RES 01-25 Floreo at Teravalis 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 [Floreo at Teravalis]
RESOLUTION OF THE BOARD OF DIRECTORS OF THE FLOREO AT
TERAVALIS 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 Floreo at Teravalis 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 Floreo at Teravalis 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 Floreo at Teravalis
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
Floreo at Teravalis Community Facilities District
Buckeye, Arizona
FY 25-26
Actual
Budget
FY 23-24
Adopted
Projected
FY 25-26
Revenues:
Property Taxes
$64
$1,297
$900
$1,000
Special assessments - debt service
-
-
-
975,600
Special assessments - prepayments
-
-
-
200,000
Charges for services
-
-
-
5,000
Developer Contribution
6,711
5,203
3,900
404,400
Total revenues
6,775
6,500
4,800
1,586,000
Expenditures:
Administrative Fees
5,000
5,000
5,000
5,000
Operations and Maintenance
1,360
1,500
-
1,000
Debt services:
Principal retirement
-
-
-
530,000
Interest and other fiscal charges
-
-
-
645,600
Bond issuance costs
-
-
-
404,400
Captial Outlay
-
-
-
9,993,600
Contingency
-
-
-
-
Total expenditures
6,360
6,500
5,000
11,579,600
Excess (deficiency) of revenues over
(under) expenditures
415
-
(200)
(9,993,600)
Other financing sources (uses):
Bonds issued
-
-
-
10,970,000
Total other financing sources (uses)
-
-
-
10,970,000
Net Change in fund balances
415
-
(200)
976,400
Fund balances - beginning
(183)
-
200
-
Fund balances - ending
$232
$0
$0
$976,400
Total Full Cash Value Net Assessed
21,318
994,898
651,667
684,090
Total Limited Property Valuation Net Assessed
21,218
432,252
284,782
349,508
Tax Rate - Debt Service
-
$
-
$
-
$
-
$
Tax Rate - O&M
0.3000
$
0.3000
$
0.3000
$
0.3000
$
FY 24-25 Budget
EXHIBIT A - BUDGET
Floreo at Tervalis Community Facilities District
Buckeye, Arizona
FY 25-26
Total
General
Assessment
FY 25-26
Revenues:
Property Taxes
$1,000
$0
$1,000
Special assessments - debt service
-
975,600
975,600
Special assessments - prepayments
-
200,000
200,000
Charges for services
5,000
-
5,000
Developer Contribution
-
404,400
404,400
Total revenues
6,000
1,580,000
1,586,000
Expenditures:
Administrative Fees
5,000
-
5,000
Operations and Maintenance
1,000
-
1,000
Debt services:
Principal retirement
-
530,000
530,000
Interest and other fiscal charges
-
645,600
645,600
Bond issuance costs
-
404,400
404,400
Captial Outlay
-
9,993,600
9,993,600
Total expenditures
6,000
11,573,600
11,579,600
Excess (deficiency) of revenues over
(under) expenditures
-
(9,993,600)
(9,993,600)
Other financing sources (uses):
Bonds issued
-
10,970,000
10,970,000
Total other financing sources (uses)
-
10,970,000
10,970,000
Net Change in fund balances
-
976,400
976,400
Fund balances - beginning
-
-
-
Fund balances - ending
$0
$976,400
$976,400
Total Full Cash Value Net Assessed
684,090
Total Limited Property Valuation Net Assessed
349,508
Tax Rate - Debt Service
-
$
Tax Rate - O&M
0.3000
$
Debt Service