From the day of its founding and for most of its existence, St. Benedict Cathedral Parish has struggled financially. The reasons for that struggle are numerous and necessarily nuanced. Nonetheless, we find ourselves in the undesirable predicament of spending more — in a very tight budget of expenses — than we take in. Our budget this year includes the following expenses (for the whole fiscal year):
Parish Salaries $250,608
All Other Parish Expense 464,978
Parish Extraordinary Exp 171,299
TOTAL Parish Expense 1,337,938
School Salaries 1,216,943
Other School Expense 1,139,745
TOTAL School Expense 2,356,688
TOTAL EXPENSES 3,694,626
These expenses are about as tight as the staff and Finance Council can make them. So the hope was to increase revenue. Doing that is never particularly easy. So here is the budgeted income:
Sunday Giving 1,656,044
Ordinary Parish Income 158,750
Parish Extraord. Income 184,032
TOTAL Parish Income 1,998,826
Tuition Income 1,620,100
Other School Income 75,700
TOTAL School Income 1,695,800
TOTAL INCOME 3,694,626
Tuition income is fairly predictable because of enrollment. It could increase rather dramatically without increasing expenses much IF OUR ENROLLMENT WERE TO INCREASE. You can help with that. Have you recently encouraged someone to visit St. Benedict Cathedral School? We have an OPEN HOUSE January 30, 2020, from 5:00 to 7:00PM. Please consider encouraging a family to visit!
Sunday Giving is the most difficult part of the budget to predict. In fact, the Sunday giving BUDGET was increased significantly this year in hopes of further growth in Stewardship of Treasure. At this time, almost half-way through the fiscal year, we’re behind budget by over $100,000. Christmas will catch us up some, but not that much. We are borrowing nearly $1.8 million from the diocese — refinancing previous debt of $548,000, completing our campaign pledge to the diocese ($410,000), making up for last year’s operational deficit ($561,000) and covering pledges not yet received for church renovation ($210,560). So once again, I ask you to consider three measureable actions:
1) INCREASE your giving (if you haven’t already/if you’re able) after praying about what God is asking of you,
2) ENCOURAGING others to give more as a support of our parish’s mission to spread the gospel, and
3) ELECTRONIC GIVING for more predictable income.
Together, I believe we can make this budget balance. When some leave it all to others, it can’t work well. Thanks for your consideration. — Fr. Godfrey.