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River Ridge CDD adopts Resolution 2024-05, accepts FY2023 audit with budget amendment recommended
Summary
The River Ridge Community Development District adopted Resolution 2024-05 accepting the audited financial report for the fiscal year ended Sept. 30, 2023; the auditor reported no significant non-compliance but noted 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, 2024 to accept the district’s audited financial statements for the fiscal year ended Sept. 30, 2023.
Ben Steets of Grau & Associates presented the audit and told the Board there were “no significant instances of non-compliance and the internal controls over financial reporting appear to be operating as intended.” He identified one exception: actual expenditures for the Special Revenue Fund exceeded the budget and recommended amending the budget within 60 days of year end to correct the variance.
In response to a question about Note 10, Mr. Steets confirmed that bond principal and interest payments that were outstanding at fiscal year end were made on time and that the Series 2019 Note was retired on April 24, 2024, a subsequent event after the fiscal year end.
On a motion by Mr. Blumenthal, seconded by Mr. Twombly, the Board adopted Resolution 2024-05 to accept the audited financial report; the motion carried with all in favor. District Manager Chuck Adams said he would follow up with the Controller regarding the Special Revenue Fund amendment recommended in the audit.
