TREASURER’S REPORT -- GENERAL FUND BUDGET

Income and Expenses for the period January – April, 2006, are summarized in this Treasurer’s Report. For the third consecutive month, Income fell below budget expectations. Although expenses remained controlled and within the approved budget, we did have an increase in the net deficit budget for the year. In the area of Pledge income, we have received $38,452 for the year, compared to a budgeted amount of $44,833. Plate income continues to do well, and we have received $1,641, compared to a budgeted amount of $667. Income for Flowers is $340, compared to a budgeted amount of $400. Finally, our Investment Income is in transition, as we withdrew our money from Nations Financial Group last month. We have invested it with the Pooled Investment Fund of the Diocese now, but will lose a partial month’s dividend. To date, the Investment Income is $1,137, compared to a budgeted amount of $1,167. With special incomes and one offset income amount, our total Income through April is $43,583, compared to a budgeted amount of $47,067, resulting in a current shortfall of $3,484.

The Expense Budget is continuing within expected budgetary amounts, based on the approved annual budget for 2006. In the area of Personnel, we have spent $33,177, compared to a budgeted amount of $39,149. The primary reason for this difference is that the position of Choir Director was budgeted at $10,000, but has not been filled. The Physical Plant expenses are $11,272, compared to a budgeted amount of $10,620. The overage is due to two areas. We have now paid two quarters of our church insurance premium, and will not have a premium payment for three months. The other area is snow removal, which will not be an expense until late fall. The Program area expenses are $8,536, compared to a budgeted amount of $9,131. Including one offset area of expense, the total Expenses to date are $53,005, compared to the anticipated expense budget to date of $58,900. Therefore, we are under our projected expenses by $$5,895.

When comparing the Income and Expenses totals versus the approved Annual Budget, we have an actual deficit budget of $9,422, compared to the projected deficit of $11,833. Therefore, we are under our projected deficit by $2,411, which is quite reasonable, since our Income is running behind expectations. If your Pledge is not current, please try to bring it up to date. We are about to enter the three summer months, where attendance and Income generally runs behind.

CAPITAL FUND ACCOUNT

The first two weeks of April showed strong gains in our Capital Fund and Investment Accounts, while the last two weeks of April were more modest. We did make a transfer of $6,000 from the Capital Fund Account to pay bills due to the Income shortfall described above in the General Fund Budget. However, we also received two very generous donations and a few regular donations to the Capital Fund Account, resulting in an overall gain for the month of April. Our Capital Fund balance is currently $39,340, as of April 30. Donations of any amount are very welcome into the Capital Fund, which pays for general fund shortfalls, major projects of repair and maintenance of the church, plus special projects such as the support wall by the main parking area and the gardens/labyrinth area.

Respectfully submitted,
William Gray, Treasurer