Financial Update

May 2020

Introduction

As we know, we are all affected by COVID-19 pandemic in many, many ways.  It is a difficult time to predict the future, but we can make observations.  Hopefully, these observations which follow are helpful.  Thanks to Father Paul, the Wardens, Treasurer, Vestry, Finance Committee and Peter Irish and Spring Lake for their diligence and care which helped with this update. Also, thanks to Trudi and Lisa.

 

Important Factors

Headwinds/challenging factors:

  • Identifiable Giving especially envelopes is lower.

  • Year to Date Identifiable giving in total is $14,097 lower than the end of April last year

  • Other sources of revenue including hall rentals and the after-school program have stopped

  • Services (in person) are limited

  • Parish community (in person) activities are limited

 

Tailwinds/assisting factors:

  • E-giving portion of Identifiable Giving is stable

  • Virtual services and virtual meetings  

  • Diocese supportive, by example waived the month of March Diocesan assessment

  • Government supportive with certain wage subsidies in place and there is an application for more assistance in this area

  • Ability to defer major spending on certain property related projects

  • Strong past financial position and repeatability over many years in the past

  • And most important: many people who care about the future of St. Paul’s Rothesay

 

Financial Summary and Update

                                         

Identifiable Giving Analysis: 2018 – 2020 (as of April 30th, 2020)

                                                              

 

2018

2019

2020

January

16747

16194

17620

February

17434

17981

17250

March

18613

21424

16020

April

30370

30472

21085

May – November

143407

158868

 

December

67035

64187

 

Total

293606

309126

71974

 

 

Identifiable Giving: 2020 Full Year Approved Budget is $300,000 and represents more than 80% of the Total Revenue Budget for this year.

 

Identifiable Giving Analysis Continued with 2020 Year to Date (YTD) comparison with 2019 same period.

 

YTD 2020    71,974

YTD 2019    86,071

$ Diff          -14,097

% Diff         -16.4%     

 

Net Income 2020 YTD Summary compared to Approved Budget

 

 

Actual YTD January - April

January – April Budget

Total Revenue

90964

111699

Total Expense

117345

113466

Net Income

-26381

-1766

 

Net Income 2019 Actuals Same period

 

 

Actual YTD January - April

Total Revenue

111537

Total Expense

140681

Net Income

-29144

 

Full Year 2020 Approved Budget

 

Total Revenue

362945

Total Expense

359856

Net Income Surplus

3089

 

Conclusions

 

  • No specific change of course at this point

  • Watch Envelopes giving closely in May and the rest of the year.  (With certain limited reopening; does Identifiable Giving look more like past years?)

  • Determine if we will get an increased wage subsidy

  • Monitor results and relevant factors closely and respond as needed

  • And hopefully we can stay on a healthy path forward. 

 

 

 

                         Contributed by Steve Palmer: Finance Committee Chairperson