Anticipated budget shortfall widens
Filed Under: Budget, CMO, congregation mission offerings, Finance, gifts, offerings, Synod Finances
Results for the third quarter of the 2008-09 fiscal year indicate overall support for the synod's operating budget was $6.0 million, or $3.2 million less than expenses. Year-to-date support is $25.1 million, or $3.1 million less than expenses. The year-to-date results point to a deficit of $5.9 million—that's up from the $3.7 million projected at the end of the second quarter.
Mr. Todd Poppe, WELS' chief financial officer, says the synod's financial situation is indicative of "the economic challenges facing our country and the world."
Congregation Mission Offerings (CMO)—given by congregations for the synod's collective ministry—were $3.76 million for the quarter, down nearly 14 percent from the same quarter last year. Some of the difference may be due to the timing of Easter, which occurred in March last year. Foundation grants and gifts from individuals are also down dramatically.
Despite the growing shortfall, Poppe anticipates the deficit will be met through the $3.4 million surplus from last year's budget, a grant for Home Missions from WELS Church Extension Fund, unrestricted bequests, and other cost savings.
Poppe warns the deficit could continue to grow if congregations are unable to meet their CMO commitments, as has been the case for the first quarter of the calendar year.
For more information, download the complete financial summary prepared for the Conference of Presidents and the Synodical Council.
