Finance Council Meeting, Nov 17, 2015 (no meeting Dec 2015):
Attendees: Michele Stevens, Chuck Mashek, Tom Singewald, Janine Roberts, Chris Holthaus, Fr David Schatz. Also present: Dixie Jacobs.
Minutes were reviewed and accepted as written.
Monthly Financials: Offertory is over $9,000 above last year’s giving year-to-date, and slightly above this year’s budget. If the end of calendar year gifts are as generous as usual, we should end the fiscal year at or above budget. The second half of the Archdiocesan taxa assessment will be paid in Feb and the property/liability insurance will be paid in late spring. These are the only large expenditures due yet this year. Utilities are below budget due to unseasonably warm weather this winter. A summary of the NCYC income/expenses was distributed. NCYC funds and expenses are paid over two fiscal years, with the trip occurring every other November. It should balance out a couple thousand in the red. This was the largest group the parish has sent with over 60 youth/chaperones. We took a $25,000 withdrawal from general savings to fund the taxa and NCYC expenses due in Oct/Nov. We expect to be able to redeposit the $25,000 after the new year, when the end of calendar gifts are received.
Statistics: Dixie will update the parish statistics and distribute at the Jan. meeting.
Religious Ed. Endowment: The parish’s endowment for religious education, invested through the archdiocese, experienced a $7,000 loss this year. We also took a budgeted $12,000 withdrawal (4% of the investment) this fiscal year. After both were subtracted, the endowment has a balance of $314,222. We cannot withdrawal any of the principal ($218,126), but have over $96,000 in growth that has been built up. Dixie shared that investments or savings not invested in the archdiocesan plan are subject to additional taxa assessments. Dixie will include the taxa formula in next month’s packet.
Discussion: The kitchen dishwasher was repaired for $1,000. Duane Schwickerath, building and grounds manager, is researching rebates on LED fixtures for the parish center. We renewed our snow removal contract with Crystal for the 2015/16 winter season. A finance member suggested the parish should have a minimum balance for general savings to ensure there is always a “cushion” available for unexpected expenditures. The council agreed that would be a good plan and will discuss this further at the January meeting. The City has announced a 9.8% increase on electricity next year. MidAmerica is increasing gas by ½ % for next year.
January Agenda: Budget schedule, savings balance.