IWA conducts annual meeting, installs new board
During the Island Water Association’s annual meeting on Monday, shareholders approved the re-election of Vice President William Carr while electing newcomers Gary Dutton and Jim Griffith to serve on its 2011 Board of Directors.
Outgoing board president Bill Fenniman conducted the 50-minute session, attended by several IWA shareholders and employees, along with two members of the Pine Island water utility.
Fenniman detailed some of the challenges the company faces, including rising energy costs and a trend towards customers using less fresh water through conservation efforts and the use of reclaimed water.
“We are a stable utility company and we have a very low employee turnover… our turnover ratio was zero in 2010,” said Fenniman.
Among the details noted in the IWA’s Financial Statement Report, the company clams $2,615,300 in total current assets, up from 2009’s $2,150,400. Total assets stand at $30,018,900, up slightly from the previous year ($29,587,500).
“I’ve been a part of a number of companies, but I don’t think I’ve ever been a part of such a cohesive, able group of workers before,” added Robert Lindman, treasurer.
According to the report, the IWA lowered it’s total operating costs in 2010 to $5,911,800, down from $5,932,000 in 2009. The most significant change in their operating income over the past year is the $104,100 gained through interest and earnings from investments. In the year prior, that figure accounted for $14,300.
Rusty Isler, general manager of the IWA, stated during his presentation that the 2011 Financial Forecast projected $6.9 million in revenues, $5.1 million in operating costs, $1.1 million for capital expenditures and approximately $700,000 for debt service, yielding a net gain/loss of zero.
Among the capital expense projects Isler noted were completed in 2010 was the installation of new lines at Sanibel Bayous ($650,000) and across the Blind Pass Bridge ($200,000), replacement of the well line along Sanibel-Captiva Road ($310,000), the purchase of Badger Orion AMR meters ($160,000) as well as other projects, products and services ($391,500).
Isler also thanked the board for their ongoing support.
“They’ve been a tremendous help to me — they’re advisors, a sounding board,” he added. “It’s fantastic to work with such great people.”
With the departure of Fenniman and Vice President Tim Gardner, the 2011 Board of Directors includes Carr, Lindman, Dutton, Griffith and Jack Cunningham.