2014 Shareholders’ Meeting

Las Positas Mutual Water Company

Minutes of the Annual Shareholders' Meeting

June 3, 2014

Held at the First Baptist Church – Fellowship Hall

949 Veronica Spring Road

(Prepared by Layne Wheeler, Board Member)

Meeting called to order by President Jeff Childers at 7:08

Introduction of board and treasurer

A quorum was established at 7:08 there were 471.5 shares represented.

Member introduction

Approval of minutes of board meeting of June 12, 2013

       Motion to approve was made by Greg Merritt seconded. Motion approved without discussion.

Financial Report: Alice Donovan distributed copies of the report.

Alice reviewed P/L based on accrual bases. Next she addressed special assessment and connection fees as well as quarterly fees. Operating funds have been spent and there is a negative balance of $12,378.29. She reviewed the 3 checking accounts and the status of each. Alice reported that all connection fees are up to date and current. She noted that there have been some spending from the special assessment fund and she explained how transfers are made between the regular checking and the money market fund with a transfer of $21,907.10. There was an explanation that there are several WIP Work in progress expenses being shown as a liability. There were several questions from the members that were successfully answered. One question was asked about buying CDs to keep the accounts under the $250,000 FDIC ceiling and if there was a need to purchase CDs to accomplish this. No decision was made on this point.

President Childers called for a motion to approve the financial report. A motion was to approve made member Tom Buchanan, motion was seconded with the addition to correct the reference to SBB&T to Union Bank. An additional amendment was made to state that we are accepting the numbers presented as correct. The vote was suspended by approval of the body pending the report on the next item: Audit Discussion question

Motion to accept the financial report was passed.

Audit Discussion- Alice Donovan

Alice presented the information she was able to determine including a proposal by Terry of Santa Maria and the two proposals she offered. The first- a full audit that would cost $6700 and the second a Review a less detailed assessment at a cost $3600. 

Action on this discussion: a motion was made by member Gagnon to perform a complete audit on our accounts. Motion was seconded. Motion defeated by vote by shares with 296 no votes, 50.5 yes, 33 abstentions.

Facilities Report: Jeff Childers reportingElectrical panel project was delayed due to a contractor delay but the project is now underway with a new electrical contractor that is currently working on the project.

New well project we'll be initiated by the next general meeting.

Water supply issues: the well level seems to be dropping to some degree but there were time differences being an issue and the measuring time will be held consistent from this point forward. Members will be alerted as to the well level to at next measurement cycle and this done as a conservation action. Jeff reported that the well level is drawing water at 150 feet and the well is about 250 feet deep. Member questions were addressed.

The property has been mowed recently and meets fire department regulations.

New business: Water Quality Report- Jeff explained the report and directed members review the report. Question was asked about water hardness and that number was 560.

Water Cost Comparison: Rick Donovan

The comparison graph was explained and was complied by board member Dan Higgins. It was an extrapolation of what water would cost using SB city water rates.

Water Conservation: Layne Wheeler bottom line 'save water'!

Extending the special assessment for 1 more year: Jeff Childers

The Board recommends extending the special assessment for one more year but to drop it by $50 and move the $50 from the Special Assessment fund to the general fund. Motion to approve was made by Greg Merritt and was seconded. Motion passed.

Election of Directors: current board has been re-elected.

Meeting adjourned at 8:56 by President Jeff Childers.