St. Maria Goretti Parish - Financial Council Report

The operating results for the current fiscal year, portrays a favorable result when compared to the prior year of $112,633 and to the current year budget by $39,042. The following is offered as an explanation of the operating result.

Church Revenue - the inflow of revenue fell short of budget by $26,288. Regular offertory collections received were below budget by $28,815, and below the prior year by $19,316. Religious Education Program is below budget by $6,886 and below prior year revenue by $3,824 this is primarily due to a drop in participant enrollment from the prior year.

School Revenue - In comparing the current year to the prior year, we see a decrease in school revenue of $5,523 or 1.2%; this is due to a reduction in the enrollment when compared to the prior year, offset in Social & Donation activity by $26,860 when compared year to year which is a result of reduced computer and lottery expense of the prior year. When comparing to budget there is an unfavorable deviation of $52,820 related to how the budget was constructed utilizing a higher school enrollment.

Church Operating Expense - actual expenses are favorable to budget by $66,987 or 6.1%, which is attributable to lower than expected heating and utilities costs and deferral in spending of maintenance related activities. Although included in this expense is $25,000 in payments to the Archdiocese of Philadelphia for parish debt which was in arrears, also included is the cost of the boiler replacement on the Church of $24,661 and the initial cost of $13,135 toward the relocation of the Baptismal Font.

School Operating Expense - comparing the current year to the prior year activity we experience an decrease of $32,550 over the prior year, contributing factors are that in the prior year we incurred the removal cost of the school oil tank which amounted to $27,000, in addition we have experienced lower utility cost and demand for heating oil than the prior year.

Parish - Church & School - the net operating result for the fiscal year is a net gain of $38,885 compared to a budgeted loss of $158 or a favorable deviation of $39,042. The generation of increased enrollment in the parish school and the religious education program is of prime concern and is actively being pursued. Increases in enrollment would lead additional revenue generation in these areas. The Cares Program is in its second year and is currently a breakeven operation, if we do not factor in allocated overhead costs.

Parish Debt - as of this report the parish debt to the Archdiocese stands at $399,083, this is comprised of the principal on the mortgage ($14,578) and other debt made up of parish assessment, insurance and pension costs ($384,505).

Looking ahead as the funds become available from donations to the HOF/VOH campaign, we have already utilized a portion of the campaign funds to cover the installation costs of the new boilers in the Church. In the near future, we can then proceed with the other activities that were identified when the pledges were being requested.

St. Maria Goretti Finance Council
Submitted 8/5/2010