Board of Directors of the Westpark Community Facilities District to take action on Resolution No. -25 approving the Tentative Budget of the District for the FY 2025-2026 beginning July 1, 2025, and en

4.K
CITY OF BUCKEYE
Joint Meeting of the Community Facilities Districts
BOARD ACTION REPORT
MEETING DATE: 05/20/25
AGENDA ITEM: 4.K. FY 2025-2026
Community Facilities District Tentative
Budget - Westpark CFD
DATE PREPARED: 05/20/25
DISTRICT NO.: 8005
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 Westpark 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
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 Budget includes an issue of new General Obligations (GO) Bonds in an amount not to
exceed $5,400,000.  The GO Bonds will be a 20 year maturity; the interest rate will be 5%; the proceeds
will be for a loop roadway project in the District; the estimated annual debt service tax rate will be
$3.3467, an increase of $0.5139 from FY 24-25 of $2.8328; an increase of 18.1%.  The total combined
FY 25-26 tax rate is estimated to be $3.6467; the FY 24-25 combined tax rate was $3.1328.  The
combined FY 25-26 tax rate is an increase of 16.4% over the FY 24-25 combined tax rate. 
The FY 25-26 Tentative Budget also includes a request to form a Special Assessment District (SAD) #2. 
The request is for the District to issue $1,561,000 of par amount of Special Assessment Revenue
Bonds.  The Bond proceeds are to partially reimburse the developer for roadway paving and concrete
improvements.  The roadway improvements are to benefit 446 lots in the Westpark CFD.  The per lot
assessment is $3,500, to be paid over 20 years.  The annual lot principal and interest payment is
estimated to be $300, or $25 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 maybe 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, including debt service, 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:
8010
Items related to a project or facility location must include an attached vicinity map for Council
Review.
ATTACHMENTS:
RES 01-25 Westpark CFD FY25-26 Tentative Budget (05.07.2025) Revised.pdf