RES 01-25 Verrado District 1 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 [Verrado District 1]
RESOLUTION OF THE BOARD OF DIRECTORS OF THE VERRADO
DISTRICT 1 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 Verrado District 1 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 Verrado District 1 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 Verrado District 1 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
Verrado District #1 Community Facilities District
Buckeye, Arizona
FY 2025-26
Actual
Budget
FY 23-24
Adopted
Projected
FY 25-26
Revenues:
Property Taxes
$7,228,550
$7,120,771
$7,109,000
$7,369,600
Developer Contribution
309,325
-
-
-
Investment Income
60,495
-
19,200
-
Total revenues
7,598,370
7,120,771
7,128,200
7,369,600
Expenditures:
Administrative Fees
145,018
89,000
126,100
128,000
Operations and Maintenance
997,811
939,000
66,800
774,000
Debt services:
Principal retirement
4,260,000
4,260,000
4,260,000
4,420,000
Interest and other fiscal charges
2,393,170
2,409,262
2,409,300
2,253,600
Bond issuance costs
710,990
-
-
-
Captial Outlay
39,370,000
13,590,506
-
-
Contingency
-
255,864
-
283,100
Total expenditures
47,876,989
21,543,632
6,862,200
7,858,700
Excess (deficiency) of revenues over
(under) expenditures
(40,278,619)
(14,422,861)
266,000
(489,100)
Other financing sources (uses):
Bonds issued
25,910,000
-
-
-
Refunding bonds issued
11,825,000
-
-
-
Premiums issued
2,014,618
-
-
-
Transfer from other funds
27,200,000
-
-
-
Transfers to other funds
(27,200,000)
-
-
-
Total other financing sources (uses)
39,749,618
-
-
-
Net Change in fund balances
(529,001)
(14,422,861)
266,000
(489,100)
Fund balances - beginning
752,081
14,422,861
223,100
489,100
Fund balances - ending
$223,080
$0
$489,100
$0
Total Full Cash Value Net Assessed
309,798,480
410,706,801
410,925,319
422,646,182
Total Limited Property Valuation Net Assessed
196,490,237
217,169,643
215,384,054
232,008,265
Tax Rate - Debt Service
3.4080
$
2.9789
$
3.0036
$
2.8764
$
Tax Rate - O&M
0.3000
$
0.3000
$
0.3000
$
0.3000
$
FY 24-25 Budget
EXHIBIT A - BUDGET
Verrado District #1 Community Facilities District
Buckeye, Arizona
FY 2025-26
Total
General
Debt Service
FY 25-26
Revenues:
Property Taxes
$696,000
$6,673,600
$7,369,600
Total revenues
696,000
6,673,600
7,369,600
Expenditures:
Administrative Fees
128,000
-
128,000
Operations and Maintenance
774,000
-
774,000
Debt services:
Principal retirement
-
4,420,000
4,420,000
Interest and other fiscal charges
-
2,253,600
2,253,600
Contingency
204,500
78,600
283,100
Total expenditures
1,106,500
6,752,200
7,858,700
Excess (deficiency) of revenues over
(under) expenditures
(410,500)
(78,600)
(489,100)
Net Change in fund balances
(410,500)
(78,600)
(489,100)
Fund balances - beginning
410,500
78,600
489,100
Fund balances - ending
-
-
-
Total Full Cash Value Net Assessed
422,646,182
Total Limited Property Valuation Net Assessed
232,008,265
Tax Rate - Debt Service
2.8764
$
Tax Rate - O&M
0.3000
$