Financial Report
Overview of Annual Report to the Parish
Fiscal Year September 1, 2008 – August 31, 2009
- The parish basically broke even operationally for the fiscal year 2008-2009
- However restoration loan principle payments of over $165,000 and interest payments of $56,000 are due annually
- These expenses are not included in the operational budget but can break the bank
- Additional commitments are needed to help with the loan payments
- The parish tithes at least 10% of the contributions in donations and outreach ministries
- Twelve percent of the contributions were distributed in 2008-2009
- Operating Revenues exceeded expenses
- Operating Revenues for 2008-2009 were 2.64% over the anticipated revenue budget
- Operating expenses for 2008-2009 were 8.01% under the anticipated expense budget
- General expenses were cut by 8% and personnel expenses were down by 13%
- As of August 31, 2009 the market value of the investments was down by 11% or $14,177
- This value is beginning to rise as the market moves into recovery
- Capital Improvements & Projects
- Capital items included 1/2 the cost of replacing sidewalks (city paid other half.) Sealing the
parking lot, Block windows in Rager Bathroom for storm protection and the sound panels in
Rager Hall dining room. Total Expenditure $28,511. - Church Restoration Note Payable
Click here to download a PDF of the full Annual Report to the Parish.