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River Ridge CDD adopts audit for FY2023; Special Revenue Fund overspending flagged
Summary
The board unanimously adopted Resolution 2024‑05 to accept the FY2023 audited financial statements presented by Grau & Associates, which found no significant noncompliance but identified that Special Revenue Fund actual expenditures exceeded budget and recommended an amendment.
The River Ridge Community Development District unanimously adopted Resolution 2024‑05 at its July 23, 2024 meeting to accept the audited financial statements for the fiscal year ended Sept. 30, 2023.
Ben Steets of Grau & Associates presented the audit and reported that there were "no significant instances of non‑compliance" and that internal controls over financial reporting "appear to be operating as intended." He noted one finding on page 28: actual expenditures for the Special Revenue Fund exceeded the budget and recommended amending the budget within 60 days of year end to address that variance. Steets also confirmed the Series 2019 note was retired on April 24, 2024, subsequent to fiscal year end.
On the motion to adopt the audit, Mr. Kurt Blumenthal moved, Mr. Robert Twombly seconded, and the motion passed with all present voting in favor. Earlier in the meeting the Board also approved a motion authorizing Chair Bob Schultz to attend and participate remotely due to exceptional circumstances (motion by Mr. Terry Mountford, seconded by Mr. Kurt Blumenthal) and approved the regular meeting minutes as amended (motion by Mr. Kurt Blumenthal, seconded by Mr. Jim Gilman). The motion approving minutes referenced May 28, 2024 minutes while the agenda line referenced June 25, 2024; the Board approved the minutes as amended (the transcript contains the date inconsistency).
The Board reviewed unaudited financial statements as of June 30, 2024 and discussed the FY2024/2025 budget and a five‑year capital improvement plan; staff stated the budget remains solvent and reminded the Board that the budget adoption hearing for FY2025 is scheduled for Aug. 27, 2024 at 1:00 p.m.
Next steps: staff will follow up on the Special Revenue Fund variance and, if necessary, present a budget amendment in accordance with the audit recommendation.
