Gearing Up for Conference
Last year’s audit is now completed, and PORAC fared well. We had the usual challenges discussed by the auditors, which were delineated to the Board of Directors. The concerns were discussed, and the Board understands the reason for these challenges. I was provided with direction to resolve those issues that are within our sphere of influence.
The Budget Committee met and finalized the 2018 proposed budget. The budget was presented to the Board of Directors at the August meeting. The next phase is to have you and the rest of our members review the budget at the Conference of Members.
Last year at this time, we were discussing making some capital improvements to the office building pertaining to the area of additional security. As always, Kim did some great work in obtaining bids to ensure the Board was getting a range of choices when deciding how to approach providing enhanced security to our building. Those improvements were made, and the new security camera and building access are working perfectly.
This year, we conducted a comprehensive salary and benefits study to ensure we were doing the right thing by our employees (a study we usually perform every six to 10 years). As a bit of a historical context, we normally look at a two-year window when considering adjustments for staff. Kim and I are also working on a plan to make sure that our employees feel they are being taken care of during the years we don’t conduct a salary survey. We are exploring performance-based bonuses for the interim years. Now back to the comprehensive study. The assessment reaffirmed what PORAC has been doing all along, and that is taking care of those who serve you. We had to make some minor modifications on certain employees’ salaries, while others were Y-rated for the time being. PORAC has taken a firm stance of ensuring our employees are well compensated and that their salaries are not negatively impacted when there is an overall market decline in a certain classification.
After reviewing the results of the comprehensive salary and benefits study, the Compensation Committee met to discuss making positive adjustments to a few employees’ salaries. The Compensation Committee will recommend to the Board that the salary adjustments be approved in order to put them into effect at the beginning of the 2018.
Our investment tsar, Mark Sikorski, made a presentation to the Board of Directors about the outlook of the market. Interestingly, based on how the market has been performing throughout the year, his assessment of what is going to happen was clear as mud. But keep in mind, the market has done some interesting things this year. Ultimately, the feeling in the financial world is that we are looking at an adjustment and/or correction in the market. However, the geniuses believe the market could potentially reach record highs at the year’s end.
Please don’t forget to attend your local chapter meetings and keep yourself informed as to what is occurring within your city, county and state, especially in the anti-police environment we find ourselves today. It seems there are many out there who profess to know how to do our job without ever having donned a uniform. Yet it is those who condemn us who are also the first to expect our help when things go sideways. Please be sure to attend your chapter meetings and take an active role in helping to further the goals of your association and PORAC throughout the state.
I look forward to seeing everyone at the Conference of Members in San Diego and providing you with the opportunity to review your 2018 PORAC budget as well as addressing any other financial questions, suggestions or comments you may have about PORAC’s financial health.
Be safe and have fun.