previous financial statements<\/a>, the Sheep Creek Water Company fiscal year runs from January 1 – December 31, so they were two and half months delinquent in approving the budget.<\/p>\nThe annual meeting in May was moved back from May 20 to May 6.\u00a0 Proxies will be due to the Sheep Creek Water Company office by 3PM on May 4.\u00a0 There will be a meeting Thursday, March 23 to finalize the agenda, proxy form, and other sundries for the meeting.\u00a0 Better late than never.<\/p>\n
The board voted to place their company share buy-back program on the agenda for the annual meeting.\u00a0 The plan now is to purchase up to 5 shares per customer selling shares for $1100, and then hopefully sell them back to the public for $3250 per share, perhaps less if there are extenuating circumstances.\u00a0 The board seems to think this is a way to raise money for the company, although even if they bought and sold all these shares at the named prices within a year the max income would be just over $100,000, which is less than 25% of the projected Tier 3 income for 2023.\u00a0 I really don’t think they will be able to sell these shares for $3250 anytime soon, so the main intention is to raise the overall value of shares for people like the Nilsen family who are looking to offload shares for more than the current going rate.<\/p>\n
The board also confirmed they have no further intention at this time to purchase the PPHCSD shares for sale.\u00a0 They claim that’s because PPHCSD doesn’t want to sell in one block.\u00a0 However, I suspect the real reason is because PPHCSD refuses to lower the selling price for their shares from the $1100 they are currently listed at in the office.<\/p>\n
Speaking of PPHCSD, the Mr. Tapia, the GM, brought up a concern that the new property purchase agreement between the Zimmerman’s and PPHCSD for a new storage tank on the hill above Phelan violates an old right-of-way agreement between Sheep Creek Water Company and the Zimmerman’s.\u00a0 This caused Mr. Nilsen to bring up an idea he has for reaching out to PPHCSD to come to a water sharing agreement of sorts, where PPHCSD is able to utilize Sheep Creek’s storage tank capacity in exchange for an agreement for SCWC to receive up to 300,000 GPM as needed.\u00a0 This would be an excellent move for Sheep Creek Water Company, alleviating the need to drill the wells the state requires to lift the moratorium.\u00a0 Not sure how good a deal it is for PPHCSD, but that’s for other people to decide.<\/p>\n
No new well updates, so it seems the company is still in limbo when it comes to addressing the water supply issue.\u00a0 However, the board did approve a new vision statement!\u00a0 There was also discussion about purchasing a new tractor for the company, vaccuum equipment, and perhaps even a new computer system.\u00a0 Gotta spend that rate increase money somewhere, right?<\/p>\n
Below is the new vision statement as read aloud in the meeting which the board approved.\u00a0 I will reserve comment.<\/p>\n
“Our vision is water is life.\u00a0 It is a simple but powerful message that describes why we do what we do every day.\u00a0 Water is necessary for our customers and it’s mission to provide efficient, effective, and reliable water service.\u00a0 Water is life also means we are there day after day providing this essential and critical service to our community.\u00a0 We work hard in many ways to deliver clean water that is also safe, reliable, and affordable because our customers, employees, and those who invest in us deserve nothing less.\u00a0 We believe the only way to do business is to reasonably deliver water at cost to our customers, build a strong community, leverage innovation in our water system, and support the expertise and dedication of our shareholders.”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
Interesting meeting as usual with this Board of Directors.\u00a0 They opened the meeting with a veiled threat against this very website, mentioning they were in discussion with their lawyer over the domain name’s similarity to the sheepcreekwater.com domain.\u00a0 They even asked me to change the domain name.\u00a0 Unfortunately for them I know they don’t have…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-243","post","type-post","status-publish","format-standard","hentry","category-sheepcreeknews"],"_links":{"self":[{"href":"https:\/\/scwcshareholders.org\/index.php?rest_route=\/wp\/v2\/posts\/243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/scwcshareholders.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scwcshareholders.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scwcshareholders.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/scwcshareholders.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=243"}],"version-history":[{"count":6,"href":"https:\/\/scwcshareholders.org\/index.php?rest_route=\/wp\/v2\/posts\/243\/revisions"}],"predecessor-version":[{"id":245,"href":"https:\/\/scwcshareholders.org\/index.php?rest_route=\/wp\/v2\/posts\/243\/revisions\/245"}],"wp:attachment":[{"href":"https:\/\/scwcshareholders.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scwcshareholders.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scwcshareholders.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}