The Statement of Revenue and Expenditures includes the actual amounts of money we took in and paid out in the fiscal year (fy) ending 6/30/18, 6/30/19 and 6/30/20 as well as the budgeted figures for last year and the current budget for fiscal year 7/1/20 to 6/30/21. 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 listed as 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. During the fiscal year 2019/20 we had a Net Operating surplus of $54,850; adding in our Non-Operating Revenues and Expenses we ended the year with a Net Revenue of $20,118. We ended the year a much better than we had budgeted. One factor that accounted for the surplus was the increase in gifts, donations and memorial gifts we received. We had budget $23,100 for those income sources and received $38,509! Expenses were also lower due to the warmer winter we experience last year as well as changes in office personnel that were made due to retirements and cut backs since Covid-19.
We had budgeted $20,000 this past fiscal year for capital improvements. We actually ended up doing over $35,028 in Capital Improvements. This last fiscal year the steeple at Our Lady of the Lake was repaired and shingled. Also, replacement windows were installed in in the rectory/office in Aurora and the first floor of OLOL parish house. The bay window on St. Patrick Moravia parish house was replaced by new windows and Bill O’Connor completed the finishing work on the walls to complete that project. A special Thanks to Bill. By doing some projects each year we have addressed many of the capital improvement projects that the Buildings & Grounds Committee had earmarked before my arrival as pastor. Over the past six years we have completed over $162,000 in Capital Improvements projects thanks to the generosity of our parishioners. We are continuing to address the needed repairs to our buildings. We have begun to repair and shingle the roof on the OLOL parish house and as we go forward we hope to do more painting to the interior of St. Patrick Church, Moravia and to replace the roof on the Moravia Parish house, and painting work on the exterior trim of many of our buildings. You will notice on the Balance Sheet that the checking account balance was much higher as the fiscal year ended on 6/30/20. Included in that amount was a Paycheck Protection Program SBA loan of $45,900 that we received . That loan increased our assets but also our liabilities by the same amount . In this fiscal year we are submitting applications for PPP Loan Forgiveness. Whatever part of the loan is forgiven from this program whether it is all or part of the $45,900 will be recorded as income in the current fiscal year; any part of the loan that is not forgiven will be paid off.
For the fiscal year 2019/20 that ended June 30, 2020 the average weekly offering from our regular collections was $5,126. That weekly average has been down since March when the Covid-19 crisis prevented us from having public Masses. Because of the decrease our budget for 2020/2021 has been adjusted accordingly; the current budget calls for an average weekly offering from our regular collections of $4,966. So far in the first 14 weeks of the 2020/2021 fiscal year, we have averaged $4,803. Hopefully, that figure will increase, but our new budget is a surplus budget that gives us leeway to address the many unknowns we face as we journey forward in these times of dealing with Covid-19. I must say I am amazed at how well we finished the fiscal year seeing as we had one week with no revenue when public Masses ended. We have been blessed by so many parishioners who are now mailing in their contributions to the office or who have begun using on–line giving through WeShare. Your generosity has kept us afloat. I thank you all for your continuous generous support of the parish especially in these trying times.
God’s blessings and peace, Father Bill