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Board ratifies audited financials, reviews unaudited statements and flags budget misallocations
Summary
River Ridge ratified Resolution 2024-05A accepting the audited financial report for FY ending Sept. 30, 2023, and reviewed unaudited statements (Sept. 30, 2024) with staff noting several budget variances and coding errors to be corrected in the next report.
Mrs. Adams presented and the Board ratified Resolution 2024-05A accepting the audited financial report for the fiscal year ended Sept. 30, 2023.
The Board then reviewed unaudited financial statements as of Sept. 30, 2024. Mrs. Adams flagged several discrepancies: General Fund "Engineering" at 209% of budget suggesting misallocated special-revenue expenditures; "Contingencies" at 421% because $4,209 should be under "Other contractual" as landscaping; an NPDES reporting filing line at $19,805 (152% of budget); and higher-than-expected debt-service entries. Staff will request paid invoices from Corporate to investigate misallocations and correct the General Ledger in the next financial statements.
