Saturday 14 January 2012 9:40 a.m. Financial Report Part II
Financial Situation of Synod Operations
2008 – 2009: Assessment revenue decline $147,000, Camp Columbia costs $60,000 Speical Parish support payments $95,000, Lower investment and other income $73,000, Lawsuit $315,000, all other variances $19,000 = increase in cost of operations (2008-2009) = $709,000
After property sale in 2011, we are back with net assets of $330,000.
Outlook for 2012 – Revenues and Expenses
Assessment – 1,225,000.00
All other – 110,000.00
Bishop’s Office 277,000.00
Deficit 2012 180,000.00
Until we get $2.2 million from sale of properties our decision is that there are no funds to do anything other than pay back our debt.
Q: Should we be paying back our a debt we owe to ourselves first before putting aside any money for a new ministry endowment fund? We need to be putting money into a New Wine fund.
Q: The designation of 15% of funds for a New Wine fund is a decision that was made without the full knowledge of the Diocese. Our Diocesan Council acted very responsibly in deciding to address our current financial situation before placing money in such a fund.
Q: Having a huge deficit that is constantly referred to in parishes is a real downer. We are trying across the nation to grow our Anglican Church. It is hard to ask people to join a club when you say by the way we have a $2.2 million deficit you are going to have to help us with when you get here. If we can’t grow our church and show something that looks like a big happy family, we don’t need any more money because there is not going to be anyone there to use it.
Q: Are we going to talk about Diocesan Council and how it does its work? I am concerned about the accountability of Diocesan Council making such an important decision to withhold payment of funds into the New Wine Ministry intiative.
Update on Property Sales
Sold: St. Martin’s – money gone to reduce debt
Offer (will close Jan. 20) – St. Saviours ($850,000 gross)
Chuch of the Holy Spirit – sale should proceed by middle May
Currently negotiating on St. Alban’s – may come to conditional sale middle of next week
Remaining properties are more of a challenge
$8.2 million in estimated realized value is on the books
Q: The Dean – St. Saviour’s, St. Alban’s, & Church of the Holy Spirit were all dissestablished before Synod 2010. So only funds from the sale of St. Martin’s are available to be applied to New Wine fund.