RES 01-25 Verrado Western Overly 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 Western Overlay]
RESOLUTION OF THE BOARD OF DIRECTORS OF THE VERRADO
WESTERN OVERLAY 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 Western Overlay
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 Western Overlay 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 Western Overlay
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 Western Overlay Community Facilities District
Buckeye, Arizona
FY 2025-26
Actual
Budget
FY 23-24
Adopted
Projected
FY 25-26
Revenues:
Property Taxes
$653,795
$1,409,559
$1,408,000
$1,102,100
Developer Contribution
-
187,900
185,000
-
Investment Income
27,833
-
16,000
-
Total revenues
681,628
1,597,459
1,609,000
1,102,100
Expenditures:
Administrative Fees
12,817
16,300
27,200
27,700
Operations and Maintenance
131,211
24,000
9,000
35,000
Debt services:
Principal retirement
425,000
880,000
1,145,000
545,000
Interest and other fiscal charges
155,932
444,819
445,200
464,100
Bond issuance costs
-
271,197
250,200
-
Captial Outlay
-
8,300,000
8,438,000
-
Contingency
-
481,021
-
187,300
Total expenditures
724,960
10,417,337
10,314,600
1,259,100
Excess (deficiency) of revenues over
(under) expenditures
(43,332)
(8,819,878)
(8,705,600)
(157,000)
Other financing sources (uses):
Bonds issued
-
8,290,000
8,300,000
-
Premiums issued
-
93,297
207,500
-
Transfer from other funds
-
8,300,000
8,438,000
-
Transfers to other funds
-
(8,300,000)
(8,438,000)
-
Total other financing sources (uses)
-
8,383,297
8,507,500
-
Net Change in fund balances
(43,332)
(436,581)
(198,100)
(157,000)
Fund balances - beginning
398,466
436,581
355,100
157,000
Fund balances - ending
$355,134
$0
$157,000
$0
Total Full Cash Value Net Assessed
38,826,157
53,845,206
53,826,709
57,461,716
Total Limited Property Valuation Net Assessed
24,727,849
28,246,691
27,992,418
30,975,747
Tax Rate - Debt Service
2.3493
$
4.6902
$
4.7328
$
3.2577
$
Tax Rate - O&M
0.3000
$
0.3000
$
0.3000
$
0.3000
$
FY 24-25 Budget
EXHIBIT A - BUDGET
Verrado Western Overlay Community Facilities District
Buckeye, Arizona
FY 2025-26
Total
General
Debt Service
FY 25-26
Revenues:
Property Taxes
$93,000
$1,009,100
$1,102,100
Total revenues
93,000
1,009,100
1,102,100
Expenditures:
Administrative Fees
27,700
-
27,700
Operations and Maintenance
35,000
-
35,000
Debt services:
Principal retirement
-
545,000
545,000
Interest and other fiscal charges
-
464,100
464,100
Contingency
32,700
154,600
187,300
Total expenditures
95,400
1,163,700
1,259,100
Excess (deficiency) of revenues over
(under) expenditures
(2,400)
(154,600)
(157,000)
Net Change in fund balances
(2,400)
(154,600)
(157,000)
Fund balances - beginning
2,400
154,600
157,000
Fund balances - ending
$0
$0
$0
Total Full Cash Value Net Assessed
57,461,716
Total Limited Property Valuation Net Assessed
30,975,747
Tax Rate - Debt Service
3.2577
$
Tax Rate - O&M
0.3000
$