Minutes of the Finance Committee Meeting

Finance Committee
Minutes of the Finance Committee Meeting
July 20-21, 2016

IN ATTENDANCE:  Marc Brière – Chair and 1st National Vice-President, Doug Gaetz – Co-Chair and RVP-Atlantic, Gary Esslinger - Co-Chair and RVP-Prairies, David Webster – Presidents’ Representative – Kingston – Local 00011 and Stephanie Wolff – Staff Technical Advisor.

1. Review of June 2016 Financial Statements and Investments

The committee reviewed and approved the June 2016 Financial Statements.  The committee also reviewed the Investments as of June 30, 2016.

2. Review of Over-Expenditures at June 30, 2016

No over expenditures at this point in time.

3. Investment Portfolio Performance Analysis with CIBC Wood Gundy

The committee reviewed the performance of the investment portfolio.  The committee is satisfied with the overall performance of the portfolio since inception in June 2012 with CIBC Wood Gundy as our investment firm.  In our analysis, we did a comparison to TD Canadian Bond Index Fund and the Toronto Stock Exchange.  We also did a comparison of the last 6 years with Scotia Cassels versus the last 4 years with CIBC Wood Gundy.  The overall performance of the portfolio was similar with both firms.

4. Corporate Account with Air Canada

The committee was presented with information regarding the benefits associated with opening a corporate account with Air Canada.  This included a discount applicable to all travel booked at a minimum level of flex airfare which could result in a significant saving for both the component and locals.  The committee recommends to open up a corporate account with Air Canada.

5. Review of UTE’s Investment Portfolio with Investment Advisor from CIBC Wood Gundy

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 in comparison with the overall market performance; it showed that our portfolio is performing as well if not better than the markets. 

6. Review of UTE’s Statement of Investment Policy

The committee reviewed and amended the UTE Statement of Investment Policy with the CIBC Wood Gundy Investment Advisor.

7. Review of UTE’s per diem

The committee had a discussion about UTE’s per diem rates and have decided to recommend the following increases to Executive Council.

                               Weekday                   Weekend

Breakfast                   23                               30
Lunch                         30                               40
Dinner                        47                               55
Total                         100                             125

The rationale behind these increases is that on April 1st, 2016, the Treasury Board increased their rates.  We are increasing our per diem rates to maintain a small difference between the Treasury Board rates and UTE’s rates.

8. Review of the Financial Statement Line Item Review Book

The committee reviewed and updated the Financial Statement Line Item Review Book.

9. Dues increase January 2017

The committee discussed and reviewed the 2017 dues increase adopted at the 2014 Triennial Convention.  The committee agreed that no recommendation was required.

The meeting was adjourned at 5:00 pm on Thursday July 21, 2016.

/sw