Second Quarter Finance Update
Dear Friends,
Please see below an update from the Administration Commission of the Session about the first quarter finance numbers:
At the annual congregational meeting on February 2, the session presented a 2025 operating budget that projected a year-end deficit. However, we noted that if 200 households would give an additional $20 per week to the general fund, the deficit would be eliminated.
We are delighted to report that by the end of June, 113 households have answered that call, giving more than they did during the same period a year ago. Thank you, thank you, THANK YOU! You are demonstrating that stewardship is an act of joyful worship! As of June 30, budgeted operating income was $633,117, while actual income was $685,203. Budgeted operating expenses were $790,465, while actual operating expenses were $693,274.
The large variance between budgeted and actual expenses was driven primarily by two factors. When the former Church Administrator retired in March, rather than replacing the position (and its salary and benefits), we promoted from within and reshuffled responsibilities among staff and volunteers. While second quarter benevolences have been paid in full, those expenses were not booked until after quarter ended on June 30.
In August, work will begin to replace the roof on the sanctuary, with the intent for project work to be completed in time for the beginning of the Weekday School term. The present sanctuary roof is more than 70 years old, and while it has been patched and sealed many times over the years, it needs full replacement. The total cost of the roof project will be just under $200,000.
The session has set aside funds from endowment earnings, an undesignated estate gift, and lead gifts from a handful of households. While funds are still being tallied, it’s possible that there may be a small gap between what the session was able to earmark from those sources and the final total cost. If you would like to contribute a special gift to help close any potential gap with the roof project, please contact Administration Commission Chair Jeffrey Trapnell or Treasurer Michelle Clendenen-Shaw. We give thanks to our own Smith Wilson for his guidance and leadership on this project!
We give thanks for those households who give over and above their gifts to the operating budget to help eliminate our construction debt. As of June 30, the outstanding loan balance was $636,689, down from $725,482 on January 1. As of this month, we have now paid off over 90% of the original $6.4M note!
Historically, the summer months have been seasons of slightly lower income and slightly higher costs. We are most grateful for those households who have been able to “smooth” their giving over the course of the year, rather than giving one lump sum, as this helps the church meet our monthly expenses and keep our quarterly commitments to our mission partners without challenging cash flow.
Thank you so much your faithful financial support of the mission and ministry of First Presbyterian Church! For more information or with questions, please contact Administration Commission Chair Jeffrey Trapnell or Treasurer Michelle Clendenen-Shaw.