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DOCUMENTS PERTAINING TO DDMWC ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON MARCH 5, 2024
Del Dios Mutual Water Company
Annual Meeting of Shareholders
March 5, 2024
7:00 PM
Agenda
Call to Order
1. Approve Agenda
2. Presentation of Minutes of 2023 Annual Meeting of Shareholders
3. Election of Board of Directors
--Identification of nominated candidates
--Call for floor nominations
--Opportunity for candidates to address shareholders
--Appointment of Board of Election
--Count Ballots
--Announcement of election results
4. Presentation of 2023 Activity Report
5. Presentation of Financial Reports and Budget
6. Presentation of Water Quality Report
7. Proposed Assessment and/or Rate Increase due to new State Regulations.
8. Q and A
Adjourn
___________________________________________________________________________________________________________
Del Dios Mutual Water Company
Annual Shareholders Meeting
March 7, 2023
Minutes
The Annual Meeting of Shareholders of the DDMWC took place on March 7, 2023 at 7:00 pm
at the Firehouse on Elm in Del Dios, Escondido, CA. 92029.
Chair was Rich Foster, President.
1. Call to Order, welcome, current board members introduced.
2. Minutes of 2022 Annual Meeting approved.
3. Board of Election appointed to count ballots.
Ballots were mailed to all shareholders and were received by return mail, proxy and in person.
There was one vote per share.
3. 2022 Activity Report presented: see below.
4. Financial Reports presented by Tom Hodges, Treasurer.
5. Water Quality Report: Good.
Superintendent Roy Dunn discussed water testing processes and explained results reported
in the Consumer Confidence Report.
6. Announcement of Election of Board of Directors for 2023:
The following persons were elected to serve on the Board of Directors for the 2023 term:
Richard Foster
Tom Hodges
Roy Dunn
Larry Kluey
Kevin Tackaberry
7. Questions from shareholders and attendees were addressed by the Board.
8. Meeting adjourned.
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Del Dios Mutual Water Company
Profit & Loss
January through December 2023
Ordinary Income/Expense Income
American Tower #370439 34,104.21
AT&T #10086252 18,842.52
Billings 73,379.92
GT Company #814563 20,596.38
Misc. Income 900.00
Refunds & Adjustment 195.85
Returned Check Charges 15.00
Savings Interest 14.97
T-Mobile #SD06449A 46,337.76
Water Share 1,925.00
Total Income 196,311.61
Gross Profit 196,311.61
Expense
Amortization 302.40
Auto Expense
Auto Repair 1,376.29
Gas&Oil 1,236.35
Registration 439.00
Tractor Maint/Repair 1,015.77
Total Auto Expense 4,067.41
Bank Service Charges 377.53
Board of Directors Comp. 3,000.00
Casual Labor 1,800.00
Depreciation 34,869.43
Insurance
Auto 1,234.00
Commercial 9,290.00
Umbrella 5,803.00
Workmans Comp. 3,550.80
Total Insurance 19,877.80
Investment Service Fee 3,689.24
Legal & Acounting 1,235.00
Office Expense
Annual Meeting 139.31
Computer 186.30
Dues & Subscription 1,719.16
Internet Connection 143.88
On-Line Payroll Service 1,349.00
Paper & Envelopes 862.46
Postage 741.59
Printing 431.02
Software 309.86
Telephone 600.00
Office Expense - Other 77.67
Total Office Expense 6,560.25
Outside Service 150.00
Pay Pal Transaction Fee -42.42
Payroll
Comp ETT 24.23
Comp FICA 4,219.59
Comp FUTA 290.70
Comp MCARE 986.84
Comp SUICA 532.95
Gross 68,057.86
Total Payroll 74,112.17
Payroll Expenses 0.00
Rent 8,600.00
Repairs & Maintanance
Chlorine 2,136.96
Emergency 2"water meter tie-in 3,588.08
Equipment 115.63
Permits&Fees 77.50
Pipeline Repair 8,568.78
Testing 16,532.50
Water Tank 14,745.18
Water Treatment 1,190.00
Well No.1 802.43
Well No.2 400.00
Well No.3 0.00
Repairs&Maintan - Other 117.17
Total Repairs & Maintanance 48,274.23
Taxes&License
Federal Tax 4,940.00
Property Tax 2,792.06
Total Taxes&License 7,732.06
Toilet Replacement Rebate 400.00
Utilities
SDG&E 17,989.04
Total Utilities 17,989.04
Total Expense 232,994.14
Net Ordinary Income -36,682.53
Other Income/Expense
Capital Gain Distributions 3,689.89
Investment Interest 29.24
Qualified Dividends 5,083.15
Realized Gain on Investment 6,734.76
Unrealized Gain/Loss Investment 26,089.97
Total Other Income 41,627.01
Other Expense
Foreign Tax Paid 153.00
Total Other Expense 153.00
Net Other Income 41,474.01
Net Income 4,791.48
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Balance Sheet: Year End 2023
Dec 31,2023
ASSETS
Current Assets
Checking/Savings
JPMorgan Chase Bank Checking 6,539.90
JPMorgan Chase Savings 145,393.83
Total Checking/Savings 151,933.73
Accounts Receivable
Acct.Recv. -505.69
Total Accounts Receivable -505.69
Other Current Assets
Investment Account
Calvert Intl Responsible 15,912.14
DFA Emerging Markets Instl CL D 18,499.00
Euro Pac Growth Fund 19,287.74
Fundamental Invrs Inc Cl F 10,865.80
Growth Fund Amer Inc Cl F 19,929.46
Ishares Core S&P Small Cap 200 23,320.62
Ishares Russell Mid Cap Growth 24,936.48
JP Morgan Growth Advantage Fund 36,045.29
JP Morgan Mid Cap Value 23,474.06
JP Morgan US Govm Money Mrkt 10,685.29
Pimco Total Return 13,343.63
Principal Equity Income 41,881.27
Virtus Seix Floating Rate High 14,568.25
Total Investment Account 272,749.03
Loan to DelDios Volunteer Fire 19,600.00
Undeposited Funds 2,221.30
Total Other Current Assets 294,570.33
Total Current Assets 445,998.37
Other Assets
Accum.Amortization -1,360.80
Accum.Dep. -608,651.36
Chevy Truck 13,500.00
Chlorinator 3,553.17
Computer 3,191.87
Kubota Tractor 21,932.63
Land 93,170.00
MachineEquip. 49,926.44
Mainline Upgrade
Design Phase 1 49,000.01
Permits Phase 1 7,044.62
Pipeline Extension Phase 1 185,104.70
Pipeline Extension, Phase 2
Permits Phase 2 4,536.00
Pipeline Extension, Phase 2 - Other 363,849.00
Total Pipeline Extension, Phase 2 368,385.00
Total Mainline Upgrade 609,534.33
Sand Filter 2,341.80
Water Tank reline/repaint 152,000.00
Well #6 193,978.79
Well pump and motor 20,948.56
Total Other Assets 554,065.43
TOTAL ASSETS 1,000,063.80
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
Payroll-ETT 0.08
Payroll-FICA 544.48
Payroll-FUTA 145.03
Payroll-FWH 107.00
Payroll-MCARE 127.36
Payroll-SDI 39.93
Payroll-SUICA 2.56
Payroll-SWHCA 40.81
Payroll Liability- Workmen's Comp 4,274.70
Total Other Current Liabilities 5,281.95
Total Current Liabilities 5,281.95
Total Liabilities 5,281.95
Equity
Opening Bal Equity 108,061.32
Retained Earnings 881,929.05
Net Income 4,791.48
Total Equity 994,781.85
TOTAL LIABILITIES & EQUITY 1,000,063.80
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Del Dios Mutual
Water Company
DOCUMENTS FROM 2022 ANNUAL SHAREHOLDERS MEETING:
Annual Shareholders Meeting
March 1, 2022
Minutes
The Annual Meeting of Shareholders of the DDMWC took place on March 1, 2022 at 7:00 pm. Due to COVID-19 pandemic restrictions, this meeting was held remotely via Zoom videoconferencing software. Chair was Rich Foster, President.
1. Call to Order, Welcome, current Board Members introduced.
2. Minutes of 2021 Annual Meeting approved.
3. Board of Election appointed. Ballots counted.
The annual election of the Board of Directors was held by U. S. Mail. Shareholders received ballots
and Zoom meeting invitations in early February. 98 votes were cast by March 1, 2022.
3. Activity Report presented: see below.
4. Financial Reports and Budget presented.
5. Water Quality Report: Good.
6. Announcement of Election of Board of Directors for 2022: The following persons were elected to serve on the Board of Directors for the 2022 term:
Richard Foster
Tom Hodges
Roy Dunn
Larry Kluey
Kevin Tackaberry
7. Questions from shareholders and attendees addressed; Solar power, water conservation discussed.
8. Meeting adjourned.
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2021 Annual Activity ReportPresented at the Annual Shareholders Meeting
on March 1, 2022
The mission of the Del Dios Mutual Water Company is “To supply to its members only, for cost and not for profit, water for domestic, irrigation and beneficial use,” according to its Articles of Incorporation. Since its founding in 1934, the Company has provided fresh, clean water to its shareholders in the community of Del Dios, Ca.
The DDMWC is a California nonprofit mutual benefit corporation, with a five-member Board of Directors, elected by shareholders annually in March. The Water Company is fully owned and operated by property owners in Del Dios. Each Company share is appurtenant to a specific parcel within our service area. This means that shares can’t be bought or sold separately from ownership of the land. The number of shares, 173, stays stable: the only way an additional share could ever be issued is by a two-thirds majority vote of all shareholders.
When you bought or inherited your property, your water share came with it. If you sell your land, your share will go to the new owner. Some of you may have vacant lots that do not have a water share. These don’t have water service, and you can’t use your share to get water for an additional lot. This is why if you decide to sell it is important to disclose whether your property has a water share or not to the new owner or agent.
This is one of the reasons the community of Del Dios has been able to maintain its rural character, its open space and natural beauty over the years, in spite of rampant and irresponsible overdevelopment evident throughout Southern California.
The Company’s ten-year Financial and Strategic Plan: 2014-2024 provides for capital projects, regular maintenance, cell tower lease management and a reserve/emergency fund.
Capital projects include the three-phase project to replace the old water main along Lake Drive with new 10” PVC pipe, install additional hydrants and stabilize water pressure throughout town. The contractor is PK Mechanical, Wildomar, CA. Phase one and two, Nutmeg to Tamarack, has been completed. Phase three, Tamarack to Rancho, will be completed in 2024.
A second capital project is the new well, Well # 6, scheduled to come online this Spring. When the Board learned of proposed new California State regional water authority regulations, we decided to drill a new well. DDMWC staff spent much of 2021 preparing the site and equipment to bring the well online, including working with contractors to install electrical equipment, a new chlorination system, pump machinery and housing. Staff also received training to operate the new systems.
New well #6 increases our current capacity and help us plan ahead for future needs. It produces 150 gallons per minute with the pump set at 500 feet. All water tests have been completed and it has passed every test with flying colors: it’s pure, clean water. Even the TDS, total dissolved solids, or minerals from the rock it’s found in, is testing lower than the other three wells. Once this water is mixed with the other wells, it will improve the quality as well as the quantity of Del Dios water available for our customers.
With Well #6, the DDMWC has four active wells: two in the canyon, one behind the firehouse, and the new one on the tank road. Well #1 and #2 at 600’; Well #3 at 200’ and the new well #6 at 1,010’.
Maintenance activities in 2021 included annual water tank inspection and repair performed by Utility Service Company. Company Board and staff repaired and replaced pipes and valves throughout the system as needed. Leaks were repaired within 48 hours.
Water quality was good throughout the year. Superintendent Roy Dunn conducted monthly and annual tests for water quality. The DDMWC met all State and County standards tested for in 2021.
Our community has continued to conserve water in 2021. We ask that all customers continue to comply with the voluntary DDMWC Water Conservation Measures found on our website www.ddmwc.org.
DDMWC provided up to $100. rebate for residents who replaced an old toilet with a new, efficient low-flow toilet in their Del Dios residence. This year, 5 customers took advantage of this program, and the water company issued $600. in rebates for new efficient toilets. Contact Board Member Larry Kluey to participate in this program.
Customers can choose to pay their water bills online. Paper billing is still available for those who prefer to mail a check. Thanks to Bobby McGann for coordinating this program. The Del Dios Mutual Water Company maintains a healthy reserve in investments to secure the future and provide stability and security for any emergency situation that arises. The company has generators in case of power outage, and a connection to our neighboring Rincon Water system in case of fire, earthquake, etc. Staff has emergency procedures in place and are trained in emergency preparedness.
DDMWC water rates continue to be some of the lowest in the State of California. Cell phone tower leases help make this possible by supplementing DDMWC income. President Rich Foster worked hard in 2021 to negotiate profitable multiyear leases with ATT, T-Mobile, American Tower, etc.
2021 Board members were Rich Foster, President; Tom Hodges, Vice President/Treasurer; Roy Dunn, Superintendent; Larry Kluey, Board Member; and Kevin Tackaberry, Board Member. Employees include Bobby McGann, Accountant and Ruth Ketchum, Corporate Secretary.
DDMWC monthly Board meetings are held on the first Tuesday of every month at 7:00 pm at the Old Firehouse, and all shareholders are welcome. For more information, check the company website www.ddmwc.org. To report leaks and repairs call Roy Dunn: 760-644-1997 or Larry Kluey: 760-480-8922. For company questions: call Rich Foster: 760-580-5805.
--Report respectfully submitted by Ruth Ketchum, Corp. Secretary
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