|The members of Saint Gabriel Catholic Church Finance Council are pleased to present the following financial report to our fellow parishioners. Due to the continued generosity of our congregation, our finances remain sound. The 2012-2013 Fiscal Year results reflect both resiliency and the commitment from those who share in our faith.During a time where the expenses of St Gabriel Catholic Church are increasing, overall operations finished ahead of budget. The church ended the fiscal year ahead of plan. Income and expenses came in very close to what was forecasted, while activity in Restricted Accounts such as the Facilities Fund and the DSA Rebate led to a surplus.Revenue came in very close to projections. Collections finished within $4K of a forecast of $2,878,000. Offertory trends were positive showing the dedication of our parishioners on a weekly basis.
Expenditures closed the year $16K over budget. Religious Formation and Preschool as well as Facilities contributed expenses that exceeded our budget.
St. Gabriel’s is in a good financial position and we continue to be thoughtful stewards of our finances. The US Economy has shown signs of improvement and there is a general sense of confidence returning. This has led to a cautiously optimistic approach to budget planning by the Finance Council. This year we are projecting an increase in Operating Revenue, specifically our Offertory. We expect our Diocesan Assessment and School Subsidy to be the same as last year, while General and Administrative Expenses, which includes employee payroll, to increase.
We continue to focus on the maintenance and improvement of the Campus. As we move into the 2013-2014 Fiscal Year, we are turning even more attention to our facilities. Over the last several years, we have focused on repairs, upkeep and replacement. We have made decisions to pursue strategic investments in the Campus that we believe will benefit our Parish over the long term. While we believe that these decisions were made in the best interest of St. Gabriel, this required drawing down the Facilities Fund to $240K, the lowest it’s been in 5 years.
Recent expenditures include lighting for the church courtyard and columbarium. We invested just under $19K in addition to an allocation from MACS for needed improvements to the Parish Center. Upgrades included, painting the corridors, repairs to the restrooms, and improvements to the playground. We have repaired and replaced sidewalks, and performed building maintenance. There remains more work to do. This year, we will complete the installation of new Pew Kneelers, improve signage, remodel the kitchen in the Fellowship Hall, and update the rectory. There are several projects planned that will improve the overall aesthetics of the church itself. Facility related projects will again be impactful to our budget.
We are committed to being a tithing Parish. Our Pastor is committed to continuing our tithing efforts and making a difference in the Charlotte Community. Last year St. Gabriel donated $263K to various charities and this year we expect to exceed this number.
St. Gabriel is a wonderful place to practice and celebrate our faith. We have been blessed with a beautiful campus, dedicated leadership, and loyal parishioners. It is our parishioners who give of their time, their talents, and their treasure that are the core of St. Gabriel. As stewards of the Parish finances, we believe we have positioned St Gabriel for the upcoming fiscal year and beyond. We thank you for the opportunity to do so.
The Saint Gabriel Church Finance Council
|Finance Report 2013|