St. Paul's Church Finances: Executive Summary December 31, 2023

Summary Written by Bill Coffin, Chair of Finance Committee
  1. MTD income $111.9k vs budget $56.5k; favorable variance $55.4k
  2. MTD expenses $59.4k vs budget $45.6k; unfavorable variance $13.8k
  3. MTD surplus/[deficit] $52.5k vs budget $10.9k
  4. YTD income $442.5k vs budget $372.4k; favorable variance $70.1k
  5. YTD expenses $600.6k vs budget $588.1k; unfavorable variance of $12.5k
  6. YTD surplus/[deficit] [$158.2k] vs budget [$215.7k]; favorable variance of $57.5k

Comments:
  1. MTD income favorability driven by better than expected Pledge [+$33.8k] and Non-Pledge [+$38.9k] partially offset by unfavorable Investment income [-$14k] and Rental Property Income [-$9k].
  2. MTD expense unfavorable due to unfavorable mission share $14.9k.
  3. YTD income favorable variance driven by better than expected Pledge [$32.3k] and Non-Pledge [+$47.4k] partially offset by unfavorable Investment income [-$7.3k] and Rental Property Income [-$9k].
  4. YTD expense unfavorable variance driven by Administration [-$5.7k], Communications [-$4.7k], Parish Life [-$1.6k], Utilities [-$2.9k] and Mission Share [-$8.7k] partially offset by favorable Staff/Contractors [+$5.4k] and Buildings/Grounds [+$4.5k].

Opportunities/Strengths
  • No mortgage/debt
  • Strong restricted fund balances…..how to maximize?  
  • Engaged congregation base
  • Federal Employee Retention Credit
  • Prelim 2024 budget shows $60k improvement vs 2023 budget