9 2016 financial overview
A significant membership boost as the result of paid union meetings in September helped NZEI Te Riu Roa offset rising costs in a number of areas, to end the year with a significant surplus for 2016.
Under the stewardship of the National Executive Finance Committee, costs that rose in comparison to 2015 levels were contained within the overall budget. Contract costs, such as operating leases, remained under close scrutiny to extract possible savings while avoiding any detriment to service.
In terms of membership, it was another challenging year, but an above average lift in membership subscriptions as the result of paid union meetings arrested the decline by the end of the year.
Overall income was again assisted by positive returns on our investment portfolio.
With respect to the overall financial health of NZEI Te Riu Roa (as represented by the balance sheet), it is pleasing to note that the surplus translates into a strong improvement in the overall cash position. Cash flow continues under consideration as part of our overall financial management.
Considerable attention, time and money was again focussed on improvements to Education House.
Education House is the biggest asset of NZEI Te Riu Roa and its future ownership has been the subject of review, particularly in the context of the changing Wellington tenancy market and likely future risks and costs.
Tute Porter-Samuels leads a Better Funding PUM in September 2016