St Mary’s Parish Annual Report
September 1, 2004 – August
31, 2005
The Finance Ministry has elected to change the format of this year’s annual report. This new format is an effort to present an accurate and understandable narrative of St. Mary’s financial condition, while including more of the numerical results on the back of this document.
Since 2001, St. Mary’s revenue has not been sufficient to cover operating expenses so savings have been depleted and additional debt has been incurred. Long term debt, namely Project 2000 remains at approximately $24,200. Other debt, which includes under funded pension, diocesan assessments, tithing and more is $43,858. Although $68,059 debt appears to be manageable for a parish of our size, the outlook for 2006 looks worse.
While preparing the Parish Budget for 2006, this ministry reviewed line by line expenses. Parish staff continues to perform duties above and beyond their compensation. Utility expenses, like our own homes, are uncertain. Winter weather, which effects both income and expense, is unpredictable. Heating oil, which we have been able to contract for 6000 gallon at $2.099 per gallon, is 24% higher than last year.
Anticipating our 1% annual increase in collections and our typical 4% increase in expenses during 2006, St. Mary’s Parish will have a budget shortfall in excess of $19,000 which is equivalent to approximately four average Sunday collections. Combined with our current debt of $68,059 our 2006 debt at the end of next August will grow to $87,000.
The Finance Ministry, once again, joins the Stewardship Ministry in asking you to reconsider your annual contribution to our parish. We have seen your generosity many times, such as the recent collection for Hurricane Katrina, your contributions to the Bishop’s fund, your consistent donations to Market Sunday and your support of the Church Fair and Yard sale. But, we have only seen a 1% increase in Sunday collections each year over the past five years. We do appreciate the 1% increase but it’s not covering our operating costs even thought we have taken significant steps to control expenses.
You should know that over 92% of the monies collected are spent under the direction of St. Mary’s administrators and ministries. We are part of a larger Faith community in the Worcester Diocese and as such we too are charged as good stewards to share a small percentage outside the parish.
If you have any interest in the details of our financial condition, please join us at a Finance meeting on the third Tuesday of each month. Parishioners are welcome and accounting knowledge is not necessary to understand the issues.
Finance
Ministry
Oct 9th, 2005 rev.