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River Ridge board accepts FY2023 audit, auditor notes Special Revenue Fund overspending
Summary
The River Ridge CDD on July 23 adopted Resolution 2024-05 to accept the fiscal year 2023 audited financial statements; auditor Ben Steets said internal controls appear to work but recommended a budget amendment after finding Special Revenue Fund expenditures exceeded the budget.
The River Ridge Community Development District Board adopted Resolution 2024-05 on July 23, 2024, formally accepting the audited financial statements for the fiscal year ended Sept. 30, 2023.
Ben Steets of Grau & Associates presented the audit and reported that the audit did not identify significant instances of noncompliance and that internal controls over financial reporting appear to be operating as intended. He noted one finding: actual expenditures for the Special Revenue Fund exceeded budget and recommended the board amend the budget to account for those expenditures within 60 days of year end. In response to a question about Note 10, Steets confirmed that principal and interest payments of bonds existing at fiscal year end were made on time and that the Series 2019 note was retired on April 24, 2024.
Cleo Adams presented Resolution 2024-05. On motion by Kurt Blumenthal, seconded by Robert Twombly, with all in favor, the board adopted the resolution accepting the audited report. Board members asked staff to follow up with the Controller regarding the recommended budget amendment.
Next steps: staff will coordinate with the Controller to implement the auditor’s recommendation regarding the Special Revenue Fund and report back to the board; the board may consider a budget amendment if required.
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