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River Ridge CDD accepts audited financial report; board directs budget amendment
Summary
The River Ridge Community Development District board unanimously adopted Resolution 2024-05 to accept the audited financial report for the fiscal year ended Sept. 30, 2023, and was advised to amend the Special Revenue Fund budget after auditors found actual expenditures exceeded budget.
Ben Steets of Grau & Associates presented the audited financial report for the fiscal year ended Sept. 30, 2023, to the River Ridge Community Development District Board of Supervisors on July 23, 2024. Steets said auditors found no significant instances of non-compliance and that internal controls "appear to be operating as intended." He identified one finding on Page 28: actual expenditures for the Special Revenue Fund exceeded the budget and recommended the Board amend that budget within 60 days of year-end.
Mrs. Adams presented Resolution 2024-05, which would accept the audited financial statements. On a motion by Kurt Blumenthal, seconded by Robert Twombly, the Board voted unanimously to adopt Resolution 2024-05, thereby accepting the audit. Steets confirmed that principal and interest payments on bonds outstanding as of the fiscal year-end were made on time and that the Series 2019 note was retired April 24, 2024.
The auditors’ recommendation requires the Board or staff to prepare and adopt a budget amendment to address the Special Revenue Fund variance. District Manager Mr. Adams said he will follow up with the Controller to implement the recommended budget changes.
Votes at a glance: • Resolution 2024-05 — "Hereby Accepting the Audited Financial Report for the Fiscal Year Ended September 30, 2023." Motion by Kurt Blumenthal; seconded by Robert Twombly. Outcome: adopted unanimously (yes: Mountford, Blumenthal, Gilman, Twombly, Schultz). • Authorization for remote participation by Chair Bob Schultz — Motion by Terry Mountford; seconded by Kurt Blumenthal. Outcome: approved unanimously (see meeting record). • Approval of amended May 28, 2024 meeting minutes — Motion by Kurt Blumenthal; seconded by Jim Gilman. Outcome: approved unanimously.
The Board directed staff to prepare the necessary budget amendment for the Special Revenue Fund; no timeline beyond the auditor recommendation (within 60 days of year-end) was set during the meeting. The Board will consider follow-up financial items at upcoming meetings, including the Aug. 27, 2024 meeting, when the FY2025 budget hearing is scheduled to be held.
