2018 was a record year for revenue, according to the year-end financial report presented at the Sunshine Coast Community Forest’s (SCCF) May 13 annual general meeting.
The SCCF brought in $3,647,458 for a profit of just over $1.2 million.
As a result the SCCF board voted an extraordinary dividend of $600,000 to the sole shareholder, the District of Sechelt, as well as a regular dividend of $25,890.
Sechelt councillors Brenda Rowe and Matt McLean were on hand to receive the dividend cheques on behalf of the district.
“The extraordinary dividend is the second highest ever and reflects our plan to declare an extraordinary dividend next year even if our profits are lower,” SCCF board president Geoff Craig said in his written summary of the year’s activities.
He also said the final tally for legal fees associated with fighting a court challenge against logging in the East Wilson Creek area amounted to more than $85,000.
Operations manager Dave Lasser said the Community Forest was able to get its harvested timber on the market in time to take advantage of good prices for hemlock and an overall strong market that hit a peak in June 2018.
“We were able to ride that wave fairly successfully,” said Lasser, who noted that prices are yet to recover.
It was also the Community Forest’s best year to date for sales to local independent mills, with Sunshine Coast firms taking more than 1,000 of the 28,300-cubic-metre harvest. Sales to Howe Sound Pulp and Paper accounted for about 3,200 cubic metres and other Canadian customers took 22,371 cubic metres.
Image: Community Forest president Geoff Craig presents Sechelt councillors Brenda Rowe and Matt McLean with dividend cheques at the Forest’s AGM May 13. – SEAN ECKFORD, Coast Reporter