Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
River Ridge CDD accepts FY2023 audit; board to amend Special Revenue Fund budget
Summary
The River Ridge board unanimously adopted Resolution 2024‑05 to accept the FY2023 audited financial statements from Grau & Associates, which noted no significant non‑compliance but identified that Special Revenue Fund expenditures exceeded budget and recommended a budget amendment within 60 days.
The River Ridge Community Development District board unanimously adopted Resolution 2024‑05 on July 23, accepting the audited financial statements for the fiscal year ended Sept. 30, 2023, as presented by Ben Steets of Grau & Associates.
"The audit finds that there are no significant instances of non‑compliance and the internal controls over financial reporting appear to be operating as intended," Steets told the board. He identified a single finding (referenced on Page 28 of the audit): actual expenditures for the Special Revenue Fund exceeded budget and the auditors recommended the district amend that fund’s budget within 60 days of year end.
Steets also confirmed that principal and interest payments for bonds existing at the fiscal year end were paid on time and that the Series 2019 note was retired on April 24, 2024 (a subsequent event occurring after the fiscal year end).
On the motion to adopt the resolution, Supervisor Kurt Blumenthal moved and Supervisor Robert Twombly seconded; the motion passed "with all in favor." The board also presented and accepted unaudited financial statements as of June 30, 2024, and discussed ongoing budget items and the five‑year capital improvement plan. The board set a public budget hearing on Aug. 27, 2024 at 1:00 p.m. for adoption of the FY2025 budget.
The audit finding does not itself change policy, but district staff indicated they will follow up with the controller to process the recommended budget amendment and report back to the board.
