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River Ridge board accepts FY2023 audited financial report and reviews budget ahead of August hearing
Summary
The Board accepted the FY2023 audited financial statements noting one finding that Special Revenue Fund expenditures exceeded budget; Resolution 2024-05 was adopted and the Board reviewed unaudited June 30 financials and budget items ahead of the Aug. 27 FY2025 budget hearing.
The River Ridge Community Development District Board accepted the audited financial report for the fiscal year ended Sept. 30, 2023, after a presentation by Ben Steets of Grau & Associates. Steets said the audit found no significant instances of noncompliance and that internal controls appear to be operating as intended, but it recorded one finding: actual expenditures for the Special Revenue Fund exceeded budget and the auditor recommended amending the budget within 60 days of year end.
Steets confirmed that payments on bonds existing as of the fiscal year end were made on time and that the Series 2019 Note was retired on April 24, 2024. Mrs. Adams presented Resolution 2024-05 to accept the audit; on a motion by Supervisor Kurt Blumenthal, seconded by Supervisor Robert Twombly, the Board adopted Resolution 2024-05 "Hereby Accepting the Audited Financial Report for the Fiscal Year Ended September 30, 2023," with all in favor.
The Board also reviewed unaudited financial statements as of June 30, 2024, discussed budget variances and Mr. Blumenthal’s updated five-year Capital Improvement Plan, and covered design and permitting questions for proposed guardhouses and other upcoming projects ahead of the public budget hearing scheduled for Aug. 27, 2024.
Votes at a glance: On MOTION by Terry Mountford, seconded by Kurt Blumenthal, the Board authorized Chair Bob Schultz’s remote attendance and full participation (unanimous). On MOTION by Kurt Blumenthal, seconded by Robert Twombly, Resolution 2024-05 accepting the audit was adopted (unanimous). On MOTION by Kurt Blumenthal, seconded by Jim Gilman, the June 25, 2024 meeting minutes were approved as amended (unanimous).
Why it matters: The audit confirms basic financial controls but flags a Special Revenue Fund variance that the Board must address through a budget amendment; those adjustments and budget decisions will be considered ahead of the FY2025 adoption hearing.
Next steps: Staff will follow up with the controller regarding the Special Revenue Fund finding, prepare any required budget amendments, and present recommended actions at or before the August 27 budget hearing.
