Laserfiche WebLink
A total of 35.03 additional shares of stock are owned by an additional 42 individuals or entities <br />that are not associated with the ownership listed above. <br />HISTORY OF ORGANIZATION <br />Bowles No. 1 Dam and Reservoir, its inlet and outlet ditches, and other various assets were <br />constructed on or before May 10, 1876. The Company was incorporated on August 4, 1906 and <br />shares were issued to those having an interest in Bowles No. 1, Patrick-Bennett, Upper Tule or <br />Lower Tule Reservoirs. At that time, all usage was agricultural, and significant agricultural use <br />continued until development of the Grant Farm beginning in the late 1970s. In 1985, the <br />Company spun off Patrick-Bennett, Upper and Lower Tule Resenroirs to an entity now known as <br />Patrick-Bennett Reservoir Company and distributed the stock to the Bowles stockholders. <br />Currently, the water usage is primarily for two golf courses as well as parks, streetscapes and <br />open space, with some individual ranchettes and large lots also using irrigation water. <br />FINANCIAL STATUS <br />The Company has historically derived most of its revenue from shareholder <br />assessments. Additional revenue is derived from interest on savings accounts and other <br />sources, and from a recreation lease of the Bowles No. 1 Reservoir surFace. <br />Following in Table 2 is a summary of the Company's financial report for fiscal years 2006, 2007 <br />and 2008. The complete financial reports are included in Appendix B. This summary includes <br />assets, liabilities, income, and expense summaries of the Company as compiled by the <br />Company's contract management company, Simonson & Associates, Inc. The Company <br />typically operates in a cash neutral mode over the years, balancing income with expenses. In <br />any particular year, however, income may not necessarily match expenses. The Company <br />maintains both capital and operating reserves to fund capital projects and meet unanticipated <br />expenses, respectively. Excess annual operating revenues are temporarily held in reserves until <br />the next year when they are used to reduce anticipated expenditures and thereby reduce <br />operating assessments required. In years where annual operating expenses exceed revenues, <br />operating reserves are used until the next year's operating assessments are increased to fund <br />the prior year's shortfall. <br />6 <br />