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River Ridge CDD accepts FY2023 audited financial report; board adopts Resolution 2024-05
Summary
Grau & Associates presented the FY2023 audited report finding no significant noncompliance; the board adopted Resolution 2024-05 to accept the audit, noting a finding that Special Revenue Fund expenditures exceeded budget and recommending a budget amendment within 60 days of year end.
Grau & Associates representative Ben Steets presented the audited financial statements for the fiscal year ended Sept. 30, 2023 to the River Ridge Community Development District board on July 23. Steets reported the audit found no significant instances of noncompliance and that internal controls over financial reporting appeared to be operating as intended. He noted one finding: actual expenditures for the Special Revenue Fund exceeded the budget and recommended amending the budget within 60 days of year end.
Steets confirmed that principal and interest payments on bonds existing as of fiscal year end were paid on time and that the Series 2019 note was retired subsequent to the year end on April 24, 2024. Mrs. Adams presented Resolution 2024-05, and on a motion by Supervisor Kurt Blumenthal, seconded by Supervisor Robert Twombly, the board adopted the resolution with all in favor.
The board asked staff to follow up with the controller about budget amendments and any actions needed to address the Special Revenue Fund finding. The resolution adoption was recorded as unanimous among the five supervisors present (Mountford, Blumenthal, Gilman, Twombly and Schultz).
