FINANCE AND ASSET COUNCIL MINUTES – April 20, 2022
Attendees: Fr. Rob Howe, Pat Regier, Dan Kozakiewicz, Judy Gross, Andy Pasztor, Mike Erickson, Joe Dostal, Kathy Fothergill
Reported by: Fothergill
Father Rob commented on the refurbished pews and polished terrazzo floors, which look very good. Following last month’s discussion on carpet replacement, we expect the new carpet will be in place later this year. Father Rob welcomed Joe Dostal to the Council. Joe will also join the Asset subcommittee of the Council.
Financial Results as of March 31, 2022:
Net Assets increased by $26K for the first nine months of the current fiscal year. Net Revenue (excluding Major Expenditures) increased $168K. The reduction in the Christian Service Fund reflects $115K in grant payments made to 43 different organizations during the year. As a result of our tithe (10% of Weekend Collections) we have set aside $113K YTD for outreach ministries next year. Major Expenditures Fund has decreased as a result of significant projects, including repair and restoration of church pews and terrazzo floors.
Weekend Collections were $18K higher than Budget for the quarter ending in March. YTD Weekend Collections were $46K higher than Budget and slightly better than last year. Other sources of revenue were lower vs. Budget for the quarter ($17K) and YTD ($46K). Total Expenses for the quarter were below Budget, as lower than budgeted salaries and employee expenses offset higher utility costs and emergency assistance payments. Weekend Collections for the first three weeks of April remain higher than Budget.
Assumptions for Preliminary Budget (July 2022 – June 2023):
- Weekend Collections – flat vs. Current Budget
- Other Income – reduce by $40K, based on current year actual
- Salaries – Merit and COLA increase of 6% (vs. 4% current year), partially offset by resource savings in Admin; will follow Diocesan guidelines for clergy.
- Medical Benefits – increase 5%; Michigan Catholic Conference guideline 3% – 5%
- Non-Medical including Dental – small change from current year
- Christian Service Outreach – increase in line with higher tithe (10% of Weekend Collections)
- Modest increase in Property and Liability Insurance
- A payment of $40K for Christ Mission Appeal will be included in Budget
Budget timeline – Preliminary Next Year Budget will be reviewed at next Council meeting. Final version will be presented at May or June meeting.
- Church pews repair and restore, including terrazzo floors; started January 5, completed March 30 (ahead of schedule); cost $136K
- Church entrance doors, replaced thresholds and sweeps; cost ~$20K
- Parish Center air handler coil broke; insurance provided partial coverage