| Most Holy Name of Jesus 2020/2021 Budget | |||||
| Operating Revenue | |||||
Collections were budgeted lower for 2019-2020. Collections were behind budget before the Covid crisis and the decline accelerated resulting in the significant shortfall. For 2020-2021 the collections are budgeted to represent the current pandemic collection rate. As a note, the Parish Services and Ministry line includes major parish programs such as Christmas Baskets for the needy etc. Fundraising revenue is from the last Parish Festival and other events and is budgeted down for 2020 2021 given the inability to hold public gatherings. Rental Income fell short given Covid relief supplied to renters where rent payments were forgiven. Overall Operating Revenue fell short by $126,000 for the year and is budgeted down an additional $140,000 for 2020 -2021 given the continuing impact of the pandemic. | |||||
| Actual 2019/2020 | Budget 2019/2020 | Variance – Original | Budget 2020/2021 | ||
| Regular Collections | $1,378,667 | $1,495,000 | ($116,333) | $1,359,500 | |
| Auxiliary Receipts | $15,799 | $32,000 | ($16,201) | $11,500 | |
| Parish Services and Ministry Programs | $61,845 | $68,000 | ($6,155) | $23,500 | |
| Gifts and Donations | $65,326 | $80,000 | ($14,674) | $51,000 | |
| Fundraising | $40,341 | $27,000 | $13,341 | $5,000 | |
| Interest and Dividend Income | $526 | $700 | ($174) | $600 | |
| Grants and Subsidies | $10,025 | $1,500 | $8,525 | $2,500 | |
| Rental Income | $28,600 | $35,000 | ($6,400) | $18,250 | |
| Social Events | $12,505 | $1,000 | $11,505 | $2,000 | |
| Other Operating Revenue | $96 | $100 | ($4) | $150 | |
| Total Operating Revenue | $1,613,730 | $1,740,300 | ($126,570) | $1,474,000 | |
| Operating Expense | |||||
Salary expense was below budget for the year as payrolls decreased with the Covid shutdown. Employees were furloughed at the end of the year and with it a reduction in salaries and benefits. Personnel expenses for 2020 -2021 represent only a very limited return to pre Covid staffing levels. Ministry Program expenses were under budget for 2019 2020 as many parish programs were canceled over the last quarter of the year. Building expenses were below budget and reflect a delay in implementation and not necessarily a decreased need. Many repairs have now been determined to be of a capital nature and will be booked to Non-Operating Expense when they are completed. The parish support of Holy Family School was $54,000 under budget. The school pulled money from its savings to cover operating costs in an effort to offset parish losses. For 2020 2021 the subsidy is budgeted for $180,000, flat for the 8th year in-spite of increased cost of school operations. The year end operating expenses closed the year at $1,618,402, $195,348 below budget. The decreased Revenue along with decreased expenses produced an operating loss of $4,840. The projected Operating Income for 2020 2021 is targeted at a $11,950 given continued slow parish activity from the Covid outbreak. However, as staffing and spending is already approaching more normal levels a deficit may develop. | |||||
| Actual 2019/2020 | Budget 2019/2020 | Variance – Original | Budget 2020/2021 | ||
| Salaries and Benefits | $784,942 | $840,000 | ($55,058) | $618,750 | |
| Professional Development | $2,286 | $2,200 | $86 | $2,000 | |
| Insurance | $169,274 | $150,000 | $19,274 | $170,000 | |
| Taxes | $12,696 | $15,000 | ($2,304) | $13,000 | |
| Ministries and Programs | $36,511 | $65,000 | ($28,489) | $27,200 | |
| Social Events | $12,679 | $1,500 | $11,179 | $2,000 | |
| Fees and Interest Expense | $6,857 | $5,400 | $1,457 | $7,500 | |
| Grants and Subsidies | $0 | $250 | ($250) | $100 | |
| Supplies Expenses | $71,191 | $62,100 | $9,091 | $72,800 | |
| Rectory and Other Expenses | $14,000 | $17,400 | ($3,400) | $16,200 | |
| Building Maintenance | $150,208 | $203,800 | ($53,592) | $156,000 | |
| Rental Property Expenses | $0 | $100 | ($100) | $0 | |
| Purchase of Services | $102,553 | $118,800 | ($16,247) | $82,500 | |
| School Assessment | $126,000 | $180,000 | ($54,000) | $180,000 | |
| Fundraising | $17,457 | $15,000 | $2,457 | $500 | |
| Other Operating Expenses | $107,371 | $123,700 | ($16,329) | $110,500 | |
| Donations and Gifts to Others | $4,376 | $13,500 | ($9,124) | $3,000 | |
| Total Operating Expense | $1,618,402 | $1,813,750 | ($195,348) | $1,462,050 | |
| Net Operating Revenue | ($4,840) | ($73,450) | $68,610 | $11,950 | |
| Non-Operating Revenue | |||||
A key note to Non Operating Revenue, and the Total Net Income for the parish, is seen in the Other Non-operating Income of $379,530. This figure is almost completely made up of proceeds from the sale of Our Lady of Lourdes rectory on Fairmont Rd. and the St. Charles Borromeo Church and rectory on Oakwood Ave. These proceeds are invested as “Stable Patrimony”, a long term asset of the parish. | |||||
| Actual 2019/2020 | Budget 2019/2020 | Variance – Original | Budget 2020/2021 | ||
| Change in Investment Market Value | $65,900 | $61,752 | $4,148 | $10,000 | |
| Affiliated Organizations | $5,637 | $7,000 | ($1,363) | $2,000 | |
| Other Non-Operating Revenue | $379,530 | $0 | $379,530 | $75,000 | |
| Total Non-Operating Revenue | $451,067 | $68,752 | $382,315 | $87,000 | |
| Non-Operating Expenses | |||||
Capital repairs and purchases far outpaced budgeted expense. Sidewalks, steps, masonry repairs all exceeded budget for last year. Boiler replacement at the Faith Formation Center budgeted at $150,00, along with completion of already scheduled repairs are anticipated to double last year’s spending, producing a significant Net Income loss for 2020 2021. | |||||
| Actual 2019/2020 | Budget 2019/2020 | Variance – Original | Budget 2020/2021 | ||
| Capital Purchases | $157,699 | $75,000 | $82,699 | $300,000 | |
| Affiliated Organizations Expenses | $5,729 | $8,000 | ($2,271) | $2,000 | |
| Other Non-Operating Expenses | $78,789 | $66,000 | $12,789 | $100,000 | |
| Total Non-Operating Expenses | $242,217 | $149,000 | $93,217 | $402,000 | |
| Net Non-Operating Revenue | $208,850 | ($80,248) | $289,098 | ($315,000) | |
| Net Revenue | $204,011 | ($153,698) | $357,709 | ($303,050) |
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