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River Ridge CDD adopts Resolution 2024-05 to accept FY2023 audited financial report
Summary
The board unanimously adopted Resolution 2024-05 accepting the FY2023 audited financial statements; auditors found no significant noncompliance but recommended a budget amendment because Special Revenue Fund expenditures exceeded budget.
The River Ridge Community Development District Board of Supervisors unanimously adopted Resolution 2024-05 at its July 23 meeting to accept the audited financial report for the fiscal year ended September 30, 2023.
Ben Steets of Grau & Associates presented the audit and told the board that internal controls over financial reporting “appear to be operating as intended” and that there were no significant instances of noncompliance. The audit did include one finding: actual expenditures in the Special Revenue Fund exceeded the budget. Grau & Associates recommended amending the budget within 60 days of the fiscal year end to address that variance.
Board member Kurt Blumenthal said staff had previously proposed a budget amendment (referring to a different fund), and District Manager Chuck Adams said he will follow up with the controller to ensure the Special Revenue Fund amendment is processed. In response to a question about Note 10, Mr. Steets confirmed that bond principal and interest payments existing as of the fiscal year end were made on time and that the Series 2019 note was retired on April 24, 2024, after year end.
On motion by Mr. Blumenthal and seconded by Mr. Twombly, with all in favor, the Board adopted Resolution 2024-05 accepting the audited financial report.
