Finance Committee News
Good news from the Finance Committee–the church’s operating budget ended calendar year 2016 with a $77,000 surplus. This was the first year in recent memory that the church spent less money than it received, meaning it did not have to dip into its savings to cover its yearly expenses.
The surplus was the result of several factors. On the funding side, garage income was $292,074, about $47,000 more than budgeted. Giving was also greater than anticipated, with loose/unpledged offering at around $40,000, 25% more than planned. We also received a one-time unrestricted $18,000 bequest from the estate of Jean Keller. Thank you, congregation, for your generosity and the Stewardship Committee for your efforts in this regard.
On the expense side, the church spent about $5,000 less than planned, mostly due to COSPAR, Administration, Communications, and Worship coming in under budget. Thanks goes to Rev. Moe, staff, and lay leaders for good stewardship of the church’s resources.
We still have our challenges, a $700,000 mortgage being one of them. In 2016, we continued to pay our monthly mortgage payments out of capital campaign funds. These payments were $47,745 for the full year. The goal is to have these payments come out of our yearly operating revenue.
In addition, our pledge income for 2017 looks to be close to $354,000, which is less than the $378,000 that was pledged for and given in 2016. Because of this shortfall, we now expect an $11,000 deficit for 2017.
But for now, and before Lent, let’s give a loud hallelujah for this good news.