AMO sustains budget surplus streak

American Maritime Officers ended March 2022 with an operating budget surplus of $77,288, the third such surplus this year and the latest recorded in all but a few months since mid-year 2015.

This March 2022 surplus exceeded projections by $65,000, said AMO Director of Business Administration Thom Heaton.

Revenue for the month was $1,028,364 - $83,000 above what had been projected. Dues receipts and initiation fees in March 2022 were $410,673 and $104,435, respectively. Additional revenue - $71,333 - was derived from rent of two properties to AMO Plans and additional expenses shared between AMO and AMO Plans.

Expenses totaled $951,076, a total that exceeded projections by $18,000. These expenses included the cost of collective bargaining and business travel and increased legal fees and insurance premiums.

The AMO operating account balance as of March 31 was $362,545, and the savings account balance was $1,100,234. The combined operating, savings and investment account balance was $15,379,343.

The 2022 year-to-date AMO operating budget surplus as of March 31 was $707,288.

"Our union is on track to meet or exceed a surplus of $1 million in fiscal 2022," Heaton said.