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River Ridge board adopts Resolution 2024-05 to accept FY2023 audited financial report
Summary
The River Ridge Board unanimously adopted Resolution 2024-05 on July 23, accepting the audited financial statements for the fiscal year ended Sept. 30, 2023; the audit found no significant noncompliance but noted Special Revenue Fund expenditures exceeded budget and recommended a budget amendment.
At its July 23 meeting the River Ridge Community Development District Board of Supervisors unanimously adopted Resolution 2024-05 accepting the audited financial statements for the fiscal year ended Sept. 30, 2023.
Ben Steets of Grau & Associates presented the audit and reported that internal controls over financial reporting appear to be operating as intended and there were no significant instances of noncompliance. He identified one finding: actual expenditures for the Special Revenue Fund exceeded the budget and recommended that the Board amend the budget within 60 days of year end to correct this variance. In response to a question about Note 10, Mr. Steets confirmed that the principal and interest payments for bonds existing at fiscal year end were made on time and that the Series 2019 note was retired on April 24, 2024.
On a motion by Supervisor Kurt Blumenthal, seconded by Supervisor Robert Twombly, and with all in favor, the Board adopted Resolution 2024-05 accepting the audit. No roll-call tally beyond "all in favor" was recorded in the minutes.
Next steps: the Board directed staff to follow up with the Controller regarding the Special Revenue Fund budget amendment.
