JWC operating in the red

JENKINSVILLE – Recently released tax returns show the Jenkinsville Water Company (JWC) continues to operate at a financial loss.

For 2017, the latest year IRS data was available, JWC reported $439,560 in revenue versus $511,097 in expenses, leaving a negative balance of $71,537, tax records show.

At JWC’s annual meeting in January, the water company reported a net operating loss of $21,537 for 2018. Tax returns for that year were not immediately available.

JWC reported six-figure deficits in 2015 and 2016, tax records show.

Taken at face value, JWC operating losses total $374,021 since 2012. Operating losses have been reported every year since then.

In January, Ginyard denied that the water company was operating at a deficit. He attributed the variance to depreciation expenses.

“It’s not a deficit. We’ve had no tax problems,” Ginyard said. “What you saw on the loss was depreciation.”

On Tuesday, Ginyard said he wasn’t aware of any deficits and deferred comment on financials to the water company’s accountant.

“You’ll have to talk to our CPA to get to our books,” Ginyard said. “I’m not going to make comments about anything I don’t know about. I don’t know anything about tax forms showing a $71,000 deficit.”

For the 2017 tax year, the water company reported $86,168 in salaries, down from $109,223 in 2016, tax records show.

Overall expenditures dropped nearly $40,000, falling from $551,013 to $511,097, a difference of $39,916. However, revenues also dropped, plunging from $441,790 to $424,929.