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River Ridge board accepts FY2023 audited financials; audit flags Special Revenue fund overage
Summary
Grau & Associates presented the FY2023 audit, reporting no significant noncompliance but noting the Special Revenue Fund expenditures exceeded budget; the board adopted Resolution 2024‑05 to accept the audit.
Ben Steets of Grau & Associates presented the audited financial statements for the fiscal year ended Sept. 30, 2023, telling the Board there were no significant instances of noncompliance and internal controls “appear to be operating as intended.”
Steets said the audit included one finding (noted on page 28): actual expenditures for the Special Revenue Fund exceeded its budget. The audit report recommends amending the budget within 60 days of year end to reflect those expenditures. Steets also confirmed the Series 2019 Note was retired on April 24, 2024 after year end and that principal and interest payments on bonds were current as of the fiscal year end.
Mrs. Adams presented Resolution 2024-05 to accept the audited financial report. On motion by Mr. Blumenthal and seconded by Mr. Twombly, with all in favor, the Board adopted Resolution 2024-05 accepting the audit for the fiscal year ended Sept. 30, 2023.
Next steps: District Manager will follow up with the controller regarding the required budget amendment and staff will ensure the Special Revenue Fund expenditures are properly budgeted.
