I’ll admit it: the finance column is my least favorite to write. Although my title is “Financial Vice President,” my heart speaks the language of music and scores — not digits and balance sheets.

Still, over the years in this role, I’ve gained a deeper understanding of the numbers that shape our union. I’ve even come to find a certain beauty in them. But although we have been very prudent with our spending, our recent financial picture hasn’t exactly been a masterpiece.

Between the devastation of the pandemic, escalating labor costs, an industry under pressure, a volatile stock market, and — most troubling — ongoing issues with our building, I would be remiss if I didn’t tell you that I am concerned about our future.

Please refer to the audited financial statements here in this issue of Allegro. While we managed to show an excess of $74,135, that surplus was mostly due to unrealized gains — gains that have since vanished, thanks in part to the “tariff roulette” being played by the current occupant of the White House. (Unrealized gains represent potential profits from investments. These gains are often referred to as “paper gains” because they exist on paper until the asset is sold.)

Still, not all the news is bad. We’re lucky to be based in New York City, where talent, determination, and solidarity are still respected. In 2024, our total revenue was $6,319,881 — an increase of $353,367 (or 6 percent) over 2023. That’s ahead of New York City’s inflation rate of 3.8 percent. Even more encouraging, total dues collected rose by $492,532, or 8 percent, year-over-year.

Our move to a rented office space in August brought some savings in certain areas, but overall office and building expenses rose by $173,700 — or 55 percent — compared to 2023, largely due to rental cost. Additionally, because we had to vacate our building completely, we terminated the leases of our sixth-floor tenants, resulting in a steep 70 percent drop in rental income — a loss of $163,326.

Overall, Local 802’s total expenditures in 2024 increased by $575,628. As always, personnel expenses — our largest category — rose by $237,969 (7 percent), driven primarily by cost-of-living adjustments. General expenses jumped by $253,114 (32 percent), largely due to moving and storage costs and increased spending on public relations.

As difficult as this financial period has been, we are not without hope or determination. We have the creativity and commitment of our members and leadership, and we will continue to work toward a more stable and sustainable future.

One final note: even though our financial picture is stable now, it will be affected by how we choose to address our physical building project. There are a few options on the table. Please read Sara Cutler’s building update in this issue of Allegro, and please register to attend our June 18 membership meeting where the officers will answer your questions in real time.

CULTURE FOR ALL! New York City arts and cultural organizations recently gathered on the steps of City Hall to advocate for a $30 million increase in the City budget to support public programs, operational costs, and deliver more for New Yorkers. I attended the rally on behalf of Local 802 and said, “We need your help to fight for the funding that lets us keep making the music that gives your life its soundtrack. I urge the City Council to make this critical investment in our future. In the face of federal hostility to the arts, New York MUST stand up for its creative workers and the vibrant communities they sustain.”