12/12/2006
Granite Bay Library Meeting Room
Granite Bay, CA

Board Members Present:
Alan Johnston, President; Barry Hale, Treasurer/Watermaster; Hal Eilersen, Secretary

President Alan Johnston called the annual meeting of Folsom Lake Mutual Water Company to order at 7:13 P.M.

Secretary's Report:
The minutes of the October 20th, 2006 special board meeting were read and approved

Highlights of 2006
Alan reported that this has been a year relatively free of major maintenance and repair expense, noted that increased water usage costs over the amount budgeted resulted in a $10 per month rate increase effective in November, and reiterated the decision to join USA Alert next year.

Old Business:
The proposed 2007 budget was presented and discussed by the board members present. Based on water usage expense analysis for 2006, the budget allocates $78,080 for water usage in 2007. Including fixed costs the 2007 budget allocates expenditures totaling $91,030; income is estimated at $91,030. There was no public comment. It was moved, seconded and passed to approve the proposed budget. It was noted that the balance on hand as of October 31, 2006 of $20,528.21 includes $10,000 set aside for long term maintenance and repairs, and an operating or contingency reserve.

New Business:
Nominations for next year’s board. The current board members agreed to serve again next year in their current positions. No nominations or volunteers to join the board were received. It was moved, seconded and approved that the current board members continue in their present positions next year (2007).

The meeting was adjourned at 7:30 P.M.