Discussion and possible action to adopt RES. VCFD 2024-03 approving the final budget and tax levy estimates for Fiscal Year 2025 for the Vistancia Community Facilities District; ordering that an Ad Valorem Tax be levied and assessed on the assessed value of all property within the District; and providing for certified copies of this Resolution to be delivered to the appropriate agencies.

The District prepares a budget for public hearing and board approval each year in accordance with A.R.S. 48-716. The budget identifies the anticipated revenues and expenses of the District for the upcoming year.

A final form of the District Budget, attached as Exhibit 1, provides for an operating and capital budget of $4,496,900 for the District for the Fiscal Year 2025. Exhibit 2 provides a statement of estimated taxes to be collected for FY 2025. The tax rate proposed for the upcoming fiscal year is $1.77 per $100 of limited assessed value for debt service. The total tax levy for the upcoming year is estimated to be $4,528,375. The balance of revenues for the District is anticipated to come from the Developer per the Development Agreement and/or Standby Contribution Agreement.

As required by A.R.S 48-716, a notice of public hearing on the District Budget for Fiscal Year 2025 was published in the Peoria Times on May 9, 2024, at least ten days prior to the hearing date. Following the public hearing on May 28, 2024, the District Board may adopt the final budget by resolution.

On May 7, 2024, the District Board adopted a preliminary form of the Vistancia Community Facilities District Budget and tax levy information for Fiscal Year 2025 and established a public hearing date of May 28, 2024 to review the proposed budget and tax levy estimates.

Staff recommends the District Board hold a public hearing for consideration and review of the Vistancia Community Facilities District Budget and Tax Levy for Fiscal Year 2025 and adopt the attached Resolution approving the District's budget and tax levy for fiscal year 2025.