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River Ridge Board ratifies audited FY2023 report, flags 2024 unaudited variances
Summary
The Board ratified acceptance of the FY2023 audited financial report and reviewed unaudited Sept. 30, 2024 statements that contained apparent misclassifications and overages; staff will request invoices and correct ledger items in forthcoming financials.
The River Ridge CDD Board on Oct. 22 ratified Resolution 2024-05A, accepting the audited financial report for the fiscal year ended Sept. 30, 2023.
District Manager Cleo Adams presented unaudited financial statements as of Sept. 30, 2024 and identified several items that appear misclassified or over budget: General Fund "Engineering" showed 209% of budget (suspected misposting of items that should be in special revenue funds); "Contingencies" showed 421% of budget in part because $4,209 should be classified under "Other contractual" for landscaping; and the "NPDES reporting filing" item was $19,805 (152% of budget). Staff will request copies of paid invoices from Corporate accounting and correct ledger entries in the next reporting cycle.
Mr. Blumenthal also raised a question about an $8,672 charge in the Series 2022A Note line; District Manager Adams said she will investigate and believes preliminary expenses may have been recorded that were not repaid. Mr. Krebs noted several incorrect signs ordered from Lykins‑SignTek and asked staff to follow up on sign replacements.
The Board approved a minor amendment to previous meeting minutes (deleting “(via Zoom)” after "Pires") and ratified other routine items. The meeting record shows the Board continues to track active action items and will provide updates as invoices and corrections are verified.
