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Agua Fria Ranch CFD board reviews FY2027 budget, schedules June 22 public hearing
Summary
The Agua Fria Ranch Community Facilities District Board of Youngtown reviewed a proposed FY2027 budget May 21, 2026, including a debt-service amount of $186,504 and an O&M estimate of $37,366.39; the board set a public hearing on the estimated assessment for June 22, 2026.
The Agua Fria Ranch Community Facilities District Board of Youngtown reviewed a proposed FY2027 budget at its May 21 meeting, hearing staff and consultants describe projected tax levies and the district’s spending plan.
Chair Michael LeVault opened the meeting at 5:31 p.m. and outlined the district’s purpose: AFR CFD was created in 2003 to fund bonds for infrastructure in the Agua Fria Ranch community. Board members and staff then reviewed how the FY2027 levy was estimated and what it would pay for.
Financial consultant Penny Malia and staff explained the district’s annual budget has two parts: Operations and Maintenance (O&M) and Debt Service (principal, interest and trustee fees). The board was told the resolution to the Maricopa County Treasurer lists a debt-service amount of $186,504.00 and an O&M amount of $37,366.39 (the O&M figure reflects the $0.30 per $100 net assessed value cap applied to February county valuations). Using those valuations, the combined rate for FY2026–2027 is calculated at $1.89 per $100 of net assessed value. Malia noted Maricopa County Assessor valuations, provided in February, are used to estimate the levy and can change in the days before the levy report is submitted to the County Board of Supervisors.
Board members were also told that the FY2026–2027 fiscal impact tied to the district is estimated at $223,870.39 and that the district’s bonds are projected to retire in July 2030. Staff said O&M funds would be used for park maintenance.
Board Member Kathryn French asked specifically what the “mowing” line on the O&M exhibit covers. Jeanne Blackman and Penny Malia said O&M stands for Operating and Maintenance and that they would investigate the specific mowing entry and report back to the board.
On procedural items, the board voted to approve the June 26, 2025 meeting minutes (motion by Board Member Mike Francis; second by Board Member Margaret Chittenden); the motion passed unanimously by voice vote. Board Member Margaret Chittenden moved to adjourn, seconded by Board Member Karen Haney Duncan; the meeting adjourned at 5:44 p.m.
Next step: the board scheduled a public hearing on the estimated assessment for June 22, 2026. Minutes from this meeting were noted as approved at the June 4, 2026 board meeting.
