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River Ridge Board accepts FY2023 audited financial report; auditor recommends budget amendment
Summary
The River Ridge CDD accepted the audited financial statements for the fiscal year ended Sept. 30, 2023; the auditor found no significant noncompliance but reported that Special Revenue Fund expenditures exceeded budget and recommended a budget amendment within 60 days.
The River Ridge Community Development District Board voted July 23 to accept the audited financial report for the fiscal year ended Sept. 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.
Steets noted one finding showing that actual expenditures for the Special Revenue Fund exceeded the adopted budget and recommended that the Board amend the budget within 60 days of year end to correct the discrepancy. He confirmed that principal and interest payments of bonds outstanding as of the fiscal year end were made on time and that the Series 2019 note was retired April 24, 2024; he explained why the Series 2019 note did not appear as a subsequent event in Note 10.
District Manager Cleo Adams presented Resolution 2024-05 to accept the audited report. On a motion by Kurt Blumenthal, seconded by Robert Twombly, the Board unanimously adopted Resolution 2024-05 accepting the audited financial statements. The Board asked staff to follow up with the Controller regarding required budget amendments. The Board also approved a prior-meeting minutes correction to ensure attendee names and titles were spelled and listed correctly.
