Vestry News for March, 2016
March 15, 2016
To: The Vestry
From: Lynne Weikart, Treasurer
Re: February 2016 Financial Report
Thanks to the hard work of the vestry and our St. Paul’s community, we are starting the year in a much better place than last year with a balanced budget. Our pledge receivables are very close to our budgeted number unlike last year at this time when we were short thousands of dollars. Our expenses are in line and all of us have gained an appreciation of staying in budget. Our willingness to be frank and open about our financial situation has paid off.
After two months (16.7% of the fiscal year), we have already collected almost 25% of our pledges. This is our most important number as it represents almost 70% of our revenue. Our plate offerings are low due to one Sunday being snowed out and one Sunday's offering going to the Canterbury student pilgrimage, but Easter will soon improve those numbers. The building rent is close to target and will improve once the new rent revenues begin in June.
In terms of expenses, we are right on target with our salaries and fringe benefits. We have a slight overage in lay ministry salaries. Our administrative expenses are in line except the altar budget which is invariably over spending. It has to be the cost of candles. Then there are the utilities and maintenance expenses, which are affected by the seasons, so there will be overspending in the winter months but not much. Our expenses are below target and our revenues are above target which is good to see.
When you examine the designated funds, there is almost $10,000 left in the transition fund. These funds are for the search committee as they go through the process of selecting a new rector. We also have $80,000 in operating reserve. We don’t want to get any lower than that. I would like to see a $100,000 operating reserve.
Projected Revenue Flow Analysis
I would like to call your attention to the projected revenue flow analysis that John Reid prepared for us. It is important for us to understand how much of our revenue comes in at certain times of the year. If you look at the monthly revenue totals, you will see that $72,000 is projected to come in November and $126,000 is projected to come in December. The total revenue we collected in December 2015 was $142,348. These are huge amounts of our revenue that come at the end of the year, while in the summer month of July we only are projected to take in $35,500. We need to remember that this is the historic flow pattern of our revenue and not panic at the beginning of November. Last year the Vestry agreed to obtain a line of credit in order to help us manage such fluctuations in the future and John Reid and I will pursue this.
Seeking Funding for our Disabled Access
Our march toward improving accessibility for the disabled is nearing completion. And I am sure that those parishioners who have been advocating this for many years will be very pleased. We now plan to install a small, open elevator on the steps between the sanctuary and the sacristy in June of this year. In addition we will install a hearing loop for the hearing impaired at the same time. The cost of this is close to $50,000 and we have about $26,000 in our maintenance fund. So we are looking for contributions to make up the difference. Since the Accessibility Act was passed in 1976, this has been a long time in coming to our church community and we need to step up and make this happen.
Vestry Minutes for February 2016 PDF file
Vestry Agenda for March 15, 2016 PDF file
Financial - Balance Sheet for February 2016 PDF file
Financial - Dedicated Funds for February 2016 PDF file
Financial - Income and Expenses for February 2016 PDF file