As of May 31st, we still find ourselves with the challenge of our income falling short of our total expenses. What are the main culprits? 1) Current inflationary pressures 2) Facility maintenance 3) Utilities consumption. In addition, the timing of some of our expenses – outreach spending in particular – has skewed the budget. There are some extenuating factors, however, that mitigate our year-to-date deficit:
As of May 31st, we have already allocated our outreach dollars for 2023.
If we adjust for the timing of the outreach dollars, as well as the necessary prepayment of some of our expenses, our deficit would be closer to ($40k) or approximately $15k short of where we should be based on our year-end forecast.
Financially speaking, what are the positive expectations for the next few months?
The transition of our Associate Rector will save approximately $14k in personnel costs.
Beginning July 1st, our 1-year lease extension for the CE Building increases lease payments 12%.
Throughout the summer months, our choir hiatus will mean less “outside musician” expense.
Some due diligence is ongoing to evaluate the benefit of investing in programable thermostats for better management of our gas consumption.
I remain confident that we will improve on the current financial picture, and “beating the budget” remains an attainable goal. As always, I welcome your thoughts, questions, and ideas. Please feel free to reach out to me anytime. Faithfully, Sue