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River Ridge CDD accepts audited financials for FY2023; board adopts Resolution 2024-05
Summary
The River Ridge CDD board unanimously accepted the audited financial report for the fiscal year ended Sept. 30, 2023, presented by Grau & Associates, which found no significant non-compliance but noted the Special Revenue Fund exceeded budget; the board adopted Resolution 2024-05 and the audit firm confirmed the Series 2019 Note was retired after year-end.
At the July 23 meeting, Ben Steets of Grau & Associates presented the District’s audited financial statements for the fiscal year ended Sept. 30, 2023 and told the Board "there are no significant instances of non-compliance and the internal controls over financial reporting appear to be operating as intended." He noted one finding (referenced on page 28) that actual expenditures for the Special Revenue Fund exceeded budget and recommended amending that fund’s budget within 60 days of year end.
In response to a question about Note 10, Mr. 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 retired subsequent to year-end.
On a motion by Mr. Kurt Blumenthal, seconded by Mr. Robert Twombly, the Board unanimously adopted Resolution 2024-05, "Hereby Accepting the Audited Financial Report for the Fiscal Year Ended September 30, 2023." The Board also previously approved, by motion, authorizing Chair Bob Schultz to attend and fully participate via telephone/Zoom due to exceptional circumstances (motion by Mr. Mountford, seconded by Mr. Blumenthal).
Mrs. Cleo Adams presented the unaudited financial statements as of June 30, 2024 and addressed questions about the check register and budget variances. The Board approved meeting minutes as amended (the transcript shows the minutes approved were labeled 'May 28, 2024' though the item presented was labeled 'June 25, 2024'; the record in the minutes contains this inconsistency). Mr. Steets said staff will follow up on the Special Revenue Fund budget amendment; Mr. Adams said he will follow up with the controller to implement the recommendation.
Next procedural steps: staff to prepare the recommended budget amendment for the Special Revenue Fund and to return with the amended budget documentation, as discussed by the auditor.
