Buckeye's Fiscal Year 2025-2026 city budget was unanimously approved at council's June 3 meeting, with no alterations from the May 20 tentative budget hearing.
The nearly $819.7 million budget comes from a variety of revenue sources, top categories being 29% from the current fund balance, 20% from bond proceeds and 12% from sales taxes. The FY2025-2026 budget includes a minor reduction in primary property tax rates to $1.60 from approximately $1.61 in FY2025. The General Fund's total budget of $208.9 million consists primarily of 46% in sales tax and 21% in intergovernmental revenues.
"Buckeye is committed to maintaining strong financial health through a balanced budget and conservative revenue projections," reads a June 4 press release from the city. "This responsible approach allows us to invest in our future while ensuring residents continue to receive the high-quality services and amenities they expect."
There were no public speakers for the budget hearing.
Truth in Taxation Hearing
The June 3 meeting included a Truth In Taxation presentation and public hearing, as require by state law in efforts to increase public awareness and transparency in budgetary processes.
Buckeye's total tax levy for FY2025-2026 totals nearly $16.7 million, an increase from the previous fiscal year with just more than $1 million added from construction and $325.8 thousand added from the property tax levy.
The tax levy amount is determined based on the assessed values of properties, creating an negative correlation between assessed values and tax rates. As assessed values and levy increase, the tax rate decreases. Buckeye's assessed value hit $1 billion in 2025, Chief Financial Officer William Kauppi said at the June 4 meeting. That included an increase of $51 million in residential homes, a $17.3 increase in rentals and a $14.5 million increase in commercial properties. This is resulting in a gradual decrease of the tax rate. In FY2018-2019, the rate was $1.80. The proposed rate for FY2025-2026 is $1.60.
There were no public speakers for the Truth in Taxation hearing.
Read the full Truth in Taxation report HERE.
Street Lighting Improvement Districts Budget
City Council also unanimously approved the $565,700 FY2025-2026 Street Lighting Improvement Districts (SLID) budget. Power to light Buckeye's streets is purchased through Arizona Public Service and paid for through a property tax.
"The SLID assessment is made upon each property within the District and is collected through the Maricopa County property tax system," reads city documents. "The establishment and operation of SLIDs contributes to community safety by ensuring that streets are well lighted and that power supplied by the electric utility is paid for by the residents benefitting from the street lighting adjacent to their home and neighborhood."
Read the final SLID budget HERE.