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River Ridge board accepts FY2023 audited financial report, cites Special Revenue Fund finding
Summary
The River Ridge CDD board adopted Resolution 2024-05 accepting the FY2023 audited financial statements; the auditor reported no material noncompliance but flagged that Special Revenue Fund expenditures exceeded budget and recommended a budget amendment within 60 days.
The River Ridge Community Development District Board of Supervisors 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 to the Board and said the audit found no significant instances of noncompliance and that internal controls over financial reporting appear to be operating as intended. He noted one audit finding (referenced on Page 28 of the audit): actual expenditures for the Special Revenue Fund exceeded the budget. "The recommendation is to amend the budget within 60 days of year end," Steets told the Board. Steets also confirmed that the Series 2019 note had been retired subsequent to the fiscal year end.
On a motion by Kurt Blumenthal, seconded by Robert Twombly, the Board adopted Resolution 2024-05 accepting the audit; the motion passed unanimously. The Board did not take separate action at the meeting to implement the recommended budget amendment; staff indicated the controller will follow up.
The acceptance of the audit closes the FY2023 reporting cycle for the district; staff will report back on any subsequent budget amendment needed to reflect the Special Revenue Fund expenditures.
