Finance Committee

Minutes of the Finance Committee

February 27-28, 2018

TO ATTEND:  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 and Advisor, and Stephanie Wolff – UTE Staff and Advisor.

1. Discussion on banking issues and charges

The committee reviewed banking charges and fees.  Staff to look at other possible options for day-to-day banking.  When Howard Greenberg from Wood Gundy finished his presentation, he reviewed our banking charges and will have someone from CIBC contact our staff.

2. Review of past and current budget

The committee reviewed the previous budget (2015,2016,2017) and draft December 2017 financial statements.  The committee reviewed the current budget (2018,2019,2020) passed at convention.

3. January 2018 Financial Statements and Investments

The committee reviewed draft January 2018 Financial Statements.  The committee also reviewed the Investments as of January 31, 2018.

4. Review of Regulation 13

The committee has reviewed Regulation 13 and made a number of recommendations for council.

5. Review of UTE’s Investment Portfolio with Investment Advisor from CIBC Wood Gundy Tuesday Feb 27 1:30pm

The committee received a presentation from Howard Greenberg from CIBC Wood Gundy, our investment firm.  Howard gave a detailed analysis of the performance of our portfolio and the current market conditions.  Howard will also talk to CIBC about our banking charges.

6. Review of PSAC Holdings lease

Doug informed the committee that a lease has been signed for 3 years with PSAC Holdings Ltd.  Due to getting a better deal with PSAC Holdings Ltd., the same rent fee has been maintained for 2018-2020 cycle resulting in a budget saving of approximately $104,000.00.

7. Review of Draft Audited Statements for December 2017

The committee reviewed the Draft Audited Statement for December 2017.

8. Update on Dues information

UTE received the component back dues for the dues increase for 2017 in February 2018.

9. Review of the Financial Statement Line Item Review Book 2017

The committee reviewed the Financial Statement Line Item Review Book.

10. Mods to Sage for payroll

The committee was update on modifications to our accounting software and how it would impact our efficiencies.