We've had a dramatic increase of $1 million of giving to the church over the past year. This has been for construction expenses for our By Faith We Build project. Unfortunately the operating fund, which supports the ongoing ministry of the church is lagging behind almost $50,000. If this trend continues, we could be facing a $90,000 deficit in this budget by the end of the year. Members of our finance team have put together this report:
...This year, 2008, our church is experiencing a financial problem in our Operating Fund that we have not encountered for a number of years. Each month, since January 2008, our Operating Fund has experienced a deficit in the amount of income coming in from pledges, open plate offerings, etc versus operating fund expenses. In other words, the cost of operating our church each month has been greater than the income received. As of the end of August 2008, our year to date deficit was $48,323. If we continue to experience this shortfall until the end of the year, we could very well incur a deficit of around $75,000 in 2008.
Our Session has been informed by the Finance Commission of our financial concerns and they have requested our Elders and their Commissions to hold the line on expenses for the balance of this year, and to approve expenditures only on projects of necessity.
Our Finance Commission has designated a member of their Commission to work with each of the Session Commissions in preparing their 2009 Operating Fund Budgets. Each Commission is requested to conservatively project their needs for programs and services and to provide details and justification for their requests.
From 2006 to 2008, we experienced a fourteen percent (14%) decrease in our eligible membership making an Operating Fund Pledge. This resulted in a decrease of potential expected income in 2008 of approximately $90,000. It is very helpful in planning the financial operations of the church for every member to make a financial pledge during our 2009 Stewardship campaign.
We are appealing to you, our members, for your financial support not only in 2009 but also for any additional financial support you may be able to give in 2008 to help reduce and/or eliminate the deficit we are facing.
Your support will be greatly appreciated.