days until our Collective Agreement expires, we are preparing, we are united and we will make change.

Secretary Treasurer Report – February 2022

Please see the updates below:

Banking and Investments
As of February 1st, we currently have 3 GICs as outlined below:
•    $1,012,500 – Two-Year 1.25% GIC, maturing Dec 17, 2022.
•    $1,012,000 – 18-Month 1.20% GIC, maturing Aug 03, 2022.
•    $1,200,000 – One-Year 1.00% GIC, maturing May 06, 2022.
In addition, we have just over $1,100,000 in Savings earning an interest rate of 0.60%.

Belfield Update
The replacement of the office roof was completed in August 2021 without any major issues. Throughout the fall the office got more use with the partial return of some staff and committees using the office space for in-person work. We were also able to recall all of our IAM represented employees.

Statement of Operation
Q1 and Q2 2022 (July 2021 – December 2021)
Please see below the Unaudited Statement of Operation for the first half of the 2022 Year End which ended on December 31st, 2021. With the impressive number of recalls over the period, we have returned to a surplus position after the last two years of deficit. The current surplus actually covers our recorded deficits, which in essence means our finances have broken even from the COVID-19 pandemic at this point.

Our external auditors completed our 2021 Year End Audit this week without any issues, and very little adjusting entries which resulted in a lower annual audit fee. The Statements still need to be approved by ACCEX at our next quarterly meeting. In addition, the three Component Trustees were present in the office last week and were able to complete the 2015 Year End Trustee audit. The results of their audit and my reply will be shared in a separate communication from them.

As announced earlier this week, I will be taking a temporary leave in order to complete a 6-week assignment as a CUPE National Servicing Representative. Local 4091 President Guillaume Leduc will be stepping in during this time and will work with our bookkeeper to ensure the smooth running of the Component finances. I have full faith in Guillaume’s abilities and will only be a phone call away.


In Solidarity,

Alex Habib
Secretary-Treasurer, Air Canada Component of CUPE