SECRETARY-TREASURER’S DESK | MIKE LOPEZ
Securing Our Financial Future
When President Rice and I implemented new ideas like field operations to meet and hear our members’ needs in person, at their worksite or local union hall throughout the state, we had no idea that those bottom-up meetings would be cut short by a worldwide pandemic. Well, two and half years later those in person meetings are finally resuming, including in Oakland at our CPF Convention. During this period, I’ve taken the time to reflect and learn more about my job and how we can improve processes.
With the election for our new General President and General Secretary/Treasurer of the IAFF, there were operational suggestions and changes made that better defined the roles and responsibilities of those positions. Those changes spurred our discussion about the CPF Secretary-Treasurer position with myself and numerous individuals in our organization to better explore cost savings, secure investment strategies and job responsibilities.
As your CPF Secretary-Treasurer, leading the effort and working in coordination with the CPF Trustees, we thoroughly assessed the roles and responsibilities of the Secretary-Treasurer position and what can be done to continue enhancing how we operate as an organization. Some of the recommendations that came out of this were to involve the Secretary-Treasurer more on a day-to-day basis and to have the finance department of CPF report directly to the Secretary-Treasurer’s office.
With those recommendations and changes now in place, as your Secretary-Treasurer, I proposed to the Executive Board to refinance our office building. I am pleased to report we locked in a 15-year loan at a 3.5% rate, saving $660,000 of our members’ dollars. We also presented to our Executive Board, new investment policies for both the Foundation and the CPF which both organizations have adopted. Our Investment Committee is going to work with a broker for short and long-term investing for the Foundation and CPF. The Investment Committee is currently in the process of developing the request for proposal and sending it out to investment firms.
Additionally, with the support of the trustees and the CPF Executive Board, we’ve proposed that the Secretary-Treasurer give financial reports to the Executive Board a minimum of three times a year, as well as at every District meeting and every convention. Another proposal addresses contracts for the CPF, requiring that the Secretary-Treasurer review all contracts with a financial analyst to ensure that we have the financial transparency and ongoing stability and trust for our organization.
As we unite in Oakland for convention, I look forward to bringing everyone together and seeing democracy in action. The committee work and open debate is healthy and honest, which is critical for our democratic process.