For the 12-month period ended December 31, 2017, Local 802 realized a loss of $163,280. The audited financial statements for the 12-month period appear in the printed issue of Allegro on page 35.

The Statement of Activities showed an increase in revenue when comparing 2016 to 2017. There was a decline in donation revenue, which was the result of a one-time bequest in 2016 from the estate of Edward Goldsmith that totaled $103,701. This decrease from 2016 to 2017 was offset by investments, which had a great year. The total investment revenue was $221,163, which is calculated by adding a realized gain of $56,102 and an unrealized gain of $165,061. The total increase in investments when comparing 2016 to 2017 was $168,014. Interest and dividends revenue is also a component of investments, and reflects a small steady increase every year. The revenue we receive from investments far exceeds the cost, which was $35,460.

The expenses have increased by nearly $200,000, and is caused by several factors. The first is a slight increase in personnel expenses, which is mostly attributable to yearly staff increases. The building staff had to work some overtime shifts to fix the aging building, which we are hopeful will not occur again in 2018. Legal fees also increased as a result of some one-time costs that occurred in 2017. However, this year the Met negotiations are taking place, which will most likely result in higher legal fees in 2018.

Although Local 802 incurred a loss in 2017, we are hopeful about the future. The officers and I have been discussing how we plan on controlling costs to ensure expenses do not continue to increase. As Financial Vice President, Tom Olcott writes above, members are the union, and our unity is our greatest strength.

Cathy Camiolo is Local 802’s controller.