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Next Meeting:
Finance Council usually meets the third Tuesday
of the month at 7pm in the rectory.
Parish Budget
Summary of Financial Results
May 23, 2008 (revised)
Budget Loss Projected, Revenues Remain Flat,
Expenses Rise
For the first 10 months of the 2007-2008 Sacred
Heart parish budget year, operating revenue was unchanged from the
prior year, while operating expenses increased 6%.
The budget showed a loss of $21,654 through the
first 10 months of the budget year. At the current rate, by year end
on June 30, the loss is projected to increase to about $34,000.
Within operating revenue, offertory
collections
increased slightly, about 1.8%. However, revenue from other sources
declined as increases from projects
such as Clam Festival and Christmas Fair were more than offset by
declining revenue from donations, bulletin ads, rental income and
the discontinuation of the
special fuel collection envelope this year.
Operating expenses increased 6% compared to the
prior year driven by inflation in costs for wages, benefits,
insurance and utilities.
The year’s parish budget was planned with
increased levels of expenses year over year for salaries and
benefits, utilities and insurance. Spending has been well within
budgeted levels with expenses running
about 4% below budget.
The current year budget had only one major program
increase and that was in the music program. The increase was funded
from cash reserves for the current year. Continuing the music
program funding at this level beyond the current year was dependent
upon an 11% increase in offertory collections and that has not
occurred to date.
Revenue has been running below budgeted levels all
year. A balanced budget would have required an overall increase in
parish revenue of 6%, compared to the prior year. In particular, it
would have required an average increase in offertory collections of
11% compared to last year. In fact, collections have increased less
than 2%.
The average weekly offertory collection for the year
through April was $7803. The weekly average needed to balance the
budget is $8538.
The budget for the next fiscal year (July 1, 2008
– June 30, 2009) is currently being developed by the Finance
Council with input provided by the councils and commissions. A
balanced budget for the coming year will require significant
reductions in current spending levels.
Using the weekly envelopes, mail or electronic
banking can make the commitment to stewardship easier to
manage. Currently, less than one-fifth of the
families registered at Sacred Heart/St Jude use the weekly offertory
envelopes. Several families contribute regularly by mail or
electronic banking. As a convenience, the church office mails
envelope users a year-end record of contributions for tax purposes.
The Capital Campaign, completed this winter, was a
separate project from the parish operating budget. The capital
project included repairs to the roof and steeple and replacing the
furnace boiler at Sacred Heart Church. A total of 66 families
contributed a total of $43,435 to cover the needed important
repairs. These repairs have been completed and are paid for. Repairs
at St. Jude are planned for the coming months.
Mark Pomerleau
Co-Chair, Finance Council
