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River Ridge CDD adopts FY2023 audit; auditors flag Special Revenue Fund overrun
Summary
Grau & Associates presented the FY2023 audit on July 23; auditors found no significant noncompliance but said Special Revenue Fund actual expenditures exceeded its budget and recommended a budget amendment within 60 days. The board adopted Resolution 2024‑05 to accept the audit.
The River Ridge Community Development District board on July 23 unanimously adopted Resolution 2024‑05 accepting the audited financial statements for the fiscal year ended Sept. 30, 2023, following a presentation by Ben Steets of Grau & Associates.
Steets told the board "there are no significant instances of non‑compliance and the internal controls over financial reporting appear to be operating as intended," but he identified one audit finding: actual expenditures for the Special Revenue Fund exceeded the budget (noted on Page 28 of the report). He recommended the District amend the budget within 60 days of year end to reflect those expenditures. Steets also confirmed that the principal and interest payments for bonds outstanding at year end were made on time and that the Series 2019 Note was retired subsequent to the fiscal year end on April 24, 2024.
On a motion by Mr. Blumenthal, seconded by Mr. Twombly, the board approved Resolution 2024‑05 accepting the audited financial report. The meeting record shows the motion passed with all in favor.
Earlier in the agenda, Mrs. Adams presented unaudited financial statements as of June 30, 2024 and responded to questions about items on the check register. The board also approved prior meeting minutes (the record shows the May 28, 2024 regular meeting minutes were approved as amended).
Next steps: Mr. Adams (District Manager) will follow up with the Controller regarding the Special Revenue Fund budget amendment. The board is scheduled to adopt the FY2025 budget at its next meeting on Aug. 27, 2024.
