RES 01-25 Westpark CFD FY25-26 Tentative Budget (05.07.2025) Revised.pdf
City of Buckeye — Joint Community Facilities Districts (2025-05-20)
Extracted text (via pymupdf)
8053 characters
6529876.1
1
RESOLUTION NO. 01-25 [Westpark]
RESOLUTION OF THE BOARD OF DIRECTORS OF THE WESTPARK
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 Westpark 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 Westpark 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 Westpark 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
Buckeye, Arizona
FY 25-26
Actual
Budget
FY 23-24
Adopted
Projected
FY 25-26
Revenues:
Property Taxes
562,023
$575,705
$575,500
$715,200
Special assessments - debt service
129,495
97,426
97,100
229,700
Special assessments - prepayments
-
10,000
13,000
113,000
Charges for services
-
12,500
-
10,100
Developer Contribution
-
300,000
-
396,500
Investment Income
12,338
-
16,600
-
Other revenues
10,422
-
10,500
-
Total revenues
714,278
995,631
712,700
1,464,500
Expenditures:
Administrative Fees
8,665
12,400
7,400
7,500
Operations and Maintenance
14,935
52,500
35,600
37,700
Debt services:
-
-
-
Principal retirement
419,000
438,000
441,000
745,100
Interest and other fiscal charges
207,872
189,876
189,500
366,400
Bond issuance costs
-
300,000
-
451,600
Captial Outlay
-
9,000,000
-
6,637,300
Contingency
-
230,845
-
371,500
Total expenditures
650,472
10,223,621
673,500
8,617,100
Excess (deficiency) of revenues over
(under) expenditures
63,806
(9,227,990)
39,200
(7,152,600)
Other financing sources (uses):
Bonds issued
-
9,000,000
-
6,961,000
Transfer from other funds
-
9,000,000
-
-
Transfers to other funds
-
(9,000,000)
-
-
Total other financing sources (uses)
-
9,000,000
-
6,961,000
Net Change in fund balances
63,806
(227,990)
39,200
(191,600)
Fund balances - beginning
304,647
284,929
368,500
407,700
Fund balances - ending
368,453
$56,939
$407,700
$216,100
Total Full Cash Value Net Assessed
33,427,324
48,425,987
48,389,377
43,705,344
Total Limited Property Valuation Net Assessed
14,376,280
18,418,289
18,374,004
19,608,805
Tax Rate - Debt Service
3.6105
$
2.8257
$
2.8325
$
3.3467
$
Tax Rate - O&M
0.3000
$
0.3000
$
0.3000
$
0.3000
$
FY 24-25 Budget
Westpark Community Facilities District
EXHIBIT A - BUDGET
Buckeye, Arizona
FY 2025-26
General
Total
General
Assessment
Obligations
FY 25-26
Revenues:
Property Taxes
$58,900
$0
$656,300
$715,200
Special assessments - debt service
-
229,700
-
229,700
Special assessments - prepayments
-
113,000
-
113,000
Charges for services
10,100
-
-
10,100
Developer Contribution
-
200,000
196,500
396,500
Total revenues
69,000
542,700
852,800
1,464,500
Expenditures:
Administrative Fees
7,500
-
-
7,500
Operations and Maintenance
37,700
-
-
37,700
Debt services:
Principal retirement
-
240,100
505,000
745,100
Interest and other fiscal charges
-
102,600
263,800
366,400
Bond issuance costs
-
200,000
251,600
451,600
Captial Outlay
-
1,404,900
5,232,400
6,637,300
Contingency
100,500
190,500
80,500
371,500
Total expenditures
145,700
2,138,100
6,333,300
8,617,100
Excess (deficiency) of revenues over
(under) expenditures
(76,700)
(1,595,400)
(5,480,500)
(7,152,600)
Other financing sources (uses):
Bonds issued
-
1,561,000
5,400,000
6,961,000
Total other financing sources (uses)
-
1,561,000
5,400,000
6,961,000
Net Change in fund balances
(76,700)
(34,400)
(80,500)
(191,600)
Fund balances - beginning
76,700
250,500
80,500
407,700
Fund balances - ending
$0
$216,100
$0
$216,100
Total Full Cash Value Net Assessed
43,705,344
Total Limited Property Valuation Net Assessed
19,608,805
Tax Rate - Debt Service
3.3467
$
Tax Rate - O&M
0.3000
$
Debt Service
Westpark Community Facilities District