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River Ridge board accepts FY2023 audited financial report and adopts Resolution 2024-05
Summary
The Board adopted Resolution 2024-05 accepting the audited financial statements for the fiscal year ended Sept. 30, 2023; the auditor reported no significant noncompliance but flagged one finding that Special Revenue Fund expenditures exceeded budget and recommended amending the budget within 60 days of year end.
The River Ridge Community Development District board voted to accept the audited financial statements for the fiscal year ended Sept. 30, 2023, adopting Resolution 2024-05 after a presentation by Ben Steets of Grau & Associates.
Steets told the board that the audit found no significant instances of noncompliance and that internal controls over financial reporting appeared to be operating as intended. He identified one finding (noted on page 28 of the audit) in which actual expenditures for the Special Revenue Fund exceeded the budget and recommended the District amend that budget within 60 days of year-end. Steets also confirmed that principal and interest 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, subsequent to year-end.
On motion by Supervisor Kurt Blumenthal and seconded by Supervisor Robert Twombly, the board adopted Resolution 2024-05 unanimously. The board also approved a separate motion authorizing Chair Bob Schultz to participate remotely and approved the June 25, 2024 meeting minutes as amended (corrections included spelling changes and a job-title edit). Staff will follow up on the Special Revenue Fund finding and the controller will be asked to prepare any required budget amendments.
No vote or dollar amount for a corrective budget amendment was specified at the meeting.
