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River Ridge CDD accepts FY2023 audit; board adopts Resolution 2024-05 and schedules Aug. 27 budget hearing
Summary
The River Ridge CDD adopted Resolution 2024-05 accepting the FY2023 audited financial report, which noted the Special Revenue Fund exceeded budget and recommended a budget amendment within 60 days; the board also reviewed unaudited June 30, 2024 statements and confirmed an August 27 budget hearing.
The River Ridge Community Development District on July 23 adopted Resolution 2024-05 to accept the audited financial statements for the fiscal year ended Sept. 30, 2023, following a presentation by Ben Steets of Grau & Associates. Steets said the audit found no significant instances of non-compliance and that internal controls appear to be operating as intended, but noted one finding: actual expenditures in the Special Revenue Fund exceeded the adopted budget (the finding is reflected on Page 28). He recommended the District amend that budget line within 60 days of year-end.
Steets also confirmed that principal and interest payments for bonds outstanding as of the fiscal year-end were made on time and that the Series 2019 note was retired subsequent to year-end on April 24, 2024. Mrs. Adams presented Resolution 2024-05; on motion by Mr. Blumenthal, seconded by Mr. Twombly, and with all in favor, the Board adopted the resolution accepting the audit.
At the same meeting Mrs. Adams presented unaudited financial statements as of June 30, 2024 and answered questions about items on the check register. The Board discussed the FY2024/2025 budget and Mr. Blumenthal’s updated five-year Capital Improvement Plan. The Board set its next meeting for Aug. 27, 2024 at 1:00 p.m., when the FY2025 budget hearing and adoption will occur. Chuck Adams said he will follow up with the Controller on the Special Revenue Fund budget variance.
