SECRETARY-TREASURER’S DESK | MIKE LOPEZ
Keeping You Informed
on CPF Finances
Since our last report to you, much has happened with your state organization, as well as with the state itself.
In May, CPF held its 48th Biennial Convention, with the theme of “Forward Together, Union Strong.” CPF’s sponsored legislation has moved through the Legislature to the governor’s desk and into law. In July, 82 names were added to the California Firefighters Memorial. Most critically, our members once again faced nature’s fury in the form of wildfires sparked and fanned by a record-shattering heat wave.
The CPF Convention, hosted by Oakland-Alameda County Firefighters Local 55, saw a lot of hard work by your leadership, with robust discussion on all the resolutions shaping policy for the years ahead. One approved resolution created a Standing Committee for County Employee Retirement Act of 1937 (’37 Act). A number of large counties’ retirement systems fall under these laws, rather than PERS. This resolution allows them the opportunity have a closer look at the various retirement systems within the state to ensure that these systems successfully are better for all our members.
The ’37 Act resolution carried a six-cent increase in per-capita. Separate from the convention, a 26-cent cost-of-living adjustment, established in the CPF Constitution and Bylaws, took effect July 1. The automatic COLA is to keep up with inflationary costs that impact the day-to-day cost of running our office, from administrative expenses to building repairs. These are the things that enable the CPF to conduct business efficiently
CPF leadership is always meeting with our local affiliate leaders, both individually and through regular district meetings, to update them on legislation and our direction looking ahead toward 2023. One specific issue that we are reaffirming on is CPF’s commitment to ensuring a secure financial footing for CPF and the California Fire Foundation.
This last year, CPF and the Foundation created financial investment committees to look out for the future of CPF financially. Right now, we are in the middle of a request for proposal process to select a money manager to invest our money wisely. The finances of the CPF must remain secure. With oversight from the Executive Board and a professional money manager that will assist us in looking after our members’ money, we can ensure a strong future.
Additionally, at Convention, delegates unanimously approved two financial resolutions to protect oversight of our governance. One gives the elected CPF Secretary-Treasurer the ability to review all contracts before they are administered. The second resolution requires reporting of CPF finances to the Executive Board three times a year and at every district meeting and biennial convention. This might seem obvious to the average member that our finances would be reported routinely, but it was not in our constitution. Having this in our constitution creates a secure tool regarding our member’s money.
It is an honor to be your Secretary-Treasurer, and I take this job very seriously. I look forward to getting out in the field and talking with the members.