3. Meeting Guidelines
• Goal is to provide transparency and seek input
from the parish on our 2015 Budget Process
• Meeting IS an opportunity to seek
– Feedback, suggestions and comments
• Meeting is NOT an opportunity to
– Revise specific numbers in the budget
– Review past decisions regarding the school closing
– Lobby for or against specific areas
• Presentation + Q&A = 60 minutes
4. St. Monica Parish Vision
We are one, enthusiastic disciples of Jesus Christ
who bring God’s love to all.
5. St. Monica Parish Pastoral Priorities
• Sunday Experience – Our community is based on
a personal relationship centered around the
Eucharist within the context of active and vibrant
liturgy.
• Youth – Recognizing Saint Monica's ceaseless
prayerful determination, we will demonstrate
God's love to our youth.
• Service & Outreach – Recognizing we are the
church, we accept the responsibility to
enthusiastically promote a vibrant community
engaging and welcoming all.
6. Finance Council Purpose
• Assist the pastor in monitoring and utilizing
the temporal resources of the community to
support the needs of the parish
• Areas of responsibility
– Long-range financial and physical needs planning
– Assess adequacy of the resources to meet annual
goals and plans approved by our pastor
– Review quarterly financials and assist in the
dissemination of financial information to parish
community
8. Where we think the parish will end up
this year (July 13 – June 14)
Church Income $1,084,000
Church Expenses $966,000
Operating Income $118,000
Debt Service -$66,000
Net Cash Flow $52,000
9. Our Reserves*/Cash in the Bank
• Unrestricted reserves $803,000
• Restricted reserves $363,000
*Before liabilities of $288,000
10. The Good, The Bad, The Ugly
• The Good
– We have come a long way from the severe financial
distress the parish faced just two short years ago due
in large part to the parish rallying with sustainability
reserves and a generous bequest
• The Bad
– Unfortunately giving has not increased, net net we are
losing parishioners and our expenses many not within
our control are going up
• The Ugly
– Our facilities are in need of repair – roofs, boilers, etc.
after years of neglect
12. How the parish spends your collection $$
Debt
6%
Diocesan
Assessment
9%
Facilities
19%
People
40%
Programs
15%
Tuition
Subsidy
11%
13. Key Factors Impact Revenues
• Collections have remained flat since 2013
despite efforts to increase
• Religious Education Fees benefited in 2013
from summer session one-time revenues, but
are now at lower steady level
• The Cambridge School has decided not to
renew their lease resulting in significant loss
of rental income.
14. Key Factors Impacting Expenses
• Diocesan assessment will increase in FY 2015 due
to new calculation method
• Payroll and benefits will increase with addition of
a part-time Youth Minister, part-time Facilities
Manager, and mandatory increased retirement
and health insurance costs (Diocesan Plan)
• Administration was impacted in FY2014 due to
expense for changeover of pastor, but FY2015
should return to prior levels
• Office expense will be impacted by need to
replace aging computer equipment
15. Key Factors Impacting Expenses
• Parish Formation and Outreach spending has risen in
order to invest in the mission (Youth High School
group, ASK series, …)
• Tuition Subsidy continues to rise as area schools
increase their tuition
• Utilities and Maintenance costs have increased this
year with extreme weather conditions, aging
equipment that requires additional service, and
increased cleaning and maintenance services
• Property Insurance and Taxes benefited from lower
levels when the school closed, but are now expected to
rise due to higher insurance premiums
16. Key Factors Impacting Capital Expenses
• Significant investments in facility repairs are
needed
– Parish Center and Church roof needs major repairs
– Boilers and control units need to be replaced
17. What is the Finance Council Doing?
• Outside firms hired:
– RGI Group
• Review facilities & make recommendations
• Parish Center roof most pressing issue/leakage
• Holding parish focus group meetings to give input into budget
and future facilities decisions
– Flynn and Co:
• Re-negotiate with Cambridge
• Look for a new tenant (which could take over a year)
• If the building lot is sold we will consider paying off
our debt to reduce interest costs to the parish
• Promoting electronic giving
18. Financial Assessment
Reserves remain adequate to pay back the Archdiocese loan and
address facility repairs*.
-
200,000
400,000
600,000
800,000
1,000,000
FY 2013 FY 2014
Forecast
FY 2015
Budget
Assets
Liabilities
*$75,000 was included both in FY2014 Forecast and in FY2015 Budget for
facility repairs.
19. Financial Assessment
However, net assets after the repairs would not leave
significant reserves for future facility maintenance or
resources to grow new initiatives.
$422,498
$515,456
$467,783
FY 2013 FY 2014 Forecast FY 2015 Budget
Net Assets (Assets – Liabilities)
20. Financial Assessment
The preliminary FY 2015 identifies the resources
needed to operate the parish for the coming
year, however, in order to support our
mission, initiatives and future facilities
maintenance, St. Monica Parish needs to
• Increase collections
• Secure a tenant for the old school building
• Reduce or restructure expenses
• Fund new initiatives to grow our parish and
support outreach
