ST. PETER’S PARISH, FERNANDINA

AUTUMN PARISH MEETING - 2007
October 7, 2007

Fr. George opened the meeting with prayer and expressed appreciation for the quietness of the new acoustic material. Fifty plus people were in attendance. According to the bylaws, article 2, section 3 the meeting was held to select new vestry and present coming programs, which can be checked on the website, stpetersparish.org. (more…)

MINUTES - September VESTRY MEETING
St. Peter’s Church - September 10, 2007

Fr George Young opened the meeting at 6pm. Present: The Rev. Kimberly Still, Neil Blalock, Francis Flood, Cathy Kaltenbach, Mary Lynn Torchia, Norma Norris, Ben Stephens, Cheryl Smith, Early McCall, Neil Frink and guest Joe Crim. Absent: Ed Grissom, David Lott and Trey Warren.

NEXT MEETING: Oct 15, 2007 @ 6 pm; Devotional/Exercize: Fr. George

Financial Report:

Treasurer Jim Carpenter joined the meeting for an in-depth review of our financial situation and outlook for the balance of 2007; and to present some concerns he has for the next few years.

Background: The ‘05 Strategic Planning effort concluded that new commitments would be made in the ministries of Christian Formation and Youth Development; the work being coordinated today by Kristina Smith and Brian Moody are the result of that effort. There is every expectation that these new programs and the outreach that goes along with them will (over time) result in new members and a higher level of income to support further commitment and new areas of endeavor.

However, until we reach that level, we have a “bottom line squeeze”. Jim presented a forecast of revenues and expenses for the balance of 2007 and 2008 which based on current accounting and allocations, shows a modest shortfall (approx $12,000) this year, growing more worrisome (approx $67,000) in ‘08. None of this is unexpected - the two principal factors are higher Personnel expenses and the interest we will be paying on the “old” BUB debt (which is to be paid off with proceeds of the ‘07 Giving Campaign).

Current Situation: As Jim Carpenter has written: “Because of our successful capital campaign, and the generosity of our parishioners, we are in the fortunate position of having cash available to cover our immediate expenses. However, borrowing from ourselves is not something we should (do) long term.” In light of the projected shortfalls, Jim developed three alternatives for Vestry consideration:

1) Rather than pay the BUB interest out of the Operating Budget, allow the unallocated cash balances available from the Giving Campaign to cover this expense, UNTIL it is paid off in full (2009 at the latest). This will reduce the expense to the Operating Budget by more than $20,000 in ‘08.

2) The 10% tithe of Capital Campaign proceeds is in addition to the other types of outreach funded each year through grants and community support activities and our diocesan pledge. There is currently $24,000 of ‘07 budgeted outreach funds which for several reasons has not been allocated or spent.

Jim feels it would be prudent to suspend the budgeting of that $24,000 annual amount until such time as our revenues have caught up with our expense commitments, thereby reducing the impact on the Operating Budhget by that amount. That still leaves $65,000 + in the ‘07 Budget allocated for Outreach.

3) Similarly, a significant item in our Giving Campaign was a fund ($200,000) to cover cemetery maintenance expense. However, the shift of this expense ($500 per month) from Operating Budget to that specifically designated fund was not scheduled to occur until after those monies had been collected and the Fund established (’09). Shifting the expense now would reduce the drag on the Operating Budget by $6,000 per year.

Motion: After an extensive discussion particularly about the Outreach component, Ben Stephens moved that each of these recommendations be adopted and that a Parish letter be drafted for signature by the Rector, Senior Warden & Treasurer explaining the steps being taken and the underlying strategy. That motion was approved without exception. (more…)