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River Ridge CDD adopts audit for fiscal year 2023; auditors flag Special Revenue Fund overspending
Summary
Grau & Associates told the River Ridge board the FY2023 audit found no significant noncompliance but noted Special Revenue Fund expenditures exceeded the budget; the board adopted Resolution 2024-05 accepting the audit and staff were asked to amend the budget as recommended.
At the July 23 meeting, Ben Steets of Grau & Associates presented the audited basic financial statements for the fiscal year ended Sept. 30, 2023, and told the board 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." He also reported one finding (listed on Page 28) that actual expenditures for the Special Revenue Fund exceeded the budget; auditors recommended the district amend the budget within 60 days of year end.
In response to a question about Note 10 and Series 2019, Steets confirmed that principal and interest payments for bonds existing as of the fiscal year end were made on time and that the Series 2019 note was retired subsequent to year-end (satisfied April 24, 2024).
Mrs. Adams presented Resolution 2024-05 to accept the audit. On motion by Mr. Blumenthal, seconded by Mr. Twombly, and with all in favor, the Board adopted Resolution 2024-05 accepting the audited financial report. The Board instructed staff to follow up with the Controller about budget amendments related to the Special Revenue Fund.
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