At the March 21, 2018 meeting of Diocesan Council, Treasurer, Bob Hardy guided Council through a detailed look at the current finances of the diocese which included the Audited Financial Statements for 2017 and the presentation of the Revised 2018 Budget. The presentation of these documents was accompanied by resolutions that would need to be voted on by Council in order that the financial information be officially received.
The Treasurer began his examination of the Financial Statements with the information that the audit was a “clean audit” with no errors or omissions. He directed Council member’s attention to the two lists of funds: “Funds Held for the Parishes/Related Groups” and “Funds Held For the Diocese” both for the year ending December 31, 2017. These are funds in the diocesan Consolidated Trust Fund (CTF) and administered by Philips, Hagar & North an investment group subsidiary of Royal Bank of Canada. Both funds showed robust growth in the area of 8.24%.
Treasurer Hardy then went through the 2018 Revised Budget highlighting various line items and answering a number of questions from Council. On the revenue side, the 2018 Budget projection is $2,955,500 and projected expenses 3,425,050. This will produce a deficit of $469,550. The deficit will be covered from surplus amounts from previous years. This deficit situation is unique to 2018 as this is the first year of implementation for the new Fair Share assessment formula that leaves more money in parishes.
For future budgets, the increase in investment income due to the sale of property and sales of properties currently under sales contracts will substantially more than cover the reduction in diocesan income from parishes. This places the diocese in a healthy financial position to cover costs and to continue to support grants and loans to parishes as well as supporting mission and ministry development around the diocese.
The resolutions to receive these two documents were put to a Council vote and the motions were carried unanimously.