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River Ridge CDD accepts audited financials, raises questions on variances and operations
Summary
The board ratified acceptance of the audited fiscal year 2023 report, reviewed unaudited Sept. 30, 2024 statements with several budget variances flagged (engineering and contingencies over budget, NPDES filing item), and authorized street sweeping emergency cleanup.
The River Ridge CDD ratified Resolution 2024-05A accepting the audited financial report for the fiscal year ended Sept. 30, 2023 and reviewed unaudited financial statements as of Sept. 30, 2024, during its meeting Oct. 22.
District Manager Cleo Adams distributed the unaudited statements and identified several apparent budget variances for staff follow-up: the General Fund "Engineering" line item appeared at 209% of budget and may include expenditures that should be charged to the Special Revenue Fund; "Contingencies" appeared at 421% because $4,209 should be reclassified to landscaping under "Other contractual." A General Fund NPDES reporting filing expense of $19,805 was noted at 152% of budget; debt service principal and interest for the 2022 note was listed as $74,480 (205% of budget). Mr. Adams indicated some ledger errors were addressed and would be corrected in the next financials.
Mr. Krebs noted an incorrect sign order (Southern Hills Drive should read Southern Hills Drive, not Southern Hills Court) and that more than 50 lake and wetland signs are rusted and will be inspected. The board also ratified emergency contracting for Precision Cleaning, Inc. for street sweeping storm cleanup at a one-time cost of $1,475 and authorized staff to add additional week-to-week cleanings if necessary.
The board approved the audited report by motion and requested corporate invoicing details and ledger clarifications for the identified variances.
