HomeMy WebLinkAbout20050345.tiff RESOLUTION
RE: SIGN PROXY AND APPOINT DELEGATE TO REPRESENT WELD COUNTY AT
ANNUAL MEETING OF THE RURAL DITCH COMPANY
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, it is necessary to assure a quorum either by attendance or by proxy at the
Annual Meeting of the Rural Ditch Company, which is scheduled for February 19, 2005, and
WHEREAS,a representative of Applegate Group may also attend said Annual Meeting,and
WHEREAS,the Board deems it advisable to appoint either Lee Morrison,Assistant County
Attorney, Greg Nelson, Weld County Department of Public Works, or Steve Nguyen, P.E.,
Diversified Consulting Solutions, Inc., as the delegate to represent Weld County if appearance is
necessary at said meeting.
NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado,that either Lee Morrison,Assistant County Attorney,Greg Nelson,Weld County
Department of Public Works,or Steve Nguyen, P.E., Diversified Consulting Solutions, Inc., be,and
hereby is, appointed as the delegate to represent Weld County at the Annual Meeting of the Rural
Ditch Company, said meeting being scheduled for February 19, 2005, if appearance is necessary
at said meeting.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to
sign the proxy appointing the President of the Ditch Board to represent Weld County at said meeting
if a delegate is not present.
2005-0345
BC0035
(0 0-4� ni) oa -aa �s
RE: SIGN PROXY AND APPOINT DELEGATE TO REPRESENT WELD COUNTY AT ANNUAL
MEETING OF THE RURAL DITCH COMPANY
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 31st day of January, A.D., 2005.
BOARD OF COUNTY COMMISSIONERS
ft" WELD COUNTY, COLORADO
•
sai t !! • William H. Jerke, Chair
• I, I Clerk to the Board
��• '� " i$ < EXCUSED
�11.I ' • M. J. ile, Pro-Tem
-
Deputy Clerk to the Board c (el
D d E. Long j\ir\6° Y
Robert D. Masde
County Attorney 64N
^ / Glenn Vaad
Date of signature:
2005-0345
BC0035
THE RURAL DITCH COMPANY
NOTICE OF ANNUAL STOCKHOLDERS MEETING
January 23, 2005
Longmont, Colorado
The regular annual meeting of the stockholders of The Rural Ditch Company will be held
in the BOULDER COUNTY FAIRGROUNDS MEETING
ROOM, 9595 NELSON ROAD, LONGMONT, CO. 80501 at
2:00 p.m., SATURDAY, FEBRUARY 19, 2005 for the purpose of electing directors
for the ensuring year and the transaction of such business as may properly come before the
meeting.
Dan Grant, Secretary/Treasurer
The Rural Ditch Company
(303) 678-4179
P.O. Box 1826
Longmont, Co. 80502-1826
Even if you expect to be present, please sign, detach, and mail the PROXY NOW. If you
are present, the Proxy will not be used, but we cannot have a legal meeting unless we have a
majority of stock represented.
PROXY FOR VOTING STOCK
KNOW ALL BY THESE PRESENTS, that I (We)(Record Owners of Stock):
Board of County Commissioners, Weld County, Colorado
do hereby constitute and appoint the President of the Rural Ditch Company, or
Lee Morrison, Greg Nelson or Steve Nguyen
of as my Agent, and in my name, place and
stead, to vote as my proxy at the annual meeting of The Rural Ditch Company to be held
February 19, 2005 upon all matters that may properly come before said meeting or any
adjournment thereof according to the number of votes I should be entitled to vote if there
personally present.
WITNESS MY HAND, this 31st day of January , 2005
Signed William H. Jerke, Chair Signed
2005-0345
,- , -''1 ('tin
February 21, 2004
Longmont, Colorado
The regular annual meeting of the Stockholders of the Rural Ditch Company was held in
the offices of Boulder County Fair Grounds 9595 Nelson Road, Longmont at 2:00 p.m.
The meeting was called to order by President Jim Burch.
With those in attendance and the returned proxy forms 39.05 shares were represented
which constituted a quorum.
The minutes of the last annual meeting held February 8, 2003 were read and approved by
motion and second.
The Financial Statement of the Company were reviewed and approved by motion and
second.
Attorney Wendy Rudnik discussed and distributed a Water Court Status and Legal
Activity Report. A copy of her report is attached for reference. LaFarge and Varra
Companies have expressed interest in entering into an excess capacity carriage agreement
as well as an additional request from Hall Irwin Company. LaFarge has submitted
amended plans to mine around Idaho Creek at the Shaw property recognizing a 130 foot
easement. Consulting engineers will study the amended proposal.
Superintendent Armstead reported that Parshall flumes will be installed at every
headgate. He is also arranging to have more cross walks and hand rails constructed.
There is an area of the ditch that will be cleaned by again renting a trackhoe.
There has not been a decision or effort made to stagger the terms of the Board members.
The Ditch Company continues to file on the Cole Ditch seepage for a junior 12 cfs water
right.
There was a question regarding the management of available water diverted from the
headgates. The Superintendent is responsible for diverting water on a pro-rata share
basis.
In the matter of assessments, revenues are anticipated in 2004 from LaFarge, Hall Irwin
and Varra Companies on the excess capacity carriage agreements as well as potential
income from carrying charges on these excess capacity agreements. With the funds now
on deposit and the expected carriage agreement payments, the recommendation was to
decrease the assessments. By motion, second and unanimous approval, the decision was
to lower the assessments to $100.00 per share with a one-half share minimum.
An election of Officers was called. There was a vacancy on the Board of Directors due to
the resignation of Frank Sewald. Julie Cozad representing Hall Irwin was nominated for
the Board. Her nomination was seconded. There was a motion with a second to retain
the other four Board members, namely Jim Burch, Ted Lohmann, Dan Gould and Phil
Camenisch. There was a motion with second and unanimous approval to close
nominations. Jim Burch, Ted Lohmann, Dan Gould, Phil Camenisch, and Julie Cozad
will be the Board of Directors.
With no further business appearing, the meeting adjourned.
Qzci-
Secretary
•
' 7:07 PM Rural Ditch Company
ovosros Balance Sheet Prey Year Comparison
Accrual Basis As of December 31, 2004
Dec 31,04 Dec 31,03 5 Change %Change
ASSETS
Current Assets
Checking/Savings
Banking
Checking 144.44 3,272.23 -3,127.79 -95.6%
Savings#1930648 30,741.08 24,421.02 6,320.06 25.9%
Time C.D.-90 Day 11,571.00 11,470.13 100.87 0.9%
Time C.D.-6 Months 51,978.08 51,459.52 518.56 1.0%
Time C.D.-1 Year 7,365.27 7,263.86 101.41 1.4%
Total Banking 101,799.87 97,866.76 3,913.11 4.0%
Total Checking/Savings 101,799.67 97,866.76 3,913.11 4.0%
Accounts Receivable
Accounts Receivable 0.00 1,027.04 -1,027.04 -100.0%
Total Accounts Receivable 0.00 1,027.04 -1,027.04 -100.0%
Total Current Assets 101,799.87 98,913.80 2,886.07 2.9%
Fixed Assets
18"Parshal Flumes 2003
Accumulated Deprciation -6,000.00 -3,429.00 -2,571.00 -75.0%
18"Parallel Flumes 2003-Other 6,000.00 6,000.00 0.00 0.0%
Total 18"Parshal Flumes 2003 0.00 2,571.00 -2,571.00 -100.0%
Total Fixed Assets 0.00 2,571.00 -2,571.00 -100.0%
Other Assets
Carriage Agreement Receivable
Hall-Irwin#1 11,250.00 22,500.00 -11,250.00 -50.0%
Hall-hwIn#2 33,750.00 0.00 33,750.00 100.0%
Van Companies,etal 45,000.00 0.00 45,000.00 100.0%
Total Carriage Agreement Receivable 90,000.00 22,500.00 67,500.00 300.0%
Total Other Assets 90,000.00 22,500.00 67,500.00 300.0%
TOTAL ASSETS 191,799.87 123,984.80 67,815.07 54.7%
LIABILITIES&EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
Federal Income Tax Payable 0.00 1,369.00 -1,369.00 -100.0%
Colo.State Inc.Tax Payable 0.00 442.00 -442.00 -100.0%
Total Other Current Liabilities 0.00 1,811.00 -1,811.00 -100.0%
Total Current Liabilities 0.00 1,811.00 -1,811.00 -100.0%
Long Term Liabilities
Deferred Carriage Charges
Hall-Irvvin#1 Deferred 11,250.00 22,500.00 -11,250.00 -50.0%
Hall-Irwin#2 Deferred 33,750.00 0.00 33,750.00 100.0%
Van Companies,etal-Deferre 45,000.00 0.00 45,000.00 100.0%
Total Deferred Carriage Charges 90,000.00 22,500.00 67,500.00 300.0%
Total Long Term Liabilities 90,000.00 22,500.00 67,500.00 300.0%
Total Liabilities 90,000.00 24,311.00 65,689.00 270.2%
Equity
Retained Earnings 99,673.80 91,942.60 7,731.20 8.4%
Net Income 2,126.07 7,731.20 -5,605.13 -72.5%
Total Equity 101,799.87 99,673.80 2,126.07 2.1%
TOTAL LIABILITIES&EQUITY 191,799.87 123,984.80 67,815.07 54.7%
Page 1
7:06 PM Rural Ditch Company
01/05/05 Profit & Loss Prey Year Comparison
Accrual Basis January through December 2004
Jan-Dee 04 Jan-Dec 03 $Change %Change
Ordinary Income/Expense
Income
Stock Assessments 5,140.00 15,420.00 -1%280.00 -66.7%
Crossing Agreements 2,000.00 2,500.00 -500.00 -20.0%
Discharge Agreement Fee 3,500.00 3,500.00 0.00 0.0%
Stock Transfer Fees
Less Secretary Fee -250.00 -100.00 -150.00 -150.0%
Stock Transfer Fees•Other 250.00 100.00 150.00 150.0%
Total Stock Transfer Fees 0.00 0.00 0.00 0.0%
License Fee 3,000.00 0.00 3,000.00 100.0%
Carriage Charge Fees 37,500.00 42,750.00 -5,250.00 -12.3%
Excess Capacity Carrying Charge 3,552.00 0.00 3,552.00 100.0%
Reimbursed Expenses 1,405.03 3,510.57 -2,105.54 -60.0%
Refunds 79.91 0.00 79.91 100.0%
Total income 56,176.94 67,680.57 -11,503.63 -17.0%
Gross Profit 56,176.94 67,680.57 -11,503.63 -17.0%
Expense
Payroll Expense
Officer Salary 1,339.00 1,190.90 148.10 12.4%
Superintendent Salary 7,260.00 5,445.00 1,815.00 33.3%
Secretary Salary 2,884.00 2,800.00 84.00 3.0%
Labor Salary 2,498.92 6,194.26 -3,695.34 -59.7%
Total Payroll Expense 13,981.92 15,630.16 -1,648.24 -10.6%
Payroll Taxes
Company FICA 866.89 969.04 -102,15 -10.5%
Company Medicare 202.71 226.72 -24.01 -10.6%
Total Payroll Taxes 1,069.60 1,195.76 -126.16 -10.6%
Bank Service Charges 69.70 25.56 44.14 172.7%
Cleaning 195.00 0.00 195.00 100.0%
Depreciation Expense 2,571.00 3,429.00 -858.00 -25.0%
Directors Fees 1,520.00 1,040.00 480.00 46.2%
District 6 Assessment 3,543.90 3,171.06 372.84 11.8%
Dues and Subscriptions 159.00 155.00 4.00 2.6%
Equipment Rental 3,962.70 3,274.20 688.50 21.0%
Gifts 109.13 32.16 76.97 239.3%
Hand Tools 0.00 1,103.76 -1,103.76 -100.0%
Fuel 0.00 169.62 -169.62 -100.0%
insurance
Directors&Officers Liability 1,341.00 1,310.00 31.00 2.4%
Liability insurance 872.00 605.00 267.00 44.1%
Work Comp 1,139.00 937.00 202.00 21.6%
Unemployment Insurance 176.65 328.90 -152.25 -46.3%
Total Insurance 3,528.65 3,180.90 347.75 10.9%
Licenses,Permits&Filing Fees 81.00 0.00 81.00 100.0%
Machine Hire 321.30 788.58 -467.28 -59.3%
Office Equipment
Computer Up-grade 39.57 0.00 39.57 100.0%
Total Office Equipment 39.57 0.00 39.57 100.0%
Office Supplies 23.89 10.00 13.89 138.9%
Postage and Delivery 111.00 245.00 -134.00 -54.7%
Printing and Reproduction 0.00 116.67 -116.67 -100.0%
Professional Fees
Accounting 275.00 250.00 25.00 10.0%
Engineering Fees 1,711.17 776.25 934.92 120.4%
Legal Fees 13,894.14 17,504.17 -3,610.03 -20.6%
Total Professional Fees 15,880.31 18,530.42 -2,650.11 -14.3%
Repairs 1,750.00 1,481.32 268.68 18.1%
Supplies 45.15 58.58 -13.43 -22.9%
Page 1
' 7:06 PM Rural Ditch Company
01/06/05 Profit & Loss Prey Year Comparison
Accrual Basis January through December 2004
Jan-Dec 04 Jan-Dec 03 $Change %Change
Taxes
Colorado State Income Tax 0.00 442.00 -442.00 -100.0%
Federal 80.20 1,369.00 -1,288.80 -94.1%
Total Taxes 80.20 1,811.00 -1,730.80 -95.6%
Telephone 41.51 273.65 -232.14 -84.8%
Travel&EM
Meals 83.72 0.00 83.72 100.0%
Total Travel&Ent 83.72 0.00 83.72 100.0%
Vehicle Expense 5,700.00 5,600.00 100.00 1.8%
Total Expense 54,868.25 61,322.40 -6,454.15 -10.5%
Net Ordinary Income 1,308.69 6,358.17 -5,049.48 -79.4%
Other Income/Expense
Other Income
Interest Income 796.84 1,245.99 -449.15 -36.1%
Interest on Unpaid Stock Assess 20.54 127.04 -106.50 -83.8%
Total Other Income 817.38 1,373.03 -555.65 -40.5%
Net Other Income 817.38 1,373.03 -555.65 40.5%
Net Income 2,126.07 7,731.20 -5,605.13 -72.5%
Page 2
Hello