrative Fees
116,200
-
-
-
116,200
Operations and Maintenance
420,000
-
-
-
420,000
Debt service:
Principal retirement
-
724,970
2,100,000
-
2,825,000
Interest and other fiscal charges
-
367,449
2,309,381
-
2,676,800
Bond issuance costs
-
200,000
241,300
-
441,300
Captial Outlay
-
1,723,050
9,753,550
-
11,476,600
Contingency
184,512
340,461
2,827
-
527,800
Total expenditures
720,712
3,355,930
14,407,058
-
18,483,700
Excess (deficiency) of revenues over
(under) expenditures
(264,312)
(2,063,530)
(9,793,458)
-
(12,121,300)
Other financing sources (uses):
Bonds issued
-
1,914,500
6,000,000
-
7,914,500
Total other financing sources (uses)
-
1,914,500
9,411,334
(3,411,334)
7,914,500
Net Change in fund balances
(264,312)
(149,030)
(382,124)
(3,411,334)
(4,206,800)
Fund balances - beginning
264,312
989,362
382,124
3,411,334
5,047,200
Fund balances - ending
$0
840,400
$0
$0
$840,400
Total Full Cash Value Net Assessed
231,279,177
Total Limited Property Value Net Assessed
147,128,666
Tax Rate - Debt Service
2.9970
$
Tax Rate - O&M
0.3000
$
Debt Service
Festival Ranch Community Facilities District