Since I took my Oath of Office as MOU 1 Governor in March, I have been working diligently with my EAA Board colleagues to return Integrity, Accountability and Transparency to the EAA Board of Governors and to our Union.
During the month of June, the EAA Board took two major steps to rectify our union's financial status. We adopted EAA's FY 2012-2013 Budget as prepared by the Board's Finance Committee, which is designed to maintain member services while rebuilding EAA’s reserve fund. If you remember, the reserve fund took a significant hit during the last fiscal year. Although there were positive monthly balances in April, May and June, FY 11/12 ended with an aggregate $261,577 deficit (i.e. expenditures exceeded revenues by that dollar amount; a 13% deficit).
With my recommendations as Treasurer, we also revised EAA’s Employee Policies and Benefits Manual for the first time in fifteen years. The revisions to the Employee Manual incorporate both short-term and long-term cost savings measures.
Now that the new Budget is in place, the EAA Finance Committee and I will continue to closely review expenditures and other cost saving measures on a monthly basis to ensure Budget compliance and financial stability. I will continue to update you about EAA’s financial status in the EAA Members Only section.
John Dierking, Treasurer
EAA Board of Governors