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INTERIM REPORT ON ST. ZEPHERIN PARISH FINANCES
FISCAL YEAR 2008
This interim report is being provided by the Finance Council in the interest of increasing visibility and accountability of parish finances. The report covers the period of July 1 through December 31 of 2007. Please contact a member of the Finance Council for any questions that you may have regarding this information. Your feedback is important to the Finance Council.
OVERVIEW
Fiscal Year (FY) 2007 (7/1/06 to 6/30/07) resulted in $518,600 of income (cash inflow) and $555,600 of expenses (cash outflow) for a deficit of $37,000. Please reference the “Second Annual Report to the Families of St. Zepherin Parish” for details related to FY 2007.
For FY 2008 (7/1/07 to 6/30/08), the Finance Council budgeted a four percent increase in numerous income and expense items. The income budget for the year is $520,800 while the expense budget is the same for a zero net balance. For the first six months of FY 2008, total income amounted to $287,700 while total expenses amounted to $247,600. Details related to income and expenses are presented in the table that follows and as described below.
INCOME (cash inflow)
Offertory contributions, which are the primary source of income for the parish, were budgeted at $210,000 for the first six months (27 weekends) of FY 2008. The actual collection came in on budget at $211,000. For the same time period in FY 2007, the offertory collection exceeded the budget by $5,600.
Gifts and Bequests, the Building Restoration Fund (blue envelopes), and Religious Education (K-5) are essentially on target with the budget.
The six month income for Youth Ministry equaled the total annual budget. However, this has been the case for several years as Youth Ministry fees and other income are collected primarily in the first half of the fiscal year. Other income (Shrines/Candles/Flowers, Sacramental Offerings, Scholarship, etc.) was stronger than expected for the six month period.
Fund Raising activities, which are primarily related to the Fall Fair, were considerably less than what had been budgeted. $14,300 was collected in the first six months of FY 2008 compared to $18,000 for the same time period in FY 2007.
Total income for the first six months of FY 2008 amounted to $287,700 which exceeds the budget of $265,300 for that time period. Income for the remainder of the year is expected to be essentially as budgeted.
EXPENSES (cash outflow)
At the time that the FY 2008 budget was being prepared, because of uncertainties about the parish staffing level for the fiscal year, the Finance Council assumed that the staffing level would be unchanged. However, two full time staff members were subsequently replaced by one full time member and one part time member. Consequently, the salaries and costs associated with parish staff were less than the budget for the first six months ($117,400 actual versus $122,700 budgeted). Staff expenses for the remainder of the year are also expected to be below the budget.
Facility expenses (electricity, heat, maintenance, etc.) were below the budget for the first six months ($30,900 actual versus $45,700 budgeted). Heating costs have been well below the budget, but they can be expected to rise when December bills are processed. Maintenance of parish buildings is also well below the budget.
St. Zepherin’s continues to be a Sacrificial Giving parish by contributing ten percent of the offertory to Catholic schools and the needy. During the first six months, $5,800 was contributed to needy organizations and $12,000 to Catholic schools. The total is less than what has been budgeted for the six months ($19,800). The parish also contributed $2,400 to the Hospital Chaplaincy Fund.
Acquisition Improvements are currently below budget ($14,300 actual versus $16,200 budgeted for 6 months). However, the capital expenses are expected to increase in the second half of the year in order to metal line the lower church gutters. The cost is estimated to be as much as $16,000. Correcting the water leakage problem in the church (from ice dams) will also require a capital expense.
Fund Raising expenses ($6,900) essentially equaled the annual budget, but that is to be expected as they relate primarily to the Fall Fair.
Total expenses for the first six months of FY 2008 amounted to $247,600, which was below the budget of $260,400. Expenses for the remainder of the year are expected to stay within the annual budget. Unless some additional (unplanned) facility expenses occur between now and 6/30/08, we anticipate the parish will end FY 2008 with a small surplus.
FINANCE COUNCIL MEMBERS
Fr. Ron Bourgault Tom Alber Steve Ahlquist Joseph DeAmbrose Frank O’Connor
STATUS OF ST. ZEPHERIN PARISH FINANCES
12-31-07 CASH ON HAND Cash- Middlesex Bank - checking 108,400 Cash- Middlesex Bank - CDs 19,600 RCAB- Berube Scholarship 13,300 (restricted funds) Cash- Land Sale 32,900 Total Cash $174,200
2008 CEMETERY FUND Cash - Middlesex Bank 9,500 Perpetual Care Fund 73,000
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