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River Ridge CDD ratifies audited report and flags unaudited financial variances
Summary
The Board ratified the FY2023 audited financial report and reviewed unaudited Sept. 30, 2024 statements, where staff flagged potential misposted expenses and significant budget variances that will be corrected in the next report.
The Board ratified a resolution accepting the audited financial report for the fiscal year ended Sept. 30, 2023 and reviewed unaudited financial statements for Sept. 30, 2024 that contained notable variances.
Mrs. Adams presented and the Board ratified Resolution 2024-05A accepting the FY2023 audited financial report. The vote was unanimous.
Mrs. Adams then reviewed the unaudited Sept. 30, 2024 statements and identified apparent posting errors and large variances: General Fund 'Engineering' was at 209% of budget, suggesting expenditures that should be in the Special Revenue Fund were included improperly; 'Contingencies' showed 421% of budget because $4,209 was categorized incorrectly and belonged under landscaping 'Other contractual'; an NPDES reporting filing line of $19,805 equated to 152% of budget; and a 'Series 2022A Note' line of $8,672 may reflect preliminary expenses that were not repaid. Mrs. Adams said she requested copies of paid invoices from Corporate to reconcile the items and that corrections will appear in the next financials.
Mr. Blumenthal asked for the date at the top of a report to be updated to reflect his last update (July 15 or 20, 2024). Mr. Krebs flagged incorrect signage text with a vendor and staff were asked to inspect rusted lake and wetland signs and follow up with the vendor and Premier Lakes.
