Please see an update below regarding the financial affairs of the Component:
Banking and Investments
As of November 1st, we currently have $3.2 million saved in three different GICs. As the GIC’s mature over the next year, I am hoping to see some upward movement in interest rates as we are currently earning about 1.0% return on our investments. We also have a balance of approximately $990,000 in our savings account.
Belfield Update
The Office is starting to see more regular use and with that we have had some minor increases in operating cost as we increase cleaning services and utility use. We are currently working with our office staff to discuss a partial return to in-person work but also recognize that a hybrid model of in-person and remote work appears to be the new “normal” for most businesses.
Statement of Operation
Q1 2022 (July 2021 – September 2021)
Please see the below Unaudited Statement of Operation for the first fiscal quarter of the 2022 Year End which ended on September 30, 2021. With the impressive number of recalls over the quarter, we have returned to a surplus position after the last fiscal year of deficit.
Audits
Our three Component Trustees were scheduled to resume audit work in September, however due to unforeseen circumstances one trustee had to resign. That vacancy was recently filled through the by-election process, and we are in the process of getting our new trustee trained so that we can resume trustee audits. If you are interested in becoming a Component Trustee, there is currently a call for nominations out from the Tabulating Committee to fill the 3-year term that begins February 1, 2022. Please CLICK HERE for that bulletin.
In addition, our annual accounting audit as required by the Component Bylaws will take place in January 2022.
In Solidarity,
Alex Habib
Secretary-Treasurer, Air Canada Component of CUPE