CANADA: Decline in revenues leaves General Synod with budget shortfall
CANADA: Decline in revenues leaves General Synod with budget shortfall
By Marites N. Sison
Staff Writer
Anglican Journal
May 27, 2012
Archbishop Fred Hiltz and General Synod prolocutor Bob Falby. Photo: Marites N. Sison
Mississauga, Ont.-General Synod ended 2011 with a deficit of $65,000, due to a decline in expected revenue of $808,000, according to Treasurer Michele George.
Reviewing General Synod's financial results for 2011 at the spring meeting here of the Council of General Synod (CoGS), George explained that the budget of $12 million had planned for a surplus of $18,000. Instead, a loss on investments, a decline in proportional giving from dioceses and lower than anticipated results from annual appeals led to a shortfall.
General Synod was able to use 20% of $2 million in undesignated legacies to help cover the shortfall, George told delegates.
The 2011 results show that budgeting revenue remains a challenge for General Synod, said George, adding that, "We're clearly struggling at the moment." Although General Synod has always budgeted conservatively when it comes to investment income, this year, it is being "more diligent" in monitoring revenue. If necessary, other sources of funding may need to be identified or work deferred, she said.
Read the full story at www.VirtueOnline.org
By Marites N. Sison
Staff Writer
Anglican Journal
May 27, 2012
Archbishop Fred Hiltz and General Synod prolocutor Bob Falby. Photo: Marites N. SisonMississauga, Ont.-General Synod ended 2011 with a deficit of $65,000, due to a decline in expected revenue of $808,000, according to Treasurer Michele George.
Reviewing General Synod's financial results for 2011 at the spring meeting here of the Council of General Synod (CoGS), George explained that the budget of $12 million had planned for a surplus of $18,000. Instead, a loss on investments, a decline in proportional giving from dioceses and lower than anticipated results from annual appeals led to a shortfall.
General Synod was able to use 20% of $2 million in undesignated legacies to help cover the shortfall, George told delegates.
The 2011 results show that budgeting revenue remains a challenge for General Synod, said George, adding that, "We're clearly struggling at the moment." Although General Synod has always budgeted conservatively when it comes to investment income, this year, it is being "more diligent" in monitoring revenue. If necessary, other sources of funding may need to be identified or work deferred, she said.
Read the full story at www.VirtueOnline.org
No comments:
Post a Comment