The fiscal year for our parish runs from July 1 to June 30. There are two reports included in the bulletin insert; one is a Balance Statement and the second is a statement of Revenues and Expenditures (sometimes called an Income Statement). The Balance Sheet report shows a comparison of where we stood at the close of the each of the last three fiscal years. The Total Assets being all the money held by the parish in various accounts, and the Total Liabilities being all the accounts that we have a responsibility to pay in the future. The Fund Balance is the Total Assets minus the Total Liabilities.
The Statement of Revenue and Expenditures includes the actual amounts of money we took in and paid out in the fiscal year (fy) ending 6/30/16 and 6/30/17 as well as the budgeted figures for last year and the current budget for fiscal year 7/1/17 to 6/30/18. The Net Operating Revenue does not include Changes in Investment Market Value or the Affiliated Organizations like the Altar Rosary Societies. Nor does it include the expenses for major building repairs or purchases, they are considered Capital Purchases that are over and above our day to day operating costs, they are considered Non-Operating Revenues and Expenditures. The Net Revenue includes all the money we took in and paid out during the year, whether they were Operating or Non-Operating. The bottom line is in 2015/16 we received $5,491 more than we paid out! During the fiscal year 2016/17 we received $5,158 more than we paid out! It is a positive note that we finished with a surplus each year, but we had budgeted $25, 000 each of the past two years for Capital Expenditures, or $50,000 total, while spending $18,266 & $18,854 in the last two years on Capital improvements, or $37,120 total. So while we have had a surplus the past two years it has been earmarked for the Capital improvement projects that still need to be accomplished.
This year the Finance Council has presented a balanced Operating Budget for the 2017/2018 fiscal year for our parish. We have once again designated $25,000 for capital improvements as a Non- Operating Expense. However, offsetting revenue for this expense has not been budgeted. The plan is to pay for these necessary improvement from surpluses in prior years and from prior donations to our Memorial Fund. In June I indicated that in order to assure a balanced Net Operating Budget for the year we asked you to make an increase in your weekly giving if possible. The currently budget is calling for a $180 increase in the parish weekly offering.
As I said in June if each household is able to increase their weekly offering by $1.50 per week, or about the cost of a cup of coffee, we would reach the budgeted increase. Many of you did make an increase at that time; if you didn’t I ask you to make a weekly increase in your Sunday offering if you are able. As we just ended the first quarter of the fiscal year this week we are tracking close to the budgeted need, just $294 short. We thank our summertime visitors for helping us reach that total. But, many of them will be leaving us in the next few weeks, so if you haven’t yet made an increase in your weekly offering, I ask you once again to please consider doing so. I know that some of you might not be in a position to make and increase and others may be able to make a greater increase, but if we all work together I am sure the needs of the parish will be met. As always I thank you for your generosity support.
I thank as well all the volunteers who have been working on the rectory living and dining rooms and the guest room ceiling. Many people have put in many hours, but the completion is in sight! It will be a great improvement! Thank you all. God’s blessings and peace, Father Bill