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River Ridge board accepts FY2023 audited financial report; budget amendment recommended
Summary
The Board adopted Resolution 2024-05 to accept the audited financial statements for the fiscal year ended Sept. 30, 2023; the auditor noted one finding that Special Revenue Fund expenditures exceeded budget and recommended a budget amendment within 60 days of year-end. The Board approved the resolution unanimously.
Ben Steets, of Grau & Associates, presented the District’s audited financial report for the fiscal year ended Sept. 30, 2023, telling the Board that audit testing found no significant instances of non-compliance and that internal controls over financial reporting appear to be operating as intended. He identified one finding (Page 28) that actual expenditures for the Special Revenue Fund exceeded the adopted budget and recommended that the District amend the budget within 60 days of year-end to correct that variance.
Steets confirmed that principal and interest payments on bonds existing at fiscal year end were made on time and that the Series 2019 Note was satisfied on April 24, 2024 and therefore was not recorded as a subsequent event on the audit. Mrs. Adams presented Resolution 2024-05 to accept the audited financial report. On a motion by Mr. Blumenthal, seconded by Mr. Twombly, the Board adopted Resolution 2024-05 accepting the audited financial report (vote "with all in favor").
Board members asked follow-up questions about fund classifications and prior budget amendments; Mr. Steets and staff said they would follow up with the Controller to reconcile the Special Revenue Fund entries. The Board did not take additional fiscal actions at the meeting beyond adopting the resolution; staff will carry out any budget amendment process required by the auditor’s recommendation.
