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Financial Report

In the bulletin today is a financial report for Good Shepherd Catholic Community. 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.

Posted by Fr. Bill on September 15, 2018

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, 6/30/17 and 6/30/18 as well as the budgeted figures for last year and the current budget for fiscal year 7/1/18 to 6/30/19.   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 $5,491.18 more than we paid out and 2016/17 we received $5,169.67 more than we paid out!   During the fiscal year 2017/18 we paid out $8,593 more than we took in, in revenue.  Even though we ended the year with a deficit, we ended the year in a good financial position. The 2017/2018 fiscal year for our parish we designated $25,000 for capital improvements as a Non-Operating Expense.  However, offsetting revenue for this expense was not budgeted.  The Non-Operating Budget was calling for a $24,872.09 deficit. The plan to pay for these necessary capital improvements was to use the surpluses from prior years and funds from donations made to our Memorial Fund in prior years.  So the $8,593 deficit was over $16,000 less than we had budgeted.  Of the $25,000 we had budgeted for Capital improvements a total of $22,639 was spent on replacement windows on the OLOL parish house, new entrance doors on OLOL church and refurbishment of the floors and walls at the Rectory in Aurora (with the help of so many parishioners who volunteered.) Many Thanks to all who helped!

One notable expense that was less than we budgeted was the salary and benefits paid to our Financial Director, David Zellinger.  We have always shared David’s services and expenses with the other parishes in our region where  David also serves as Financial Director.  During this fiscal year, however, David also began working for Immaculate  Conception parish and St. Catherine of Siena parish, so our shared cost for the Financial Director position have been drastically reduced. This lower shared expense will also be reflected in the 2018/19 budgeted costs for salaries and benefits as the lower cost for our parish for his services will be reflected for the whole year.                                                                                                               

This year the Finance Council has been presented a surplus Operating Budget for the 2018/2019 fiscal year for our parish.   The budget calls for $36,000 for capital improvements as a Non- Operating Expense.  $24,400 of that total has already been spend for the new roof that was installed this summer at St. Patrick Church in Aurora.  The budgeted surplus in Operating Revenue will offset most of the budgeted Capital Improvement expenses the remainder will be paid for from prior donations to our Memorial Fund and from savings.  If our investments funds have a good year it will add to our budgeted revenues. For the fiscal year 2017/18 that ended June 30, the average weekly offering from our regular collections was $5,139.  The 2018/2019 budget calls for a average weekly offering from our regular collections of $5, 248 or a $109 increase in the parish weekly offering.  So far in the first 11 weeks of this fiscal year, with the help of our summer parishioners, and our two holiday weekend fuel collections, we have averaged $5,764.  Hopefully, we will continue to meet our budgeted amount as our number of parishioners grows less in the winter months.  I thank you all for your    generous support of the parish especially in these trying times.

God’s blessings and peace, Father Bill

 

Words from our Pastor

MOORBY, William.jpg

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