BC/Yukon RC - Finance Committee Report

June 1&2, 2018

To date the Finance Committee has met 5 times since the 2017 BC/Yukon Regional Council.

Aside from the review of financial statements, budgets, policies related to finance and member appeals, discussion on the following has been taking place this last year.

Clarification on the youth committees and how they vary from one region to the next, provided reasoning for funding. The Director, Corporate Services will provide this analysis to the Chair, Finance Committee.

In March the Finance Committee was updated on the Concur Travel and Expense Management Tool. To date the testing of Concur Expense is revealing a very easy and intuitive tool to use. The travel booking and event planning tool will enable members to book their own travel and accommodations for any Institute meeting. Coding on the tool will be done to ensure policies are followed and the accommodations can be booked without having to speak with an agent at BCD. Room blocks for specific event will however, be taken care of by Administrative Assistant.

PIPSC Membership and Administrative are working with the PSPC (Pay Centre) to reconcile dues cases on a monthly basis and this has led to a positive variance in dues revenues in the second quarter. Institute members should note that it was found that some had union dues taken off of retro payments, which should not happen. Double check your retro payments.

Investments have increased and reserves replenished in the fiscal year leading up to December 2017. All investments are long term and easily cashable at market rates if need be.

While there are no rental tenants in PIPSC building to date, some adjustments to reduce operating costs were made by pushing non-urgent repairs until cash flow improves. In addition, a property assessment was completed, which significantly reduced property taxes. While the class of the building was reduced to class ‘C’, which decreased the property taxes, the property manager has assured that based on a number of criteria, the building is still viewed a class ‘A’.

Adele McLean

Finance Committee Member

April 2018