Dynamic Downtown Worship in the Anglican Tradition

Treasurer’s Report

After closing out a balanced budget in 2016, with income virtually matching operating expenses
of approximately $2.2 million, we are off to a slower start in 2017. Through February, total
revenue was $232,862, about 10.2% of the full year budget and $150,000 behind the 16.7%
($380,000) that was budgeted. Early March income was somewhat more encouraging, but we
are still behind last year’s giving pace and the level we need to come in with a balanced budget
at the end of the year.
Tithing pledge income totaled $130,522 through February, about $100,000 behind the budget
plan. Similarly, non-pledge income is about $50,000 below plan. Plate offerings were $14,195,
about $4000 behind plan and ministries income $21,249, a bit closer, but still behind a $26,000
plan through February. We are managing expenses as well as we can to minimize any
differences with income, but, as you can imagine, much of our expense budget is fixed (salaries,
maintenance, and benefits).
Fortunately, the church has a very healthy balance sheet with over $200,000 of cash in the
Operating Account, over $140,000 in Missions and nearly $700,000 in Restricted. But we do
want to encourage all parishioners to fulfill their Tithe Pledges in a timely manner in order to
maintain our cash reserves and to avoid any future borrowing (St. Michael’s has no outstanding
debt).
The clergy and vestry appreciate the investment of time, talent, and treasure of our parishioners.
Our ministries are off to a strong start in 2017. Children and Youth donations and income are
strong. Prayer ministries donations also are strong. Let’s bring our pledge and non-pledge giving
back at least to last year’s levels and closer to budget.
Gary DiCamillo
Treasurer

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