About Our Budget – 1
I wrote a couple of weeks ago that our Finance Council approved our budget for Fiscal Year 2024-2025 (F25), which began July 1. Today, I’m sharing some details.
We’re projecting $950,000 in revenue for F25. Of that amount, we’re budgeting $231,200 to come in through “Sunday Giving”. That includes envelopes (or their equivalent) for weekend Masses, Holy Days, and Christmas and Easter.
That compares with $230,400 for last year, F24—an increase of $800, or about 0.3 per cent. That’s basically negligible—or as an accountant would say, it’s not material.
If you do the math, you see that Sunday Giving is about 24% of our overall revenue. It’s the single largest part of our revenue. In large part, that revenue sustains our parish operations. Thank you for your contributions!
You might well ask, what about the other 76%? Well, we expect to receive another 23% from renting our school building to our tenant, Quantum STEAM Academy. Most of that money goes right back into the building. It makes it possible for us to pay our monthly bills to Catholic Finance Corporation (CFC), notably $10,000 a month on the elevator and boiler loan. CFC lent St. Matt’s one million dollars in 2016, and we retire $800,000 of that loan in May of 2026. The remaining $200,000 won’t be fully repaid until 2036.
Another significant portion of our overall revenue is for 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 expect to have a progress report on that effort in a week or two, after we receive our June financial reports from our accountant at PASC (Parish Accounting Service Center).
In the meantime, I 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.
Thank you for your support, and have a great week!
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