Important Announcement! Last Chance to Vote on the Association’s Mil Rate Proposal – Vote Closes at 4:00 PM Today!
Last Chance to Vote on the Association’s Mil Rate Proposal – Polls Close at 4:00 PM Today!
So far, more than 64% of you have voted on the Resolution to adopt the Mil Rate Proposal that:
- Was unanimously endorsed by the Finance and Investment Committee (Rebecca Warburton, PADM; Martin Farnham, ECON, and Chris Graham, BUSI), then recommended by representative Council and the Members present at the AGM.
- Ensures the Association has sufficient reserve funds to handle unpredictable costs (such as legal and contract negotiation).
- Allows the Association to stabilize the rate in the long run (a mil rate of 6), while building a contingency so the Association can to respond to immediate and unpredictable events without going into debt or having to constantly adjust the mil rate.
The Mil Rate Proposal
- Seeks to raise the mil rate from 5 to 8 for three years, and then drop it to 6, where it will remain until altered by a future vote of the entire Membership.
- Under the status quo (mil rate of 5), existing financial reserves will be exhausted ($0) by 2020/2021.
- Aims to build an $800,000 reserve (Defence Fund), which is equivalent to 1 year’s operating budget.
- The purpose of the Defence Fund is to cover extraordinary legal costs associated with Membership Services or bargaining.
- Under this proposal, it is intended that the targeted Defence Fund amount will be reached by the end of 2020 or 2021.
- A mil rate of 1 is equivalent to 0.1 per cent of your salary, before tax. All Association Dues are tax deductible.
We encourage all of you who have not yet voted to vote YES.
If you are unsure about any aspect of the proposal, then please do not hesitate to contact the Finance and Investment Committee Chair, Rebecca Warburton, or the Association President, Helga Hallgrimsdottir.
For more information, please click here to see the 2018 Mil Rate Backgrounder or click on the links to see a copy of the Mil Rate Proposal AGM Presentation or the Mil Rate Proposal Briefing Note.
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