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River Ridge board accepts audited FY2023 financial report, adopts Resolution 2024-05
Summary
The River Ridge Board unanimously accepted the audited financial statements for the fiscal year ended Sept. 30, 2023, noting one finding that Special Revenue Fund expenditures exceeded budget and adopting Resolution 2024-05 to accept the audit.
The River Ridge Community Development District Board accepted the audited financial statements for the fiscal year ended Sept. 30, 2023 and adopted Resolution 2024-05 at its July 23 meeting.
Ben Steets of Grau & Associates presented the audit and told the board there were "no significant instances of non-compliance and the internal controls over financial reporting appear to be operating as intended," while noting one finding on Page 28 that actual expenditures for the Special Revenue Fund exceeded budget. Steets recommended the board amend the budget within 60 days of the fiscal year end to address that variance.
Board members asked about Note 10 and whether the Series 2019 Note should be reflected as a subsequent event; Steets confirmed that bond principal and interest payments due as of the fiscal year end were made on time and that the Series 2019 Note was retired on April 24, 2024.
Mrs. Adams presented Resolution 2024-05 to accept the audited report. On a motion by Mr. Blumenthal, seconded by Mr. Twombly, the board adopted Resolution 2024-05 unanimously.
The board directed staff to coordinate any necessary budget amendments and follow up with the controller on the Special Revenue Fund variance.
