ATTENDED: Doug Gaetz – Chair and 1st National Vice-President, Cosimo Crupi – Co-Chair and RVP-Northern and Eastern Ontario, Gary Esslinger – Co-Chair and RVP-Prairies, David Webster – Presidents’ Representative, Kingston Local 00011, Liam Merrigan – UTE Staff Advisor.
1. May 2019 Financial Statements and Investments
The committee reviewed the financial statements and the investment statements.
2. Dues increase cost analysis Draft June 2019 statements
The committee reviewed the budget cycle 2017-2019, discussed the potential budget for the next cycle, discussed some possible unknowns given the up and coming elections, and it was unanimous to recommend to council to let the 2020 dues increase proceed. It was also noted that the finance committee will meet again in the fall to finalise the 2020-2022 budget so it can be reviewed at executive council’s meeting in December 2019.
3. Review of Regulation 13 – Reimbursement of Expenses
The committee reviewed Regulation 13 and determined that a request should be sent to the By-Laws Committee to remove 13.2.1 (3) & 13.2.1 (4) as they are no longer valid. Also, 13.2.1 (4) 1 should be kept but renumbered to 13.2.1 (3)
4. Review of Regulation 21 – Family Care Expenses
The committee discussed the merit of establishing clearer guidance on the reimbursement of family care expenses. It was recommended that Regulation 21.3 be amended to include the new guidance as indicated in Recommendation #1. It was determined that Recommendation #2 should be sent to the By-Laws Committee for consideration.
5. Review of Regulation 22 – Terms and Conditions for the Position of the Elected Paid Officers
Doug removed himself from the committee while the review of Reg 22 took place, Gary Esslinger took over as committee chair. Shane O’Brien, UTE’s Senor Labour Relations Officer, spoke about the historical terms of condition of the national president and 1st vice-president. He discussed how he was working on job descriptions of the elected positions and hoped to have them completed by fall 2019.
The committee made four recommendations regarding Regulation 22 which will go to Executive Council in September 2019 for a review and decision on each recommendation.
6. Review of Finance Book
Doug Gaetz returned to the committee and assumed the role of chair. The committee reviewed the finance book and noted corrections/changes that needed attention.
7. Review of UTE’s Investment Portfolio with Investment Advisor from CIBC Wood Gundy July 10th 10:00 am
Howard Greenberg, of CIBC Wood Gundy, updated the committee on the performance of the investments. Howard spoke of a potential down swing in the equity markets which would make bonds more favourable. He recommended transferring some of the investments to 4 specific Exchange-traded funds.
8. Cash payments to locals by RVPs
It was discussed why UTE is no longer allowing cash payments to RVPs and from RVPs.
9. Travel grants and Air Canada requirement
The committee discussed if it was feasible to have a requirement that the Air Canada corporate account be used for all flights that are financed by a travel grant. No recommendation was drafted.
10. Observer stipend Presidents’ Conference proof of payment requirement
This was a moot topic and was not discussed.
11. Update on Finance Course
Liam ran through the outline of the National Basic Accounting Course for Locals.