Parish Financial Update

This week I met with our parish Finance Council to discuss how our parish can address the financial challenges ahead. The coronavirus has caused a devastating health and economic impact throughout our nation, community and parish. Because in person masses have been paused, the collection has experienced a significant decrease in giving. And our budget forecast going forward shows a projected deficit of <$150k> as of June 30 when before the coronavirus, we were expecting a $4K surplus 

 

I am pleased to report the parish received funds from the federal government's Payroll Protection Program in the form of a loan as part of the coronavirus legislation Congress recently passed and the President signed into law. These funds provide critical financial support to help avoid furloughs for our wonderful staff so we do not have to dip into reserves during this turbulent time.  

 

However because the long term impact of PPP is unknown and ongoing challenges are likely expected in the months ahead, it will be necessary to develop a more conservative budget for next fiscal year.

Yours in Christ,
Fr. Bill Foley