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River Ridge board adopts Resolution 2024‑05 accepting FY2023 audited financial report
Summary
The board unanimously adopted Resolution 2024‑05 accepting the audited financial statement for the fiscal year ended Sept. 30, 2023; auditors flagged one finding—Special Revenue Fund expenditures exceeded budget—and recommended a budget amendment within 60 days.
On July 23 the River Ridge Community Development District Board voted unanimously to adopt Resolution 2024‑05 accepting the audited financial report for the fiscal year ended Sept. 30, 2023. The motion was made by Kurt Blumenthal and seconded by Robert Twombly and passed with all in favor.
Ben Steets of Grau & Associates presented the audit. He said the audit found no significant instances of non‑compliance and that internal controls over financial reporting appear to be operating as intended. He identified one finding (detailed on the audit report page 28) that actual expenditures for the Special Revenue Fund exceeded the budget and recommended the Board amend the budget within 60 days of year end to account for those expenditures. Steets also confirmed the Series 2019 note was paid off on April 24, 2024 and therefore was not recorded as a subsequent event in the audited statements.
The Board also accepted unaudited financial statements as of June 30, 2024, addressed questions about items on the check register, and approved the June 25, 2024 meeting minutes as amended (corrections included spelling changes to Samantha De Gyras and a title change to Assistant to District Counsel). The Board confirmed the next meeting for Aug. 27, 2024 at 1:00 p.m., which includes the FY2025 budget adoption hearing.
Action details: Resolution 2024‑05 accepting the audited financial report was adopted on a motion by Mr. Blumenthal and second by Mr. Twombly; the minutes of June 25 were approved on a motion by Mr. Blumenthal and second by Mr. Gilman.
No budget amendment was adopted during the meeting; staff (the Controller) will follow up to prepare necessary amendments as recommended by the auditors.
