Broadway’s success helped Local 802’s bottom line

Controller's Report

Volume 115, No. 5May, 2015

Cathy Camiolo

For the 12-month period ended December 31, 2014, Local 802 realized a gain of $408,073. The audited financial statements for this period appear in the printed issue. The Statement of Activities reflects an increase in total revenue of $438,019. There were two primary factors that resulted in this substantial increase from 2013, which were:

  • Work dues revenue increased by $381,582. Broadway had a phenomenal year, and was the primary reason for the increase in 2014 work dues.
  • Building rental income also increased from $152,450 in 2013 to $200,579 in 2014. Several new leases were signed in 2013, and this year was the first year full year with the new lease agreements in effect.

The total expenses were consistent with prior years, with about a 1 percent decrease in 2014. This slight decrease did not greatly affect the bottom line. The deviation from 2013 to 2014 in expenses was mainly due to the necessary emergency water line service and cleaning of the ducts expenses in 2013, which totaled close to $48,000.

As the Financial Vice President Tom Olcott mentions in his column, every year I meet with the three officers to create a budget that we believe will reflect the upcoming year’s revenues and expenses. The expenses are easier to predict, since for the most part they are fairly consistent from year to year; however, the revenue portion of the budget can be much trickier. We had predicted a loss for 2014, and were pleasantly surprised to see such a big gain as a result of Broadway’s great year. We are also predicting a gain in 2015 based on the trends for the last three years and the economy. However, it is impossible to know for certain if our predictions will come true. Let’s all hope we have another great year and finish in the black in 2015.

Cathy Camiolo is Local 802’s controller.