Mid-Year Financial Report
August 15, 2023
Our pledge income halfway through the year continues to lag well below our budget. Other income (plate, non-pledge gifts) is comfortably above budget helping to reduce the shortfall, but still leaves us below budget on total income year-to-date. Not reflected in the above is a bequest received in May in the amount of $48,423, which was invested in our managed account at the direction of the Vestry.
Total expenses are below budget due to the dedicated efforts of our staff to manage our expenses, but still actual expenses exceed actual income by over $40,000. Our only recourse has been to withdraw funds from our managed account in order to make ends meet, and to date we have withdrawn over 15% of the value. This is not a sustainable option.
The finance committee worked incredibly hard late last year to prepare the 2023 budget. Based on 2022 performance we anticipated a reduction in pledge income but still had hopes we could achieve $350,000 in pledges. That has not happened and pledges received are just north of $206,000.
2023 began with high hopes: the arrival of Gary as our new interim Dean; the beginning of the repair and restoration work on the Cathedral bell tower and Nave ceiling; the preparation of the Sisters Chapel as our temporary worship space. And now things are really happening: Dean Gary has been a blessing; Saturday worship and breakfast with our neighbors has returned; repair and restoration of the Cathedral is virtually complete and we return to worship in the Nave in just a few short weeks; the organ is being reinstalled and retuned thanks to many generous gifts; a grand celebration and rededication is planned in September.
Your support is needed now more than ever as we begin the second half of our year. We have more energy now than I have seen in years. We have a beautiful, newly restored Cathedral worship space. We have other exciting capital projects in the works such as handicap access from the west door of the Cathedral and decorative security gates on the Poplar front porch. Great things are happening at St. Mary’s, but it will all be for naught if we cannot afford to keep the lights on and pay the staff who keep everything running so smoothly.
Please pray for St. Mary’s, dig deep for St. Mary’s, and give generously for St. Mary’s. The Cathedral needs your support!
George Clarke,
Treasurer