Greyhound’s radical downsizing is the most significant factor in Local 1700’s current financial position. Since 2004, the union has lost more than a third of its members. That translates into a huge loss in revenue.

Local 1700 had significant expenses this past year to negotiate the new contract for Greyhound drivers and mechanics, and settle the Department of Labor lawsuit. The union treasury has been more than depleted.

The Executive Board fought for the best interests of Local 1700 members, even though waging that fight meant going into debt. At the same time, the Board took steps to shore up the local’s finances.

The union cut costs by reducing the number of Local 1700 regions from six to five, and the number of Board meetings. New controls are in place on stewards’ expenses, and ratifying contracts by electronic voting will mean big savings beginning next year. The E-Board also took voluntary pay cuts in 2005 and 2006 to help make ends meet.

The union should recover financially in 2008, and be in good enough shape by late 2009 to negotiate a new contract with Greyhound.

Members overwhelmingly approved a special $5 per month assessment to defray the costs of negotiating a new contract with Greyhound. During a special bylaw election earlier this year, members also approved adding $2 to monthly dues to build up a $250,000 contract negotiation fund, and an initiation fee for new members to stabilize the union’s financial position.

Based on projections of future income and expenses made with the Local 1700 accountant and independent auditor, the union should recover financially in 2008, and be in good enough shape by late 2009 to negotiate a new contract with Greyhound.

One of the tasks the Executive Board set for itself is bringing new members into Local 1700. The main reason, of course, is to make the union stronger, but organizing will also have a positive effect on finances.

Regular Local 1700 monthly expenses include officer and staff salaries; per capita dues to the ATU International; legal, accounting, and auditing fees; lost steward wages; office expense; travel; and Executive Board meetings.

Complete monthly financial statements are always available at Local 1700 membership meetings. Attend your local meetings regularly to review these statements and discuss the union’s finances.