Finance Committee Minutes
November 10, 2017
Present: Staff Carrie Feldman, Pastor Walter Lockhart, Linda Berglin, KC Bretzke and (later) Lulu Phillips
Approved as written
October Financial Report
Everything is pretty much as expected. Individual donations are behind budget, as usual this time of year. Rentals were better than budget. Wesley has been billed back to March for financial work. Payroll expenses are above budget–Our custodian has worked more hours than budgeted, but that is related to the higher than expected rentals. We received the private payroll detail, which will be distributed only to chairs of Finance, SPRC and the council. In response to a question, yes, we did pay the interest on the building loan (in February).
Draft 2018 Budget
The draft 2018 budget was reviewed. It is based on a continuation of the 2016 and 2017 actuals. It will be a stretch to raise the income needed. We expect the New City church to start paying rent in January of 2018. Given the fact that we have the parsonage fund as backup, we may be able to reduce our insurance premium by choosing a higher deductible. After corrections the draft 2018 budget will be presented for the Council’s consideration on Sunday.
Paying 2017 Apportionments?
On one hand, we are experiencing a deficit this year and may have to draw on reserves just for operating expenses—an additional $15,000 would be a big dig into our reserves. On the other hand, if we paid in full by January 8 we would receive a $26,257 forgiveness reduction in our apportionments debt to the annual conference. Our recommendation to the Council meeting on Sunday is to review the numbers (year-to-date financial summary and statement of the balances in all accounts, including operating reserves) and other considerations, but postpone the final decision (or set conditions for the Finance Committee to make the decision) to just before the January 8 deadline. By then we will know how much, if any, we need to draw from reserves to cover 2017 and how much we can expect from New City for rent in 2018.
Plans to ask for end of the year 2017 donations, estimates of giving
Jan or Carole or KC will make the pitch in church on Sunday for end of the year giving and for submitting estimates of giving. Carrie will prepare forms for estimates of giving and we will put a blurb in the online announcement sheet.
Next Finance Committee Chair
KC is willing to continue or be replaced.
New procedures for site manager expenses and for special offerings and memorials. Site manager expenses will be charged to the event covered (including meals); staff communication will be improved re: pending events that generate memorials.
Wednesday, December 13, at 5:00pm