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Posted Friday, January 05, 2007
Revised Budget from the Program Budget Committee
FOR CONSIDERATION BY THE RECONVENED CONVENTION
Download the Revised Budget
TO: Clergy and Delegates to Diocesan Convention
FROM: Program Budget Committee ("PBC")
RE: Revised 2007 Budget Commentary
DATE: January 2, 2007
At the first portion of the Diocesan convention, a Program Budget was passed. Subsequent to that event, the PBC received new information about the revenue sources. In spite of the approved budget with pledge revenue at $1,650,000, the actual pledges received to date total approximately $1,200,000 and there are still pledges to be received. A significant scrub of expected investment income that can be used in the Program Budget was done by the Treasurer, Church House Financial staff and the Church Foundation and that indicated that investment income would come in around $1,233,500 and not $1,429,000 as previously hoped for. Finally, a revised revenue figure for the Parker Bulmer fund resulted in reduced revenue by $35,000.
As a result of this $631,000 reduction in Program Budget revenue and following the Finance and Property Committee's review, the Diocesan Council directed the Program Budget Committee to prepare a revised budget for the re-convening of Diocesan Convention on January 6, 2007 should that body decide it would like to re-visit the already approved budget.
Attached to this memorandum is a four page document noting the Convention approved line items and the recommended changes of the Program Budget Committee, followed by a newly proposed budget. In addition to the revenue items reduced and explained in the first paragraph the following expense item changes (bracketed items equal reductions) proposed are highlighted on the following page.
Respectfully submitted,
The Program Budget Committee
Changes to the 2007 Program Budget Expenses
- Pledge to Episcopal Church ($237,361)
- Province III Dues $6,858
- Canon to the Ordinary ($108,238)
- All Souls Church for the Deaf ($30,000)
- St. Martin’s Korean Church ($38,000)
- St. Mary's /San Pablo ($40,000)
- CORPS ($2,500)
- Dolphins of Delaware Valley ($3,750)
- Assessment Consultant ($3,500)
- Growth Coaches ($3,500)
- Conflict Consultants ($3,500)
- Transformational Ministry ($3,500)
- Diocesan Convention ($5,000)
- Convention Journal $6,500
- Canon ($3,000)
- Staff (communications) ($20,000)
- Benefits (communications) ($10,259)
- PA Episcopalian on-line ($5,000)
- Other (communications) ($5,000)
- Staff (development) ($65,000)
- Consultants (development) $25,000
- Fund Raising Campaigns $9,000
- Benefits (finance and operations) ($10,000)
- Consultant (finance and operations) $12,000
- Financial Audit ($20,000)
- Budgetary Reduction (campus ministry) ($20,000)
- Wapiti Retreat Center ($25,000)
- ECS Chaplaincy Program ($10,000)
- ECS Home Care to Seniors ($18,750)