Finance Committee Report
Finance Committee Report to the Parish: March 26/27, 2011
March 26/27, 2011
PARISH FINANCE COMMITTEE REPORT
We are here to talk about our parish finances. The good news is that we are a parish that has responded to the financial needs of the parish. When the roof leaked, when we lost electrical service and when the basement needed to be refurbished, we all responded generously. We are pleased to report that the expenses for those projects have been paid in full and for that we are extremely grateful.
The Finance Council has been meeting since the Fall of 2009; we established the 2011 annual parish budget, and we have been monitoring revenue and expense details to become familiar with the financial needs required to support our parish.
The 2011 operating expense budget for the parish was $443,000 which did not include an allocation for major repairs or capital improvements.
- Salaries and Benefits $ 214,000
- Church, Hall, & Rectory Services/Supplies $ 107,000
- Facility/Equipment Maintenance & Insurance $ 95,000
- Diocesan School Tax $ 13,000
- Other $ 14,000
Total $ 443,000
The 2011 revenue budget for the parish was 443,000, which includes income from Bingo and Fundraising activities such as the Fall Fair.
- Offertory/Donations/Offerings $ 365,000
- Bingo $ 42,000
- Fundraising $ 36,000
Total $ 443,000
The 2011 finances were budgeted at breakeven, net zero, no profit, no loss. This translates to no money to provide for unforeseen expenses. Without Bingo and Fundraising the Parish would be running at a $78,000 deficit. The parish has become reliant on Bingo, fundraising and “crisis” financing to balance the budget and to raise funds for major capital expenses.
As you know, in the recent past, the parish was forced to cut personnel and other expenses. We have little to no room to make further cuts in operating expense.
The Parishes greatest opportunity to improve our finances is in our weekly parish “giving”. The price of everything has at least doubled over the past 20 years and unfortunately so has the operating expenses of our parish. Overall the average Parishioner has not adjusted their weekly contribution in the same way that they have had to adjust their other household expenses.
We are setting a target for weekly income of the parish to be $8,500. This target is exclusive of Bingo and Fundraising as we should not be reliant on these funds for the day to day operation of the parish. This would allow Bingo and fundraising to be available to cover unforeseen expenses and future capital expenditures such as replacing our replacing our exit doors, old aluminum windows, and/or the refurbishment of the parking lot.
We hope you have found this informative. We ask that you prayerfully consider increasing your weekly offertory to the parish as we work towards a financial budget that will not only cover operating expenses but allow us to plan for immediate and long range capital projects.
Thank you
Respectfully submitted:
Bonnie Wheeler, Ivy Iacoi, Brian Sutherland, Tom Lyden, Ron Martel