Convention Wrap: Diocesan Budget Report
Diocesan Treasurer Tom Hedrick from St. Peter’s, Ladue, announced that for the first time in many years, we will end the current year with a small operating deficit. The single greatest contributor to this deficit is some unplanned one-time severance expenses associated with staff changes in the diocesan offices that were made in anticipation of the new Bishop’s arrival. All other revenue and expense items are consistent with our planned budget activity.
- 2019 Projected Year-End Income = $2,479,430
- 2019 Projected Year-End Expenses = $2,548,360
- 2020 Projected Budget = $2,552,210
In presenting the approved 2020 balanced budget, Hedrick encouraged us to consider more than the numbers.
“People often say that a budget is balanced. But to me, if we are to be faithful stewards of our resources, the word ‘balance’ means so much more than the debits equal the credits,” Hedrick said. “I trust that you will find that this budget is balanced, not only in the traditional sense, but also in the broader context that reflects our mission and values.”
Hedrick went on to explain how we balance our spending obligations across all our expense clusters, attempting to meet the financial needs of a broad and diverse diocese, while managing the resources we have so they can be passed on to future generations. “Certainly, the new bishop will inherit a diocese that is in a fairly sound financial condition because of these disciplined past practices.”
Among the many budget details in the report, Hedrick pointed out that approximately one-third of our parishes and missions are in varying degrees of financial distress. “Last year we funded $299,000 in the general operating budget to support these congregations. This year we received requests for support totaling $469,000, from a low of $10,000 to a high of $59,000… The trend is growing.” Hedrick continued, “We have tried to meet most of these requests. In certain instances, the Bishop anticipates meeting shortfalls at his discretion with additional funding from the Thompson Trust.”