River Ridge CDD adopts Resolution 2024-05 to accept FY2023 audit; special revenue fund outlay exceeded budget

At the July 23 River Ridge Community Development District meeting, Ben Steets of Grau & Associates presented the audited financial statements for the fiscal year ended Sept. 30, 2023 and reported "there are no significant instances of non-compliance and the internal controls over financial reporting appear to be operating as intended." He identified one audit finding — expenditures for the Special Revenue Fund exceeded the adopted budget — and recommended that the Board amend that budget within 60 days of year-end.

In response to a board question about Note 10 and the Series 2019 Note, Steets confirmed that principal and interest payments for bonds existing as of the fiscal year end were made on time and that the Series 2019 Note was retired subsequent to year-end on April 24, 2024. Mrs. Adams presented Resolution 2024-05. On a motion by Kurt Blumenthal, seconded by Robert Twombly, the Board adopted Resolution 2024-05 accepting the audited financial report (vote: all in favor).

The auditor’s recommendation means staff will follow up with the Controller to ensure the Special Revenue Fund’s actual expenditures are reflected in a budget amendment. The board did not identify any additional compliance concerns in the audit presentation.