2014-06-12 / Front Page

Answers sought from water company over expenses

By Greg Knight | Associate Editor

A group of Ponderosa Basin Mutual Water Company shareholders are questioning a ballooning budget and what they consider irregularities in financial record keeping. (Greg Knight | The GAZETTE)A group of Ponderosa Basin Mutual Water Company shareholders are questioning a ballooning budget and what they consider irregularities in financial record keeping. (Greg Knight | The GAZETTE)Monday, June 16, 2014 - 11:30 a.m. - A group of shareholders in the Ponderosa Basin Mutual Water Company is raising questions about the financial operation of the organization after one shareholder fought to receive documentation from the company files.

As a long-time shareholder in the water company, San Francisco-based attorney Junji Suzuki said he is not impressed by the failure of the board to release financial data to him or other shareholders.

Suzuki, who is representing the group of ratepayers in Ponderosa Basin, said that while the board is implementing new infrastructure in the system, it is failing to explain why certain costs have increased during the past two years.

“We all welcome the long-awaited capital improvement,” Suzuki said. “As to that regard, the board is doing great.  On the other hand, as to the water company's expenses, we definitely need to examine documents.”

Suzuki further explained that, while his office has not received all of the documents requested regarding the financial records, many other shareholders are seeking greater transparency.

“Our concern is simple. The water company's expenses significantly increased in the year 2012 and 2013,” Suzuki said.

Read the entire story in the June 19, 2014 edition of the GAZETTE.

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