RES 01-25 Watson Road 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 [Watson Road]
RESOLUTION OF THE BOARD OF DIRECTORS OF THE WATSON ROAD
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 Watson Road 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 Watson Road 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 Watson Road 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
Watson Road Community Facilities District
Buckeye, Arizona
FY 25-26
Actual
Budget
FY 23-24
Adopted
Projected
FY 25-26
Revenues:
Property Taxes
$162,014
$234,346
$232,100
$308,500
Special assessments - debt service
2,528,228
2,002,128
1,950,200
1,950,100
Special assessments - prepayments
30,461
180,000
176,000
180,000
Charges for services
-
69,261
104,300
70,000
Developer Contribution
-
-
-
-
Investment Income
105,480
-
95,600
-
Other revenues
108,666
-
-
-
Total revenues
2,934,849
2,485,735
2,558,200
2,508,600
Expenditures:
Administrative Fees
26,113
43,000
20,800
21,100
Operations and Maintenance
89,820
509,500
45,900
518,000
Debt services:
Principal retirement
1,848,140
1,843,140
1,793,300
1,850,800
Interest and other fiscal charges
392,434
338,988
332,900
279,300
Contingency
-
3,520,742
-
4,568,200
Total expenditures
2,356,507
6,255,370
2,192,900
7,237,400
Excess (deficiency) of revenues over
(under) expenditures
578,342
(3,769,635)
365,300
(4,728,800)
Net Change in fund balances
578,342
(3,769,635)
365,300
(4,728,800)
Fund balances - beginning
5,932,718
5,861,035
6,511,000
6,876,300
Fund balances - ending
$6,511,060
$2,091,400
$6,876,300
$2,147,500
Total Full Cash Value Net Assessed
100,653,509
168,074,070
167,673,465
172,130,129
Total Limited Property Valuation Net Assessed
54,176,465
78,115,321
77,381,706
90,077,873
Tax Rate - Debt Service
-
$
-
$
-
$
-
$
Tax Rate - O&M
0.3000
$
0.3000
$
0.3000
$
0.3000
$
FY 24-25 Budget
EXHIBIT A - BUDGET
Watson Road Community Facilities District
Buckeye, Arizona
FY 2025-26
Total
General
Debt Service
FY 25-26
Revenues:
Property Taxes
$308,500
$0
$308,500
Special assessments - debt service
-
1,950,100
1,950,100
Special assessments - prepayments
-
180,000
180,000
Charges for services
70,000
-
70,000
Total revenues
378,500
2,130,100
2,508,600
Expenditures:
Administrative Fees
21,100
-
21,100
Operations and Maintenance
518,000
-
518,000
Debt services:
Principal retirement
-
1,850,800
1,850,800
Interest and other fiscal charges
-
279,300
279,300
Contingency
948,700
3,619,500
4,568,200
Total expenditures
1,487,800
5,749,600
7,237,400
Excess (deficiency) of revenues over
(under) expenditures
(1,109,300)
(3,619,500)
(4,728,800)
Other financing sources (uses):
Bonds issued
-
-
-
Refunding bonds issued
-
-
-
Premiums issued
-
-
-
Transfer from other funds
-
-
-
Transfers to other funds
-
-
-
Total other financing sources (uses)
-
-
-
Net Change in fund balances
(1,109,300)
(3,619,500)
(4,728,800)
Fund balances - beginning
1,109,300
5,767,000
6,876,300
Fund balances - ending
-
2,147,500
2,147,500
Total Full Cash Value Net Assessed
172,130,129
Total Limited Property Valuation Net Assessed
90,077,873
Tax Rate - Debt Service
-
$
Tax Rate - O&M
0.3000
$