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River Ridge board adopts Resolution 2024-05 accepting FY2023 audit; special-revenue overspend noted
Summary
The River Ridge board unanimously accepted the audited financial report for the fiscal year ended Sept. 30, 2023, adopting Resolution 2024-05; the auditor reported no significant non-compliance but noted the Special Revenue Fund’s actual expenditures exceeded budget and recommended a budget amendment within 60 days.
Ben Steets of Grau & Associates presented the audited financial statements for the fiscal year ended Sept. 30, 2023, telling the board that internal controls "appear to be operating as intended" and that the audit identified no significant instances of non-compliance. He pointed to one finding (page 28) where actual expenditures for the Special Revenue Fund exceeded the adopted budget and recommended the district amend the budget within 60 days of year-end.
Steets confirmed that principal and interest payments for bonds existing as of fiscal year end were made on time and that the Series 2019 note was retired on April 24, 2024. After discussion and follow-up commitments from staff to coordinate with the controller, Mrs. Adams presented Resolution 2024-05 to accept the audit. On motion by Mr. Blumenthal, seconded by Mr. Twombly, the board adopted Resolution 2024-05 unanimously.
The board also recorded that staff would follow up on the controller actions and any needed budget amendments related to the Special Revenue Fund. No additional compliance issues were raised at the meeting.
