Letter from the Treasurer
Dear St. Paul’s Family,
As we near the end of the year and begin our Stewardship campaign to provide for St. Paul’s in 2023, I want to share my perspective on St. Paul’s financial results and outlook, as your Treasurer.
2022 was a pivotal year because of the uncertainty caused by the pandemic and its economic impact on families and the church. The financial health of St Paul’s was strong coming into 2022, and we believed it was the right time to get the clergy positions fully staffed. In July we welcomed Erin Morey to the staff which brought the clergy positions back to the level of staff that we had in 2018 when Noah arrived. Because of the anticipated financial pressures from both the pandemic and future growth, we forecasted operating losses that could last up to three years. The vestry’s position was that these short-term investments would be important to allow for long-term growth and we had a strong enough balance sheet to absorb a few years of operating losses.
Having said that, we faced several other financial headwinds in 2022 that have added significant costs to St Paul’s. The following is a partial list of one-time expenses that the church incurred in 2022 that were not planned:
• Two large trees that posed safety concerns were removed
• Water drainage lines were addressed
• Plaster and ceiling tile work associated with water damage
• Bathroom repairs from pipe leaking
• Electrical panels replaced / installed
• Sound system was at end-of-life and upgraded
• Video system purchased
Additionally, inflation (particularly for utilities) is putting significant pressure on the church’s operating costs which will continue into 2023 and beyond, and it is important for us to keep salaries and wages competitive through annual increases.
The Finance Commission will soon prepare the budget for 2023, and we anticipate a challenging assignment given the issues noted above. The good news is that St. Paul’s continues to grow its membership, and the participation in all the programs St. Paul’s offers has been astounding! We are a very strong parish.
You will soon be asked to “Renew and Connect” with St. Paul’s through our stewardship campaign. I ask that you prayerfully consider St. Paul’s current fiscal challenges as you respond with your stewardship pledge. Please watch for your Stewardship (Annual Giving) information which will arrive in the mail and electronically the week of October 17.
Please feel free to reach out to me if you have any questions.
Treasurer, St Paul’s Episcopal Church