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River Ridge CDD adopts Resolution 2024-05 accepting audited FY2023 financial statements
Summary
Grau & Associates presented the audited financial statements for FY2023, noting no significant noncompliance and one finding that Special Revenue Fund expenditures exceeded budget; the Board adopted Resolution 2024-05 and asked staff to amend the budget within 60 days of year end.
The River Ridge Community Development District Board unanimously accepted the audited financial statements for the fiscal year ended Sept. 30, 2023 and adopted Resolution 2024-05 at its July 23 meeting.
Ben Steets of Grau & Associates presented the audit, reporting that internal controls over financial reporting appear to be operating as intended and that there were no significant instances of noncompliance. He identified one finding (noted on page 28 of the audit): actual expenditures for the Special Revenue Fund exceeded the adopted budget. Steets recommended that the budget be amended within 60 days of year end to reflect those expenditures.
Board members questioned whether a prior budget amendment had been presented; Mr. Steets said the previously discussed amendment may have applied to the General Fund but reiterated that the Special Revenue Fund requires that its actual expenditures be budgeted. He also confirmed that principal and interest payments on bonds existing at fiscal year-end were made on time and that the Series 2019 Note was retired on April 24, 2024 and therefore not shown as a subsequent event.
On motion by Mr. Blumenthal, seconded by Mr. Twombly, and with all in favor, the Board adopted Resolution 2024-05 accepting the audited financial statements. The Board directed staff to follow up with the Controller on the recommended budget amendment.
