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River Ridge CDD accepts audited financials for FY 2023 and reviews unaudited Sept. 30, 2024 statements
Summary
The board ratified Resolution 2024-05A accepting the audited financial report for the fiscal year ended Sept. 30, 2023, and reviewed unaudited Sept. 30, 2024 statements that showed several budget variances staff agreed to correct.
At its Oct. 22 meeting the River Ridge CDD ratified Resolution 2024-05A accepting the Audited Financial Report for the fiscal year ended Sept. 30, 2023.
District Manager Mrs. Adams then presented unaudited financial statements as of Sept. 30, 2024 and identified apparent misclassifications and variances. Items flagged included: General Fund “Engineering” at 209% of budget (suggesting some expenditures that should be under a Special Revenue Fund were mistakenly included); “Contingencies” at 421% of budget due to $4,209 that Mrs. Adams believes belongs under “Other contractual” as landscaping; an NPDES reporting filing entry of $19,805 (152% of budget); a 2022 note debt service entry of $74,480 (205% of budget); and a $8,672 entry under the Series 2022A Note.
Mrs. Adams said she had asked Corporate for copies of all paid invoices to reconcile the entries and expected the errors to be corrected in the next financial package. Board members pressed for details on the Check Detail and a corrected General Ledger posting date to be reflected on the report.
On motion by Mr. Schultz and seconded by Mr. Blumenthal, the Board ratified acceptance of the audited FY 2023 financial report without recorded opposition.
