As of May 1, 2023, I am the new interim Component Secretary Treasurer. Transparency is very important to me. In my new role, my intent is to provide regular reports to the membership. You can expect quarterly and yearly reports. This first report is Quarterly and covers the period between July 1, 2022 to March 31, 2023. Our fiscal year ended on June 30, 2023, a full yearly report will be published in the coming weeks.
2024 Component Budget
ACCEX met in June to review a draft budget for our 2023-2024 fiscal year. Here are some highlights :
- ACCEX has decided to allocate $1.5 Million to the 2025 bargaining. Our goal is to accumulate $ 3 million for 2025. This money will be used for bargaining and more importantly for media campaigns.
- ACCEX allocated additional funds to Local 4091 to cover for an additional full time and half release.
- ACCEX also allocated funds to change our Air Canada Component of CUPE sign at our Belfield office.
- The 2023-2024 Budget was unanimously approved by ACCEX.
Please see below an update regarding the financial affairs of the Component:
Banking and Investments
As of July 11th, we have $2,753,814 in 2 GIC’s.
- $ 1,252,814 @ 3.45% Maturing on May 6, 2024
- $ 1,500,000 @ 5.05% Maturing on September 17, 2023
We also have a balance of approximately $3,560,000 in our savings account, we currently earn 2.9% interest in our savings account.
In order to increase our revenues, we are currently looking at changing financial institutions. Desjardins Credit Union would give us 5.00% interest on our day-to-day chequing account. Their GIC’s carries a minimum of 5.20%. This would increase our revenues and make a huge difference at the end of the year.
Statement of Operation
Q3 2023 (July 2022 – March 2023)
Please see below the Unaudited Statement of Operation for the 3rd quarter of 2022-2023, covering the period between July 1, 2022 to March 31, 2023.
Highest Earner report Q3:
Jan. 2023 $11 009.33
Feb. 2023 $12 239.33
Mar. 2023 $10 729.33
Our three Component Trustees have completed the 2015-2016 audit. Their report will be published to the membership shortly. Trustees have a few more years to audit. We hope to be able to complete all remaining audits before the end of this year.
Interim Secretary-Treasurer, Air Canada Component of CUPE