Minutes of the Finance Committee

Finance Committee
Minutes of the Finance Committee
May 11-12, 2015

National Office Boardroom – Ottawa

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

  1. Review of Minutes of November 2014 meeting and follow-ups

The committee reviewed the minutes of November 12-13, 2014.

  1. Review of February 2015 Financial Statements and Investments

The committee reviewed and approved the February 2015 Financial Statements.  The committee also reviewed the Investments as of March 31, 2015.

  1. Review of Over-Expenditures at March 31, 2015

The line items over expenditures were reviewed and discussed.

  1. Review of the Terms of Reference of the Finance Committee

The committee reviewed and amended its Terms of Reference to be presented to the Executive Council with a recommendation for approval.

  1. UTE Top-up payments for PSAC events

The committee considered the current practice and is recommending to amend Regulation No. 13 to include this in the Regulations.  A recommendation will be presented to the Executive Council.

  1. Review of the UTE Statement of Investment Policy

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

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

The committee reviewed the UTE Investment Portfolio with the CIBC Wood Gundy Investment Advisor.  The performance of the portfolio was reviewed.  Based on the current market conditions, the consensus of the committee was that the portfolio is performing well.  We also had discussions on the future market conditions and it was agreed that, should a market correction occur, the finance committee will have a conference call with the Investment Advisor to make decisions in order to take advantage of the situation.

  1. Review of the Financial Statement Line Item Review Book

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

  1. Replacement of iPads for Executive Council

The committee discussed the replacement of the iPads for Executive Council, and came to the conclusion that they should be replaced.  A recommendation will be presented to Council for approval.

  1. Presidents’ Conference Observer Stipend form

The committee discussed and reviewed the form.  It was decided that the 1st National Vice-President would review this matter and make a recommendation.

The meeting was adjourned at 4:30 pm on Tuesday, May 12, 2015.

/sw