From the Board of Business – September 2024
The Board of Business continues to optimistic about the health of finances at UCG. At the end of July we are 58.33% through the year. Revenue through July totals 62% of our income budget. Pledge income for the same period is 63.5% of the budgeted amount. Plate income is 77.3% of its budget and interest income is 147.3% of its budget. Even rental income is 65.6% of its budget. Parking income is below the 58.33% mostly because football parking revenue is not accrued until the season starts. Publix also pays more to park during football season.
Wages and Salaries are mostly on target even with the changes to administrative staff. Benefits may appear to be over budget, but some August invoices were paid in July. The proposed increase in health insurance beginning in September is only 1.5%. Total staff health insurance expenses will go up because of the increase in covered staff from the additional administrative positions.
In total operating expenses are below budget year-to-date. Utilities are over budget but are $1,800 less than they were for the same period in 2023. Office supplies, coffee time supplies, technology replacements and repairs and bank fees incurred from members using credit cards to fulfill pledges are also ahead of expectations. Building, yard, and equipment maintenance and repair have so far run below budget expectations.
Among church program budgets, only the cost for the large confirmation class for middle schoolers was above budget.
The Board of Business continues to make monthly contributions to the Buildings and Grounds Improvement Designated Account which now serves as our capital reserve. With a $23.333 contribution year-to-date from the budget and additional contributions from members the total available for Building and Grounds Improvements (formerly Capital Reserve) is now $71,253 after paying for a couple of a/c units and renovating bathrooms in the west wing.
Through seven months revenue has exceeded our expenses by $47,192.
While available unrestricted cash is down $8,727 from a year ago, please note that capital funds have increased by $52,339.
The Board of Business has begun working on the church budget for 2025. We have received a recommendation from the Board of Human Resources for an appropriate amount to set aside for wage and salary increases. We are waiting to hear from the Building and Grounds sub-committee (a/k/a Mod Squad) regarding some projects. We will be receiving input from the admin staff and ministers on any special requests for operating and program expenses.
We will present our challenge budget to the Church Council in September. The council approved challenge budget will be presented at the October 6 congregational meeting for your approval. The challenge budget forms the basis for our enlistment campaign as it will include the expected amount of funds that we will need members to pledge in addition to other revenue sources to cover the projected expenses for 2025. While making no promises yet, the Board of Business is very hopeful that the increase required for 2025 will be the smallest in quite some time.
Alan Hill