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River Ridge board adopts resolution accepting FY2023 audit; Special Revenue Fund overspent
Summary
The River Ridge CDD board unanimously adopted Resolution 2024-05 accepting the audited financial report for the fiscal year ended Sept. 30, 2023; the auditor found no significant noncompliance but recommended a budget amendment after actual expenditures exceeded the Special Revenue Fund budget.
The River Ridge Community Development District Board of Supervisors on July 23 adopted Resolution 2024-05 accepting the audited financial report for the fiscal year ended Sept. 30, 2023.
Ben Steets of Grau & Associates presented the audit and said the review found "no significant instances of non-compliance" and that internal controls "appear to be operating as intended." He identified one finding on Page 28: actual expenditures for the Special Revenue Fund exceeded the budget. Steets recommended amending the budget within 60 days of year end to reflect those expenditures. He also confirmed that the Series 2019 Note was retired on April 24, 2024 and that principal and interest payments on bonds existing at fiscal year end were made on time.
On motion by Kurt Blumenthal and second by Robert Twombly, the Board adopted Resolution 2024-05 accepting the audited financial statements; the motion carried unanimously. The Board directed staff to follow up with the Controller on the necessary budget amendment and to reconcile items noted in the audit report.
The acceptance of the audit closes the FY2023 formal audit process for the district; staff indicated steps to implement the auditor’s recommendation will follow under the Controller and District Manager.
