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River Ridge Board Unanimously Accepts FY2023 Audit, Urges Budget Amendment
Summary
The River Ridge CDD Board adopted Resolution 2024-05 on July 23, 2024, accepting the audited financial report for the fiscal year ended Sept. 30, 2023. The auditor recommended amending the Special Revenue Fund budget within 60 days after finding actual expenditures exceeded budget.
The River Ridge Community Development District Board of Supervisors on July 23 unanimously adopted Resolution 2024-05 to accept the audited financial statements for the fiscal year ended Sept. 30, 2023.
Ben Steets of Grau & Associates presented the audit, saying the review found “no significant instances of non-compliance and the internal controls over financial reporting appear to be operating as intended,” but noted one exception: actual expenditures for the Special Revenue Fund exceeded the adopted budget. “The recommendation is to amend the budget within 60 days of year end,” Steets said. He also confirmed that the Series 2019 Note was retired subsequent to the fiscal year end.
The audit finding prompted a short discussion of follow-up actions. District Manager Chuck Adams said he would follow up with the district controller to ensure the Special Revenue Fund expenditures are formally budgeted and that any required amendments are completed.
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 FY2023 audited financial report. Five supervisors were listed as present for the meeting: Terry Mountford, Kurt Blumenthal, Jim Gilman, Robert Twombly and Bob Schultz (participating by telephone); the motion passed unanimously among those present.
The board also reviewed unaudited financial statements as of June 30, 2024 and discussed the FY2024–25 budget and a five-year capital improvement plan update. Staff and supervisors discussed guardhouse design and permitting, possible transfers into cash-sweep accounts, and scheduling for the statutorily required budget public hearing. The board set the next meeting for Aug. 27, 2024 at 1:00 p.m., when adoption of the FY2025 budget is on the agenda.
Next steps: staff will prepare any necessary budget amendments for the Special Revenue Fund and report back to the board before the statutory deadline.
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