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River Ridge CDD adopts resolution accepting FY2023 audit and notes budget variance
Summary
The River Ridge board accepted the fiscal year 2023 audited financial report, adopted Resolution 2024-05, and was told the Special Revenue Fund had expenditures exceeding its budget with a recommendation to amend within 60 days; the Series 2019 Note was reported retired April 24, 2024.
The River Ridge Community Development District Board of Supervisors voted July 23 to accept the audited financial statements for the fiscal year ended Sept. 30, 2023 and adopted Resolution 2024-05 formally accepting the report.
Ben Steets of Grau & Associates presented the audit and reported that internal controls over financial reporting appear to be operating as intended and that there were no significant compliance instances. He noted one finding: actual expenditures for the Special Revenue Fund exceeded budget and recommended the Board amend the budget within 60 days of year-end to reflect those expenditures.
In response to a question about Note 10, Steets confirmed that principal and interest payments on bonds existing at fiscal year end were made on time and that the Series 2019 Note was retired on April 24, 2024. On motion by Supervisor Kurt Blumenthal, seconded by Supervisor Robert Twombly, and with all in favor, the Board adopted Resolution 2024-05 accepting the audited report.
At the meeting the Board also accepted unaudited financial statements as of June 30, 2024 and approved the June 25, 2024 regular meeting minutes as amended. The Board discussed the five-year capital improvement plan and scheduling for the FY2025 budget hearing on Aug. 27, 2024. No budget amendment was adopted at the meeting; staff pledged to follow up on the Special Revenue Fund amendment recommendation.
