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River Ridge board adopts audit acceptance resolution, flags Special Revenue Fund variance
Summary
The River Ridge Community Development District on July 23 adopted Resolution 2024-05 accepting the FY2023 audited financial report; auditors recommended a budget amendment after Special Revenue Fund expenditures exceeded budget. The board also approved amended minutes and set an Aug. 27 budget adoption hearing.
The River Ridge Community Development District Board of Supervisors on July 23 voted to accept the district’s audited financial statements for the fiscal year ended Sept. 30, 2023, adopting Resolution 2024-05 on a motion by Supervisor Kurt Blumenthal, seconded by Supervisor Robert Twombly, with all in favor.
Ben Steets of Grau & Associates presented the audit and said the firm found no significant instances of noncompliance and that internal controls appeared to be operating as intended. He identified one finding: actual expenditures in the Special Revenue Fund exceeded the adopted budget and recommended the board amend the budget within 60 days of year end to reflect those expenditures. Steets also confirmed that the Series 2019 note was satisfied on April 24, 2024 and was retired subsequent to the fiscal year end.
The board also accepted unaudited financial statements as of June 30, 2024 and reviewed budget variances and the five-year capital improvement plan. Mrs. Adams responded to questions about items on the check register and agreed to follow up with the controller about required budget amendments.
On a related procedural vote, the board approved amendments to prior meeting minutes (changes to names and titles were recorded) and confirmed the next meeting for Aug. 27, 2024 at 1 p.m., which will include the FY2025 budget adoption hearing.
The board’s formal acceptance of the audit begins a timeline for required budget amendments and follow-up by staff; no additional formal actions on budget changes were taken at this meeting.
