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River Ridge board accepts FY2023 audited financial report and agrees to budget amendment
Summary
The board adopted Resolution 2024-05 accepting the audited financial report for the fiscal year ended Sept. 30, 2023; the audit found no significant non-compliance but recommended amending the Special Revenue Fund budget because actual expenditures exceeded budget.
The River Ridge Community Development District Board on July 23 adopted Resolution 2024-05 accepting the audited financial statements for the fiscal year ended Sept. 30, 2023, after a presentation by Ben Steets of Grau & Associates.
Steets told the board the audit disclosed no significant instances of non-compliance and that internal controls over financial reporting appear to be operating as intended. The audit did include one finding (noted on Page 28) that actual expenditures for the Special Revenue Fund exceeded the budget; the auditors recommended amending that budget within 60 days of the fiscal year end to reflect the expenditures.
Board members discussed prior staff activity related to budget amendments and asked staff to follow up with the Controller on the recommendation. 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 audited financial report.
The board also accepted unaudited financial statements as of June 30, 2024 and discussed items on the check register and the five-year capital improvement plan; staff will follow up on ledger items and any required budget amendments ahead of the scheduled budget public hearing and adoption at the Aug. 27, 2024 meeting.
