As you will see from the financial statements (beginning on page 36 of the paper edition of Allegro), 2018 left us with a year-end deficit of $646,000. Even though revenues from work dues increased, it was not enough to offset the significant increases in liabilities, expenses, and losses on investments. This shortfall presented the new administration with serious challenges and has, of necessity, informed our financial decisions. Since we took office in January, we have implemented many belt-tightening measures in our efforts to operate with a balanced budget. The expense pressures are significant, and some of them are associated with commitments made during the prior administration. Rest assured that we are always cognizant of our responsibilities with our members’ money. We have made and are still making adjustments to how we operate to both serve you better and keep our expenditures as judicious as possible. Revenues in 2018 were down 3.45 percent, from $6.36 million in 2017 to $6.14 million in 2018. Expenses increased by 3.98 percent, from $6.53 million in 2017 to $6.79 million in 2018. A large driver of expenses was outside legal fees, which increased 54 percent, from $421,241 in 2017 to $647,125 in 2018. In 2019, we have taken strong steps to control these outside legal fees. Our investment portfolio declined 5.84 percent, from $4.96 million in 2017 to $4.67 million in 2018. The decline was driven by the sale last year of $200,000 worth of securities to fund the deficit and meet ongoing obligations. 2018 was the first time that Local 802 had been forced to sell securities to fund current operations in at least a decade. As a result, assets declined by 5.6 percent, from $10,171,987 in 2017 to $9,598,586 in 2018.
Finally, in May we said goodbye to Cathy Camiolo, our controller, who did an excellent job for Local 802 and was invaluable in helping our administration get up to speed on our financial picture. On June 10, we welcomed Alla Emelianova to take Cathy’s place. We will formally introduce her in a future column but for now, I am pleased to welcome her to the Local. I am sure she will continue the good work done in our finance department as well as contribute her own style and ideas.
Wishing you a wonderful summer and looking forward to a productive and music-filled fall!
NEW CONCERT SCALE IS HERE
The updated Single Engagement Classical Wage Scales and Conditions (Appendix A) have been promulgated and are posted on the Local 802 website at www.local802afm.org/contracts. Please call the Concert Department at (212) 245-4802 with any questions.