Vestry News for September, 2016
September 26, 2016
From: Lynne Weikart, Treasurer
Re: August 2016 Financial Report
We are two thirds (67%) of the way through the fiscal year. We have a trend that, during the summer, St. Paul’s cash flow is low. This remains the trend. September will be a far better month as major revenues will hit. The revenue side of the budget remains problematic. Expenses are on target.
Revenues are low in important categories. The plate offerings at the end of August were only $19,672 or 52% of the $38,000 projected. Pledge payments were 60% which is a reasonable percentage for the end of the summer. Pledge payments should go up as people return from summer vacation. Another category is Canterbury/Skinner Alumni budgeted for $10,000 although we have only brought in $1,900. If these trends continue, we will need to craft a budget for next year that reflects this new reality.
Expenses are on target. Salaries reflect 65% of what has been budgeted. Health insurance is on the high side at 73%. Administration is on target at 67%. Buildings and Grounds have some issues. Utilities are higher than budgeted at 78% and Maintenance remains high at 74%. Total expenses are 67% of what has been budgeted which is right on target and is a reassuring number demonstrating that the St. Paul’s staff keeps expenses within bounds.
Dedicated funds are on track.
Food for Thought
Future expenses may be problematic. We will need to provide moving expenses to a new rector when he/she begins. More importantly, we need to budget conservatively next year and we need to see the budget as a preliminary budget which we can change as the trends change. If we start to see new revenues flowing in with a new rector, we should respond quickly. Alternatively, we should not be quick to spend what we do budget in case the downward trend continues.
Financial - Balance Sheet for August 2016 PDF file
Financial - Dedicated Funds for August 2016 PDF file
Financial - Income and Expenses for August 2016 PDF file