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River Ridge CDD adopts Resolution 2024-05 accepting FY2023 audit; one budget finding noted
Summary
Grau & Associates found no significant noncompliance in the district’s FY2023 audit but noted the Special Revenue Fund’s expenditures exceeded the budget; the board unanimously adopted Resolution 2024-05 accepting the audit and staff will pursue a budget amendment.
Grau & Associates presented the River Ridge Community Development District’s audited financial statements for the fiscal year ended Sept. 30, 2023. Auditor Ben Steets told the Board the audit found no significant instances of non-compliance and that internal controls over financial reporting appeared to operate as intended, but it included one finding (page 28) that actual expenditures for the Special Revenue Fund exceeded the adopted budget. The auditor recommended amending the budget within 60 days of year end to address the variance.
Steets also 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, subsequent to the fiscal year end.
Mrs. Adams presented Resolution 2024-05 to accept the audited report. On a motion by Mr. Blumenthal, seconded by Mr. Twombly, the Board voted unanimously to adopt Resolution 2024-05 accepting the audited financial report. Staff will follow up with the Controller on required budget amendments and any necessary adjustments to the Special Revenue Fund.
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