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River Ridge CDD accepts FY2023 audited financial report; auditor recommends Special Revenue Fund amendment
Summary
The board adopted Resolution 2024-05 accepting the fiscal year 2023 audited financial statements after an auditor noted no significant noncompliance but found Special Revenue Fund expenditures exceeded the budget and recommended a budget amendment; the board adopted the resolution by unanimous voice vote.
At the July 23 meeting the River Ridge Community Development District board heard from Ben Steets of Grau & Associates, who presented the audited financial statements for the fiscal year ended Sept. 30, 2023. Steets said the audit found internal controls operating as intended and no significant instances of non-compliance. He identified one finding (noted on page 28 of the audit): actual expenditures for the Special Revenue Fund exceeded the budget and the auditor recommended amending the budget within 60 days of year-end.
Steets also confirmed that the Series 2019 note was retired on April 24, 2024, which he described as a subsequent event to the fiscal year ending Sept. 30, 2023. Mrs. Adams presented Resolution 2024-05 to accept the audit report. On a motion by Mr. Blumenthal, seconded by Mr. Twombly, and with all in favor, the board adopted Resolution 2024-05 accepting the audited financial statements.
Board members asked staff follow-up questions: Mr. Blumenthal recalled that staff had previously proposed a budget amendment and Mr. Adams said he would follow up with the controller to ensure the Special Revenue Fund expenditure issue is addressed as the auditor recommended. The board did not record individual roll-call votes in the minutes; the motion passed by unanimous voice vote.
