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Secretary Treasurer's Message - 7/21/16
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Secretary Treasurer's Message - 7/21/16

 

A quick budget update:

Our calendar 2016 FedEx MEC budget was designed to reduce spending by 38% over calendar year 2015. At the halfway point of the year, I am happy to report we are on track and exceeding forecasts both on the spending and income side of the ledger.

At the end of June, expenses are running 13% below the original plan with a total of 37% of the budget allocation spent year-to-date (nominally we would be at 50%). Dues income has remained much higher than forecast due to higher BLGs, extra flying, and vacation cancellations along with a steady increase in the size of the seniority list. Our dues income forecast has income increasing by 25-30% for calendar year 2016 over calendar year 2015. Of course, one-time items such as the 2015 lump sum distribution and pay raises are part of this number, but the trend is still very positive.

The 2016 budget was designed to increase our reserve funds by $1.5 million. At the halfway point in the year, I am happy to report we have already exceeded that goal by 80%.

I would like to take a moment to thank our Committee Chairs on adapting to and embracing a very fiscally conservative approach to running their committees as we build our reserve for future negotiations cycles. I’ll keep you updated on the budget as time goes on and if you would like to do a deeper dive in the MEC’s finances, please contact me to make an office visit. After all, it’s your money.


First Officer Rich Zins
FedEx MEC Secretary Treasurer

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