Mil Rate Proposal Vote – Open until 4:00 PM on Wednesday, April 25, 2018
Dear Colleagues,
I am writing today to encourage all of you who have not yet voted in the mil rate electronic vote to vote YES for the mil rate proposal that has been put forward by the Finance and Investment Committee. This proposed increase was recommended to the Membership, first by the representative Council, then unanimously by Members attending at the Association’s recent Annual General Meeting.
This mil rate proposal from the Finance and Investment Committee (Rebecca Warburton, Public Admin; Martin Farnham, ECON, and Chris Graham, Business) is based on a 5- year budget projection, within a prudent financial plan that will allow the Association to meet its legal and fiduciary responsibilities. The proposal has two pillars: a short-term increase to 8 (from our current rate of 5)* for 3 years, followed by a more modest rate of 6 going forward. This approach will allow the Association first to rebuild its fiscal reserves, and then to operate within a sustainable and prudent financial plan without deficit budgeting (at our current mil rate of 5 we are increasingly having to go into deficit to meet our obligations to our membership to provide adequate support when faculty members and librarians seek our assistance).
Please do not hesitate to contact me, or any of the members of the Finance and Investment Committee, if you have any concerns about this proposal.
*A mil rate of 1 is 0.1 percent of your salary, before tax; union dues are tax deductible. Mil rates among Faculty Associations in Canada range from 5 to 15.
Thank you,
ATTACHMENT:
Helga Kristín Hallgrímsdóttir
President
University of Victoria Faculty Association