Notes for the 2024 budget from Tom Colby, Chair of Finance
Some of the assumptions that are part of this budget income are: pledges will remain roughly flat, rental income does not include any money from the parsonage (more on this below), and overall income projected down slightly.
Regarding expenses, personnel is up $12,182 largely driven be a 3.5% wage increase. Total Buildings and Grounds down by $7,898. This is the result of some small increases and a reduction in the Capital expense of $10,000. This capital change should be considered a one-year adjustment, we should be planning for $20,000 in 2025.
In all this would give us a budget with a net loss of $37,416.
Some notes about the Nathaniel Road parsonage which is currently vacant as our Associate Minister lives elsewhere. If we rent it in late spring, the box at the bottom of the budget indicates how the bottom line might be affected. A small group has been reviewing this, along with the possibility of selling it. Selling would also have a positive impact on the budget similar to renting. The current thought is that selling makes the most sense, but this will need to be considered by council/governing board and subject to congregational votes if this is the way the church wants to go.
A few brief comments on the 2023 (very) preliminary actual results. Pledge income came in with minimal shrinkage and gifts were very strong so total income was more than $30,000 above budget. On the expense side, the personnel line was lower than expected largely because there were fewer hours worked than planned. With both income and expenses more favorable than planned, we are looking at a net income that is positive.
The budget presentation is condensed for ease of reading and review. The full detail consists of over 100 accounts. If you would like more detail or have questions, please contact Tom Colby at 401-578-4809 or at tcolby@fullchannel.net.