The Board of Business thanks you for your contributions. As we move forward, we would like to remind members that our continued good financial health is dependent on all of us continuing to fulfill our pledge commitments.
Hopefully, you reviewed the financial statements provided for the congregational meeting on May 19. Even better you attended that meeting and heard my report and that all your questions were answered.
In summary through April while our 2024 budgeted revenue is about $10,000 less than the 2023 budgeted revenue, our year-to-date-revenue is more than $45,000 ahead of the 2023 revenue for the same period. A great deal of this is due to pledge income being ahead, but also because plate giving and interest income are way ahead of last year. While we reduced our goal for revenue from passing the plates in church, the amount given through April is $4,261 ahead of last year and interest income is almost double what it was in the first third of 2023. We have invested more cash in a Merrill Lynch account that earns interest tied to the fed rates which have remained high.
There are a couple challenges for future revenue. One, we had planned to raise the rent charged to Publix for parking, but we missed the 60-day required advance notice before the agreement renewed in April. Two, we had anticipated being able to move some excess church retreat funds from a designated account to support the general budget. However, this year we spent about $3,000 more for our retreat than participants paid in registration fees.
As you might expect the expenses for ministers and staff and their benefits are less so far in 2023. The recent changes and addition of administrative staff is designed to be neutral as far as salaries and wages goes. The one unknown is how much it will cost to provide health insurance for one additional employee. We will provide more information as hiring decisions are made.
General office expenses are about the same as they were for the first third of 2023. Our property insurance is slightly higher than last year, but only because we accepted a much higher deductible. Hopefully, we will need to make any claims.
Technology costs are higher in 2024 but not significantly above what would be expected year-to-date. We have spent more on replacement and repair, but that is always hard to predict.
Total costs for buildings and grounds, mortgage and maintenance are about $3,000 less than 2023 through the first 4 months. We did increase our budget for space costs in 2024 by about $14,500. However, the only expense here that is above target is utilities. We are entering the time of the year where we expect our solar panels to provide a greater share of the kWh’s used and possibly at times generate more than used. The April GRU bill showed that our solar panels generated 425 kWh’s more than was used. The May bill shows that they generated 1,023 kWh’s more than was used. Excess credits will be applied to reduce future bills later in the year when there is less sunlight.
Budgeted expenses for various church programs are about $1,300 less through April in 2024. Notably the current year includes $2,025 for the Board of Human Resources to pay for a compensation comparability study that did not happen in 2023.
Through April, the general budget has provided $13,333 to the Building and Grounds Designated Fund. Members have also continued to make individual donations to this fund. This is the new holding place for capital reserves. At the end of April this designated account had a balance of $52,071 even after spending $23,081 on various projects this year.
Unfortunately, the capital campaign feasibility study was about $5,000 more than originally budgeted.
Bottom line through April the church has taken in $32,336 more than it has spent. Notably through April 30, 2023, the church had spent $9,690 more than it had taken in.
The total amount of cash on hand at the end of April is about $60,000 more than it was at the end of April 2023. This is almost exactly the amount of the ministerial and church renewal grant that Bromleigh secured. After allowing for the amount cash reserved for our designated accounts and the amount represented by prepaid pledges there was still $25,223 excess cash available at the end of April. At the end of April 2023, there was less than $100 in excess cash available.
It is June now as you read this. We are entering our summer months when many of us head to cooler climes. Pledge and plate income typically decline over the summer. Expenses do not typically decline over the summer. Please keep the good financial health of our church in your heart and keep those pledges coming in.
Alan Hill