National Executive Meeting - December 2007 - Annex 12

FINANCE COMMITTEE REPORT

FINANCIAL STATEMENTS - JULY 31, 2007

These Statements are in your binder.  On behalf of the Committee I will go through these pages, page by page. Any concerns / issues of the Committee will be brought to your attention.  Our Comptroller will assist us in this process.

Page 1:    Balance Sheet - Nil

Page 2:    Consolidated Income Statement

These statements cover the first year and ten months of the current 3-year budget cycle.   The operating surplus is $674,957.94.  We caution that in the upcoming 14 months some large expenditures will occur i.e. Presidents Conference and the 2008 Convention.

Page 2A:  Investment Income Analysis

This shows up to the Quarterly Report of the 30 June 07. It does not reflect the current  situation in the Market.  The 30 September 07 Report will reflect some of that.

Page 3:    Administration

Line Item - Professional Fees

As we noted in our last report in June 07, this item will no doubt be over-expended.

Page 4:    National Executive

Line Item - Provincial Federation of Labour Conventions

As the Committeed reported in our June 07 Report, that there will be an over-expenditure of this Line item. The NEC discussed this item at our June 07 Meeting.

Page 5:    Regional Conferences - Nil

Page 5A:  Analysis of regional Conferences Accounts- Nil

Page 6:    Education

As the Committee reported in our last Report, it appears that Education will be over-expended.

Page 7:    Union Services

As you can see since our last Report and discussion at the NEC, this page now reflects PSST Complaints.

Page 8:    Programs and Benefits

At our next NEC Meeting, the issue of Locals Technology Support will be addressed.

Page 9:    Collective Bargaining 

The expenditure in the Line Item: Other Separate Employers, is much higher than the Line Item: PSP. However, included in this expenditure is the ongoing Bargaining between the IMP Locals and their Employer.

Page 10:   Union Action - Nil

Page 11:    Public Relations 

Line Item:  UNDE 40th Anniversary

The expenditure of $332,757.74 for this line item came in well under the spending guideline of $480,000.00 as was approved by the NEC.

Page 12:    Funded Accounts - Nil

Page 13:    Cland Study - Nil

Also in your binders you have the sheets of Deductees and Dues Revenue from  Oct 06 to Sept 07 Inclusive. Membership has increased from 16795 in Oct 06 to 17817 in Spt 07.  An increase of 1022 members.

COMPTROLLER'S COMMENTS

Our Comptroller, Brother Brian, has comments in relation to Invoices, Locals Audited Financial Statements & Locals Rebate Cheques.
LOCALS REBATE CHEQUES

The Committee wishes to have a discussion with the NEC in reference to Direct Deposit of Locals Rebate Cheques. Depending on the discussion, a motion may be required.

This Finance Committee Report is submitted for the approval of the National Executive.

The Report is Moved by Brother Doug Pike and Seconded by Brother Drew Smeaton.