Finance Committee

Minutes of the Finance Committee

May 17, 2007

IN ATTENDANCE:  Robert Campbell – Chair, Cosimo Crupi, Doug Gaetz, Esther Burt, Stephanie Wolff and Monique Desrosiers.

The meeting was called to order at 9:00 am.  Bob Campbell provided the agenda with nine items, listed below.

  1. Welcome to new members

    Bob Campbell welcomed the new members of the committee, Cosimo Crupi - RVP-NE Ontario, Doug Gaetz - RVP-Atlantic and Esther Burt - Local President-North York.

  2. Review of committee’s Terms of Reference

    Bob Campbell reviewed the scope and the role of the finance committee with the members as outlined in the Terms of Reference.  He also directed the committee to review the UTE By-Laws and Regulations relating to finance; any concerns or changes should be discussed at the next meeting in order to prepare recommendations for Council.

  3. UTE Per Diem Rate

    The per diem rate for CRA has increased to $78.00 a day effective April 1, 2007.  Bob Campbell reminded everyone that UTE has always maintained per diem rates higher than CRA; our per diem rate is $75.00 a day, weekly and $100.00 a day, on weekends, therefore an increase should be recommended to Council as follows:

    Recommendation #1 to Council:

    Regulation 13 – Reimbursement of Expenses
    Regulation 13.2.1 Executive 

    Replace:

    (1) National Officers, when working on union business authorized by UTE outside their home metropolitan area shall be paid a per diem of eighty five ($85.00) dollars to cover the costs of meals and incidental expenses.  This amount shall be paid for the day of departure from their home up to and including the day of return.  However, a per diem of one hundred and ten dollars ($110.00) shall be paid for Saturday and Sunday to those on authorized UTE business and not otherwise compensated by UTE.

    (5) Officers of the Executive Council shall be entitled to reimbursement of necessary meals in accordance with the UTE rates as shown below, travel and parking costs while on union business authorized by UTE within their home metropolitan area except as provided in Regulation.
      (a) Breakfast $20.00
      (b) Lunch  $27.00
      (c) Dinner  $38.00

    Regulation 13.2.2 Members

    Replace:

    (1) (a) Members of UTE who are not officers of the Executive Council shall be entitled to receive a per diem of eighty five dollars ($85.00) while on union business authorized by UTE outside their home metropolitan area or while attending a Presidents’ Conference or any other UTE Conference within their home metropolitan area.  However, a per diem of one hundred and ten dollars ($110.00) shall be paid for Saturday and Sunday to those on authorized UTE business and not otherwise compensated by UTE.  Per Diem for Regional and Inter-regional Conferences shall be established by Regional vice-Presidents.

  4. Review of Current Financial Statements

    The committee reviewed the Financial Statements as of April 30th, 2007, specifically the line items on the Revenue and Expense Statement and concluded the following:

    Recommendation #2 to Council:

    Authority to overspend on line item <Office Expenses: Computer Expenses> by $11,000.00; the staff computer upgrade has been completed but we had two additional staff PC’s and also replaced Bob Campbell’s laptop to include him in the staff upgrade cycle rather than the RVPs’ cycle; an additonal RVP laptop (T.Dupuis’) had to be replaced for defective reasons; we required two new UPS’s, software licensing and will need to upgrade the servers; these items were not included in the budget.

    Recommendation #3 to Council:

    Authority to overspend on line item <Translation> by an undetermined amount. 

  5. Computer Expenses 2007

    The computer expenses were reviewed and detailed with agenda item #4 above.

  6. Travel Policy – Re: New Employees

    The implementation of a travel policy for staffing of new employees was discussed.  Bob Campbell will summarize the details of the discussion and prepare a proposed policy which will be presented at the June 2007 Executive Council.
     

  7. Presentation by Scotia Cassels – Re: UTE Investment Portfolio

    Ian Bennie, Investments Relations Manager and Benoit Roy, Portfolio Manager came in to present and discuss the UTE investment portfolio.  They identified that UTE maintains investments that are Canadian such as government bonds, provincial bonds and companies that are Canadian based and have similar business principles. The UTE mandate is to preserve and build on the existing capital.  Benoit Roy reassured the committee that the portfolio is growing at a reasonable level given the low risk level of investment.  Bob Campbell requested that the committee be provided with a financial analysis of the UTE portfolio for the convention to be held in July, 2008; they suggested that we request this information about a month prior to our required date.
     

  8. Review of Investments

    The committee reviewed the investment portfolio with agenda item #7 above.
     

  9. Open Discussion
    1. The committee discussed the airfare taxes added on to a Tango Plus and Latitude fare; it has been recommended by finance that 20% of the fare should be added to the advance or travel grant to account for all taxes incurred.  The committee agreed.
    2. Cosimo Crupi discussed the component portion of our union dues and suggested a review of the component dues when the budget is calculated for convention.
    3. Bob Campbell reviewed the Budget Drafting process with the committee.  The first version will be reviewed by the Finance committee in October/07, and then, reviewed with changes by Council in December/07; the revised version is then reviewed by the regions and then, the final version of the drafted budget is reviewed by the Convention Finance Committee.

The meeting was adjourned at 4:45 p.m.