Projected budget surplus lowered
Filed Under: Budget, CFO, CMO, Finance, Offering
WELS Chief Financial Officer Todd Poppe is revising downward the anticipated surplus in synod's fiscal year operating budget.
In April, the surplus was anticipated to be as high as $3 million, in large part due to increased offerings from congregations for the collective work of the synod known as Congregation Mission Offerings (CMO).
Poppe now estimates the surplus at about $2.7 to $2.8 million, due largely to the first comparative decline in CMO since the synod convention last summer. May 2008 CMO receipts are down about $200,000 or 11 percent from the same month last year. Poppe says he's not sure whether this is an isolated incident or the start of a trend. For fiscal year 2007-08, CMO remains 7 percent higher than fiscal year 2006-07.
To view the entire Executive Summary prepared by the CFO for the Conference of Presidents and the Synodical Council, go to: www.wels.net/jump/finance
