Following on to my previous posts, let’s look at the days cash on hand guidepost to consider how well the 2018 volunteer Board managed the company’s finances.
As the chart above from NewGen Strategies shows, there were 124 days cash on hand throughout 2018. They managed this even while dealing with two substantial financial challenges.
First, they were dealing with a lawsuit brought against the water company by a small group called TOMA Integrity, Inc., and John Richard Dial. Their lawsuit was filed in December 2017.
Then the 2018 Board was unexpectedly dealt a bad hand when the pumping barge was pulled from its anchors on October 16, 2018. The 2018 Board could not have predicted the $60,000 barge repair costs ahead.
The Board, with the help of its manager, was able to see the water company through the tough times that year. Water service to the neighborhood continued seamlessly. The water quality report for 2018, published in June 2019, showed no violations. The barge was completely repaired and back on line in April 2019.
And the 2018 Board successfully prevailed in defending the water company from TOMA Integrity Inc. and John Richard Dial. The most easily understood summary of the case and the courts’ decisions are in this document, written by Chief Justice Josh Morriss of the Texas Court of Appeals, Sixth Appellate District of Texas at Texarkana.
The neighborhood spin machine misleads and divides Windermere neighbors by claiming that the plaintiffs “won.” If they won, why did they have to appeal the trial court decision, through the Appeals Court and then all the way to the Texas Supreme Court, twice each? Why were they denied their appeal each time?
In truth, the water company received the outcome it sought, namely “All other prayers for relief in this case are DENIED.”
Our neighborhood volunteer Boards do a good job of managing the company through the trials which Mother Nature and a small group of people have put upon it in recent years.