In just four months, a great deal of progress has been made when it comes to strengthening our Local’s resources, improving operations and expanding opportunities for members. It is a reminder that when we stay focused, motivated and creative, we can make some shizzle happen. A major focus has been increasing revenue from our building while also reducing expenses and making better use of our assets.
Parking revenue has grown with roughly ten new regular tenants added, with room for more. Rehearsal room rentals have increased, including expanded weekend availability, helping us make greater use of a valuable member resource. Our recording studio is now up and running again with upgraded top tier SSL interfaces and updated equipment, opening new possibilities for member use while generating additional income. We also secured a new tenant in the former credit union office space.
Taken together, these efforts represent an estimated increase in rental related income of approximately $30,000 to $50,000 annually so far, with additional upside still ahead.
At the same time, we have reduced building expenses by approximately ten percent and counting through tighter oversight, efficiencies and cost control. Growing income while reducing expenses is the kind of stewardship that builds long term strength for the Local.
There has also been important progress beyond the building.
Work continues on apprenticeship and pre apprenticeship initiatives that can help create pathways into our profession for emerging musicians while tapping workforce development resources. We have continued expanding awareness and use of the LS 1 teaching agreement as another tool to help members generate covered work and pension contributions.
Behind the scenes, I have also been focused on cleaning and organizing our archives, improving access to important records and helping modernize internal systems.
Working with the Local 47 Health and Welfare Trustees, I have also been involved in updating policies and procedures to better serve members, including improvements intended to facilitate easier online payments and twenty four hour access to reports and information.
None of this happens alone. I want to thank our President, our Secretary Treasurer and the Executive Board for their partnership and support in helping move this work forward. Progress comes from collaboration, and I appreciate the shared commitment to strengthening this institution.
All of this reflects a larger belief that our assets, our programs and our systems should work harder for the membership. There is much more to do, but these first four months show what is possible when we bring focus, energy and imagination to the work. When we are motivated and concentrated, we can make some shizzle happen.
And we are.
