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River Ridge CDD accepts audited report; staff flags multiple budget variances in unaudited statements
Summary
The board ratified the FY2023 audited financial report and accepted unaudited financial statements as of Sept. 30, 2024; staff noted accounting misclassifications and variances including Engineering at 209% of budget and Contingencies at 421% due to a $4,209 landscaping charge.
At the Oct. 22 meeting Mrs. Adams presented Resolution 2024-05A ratifying acceptance of the audited financial report for the fiscal year ended Sept. 30, 2023; the board ratified the resolution unanimously.
Mrs. Adams also presented unaudited financial statements as of Sept. 30, 2024 and highlighted several items for correction and review: General Fund 'Engineering' appearing at 209% of budget (suggesting some expenditures that should be in Special Revenue Fund may have been included incorrectly); 'Contingencies' at 421% of budget because $4,209 should be classified under 'Other contractual' as landscaping; the General Fund 'NPDES reporting filing' item at $19,805, or 152% of budget; 'Debt service (prin & int) 2022 note' at $74,480 (205% of budget); and $8,672 in the 'Series 2022A Note' that Mr. Adams believes represent preliminary expenses that may not have been repaid. Mrs. Adams asked Corporate for copies of paid invoices for verification; corrections will be made in the next financials where appropriate.
Mr. Krebs and Mr. Willis were asked to inspect signage and report back regarding incorrect and rusted signs; Mr. Krebs noted Lykins-SignTek was sent emails about incorrect signs (one sign should read 'Southern Hills Drive' not 'Southern Hills Court') and staff will follow up on replacing rusted lake and wetland signs.
No further budget transfers or formal reallocations were recorded at the meeting; staff will investigate and update the Board in future financial statements.
