Pastor’s Letter – Nov. 5. 2017: Parish Financial Update
Now that a year has passed since I originally addressed you on the financial condition of our parish, I would like to update you on where we stand today, the progress we’ve made, and where you can help.
Where We Stand Today
In November of last year, I first reported on the serious problems facing our parish. At the time we were projected to have a $50K+ deficit in the parish’s operating budget. We took a number of steps to address this issue.
1. We engaged with the Archdiocese and asked for a temporary suspension of the principal portion of our parish center loan payments;
2. We made significant changes to the composition of our parish office staff to reduce costs, including headcount reductions;
3. We worked with Principal Venable and the School Commission on ways to reduce our $150K operating deficit;
4. We invested in a more effective accounting process to increase fiscal reporting accuracy, transparency and timeliness.
Since that time, I’m happy to report the following:
• We have resumed making full principal and interest payments since July 2017;
• We have reduced our parish overhead, including the full payment of all residual severance;
• Our school reduced its projected 2016-17 deficit to $130K, and is projected to have a deficit of only $50K for the 2017-18 school year;
• We have seen steady increases in our monthly donations, and received some generous one-time gifts that have further contributed to our loan principal reduction;
• Our projected 2016-17 parish deficit has swung from a $50K deficit to a $50K surplus.
Where You Can Help
While our condition has improved, we are by no means out of the woods. Today our building debt stands at just under $3.1M, and with the resumption of full payments, will require a consistent, sustained monthly contribution level. Here’s how you can help continue our success:
Consider a one-time gift to go toward debt reduction
Consider increasing your monthly offering
Sign Up for EFT – During the summer months, church contributions suffer due to parishioners being out of town. Committing to a weekly parish contribution via Electronic Funds Transfer (EFT) ensures a steady stream of funds to finance our parish activities year round. If you have any questions or need help setting up the EFT you can contact Linda Marrese in the office.
Included in this week’s bulletin you will find a copy of our parish’s annual financial report prepared by the Finance Council. I would like to take this opportunity to thank the Finance Council who have worked so hard on behalf of our parish to understand and improve the financial condition of our parish.