The finance committee has finished its review of the parish finances for 2012. You can find the 2012 report with comparative figures for 2011 by clicking here.You can find the budget for 2013 by clicking here. On the whole we had a satisfactory fiscal 2012, which gives us real hope for our future together. We had anticipated that the collections – our main source of revenue – would increase over 2011, but they didn’t. But the good news is that we are controlling our expenditures much more tightly. As a result our annual deficit went down considerably, from $22,000 in 2011 to $6,000 in 2012. Still, as you can see in the graph elsewhere in the bulletin, we are covering only some 92% of our expenses. As the parish faces taking over the full responsibility for the plant costs associated with the church building, and a debt of over $200,000, this is not good enough. Our revenue from collections must increase. We are still in a very precarious position.
You will notice that these figures pertain to ordinary revenues and expenditures. There was also extraordinary revenue of over $24,000 from the Mary Walker Estate in 2011, which paid for extraordinary expenses relating to the development of the glebe property amounting to some $19,000. These amounts are accounted for at the bottom of the two spread-sheets.
We do not know exactly how the glebe development will play out in 2013. The remainder of the Walker Estate money will be spent, but there will be additional expenses pertaining to the glebe which we will have to handle as ordinary expenses. Thus we anticipate a higher deficit in ordinary expenses / revenues for 2013, amounting to some $15,000. A 20% increase in our collection intake would take care of that.
There will be a parish meeting at a later date. You can raise questions about this report then or else bring them to our attention now. We are hoping in a not too distant future to hear from the Restoration Society and its financial situation. The financial data from both operations will play a key role in working out the details of a new arrangement between ourselves.
I am most grateful to all those who had a hand in preparing the mission and strategic plan as well as the financial report and budget, and for those who have given of themselves unstintingly to bring down parish expenditures to where they are today. May the Spirit continue to put the wind into our sails as we move forward.