For the six months ended June 30, 2005, Local 802 realized a gain of $290,016, compared with a gain of $176,735 during the first six months of 2004. The audited financial statements for the six month period appear elsewhere in this issue.
The year-to-year improvement in profitability of $113,281 was the result in an increase of revenues of $168,970 or 6 percent offset by a slight increase in expenses of $55,689 or just 2 percent. The increase in revenues was due to increased work dues and basic dues. The increase in expenses was minimized by some cost-cutting activities and keeping a tighter rein on operations of the union.
Local 802 experienced double-digit work dues increases in recording (12.6 percent), non-concert steady engagements (18.5 percent) and non-concert single engagements (26.7 percent). A slight decline in work dues was realized from the Concert Department (steady and single) — almost 2 percent — making overall work dues increase by $96,549 or 3.9 percent.
A new fund was created to set aside monies for special projects and special initiatives; this fund is being called the Special Initiatives Fund. In the first six months of 2005, Local 802 has set aside $150,000 for this fund and the Executive Board has earmarked this money for several special projects, such as strategic planning, and unforeseen events such as Katrina relief.
On a personal note, this is my first report to 802 members. I replaced Jon Bogert, who retired in April. My biography was published in the May issue of Allegro. I’m happy to be here and working for you!