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River Ridge CDD accepts audited FY2023 financial statements and adopts Resolution 2024-05
Summary
On July 23, 2024 the River Ridge CDD Board accepted the audited financial report for the fiscal year ended Sept. 30, 2023 prepared by Grau & Associates, which found no significant noncompliance but noted Special Revenue Fund expenditures exceeded budget; the board adopted Resolution 2024-05 unanimously.
The River Ridge Community Development District Board of Supervisors voted on July 23, 2024 to accept the audited financial statements for the fiscal year ended Sept. 30, 2023 and adopted Resolution 2024-05 authorizing that acceptance.
Ben Steets of Grau & Associates presented the audit, stating the firm found no significant instances of non-compliance and that internal controls over financial reporting appear to be operating as intended. Mr. Steets identified one finding (noted on Page 28 of the audit) that actual expenditures for the Special Revenue Fund exceeded the budget and recommended amending the budget within 60 days of year-end to address the variance. He also confirmed that principal and interest payments due on bonds that existed as of the fiscal year end were made on time and that the Series 2019 note was retired on April 24, 2024.
Cleo Adams, the District Manager, presented Resolution 2024-05. On a motion by Supervisor Kurt Blumenthal, seconded by Supervisor Robert Twombly, and "with all in favor," the board adopted Resolution 2024-05 accepting the audited financial report. The board did not record individual roll-call votes in the minutes; five supervisors were present and participation by remote attendance was authorized for Chair Bob Schultz.
District staff will follow up on the audit recommendation: Mr. Ben Steets noted the Special Revenue Fund variance and Mr. Chuck Adams said he will coordinate with the Controller to ensure any required budget amendments are processed.
The board’s acceptance of the audit completes the formal review of the FY2023 audited financial statements; related budget amendments were recommended to meet statutory requirements and will be handled through the district’s standard financial processes.
