As the three VP Finance candidates convened for their first debate yesterday, one candidate was able to show their edge in expertise over others.
AMS Associate VP Finance Jonathan Tomalty held a clear advantage over Arts Undergraduate Society (AUS) VP Finance Lucia Liang and International Relations Students Association Treasurer Viki Loncar in a debate that centred on business surpluses, clubs’ credit cards and the AMS investment policy.
The first question touched on the AMS/GSS Health and Dental plan, which all three candidates believe should be expanded.
In particular, Liang and Loncar emphasized the importance of mental health. Loncar also mentioned that students who already have insurance should be able to opt-out, but this is something they can already do.
Tomalty praised the recent passage of funding in AMS Council that raised mental health coverage from $300 to $500, but resolved to keep seeking improvement. The funding has yet to be approved by the Graduate Students Society.
“We can never rest on our laurels on that issue,” Tomalty said.
A bit of discord
In a question about what the AMS should do with increasing business surpluses, the audience saw a rare direct confrontation.
Liang challenged Tomalty’s plan to maximize profits and reduce what he called “regressive” student fees. She argued surpluses should be used to improve student services and upgrade to more environmental business practices instead.
“I don't think it's important for the business to generate revenue,” said Liang. “I think we gain most of our revenue from student fees anyway, so we shouldn't be … charging students more money.”
Tomalty responded that businesses could benefit students by relieving the burden of AMS fees.
“I absolutely am in favor with giving back to students through our surpluses, and I think if we're able to generate revenue from students who are able to contribute that revenue to us as opposed to taking it from everyone by force, I think that's the right way to fund our society,” he said.
Loncar also wants to allocate surpluses toward services and asked Tomalty if once fees are lowered, the AMS might have to raise them again when business falter.
“I would never advocate for an increased fee to fund a business making a loss,” he responded.
On the next topic, candidates agreed that more clubs and constituencies should have access to AMS credit cards. Liang noted that a credit card was essential for operations of the AUS, and Loncar agreed but pointed out that they shouldn’t be distributed irresponsibly.
“There should be a rigorous application form that should be reviewed just to ensure that clubs will not abuse this privilege,” said Loncar.
Tomalty said the credit card program is “awesome,” but “flawed.” He wants to advocate for temporary limit increases that would allow clubs to make larger payments — a point that Liang agreed with.
A stumper
An audience member asked a more technical question: “How much, for context, is the AMS paying RBC for services in regards to the investment fund that we have? How much has that affected performance in the past?”
All three candidates said that they would not be able to answer that question until they are in the position, but Tomalty said it’s typical to charge about 2 per cent of invested assets and 20 per cent of profits.
Tomalty then asked his adversaries how they would handle the AMS investment portfolio.
Loncar said she would continue to divest from fossil fuels, and Liang resolved to work with the RBC team to make sure investments are “sustainable” and “ethical.” Both concerns were addressed in the AMS divestment mandate that was approved last August.
Tomalty proposed a $300,000 to $700,000 investment in projects that would reduce greenhouse gases.
“There's plenty of products out there that fit within our current mandate that would allow us to actually actively fund green initiatives,” said Tomalty. “I think this is the direction we should go as a society, and this is a chance for the VP Finance portfolio to show leadership on this issue.”
In their closing statements, candidates thanked the audience and plugged their social media. Tomalty also implored listeners to vote in referenda, especially for the expansion in funding of the Sexual Assault Support Centre (SASC).
“Please go vote on those referenda,” said Tomalty, “It's vital for the society. It's vital for SASC.”
Throughout the debate, Tomalty showcased a steady knowledge of issues affecting the AMS and the responsibilities of the finance portfolio — a low bar, for sure, but one that his opponents struggled to reach.
All three candidates will meet again today from 4 to 9 p.m. in the lower atrium of the Nest for the AMS Great Debate.