Sunday, March 31, 2013

Letter from the Treasurer – March 31, 2013

Letter from the Treasurer – March 31, 2013

In response to a resolution proposed at the annual parish meeting the treasurer posted a written report to the parish on Easter Day.

Here is the resolution, from the minutes of the annual meeting:

Following discussion and questions regarding different budget categories and concern over St. Alban’s continuing shortfall for the past few years, a motion was made by Maryellen Young, seconded and passed as follows:  A written report to the parish by April 1, 2013, be prepared that explains where the $32,241 deficit for 2012 was covered.

Dear Congregation:
This is to let you know where St Albans stands financially.  For several years, 2011-2013 to my knowledge, the Finance Committee has presented and the Vestry has accepted, an unbalanced budget.  During this time the Vestry made no decisions to use dedicated funds for purposes other than what they were given for.  Proper records have been kept of the amounts set aside for these dedicated purposes such as the Buildings and Grounds Maintenance Fund, the Memorial Kitchen Fund, and the St Monica’s Alter Guild.  However, in order to meet the obligations of the General Fund for payroll and expenses such as heat and lights, the cash available for these dedicated funds has been used.
At the end of 2010 we had a positive balance in the General Fund of $9,977.41 and enough cash in checking and savings to cover all the balances in dedicated funds.  Because of the unbalanced budgets in 2011 and 2012 we began 2013 with a shortfall of $36,177.41.  With the current budget we are facing a shortfall of between $54,509.00 and $69509.00 at the end of 2013, depending on the income from fund raisers.
The Vestry is meeting with (the Rev.) Joan Anthony, Canon to the Ordinary, to discuss ways to restore our cash balances and bring expenses in line with revenue.  We expect to present our revised budget and financial plans to the congregation in July.
Penny Curtis, Treasurer

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