Well, it’s that time of year again: time for our annual financial summary. (Actually it’s coming out a few weeks later than usual this year, as there were a few factors that caused it to take longer than usual to close out our fiscal year.) I hope you take some time to read this weekend’s bulletin insert, which gives you a summary-level picture of how our parish did financially for the fiscal year that ended June 30, 2022.
Overall, here are some highlights to point out from these statements:
- You’ll notice that some adjustments have been made. The unadjusted income includes $2.4 million that was raised both to pay off our bridge loan for the 2020 addition, as well as to put towards our vestibule expansion. It also includes about $250,000 that was received in grant money and spent on technology purchases for the school. We included adjusted figures that removed these amounts since this money is not available to pay for operating expenses, so the adjusted figures should give you an accurate picture of how we’ve done.
- You’ll notice that the bottom line is a deficit of about $47,000. This is a tremendous improvement over past years, as we’ve been working steadily over the last several years to decrease our budget deficit. We’ve submitted a balanced budget for the current fiscal year, and this will put us in a good position to save for future capital expenditures, such as the church roof that will need to be replaced in a few years; and the electrical work we are doing in the 1955 wing of the school.
- You’ll notice that both income and expenses tend to be over budget in most categories. One big reason for this is the work that was done to repair the damage done from the April 2022 fire in the light fixture in one of our classrooms; and the damage from the June 2022 vandalism to our rooftop air handling units. These incidents resulted in unbudgeted expenses, but they were reimbursed by insurance, which resulted in unbudgeted income.
- The back of the insert breaks down our Offertory for the year. Hopefully this gives everyone some context for their own annual giving practices.
- The insert also highlights the use of the money from your Parish Poor envelopes (as well as our monthly donations to Holy Cross Parish). The Parish Poor envelopes were divided between requests for direct assistance, donations to local charities that serve the poor (and to whom we frequently refer people) and tuition assistance. This will change in the current fiscal year, when we’ll no longer use this money to fund tuition assistance since the State Voucher Program has expanded so much. Instead, the Parish Poor envelopes will largely go to fund the work of our newly-formed St. Vincent de Paul Conference as we expand our direct service to the poor in our local community.
I hope this brief report gives you a good idea of where your money is going when you donate to Christ the King. After all, you deserve to know how your money is being spent! I know that your offerings are a sacrifice, and I can assure you that great care goes into making sure that we are good stewards of your donations.
My gratitude goes out to our staff, especially Tom Haeussler and Jennifer Snyder, who are so instrumental in the sound management of our parish finances. I’m also grateful to our Finance Council, who has reviewed these statements and is always a source of much-needed expertise: Nathan Baumgartner, Mark Berta, TJ Brecht, Danny Conroy, Chris Skoczylas, Shawn Stevens and Leslie Yates; our members who rolled off the Council last year: Liz Rulli and Luis Zapata; and our new members who have joined us this year: Molly Kelly, John Miller and John Szobocsan, I’m always humbled by how generous they are in sharing their time and expertise with their bumbling pastor even though they’re all very busy people!
As always, please feel free to come to me with any questions that arise as a result of this report. I’m always happy to share this information with any parishioner who has questions about our parish finances.