OUR FINANCIAL RESULTS FOR 2003

Finances are a fact of life for our church as they are for any other organization.  This summary presents our recent results.

Our parish managed to raise less money than we were required to spend.  The “bottom line” quite literally, is that we had a deficit in 2003, which was also the case in 2002: a shortfall of at least $7,500 each year.

The parish planned for a balanced budget last year, as it normally does.  The amount of money actually spent came remarkably close to the budget, and in fact was slightly lower than budgeted.  Some costs were higher than anticipated, including heating (remember last winter?)  Most of the parish’s expenses have very little discretion to be adjusted downwards.  We were able to respect our total budget mainly by putting off planned maintenance.   While this was the right strategy to keep expenses in line for the short term, as you know from experience with your own houses or cars, putting off maintenance is not strategy for the long term!  But overall, the church respected its budget.

However, the money received by the parish fell considerably short of matching its expenses (which, as indicated, couldn’t be much lower!)  We were in line with, or exceeded, our expectations for fundraising (Family Fair and other events),  for rental of the hall, and for funds raised by the ACW.  But weekly offerings were less than anticipated, as were donations.  Interest income earned on our investments was also disappointing;  however, with interest rates as low  as they are, it’s tough to earn much right now.  At the best of times, interest only covers a portion of or day-to-day needs, offerings and donations are still the  main sources we rely on.

What happens when a parish loses money?  The same thing as if your household spent more last year than you earned.  You would have had to take money out of your savings account just to pay the bills; that’s exactly what we had to do.  So our “Funds” (think of them as your savings account) have shrunk, and we’ve had to cut corners rather than invest.  Please take a minute to reflect on these results, in light of your hopes and expectations for your church.

Robert Friend

On behalf of the Stewardship Committee

February 2004