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River Ridge board adopts Resolution 2024-05 accepting FY2023 audit; Special Revenue Fund overspend noted
Summary
The board accepted the audited financial statements for the fiscal year ended Sept. 30, 2023, adopting Resolution 2024-05 after Grau & Associates reported no significant noncompliance but noted Special Revenue Fund expenditures exceeded the budget and recommended a budget amendment within 60 days.
The River Ridge Community Development District board voted July 23 to accept the audited financial statements for the fiscal year ended Sept. 30, 2023, adopting Resolution 2024-05.
Ben Steets of Grau & Associates presented the audit and said the audit identified no significant instances of noncompliance and that internal controls over financial reporting appear to be operating as intended. Steets noted one finding (referenced on Page 28 of the audit): actual expenditures for the Special Revenue Fund exceeded the budget, and he recommended the Board adopt a budget amendment within 60 days of year-end to account for those expenditures.
Steets confirmed that principal and interest payments for bonds existing at fiscal year-end were made on time and that the Series 2019 Note was satisfied on April 24, 2024, subsequent to the fiscal year-end. Mrs. Adams presented Resolution 2024-05, and on motion by Mr. Blumenthal seconded by Mr. Twombly, with all in favor, the Board adopted the resolution accepting the audit.
The board did not specify dollar amounts to be adjusted at the meeting; Mr. Adams said he will follow up with the Controller to effect required budget amendments.
