It is that time again, that I brief you on our finances and where we are at. In the 20 months I have been in office as the Secretary-Treasurer at the Component, many changes have taken place to move us forward. Many have been communicated and many have been evolving slowly but promisingly.
Budget VS Actual 2018/2019
As most of you are aware, the budget was passed to move us into the 2018/2019 budget year. This was not an overly challenging budget as we had a surplus from the previous year. We have also updated our accounting software to a more user-friendly version and are now able to show our committees, officers and executive board our current and planned spending. This assists our committee members in ensuring that they are spending within their budget. In the past it was challenging as the books were not always finalized monthly to be able to show the progress. This budget year, each committee will get a breakdown of the spending and be able to review and correct any errors or omissions. This will also help the next Secretary-Treasurer accurately budget as they will have up to date actuals.
Component Trustees and Audits
We are happy to report that the 2014-2015 audit is under way at Belfield. This has been a productive time for our trustees working on the July 2014 – January 2015 portion of the audit. It can always be somewhat overwhelming when starting an audit and I wish them the best moving forward. Due to one of the trustees being the Component Secretary Treasurer during the July 2014 to January 2015 period, it will be solely two trustees working on the first portion of the audit, and the last 5 months of the audit year will have all three trustees present.
We are now completely moved over to the Meridian Bank. We have closed all ties with the National Bank at the Component level. This was a move we needed to happen as there was too much overlap with other locals and committees, the accounts were not assigned correctly which caused confusion when reviewing statements and finances.
Your Component Office is in Etobicoke, Ontario. It is often referred to as “Belfield” as it is located at 25 Belfield Road. Over the term we have had some minor repair and upgrade issues. As of late we have taken to updating our computer servers and software, and repairing the leaking roof and outdated HVAC system.
Union dues collected for July, August and September 2018: $1,523,414.11. Of that total, $252,388.00 has gone to your locals and $446,271.62 has gone to the National Union.
Wishing everyone a safe week ahead!