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River Ridge board accepts FY2023 audit; finds Special Revenue Fund overspent
Summary
The River Ridge CDD unanimously adopted Resolution 2024-05 to accept the FY2023 audited financial statements; the auditor noted that actual expenditures in the Special Revenue Fund exceeded the budget and recommended a budget amendment within 60 days.
The River Ridge Community Development District board adopted Resolution 2024-05 on July 23, 2024, accepting the audited financial statements for the fiscal year ended Sept. 30, 2023.
Ben Steets of Grau & Associates presented the audit, saying, "The audit finds that there are no significant instances of non-compliance and the internal controls over financial reporting appear to be operating as intended. However, there was one finding, reflected on Page 28, where the actual expenditures for the Special Revenue Fund exceeded budget. The recommendation is to amend the budget within 60 days of year end."
Mr. Blumenthal moved to adopt the resolution; Mr. Twombly seconded, and the motion carried "with all in favor." Mr. Steets confirmed that bond principal and interest payments due as of the fiscal year end were paid on time and that the Series 2019 note was retired April 24, 2024, subsequent to year-end.
Chuck Adams, CDD staff, and Mr. Blumenthal said staff will follow up with the controller on the required budget amendment and any bookkeeping adjustments. The board took no additional formal budget action at the meeting but placed follow-up tasks on the staff action list.
