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River Ridge CDD accepts audited FY2023 financial report and adopts Resolution 2024-05
Summary
Grau & Associates presented the audited financial statements for the fiscal year ended Sept. 30, 2023, noting one finding that Special Revenue Fund expenditures exceeded the budget; the Board adopted Resolution 2024-05 accepting the audit and approved the June 25 meeting minutes as amended.
Grau & Associates presented the audited financial statements for the fiscal year ended Sept. 30, 2023 at the River Ridge Community Development District meeting July 23. Auditor Ben Steets said the audit found no significant instances of noncompliance and that internal controls over financial reporting appeared to be operating as intended, but noted a finding that actual expenditures for the Special Revenue Fund exceeded the budget and recommended amending the budget within 60 days of year-end.
When asked about Note 10 and the Series 2019 note, Mr. Steets confirmed principal and interest payments for bonds existing at fiscal year-end were current and that the Series 2019 note was retired on April 24, 2024, after the fiscal year ended.
Mrs. Adams presented Resolution 2024-05 to accept the audit. On motion by Kurt Blumenthal, seconded by Robert Twombly, the Board adopted Resolution 2024-05 accepting the audited financial report (vote: all in favor). The Board also approved the June 25, 2024 Regular Meeting Minutes as amended (motion by Mr. Blumenthal, seconded by Mr. Gilman; vote: all in favor). Mr. Adams said he will follow up with the Controller regarding a budget amendment to address the Special Revenue Fund overexpenditure.
The Board scheduled the FY2025 budget hearing for August 27, 2024 at 1:00 p.m.
