River Ridge board adopts audit for FY2023, notes Special Revenue Fund variance
Summary
The board adopted Resolution 2024-05 accepting the audited FY2023 financial report; the auditor recommended a budget amendment after finding the Special Revenue Fund exceeded its budget and confirmed the Series 2019 note was retired after year-end.
The River Ridge Community Development District Board of Supervisors adopted Resolution 2024-05 on July 23 accepting the audited financial report for the fiscal year ended Sept. 30, 2023.
Ben Steets of Grau & Associates presented the audit and told the Board there were "no significant instances of non-compliance" and that internal controls over financial reporting "appear to be operating as intended." He noted one finding that actual expenditures for the Special Revenue Fund exceeded budget and recommended the Board amend that fund’s budget within 60 days of year end.
Steets also confirmed that the Series 2019 note was satisfied on April 24, 2024 and therefore was not reflected as a subsequent event in the audit. On a motion by Supervisor Kurt Blumenthal, seconded by Supervisor Robert Twombly, the Board adopted Resolution 2024-05 with all in favor.
The Board also accepted unaudited financial statements as of June 30, 2024, reviewed budget variance questions and discussed the FY2024/25 budget and the five-year capital improvement plan. The district manager will follow up with the controller on required budget amendments. The Board scheduled the next meeting for Aug. 27, 2024 at 1:00 p.m., which includes the FY2025 budget adoption hearing. The Board approved the June 25, 2024 meeting minutes as amended, correcting the spelling of Samantha De Gyras and her role to "Assistant to District Counsel."
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