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River Ridge board accepts FY2023 audit; finds special-revenue overspend and orders budget amendment
Summary
Grau & Associates presented the FY2023 audit, finding no significant noncompliance but noting that Special Revenue Fund expenditures exceeded the adopted budget and recommending a budget amendment within 60 days; the Board adopted Resolution 2024-05 accepting the audit.
On July 23, 2024, the River Ridge Community Development District Board accepted the audited financial statements for the fiscal year ended Sept. 30, 2023, after a presentation from Ben Steets of Grau & Associates.
Mr. Steets told the Board that “the audit finds that there are no significant instances of non-compliance and the internal controls over financial reporting appear to be operating as intended,” but he noted a single finding: actual expenditures for the Special Revenue Fund exceeded its adopted budget and should be addressed. He recommended the Board amend the budget within 60 days of the fiscal year end to reflect those expenditures.
The auditor also 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, a transaction that occurred subsequent to the fiscal year end and therefore was not treated as a subsequent event to the audit.
The Board adopted Resolution 2024-05 accepting the audited financial report on a motion by Kurt Blumenthal, seconded by Robert Twombly, with all in favor. Earlier in the meeting the Board also approved a motion allowing Chair Bob Schultz to participate by telephone, and later approved the June 25, 2024 meeting minutes as amended.
Next steps recorded at the meeting: the District Manager will follow up with the Controller regarding the Special Revenue Fund finding, and staff will prepare any required budget amendment as recommended by the auditor. The Board is scheduled to meet Aug. 27, 2024 for the FY2025 budget adoption hearing.
