Financial Report
Secretary-Treasurer issues stern warning to delegates

By DARCY WELLS
PEF Secretary-Treasurer Arlea Igoe told delegates at PEF’s 29th Annual Convention in Manhattan it’s time to “put PEF’s house in order.”

“We have to stick to our allocations for our budgeted priorities, be smarter about how we spend our monies and, most importantly, we have to start saving,” Igoe said.

The current 2007-08 PEF budget total is $30,055,099, but Igoe warned 29.6 percent is to pay dues to PEF’s parent organizations, the American Federation of Teachers (AFT) and Service Employees International Union (SEIU) and to the AFL-CIO and other labor councils, as well as payments to divisions for members’ issues.

That leaves $19,799,323 for day-to-day operations.

Igoe also warned delegates a separate contingency fund, designated for one-shot special expenditures, is down from approximately $5 million in 2003 to $2.2 million.

Appropriations from that fund, which require Executive Board approval, have included funding for major campaigns including the successful Go Public campaign, and the effort to prevent the privatization of SUNY Upstate Medical University Hospital in Syracuse. Funds have also been allocated for a variety of other fight-back activities.

Igoe told delegates there is approximately $3 million in the contract fight-back fund which can only be used for contract activities.

“It’s extremely important that these funds be replenished,” Igoe said. “But that has not happened because we continue to overspend and take monies from our contingency fund to close budget deficits.”

Igoe told delegates PEF is heading in the right direction to get back on course, starting with switching banks to earn higher interest on account balances and allow treasurers, council leaders and regional coordinators access to online banking.

“I hope all of you want what is best for PEF and support me in this challenge to go forward to create a stronger, better union. While some may be resistant to change, in the end it’s about doing what is best for our members, not for ourselves,” Igoe said.

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