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River Ridge CDD accepts FY2023 audit; board adopts Resolution 2024-05
Summary
Grau & Associates presented the FY2023 audited financial statements noting one finding (Special Revenue Fund expenditures exceeded budget) and that the Series 2019 Note was retired after year-end; the board adopted Resolution 2024-05 accepting the audit and approved related administrative motions.
Ben Steets of Grau & Associates presented the River Ridge Community Development District’s audited financial report for the fiscal year ended Sept. 30, 2023, telling the board that “there are no significant instances of non‑compliance and the internal controls over financial reporting appear to be operating as intended.”
Steets said there was one audit finding: actual expenditures for the Special Revenue Fund exceeded its budget and the auditor recommended the board amend that fund’s budget within 60 days following the fiscal year end. He confirmed that principal and interest payments on bonds existing at year end were made on time and that the Series 2019 Note was retired on April 24, 2024, which is why it was not reported as a subsequent event in the audit.
Mrs. Cleo Adams presented Resolution 2024‑05 to accept the audited financial report. On motion by Supervisor Kurt Blumenthal and seconded by Supervisor Robert Twombly, the board adopted Resolution 2024‑05, accepting the audited financial report, with all in favor.
Earlier in the meeting, the board also approved a motion authorizing Chair Bob Schultz to participate via telephone/Zoom due to exceptional circumstances (motion by Supervisor Terry Mountford, seconded by Supervisor Kurt Blumenthal, approved with all in favor). The board later approved the June 25, 2024 regular meeting minutes as amended (motion by Mr. Blumenthal, seconded by Mr. Gilman), including corrections to a staff name and title.
What happens next: staff will follow up with the controller regarding the Special Revenue Fund budget amendment recommendation and will incorporate any required edits to financial records. The next regular meeting is set for Aug. 27, 2024, when the board will consider adoption of the FY2025 budget.
