2010 budget supports vision and ministry
At its meeting in Woodstock on Nov. 7, Diocesan Council approved the Shared Ministry Budget for 2010. With total expenditures of $1,671,465, it will be funded by $1,476,190 from the parishes and $195,275 from interest and other sources. In presenting the budget for approval, Finance Committee chair Gerald McConaghy said the The additional funds to pursue new priorities include a total of about $50,000 in support of the vision of transformational change called for by Synod 2009. That amount includes $10,000 each for diocesan evaluation and leadership training, and a further $30,000 to give council some flexibility in order to respond to opportunities and possibilities. The Finance Committee also endorsed a plan for funding a two-year pilot project for ministry in the south end of Saint John, supported by about $100,000 of available funds from legacy trusts of the former parishes of St. James and St. Paul’s, Valley, designated for ministry in Saint John. The two-year total cost is projected at $134,000; the funding shortfall will be covered. The unchanged aspect of the budget is reflected in no increase in the scale of minimum stipend and no change in car replacement and basic travel allowances for clergy. Although the minimum stipend does not change in 2010, clergy ordained less than 11 years will see their stipends increased by the increment to which they are entitled. The minimum stipend for clergy ordained in 2009, or who will be ordained in 2010, is $30,578. Clergy ordained in 2000 or before will get the “maximum minimum” stipend of $36,396 in 2010. The Diocesan Human Resources Committee recommended the continued use of the New Brunswick Consumer Price Index as the basis for determining the 2010 stipends and that the minimum stipend increments remain unchanged. The clergy car replacement allowance remains at $4,200 per year and the basic travel allowance remains at $4,600 per year. Performance of the Diocesan Consolidated Investment Fund (DCIF) has an impact on the budget each year. At Sept. 30 (2009) its portfolio market value was up by 13 per cent, however markets remained volatile. The fund had also realized losses upon disposal of certain holdings, which is a drain on the retained reserve. For that reason the Finance Committee agreed that for year-end 2009 there will be no bonus capital addition on funds invested in the DCIF. There also continues to be concern over low interest and dividend rates, so the Finance Committee recommended the 2010 rate of return on funds invested in the DCIF be held at 3.25 per cent for the first six months. The situation will be reviewed in late spring of 2010 to determine if it is possible to hold that rate for the remainder of the year. The diocesan budget amount set for 2009 was $1,633,550 and the projected year-end amount is $1,532,169. Based on the projected year-end amount for 2009, the 2010 budget is up by almost $140,000 Diocesan Communications |
2010 budget reflects priorities and actions as directed by Diocesan Synod and Diocesan Council. “Except for additional funds to pursue those priorities, the budget remains relatively unchanged.”