We will put out a financial statement for the last fiscal year in late September after the Finance Council has had a chance to approve it, but meanwhile, I thought I would give you an informal report. Since we are doing Diocesan Pastoral Planning, our financial condition is very important to the Diocese.
So, as always we have good news and bad news, but the good outweighs the bad. Last year our offertory was down from the previous two years. In FY 13-14 and FY 14-15 we took in a little over $551,000 in offertory. On this past June 30th, the total for the year was $538,500, a drop of $13,000. This is a little concerning. For our total income, which includes offertory, rent, religious education fees and gifts and bequests, the results were even scarier. In FY 13-14 our total income was $849,700. In FY 14-15 it was $856,100 and this past year our total income was $835,600 despite getting a $50,000 grant from the Daphne-Seybolt Culpeper Foundation.
In that same period, total expenses came in like this: FY 13-14, $841,700; FY 14-15, $833,600 and for last year expenses were $824,600. So the trend is for our expenses to also be going down. That is a good trend! In fact this past year our income exceeded expenses by $11,000.
The main problem we have is cash flow. At the end of the fiscal year on June 30th, we had $560 in our operating account. This does not include savings and the raffle account. On July 1st, I had to transfer in $16,000 from the raffle account so we could cover all our checks. The cash flow will be negative until the Christmas collection comes in. Last year, we had a deficit on December 31st despite the money at Christmas. Usually we get a large grant in January that pays for the year’s capital improvements and then comes Lent and Easter. The raffle then bails us out until June when we pay the last of our fiscal year obligations. It all gets a little nerve-racking.
The projected budget for FY16-17 puts income at $804,000 and expenses as the same. Both income and expenses are projected to be down.
This coming year, we hope to do something different. Most likely, our capital project, which will also be part of our pastoral plan, will be to redo the front walkway of the Church. At present it is cracked and ugly. The tentative plan is to redo the front steps and plaza with new sidewalks and engraved memorial bricks. We would also put in a front handicapped walkway as well as redo the landscaping. I think we can sell enough memorial bricks to pay for the project and have a little remaining. If you have any ideas, let me know.
Fr. Rojin is insisting that I get away this summer, so you will not see me until Saturday, August 15th. When I return if you have any ideas about our finances see me or Gerry Holdridge, the excellent chair of our Finance committee.
