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Growth
Statistics Reflect Sound Decision-Making
I am pleased to report that in 2003 there was significant improvement over previous financial reports. Again, the improvements can be attributed to the changes made at the 2002 Special Convention. In addition, overall operating costs were kept firmly within or even under budget and we benefited from the upturn in the stock market. The strict financial controls adopted under this administration also continue to have a positive affect on the union’s finances. The Strike Fund is an example of the continuing positive impact of the Special Convention decisions. In 2003, 25.5 million of the per capita tax had been allocated to the fund, while 13 million had been dispersed—including five million dollars in support of the Southern California grocery strike involving the United Food and Commercial Workers Union. As our Strike and Defense Fund grows, so does our collective bargaining strength. The stock market turnaround had a positive effect on the year-end required adjustments to record the pension obligations that had such a negative effect on 2002’s reported net assets. The overall effect was an increase in net worth of more than $35 million. Combine that with 2003’s operating income of approximately $16 million and the union recorded an increase in net worth of more than $51 million. The Teamsters Union continues to record increased cash receipts. At the end of July 2002, the union recorded General Fund liquid assets of $40.8 million. By the end of the fiscal year 2003, the total General Fund liquid assets were in excess of $94 million. The International is constantly exploring ways to increase our membership base through organizing activities and through mergers with other unions, such as the recent merger with the Brotherhood of Locomotive Engineers, the Brotherhood Maintenance of Way Employees and the Graphic Communications International Union. These mergers not only increase our membership base, but also increase our collective bargaining strength in the related industries. This Great Union continues to look toward the future and our strong financial situation speaks to our commitment to you, the members.
C. Thomas Keegel |
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