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River Ridge CDD adopts Resolution 2024-05, accepts audited FY2023 financial statements
Summary
The board unanimously adopted Resolution 2024-05 accepting the audited financial report for fiscal year ended Sept. 30, 2023; the auditor noted one finding that Special Revenue Fund expenditures exceeded budget and recommended a budget amendment within 60 days.
The River Ridge Community Development District board unanimously adopted Resolution 2024-05 at its July 23 meeting, accepting the audited financial statements for the fiscal year ended Sept. 30, 2023.
Ben Steets of Grau & Associates presented the audit and told the board the review found no significant instances of non-compliance and that internal controls over financial reporting appeared to be operating as intended. Steets identified one finding (page 28): actual expenditures for the Special Revenue Fund exceeded the adopted budget, and he recommended amending that fund’s budget within 60 days of year-end.
Steets also confirmed that all bond principal and interest due as of the fiscal year end were paid on time and that the Series 2019 note was satisfied on April 24, 2024 and therefore not recorded as a subsequent event in the report.
Cleo Adams, the district manager, presented Resolution 2024-05. On a motion by Kurt Blumenthal and seconded by Robert Twombly, and with all in favor (5-0), the board adopted Resolution 2024-05 accepting the audited financial report.
Board members discussed following up with the controller to ensure the required budget amendment for the Special Revenue Fund is processed. No additional formal budget transfers or appropriations were approved at the meeting.
Separately, the board accepted unaudited financial statements as of June 30, 2024 and approved amended minutes from the June 25, 2024 meeting.
