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River Ridge board adopts FY2023 audited financial report; finds single budget variance
Summary
The River Ridge CDD board accepted the audited financial report for FY2023 from Grau & Associates on July 23, 2024, adopting Resolution 2024-05. The audit reported no significant non‑compliance but cited one finding: actual Special Revenue Fund expenditures exceeded the budget and should be amended within 60 days.
The River Ridge Community Development District Board of Supervisors accepted the audited financial statements for the fiscal year ended Sept. 30, 2023, at its July 23 meeting, adopting Resolution 2024-05.
Ben Steets of Grau & Associates presented the audit and said the firm found "no significant instances of non-compliance and the internal controls over financial reporting appear to be operating as intended," though he noted one finding on Page 28: actual expenditures for the Special Revenue Fund exceeded the approved budget. The recommendation is to amend the budget within 60 days of year-end to reflect those expenditures.
Steets also confirmed that principal and interest payments on bonds that existed as of the fiscal year end were made on time and that the Series 2019 Note was retired subsequent to year-end on April 24, 2024.
On a motion by Supervisor Kurt Blumenthal seconded by Supervisor Robert Twombly, and with all in favor, the board adopted Resolution 2024-05 accepting the audited financial report. Earlier in the meeting the board also approved a motion by Supervisor Terry Mountford and seconded by Mr. Blumenthal authorizing Supervisor Bob Schultz to attend and fully participate remotely due to exceptional circumstances, and approved the May 28, 2024 meeting minutes as amended.
District Manager Cleo Adams said the controller will follow up on the Special Revenue Fund variance. The board confirmed its next meeting and the FY2025 budget hearing for Aug. 27, 2024 at 1:00 p.m.
