Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
River Ridge CDD adopts Resolution 2024‑05, accepts audited financial report for FY2023
Summary
The board unanimously adopted Resolution 2024‑05 to accept the audited financial statements for the fiscal year ended Sept. 30, 2023; the auditor reported no significant non‑compliance but noted expenditures in the Special Revenue Fund exceeded budget and recommended a budget amendment within 60 days.
The River Ridge Community Development District board unanimously adopted Resolution 2024‑05 on July 23, accepting the audited financial statements for the fiscal year ended Sept. 30, 2023.
Ben Steets of Grau & Associates presented the audit and told the board the audit found no significant instances of non‑compliance and that "the internal controls over financial reporting appear to be operating as intended." He noted one finding (detailed on audit page 28): actual expenditures for the Special Revenue Fund exceeded budget and the firm recommended amending the budget within 60 days of year end.
In response to a board question about Note 10, Mr. Steets confirmed that principal and interest payments for bonds existing as of fiscal year end were paid on time and that the Series 2019 Note was retired subsequent to year end on April 24, 2024. Mr. Blumenthal recalled staff had proposed a budget amendment previously for the General Fund; Mr. Steets said the Special Revenue Fund also requires any actual expenditures to be budgeted.
On motion by Mr. Blumenthal, seconded by Mr. Twombly, and with all in favor, the Board adopted Resolution 2024‑05 accepting the audited financial report.
Next steps: Mr. Adams will follow up with the Controller regarding the recommended budget amendment and the Board will take any required formal action within the auditor’s suggested timeframe.
