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River Ridge board adopts audit after auditors flag Special Revenue Fund overspending
Summary
The River Ridge Community Development District accepted its fiscal 2023 audit July 23; auditors found no significant noncompliance but recommended a budget amendment after Special Revenue Fund expenditures exceeded budget. The board adopted Resolution 2024‑05 unanimously.
The River Ridge Community Development District Board of Supervisors unanimously adopted Resolution 2024‑05 July 23 to accept the fiscal year 2023 audited financial statements.
Ben Steets of Grau & Associates presented the audit and said the firm found no significant instances of noncompliance and that internal controls over financial reporting ‘‘appear to be operating as intended.’’ He noted one finding (cited on page 28 of the audit): actual expenditures for the Special Revenue Fund exceeded the adopted budget and recommended the board amend the budget within 60 days of year‑end to remedy the variance. Steets also confirmed that the Series 2019 note that existed as of the fiscal year end was retired on April 24, 2024, subsequent to the reporting period.
Supervisor Kurt Blumenthal moved to accept the audit and Supervisor Robert Twombly seconded; the motion carried with all Supervisors voting in favor. The Board did not adopt line‑item changes at the meeting; management was directed to follow up with the Controller on the recommended budget amendment and next steps.
The acceptance of the audit triggers administrative follow-up to prepare the recommended budget amendment for formal consideration and to address the Special Revenue Fund variance. The board’s next regular meeting is scheduled for Aug. 27, 2024, when the FY2025 budget is set to be adopted.
