Treasurer's Report
08/13/09 06:05 PM
Economic news from All Saints parallels that of the
national economy: Things look a little bit less bad
this month than they did last month, but they are
still pretty bad.
We began 2009 with a deficit budget in the amount of $23,608. We planned to cover this with an operating fund surplus at 2008 year end of $38,250. Your vestry is putting in place plans which hopefully will result in some growth in income for year 2010. Nonetheless, the income-expense balance at the end of July was negative in the amount of $21,290. If we continue at this rate for the rest of the year, we project a year end deficit of $36,497, effectively wiping out the operating fund surplus.
This deficit projection is ~$10,000 less than it was last month, because the Diocese reversed its decision to withhold $10,000 in support funds which had been agreed upon three years ago. That money came in a lump sum in July, obviously skewing our income figures toward positive territory for the month.
Prorated pledge income at the end of July was 96.6% of amount pledged, higher than the national average. However, several large pledges were paid in full in January, and we can expect that percentage to sag as the year progresses.
Plate receipts were only 41% of budget for July, paralleling a decline in attendance during the summer. However, plate income year to date still is only 75% of budget. Expenses were 108% of budget for July and 108% of budget for the year.
There is nothing that stands out as an egregious over expense. Obviously, we must do our best to tighten our collective belt for the rest of the year.
Your treasurer sincerely thanks those of you who are maintaining your pledge during these difficult times and hopes that our generosity will grow as we struggle to keep our financial head above water.
We began 2009 with a deficit budget in the amount of $23,608. We planned to cover this with an operating fund surplus at 2008 year end of $38,250. Your vestry is putting in place plans which hopefully will result in some growth in income for year 2010. Nonetheless, the income-expense balance at the end of July was negative in the amount of $21,290. If we continue at this rate for the rest of the year, we project a year end deficit of $36,497, effectively wiping out the operating fund surplus.
This deficit projection is ~$10,000 less than it was last month, because the Diocese reversed its decision to withhold $10,000 in support funds which had been agreed upon three years ago. That money came in a lump sum in July, obviously skewing our income figures toward positive territory for the month.
Prorated pledge income at the end of July was 96.6% of amount pledged, higher than the national average. However, several large pledges were paid in full in January, and we can expect that percentage to sag as the year progresses.
Plate receipts were only 41% of budget for July, paralleling a decline in attendance during the summer. However, plate income year to date still is only 75% of budget. Expenses were 108% of budget for July and 108% of budget for the year.
There is nothing that stands out as an egregious over expense. Obviously, we must do our best to tighten our collective belt for the rest of the year.
Your treasurer sincerely thanks those of you who are maintaining your pledge during these difficult times and hopes that our generosity will grow as we struggle to keep our financial head above water.