Financial Report
Our fiscal year, starting April 2009, began with financial challenges that continued for several months. Although pledges were higher than the previous year, anticipated expenses also went up. Yet we were able to balance the budget without using reserves. During the year, income has been below budget all year, standing at 6% below on February 28. Expenses have been significantly lower because some staff positions went unfilled or under filled. Spending is 13% below budget as of February 28. We are likely to end with a comfortable surplus due to the greater reduction in expenses compared to income.
Pledging for 2010 is presenting a significant challenge. It may reflect the continuation of the economic climate; we know that many in our congregation face job and financial challenges. While most have been able to maintain or increase pledges, several have had to make reductions. We have just over 449 pledges totaling $1,433,000, and expect enough more to total $1,443,000 eventually. This is less than the $1,490,000 of last year.
The current draft budget shows that we have a gap of $40 thousand that must be covered through additional giving, budget cuts, or use of the deficit reserve fund. This deficit is our faith challenge for the coming year. Our need is for additional pledging units, increases in current pledges, and other giving that will erase this deficit.
Generosity continues in other arenas. Special Mission Offerings (e.g., One Great Hour of Sharing, Peace Offering, Christmas) are above and beyond the budget. We anticipated about $35 thousand, yet as of December, the giving has been outstanding — over $48 thousand
Giving to the three-year Capital Campaign (July 2006 through June 2009 with a year extension by some) has continued strong. Nearly $2.89 million has been given (pledges and unpledged contributions). Spending is a bit higher, with more anticipated in the Mission area. This should be covered by additional giving and by fund accounts designated for this purpose. We celebrate the strong and continued generosity of this church community!
March, 2010