Before I leave office, I thought that I would update you on the finances of the Union.
For the last two Financial Quarters combined July 1, 2012 to December 31, 2012, we had Revenues over Expenses of $121,863. For the Budget year July 1, 2011 to June 30, 2012, we had a small Budget surplus and Revenues over Expenses of $17,570. Quarterly Financials are available at your Local Office.
As of the latest completed professional audit June 30, 2011, the Union had short term investments worth approximately $1.7 million and capital assets (mostly the office building and land at 25 Belfield Road, Etobicoke) of approximately $1.3 million; the mortgage still owed on the office building and land was $352,107. This information is contained in the 2011 professional audit which is posted on the Component website. The 2012 professional audit is well underway, and should be completed in February 2013.
Revenues are up because of hiring in the Fall. I anticipate that Expenses should be lower in the next few years than they were in the last few years, barring any major changes in the Component’s operations or expenses, due to there being no Bargaining, as well as the settlement of some major issues such as pension, the Low Cost Carrier, and Health & Safety.
Stronger together,
Nick Beveridge
Secretary-Treasurer, Air Canada Component of CUPE