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A summary of the presentation given at Mass appears below.
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FY 2006 Operating Cash Flow Actuals Thru 06/30/06
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FY 2007 Operating Budget Summary
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INCOME: |
FY TD Actuals |
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INCOME: |
Projected |
% of Total |
|
|
1st Collection |
1,136,823 |
86% |
1st Collection |
1,250,500 |
86% |
|
|
Interest/Special Int/Other Misc |
176,591 |
13% |
Interest/Special Intentions/Other Misc |
195,000 |
13% |
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|
Community Center Rentals |
8,768 |
1% |
Community Center Rentals |
10,000 |
1% |
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Total Income: |
$1,322,182 |
100% |
Total Income (note 1) |
$1,455,500 |
100% |
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EXPENSES: |
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EXPENSES: |
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Administration |
108,357 |
8% |
Administration |
110,000 |
8% |
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|
Auto/Van |
10,336 |
1% |
Auto/Van |
10,300 |
1% |
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|
Capital Improvements |
4,432 |
1% |
Capital Improvements |
30,000 |
1% |
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|
Community Center |
59,083 |
4% |
Community Center |
63,000 |
4% |
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Community Life (Net) |
2,701 |
1% |
Community Life |
3,500 |
1% |
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|
Compensation/Benefits |
539,557 |
37% |
Compensation & Benefits |
560,000 |
37% |
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|
Diocese Assessment |
98,946 |
8% |
Diocese Assessment (Note 2) |
100,000 |
8% |
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Food & Rectory Supplies |
16,742 |
1% |
Food & Rectory Supplies |
17,000 |
1% |
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Insurance |
14,502 |
1% |
Insurance |
16,000 |
1% |
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|
Liturgy/Spiritual Development |
22,390 |
2% |
Liturgy/Spiritual Development |
25,000 |
2% |
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Maintenance/Repair |
13,728 |
2% |
Maintenance/Repair |
25,000 |
2% |
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|
Parish Council |
2,778 |
1% |
Parish Council/Neighborhoods |
4,300 |
1% |
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|
Religious Education (Net) |
4,444 |
1% |
Religious Education |
17,200 |
1% |
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School |
137,312 |
10% |
School |
148,500 |
10% |
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|
School (DTAP assessment) |
17,702 |
1% |
School (Diocese Assistance Fee) |
17,700 |
1% |
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|
Social Justice/Tithes (Net) |
111,523 |
6% |
Social Justice/Tithes |
90,000 |
6% |
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Social Security/Medicare |
121,271 |
8% |
Social Security/Medicare |
123,000 |
8% |
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Utilities |
56,289 |
4% |
Utilities |
65,000 |
4% |
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|
Youth (Net) |
16,692 |
2% |
Youth |
30,000 |
2% |
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Total Expenses: |
$1,358,785 |
100% |
Total Expenses: (Note 3) |
$1,455,500 |
100% |
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| Difference (Deficit): |
($36,603)
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Note: |
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Good morning. I'm Charlie Sullivan and for the past several years, I've had the privilege to serve as a member of your parish finance committee. In compliance with diocesan policy, Fr. Creedon has designated this "Stewardship Sunday" and requested that an overview of our current financial status be presented to the parish at each mass.
First, the purpose of the finance committee is to:
This has been another extraordinary year at St. Charles. Our new community center is fully operational; our "rooted in faith, forward in hope" pledges are being met; and the parish made significant contributions to the BLA. This indicates a strong and dedicated commitment to the St. Charles mission within our parish family.
This coming year provides additional challenges and obligations that must be addressed. Last fiscal year operating expenses exceeded revenue by 2.7% due to expanded ministry outreach programs, community center operational costs, and staffing cost of living increases. Fortunately, savings revenue was available to cover this shortfall. Also, while the generous support of our parish members and a diocesan line of credit allowed construction of the community center, we have now begun repayment of our $2.3m diocese construction loan. This requires a monthly payment of $25,000 amortized over a ten-year period. Existing building fund and restricted dial savings will meet the loan obligation through fiscal year 08 without impact to our operating revenue. To date, we have reduced the loan by over $500,000 but unfortunately an outstanding balance of about $700,000 will remain in fiscal year '09 which must be resolved.
In addition, major upgrades will soon be required on our parish's 50-year-old church and school facility infrastructure. A parish facilities task force committee has been formed to assess this situation and the capital improvement budget has been increased to $30,000. To address these anticipated (and expensive!) Renovations and to reduce the building loan obligation, another parish offertory program is planned for early 2007.
Along with these challenges there is some good news. Family registrations continue to increase along with first collection receipts; we have a balanced fiscal year '07 budget which successfully incorporates all of the various ministry funding requests including continuing support of the parish tithing and outreach programs; and we have over $600,000 in our dial and operating revenue saving accounts. You'll find a copy of the fiscal year '07 budget and fiscal year '06 profit/loss financial reports in this week's bulletin.
You can help support your parish stewardship needs by:
On behalf of Fr. Creedon, we appreciate your continuing support and dedication in meeting the stewardship needs of this parish. Thank you and may God continue to bless, you and yours and our St. Charles family.
| Last modified: 03 March 2008 St. Charles Borromeo Catholic Church 3304 Washington Blvd, Arlington, VA 22201, USA Tel: 703.527.5500 | Fax: 703.527.5505 | Web: www.stcharleschurch.org |
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