Budget

2021 Budgeted Income
By on March 1, 2021

Forecasting anything amid the uncertainty of a pandemic can be a difficult task. In January, diocesan council passed a $1.8 million budget for 2021 with a $131,162 deficit.

Many parishes’ traditional sources of revenue such as hall rentals were lost in 2020. Officials say revenue from individuals has held up well, a reflection that churchgoers, when faced with a crisis or a market meltdown, generally maintain their donations. And 75 per cent of revenue to the diocese comes from the parishes. On the plus side, the federal wage subsidy has had a levelling influence. The diocese also set up a $200,000 emergency fund in April 2020, offering grants of $10,000.

The diocese also has a financial apportionment that it passes on to the national church.

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For a quick fiscal snapshot, here are some budget variances ($15,000 or greater) compared to the 5-year synod plan 2021 projections.

Revenue

Assessment income: $55,000 lower

Asset management projects $20,000 lower

Transforming Futures: $500,000 lower

Donations and bequests: $15,000 lower

Rental income: $52,000 higher (new lease with St Paul Housing)

Expenses

National assessment: $155,000 lower

Bishop’s office: $24,000 higher (moving expenses/consecration – onetime costs)

Cathedral support: $25,000 higher (new item since 2020)

Asset management: $71,000 lower

Admin staff costs: $54,000 higher

2021 Budgeted Expenses

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  • Faith Tides

    Faith Tides exists to explore God’s vision for Renewed Hearts, Renewed Spirits and Renewed People in the Diocese of Islands and Islets, home to approximately 6,000 Anglicans worshiping in 46 worshipping communities across coastal BC.

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