There was a called Church Council meeting on Sunday, November 11 at 12:15pm.
Council Chair, Ralph Gordon opened in prayer.
Chip Kitchings, Chair of the Finance Committee, provided an overview of the forecasted budget shortfall. The Finance Committee took into consideration historic giving data for December as well as the current financial data. The shortfall is forecasted to be a deficit of $130,000 – $166,000. The Finance Committee recommended not spending the following unspent budgetted items on this year’s budget to offset part of the shortfall:
- $10,000 from Trustee’s Equipment Replacement
- $48,000 from Trustees’ Reserve Capital Fund
- $45,000 from Missions
Mr. Kitchings explained that removal of these items from the budget saves $103,000; the balance of the shortfall would come from Reserve Fund.
Mr. Doug Richmond moved to approve the Finance Committee’s recommendation and the motion was seconded.
Discussion followed around the impact of not spending these funds. Pastor Colin Snider, who supports the Missions Committee, indicated that the Missions Comittee would reduce its giving to outside agencies to make up for the reduction in their budget. It was suggested that in the next budget year, Missions giving to outside agencies be made a priority. A question was asked about how the further reduction in the Reserve Fund would impact the church. Ms. Lisa Varani, Assistant Church Treasurer, pointed out that the church’s Reserve Fund is currently at 50% of its funding due in part of using cash reserves in 2009 to purchase the Zev Summit properties; reducing this fund by $103,000 would lower the percentage even further. Ms. Varani explained that the Reserve Fund has been determined to be at 100% when the amount in the fund is equal to 2.5 months’ operating expenses.
Mr. Gordon called for a vote and the motion passed unanimously.