Budget on track for surplus
Filed Under: Budget, CMO, Finance
The latest financial figures show the synod's operating budget continues to be on track for a $1 million surplus for the fiscal year. Any surplus will be used to re-create a buffer fund to be used for future unanticipated support shortfalls.
One key factor is that Congregation Mission Offerings, the offerings congregations give for the collective work of synod—known as CMO—continue their positive trend. November's CMO was up 2.5 percent over the same month last year—the fifth straight monthly comparative increase. From July through November, CMO was $1.1 million greater than the prior year and forecast to be $500,000 greater than the budget.
Todd Poppe, WELS chief financial officer, cautions that the forecast surplus is heavily dependent on CMO for calendar year 2008 and that those subscriptions won't be known until the end of January 2008 or later.
View a full summary of the CFO's report online: www.wels.net/jump/finance
