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River Ridge board accepts audited FY2023 report, flags budget variances in unaudited Sept. 30, 2024 statements
Summary
The board ratified acceptance of the audited FY2023 financial report and reviewed unaudited Sept. 30, 2024 statements that showed engineering at 209% of budget and contingencies at 421%; staff will request invoices to reconcile misallocations and correct ledger errors.
The River Ridge board ratified Resolution 2024-05A accepting the audited financial report for the fiscal year ended Sept. 30, 2023.
District manager Mrs. Adams then reviewed the unaudited financial statements as of Sept. 30, 2024 and identified apparent misallocations and variances. She said the General Fund "Engineering" line was at 209% of budget and that $4,209 recorded under "Contingencies" should instead be under "Other contractual" as landscaping. She also noted a General Fund NPDES reporting filing item of $19,805 (152% of budget) and a Series 2022A Note item of $8,672 that may reflect preliminary expenses not repaid.
Board members asked staff to obtain copies of paid invoices and to correct ledger entries. The district engineer also raised incorrect sign text for Southern Hills Drive (should not read 'Southern Hills Court') and noted that over 50 lake and wetland signs are rusted and need inspection and replacement; operations staff were asked to audit signage and coordinate installation.
The Board approved the prior meeting minutes (Aug. 27, 2024) as amended and rescheduled the next meeting to Nov. 19, 2024.
