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River Ridge board accepts FY2023 audit and adopts Resolution 2024-05
Summary
The River Ridge Community Development District Board on July 23 accepted the fiscal year 2023 audited financial statements, adopted Resolution 2024-05 unanimously, and flagged a Special Revenue Fund overspend that the auditor recommended be remedied with a budget amendment within 60 days of year end.
The River Ridge Community Development District Board of Supervisors voted unanimously on July 23 to accept the audited financial statements for the fiscal year ended Sept. 30, 2023, and adopted Resolution 2024-05 to formalize acceptance.
Ben Steets of Grau & Associates presented the audit and reported no significant instances of noncompliance and generally effective internal controls. He identified one audit finding: actual expenditures in the Special Revenue Fund exceeded the adopted budget and recommended a budget amendment within 60 days of the fiscal year end to correct that variance. Steets also confirmed that the Series 2019 Note had been retired April 24, 2024, a post–fiscal-year-end event noted in the audit discussion.
Board members pressed for follow-up on budget amendments and asked staff to coordinate with the Controller. The formal motion to adopt Resolution 2024-05 was made by Supervisor Kurt Blumenthal, seconded by Supervisor Robert Twombly, and carried with all in favor.
The Board’s acceptance of the audit closes the FY2023 audit record but includes a clear directive to address the Special Revenue Fund variance through the budget amendment process. The district manager said staff will follow up with the Controller to implement the recommendation.
