Treasurer's Report

            At the end of September, plate and pledge giving for the year totaled $376,655. This is about $26,000 less than expected based on pledges and historic giving levels. Meanwhile, operating expenses totaled $469,350. Although this was also below the budgeted amount, there is a substantial operating deficit of over $70,000 for the year. It is not unusual to have an operating deficit after three quarters of the year as it is normally erased during the last quarter when giving levels historically are the highest. However, the size of this year’s deficit thus far, coupled with lower than anticipated giving, is a cause for concern. All members are called upon to review the status of pledges and giving records and to respond to this situation with prayerful generosity. 

            In addition to the operating deficit, this year has seen an unprecedented number of major capital repairs for items such as steam line and heat pump replacements, roof repairs, and carpet replacement. For many years now, the Vestry has been setting aside money, usually $10,000 per year, to put into a Capital Repairs Fund to cover the costs of such unanticipated and unbudgeted items. Over the past five years, a total of about $20,000 has been expended from this fund outside the normal operating budget, and at the beginning of the year the fund balance stood at $40,000. However, the repairs this year have cost over $37,000 leaving the fund balance very low.

            As the physical plant ages, more money will be spent on capital repairs. These repairs can be routinely planned and financed over the life expectancy of the equipment, i.e., the average life of an A/C unit. The Property Committee is developing a plan so that there is a good understanding of the likely cost of these relatively expensive items over a period of time. Over the long term, budgeting should continue for Capital Repairs. In the short term, the Capital Repairs Fund needs to be replenished so that there are funds for the next major repair without further depleting the operating reserves. Please consider helping in this endeavor by making a special contribution to the Capital Repairs Fund.

            Finally, on a more positive note, the parish has responded generously to the new sound system and to the Wishing Well requests. Through the generosity of the congregation, these items have been almost fully funded. It is firmly believed that this same spirit of giving will allow Pohick Church to overcome the present financial difficulties.