Wednesday, March, 11th, 2015 by Nancy Vogel
March 12, 2015: The Finance Committee and Executive have been discussing ways to reduce the costs associated with running the bargaining unit office so we can sustain our budget on a long-term basis. Although we have surplus funds as a result of settlements from past grievances and good investments pre-2008, these funds will not sustain the bargaining unit over the long term at our current rate of annual expenditure. Those of you who attended last year’s AGM will remember our discussion about the pressures on our finances from the increase in Time Release costs.
The lease on our office space ends this summer. Our Treasurer and the Finance Committee have noted that if we continue in the same rental space as we have occupied for the past three years, after three more years we will have spent the same amount of money in rent as what is currently available for sale in an office building near Fairview Mall. We have funds available to buy office space and still have a healthy contingency fund available for unforeseen expenses that may occur in the future.
We held a telephone Town Hall meeting on March 11 to share this information, give the rationale and projected costs, and answer questions. The projected savings on an annual basis are 1/3 of what we currently spend on rent. That would put our budget back in a healthy position. OSSTF would own the property and be responsible should our bargaining unit run into difficulty in the future, but they do not interfere in the running of our day to day operations. Currently, they “own” our bank account and all materials held in the PSSP office, as they are the overseer of all OSSTF bargaining units. We report our financial matters to provincial office on a quarterly basis and they must have a copy of our closed accounts each fiscal year. PSSP would be building equity, and should the office space be sold at a future date, all proceeds are returned to PSSP’s bank account.
Questions about this topic? Please contact the bargaining unit office at 647-348-3351.