August Financial Report

September 26, 2023

Through August, our pledge income remains below budget, as has been the case throughout 2023. On a positive note, pledge income received represents 78% of the total amount pledged for 2023, well above the expected percentage through eight months. A number of folks have responded to the various appeals during the year to make or increase their pledge. Their faith and support is a true testament to where we are now and what we are accomplishing now.

Other income remains above budget by almost $30,000, which has been critical in reducing our income shortfall this year. Your continued gifts, either by pledge or non-pledge contributions, really do make a difference in the life of St. Mary’s.

Our staff continues their unrelenting efforts to manage expenses, and we are just over $20,000 below our expense budget through August.

That being said, our total expenses are now just over $70,000 above our total income, leaving the Finance Committee and Vestry with no recourse other than to recommend and approve continued withdrawals from our managed account. While this “rainy day” fund is intended to cover occasional shortfalls, we are having to draw on it much more than we should, and this is not a sustainable option if we want to become fiscally responsible, balance our budget, and return to Parish status.

As October arrives, we will begin our Stewardship season, and you will be hearing much more from Dean Gary soon. Please prayerfully consider your gift, not only for the remainder of 2023, but for what you can do in 2024 to continue the momentum we have seen in the last few months. St. Mary’s Cathedral needs your support!

George Clarke,

Treasurer