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River Ridge CDD adopts FY2023 audited financial report, notes Special Revenue Fund overrun
Summary
Grau & Associates presented the FY2023 audited financial statements, finding no significant non‑compliance but one finding that Special Revenue Fund expenditures exceeded budget; the Board adopted Resolution 2024‑05 accepting the audit unanimously.
Ben Steets of Grau & Associates presented the audited financial report for the fiscal year ended Sept. 30, 2023, to the River Ridge Community Development District Board on July 23. Steets said the audit identified no significant instances of non‑compliance and that internal controls over financial reporting appeared to be operating as intended.
Steets noted one finding (referenced on Page 28 of the audit): actual expenditures for the Special Revenue Fund exceeded the budget. He recommended that the district amend the budget within 60 days of year‑end to address the overrun; staff indicated they would follow up with the Controller to correct the record.
In response to a question about Note 10, Steets confirmed that principal and interest payments of all bonds existing as of the fiscal year end were made on time, and he noted the Series 2019 note was retired on April 24, 2024, subsequent to year‑end.
On a motion by Supervisor Kurt Blumenthal and seconded by Supervisor Robert Twombly, with all in favor, the Board adopted Resolution 2024‑05 accepting the audited financial report for the fiscal year ended Sept. 30, 2023.
The Board directed staff to prepare any required budget amendments and to provide follow‑up to the Controller; no additional action was taken at the meeting.
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