Board of Directors of the Floreo at Teravalis 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,

4.D
CITY OF BUCKEYE
Joint Meeting of the Community Facilities Districts
BOARD ACTION REPORT
MEETING DATE: 05/20/25
AGENDA ITEM: 4.D. FY 2025-
2026 Community Facilities District
Tentative Budget - Floreo at Teravalis
CFD
DATE PREPARED: 05/20/25
DISTRICT NO.: 8004
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 Floreo at Teravalis 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 Tentative Budget also includes a request to form a Special Assessment District (SAD) #1. 
The request is for the District to issue $10,970,000 of par amount of Special Assessment Revenue
Bonds.  The Bond proceeds are to partially reimburse the developer for water, sewer, storm drainage,
paving and concrete improvements, and box culverts.  The projects are to benefit 1,097 lots in the Floreo
at Teravalis CFD.  The per lot assessment is $10,000, to be paid over 20 years.  The annual lot principal
and interest payment is estimated to be $855, or $71 per month.  The estimated interest rate is 6%.  The
annual principal and interest payments will be collected by the County with the County property taxes. 
The SAD lot assessment may be paid off at any time or left on until maturity.  The SAD lot assessment is
assumable and does not need to be paid off when the property transfers.
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 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:
8004
Items related to a project or facility location must include an attached vicinity map for Council
Review.
ATTACHMENTS:
RES 01-25 Floreo at Teravalis CFD FY25-26 Tentative Budget (05.06.2025).pdf