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              2019/2020Budget 2019/2020Variance – 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              2019/2020Budget 2019/2020Variance – 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              2019/2020Budget 2019/2020Variance – 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              2019/2020Budget 2019/2020Variance – 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)