River Ridge board accepts FY2023 audited financial report, sets budget hearing for Aug. 27

The River Ridge Community Development District Board of Supervisors unanimously adopted Resolution 2024-05 on July 23, accepting the audited financial statements for the fiscal year ended Sept. 30, 2023.

Ben Steets of Grau & Associates presented the audit and said the report found "no significant instances of non-compliance and the internal controls over financial reporting appear to be operating as intended," while noting one finding in the Special Revenue Fund where actual expenditures exceeded the adopted budget. Steets recommended the district "amend the budget within 60 days of year end" to address that variance.

Assistant Secretary Kurt Blumenthal made the motion to adopt the resolution, which Robert Twombly seconded; the vote was recorded as unanimous. The board also accepted unaudited financial statements as of June 30, 2024 and reviewed a proposed five-year (2023–2029) plan as part of continuing budget work.

District Manager Cleo Adams said staff will follow up with the controller on the Special Revenue Fund variance and will edit the financials to note that MRI Construction plugged the end of only one pipe, not two. The board discussed ongoing budget preparations, including guardhouse design and permitting, possible transfers into cash-sweep accounts, well and traffic-monitoring equipment, and scheduled the next meeting for Aug. 27, 2024 at 1 p.m. for adoption of the FY2025 budget.

Procedural items adopted at the meeting included authorization for Chair Bob Schultz to participate remotely, which the board approved earlier in the session. The meeting minutes from June 25, 2024 were amended to correct a name and title and then approved.

The district did not take further fiscal action at this meeting; staff will return with any required budget amendments and follow-up items at upcoming meetings.