About Our Budget – 2
I wrote a couple of weeks ago that our Finance Council approved our budget for Fiscal Year 2024-2025 (F25), which began July 1. Last week, I wrote about our revenues. Today, I’ll explore our expenses.
One major expense is monthly payments of $10,000 on our million-dollar loan from Catholic Finance Corporation (CFC). We took that loan out in 2016, to install an elevator in the school building ($800,000) and redo the boilers ($200,000). Capital needs are expensive!
And they’re necessary . . . we’re also paying CFC about $2000 interest per month on our line of credit, which we used to replace school and Parish Center roofs last year.
(Fortunately, our monthly rent from Quantum STEAM Academy more than covers those combined monthly payments of $12,000.)
Capital Needs (aka the Building Fund). Last year, the focus was on replacing our main electric panel. This year, we’re concentrating on renewing our parking lot. I have wonderful preliminary news as of last week: we’ve already raised approximately $66,000 in cash and pledges! That’s two thirds of the way towards our goal!
I greatly appreciate your pledges for and contributions towards the parking lot fund. See the table in the back of the church for Capital Needs envelopes and pledge forms. Let me know if you have any questions.
For operational purposes, we project F25 expenses will be $946,000. Out of that total, we budgeted $209,330 (22%) for wages, $117,100 (12%) for utilities, and $163,408 (17%) for payments to the Archdiocese.
We’re experiencing a one-year bump of about 5% in our Archdiocesan payments. That reflects the assessment on the Harry Selken bequest ($562,000) we received a couple of years ago. Other parts of that 17% include assessments for insurance, operations, and benefits—including those paid to pension funds that support past employees of St. Matt’s.
Thank you for your support, and have a great week!
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