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River Ridge CDD adopts FY2023 audited financial report; Board approves Resolution 2024-05
Summary
On July 23, 2024 the River Ridge Community Development District Board accepted the audited financial report for the fiscal year ended Sept. 30, 2023 and adopted Resolution 2024-05 after the auditor highlighted a single finding that the Special Revenue Fund exceeded budget and recommended a budget amendment within 60 days.
The River Ridge Community Development District Board on July 23 accepted the fiscal year 2023 audited financial report and adopted Resolution 2024-05 to formalize that acceptance.
Ben Steets of Grau & Associates presented the audit, saying, "there are no significant instances of non-compliance and the internal controls over financial reporting appear to be operating as intended." He noted one finding: actual expenditures for the Special Revenue Fund exceeded its budget and the auditor recommended amending the budget within 60 days.
Steets also confirmed that principal and interest payments for bonds existing as of the fiscal year end were paid on time and that the Series 2019 note was retired subsequent to year-end on April 24, 2024. The report prompted questions from supervisors about the Special Revenue Fund and a follow-up by staff to coordinate with the Controller.
Cleo Adams presented Resolution 2024-05 to the Board. On motion by Kurt Blumenthal, seconded by Robert Twombly, and with all in favor, the Board adopted Resolution 2024-05 accepting the audited financial report.
The adoption does not itself amend the budget; the auditor's recommendation that the Special Revenue Fund expenditures be budgeted will require staff follow-up and budget amendment work in the coming weeks. The Board also accepted unaudited financial statements as of June 30, 2024 during the meeting and scheduled continued budget work ahead of the Aug. 27, 2024 public hearing for the FY2025 budget.
Next steps: staff will follow up with the Controller on the Special Revenue Fund finding and, if required, prepare budget amendments to be considered within the auditor's suggested timeframe.
