Treasurer’s Report to Diocesan Council- August 26, 2018
The Diocesan Council will not meet in August, but I thought the members might appreciate a brief interim report on the status of our finances for FY2018. We will meet September 15 to consider the FY2019 budget proposal in detail, and I expect to provide more current information about FY2018 at that time.
The Actual vs Planned Budget for FY2018
July completes seven months (58%) of FY2018, and both actual revenues and expenses appear to be roughly in line with the budget as planned. Revenues are 2% less than projected, and expenses are 1% less than expected, leaving a net deficit of -$5,861 shown below. The short fall in “miscellaneous income” is attributable to reduced revenue from a restricted account and is balanced by reduced expenses (Resource Persons Working with Congregations), and to less revenue from bank accounts and other income. All expense categories are very close to budget, except for decreased distribution from “Administration/Information/Technology” because audit expenses have not been incurred as yet. The detailed spreadsheet with budget vs actual revenues and expenses, personnel expenses, contributions from congregations and other information has been posted to the Council 365 drive.
Mission Support from Congregations FY2018
Monthly contributions from the congregations of the Diocese have been tracking quite closely with expected amounts. As shown below, 29 of our 45 parishes are up-to-date with 7 payments, while only 4 parishes are more than 1 month in arrears. It is reassuring that parishes using the “actual” method are slightly above budget, suggesting that their operating revenues are holding up well for the year. Most or all of the short fall in total contributions can be accounted for by parishes that have not yet paid for a full 7 months.
Planning for the FY2019 Budget
The Budget Committee comprised of the Rt. Rev. Bishop Ely, Canon Lynn Bates, Rev. Paul Habersang, Jean Wilson, Financial Administrator Rich Sagui, and Treasurer Gerald Davis, has refined the draft budget for FY2019 that was discussed with Council in July, and has modified some categories as additional information about Workman’s Compensation, insurance, and other expenses became available. This budget proposal will be presented in detail at the Council meeting September 15, 2018.
Gerald S. Davis, MD
Treasurer, The Episcopal Church in Vermont