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Board accepts FY2023 audited financial report, flags Special Revenue Fund overage
Summary
On July 23 the River Ridge board adopted Resolution 2024‑05 accepting the audited financial report for the fiscal year ended Sept. 30, 2023; the auditor found no significant non‑compliance but noted the Special Revenue Fund expenditures exceeded budget and recommended a budget amendment within 60 days of year end.
The River Ridge Community Development District board on July 23 adopted Resolution 2024‑05 to accept the Audited Financial Report for the fiscal year that ended Sept. 30, 2023.
Ben Steets of Grau & Associates presented the audit and reported there were no significant instances of non‑compliance and that internal controls over financial reporting "appear to be operating as intended." He noted one finding (referenced on page 28) that actual expenditures for the Special Revenue Fund exceeded budget and recommended amending the budget "within 60 days of year end." In response to a query, Steets confirmed that principal and interest payments on bonds existing at fiscal year end were made on time and that the Series 2019 note was retired on April 24, 2024, after the fiscal year end.
On motion by Mr. Blumenthal, seconded by Mr. Twombly, "Resolution 2024‑05, Hereby Accepting the Audited Financial Report for the Fiscal Year Ended September 30, 2023," was adopted with all in favor.
The Board directed staff to follow up on bookkeeping and to process any required budget amendments. No further audit exceptions were announced at the meeting.
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