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

Secretary Treasurer Report – September 2022

Please see an update below regarding the financial affairs of the Component:

Banking and Investments
As of September 1st, we currently have 3 GICs as outlined below:

  • $1,012,500 – Two-Year 1.25% GIC, maturing Dec 17, 2022.
  • $1,500,000 – Nine-Month 4.10% GIC, maturing May 03, 2023.
  • $1,212,000 – Two-Year 3.45% GIC, maturing May 06, 2024.

In addition, we have just under $1,300,000 in Savings earning an interest rate of 2.20%.

2022 Fiscal Year End
The fiscal year ended on June 30, 2022, and I am happy to report that the Component was successful in returning to operating with a surplus.  When the 2022 budget was completed over a year ago many of our members were still laid off. As such we remained rather conservative in our budgeted spending which had led to a surplus as revenues increased well beyond budget with all members recalled and new hires joining our membership.

The pie chart below shows a visual representation of where your dues dollars were spent over the last year.

Statement of Operation
2022 Fiscal Year (July 2021 – June 2022)
Please see below the Unaudited Statement of Operation for the past fiscal year which ended on June 30, 2022. Our annual accounting audit will take place in January 2023 as per the Component Bylaws.

2023 Component Budget
ACCEX met in late July to review a draft budget for our 2023 fiscal year. Some highlights of the budget are as follows:

  • Local 4091 (YUL) has seen rapid growth over the past year and YUL is now the second largest base at Mainline.  As such ACCEX allocated funds to Local 4091 to cover the cost of additional full-time release for their office from the Component budget.
  • ACCEX made the decision to begin to allocate significant funds to 2025 Bargaining as part of the budget and we hope to continue to do so over the next 2 years so that the Union is ready when we enter negotiations with Air Canada and Air Canada Rouge in 2025.
  • Budgeted for new Union Pins for the membership which can be worn with your uniform.

Overall, the budget runs with a small surplus and was unanimously approved by ACCEX.


In Solidarity,

Alex Habib

Secretary-Treasurer, Air Canada Component of CUPE

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