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River Ridge CDD accepts FY2023 audit; Board adopts Resolution 2024-05 unanimously
Summary
Grau & Associates presented the audited financial statements for the year ended Sept. 30, 2023, noting no significant noncompliance but a finding that Special Revenue Fund expenditures exceeded budget and recommending a budget amendment within 60 days; the Board adopted Resolution 2024-05 accepting the audit on a unanimous vote.
Ben Steets of Grau & Associates presented the audited financial statements for the fiscal year ended Sept. 30, 2023, to the River Ridge Community Development District on July 23. Steets said the audit found no significant instances of noncompliance and that internal controls over financial reporting "appear to be operating as intended," but he noted a single finding (page 28) that actual expenditures in the Special Revenue Fund exceeded budget and recommended the Board amend the budget within 60 days of year-end.
Steets confirmed that principal and interest payments for bonds existing as of fiscal year end were made on time and that the Series 2019 Note was retired on April 24, 2024, subsequent to year-end. In response to a question, board members and staff agreed to follow up with the Controller about the Special Revenue Fund adjustments.
District Manager Cleo Adams presented Resolution 2024-05, and on a motion by Supervisor Kurt Blumenthal, seconded by Supervisor Robert Twombly, the Board adopted the resolution accepting the audited report, with all in favor. No dissenting votes were recorded.
The Board directed staff to pursue the recommended budget amendment and return with any budget revisions necessary to address the Special Revenue Fund variance.
